[SCHEDULE 13D/A] Neuberger Berman Municipal Fund Inc. SEC Filing

Rhea-AI Filing Summary

Saba Capital Management, L.P., its GP and founder Boaz R. Weinstein filed Amendment No. 5 to Schedule 13D on Neuberger Berman Municipal Fund Inc. (NYSE: NBH). As of 31 Jul 2025 the reporting persons beneficially own 1,602,250 common shares, equal to 5.41 % of the fund’s 29.6 M shares outstanding. All voting and dispositive power is shared; none is held solely.

The position was accumulated for roughly $14.99 million, funded by investor capital and ordinary-course margin borrowings. The filing amends Items 3, 5 and 7 to update source of funds, ownership data and transaction detail (full trade list in Exhibit 3, Schedule A). No criminal or civil proceedings involve the filers, and there are no sole economic beneficiaries beyond the advised funds and accounts.

Event date triggering the amendment is 31 Jul 2025; the statement was signed on 4 Aug 2025 by General Counsel Michael D’Angelo. Crossing the 5 % threshold obligates public disclosure and may position Saba—known for closed-end fund activism—to engage with NBH’s board regarding discount management or other value-enhancing actions.

Positive

• Saba Capital and affiliates now hold 1.60 M NBH shares (5.41 %), triggering 13D status and signaling potential activist engagement.
• Approximately $14.99 M invested, demonstrating meaningful financial commitment without disclosing leverage concerns.

Negative

• None.

Insights

Closed-End Fund Analyst

TL;DR: Saba’s 5.4 % stake makes it a reportable, potentially activist holder, mildly positive for NBH discount narrative.

Saba Capital has moved above the 5 % line in NBH, a municipal closed-end fund that often trades at a double-digit discount to NAV. While the absolute investment ($15 M) is modest, Saba’s track record shows it frequently pressures fund boards to tender shares or convert to open-end structures. The amendment updates ownership rather than announcing new action, yet the market typically prices in some probability of future activism once Saba files a 13D. No leverage or legal issues are disclosed, and voting/dispositive power is shared across the funds, suggesting coordinated intent. Given the limited size but noteworthy sponsor, I view the filing as incrementally positive.

Governance & Risk Specialist

TL;DR: Routine 13D update; governance implications hinge on any follow-up proposals, not disclosed here.

The amendment satisfies statutory reporting after additional share purchases. There are no new governance demands, settlement terms or board nominations within the document. Risk profile remains unchanged: Saba’s funds share control; no single individual holds dispositive authority. Absence of litigation or regulatory findings is reaffirmed. Impact for now is neutral; future filings will determine materiality.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

NEUBERGER BERMAN MUNICIPAL FUND INC.

(Name of Issuer)

Common Shares, $0.0001 par value

(Title of Class of Securities)

64124P101

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/31/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 64124P101

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,602,250.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,602,250.00

11

Aggregate amount beneficially owned by each reporting person

1,602,250.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.41 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 29,618,059 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.

SCHEDULE 13D

CUSIP No. 64124P101

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,602,250.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,602,250.00

11

Aggregate amount beneficially owned by each reporting person

1,602,250.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.41 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 29,618,059 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.

SCHEDULE 13D

CUSIP No. 64124P101

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,602,250.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,602,250.00

11

Aggregate amount beneficially owned by each reporting person

1,602,250.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.41 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 29,618,059 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.0001 par value
(b)	Name of Issuer: NEUBERGER BERMAN MUNICIPAL FUND INC.
(c)	Address of Issuer's Principal Executive Offices: 1290 Avenue of the Americas, New York, NEW YORK , 10104.
Item 1 Comment: This Amendment No. 5 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $14,990,707 was paid to acquire the Common Shares reported herein.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 29,618,059 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 7/31/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	08/04/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/04/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/04/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many NBH shares does Saba Capital own after this Schedule 13D/A?

1,602,250 common shares, representing 5.41 % of the shares outstanding.

What did Saba Capital pay for its NBH position?

About $14.99 million in aggregate purchase cost.

Does Saba Capital have sole or shared voting power over NBH shares?

All voting and dispositive power is shared; sole power is 0.

Why was this amendment (No. 5) to Schedule 13D filed?

To update Items 3, 5 and 7 reflecting funding sources, current ownership level and recent transactions through 31 Jul 2025.

When was the triggering event and filing date for this 13D/A?

Event date: 31 Jul 2025; filing signed: 4 Aug 2025.