# EDGAR Filing Document

**Accession Number:** 0001817159
**File Stem:** 0001049169-26-000375
**Filing Date:** 2026-2
**Character Count:** 65371
**Document Hash:** 7968458b96f0216fea4885016690e925
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000375.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001049169-26-000375

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**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:** 26690394

**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:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $359580246.28

**Total Liabilities:** $9972591.83

**Net Assets:** $349607654.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 275792.10480900 | **1-Year:** 30009.84083300 | **5-Year:** 215045.15371200 | **10-Year:** 112001.01877700 | **30-Year:** 19619.92059200

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

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

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.19%                | -2.01%               | -0.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3216.26                 | $4387742.23                                |
| Month 2  | $714082.50               | $-2294340.64                               |
| Month 3  | $-47229.26               | $-459212.94                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Blackrock Munivest Fund Inc                                  | BlackRock MuniVest Fund, Inc.                                                | CUSIP: 09253R105<br>LEI: 68LQJ5NLUNQI2T9OLL41 | Long             | EC               | RF                | US        |    631361 | NS      | $4375331.73    | 1.25%             |  |  |  | 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      | $7188045.20    | 2.06%             | 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   | -1.14%            | 2030-01-01      | Floating      | 3.38%                 | 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   | -2.53%            | 2030-05-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Municipal Income Trust                             | BlackRock Municipal Income Trust                                             | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             | EC               | RF                | US        |    682345 | NS      | $6843920.35    | 1.96%             |  |  |  | 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      | $8192052.23    | 2.34%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  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   | -1.72%            | 2030-05-15      | Floating      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Municipal Credit Opportunities Fund                   | Nuveen Municipal Credit Opportunities Fund                                   | CUSIP: 670663103<br>LEI: 549300DD3V5NH59YTS11 | Long             | EC               | RF                | US        |     91943 | NS      | $940576.89     | 0.27%             |  |  |  | No            |                  1 | 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      | $7421160.13    | 2.12%             | 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      | $131010.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035TJK7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.14%            | 2033-11-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniyield Michigan Quality Fund Inc                | BlackRock MuniYield Michigan Quality Fund, Inc.                              | CUSIP: 09254V105<br>LEI: J3H1DOS8Q2FL9RVLS329 | Long             | EC               | RF                | US        |      7071 | NS      | $83013.54      | 0.02%             |  |  |  | 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      | $9279460.25    | 2.65%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035THX1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.14%            | 2060-10-15      | Floating      | 3.35%                 | Yes           |                  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        |   1440000 | PA      | $1438482.24    | 0.41%             | 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      | $3907762.40    | 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      | $9438349.52    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Opportunity Trust                          | Invesco Municipal Opportunity Trust                                          | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |    962185 | NS      | $9208110.45    | 2.63%             |  |  |  | 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        |    452023 | NS      | $4791443.80    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Indiana St Fin Auth Student Hsg Revenue                      | Indiana Finance Authority                                                    | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2260547.87    | 0.65%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | 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   | -2.75%            | 2044-05-01      | Floating      | 3.35%                 | 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      | $1995236.55    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Pennsylvania Value Municipal Income Trust            | Invesco Pennsylvania Value Municipal Income Trust                            | CUSIP: 46132K109<br>LEI: 549300S5KHBL3XISY922 | Long             | EC               | RF                | US        |     21396 | NS      | $223802.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Liquidity Funds Municash                           | BlackRock Liquidity Funds MuniCash                                           | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |  22444776 | NS      | $22447020.83   | 6.42%             |  |  |  | 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      | $10156503.00   | 2.91%             | 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      | $2596112.32    | 0.74%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Tx Elec Utility Sys Revenue                       | City of Greenville TX Electric System Revenue                                | CUSIP: 396706JC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3080288.70    | 0.88%             | 2054-02-15      | 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        |     47500 | NS      | $470725.00     | 0.13%             |  |  |  | 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      | $2617125.21    | 0.75%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Fing Corp Sales Tax Revenue            | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | CUSIP: 74529JPX7<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1928774.00    | 0.55%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  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      | $11017875.00   | 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        |    256101 | NS      | $2619913.23    | 0.75%             |  |  |  | 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   | -2.15%            | 2049-12-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| S Estrn Pa Transprtn Auth                                    | Southeastern Pennsylvania Transportation Authority                           | CUSIP: 842039FR5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5206503.00    | 1.49%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | 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        |    283885 | NS      | $1751570.45    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniassets Fund Inc                                | BlackRock MuniAssets Fund, Inc.                                              | CUSIP: 09254J102<br>LEI: UJYLDIG1NIEEIV3PO802 | Long             | EC               | RF                | US        |    192570 | NS      | $2062424.70    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| New York St Dorm Auth Revenues Non St Supported Debt         | New York State Dormitory Authority                                           | CUSIP: 65000BW38<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5413421.00    | 1.55%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Iii Inc                     | BlackRock MuniYield Quality Fund III, Inc.                                   | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |    396959 | NS      | $4314944.33    | 1.23%             |  |  |  | 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      | $1730428.80    | 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  | -3.20%            | 2051-05-15      | Floating      | 3.40%                 | 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   | -1.72%            | 2052-12-01      | Floating      | 3.44%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Fing Corp Sales Tax Revenue            | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | CUSIP: 74529JRL1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | PR        |    390000 | PA      | $364740.71     | 0.10%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Muni Elec Auth Of Georgia                                    | Municipal Electric Authority of Georgia                                      | CUSIP: 626207X33<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1535931.27    | 0.44%             | 2059-01-01      | Fixed         | 5.00%                 | 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      | $6753071.86    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035RSR6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3600000 | PA      | $-3600000.00   | -1.03%            | 2049-08-15      | Floating      | 3.37%                 | Yes           |                  2 | On Loan: No      |
| Greater Clark In Bldg Corp                                   | Greater Clark Building Corp.                                                 | CUSIP: 39167GJT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4750066.48    | 1.36%             | 2042-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                       | US Long Bond Future                                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |      -620 | NC      | $-71668125.00  | -20.50%           |  |  |  | No            |                  1 | On Loan: No      |
| Savannah Georgia Convention Ctr Auth Ga Convention Ctr Hotel | Savannah Georgia Convention Center Authority                                 | CUSIP: 804828AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1407650.66    | 0.40%             | 2050-06-01      | Fixed         | 5.12%                 | 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   | -1.03%            | 2047-08-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Invesco Municipal Trust                                      | Invesco Municipal Trust                                                      | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |   1001155 | NS      | $9661145.75    | 2.76%             |  |  |  | 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   | -2.29%            | 2049-06-15      | Floating      | 3.36%                 | Yes           |                  2 | On Loan: No      |
| Invesco Trust For Investment Grade Municipals                | Invesco Trust for Investment Grade Municipals                                | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             | EC               | RF                | US        |    338388 | NS      | $3509083.56    | 1.00%             |  |  |  | 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      | $14198822.40   | 4.06%             | 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   | -1.83%            | 2028-09-01      | Floating      | 3.37%                 | 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      | $4098558.90    | 1.17%             |  |  |  | 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      | $15102022.50   | 4.32%             | 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        |    525823 | NS      | $3344234.28    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Municipal Income Fund Ii                               | PIMCO Municipal Income Fund II                                               | CUSIP: 72200W106<br>LEI: ZVT714KPY3QTZWRT1S41 | Long             | EC               | RF                | US        |    129091 | NS      | $973348.68     | 0.28%             |  |  |  | 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      | $4755774.60    | 1.36%             | 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      | $10432199.00   | 2.98%             | 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   | -1.50%            | 2047-08-01      | Floating      | 3.41%                 | 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      | $2655316.53    | 0.76%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Il Park Dist                                         | Chicago Park District                                                        | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15389577.00   | 4.40%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Inc                         | BlackRock MuniYield Quality Fund, Inc.                                       | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             | EC               | RF                | US        |    853008 | NS      | $9638990.40    | 2.76%             |  |  |  | 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      | $15495414.00   | 4.43%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mta Hudson Rail Yards Trust Obligs Revenue                   | MTA Hudson Rail Yards Trust Obligations                                      | CUSIP: 62476RAC9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999950.20    | 0.57%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Wtr Dev Brd Revenue                                    | Texas Water Development Board                                                | CUSIP: 88285AKF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5197075.50    | 1.49%             | 2060-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Ny Auth                                    | Battery Park City Authority                                                  | CUSIP: 07133AKQ4<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5345453.00    | 1.53%             | 2055-11-01      | 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        |    224550 | NS      | $2034423.00    | 0.58%             |  |  |  | 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      | $3193561.50    | 0.91%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan St Strategic Fund Ltd Oblg Revenue                  | Michigan Strategic Fund                                                      | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006317.00    | 0.57%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abrdn National Municipal Income Fund                         | abrdn National Municipal Income Fund                                         | CUSIP: 24610T108<br>LEI: NIC7ULNUGCUI836YP119 | Long             | EC               | RF                | US        |     78922 | NS      | $810528.94     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock California Municipal Income Trust                  | BlackRock California Municipal Income Trust                                  | CUSIP: 09248E102<br>LEI: LE6236HQD6DXEGUHE217 | Long             | EC               | RF                | US        |    172805 | NS      | $1855925.70    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Managed Municipal Income Trust                        | Putnam Managed Municipal Income Trust                                        | CUSIP: 746823103<br>LEI: 549300MCDIUT86HMWI73 | Long             | EC               | RF                | US        |     91476 | NS      | $573554.52     | 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   | -1.60%            | 2053-11-01      | Floating      | 3.34%                 | 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  | -2.92%            | 2039-05-01      | Floating      | 3.37%                 | Yes           |                  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   | -1.92%            | 2053-06-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035TFW5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.14%            | 2054-07-01      | Floating      | 3.35%                 | Yes           |                  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   | -0.40%            | 2039-07-01      | Floating      | 3.44%                 | Yes           |                  2 | On Loan: No      |
| New York Ny                                                  | City of New York NY                                                          | CUSIP: 64966QC40<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12944276.40   | 3.70%             | 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      | $7332977.40    | 2.10%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | 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      | $8076047.25    | 2.31%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Francisco Ca 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      | $5296349.50    | 1.51%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | 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      | $4252703.62    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| California St Univ Revenue                                   | California State University                                                  | CUSIP: 13077DSY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7492135.00    | 2.14%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  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      | $1988288.64    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance National Municipal Opportunities Trust           | Eaton Vance National Municipal Opportunities Trust                           | CUSIP: 27829L105<br>LEI: 54930084Z1GHZMB5XL81 | Long             | EC               | RF                | US        |      3063 | NS      | $51795.33      | 0.01%             |  |  |  | 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      | $5649439.41    | 1.62%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ishares National Muni Bond Etf                               | iShares National Muni Bond ETF                                               | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             | EC               | RF                | US        |     32411 | NS      | $3471542.21    | 0.99%             |  |  |  | No            |                  1 | 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      | $1771882.18    | 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      | $11491333.69   | 3.29%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ehove Oh Jt Vocational Sch Dist                              | EHOVE Joint Vocational School District                                       | CUSIP: 282407CH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $3062992.51    | 0.88%             | 2060-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035RUC6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4155000 | PA      | $-4155000.00   | -1.19%            | 2049-07-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Dynamic Municipal Opportunities Fund                  | Nuveen Dynamic Municipal Opportunities Fund                                  | CUSIP: 67079X102<br>LEI: 549300U0TWS55O2SJ275 | Long             | EC               | RF                | US        |     32196 | NS      | $324535.68     | 0.09%             |  |  |  | No            |                  1 | 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        |    111267 | NS      | $1408640.22    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Municipal Bond Fund                              | Eaton Vance Municipal Bond Fund                                              | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             | EC               | RF                | US        |    539493 | NS      | $5249266.89    | 1.50%             |  |  |  | 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        |    381896 | NS      | $3853330.64    | 1.10%             |  |  |  | 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      | $5194332.50    | 1.49%             | 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      | $3051924.91    | 0.87%             | 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      | $10328234.00   | 2.95%             | 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      | $7919288.25    | 2.27%             | 2052-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035RGF5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00   | -1.14%            | 2031-01-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania St Turnpike Commission Turnpike Revenue         | Pennsylvania Turnpike Commission                                             | CUSIP: 709225AX4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14471562.00   | 4.14%             | 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   | -2.57%            | 2048-07-01      | Floating      | 3.52%                 | 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   | -0.97%            | 2029-07-15      | Floating      | 3.38%                 | 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        |    139846 | NS      | $1662768.94    | 0.48%             |  |  |  | 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        |    471633 | NS      | $10762665.06   | 3.08%             |  |  |  | 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   | -2.29%            | 2029-01-01      | Floating      | 3.35%                 | 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      | $9124351.20    | 2.61%             |  |  |  | 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      | $11088174.00   | 3.17%             | 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        |    161057 | NS      | $1236917.76    | 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   | -1.64%            | 2030-03-15      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Putnam Municipal Opportunities Trust                         | Putnam Municipal Opportunities Trust                                         | CUSIP: 746922103<br>LEI: 549300M74BR4G95PSL96 | Long             | EC               | RF                | US        |    136999 | NS      | $1465889.30    | 0.42%             |  |  |  | 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      | $1041098.60    | 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        |    557181 | NS      | $4864190.13    | 1.39%             |  |  |  | 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   | -2.29%            | 2046-08-01      | Floating      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Cmwlth                                           | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1200000 | PA      | $1180237.56    | 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   | -1.69%            | 2048-07-01      | Floating      | 3.42%                 | 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   | -2.15%            | 2052-08-01      | Floating      | 3.38%                 | 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        |     90365 | NS      | $838587.20     | 0.24%             |  |  |  | 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      | $981988.02     | 0.28%             |  |  |  | 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      | $2591160.88    | 0.74%             |  |  |  | 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      | $4152758.40    | 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   | -1.19%            | 2028-12-15      | Floating      | 3.47%                 | 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        |     42304 | NS      | $291474.56     | 0.08%             |  |  |  | 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      | $8258340.80    | 2.36%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Edu Facs Fin Corp Tx Hosp Revenue          | New Hope Cultural Education Facilities Finance Corp.                         | CUSIP: 645424BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4890741.30    | 1.40%             | 2049-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Energy Fin Dev Corp                                 | New York Energy Finance Development Corp.                                    | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590544.50    | 0.45%             | 2056-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark Cnty Nv Wtr Reclamation Dist                           | Clark County Water Reclamation District                                      | CUSIP: 181070GB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5545000 | PA      | $5769611.87    | 1.65%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Fund Inc                                 | BlackRock MuniYield Fund, Inc.                                               | CUSIP: 09253W104<br>LEI: AVXF9RZVI4EDWXACOH81 | Long             | EC               | RF                | US        |   1373865 | NS      | $14411843.85   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mfs Municipal Income Trust                                   | MFS Municipal Income Trust                                                   | CUSIP: 552738106<br>LEI: GV4WN51HRTKYT6CV5890 | Long             | EC               | RF                | US        |    145427 | NS      | $789668.61     | 0.23%             |  |  |  | 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      | $10550653.00   | 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   | -2.67%            | 2028-12-01      | Floating      | 3.35%                 | 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   | -1.14%            | 2032-11-01      | Floating      | 2.25%                 | Yes           |                  2 | 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   | -2.29%            | 2057-12-01      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                       | US 10Yr Note Future                                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |     -1275 | NC      | $-143357812.50 | -41.01%           |  |  |  | No            |                  1 | On Loan: No      |
| New York St Transprtn Dev Corp Spl Fac Revenue               | New York Transportation Development Corp.                                    | CUSIP: 650116JK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5430751.00    | 1.55%             | 2050-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port Of Seattle Wa Revenue                                   | Port of Seattle WA                                                           | CUSIP: 735389S33<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10173597.00   | 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   | -1.60%            | 2029-05-15      | Floating      | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Illinois St                                                  | State of Illinois                                                            | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  13600000 | PA      | $14558542.96   | 4.16%             | 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      | $9811489.09    | 2.81%             | 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      | $4626741.00    | 1.32%             | 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   | -2.21%            | 2027-04-01      | Floating      | 3.37%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Municipal Fund Inc                                 | Neuberger Municipal Fund, Inc.                                               | CUSIP: 64124P101<br>LEI: 549300IIZWX8QVUHXO20 | Long             | EC               | RF                | US        |    327513 | NS      | $3314431.56    | 0.95%             |  |  |  | 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   | -2.15%            | 2044-11-15      | Floating      | 3.35%                 | 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  | -3.43%            | 2030-01-01      | Floating      | 3.47%                 | 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        |    935232 | NS      | $9763822.08    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**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