RMMZ - RiverNorth Managed Duration Municipal Income Fund II

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. May 21, 2025

   The fund said it may sell new shares.

   Original document →

2. April 16, 2025

   The fund offered holders the right to buy more shares.

   Original document →

3. March 31, 2025

   The fund said it may sell new shares.

   Original document →

4. Feb 18, 2025

   The fund said it may sell new shares.

   Original document →

5. Oct 23, 2024

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by RiverNorth Capital Management, LLC. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $136 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 2.3% a year in management fees; 4.5% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 74 charge a lower management fee and 74 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $60 in the first year and about $572 over 10 years, assuming the holdings return 5% a year. As of June 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $16.11. The shares traded at $15.04, about 6.6% below that. As of June 30, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 12.5% below to 4.9% below. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 4.2% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2021.

What a holder made

• The holdings over the last twelve months we have, to June 30, 2026: +15.3%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly tax-free municipal bonds (67%), the rest shares and cash and short-term holdings. About 99% issued in the U.S.

1. BlackRock MuniHoldings Fund, Inc. - 7.8%
2. Chicago Il, City of Chicago IL - 7.6%
3. BlackRock MuniYield Quality Fund, Inc. - 7.5%
4. Illinois St, State of Illinois - 6.2%
5. New York Ny, City of New York NY - 6%
6. Clark Cnty Nv Wtr Reclamation Dist, Clark County Water Reclamation District - 5.4%
7. Michigan St Trunk Line, State of Michigan Trunk Line Revenue - 4.1%
8. Triborough Ny Bridge & Tunnel Auth Payroll Mobility Tax, Triborough Bridge D-2 and Tunnel Authority General Revenue Bonds - 3.9%
9. Port Auth Of New York & New Jersey Ny, Port Authority of New York & New Jersey - 3.9%
10. Tennessee Energy Acquisition Corp Commodity Project Revenue, Tennessee Energy Acquisition Corporation Gas Revenue Bonds - 3.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →