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Municipal Intermediate Bond Fund

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Mutual Fund > Fixed Income > Municipal Intermediate Bond Fund

Municipal Intermediate Bond Fund

Seeks to preserve capital and provide competitive after-tax rates of return while investing in high-quality municipal fixed-income investments

  • Conservatively positioned with a high-quality bias
  • Fundamental credit analysis drives the investment process
  • Lead portfolio managers average over 20 years of experience, backed by 16 professionals with extensive experience in the municipal market

Pricing/Performance

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Product Characteristics

As of

Unless otherwise stated, information (including holdings and portfolio characteristics) is as of the date indicated and is subject to change without notice.

Total (net) expense represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s investment manager has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses are capped (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 10/31/2023 for Institutional Class at 0.30%, Investor Class at 0.45%, Class A at 0.67%, and Class C at 1.42% (each as a % of average net assets). Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated February 28, 2020, as amended and supplemented.

Standard Deviation (average 3-year shown) is a statistical measure of portfolio risk that describes the average deviation of portfolio returns from the mean portfolio return over a certain period of time to show how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation, and the higher the portfolio risk. Sharpe Ratio (average 3-year shown) is a measure of risk-adjusted returns that can be used to compare the performance of managers. The ratio represents the return gained per unit of risk taken. Managers with the same excess return for a period but different levels of risk will have Sharpe ratios that reflect the difference in the level of risk. Weighted Average Maturity is expected average life to worst or in other words the par-weighted average time (in years) to principal repayment for securitized assets or the time (in years) to probable call/put for non-securitized assets. Weighted Average Duration is expressed as a number of years from its purchase date. It is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. It is an important measure for investors to consider, as bonds with higher durations carry more risk and have higher price volatility than bonds with lower durations.

A fund’s 30-day SEC yield is similar to a yield to maturity for the entire portfolio. The formula is designated by the Securities and Exchange Commission (SEC). Past performance is no guarantee of future results. Absent any expense cap arrangement noted above, the SEC yields may have been lower. A negative 30-Day SEC yield results when a Fund’s accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-Day SEC yield may not equal the Fund’s actual rate of income earned and distributed by the fund and therefore, a per share distribution may still be paid to shareholders. The unsubsidized 30-day SEC yields for Class A, Class C, Institutional Class and Investor Class are 0.67%, -0.06%, 1.04% and 0.85% respectively.

Management Team

James L. Iselin
Head of Municipal Fixed Income
26 Years of industry experience
14 Years with Neuberger Berman
S. Blake Miller, CFA
Senior Portfolio Manager
34 Years of industry experience
12 Years with Neuberger Berman