Baird Core Intermediate Municipal Bond Fund
Baird Funds Inc · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Baird Core Intermediate Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The investment objective of the Baird Core Intermediate Municipal Bond Fund (the Fund) is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.
The fund invests at least 80% of assets in federally tax-exempt municipal bonds, maintaining a portfolio duration aligned with the Bloomberg 1-15 Year Municipal Index and typically holding securities with three- to ten-year effective maturities. The manager selects bonds based on credit quality, interest rate outlook, yield curve positioning, sector valuations, and regional economic factors, with up to 10% permitted in non-investment grade obligations. Because holdings may be downgraded or cease to be rated after purchase, the fund could hold securities that no longer meet its initial quality standards.
| Share class | Expense ratio |
|---|---|
| BMNIX | 0.30% |
| BMNSX | 0.55% |
Portfolio turnover 22.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.28% |
| Cash & short-term | 0.11% |
| Securitized | 0.07% |
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×2, CALIFORNIA ST MUNI FIN AUTH RE, BLACK BELT ENERGY GAS DIST AL ×2, ENERGY S E AL A COOPERATIVE DI, NEW JERSEY ST HGR EDU ASSISTAN, BREVARD CNTY FL HLTH FACS AUTH
Largest exited: US TREASURY N/B, ILLINOIS ST FIN AUTH REVENUE, ARIZONA ST INDL DEV AUTH NATIO, NEW YORK NY, MOBILE AL INDL DEV BRD POLL CO, MINNEAPOLIS MN HLTH CARE SYS R, INLIVIAN NC MF REVENUE, UNIV OF CALIFORNIA REVENUES
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.68% | +12.27% | +8.69% | 2.70% | -3.16% | |
| +5.44% | +11.44% | +7.28% | 2.70% | -3.24% |
These classes hold the same portfolio, so the 1.41pp spread over 5 years is the cost difference between them — roughly 0.28pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.7% |
| Floating rate | 14.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.3% |
| 1-3y | 5.9% |
| 3-5y | 6.1% |
| 5-10y | 22.9% |
| 10y+ | 62.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.52 yr |
| High yield | +0.16 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.48 yr | 9% |
| 5 yr | 1.39 yr | 28% |
| 10 yr | 2.48 yr | 49% |
| 30 yr | 0.65 yr | 13% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.17 yr | 4% |
| 5 yr | 0.71 yr | 15% |
| 10 yr | 2.81 yr | 60% |
| 30 yr | 0.99 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.01 | +0.00 | $3.7k | $696 |
| 1 yr | +0.48 | +0.17 | +0.01 | $113.2k | $4.1k |
| 5 yr | +1.39 | +0.68 | +0.02 | $467.3k | $17.0k |
| 10 yr | +2.48 | +2.73 | +0.08 | $1.87m | $54.3k |
| 30 yr | +0.65 | +0.94 | +0.05 | $643.0k | $36.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | US TREASURY N/B4.00% · due 2030-07-31 | 0.72% | $49.64M | — |
| — | PUBLIC FIN AUTH WI REVENUE4.00% floating · due 2055-01-01 | 0.41% | $28.11M | — |
| — | TENNESSEE ST ENERGY ACQUISITIO5.00% · due 2034-11-01 | 0.39% | $26.98M | — |
| — | CALIFORNIA ST MUNI FIN AUTH RE5.00% · due 2032-06-30 | 0.39% | $26.92M | — |
| — | US TREASURY N/B4.00% · due 2028-05-31 | 0.38% | $26.26M | — |
| — | US TREASURY N/B3.75% · due 2027-08-15 | 0.36% | $24.89M | — |
| — | SOUTHEAST ENERGY AUTHORITY A C5.00% · due 2030-10-01 | 0.33% | $22.86M | — |
| — | BLACK BELT ENERGY GAS DIST AL5.00% · due 2036-06-01 | 0.31% | $21.17M | — |
| — | SOUTHEAST ENERGY AUTHORITY A C5.00% · due 2035-11-01 | 0.30% | $20.87M | — |
| — | BLACK BELT ENERGY GAS DIST AL5.00% · due 2034-12-01 | 0.26% | $17.99M | — |
Top 10 positions are 3.88% of net assets, top 25 6.98%, across 1.5K issuers.
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