Closed-end management investment company that invests in California municipal bonds.
Neuberger Berman California Intermediate Municipal Fund Inc. operates as a closed-ended fixed income mutual fund managed by Neuberger Berman LLC, supported by Neuberger Berman Management LLC. The fund specializes in investments within the United States' fixed income markets, focusing primarily on municipal bonds. These bonds offer income that is exempt from federal income tax as well as California state personal tax, making them particularly attractive to investors seeking tax-advantaged income. The fund targets securities with remaining maturities of less than 15 years and strives to maintain a weighted average duration ranging from three to eight years. It selectively invests in bonds rated in the top four categories by a nationally recognized statistical rating organization, ensuring a portfolio of high-quality municipal securities.
Established on July 29, 2002, Neuberger Berman California Intermediate Municipal Fund Inc. operates under the domicile of the United States. Its investment strategy emphasizes capitalizing on the stability and tax benefits associated with municipal bonds, thereby offering investors potential income while managing interest rate risk through strategic duration management. The fund's disciplined approach to investing in highly-rated municipal securities aligns with its objective of delivering consistent tax-exempt income to its shareholders, catering primarily to investors seeking to optimize their after-tax returns within the California municipal bond market. Through its focused investment strategy and rigorous management, the fund aims to provide a reliable source of tax-advantaged income while mitigating market risks associated with interest rate fluctuations and credit quality.
Neuberger Berman California Intermediate Municipal Fund Inc. represents a strategic vehicle for investors looking to participate in the municipal bond market's potential benefits, particularly in California. Its adherence to stringent investment criteria and dedication to maintaining a diversified portfolio of high-quality securities underscore its commitment to delivering value and stability in the realm of tax-exempt fixed income investments. The fund's long-standing presence and expertise in the municipal bond sector further reinforce its position as a trusted choice for investors seeking reliable income streams while minimizing tax liabilities associated with their investment earnings.