Baird Short-Term Municipal Bond Fund
U.S. bond index fund · tracks Bloomberg 1-5 Year Short Municipal Index
As of its 2026 Q2 report, Baird Short-Term Municipal Bond Fund held 1,832 positions with $2.36B in net assets. Its ten largest holdings made up 7.5% of the fund. The BTMIX share class costs 0.3% a year. Over the 12 months to May 2026, BTMIX returned 4.3%, with dividends reinvested. In 2026 Q2 it added 172 new positions and exited 105.
The investment objective of the Baird Short-Term Municipal Bond Fund (the Fund) is to seek current income that is exempt from federal income tax and is consistent with the preservation of capital.
The fund invests at least 80% of its net assets in federally tax-exempt municipal bonds, maintaining a portfolio duration aligned with the Bloomberg 1-5 Year Short Municipal Index (2.36 years as of March 2026) and targeting a dollar-weighted average effective maturity between three months and three years. The advisor selects securities based on credit quality, interest rate outlook, yield curve positioning, tax considerations, sector valuations, and regional economic conditions, with up to 10% permitted in non-investment grade obligations. Because the fund may hold obligations that are unrated, downgraded after purchase, or in partial default, credit quality can diverge from initial assessments.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Federated Institutional Tax-Fr | 2.56% | $60.37M | — |
US TREASURY N/B 4.00% · due 2030-07-31 | 1.47% | $34.75M | — |
RURAL WTR FING AGY KY PUBLIC P 2.88% · due 2028-08-01 | 0.46% | $10.93M | — |
PUBLIC FIN AUTH WI REVENUE 4.00% floating · due 2055-01-01 | 0.44% | $10.41M | — |
TEXAS ST TRANSPRTN COMMISSION 5.00% floating · due 2042-08-15 | 0.44% | $10.32M | — |
HARRIS CNTY TX CULTURAL EDU FA 5.00% floating · due 2050-05-15 | 0.44% | $10.29M | — |
MARYLAND ST 3.00% · due 2032-08-01 | 0.42% | $9.97M | — |
SEATTLE WA MUNI LIGHT & PWR RE 2.92% floating · due 2045-05-01 | 0.41% | $9.79M | — |
VAN WERT CNTY OH HOSP FACS REV 6.13% · due 2049-12-01 | 0.41% | $9.72M | — |
NEW YORK CITY NY HSG DEV CORP 3.40% floating · due 2062-11-01 | 0.39% | $9.27M | — |
The 200 largest of 1,832 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 | 97.14% |
| Cash & short-term | 2.56% |
How it has done
BTMIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.60%. 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% | +4.30% | +12.95% | +9.74% | -1.12% | |
| 0.55% | +4.04% | +12.15% | +8.41% | -1.28% |
These classes hold the same portfolio, so the 1.33pp spread over 5 years is the cost difference between them — roughly 0.27pp a year — not a difference in what they own.
Fees & fund details
Baird Short-Term Municipal Bond Fund is a U.S. bond index fund that tracks the Bloomberg 1-5 Year Short Municipal Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.30% – 0.55%· BTMIX 0.30%
- Portfolio turnover
- 27.00% 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.
172 new· the largest 7
105 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 | 79.7% |
| Floating rate | 20.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 8.3% |
| 1-3y | 21.6% |
| 3-5y | 21.5% |
| 5-10y | 21.5% |
| 10y+ | 27.2% |
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 | 51% |
| Credit spreads | 49% |
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 | +2.07 yr |
| High yield | +0.15 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 | 0.07 yr | 3% |
| 1 yr | 0.73 yr | 32% |
| 5 yr | 1.28 yr | 55% |
| 10 yr | 0.23 yr | 10% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.50 yr | 22% |
| 5 yr | 1.20 yr | 54% |
| 10 yr | 0.47 yr | 21% |
| 30 yr | 0.02 yr | 1% |
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 | +0.07 | +0.02 | +0.00 | $5.6k | $830 |
| 1 yr | +0.73 | +0.47 | +0.03 | $110.9k | $5.9k |
| 5 yr | +1.28 | +1.13 | +0.07 | $266.5k | $16.9k |
| 10 yr | +0.23 | +0.42 | +0.05 | $99.1k | $11.8k |
| 30 yr | +0.00 | +0.02 | +0.00 | $4.9k | $11 |
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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