RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) reports strong fiscal-year results for the period ended June 30, 2026. Net asset value total return was 12.39% and market price total return was 18.71%, compared with 7.03% for the Bloomberg U.S. Municipal Bond Index.
Net assets were $303.3 million with NAV rising from $14.72 to $15.36 per share. The portfolio remained primarily high quality, with 92% of credit exposure investment grade, and was allocated 32% to RiverNorth’s tactical municipal closed-end fund sleeve and 68% to MacKay Shields’ municipal bond income sleeve.
The Fund employed significant leverage via tender option bonds, with $197.1 million of floating rate note obligations outstanding and total investments equal to 163.13% of net assets. The expense ratio was 2.34% excluding interest and 4.31% including interest. The Fund paid $20.75 million in distributions, of which $12.29 million was classified as return of capital, and reduced its monthly distribution from $0.0905 to $0.0847 per share during the year.
RiverNorth Financial Holdings, LLC filed an initial Form 3 on 09/18/2025 reporting its relationship to RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) as an officer and as an affiliate of the adviser. The filing lists the reporting person's address in West Palm Beach, FL, and shows 0 common shares beneficially owned (direct). The form is signed by Marc Collins on 09/18/2025.