RFMZ - RiverNorth Flexible Municipal Income Fund II
A closed-end fund run by RiverNorth. Invests in tax-free municipal bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
No - nobody has reported owning 5% or more of this fund.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
No investor 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.
What happened, and when
-
May 21, 2025
The fund said it may sell new shares.
Original document → -
March 31, 2025
The fund said it may sell new shares.
Original document → -
Feb 20, 2025
The fund said it may sell new shares.
Original document → -
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 $355 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; 4.4% 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 →
- Payouts: last fiscal year (ended June 30, 2026) the fund paid $1.00 a share. $0.41 of that was income; $0.59 was your own money back, not income. As of June 30, 2026, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (June 30, 2026): $14.60. The shares traded at $13.63, 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 ranged from 12.5% below to 6.4% below. As of June 30, 2026, from the fund's annual report. Original document → - How the holdings did: up 9.7% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +16.4%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- How the share price did: the shares returned +16.4% over the last fiscal year (ended June 30, 2026), counting payouts and the change in the market price. As of June 30, 2026, from the fund's annual report. Original document →
- First reported to the regulator in 2020.
+13%-5%
July 2024June 2026
What the fund holds
Mostly tax-free municipal bonds (66%), the rest shares and cash and short-term holdings. About 100% issued in the U.S.
- BlackRock MuniHoldings Fund, Inc. - 9.1%
- BlackRock MuniYield Quality Fund, Inc. - 8.3%
- Chicago Il O'hare International Arpt Revenue, Chicago O'Hare International Airport - 4.4%
- Chicago Il Park Dist, Chicago Park District - 4.4%
- Cash and short-term - 4.3%
- Hawaii St Arpts Sys Revenue, State of Hawaii Airports System Revenue - 4.2%
- BlackRock MuniYield Quality Fund III, Inc. - 4.2%
- Pennsylvania St Turnpike Commission Turnpike Revenue, Pennsylvania Turnpike Commission - 4.1%
- Illinois St, State of Illinois - 4.1%
- Los Angeles Ca Dept Of Arpts Arpt Revenue, City of Los Angeles Department of Airports - 4%
Show all 21
- New York Ny, City of New York NY - 3.7%
- Ishares National Muni Bond Etf - 3.4%
- Triborough Ny Bridge & Tunnel Auth Payroll Mobility Tax, Triborough Bridge & Tunnel Authority - 3.3%
- Michigan St Trunk Line, State of Michigan Trunk Line Revenue - 3.1%
- Denver City & Cnty Co Sch Dist #1, Denver City & County School District No 1 - 3.1%
- Houston Tx Hotel Occupancy Tax & Spl Revenue, City of Houston TX Hotel Occupancy Tax & Special Revenue - 3%
- Port Auth Of New York & New Jersey Ny, Port Authority of New York & New Jersey - 3%
- Hampton Roads Va Transprtn Accountability Commission, Hampton Roads Transportation Accountability Commission - 2.9%
- Port Of Seattle Wa Revenue - 2.9%
- Clackamas Cnty Or Sch Dist #62c Oregon City, Oregon City School District No 62 - 2.9%
- Met Washington Dc Arpts Auth Arpt Sys Revenue, Metropolitan Washington Airports Authority Aviation Revenue - 2.8%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
No notices from large investors on file.
| Date | What | Deadline | Document |
|---|---|---|---|
| May 21, 2025 | May sell new shares | none | Original document → |
| March 31, 2025 | May sell new shares | none | Original document → |
| Feb 20, 2025 | May sell new shares | none | Original document → |
| Oct 23, 2024 | May sell new shares | none | Original document → |
- Run by
- RiverNorth Capital Management, LLC
- Fund family
- RiverNorth
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-23586
- Auditor
- Cohen & Co., Ltd.
- Fiscal year end
- June 30, 2026
- Number of holdings
- 126
- Preferred share classes
- none
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