Neuberger Berman Municipal Intermediate Bond Fund Institutional Class is a mutual fund designed to provide investors with high current income that is exempt from federal income tax, targeting capital preservation as a primary goal. The fund primarily invests in intermediate-term municipal bonds issued by state and local governments to finance public projects such as schools, highways, and infrastructure. Its portfolio is diversified across numerous states and municipal sectors, with securities typically having durations between 4.0 and 6.0 years or average maturities of five to twelve years. The management emphasizes a conservative approach with a high-quality credit bias, while environmental, social, and governance (ESG) considerations are integrated into its fundamental credit analysis. The fund is managed by a veteran team with decades of experience in municipal markets, aiming for stability and risk mitigation. This strategy makes the fund significant for institutional investors seeking tax-efficient income and moderate risk in the broader fixed income landscape, as municipal bonds generally feature lower default rates and offer diversification benefits relative to corporate debt and equities.
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