Neuberger Berman California Municipal Fund Inc.
NBW
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 1290 Avenue of the Americas New York City NY United States of America 10104
- IPO Date
- Oct 22, 2002
- CIK
- 0001178840
- Website
- nb.com
- Similar Companies
- Business
- Neuberger Berman California Municipal Fund Inc. (NBW) is a diversified, closed-end management investment company that invests primarily in California municipal securities to provide a high level of current income exempt from federal income tax and California state personal income tax. The Fund offers common shares listed on NYSE American and utilizes leverage through Variable Rate Municipal Term Preferred Shares (VMTPS) with a redemption date of December 15, 2024; its portfolio includes revenue bonds (59.5%), general obligations (21.4%), pre-refunded bonds (10.0%), and short-term investments, with at least 70% of holdings rated in the four highest categories by nationally recognized statistical rating organizations or deemed comparable by portfolio managers. The Fund targets California investors seeking tax-exempt income, with a weighted average maturity of 13.62 years, option-adjusted duration of 6.03 (9.94 leverage-adjusted), average coupon of 4.07%, and a stable monthly distribution policy, paying $0.0254 per share as of mid-2023. Founded on September 24, 2002, and headquartered in New York, NY, the Fund operates within the municipal bond segment, focusing on sectors such as education, state and local general obligations, special tax, hospitals, transportation, leasing, and housing, primarily in California (83.32% of holdings) with minor exposure to Puerto Rico, Ohio, Guam, and the Virgin Islands. In a major strategic reorganization completed prior to its October 31, 2023 fiscal year-end, NBW merged with and into Neuberger Berman Municipal Fund Inc. (NBH), with NBH as the surviving entity, following stockholder approval on July 26, 2023; this tax-free transaction consolidated operations while maintaining the focus on tax-exempt municipal income strategies.