NEUBERGER MUNICIPAL FUND INC.

Neuberger Berman Income Funds – Neuberger Municipal Fund Inc. is a closed-end investment fund that provides exposure to U.S. municipal bonds with federal tax-exempt income. Launched in July 2002 and domiciled in the United States, the fund is managed by Neuberger Berman LLC in partnership with Neuberger Berman Management LLC. The fund's investment strategy focuses on municipal securities with maturities of less than 15 years and targets securities rated in the four highest categories by nationally recognized statistical rating organizations, with a weighted average duration maintained between three and eight years.

As a closed-end fund structure, the fund generates revenue through management fees on its asset base and distributes income to shareholders primarily from tax-exempt interest payments received on its municipal bond holdings. The fund's operations are concentrated in the New York headquarters of its parent management company, Neuberger Berman LLC, which oversees portfolio management and administrative functions. With a market capitalization of approximately $300 million, the fund operates at a modest scale within the asset management industry, serving individual and institutional investors seeking tax-advantaged fixed income exposure.