RFMZ - RiverNorth Flexible 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. March 31, 2025

   The fund said it may sell new shares.

   Original document →

3. Feb 20, 2025

   The fund said it may sell new shares.

   Original document →

4. 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 →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 75 charge a lower management fee and 71 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 (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. 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 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 (a "discount" when the price is below the value) 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2020.

How this has changed

• Payouts per share: $1.00 in the fiscal year ended June 30, 2026; $1.03 in the year ended June 30, 2025; $1.04 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.59 in the year ended June 30, 2026; $0.62 in the year ended June 30, 2025; $0.73 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.42% a year in the fiscal year ended June 30, 2026; 4.78% a year in the year ended June 30, 2025; 5.03% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $355 million at June 30, 2026; $341 million at June 30, 2025; $380 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: none at June 30, 2026; none at June 30, 2025; none at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 24.3 million shares at June 30, 2026, about the same as at June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned +16.4%, counting payouts. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned -3.7%, counting payouts. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +6.2%, counting payouts. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned +6.8%, counting payouts. As of June 30, 2023, from the fund's annual report. Original document →
• The year ended June 30, 2022: the shares returned -24%, counting payouts. As of June 30, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -3.4%. $10,000 of shares bought at the start (July 1, 2021) would have become about $9,660 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +16.4%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 38 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 6 reported a higher share return for that year and 31 a lower one. As of June 30, 2026, from the fund's annual 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 (66%), the rest shares and cash and short-term holdings. All of it issued in the U.S.

1. BlackRock MuniHoldings Fund, Inc. - 9.1%
2. BlackRock MuniYield Quality Fund, Inc. - 8.3%
3. Chicago Il O'hare International Arpt Revenue, Chicago O'Hare International Airport - 4.4%
4. Chicago Il Park Dist, Chicago Park District - 4.4%
5. Cash and short-term - 4.3%
6. Hawaii St Arpts Sys Revenue, State of Hawaii Airports System Revenue - 4.2%
7. BlackRock MuniYield Quality Fund III, Inc. - 4.2%
8. Pennsylvania St Turnpike Commission Turnpike Revenue, Pennsylvania Turnpike Commission - 4.1%
9. Illinois St, State of Illinois - 4.1%
10. Los Angeles Ca Dept Of Arpts Arpt Revenue, City of Los Angeles Department of Airports - 4%

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