Columbia California Intermediate Municipal Bond Fund Class I is an actively managed municipal bond mutual fund focused on generating tax-exempt income for California residents while maintaining intermediate interest-rate exposure. The fund primarily invests in investment-grade municipal securities issued by California state and local entities, targeting an intermediate duration profile typically in the 4–6 year range to balance income generation with moderate price sensitivity. It emphasizes current income exempt from U.S. federal and California state personal income taxes, consistent with prudent principal stability. The portfolio spans sectors such as general obligation bonds, essential-service revenue bonds, transportation, education, and healthcare, reflecting the breadth of California’s municipal financing needs. As an institutional share class, it is structured for cost efficiency relative to other classes. The fund’s role in the market is to provide diversified exposure to California’s municipal credit landscape, offering a vehicle for investors seeking tax-advantaged income with intermediate-term risk characteristics and professional credit selection and duration management.
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