RiverNorth Managed Duration Municipal Income Fund II, Inc.
RMMZ
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- RiverNorth Managed Duration Municipal Income Fund II, Inc. (NYSE: RMMZ) is a diversified, closed-end management investment company that seeks current income exempt from regular U.S. federal income taxes, with a secondary objective of total return. The fund invests at least 80% of its managed assets in municipal bonds whose interest is generally excludable from gross income for federal income tax purposes (though potentially subject to the federal alternative minimum tax); it employs two principal strategies, including the Tactical Municipal Closed-End Fund Strategy managed by RiverNorth Capital Management, LLC and the Municipal Bond Income Strategy managed by sub-adviser MacKay Shields LLC, with allocations adjusted based on market conditions for closed-end funds. RiverNorth Managed Duration Municipal Income Fund II, Inc. uses leverage through short-term floating rate obligations to enhance returns, targets a managed duration for interest rate sensitivity, and is benchmarked against the Bloomberg Municipal Bond Index; the fund is designed as a non-target-date vehicle with a planned termination on or before February 16, 2037, subject to potential Board extensions or an eligible tender offer if net assets exceed $100 million post-tender. Founded in 2022 and headquartered in Chicago, Illinois (with registered offices at 360 South Rosemary Avenue, Suite 1420, West Palm Beach, Florida), the fund operates in the asset management industry within the financials sector, targeting retail and institutional investors seeking tax-efficient fixed income exposure to the U.S. municipal bond market. Its portfolio may include investment-grade and high-yield municipal bonds, closed-end funds focused on municipals, and derivative instruments like U.S. Treasury futures for hedging; geographic focus is on U.S. municipal issuers across states, with no significant international operations. In recent developments, the fund has maintained consistent monthly distributions, with payments such as $0.0974 per share in late 2024 and $0.0951 in June 2025, reflecting a trailing twelve-month yield of approximately 7.54% amid ongoing portfolio rebalancing. Routine SEC filings in 2025 included monthly N-PORT reports, proxy statements, and Form 8937 organizational action notices in June 2025, with no reported acquisitions, major partnerships, funding rounds, or strategic shifts announced in the past 1-2 years. The fund continues to trade on the NYSE as common stock, emphasizing long-term tax-exempt income generation over trading or short-term speculation.