Fund Description: RiverNorth Managed Duration Municipal Income Fund, Inc. is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company.<p> INVESTMENT OBJECTIVE: The RiverNorth Managed Duration Municipal Income Fund, Inc. seeks current income exempt from regular U.S. federal income taxes (but which may be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund’s secondary investment objective is total return. The Fund will terminate on or before 7/25/2031. <p> FUND STRATEGY: Under normal market conditions, the Fund will seek to achieve its investment objectives by investing, directly or indirectly, at least 80% of its Managed Assets in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for regular U.S. federal income tax purposes, except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax (Municipal Bonds). In addition, under normal market conditions, the Fund will seek to maintain Managed Assets with a weighted average effective duration that is within three years of the weighted average effective duration of the Bloomberg Barclays Municipal Bond Index. The Fund will seek to allocate its assets among the two principal investment strategies: Tactical Municipal Closed-End Fund Strategy (25% - 50% of Managed Assets): This strategy will seek to (i) generate returns through investments in closed-end funds, exchange-traded funds and other investment companies that invest at least 80% of their net assets in Municipal Bonds; and Municipal Bond Income Strategy (50% - 75% of Managed Assets): This strategy seeks to capitalize on inefficiencies in the tax-exempt and tax-advantaged securities markets through investments in Municipal Bonds. <p> FUND MANAGEMENT: RiverNorth Capital Management, LLC serves as the Investment Adviser to the Fund. MacKay Shields LLC serves as the “Subadviser.