# Baird Short-Term Municipal Bond Fund - Investor Class (BTMSX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/btmsx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Baird · Asset class: Bond - Strategy: Actively Managed · Inception: 2015-08-31 This fund generally dedicates at least 80% of its net assets to municipal bonds and debentures, aiming for income that is exempt from federal income tax, including the alternative minimum tax (AMT). It seeks a broadly diversified portfolio of these federally tax-exempt municipal obligations, which are issued by governmental authorities throughout the U.S. and its territories. The fund's investment universe covers all types of municipal obligations, such as pre-refunded bonds, general obligation bonds, revenue bonds, and municipal lease participations. ## Key Facts | Metric | Value | |---|---| | Price | $9.96 | | Expense Ratio | 0.55% | | Assets Under Management | $2.29B | | NAV | $9.96 | | Holdings Count | — | | Distribution Yield (TTM) | 3.14% | | Annual Distribution (TTM) | $0.31 /share | | Distribution Frequency | Monthly | | 52-Week Range | $9.74 – $10.19 | | Beta | 0.36 | ## Latest Distribution - Amount: $0.0272 /share - Ex-date: 2026-10-27 - Pay date: 2026-10-28 ## Frequently Asked Questions ### What does BTMSX invest in? This fund generally dedicates at least 80% of its net assets to municipal bonds and debentures, aiming for income that is exempt from federal income tax, including the alternative minimum tax (AMT). It seeks a broadly diversified portfolio of these federally tax-exempt municipal obligations, which are issued by governmental authorities throughout the U.S. and its territories. The fund's investment universe covers all types of municipal obligations, such as pre-refunded bonds, general obligation bonds, revenue bonds, and municipal lease participations. ### What is the expense ratio of BTMSX? Baird Short-Term Municipal Bond Fund - Investor Class (BTMSX) charges an expense ratio of 0.55%. This is the annual fee deducted from fund assets to cover management and operations. ### What is BTMSX's dividend yield? BTMSX's trailing-twelve-month yield is 3.14%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of BTMSX? Effective duration measures BTMSX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. BTMSX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of BTMSX? BTMSX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of BTMSX? Yield to maturity (YTM) is the total return you'd earn from BTMSX if every bond in the portfolio is held to maturity at the current price. BTMSX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does BTMSX pay a dividend? Yes, Baird Short-Term Municipal Bond Fund - Investor Class (BTMSX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.14%. Full dividend history is on this page. ### How often does BTMSX pay dividends? Baird Short-Term Municipal Bond Fund - Investor Class pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is BTMSX's next ex-dividend date? The most recently announced ex-dividend date for BTMSX was 2026-10-27. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will BTMSX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.55% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does BTMSX charge its expense ratio? The expense ratio is deducted in tiny daily slices from BTMSX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does BTMSX cost more than a fund like VOO? BTMSX is actively managed (current expense ratio 0.55%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether BTMSX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to BTMSX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as BTMSX (0.55%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/btmsx - Distribution history: https://www.dividenddata.com/funds/btmsx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/btmsx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/btmsx/expenses - Peer comparison: https://www.dividenddata.com/funds/btmsx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.