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RMMZ · RiverNorth Managed Duration Municipal Income Fund II, Inc.

Know the company

Company overview

RiverNorth Managed Duration Municipal Income Fund II invests directly and through other funds in municipal bonds. Its approach manages interest-rate exposure while seeking income and opportunities in the prices of municipal funds.

Business: Municipal income CEF
Listing: RMMZ · New York Stock Exchange
Reporting period: 2026-06-30
Dividend schedule: Monthly

How the business works

Municipal interest and cash from underlying funds become net investment income after expenses and financing. Bond prices, fund discounts and tax character are separate parts of the shareholder outcome.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: financial report supporting reported earnings

Dividend & earnings snapshot

Dividend payments

Per common share

$0.0891Reviewed declaration · Payment Sep 30, 2026

Regular dividend

Announced Jul 1, 2026

Dates and company reports

Announcement: Jul 1, 2026
Declaration: Jul 1, 2026
Ex-dividend: Sep 15, 2026
Record: Sep 15, 2026
Payment: Sep 30, 2026

Dividend declaration for payment Sep 30, 2026 · www.businesswire.com · Announced Jul 1, 2026

Extras are shown separately and are not assumed to repeat.

Reported earnings

Each measure shown separately, per share

Net investment income$0.35

Jul 1, 2025 to Jun 30, 2026

Distribution yield7.54%Sourced distributions divided by dated market price

Trailing 12-month income yield2.69%Net investment income for Jul 1, 2025 to Jun 30, 2026, divided by market price $12.9900 on Sep 29, 2026. Historical income; not a forecast.

Reported annual investment income$0.35Per share for 2026 FY. Excludes investment gains.

Annual dividend$1.07Current regular payment annualized per share

Dividend payment history

Date or month	Per share
Sep 30, 2026	$0.0891

Reported earnings and sources

Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.

Reporting period	Per share	Source
Jul 1, 2025 to Jun 30, 2026	$0.35	SEC Announced Sep 4, 2026

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting period	Ending NAV	NAV change	Distributions / share	Reported NAV total return	Source
Jul 1, 2025 to Jun 30, 2026	$16.11	+3.73%	$1.11	+11.77%	RMMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized.
Jul 1, 2024 to Jun 30, 2025	$15.53	-10.75%	$1.16	-3.86%	RMMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized.

View older history (up to 7 years)

Reporting period	Ending NAV	NAV change	Distributions / share	Reported NAV total return	Source
Jul 1, 2023 to Jun 30, 2024	$17.40	+0.93%	$1.17	+8.81%	RMMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized.
Jul 1, 2022 to Jun 30, 2023	$17.24	-2.21%	$1.21	+5.61%	RMMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

How to read RMMZ income

Bond interest after expenses supports recurring income. Compare the amount available to common shareholders with distributions for the same period.

Watch borrowing costs, bond quality and NAV. Tax treatment depends on the bonds, distribution components and your circumstances.

Income and distributions

Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Bond interest after expenses supports recurring income. Compare the amount available to common shareholders with distributions for the same period.

Reporting period	Net investment income/share	Total distributions/share	Income coverage
2025-07-01 to 2026-06-30	$0.35	$1.11	31.5%
2024-07-01 to 2025-06-30	$0.40	$1.16	34.5%

View older history (up to 7 years)

Reporting period	Net investment income/share	Total distributions/share	Income coverage
2023-07-01 to 2024-06-30	$0.24	$1.17	20.5%
2022-07-01 to 2023-06-30	$0.45	$1.21	37.2%

The assets behind the earnings

How RMMZ makes money

Financial snapshot: 2026-06-30. Research reviewed 2026-09-18. Compare results for the reporting periods shown. Historical results are not a forecast.

The assets it owns

$128.262 million net assets76 holdings · As of 6/30/2026

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

A complete, comparable portfolio allocation is not available for this chart. No percentages have been estimated.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-07-01 through 2026-06-30 · $ per share

Fund net investment income per common share; actual reporting period, not annualized$0.3500

For the year ended June 30, 2026, RMMZ reported $0.35 of net investment income and $1.11 of distributions per share. Net asset value rose from $15.53 to $16.11. Income covered part of the payment, while the broader investment result and payment sources are needed for the balance.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: financial report supporting reported earnings

The income-producing business

Bond interest, less expenses and financing costs, is the central recurring income source. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.

The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: financial report supporting reported earnings

Financing can amplify income and losses

The portfolio information checked September 11, 2026 reports effective leverage of 42.06%.

Financing can increase earning assets, but its cost reduces income available to common shareholders. When borrowing costs rise or portfolio income falls, the distribution can become harder to sustain.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: net assets and portfolio information, checked 2026-09-11

What the reported earnings support

RiverNorth Managed Duration Municipal Income Fund II, Inc. reported $0.3500 per share for 2025-07-01 through 2026-06-30, measured as Fund net investment income per common share; actual reporting period, not annualized.

Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: financial report supporting reported earnings

Portfolio risk

Losses or weaker cash generation in municipal bonds and municipal investment funds can reduce the resources available for future distributions.

Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: financial report supporting reported earnings

Distribution sustainability

A maintained payment can exceed investment results. Review NAV and reported income together rather than treating distribution yield as total return.

Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.

RiverNorth Managed Duration Municipal Income Fund II, Inc.: financial report supporting reported earnings

What would change the earnings picture?

At the next full-year report, compare income and cash paid with rate exposure, discounts, financing and net asset value.

Net asset value (NAV)

NAV per share$14.25Sep 29, 2026

Market price$12.99Sep 29, 2026

PREMIUM / DISCOUNT TO NAV8.84% discountCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Fly High context

At the next full-year report, compare income and cash paid with rate exposure, discounts, financing and net asset value.

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U.S. federal · Tax year 2025

Dividend tax treatment

RiverNorth classified the fund's 2025 calendar-year distributions as shown. The mix can change each year.

This company information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.

Total ordinary dividends: 5.26%
Qualified dividends: Not confirmed
Capital-gain distributions: 0%
Return of capital: 71.93%
Federal tax-exempt interest: 22.81%

Tax year: 2025. Total distributions: $1.14 per share.

Tax details and source

Total ordinary dividends (includes qualified): 5.26%
Section 199A portion (within ordinary dividends): Not confirmed
Exempt-interest distributions: 22.81%
Reporting form: Form 1099-DIV
Source date: Not stated

Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.

Tax source

Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.

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