Baird Short-Term Municipal Bond Fund Investor Class BTMSX

Medalist Rating as of Sep 30, 2026 See Baird Investment Hub

NAV / 1-Day Return$10.00 / +0.10%
Fund Size$2.5B
Adjusted Expense Ratio0.550%
Net Expense Ratio0.550%
Fee Level: DistributionAbove Average
Share Class TypeNo Load
Morningstar CategoryMuni National Short
Fixed-Income Style Box (Funds)Medium/Limited
Minimum Initial Investment$2,500
Investment StatusOpen
TTM Yield3.14%
Average Effective Duration2.69 yrs

NAV and 1-Day Return as of Nov 11, 2026, 11:25:20 PM

Will BTMSX outperform in the future?

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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable BTMSX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the BTMSX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of BTMSX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Morningstar Automated Analysis

Summary

Baird Short-Term Municipal Bond Investor holds a quantitatively derived Silver Morningstar Medalist Rating. The rating reflects that it has scored well on factors Morningstar research associates with future outperformance relative to category peers.

by Morningstar Automated Analysis

Rated on Sep 30, 2026 Published on Oct 27, 2026

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Portfolio Holdings BTMSX

More BTMSX Holdings

Current Portfolio DateOct 31, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings4.1

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
Federated Hermes Instl T-F Cash Premier	3.86	94M	Cash and Equivalents
Alabama Toll Road Bridge And Tunnel Authority	0.56	14M	municipal
DALLAS CNTY TEX HOSP DIST 5%	0.42	10M	municipal
TEXAS TRANSN COMMN CENT TEX TPK SYS REV 5%	0.42	10M	municipal
HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV 5%	0.41	10M	municipal
United States Treasury Notes 4%	0.40	10M	Government
PUBLIC FIN AUTH WIS REV 4%	0.39	10M	municipal
VAN WERT CNTY OHIO HOSP FACS REV 6.13%	0.39	10M	municipal
DALLAS TEX INDPT SCH DIST 5%	0.37	9M	municipal
TEXAS MUN GAS ACQUISITION & SUPPLY CORP IV GAS SUPPLY REV 5.5%	0.36	9M	municipal

Baird Short-Term Municipal Bond Fund Investor Class BTMSX

Morningstar’s Analysis BTMSX

Will BTMSX outperform in the future?

Process Pillar

People Pillar

Parent Pillar

Summary

Portfolio Holdings BTMSX

Federated Hermes Instl T-F Cash Premier

Alabama Toll Road Bridge And Tunnel Authority

DALLAS CNTY TEX HOSP DIST 5%

TEXAS TRANSN COMMN CENT TEX TPK SYS REV 5%

HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV 5%

United States Treasury Notes 4%

PUBLIC FIN AUTH WIS REV 4%

VAN WERT CNTY OHIO HOSP FACS REV 6.13%

DALLAS TEX INDPT SCH DIST 5%

TEXAS MUN GAS ACQUISITION & SUPPLY CORP IV GAS SUPPLY REV 5.5%

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