# EDGAR Filing Document

**Accession Number:** 0001771226
**File Stem:** 0001049169-26-000377
**Filing Date:** 2026-2
**Character Count:** 57275
**Document Hash:** aba746d3ba023733f44752e06c15c30e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000377.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001049169-26-000377

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Managed Duration Municipal Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0001771226

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0120

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23434
- **FILM NUMBER:** 26690395

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 312-445-2251

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverNorth Opportunistic Municipal Income Fund II
- **DATE OF NAME CHANGE:** 20190319

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RiverNorth Managed Duration Municipal Income Fund Inc.

- **b. Investment Company Act file number:** 811-23434

- **c. CIK number of Registrant:** 0001771226

- **d. LEI of Registrant:** 549300Y5L3V48O754353

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 360 S. Rosemary Avenue Suite 1420

  - **City:** West Palm Beach

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 33401

  - **Telephone number:** 312-445-2249

**Item A.2. Information about the Series.**

- **a. Name of Series:** RiverNorth Managed Duration Muni Income Fund Inc.

- **c. LEI of Series:** 549300Y5L3V48O754353

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $305620372.45

**Total Liabilities:** $7306539.65

**Net Assets:** $298313832.80

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 236005.21571200 | **1-Year:** 12431.86975500 | **5-Year:** 145092.24232900 | **10-Year:** 143636.27148700 | **30-Year:** 14808.04966400

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.57%                | -0.77%               | -1.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $464882.86               | $2989678.70                                |
| Month 2  | $639677.96               | $-1878782.42                               |
| Month 3  | $300013.85               | $-1018807.26                               |

### Schedule of Portfolio Investments

| Name                                                        | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Blackrock Munivest Fund Inc                                 | BlackRock MuniVest Fund, Inc.                                                | CUSIP: 09253R105<br>LEI: 68LQJ5NLUNQI2T9OLL41 | Long             | EC               | RF                | US        |    611372 | NS      | $4236807.96    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AV73<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3200000 | PA      | $-3200000.00   | -1.07%            | 2030-01-01      | Floating      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Municipal Income Trust                            | BlackRock Municipal Income Trust                                             | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             | EC               | RF                | US        |    440715 | NS      | $4420371.45    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| New York St Dorm Auth St Personal Income Tax Revenue        | New York State Dormitory Authority                                           | CUSIP: 64990FX25<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6800000 | PA      | $7281824.20    | 2.44%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nuveen Municipal Credit Opportunities Fund                  | Nuveen Municipal Credit Opportunities Fund                                   | CUSIP: 670663103<br>LEI: 549300DD3V5NH59YTS11 | Long             | EC               | RF                | US        |     78570 | NS      | $803771.10     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mfs High Yield Municipal Trust                              | MFS High Yield Municipal Trust                                               | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |     32114 | NS      | $112720.14     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035TJK7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.34%            | 2033-11-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniyield Michigan Quality Fund Inc               | BlackRock MuniYield Michigan Quality Fund, Inc.                              | CUSIP: 09254V105<br>LEI: J3H1DOS8Q2FL9RVLS329 | Long             | EC               | RF                | US        |     17109 | NS      | $200859.66     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Vly Nv Wtr Dist                                   | Las Vegas Valley Water District                                              | CUSIP: 517845SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5181161.50    | 1.74%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035THX1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4500000 | PA      | $-4500000.00   | -1.51%            | 2060-10-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| New York Ny                                                 | City of New York NY                                                          | CUSIP: 64966QY87<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8219448.00    | 2.76%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts St Transprtn Fund Revenue                     | Commonwealth of Massachusetts Transportation Fund Revenue                    | CUSIP: 57604TKE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12430269.60   | 4.17%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho St Hsg & Fin Assn Sf Mtge Revenue                     | Idaho Housing & Finance Association                                          | CUSIP: 45129Y5J1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1443476.97    | 0.48%             | 2054-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Texas St Priv Activity Bond Surface Transprtn Corp Revenue  | Texas Private Activity Bond Surface Transportation Corp.                     | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3907762.40    | 1.31%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniholdings Fund Inc                             | BlackRock MuniHoldings Fund, Inc.                                            | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             | EC               | RF                | US        |    485813 | NS      | $5703444.62    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Opportunity Trust                         | Invesco Municipal Opportunity Trust                                          | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |   1077061 | NS      | $10307473.77   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniholdings California Quality Fund Inc          | BlackRock MuniHoldings California Quality Fund, Inc.                         | CUSIP: 09254L107<br>LEI: NKJSRCJXMS5PZYPXY795 | Long             | EC               | RF                | US        |    822687 | NS      | $8720482.20    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Quality Fund Ii Inc                     | BlackRock MuniYield Quality Fund II, Inc.                                    | CUSIP: 09254G108<br>LEI: PRQP520S3DVB025IWS24 | Long             | EC               | RF                | US        |    160331 | NS      | $1611326.55    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Pennsylvania Value Municipal Income Trust           | Invesco Pennsylvania Value Municipal Income Trust                            | CUSIP: 46132K109<br>LEI: 549300S5KHBL3XISY922 | Long             | EC               | RF                | US        |     18297 | NS      | $191386.62     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Liquidity Funds Municash                          | BlackRock Liquidity Funds MuniCash                                           | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |  18586493 | NS      | $18588351.88   | 6.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia Small Business Fing Auth Priv Activity Revenue Sr  | Virginia Small Business Financing Authority                                  | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2467967.84    | 0.83%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Tx Elec Utility Sys Revenue                      | City of Greenville TX Electric System Revenue                                | CUSIP: 396706JC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2684984.98    | 0.90%             | 2054-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DBM6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3750000 | PA      | $-3750000.00   | -1.26%            | 2052-05-01      | Floating      | 3.46%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniyield New York Quality Fund Inc               | BlackRock MuniYield New York Quality Fund, Inc.                              | CUSIP: 09255E102<br>LEI: 158AYFGDRFUGVL3TD012 | Long             | EC               | RF                | US        |    244364 | NS      | $2421647.24    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Denver City & Cnty Co Sch Dist #1                           | Denver City & County School District No 1                                    | CUSIP: 249174ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $10466981.25   | 3.51%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniholdings New York Quality Fund Inc            | BlackRock MuniHoldings New York Quality Fund, Inc.                           | CUSIP: 09255C106<br>LEI: YP1D2S6Y4JY0A7W3DV93 | Long             | EC               | RF                | US        |    340814 | NS      | $3486527.22    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035MLB9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7125000 | PA      | $-7125000.00   | -2.39%            | 2049-12-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035R7M0<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -10325000 | PA      | $-10325000.00  | -3.46%            | 2031-07-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Bny Mellon Strategic Municipal Bond Fund Inc                | BNY Mellon Strategic Municipal Bond Fund, Inc.                               | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             | EC               | RF                | US        |    309838 | NS      | $1911700.46    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniassets Fund Inc                               | BlackRock MuniAssets Fund, Inc.                                              | CUSIP: 09254J102<br>LEI: UJYLDIG1NIEEIV3PO802 | Long             | EC               | RF                | US        |     79145 | NS      | $847642.95     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| New York St Dorm Auth Revenues Non St Supported Debt        | New York State Dormitory Authority                                           | CUSIP: 65000BW38<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5413421.00    | 1.81%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp Commodity Project Revenue | Tennessee Energy Acquisition Corporation Gas Revenue Bonds                   | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5344166.00    | 1.79%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Iii Inc                    | BlackRock MuniYield Quality Fund III, Inc.                                   | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |    592321 | NS      | $6438529.27    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| S Estrn Pa Transprtn Auth                                   | Southeastern Pennsylvania Transportation Authority                           | CUSIP: 842039FP9<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3416501.09    | 1.15%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035EBS1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5200000 | PA      | $-5200000.00   | -1.74%            | 2052-12-01      | Floating      | 3.44%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Fing Corp Sales Tax Revenue           | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | CUSIP: 74529JRL1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | PR        |   7422000 | PA      | $6941296.36    | 2.33%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Blackrock Munivest Fund Ii Inc                              | BlackRock MuniVest Fund II, Inc.                                             | CUSIP: 09253T101<br>LEI: TC1SINW7C50S8NN8GU32 | Long             | EC               | RF                | US        |    386392 | NS      | $4176897.52    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035RSR6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -10400000 | PA      | $-10400000.00  | -3.49%            | 2049-08-15      | Floating      | 3.37%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                      | US Long Bond Future                                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |      -555 | NC      | $-64154531.25  | -21.51%           |  |  |  | No            |                  1 | On Loan: No      |
| Mansfield Tx Indep Sch Dist                                 | Mansfield Independent School District                                        | CUSIP: 564386VN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10658014.00   | 3.57%             | 2055-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Trust                                     | Invesco Municipal Trust                                                      | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |   1053149 | NS      | $10162887.85   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035D3X1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2545000 | PA      | $-2545000.00   | -0.85%            | 2029-12-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniholdings Quality Fund Ii Inc                  | BlackRock MuniHoldings Quality Fund II, Inc.                                 | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             | EC               | RF                | US        |    326207 | NS      | $3271856.21    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| North Carolina St Turnpike Auth                             | North Carolina Turnpike Authority                                            | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14308344.40   | 4.80%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bny Mellon Strategic Municipals Inc                         | BNY Mellon Strategic Municipals, Inc.                                        | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             | EC               | RF                | US        |    392757 | NS      | $2497934.52    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Municipal Income Fund Ii                              | PIMCO Municipal Income Fund II                                               | CUSIP: 72200W106<br>LEI: ZVT714KPY3QTZWRT1S41 | Long             | EC               | RF                | US        |    110549 | NS      | $833541.08     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035FZG8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7250000 | PA      | $-7250000.00   | -2.43%            | 2028-09-01      | Floating      | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Tarrant Cnty Tx Cultural Edu Facs Fin Corp Revenue          | Tarrant County Cultural Education Facilities Finance Corp.                   | CUSIP: 87638TJR5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4323462.00    | 1.45%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Inc                        | BlackRock MuniYield Quality Fund, Inc.                                       | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             | EC               | RF                | US        |    745978 | NS      | $8429551.40    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035HPY6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -10500000 | PA      | $-10500000.00  | -3.52%            | 2032-01-01      | Floating      | 3.49%                 | Yes           |                  2 | On Loan: No      |
| Chicago Il O'hare International Arpt Revenue                | Chicago O'Hare International Airport                                         | CUSIP: 167593X56<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10330276.00   | 3.46%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mta Hudson Rail Yards Trust Obligs Revenue                  | MTA Hudson Rail Yards Trust Obligations                                      | CUSIP: 62476RAC9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4499887.95    | 1.51%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk Cnty Ia                                                | County of Polk IA                                                            | CUSIP: 7311974F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12425000 | PA      | $13152134.61   | 4.41%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Wtr Dev Brd Revenue                                   | Texas Water Development Board                                                | CUSIP: 88285AKF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5625000 | PA      | $5846709.94    | 1.96%             | 2060-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Ny Auth                                   | Battery Park City Authority                                                  | CUSIP: 07133AKQ4<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5345453.00    | 1.79%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Municipal Value Fund Inc                             | Nuveen Municipal Value Fund, Inc.                                            | CUSIP: 670928100<br>LEI: 549300TFLBQ7LJSP8B20 | Long             | EC               | RF                | US        |    192451 | NS      | $1743606.06    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Holly Mi Area Sch Dist                                      | Holly Area School District                                                   | CUSIP: 435866TX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10504103.00   | 3.52%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Missouri St Hlth & Eductnl Facs Auth Hlth Facs Revenue      | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60637AXQ0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3193561.50    | 1.07%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Dc Met Area Transit Auth Dedicated Revenue       | Washington Metropolitan Area Transit Authority Dedicated Revenue             | CUSIP: 93878YDS5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |  12910000 | PA      | $13346767.25   | 4.47%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Cmwlth Aqueduct & Swr Auth Revenue              | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2500000 | PA      | $2365576.00    | 0.79%             | 2042-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Michigan St Strategic Fund Ltd Oblg Revenue                 | Michigan Strategic Fund                                                      | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006317.00    | 0.67%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abrdn National Municipal Income Fund                        | abrdn National Municipal Income Fund                                         | CUSIP: 24610T108<br>LEI: NIC7ULNUGCUI836YP119 | Long             | EC               | RF                | US        |     65645 | NS      | $674174.15     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock California Municipal Income Trust                 | BlackRock California Municipal Income Trust                                  | CUSIP: 09248E102<br>LEI: LE6236HQD6DXEGUHE217 | Long             | EC               | RF                | US        |    412142 | NS      | $4426405.08    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Managed Municipal Income Trust                       | Putnam Managed Municipal Income Trust                                        | CUSIP: 746823103<br>LEI: 549300MCDIUT86HMWI73 | Long             | EC               | RF                | US        |     78292 | NS      | $490890.84     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GZY7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5600000 | PA      | $-5600000.00   | -1.88%            | 2053-11-01      | Floating      | 3.34%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GUV8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3750000 | PA      | $-3750000.00   | -1.26%            | 2053-06-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035TFW5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.34%            | 2054-07-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GR59<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -6200000 | PA      | $-6200000.00   | -2.08%            | 2039-07-01      | Floating      | 3.44%                 | Yes           |                  2 | On Loan: No      |
| South Carolina St Public Svc Auth Revenue                   | South Carolina Public Service Authority                                      | CUSIP: 837151U49<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6999240.95    | 2.35%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Francisco Ca City &cnty Arpts Commn Intl Arpt Rev       | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3707444.65    | 1.24%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035RQQ0<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8000000 | PA      | $-8000000.00   | -2.68%            | 2033-02-15      | Floating      | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Illinois St                                                 | State of Illinois                                                            | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18654111.00   | 6.25%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DXF7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -13500000 | PA      | $-13500000.00  | -4.53%            | 2029-11-01      | Floating      | 3.37%                 | Yes           |                  2 | On Loan: No      |
| California St Univ Revenue                                  | California State University                                                  | CUSIP: 13077DSY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7492135.00    | 2.51%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Amt-free Municipal Value Fund                        | Nuveen AMT-Free Municipal Value Fund                                         | CUSIP: 670695105<br>LEI: 5493002K5IM2S29FUR04 | Long             | EC               | RF                | US        |    137303 | NS      | $1964805.93    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance National Municipal Opportunities Trust          | Eaton Vance National Municipal Opportunities Trust                           | CUSIP: 27829L105<br>LEI: 54930084Z1GHZMB5XL81 | Long             | EC               | RF                | US        |      2619 | NS      | $44287.29      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GZ68<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -9600000 | PA      | $-9600000.00   | -3.22%            | 2029-07-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| New Jersey St Transprtn Trust Fund Auth                     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461367M7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5075866.50    | 1.70%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ishares National Muni Bond Etf                              | iShares National Muni Bond ETF                                               | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             | EC               | RF                | US        |     27701 | NS      | $2967054.11    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Salt Lake City Ut Arpt Revenue                              | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576HK6<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7846906.78    | 2.63%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty Ca Regl Arpt Auth Airport Revenue            | San Diego County Regional Airport Authority                                  | CUSIP: 79739GNA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12391452.00   | 4.15%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nuveen Dynamic Municipal Opportunities Fund                 | Nuveen Dynamic Municipal Opportunities Fund                                  | CUSIP: 67079X102<br>LEI: 549300U0TWS55O2SJ275 | Long             | EC               | RF                | US        |     27518 | NS      | $277381.44     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Amt-free Municipal Credit Income Fund                | Nuveen AMT-Free Municipal Credit Income Fund                                 | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             | EC               | RF                | US        |     95344 | NS      | $1207055.04    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Municipal Bond Fund                             | Eaton Vance Municipal Bond Fund                                              | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             | EC               | RF                | US        |    481758 | NS      | $4687505.34    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen New York Amt-free Quality Municipal Income Fund      | Nuveen New York AMT-Free Quality Municipal Income Fund                       | CUSIP: 670656107<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | EC               | RF                | US        |    415216 | NS      | $4189529.44    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Gtr Asheville Regl Arpt Auth Nc Arpt Sys Revenue            | Greater Asheville Regional Airport Authority                                 | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4155466.00    | 1.39%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbus Oh Regl Arpt Auth Revenue                          | Columbus Regional Airport Authority                                          | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3078234.61    | 1.03%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stetson University Inc                                      | Stetson University, Inc.                                                     | CUSIP: 85984XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $1799246.18    | 0.60%             | 2059-12-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GXN3<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -9600000 | PA      | $-9600000.00   | -3.22%            | 2031-06-01      | Floating      | 3.32%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Pennsylvania Quality Municipal Income Fund           | Nuveen Pennsylvania Quality Municipal Income Fund                            | CUSIP: 670972108<br>LEI: 5493000C1CS4Q000GF67 | Long             | EC               | RF                | US        |    162298 | NS      | $1929723.22    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal 2030 Target Term Trust                  | BlackRock Municipal 2030 Target Term Trust                                   | CUSIP: 09257P105<br>LEI: 549300TDIJ2J8F6X3N04 | Long             | EC               | RF                | US        |    404755 | NS      | $9236509.10    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Income Trust Ii                         | BlackRock Municipal Income Trust II                                          | CUSIP: 09249N101<br>LEI: 17UVWS2OK706BUPLKK60 | Long             | EC               | RF                | US        |    846359 | NS      | $8835987.96    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansas City Mo Indl Dev Auth Arpt Spl Oblig                 | Kansas City Industrial Development Authority                                 | CUSIP: 48504NCL1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   9670000 | PA      | $9688485.17    | 3.25%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035P4H8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -9315000 | PA      | $-9315000.00   | -3.12%            | 2045-06-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Triborough Ny Bridge & Tunnel Auth Revenues                 | Triborough Bridge & Tunnel Authority                                         | CUSIP: 89602RDV4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  11250000 | PA      | $11547837.00   | 3.87%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan St Trunk Line                                      | State of Michigan Trunk Line Revenue                                         | CUSIP: 5946954N5<br>LEI: CADMV8WVNQO7XM117W54 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11088174.00   | 3.72%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Western Asset Intermediate Muni Fund                        | Western Asset Intermediate Municipal Fund                                    | CUSIP: 958435109<br>LEI: 5493000MG5MROBD48K57 | Long             | EC               | RF                | US        |     79365 | NS      | $609523.20     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DZH1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5100000 | PA      | $-5100000.00   | -1.71%            | 2030-03-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Putnam Municipal Opportunities Trust                        | Putnam Municipal Opportunities Trust                                         | CUSIP: 746922103<br>LEI: 549300M74BR4G95PSL96 | Long             | EC               | RF                | US        |    118790 | NS      | $1271053.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mfs High Income Municipal Trust                             | MFS High Income Municipal Trust                                              | CUSIP: 59318D104<br>LEI: 0G9TCUWY2FBUXSJY2691 | Long             | EC               | RF                | US        |    460361 | NS      | $1703335.70    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034U6B9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -9000000 | PA      | $-9000000.00   | -3.02%            | 2026-05-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Pimco California Municipal Income Fund                      | PIMCO California Municipal Income Fund                                       | CUSIP: 72200N106<br>LEI: M4DHYCROG6SFNO22X437 | Long             | EC               | RF                | US        |    298247 | NS      | $2603696.31    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Puerto Rico Cmwlth                                          | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1967062.60    | 0.66%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AE64<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7500000 | PA      | $-7500000.00   | -2.51%            | 2052-08-01      | Floating      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Long-term Municipal Advantage Trust               | BlackRock Long-Term Municipal Advantage Trust                                | CUSIP: 09250B103<br>LEI: G3XW7SJTEWPATVFP0M68 | Long             | EC               | RF                | US        |     77415 | NS      | $718411.20     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock New York Municipal Income Trust                   | BlackRock New York Municipal Income Trust                                    | CUSIP: 09248L106<br>LEI: PJKTUMDJPIZ89SB71052 | Long             | EC               | RF                | US        |    147490 | NS      | $1495548.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035REK6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3000000 | PA      | $-3000000.00   | -1.01%            | 2052-11-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Municipal Income Quality Trust                    | BlackRock Municipal Income Quality Trust                                     | CUSIP: 092479104<br>LEI: ZQ1Z8W71OQGQTC6ZJ410 | Long             | EC               | RF                | US        |    238193 | NS      | $2605831.42    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Ny                                                 | City of New York NY                                                          | CUSIP: 64966QF96<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1641946.35    | 0.55%             | 2040-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Blackrock Investment Quality Municipal Trust Inc/the        | BlackRock Investment Quality Municipal Trust, Inc.                           | CUSIP: 09247D105<br>LEI: HIQUII1IK2OOB2XHIJ72 | Long             | EC               | RF                | US        |    239631 | NS      | $2683867.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034XXV9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3750000 | PA      | $-3750000.00   | -1.26%            | 2028-12-15      | Floating      | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Pimco New York Municipal Income Fund Ii                     | PIMCO New York Municipal Income Fund II                                      | CUSIP: 72200Y102<br>LEI: P1IBOVZHA4PI2PLT9Q65 | Long             | EC               | RF                | US        |     36273 | NS      | $249920.97     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| New York St Transprtn Dev Corp Spl Fac Revenue              | New York Transportation Development Corp.                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7032613.70    | 2.36%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Edu Facs Fin Corp Tx Hosp Revenue         | New Hope Cultural Education Facilities Finance Corp.                         | CUSIP: 645424BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $14128808.20   | 4.74%             | 2049-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Energy Fin Dev Corp                                | New York Energy Finance Development Corp.                                    | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2650907.50    | 0.89%             | 2056-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035FP20<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7500000 | PA      | $-7500000.00   | -2.51%            | 2052-05-01      | Floating      | 3.37%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniyield Fund Inc                                | BlackRock MuniYield Fund, Inc.                                               | CUSIP: 09253W104<br>LEI: AVXF9RZVI4EDWXACOH81 | Long             | EC               | RF                | US        |    756782 | NS      | $7938643.18    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Mfs Municipal Income Trust                                  | MFS Municipal Income Trust                                                   | CUSIP: 552738106<br>LEI: GV4WN51HRTKYT6CV5890 | Long             | EC               | RF                | US        |    124507 | NS      | $676073.01     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Port Auth Of New York & New Jersey Ny                       | Port Authority of New York & New Jersey                                      | CUSIP: 73358XFS6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10550653.00   | 3.54%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035MBX2<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2800000 | PA      | $-2800000.00   | -0.94%            | 2032-11-01      | Floating      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                      | US 10Yr Note Future                                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |     -1140 | NC      | $-128178750.00 | -42.97%           |  |  |  | No            |                  1 | On Loan: No      |
| New York St Transprtn Dev Corp Spl Fac Revenue              | New York Transportation Development Corp.                                    | CUSIP: 650116JK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5430751.00    | 1.82%             | 2050-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Cmwlth Aqueduct &swr Auth Revenue               | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2465000 | PA      | $2332457.94    | 0.78%             | 2042-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Municipal Fund Inc                                | Neuberger Municipal Fund, Inc.                                               | CUSIP: 64124P101<br>LEI: 549300IIZWX8QVUHXO20 | Long             | EC               | RF                | US        |    135149 | NS      | $1367707.88    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GMW5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7500000 | PA      | $-7500000.00   | -2.51%            | 2044-11-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DSM8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8000000 | PA      | $-8000000.00   | -2.68%            | 2030-01-01      | Floating      | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035M8K4<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -6000000 | PA      | $-6000000.00   | -2.01%            | 2039-04-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Western Asset Managed Municipals Fund Inc                   | Western Asset Managed Municipals Fund, Inc.                                  | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             | EC               | RF                | US        |    687273 | NS      | $7175130.12    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** RiverNorth Managed Duration Municipal Income Fund Inc.

**Signature:** Jonathan M. Mohrhardt

**Name of Signer:** Jonathan M. Mohrhardt

**Title:** Treasurer & Chief Financial Officer