In plain terms — RiverNorth Flexible Municipal Income Fund II
Shares currently cost about 11.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 9.3% discount, so today's level is somewhat wide for this fund (Z-score -1.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.3% a year of the share price (7.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.12 of assets — a ReinvestCapture™ rate of 9.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 3.1% over the past year including distributions (NAV total return).
Annual costs are 6.01% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -8.37% | 1.50% | -2.02 | 64 |
| 6 months | -8.37% | 1.36% | -2.24 | 126 |
| 1 year | -9.33% | 1.46% | -1.42 | 250 |
| 3 years | -9.77% | — | — | — |
| 5 years | -9.17% | — | — | — |
Current contemporaneous premium/discount -11.41% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.51% to -6.06%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -8.07% | -15.69% | -9.16% | -12.48% | -2.29% | -10.97% |
| Market price total return | -7.47% | -14.12% | -4.01% | -5.67% | +5.15% | -4.11% |
| NAV return | -4.81% | -10.91% | -9.05% | -9.49% | -2.84% | -8.16% |
| NAV total return | -4.25% | -9.38% | -4.35% | -3.10% | +3.85% | -1.74% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
RiverNorth Flexible Municipal Income Fund II, Inc. functions as a managed, closed-end investment vehicle. Its main investment aim is to generate current income free from standard U.S. federal income taxes, while its secondary goal is to achieve overall total return. Established on June 11, 2020, the company's headquarters are located in West Palm Beach, Florida.
CEF Explorer research page for RiverNorth Flexible Municipal Income Fund II, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.