# EDGAR Filing Document

**Accession Number:** 0001817159
**File Stem:** 0001752724-25-210013
**Filing Date:** 2025-8
**Character Count:** 61502
**Document Hash:** c271cbc44dbe23b63f3806b5b51ca282
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210013.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210013

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Flexible Municipal Income Fund II, Inc.
- **CENTRAL INDEX KEY:** 0001817159

**ORGANIZATION NAME:**
- **EIN:** 851659170
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23586
- **FILM NUMBER:** 251268084

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 312-445-2251

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RiverNorth Flexible Municipal Income Fund II Inc.

- **b. Investment Company Act file number:** 811-23586

- **c. CIK number of Registrant:** 0001817159

- **d. LEI of Registrant:** 549300U301TLYWQNC025

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 360 S. Rosemary Avenue Suite 1420

  - **City:** West Palm Beach

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 33401

  - **Telephone number:** 312-445-2249

**Item A.2. Information about the Series.**

- **a. Name of Series:** RiverNorth Flexible Municipal Income Fund II Inc.

- **c. LEI of Series:** 549300U301TLYWQNC025

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $341349100.76

**Total Liabilities:** $689656.08

**Net Assets:** $340659444.68

**Cash Not Reported:** $2295049.91

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 181.14055500 | **1-Year:** 12364.96281600 | **5-Year:** 160914.70056600 | **10-Year:** 125815.89486300 | **30-Year:** 59474.77077600

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 284.59302800 | **30-Year:** 2326.08321200

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -4.51%               | 0.36%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-916025.63              | $-8067395.63                               |
| Month 2  | $-39158.73               | $-5935979.61                               |
| Month 3  | $-778003.71              | $2280505.34                                |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DZF5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4500000 | PA      | $-4500000.00   | -1.32%            | 2028-08-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Munivest Fund Inc                                | BlackRock MuniVest Fund, Inc.                                                | CUSIP: 09253R105<br>LEI: 68LQJ5NLUNQI2T9OLL41 | Long             | EC               | RF                | US        |    683486 | NS      | $4497337.88    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Triborough Ny Bridge & Tunnel Auth Revenues                | Triborough Bridge & Tunnel Authority                                         | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7085198.40    | 2.08%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AV73<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.17%            | 2030-01-01      | Floating      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AU58<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8840000 | PA      | $-8840000.00   | -2.59%            | 2030-05-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Municipal Income Trust                           | BlackRock Municipal Income Trust                                             | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             | EC               | RF                | US        |    682345 | NS      | $6543688.55    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| New York St Dorm Auth St Personal Income Tax Revenue       | New York State Dormitory Authority                                           | CUSIP: 64990FX25<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7650000 | PA      | $7962760.31    | 2.34%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AZA2<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -6000000 | PA      | $-6000000.00   | -1.76%            | 2051-07-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DVM4<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -6000000 | PA      | $-6000000.00   | -1.76%            | 2030-05-15      | Floating      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Los Angeles Ca Dept Of Wtr & Pwr Wtrwks Revenue            | Los Angeles Department of Water & Power Water System Revenue                 | CUSIP: 544525XF0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   7375000 | PA      | $7363728.05    | 2.16%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mfs High Yield Municipal Trust                             | MFS High Yield Municipal Trust                                               | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |     37325 | NS      | $124292.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Michigan Quality Fund Inc              | BlackRock MuniYield Michigan Quality Fund, Inc.                              | CUSIP: 09254V105<br>LEI: J3H1DOS8Q2FL9RVLS329 | Long             | EC               | RF                | US        |     62041 | NS      | $684932.64     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Vly Nv Wtr Dist                                  | Las Vegas Valley Water District                                              | CUSIP: 517845SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8955000 | PA      | $9086085.98    | 2.67%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho St Hsg & Fin Assn Sf Mtge Revenue                    | Idaho Housing & Finance Association                                          | CUSIP: 45129Y5J1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1442889.98    | 0.42%             | 2054-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Texas St Priv Activity Bond Surface Transprtn Corp Revenue | Texas Private Activity Bond Surface Transportation Corp.                     | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3825768.00    | 1.12%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniholdings Fund Inc                            | BlackRock MuniHoldings Fund, Inc.                                            | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             | EC               | RF                | US        |    803948 | NS      | $9004217.60    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AR37<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8000000 | PA      | $-8000000.00   | -2.35%            | 2026-03-01      | Floating      | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Invesco Quality Municipal Income Trust                     | Invesco Quality Municipal Income Trust                                       | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             | EC               | RF                | US        |     22279 | NS      | $208977.02     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Opportunity Trust                        | Invesco Municipal Opportunity Trust                                          | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |    689326 | NS      | $6328012.68    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniholdings California Quality Fund Inc         | BlackRock MuniHoldings California Quality Fund, Inc.                         | CUSIP: 09254L107<br>LEI: NKJSRCJXMS5PZYPXY795 | Long             | EC               | RF                | US        |    272808 | NS      | $2823562.80    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AQ95<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -9600000 | PA      | $-9600000.00   | -2.82%            | 2044-05-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Ii Inc                    | BlackRock MuniYield Quality Fund II, Inc.                                    | CUSIP: 09254G108<br>LEI: PRQP520S3DVB025IWS24 | Long             | EC               | RF                | US        |    198531 | NS      | $1913838.84    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Liquidity Funds Municash                         | BlackRock Liquidity Funds MuniCash                                           | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |  14809412 | NS      | $14810892.50   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Clackamas Cnty Or Sch Dist #62c Oregon City                | Oregon City School District No 62                                            | CUSIP: 179162HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10039754.00   | 2.95%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Fing Auth Priv Activity Revenue Sr | Virginia Small Business Financing Authority                                  | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2562316.75    | 0.75%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield New York Quality Fund Inc              | BlackRock MuniYield New York Quality Fund, Inc.                              | CUSIP: 09255E102<br>LEI: 158AYFGDRFUGVL3TD012 | Long             | EC               | RF                | US        |     95754 | NS      | $912535.62     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| California Stwd Cmntys Dev Auth Revenue                    | California Statewide Communities Development Authority                       | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2510018.21    | 0.74%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Denver City & Cnty Co Sch Dist #1                          | Denver City & County School District No 1                                    | CUSIP: 249174ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10717467.00   | 3.15%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniholdings New York Quality Fund Inc           | BlackRock MuniHoldings New York Quality Fund, Inc.                           | CUSIP: 09255C106<br>LEI: YP1D2S6Y4JY0A7W3DV93 | Long             | EC               | RF                | US        |    222403 | NS      | $2183997.46    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035MLB9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7500000 | PA      | $-7500000.00   | -2.20%            | 2049-12-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts St Sch Bldg Auth Sales Tax Revenue           | Massachusetts School Building Authority                                      | CUSIP: 576000YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6097601.40    | 1.79%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                     | US 10yr T-Note                                                               | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |     -1775 | NC      | $-199021875.00 | -58.42%           |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Income Opportunities Trust               | Invesco Municipal Income Opportunities Trust                                 | CUSIP: 46132X101<br>LEI: DJSR2NJ3985722G80Y20 | Long             | EC               | RF                | US        |     91608 | NS      | $526746.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Strategic Municipal Bond Fund Inc               | BNY Mellon Strategic Municipal Bond Fund, Inc.                               | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             | EC               | RF                | US        |    242800 | NS      | $1359680.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco New York Municipal Income Fund                       | PIMCO New York Municipal Income Fund                                         | CUSIP: 72200T103<br>LEI: VSODSLIYXJ7C18SCFD63 | Long             | EC               | RF                | US        |      6897 | NS      | $48210.03      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Quality Fund Iii Inc                   | BlackRock MuniYield Quality Fund III, Inc.                                   | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |    409975 | NS      | $4300637.75    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mfs Investment Grade Municipal Trust                       | MFS Investment Grade Municipal Trust                                         | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |    217664 | NS      | $1662952.96    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DBK0<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -11200000 | PA      | $-11200000.00  | -3.29%            | 2051-05-15      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035EBS1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -6000000 | PA      | $-6000000.00   | -1.76%            | 2052-12-01      | Floating      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Washington St Convention Center Public Facs Dist           | Washington State Convention Center Public Facilities District                | CUSIP: 93976AEE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1054353.41    | 0.31%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Munivest Fund Ii Inc                             | BlackRock MuniVest Fund II, Inc.                                             | CUSIP: 09253T101<br>LEI: TC1SINW7C50S8NN8GU32 | Long             | EC               | RF                | US        |    624706 | NS      | $6446965.92    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Greater Clark In Bldg Corp                                 | Greater Clark Building Corp.                                                 | CUSIP: 39167GJT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4665137.03    | 1.37%             | 2042-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Ca Wtr Revenue                                  | City of Sacramento CA Water Revenue                                          | CUSIP: 786089HY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10219396.00   | 3.00%             | 2047-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Tx Auth Transmission Contract Revenue | Lower Colorado River Authority                                               | CUSIP: 54811BB83<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4720305.15    | 1.39%             | 2048-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DDD4<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3600000 | PA      | $-3600000.00   | -1.06%            | 2047-08-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Nuveen New York Municipal Value Fund                       | Nuveen New York Municipal Value Fund                                         | CUSIP: 67062M105<br>LEI: 549300NZ3QOSIW1ZM615 | Long             | EC               | RF                | US        |    114721 | NS      | $930387.31     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Trust                                    | Invesco Municipal Trust                                                      | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |    565338 | NS      | $5172842.70    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GH50<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8000000 | PA      | $-8000000.00   | -2.35%            | 2049-06-15      | Floating      | 1.96%                 | Yes           |                  2 | On Loan: No      |
| Pimco California Municipal Income Fund Iii                 | PIMCO California Municipal Income Fund III                                   | CUSIP: 72201C109<br>LEI: BVT0QWDJNZ8WI4XN5U25 | Long             | EC               | RF                | US        |    210462 | NS      | $1311178.26    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Trust For Investment Grade Municipals              | Invesco Trust for Investment Grade Municipals                                | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             | EC               | RF                | US        |    726916 | NS      | $6898432.84    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco California Municipal Income Fund Ii                  | PIMCO California Municipal Income Fund II                                    | CUSIP: 72200M108<br>LEI: 1R86W760D611I8RHLX24 | Long             | EC               | RF                | US        |    392336 | NS      | $2102920.96    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Los Angeles Ca Dept Of Arpts Arpt Revenue                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445A33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14000439.60   | 4.11%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GF60<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -6400000 | PA      | $-6400000.00   | -1.88%            | 2028-09-01      | Floating      | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniholdings Quality Fund Ii Inc                 | BlackRock MuniHoldings Quality Fund II, Inc.                                 | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             | EC               | RF                | US        |    408630 | NS      | $3914675.40    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaii St Arpts Sys Revenue                                | State of Hawaii Airports System Revenue                                      | CUSIP: 419794A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14876014.50   | 4.37%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bny Mellon Strategic Municipals Inc                        | BNY Mellon Strategic Municipals, Inc.                                        | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             | EC               | RF                | US        |    473030 | NS      | $2800337.60    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Municipal Income Fund Ii                             | PIMCO Municipal Income Fund II                                               | CUSIP: 72200W106<br>LEI: ZVT714KPY3QTZWRT1S41 | Long             | EC               | RF                | US        |    114360 | NS      | $851982.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sacramento City Ca Unif Sch Dist                           | Sacramento City Unified School District                                      | CUSIP: 785870E85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4712778.45    | 1.38%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Grant Cnty Wa                                              | County of Grant WA                                                           | CUSIP: 387802FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10208585.00   | 3.00%             | 2057-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DBS3<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5250000 | PA      | $-5250000.00   | -1.54%            | 2047-08-01      | Floating      | 2.02%                 | Yes           |                  2 | On Loan: No      |
| S Estrn Pa Transprtn Auth                                  | Southeastern Pennsylvania Transportation Authority                           | CUSIP: 842039FR5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2608877.46    | 0.77%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Inc                       | BlackRock MuniYield Quality Fund, Inc.                                       | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             | EC               | RF                | US        |    959467 | NS      | $10659678.37   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Il O'hare International Arpt Revenue               | Chicago O'Hare International Airport                                         | CUSIP: 167593X56<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15257208.00   | 4.48%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Municipal Value Fund Inc                            | Nuveen Municipal Value Fund, Inc.                                            | CUSIP: 670928100<br>LEI: 549300TFLBQ7LJSP8B20 | Long             | EC               | RF                | US        |    975797 | NS      | $8479675.93    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Missouri St Hlth & Eductnl Facs Auth Hlth Facs Revenue     | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60637AXQ0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3041872.50    | 0.89%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Advantage Municipal Income Trust Ii                | Invesco Advantage Municipal Income Trust II                                  | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             | EC               | RF                | US        |    318483 | NS      | $2665702.71    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Abrdn National Municipal Income Fund                       | abrdn National Municipal Income Fund                                         | CUSIP: 24610T108<br>LEI: NIC7ULNUGCUI836YP119 | Long             | EC               | RF                | US        |     55277 | NS      | $533975.82     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GZY7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5600000 | PA      | $-5600000.00   | -1.64%            | 2053-11-01      | Floating      | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DXC4<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -10200000 | PA      | $-10200000.00  | -2.99%            | 2039-05-01      | Floating      | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Broward Cnty Fl Sch Dist                                   | School District of Broward County                                            | CUSIP: 115067MC1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7549180.50    | 2.22%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GUV8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -6715000 | PA      | $-6715000.00   | -1.97%            | 2053-06-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Chicago Il Park Dist                                       | Chicago Park District                                                        | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15217113.00   | 4.47%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GR59<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1400000 | PA      | $-1400000.00   | -0.41%            | 2039-07-01      | Floating      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| New York Ny                                                | City of New York NY                                                          | CUSIP: 64966QC40<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12741961.20   | 3.74%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-cuyahoga Cnty Oh Port Auth                       | Cleveland-Cuyahoga County Port Authority                                     | CUSIP: 186103LR6<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7224231.00    | 2.12%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nuveen Amt-free Quality Municipal Income Fund              | Nuveen AMT-Free Quality Municipal Income Fund                                | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             | EC               | RF                | US        |    818388 | NS      | $8936796.96    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| South Carolina St Public Svc Auth Revenue                  | South Carolina Public Service Authority                                      | CUSIP: 837151U49<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7962201.75    | 2.34%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Francisco Calif City &cnty Arpts Commn Intl Arpt Rev   | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5191900.00    | 1.52%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pimco New York Municipal Income Fund Iii                   | PIMCO New York Municipal Income Fund III                                     | CUSIP: 72201E105<br>LEI: R2MUFGRNN5QKX2UD3V35 | Long             | EC               | RF                | US        |      9400 | NS      | $49256.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliancebernstein National Municipal Income Fund Inc       | AllianceBernstein National Municipal Income Fund, Inc.                       | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |    393041 | NS      | $4052252.71    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| California St Univ Revenue                                 | California State University                                                  | CUSIP: 13077DSY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7377865.60    | 2.17%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035D3Z6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.17%            | 2029-12-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Amt-free Municipal Value Fund                       | Nuveen AMT-Free Municipal Value Fund                                         | CUSIP: 670695105<br>LEI: 5493002K5IM2S29FUR04 | Long             | EC               | RF                | US        |    138944 | NS      | $1900753.92    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey St Transprtn Trust Fund Auth                    | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461367M7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5591600.70    | 1.64%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Lake City Ut Arpt Revenue                             | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576HK6<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1739485.83    | 0.51%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Ny Bridge & Tunnel Auth Payroll Mobility Tax    | Triborough Bridge & Tunnel Authority                                         | CUSIP: 89602HDR5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  11050000 | PA      | $11369026.76   | 3.34%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                     | US Long Bond Future                                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |      -675 | NC      | $-77941406.25  | -22.88%           |  |  |  | No            |                  1 | On Loan: No      |
| S Estrn Pa Transprtn Auth                                  | Southeastern Pennsylvania Transportation Authority                           | CUSIP: 842039FQ7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5186364.00    | 1.52%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Amt-free Municipal Credit Income Fund               | Nuveen AMT-Free Municipal Credit Income Fund                                 | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             | EC               | RF                | US        |    837951 | NS      | $9996755.43    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Municipal Bond Fund                            | Eaton Vance Municipal Bond Fund                                              | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             | EC               | RF                | US        |    438530 | NS      | $4240585.10    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen New York Amt-free Quality Municipal Income Fund     | Nuveen New York AMT-Free Quality Municipal Income Fund                       | CUSIP: 670656107<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | EC               | RF                | US        |     60945 | NS      | $603964.95     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Gtr Asheville Regl Arpt Auth Nc Arpt Sys Revenue           | Greater Asheville Regional Airport Authority                                 | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5139148.00    | 1.51%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbus Oh Regl Arpt Auth Revenue                         | Columbus Regional Airport Authority                                          | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2995269.93    | 0.88%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Va Transprtn Accountability Commission       | Hampton Roads Transportation Accountability Commission                       | CUSIP: 409328AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10144634.00   | 2.98%             | 2060-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                     | Rhode Island Health & Educational Facility Revenue Bonds                     | CUSIP: 762196X57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7825354.50    | 2.30%             | 2052-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California St Infrastructure & Econ Dev Bank Revenue       | California Infrastructure & Economic Development Bank                        | CUSIP: 13034AV49<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2241997.18    | 0.66%             | 2047-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania St Turnpike Commission Turnpike Revenue       | Pennsylvania Turnpike Commission                                             | CUSIP: 709225AX4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14011867.80   | 4.11%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DAU9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -9000000 | PA      | $-9000000.00   | -2.64%            | 2048-07-01      | Floating      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AXT3<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3400000 | PA      | $-3400000.00   | -1.00%            | 2029-07-15      | Floating      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Pennsylvania Quality Municipal Income Fund          | Nuveen Pennsylvania Quality Municipal Income Fund                            | CUSIP: 670972108<br>LEI: 5493000C1CS4Q000GF67 | Long             | EC               | RF                | US        |    153485 | NS      | $1722101.70    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal 2030 Target Term Trust                 | BlackRock Municipal 2030 Target Term Trust                                   | CUSIP: 09257P105<br>LEI: 549300TDIJ2J8F6X3N04 | Long             | EC               | RF                | US        |    520261 | NS      | $11388513.29   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GZ84<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8000000 | PA      | $-8000000.00   | -2.35%            | 2029-01-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Municipal Income Trust Ii                        | BlackRock Municipal Income Trust II                                          | CUSIP: 09249N101<br>LEI: 17UVWS2OK706BUPLKK60 | Long             | EC               | RF                | US        |    873980 | NS      | $8774759.20    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Michigan St Trunk Line                                     | State of Michigan Trunk Line Revenue                                         | CUSIP: 5946954N5<br>LEI: CADMV8WVNQO7XM117W54 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10765939.00   | 3.16%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Western Asset Intermediate Muni Fund                       | Western Asset Intermediate Municipal Fund                                    | CUSIP: 958435109<br>LEI: 5493000MG5MROBD48K57 | Long             | EC               | RF                | US        |    158491 | NS      | $1191852.32    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DZH1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5735000 | PA      | $-5735000.00   | -1.68%            | 2030-03-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Putnam Municipal Opportunities Trust                       | Putnam Municipal Opportunities Trust                                         | CUSIP: 746922103<br>LEI: 549300M74BR4G95PSL96 | Long             | EC               | RF                | US        |     67689 | NS      | $669444.21     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mfs High Income Municipal Trust                            | MFS High Income Municipal Trust                                              | CUSIP: 59318D104<br>LEI: 0G9TCUWY2FBUXSJY2691 | Long             | EC               | RF                | US        |    281378 | NS      | $1007333.24    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco California Municipal Income Fund                     | PIMCO California Municipal Income Fund                                       | CUSIP: 72200N106<br>LEI: M4DHYCROG6SFNO22X437 | Long             | EC               | RF                | US        |    151710 | NS      | $1303188.90    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DDG7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8000000 | PA      | $-8000000.00   | -2.35%            | 2046-08-01      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Cmwlth                                         | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1200000 | PA      | $1156490.76    | 0.34%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035G5B0<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5900000 | PA      | $-5900000.00   | -1.73%            | 2048-07-01      | Floating      | 2.07%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AE64<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7500000 | PA      | $-7500000.00   | -2.20%            | 2052-08-01      | Floating      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Long-term Municipal Advantage Trust              | BlackRock Long-Term Municipal Advantage Trust                                | CUSIP: 09250B103<br>LEI: G3XW7SJTEWPATVFP0M68 | Long             | EC               | RF                | US        |     95209 | NS      | $873066.53     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock New York Municipal Income Trust                  | BlackRock New York Municipal Income Trust                                    | CUSIP: 09248L106<br>LEI: PJKTUMDJPIZ89SB71052 | Long             | EC               | RF                | US        |     96843 | NS      | $936471.81     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Income Quality Trust                   | BlackRock Municipal Income Quality Trust                                     | CUSIP: 092479104<br>LEI: ZQ1Z8W71OQGQTC6ZJ410 | Long             | EC               | RF                | US        |    236852 | NS      | $2501157.12    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Investment Quality Municipal Trust Inc/the       | BlackRock Investment Quality Municipal Trust, Inc.                           | CUSIP: 09247D105<br>LEI: HIQUII1IK2OOB2XHIJ72 | Long             | EC               | RF                | US        |    370782 | NS      | $4048939.44    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034XXV9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4175000 | PA      | $-4175000.00   | -1.23%            | 2028-12-15      | Floating      | 2.07%                 | Yes           |                  2 | On Loan: No      |
| Pimco New York Municipal Income Fund Ii                    | PIMCO New York Municipal Income Fund II                                      | CUSIP: 72200Y102<br>LEI: P1IBOVZHA4PI2PLT9Q65 | Long             | EC               | RF                | US        |     27756 | NS      | $186520.32     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Municipal Income Fund                                | PIMCO Municipal Income Fund                                                  | CUSIP: 72200R107<br>LEI: 1G5AFDQ1J4RKDZ2JDZ73 | Long             | EC               | RF                | US        |     13735 | NS      | $109605.30     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kentucky Bond Dev Corp Indl Bldg Revenue                   | Kentucky Bond Development Corp.                                              | CUSIP: 491211BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8091824.80    | 2.38%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pioneer Municipal High Income Advantage Fund Inc           | Pioneer Municipal High Income Advantage Fund, Inc.                           | CUSIP: 723762100<br>LEI: UE8ZNXHQH48NNA19I459 | Long             | EC               | RF                | US        |     63067 | NS      | $523456.10     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Fund Inc                               | BlackRock MuniYield Fund, Inc.                                               | CUSIP: 09253W104<br>LEI: AVXF9RZVI4EDWXACOH81 | Long             | EC               | RF                | US        |   1373865 | NS      | $13793604.60   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Port Auth Of New York & New Jersey Ny                      | Port Authority of New York & New Jersey                                      | CUSIP: 73358XFS6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10297945.00   | 3.02%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AS28<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -9335000 | PA      | $-9335000.00   | -2.74%            | 2028-12-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035MBX2<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.17%            | 2032-11-01      | Floating      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Quality Municipal Income Fund                       | Nuveen Quality Municipal Income Fund                                         | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | RF                | US        |   1740376 | NS      | $19648845.04   | 5.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DNS0<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -8000000 | PA      | $-8000000.00   | -2.35%            | 2057-12-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Port Of Seattle Wa Revenue                                 | Port of Seattle WA                                                           | CUSIP: 735389S33<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9928063.00    | 2.91%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GGN2<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5600000 | PA      | $-5600000.00   | -1.64%            | 2029-05-15      | Floating      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Illinois St                                                | State of Illinois                                                            | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  13600000 | PA      | $14252164.88   | 4.18%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Met Washington Dc Arpts Auth Arpt Sys Revenue              | Metropolitan Washington Airports Authority Aviation Revenue                  | CUSIP: 592647FN6<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   9660000 | PA      | $9667509.68    | 2.84%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Met Pier & Exposition Auth Il Dedicated St Tax Revenue     | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592248BA5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $4076034.00    | 1.20%             | 2043-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DAS4<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7725000 | PA      | $-7725000.00   | -2.27%            | 2027-04-01      | Floating      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Municipal Fund Inc                        | Neuberger Berman Municipal Fund, Inc.                                        | CUSIP: 64124P101<br>LEI: 549300IIZWX8QVUHXO20 | Long             | EC               | RF                | US        |    288219 | NS      | $2833192.77    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States    | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GMW5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -7500000 | PA      | $-7500000.00   | -2.20%            | 2044-11-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DSM8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -12000000 | PA      | $-12000000.00  | -3.52%            | 2030-01-01      | Floating      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                   | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DNG6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        | -12000000 | PA      | $-12000000.00  | -3.52%            | 2028-07-01      | Floating      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Western Asset Managed Municipals Fund Inc                  | Western Asset Managed Municipals Fund, Inc.                                  | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             | EC               | RF                | US        |   1015462 | NS      | $10053073.80   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** RiverNorth Flexible Municipal Income Fund II Inc.

**Signature:** Jonathan M. Mohrhardt

**Name of Signer:** Jonathan M. Mohrhardt

**Title:** Treasurer & Chief Financial Officer