Guaranty Financial Group reports $1.4bln loss, $1.2bln revenue YoY decline.

• Guaranty Financial Group reports September 2009 financial data. • Monthly operating report covers accrual basis 1-7. • Prepared by Dennis S. Faulkner, Chief Restructuring Officer. • Reports are true, correct, and complete, according to the preparer.

RiverNorth Managed Duration Municipal Income Fund, Inc. (the "Fund"), a diversified, closed-end management investment company, has entered into a significant distribution agreement with ALPS Distributors, Inc. (the "Distributor"). This agreement, dated May 20, 2025, allows the Fund to offer and sell up to 8,000,000 shares of its common stock, priced at $0.0001 per share, through the Distributor. The Fund's primary investment objective is to generate current income exempt from regular U.S. federal income taxes, with a secondary objective of total return [1].

The Fund, which commenced investment operations in July 2019, is managed to maintain a weighted average effective duration within three years of the Bloomberg U.S. Municipal Bond Index. Its principal investment strategies include a Tactical Municipal Closed-End Fund Strategy and a Municipal Bond Income Strategy, with the latter focusing on inefficiencies in the tax-exempt securities market [1].

Key points from the distribution agreement include:
- The Fund may not sell any shares at a price below the current net asset value (NAV) of such shares, exclusive of any distributing commission or discount.
- Sales of the Fund's Common Shares may be made in negotiated transactions or transactions deemed "at the market" as defined in Rule 415 under the Securities Act of 1933.
- The minimum price on any day at which Common Shares may be sold will not be less than the then current NAV per Common Share plus the per Common Share amount of the commission to be paid to the Distributor.

The Fund's NAV on April 28, 2025, was $14.85 per share, while the last sale price on the NYSE on the same date was $13.58. The Fund's common stock is listed on the NYSE under the symbol "RMM."

Investors should note that investing in the Fund's Common Shares involves certain risks, including the potential for loss of some or all of their investment. Detailed risk information is available in the accompanying Prospectus [1].

References:
[1] https://quantisnow.com/insight/sec-form-424b5-filed-by-rivernorth-managed-duration-municipal-income-fund-inc-6051581