RiverNorth Managed Duration Municipal Income Fund, Inc.: directors' dealings · United States · SEC (Form 4)

About RiverNorth Managed Duration Municipal Income Fund, Inc.

RiverNorth Managed Duration Municipal Income Fund, Inc. (NYSE: RMM) is a U.S.-listed closed-end fund focused on municipal bonds. For international investors, it should be understood less as an operating company and more as an actively managed listed income vehicle: its primary objective is to deliver current income exempt from regular U.S. federal income taxes, while seeking total return as a secondary objective. The fund trades on the NYSE in the United States, placing it squarely in the listed asset-management / fixed-income fund universe rather than the corporate equity universe. ([rivernorth.com](https://www.rivernorth.com/investments/rmm/?utm_source=openai)) RMM was launched in July 2019. RiverNorth Capital Management, based in Chicago, designed the product as part of its opportunistic investment platform, which targets less-efficient market segments where pricing dislocations may create value. The fund is organized as a Maryland corporation and registered as a diversified closed-end management investment company under the U.S. Investment Company Act of 1940. Structurally, RMM combines RiverNorth’s closed-end fund allocation expertise with MacKay Shields / MacKay Municipal Managers’ municipal bond capabilities. That partnership is central to the strategy and to the fund’s market positioning. ([nasdaq.com](https://www.nasdaq.com/press-release/rivernorth-launches-managed-duration-municipal-income-fund-with-mackay-municipal?utm_source=openai)) From an investment perspective, RMM seeks monthly distributions and primarily invests, directly or indirectly, in investment-grade municipal securities, while retaining the flexibility to hold lower-rated debt if needed. The portfolio is managed with an active duration framework, with a target duration around +/- 3 years versus the Bloomberg US Municipal Index, before leverage effects. RiverNorth also emphasizes that the closed-end fund structure can create incremental return opportunities through changes in the discount or premium to net asset value (NAV). The fund may use leverage to enhance distributable income and to take advantage of municipal market dislocations. ([rivernorth.com](https://www.rivernorth.com/investments/rmm/?utm_source=openai)) In competitive terms, RMM is positioned as a specialized income solution for investors seeking tax-advantaged exposure to the U.S. municipal bond market. Its competitive edge is not broad diversification or scale alone, but a niche focus, active duration management, and access to two complementary managers with different strengths. The fund’s investment universe is largely domestic, centered on U.S. municipal issuers; however, the NYSE listing makes the shares accessible to global investors through U.S. market access. ([rivernorth.com](https://www.rivernorth.com/investments/rmm/?utm_source=openai)) Recent highlights underscore the fund’s continued relevance as a yield-oriented vehicle. RiverNorth reported total net assets of about $300.06 million as of May 6, 2026, alongside a market price discount of roughly 4.34% to NAV. The fund also continued to announce monthly distributions through 2025 and 2026, supporting its income-oriented profile. For French, Belgian, and Swiss investors, RMM is best viewed as a U.S. municipal-income CEF where tax treatment, leverage, discount/premium dynamics, and interest-rate risk are the key variables to monitor. ([rivernorth.com](https://www.rivernorth.com/investments/rmm/?utm_source=openai))