Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 13

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 13
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 in conformity with generally accepted accounting principles in the United States of
America (“U.S. GAAP”). The financial statements are prepared in accordance with U.S. GAAP, which requires management to make
estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities,
in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however,
actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the
value the Fund ultimately realizes upon sale of the securities. The financial statements have been prepared as of the close of the New
York Stock Exchange (“NYSE”) on June 30, 2025.

The Fund invests in closed-end funds (“CEFs”),
each of which has its own investment risks. Those risks can affect the value of the Fund’s investments and therefore the value of the
Fund’s shares. To the extent that the Fund invests more of its assets in one CEF than in another, the Fund will have greater exposure
to the risks of that CEF.

RiverNorth Flexible Municipal Income Fund II, Inc.

Security Valuation: The Fund’s investments
are generally valued at their fair value using market quotations. If a market value quotation is unavailable a security may be valued
at its estimated fair value as described in Note 3.

Security Transactions and Investment Income:
The Fund follows industry practice and records securities transactions on the trade date basis. The specific identification method is
used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend
date, and interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are amortized
or accreted using the effective interest method over the life of the respective securities.

Federal Income Taxes: The Fund makes no
provision for federal income tax. The Fund intends to qualify each year as a “regulated investment company” ("RIC")
under Subchapter M of the Internal Revenue Code of 1986, as amended (the "IRC"). In order to qualify as a RIC, the Fund must,
among other things, satisfy income, asset diversification and distribution requirements. As long as it so qualifies, the Fund will not
be subject to U.S. federal income tax to the extent that it distributes annually its investment company taxable income and its “net
capital gain”. If the Fund retains any investment company taxable income or net capital gain, it