RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ)

RiverNorth Flexible Municipal Income Fund II, Inc. is a closed-end fund that trades on the New York Stock Exchange under the ticker RFMZ. It is advised by RiverNorth Capital Management, with MacKay Shields acting as a subadviser for its directly held municipal bonds.

The fund's primary objective is current income exempt from regular U.S. federal income taxes, with total return as a secondary goal. It pursues this through a portfolio of municipal bonds chosen by the subadviser, together with a tactical allocation to closed-end funds and exchange-traded funds investing in municipal securities, where RiverNorth seeks to capture value from closed-end funds trading at discounts to net asset value.

The fund employs leverage to increase income and generally makes monthly distributions to shareholders.