The investment objective of the Fund is 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 had approximately $119 million of net assets and 5.95 million shares of common stock outstanding as of October 31, 2018.

Rivernorth Managed Duration Municipal Income Fund Inc. is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index. The fund employs proprietary research to create its portfolio. Rivernorth Managed Duration Municipal Income Fund Inc. was formed on July 26, 2019 and is domiciled in the United States.

The Fund seeks to achieve its investment objective by investing in credit instruments, including a portfolio of securities of specialty finance and other Financial companies that the Fund's Advisor, RiverNorth Capital Management, LLC ("RiverNorth") believes offer attractive opportunities for income. The Fund may invest in income-producing securities of any maturity and credit quality, including below investment grade, and equity securities, including exchange traded funds and registered closed-end funds.