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RiverNorth Flexible Municipal Income Fund II, Inc. is a diversified, closed-end management investment company registered under the 1940 Act and organized as a Maryland corporation on June 10, 2020. The Fund commenced operations on February 24, 2021. Its primary investment objective is to provide current income exempt from regular U.S. federal income taxes, with a secondary objective of total return. The Fund is managed by RiverNorth Capital Management, LLC, with MacKay Shields, LLC serving as sub-adviser. It invests primarily in municipal bonds and related securities to achieve its objectives. The Fund has a limited-term structure and is scheduled to terminate on or before February 26, 2036, unless extended or converted to a perpetual fund by the Board.
News and Notices
RiverNorth Capital Management, LLC
2021
'40 Act
Exchange-Traded CEF
USD
Daily
1.40%
June 30
News and Notices
Portfolio Holdings
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Returns
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1-10 of 21
Notices
Date
Time (ET)
Notice Type
Source
Notice
Dec 20, 2023
16:52
Compliance
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RiverNorth Flexible Municipal Income Fund II reported its 2026 annual fund voting report, listing 0 other included Managers and 0 series. Investors receive annual proxy voting transparency for the fund’s reported voting period.
Jan 05, 2024
16:44
Distributions
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RiverNorth Flexible Municipal Income Fund II will consider adding monthly return-of-capital estimates to website distribution tables when updating its website, following staff comments. The change, if adopted, would more clearly present distribution information to shareholders.
May 04, 2025
18:54
Ownership, Personnel, Subscriptions
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RiverNorth Financial Holdings acquired 2,065 shares of RiverNorth Flexible Municipal Income Fund II on December 3 and 3,791 shares on December 4 at prices of $12.7387 and $12.78 per share, increasing its direct common stock ownership to 14,033 shares.
Oct 03, 2023
17:14
Ownership, Personnel, Subscriptions
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RiverNorth Financial Holdings acquired 8,177 shares of RiverNorth Flexible Municipal Income Fund II common stock at $12.6667 per share, bringing its direct ownership to 8,177 shares. The ownership update reflects an affiliate of the Adviser increasing its stake in the issuer.
Jan 01, 2024
21:24
Ownership, Personnel
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Robert A. DiMella, Portfolio Manager, disposed of 0.0125 shares of RiverNorth Flexible Municipal Income Fund II common stock at $12.73 per share, leaving him with no shares directly owned. The transaction reduced his direct ownership to zero.
Feb 24, 2024
20:15
Ownership, Personnel, Redemptions
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RiverNorth Flexible Municipal Income Fund II, Inc. Portfolio Manager Robert A. DiMella sold 10,061 shares of Common Stock at $12.786 per share on November 20, 2025, leaving 0.0125 shares beneficially owned.
Jun 18, 2024
15:53
Ownership
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RiverNorth Financial Holdings reported it holds 0 Common Shares of Beneficial Interest of RiverNorth Flexible Municipal Income Fund II, Inc. following the transaction. The disclosure indicates the affiliate of the Adviser has no reported ownership position in the issuer.
Jan 31, 2024
06:21
Debt Issuances
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RiverNorth Flexible Municipal Income Fund II, Inc. updated its prospectus and SAI to incorporate December 31, 2024 financials, and revised leverage disclosures to show tender option bond use at 39.21% of Managed Assets with 255% asset coverage. The filing also updates the Board’s most recent advisory agreement renewal to December 31, 2024 and the fund’s market data as of March 11, 2025.
Apr 20, 2023
16:39
Debt Issuances, Marketing Materials, Performance
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RiverNorth Flexible Municipal Income Fund II added updated leverage disclosure, including a 45% Managed Assets leverage limit, a $15 million BNP Facility, and $2.7 million outstanding at December 31, 2024. The filing also refreshes market data, showing NAV of $15.32 and a last sale price of $13.40 per Common Share.
Feb 23, 2022
06:03
Fees, Marketing Materials, Personnel
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RiverNorth Flexible Municipal Income Fund II added Jonathan Browne as a co-Portfolio Manager effective September 30, 2024 and updated management, fee, brokerage commission, and distribution disclosure, including NAV of $15.48 and market price of $14.23 per share on August 31, 2024.
Preview
RiverNorth Flexible Municipal Income Fund II
RiverNorth Capital Management, LLC is responsible for managing RiverNorth Flexible Municipal Income Fund II.
RiverNorth Flexible Municipal Income Fund II launched in 2021.
RiverNorth Flexible Municipal Income Fund II is registered as a '40 Act fund.
RiverNorth Flexible Municipal Income Fund II is structured as a Exchange-Traded CEF fund.
You can invest in RiverNorth Flexible Municipal Income Fund II by meeting its eligibility requirements and subscribing through the fund's offering process or an approved platform. Visit their website for more details.
You can invest in RiverNorth Flexible Municipal Income Fund II daily, subject to eligibility and fund subscription deadlines.
Shares of RiverNorth Flexible Municipal Income Fund II can be purchased in USD.
RiverNorth Flexible Municipal Income Fund II's fiscal year end is June 30.
RiverNorth Flexible Municipal Income Fund II's net asset value was $344.1 million and its portfolio had a fair value of $566 million as of March 31, 2026.
Among other deal types, RiverNorth Flexible Municipal Income Fund II primarily makes Private Market Investments.
Among other asset classes, RiverNorth Flexible Municipal Income Fund II primarily invests in Short-Term and Water.
Among other regions, RiverNorth Flexible Municipal Income Fund II primarily invests in the USA.
RiverNorth Flexible Municipal Income Fund II charges a 1.40% annual management fee, which is calculated based on NAV.
There is no minimum initial investment for RFMZ shares, allowing you to invest any amount.
There is no minimum subsequent investment for RFMZ shares, allowing you to invest any amount.
You will be subject to paying an early repurchase/redemption fee of 0%.
RiverNorth Flexible Municipal Income Fund II's RFMZ share class generated an annualized 1-month return of 5.80% and since-inception return of -4.56% as of June 30, 2023.
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