Baird Core Intermediate Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Baird Core Intermediate Municipal Bond Fund held 4,131 positions with $6.85B in net assets. Its ten largest holdings made up 3.9% of the fund. The BMNIX share class costs 0.3% a year. Over the 12 months to May 2026, BMNIX returned 5.8%, with dividends reinvested. In 2026 Q2 it added 456 new positions and exited 182.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
US TREASURY N/B 4.00% · due 2030-07-31 | 0.72% | $49.64M | — |
PUBLIC FIN AUTH WI REVENUE 4.00% floating · due 2055-01-01 | 0.41% | $28.11M | — |
TENNESSEE ST ENERGY ACQUISITIO 5.00% · due 2034-11-01 | 0.39% | $26.98M | — |
CALIFORNIA ST MUNI FIN AUTH RE 5.00% · due 2032-06-30 | 0.39% | $26.92M | — |
US TREASURY N/B 4.00% · due 2028-05-31 | 0.38% | $26.26M | — |
US TREASURY N/B 3.75% · due 2027-08-15 | 0.36% | $24.89M | — |
SOUTHEAST ENERGY AUTHORITY A C 5.00% · due 2030-10-01 | 0.33% | $22.86M | — |
BLACK BELT ENERGY GAS DIST AL 5.00% · due 2036-06-01 | 0.31% | $21.17M | — |
SOUTHEAST ENERGY AUTHORITY A C 5.00% · due 2035-11-01 | 0.30% | $20.87M | — |
BLACK BELT ENERGY GAS DIST AL 5.00% · due 2034-12-01 | 0.26% | $17.99M | — |
The 200 largest of 4,131 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.28% |
| Cash & short-term | 0.11% |
| Securitized | 0.07% |
How it has done
BMNIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.69%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.30% | +5.82% | +13.34% | +8.69% | -3.16% | |
| 0.55% | +5.68% | +12.62% | +7.39% | -3.24% |
These classes hold the same portfolio, so the 1.30pp spread over 5 years is the cost difference between them — roughly 0.26pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.30% – 0.55%· BMNIX 0.30%
- Portfolio turnover
- 22.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
456 new· the largest 6
182 exited· the largest 8
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.
Understand how this fund fits with the rest.
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