About BTMSX
The Baird Short-Term Municipal Bond Fund Investor Class is a mutual fund that invests primarily in a diversified portfolio of municipal bonds issued by state and local governments across the United States. Its principal objective is to provide a high level of current income that is exempt from federal income tax, while also seeking to preserve capital. The fund targets the short end of the municipal yield curve, focusing on securities with an average effective maturity of generally less than three years, and primarily holds investment-grade obligations, although it may allocate up to 10% in non-investment-grade bonds.
The fund’s portfolio consists predominantly of general obligation bonds, revenue bonds, and pre-refunded bonds, diversifying across sectors such as healthcare, transportation, and essential services. Managed by an experienced team, its investment approach emphasizes value and aims to capitalize on market inefficiencies and trends in interest rates, yield curve dynamics, and sector valuations. With monthly income distributions and minimal exposure to the alternative minimum tax (AMT), the fund plays a significant role in the market by providing tax-advantaged income opportunities for investors seeking lower-duration, lower-volatility municipal bond exposure.
Fund Family Baird
Category Muni National Short
Performance Rating Above Average
Risk Rating Average
Stock Exchange NASDAQ
Ticker Symbol BTMSX
Share Class Investor Class
Index Bloomberg Muni Bond Short (1-5) TR
BTMSX had a total return of 5.07% in the past year, including dividends. Since the fund's
inception, the average annual return has been 3.82%.
