RiverNorth Managed Duration Municipal Income Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is current income exempt from regular United States Federal income taxes. Its secondary investment objective is total return. The Fund seeks to achieve its investment objectives by investing, directly or indirectly, at least 80% of its managed assets in municipal bonds. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, municipal leases, certificates of participation, private activity bonds, moral obligation bonds, and tobacco settlement bonds, as well as short-term, tax-exempt obligations. In addition, the Fund also seeks 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. Its investment adviser is RiverNorth Capital Management, LLC.