SCHEDULE: Saba Capital Trims Stake in Neuberger Berman Fund

Saba Capital Management, L.P. and its affiliates have reduced their beneficial ownership in Neuberger Berman Municipal Fund Inc. to 4.94% through recent open market sales.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (Reporting Persons) filed Amendment No. 6 to Schedule 13D regarding their beneficial ownership in NEUBERGER BERMAN MUNICIPAL FUND INC.
• As of August 13, 2025, the Reporting Persons collectively beneficially own 1,463,030 Common Shares of Neuberger Berman Municipal Fund Inc.
• This ownership represents 4.94% of the class, calculated based on 29,618,059 shares of common stock outstanding as of April 30, 2025.
• The reduction in beneficial ownership resulted from multiple open market sales of Common Shares between August 1, 2025, and August 13, 2025.
• Specific sales include: 26,914 shares on August 1, 2025, at $9.87; 6,100 shares on August 5, 2025, at $9.95; 13,363 shares on August 6, 2025, at $9.93; 300 shares on August 7, 2025, at $9.94; 100 shares on August 8, 2025, at $9.84; and 92,443 shares on August 13, 2025, at $9.94.
• Approximately $13,688,160 was paid to acquire the Common Shares previously reported by the Reporting Persons.

Sentiment

Score: 3

Explanation: The filing indicates a significant reduction in beneficial ownership by a major investor, Saba Capital, falling below the 5% threshold. This divestment, while a strategic move for Saba Capital, can be perceived negatively for the issuer, Neuberger Berman Municipal Fund Inc., as it suggests a lack of conviction or a decision to reallocate capital away from the fund by a prominent investor.

Positives

• NA

Negatives

• Saba Capital Management, L.P. and its affiliates have reduced their beneficial ownership in Neuberger Berman Municipal Fund Inc. to below the 5% threshold, which can be perceived as a negative signal by the market.
• The divestment involved multiple open market sales of shares over a period of less than two weeks.

Risks

• NA

Future Outlook

NA

Industry Context

NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders: Existing shareholders might view the reduction in stake by a significant investor negatively, potentially leading to downward pressure on share price.
• Saba Capital (Reporting Persons): Realized proceeds from sales, potential capital reallocation.

Next Steps

• NA

Key Dates

Recommendation

The filing indicates a significant reduction in beneficial ownership by Saba Capital, a prominent investment firm, in Neuberger Berman Municipal Fund Inc. The divestment of shares, bringing their stake below 5%, suggests a potential loss of conviction or strategic reallocation of capital away from the fund. This action by a sophisticated investor could signal underlying concerns or a less favorable outlook for the fund, warranting a cautious or negative stance for other investors.

Keywords

Neuberger Berman, Saba Capital, Municipal Fund, Beneficial Ownership, Schedule 13D, Investment Fund, Share Sales, Closed-End Fund