Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 23

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 23
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     | $                       | 220,350,249 |   |     | $                                             | 351,803,728 |     | $                                         | – |     | $     | 572,153,977 |   |
| Other Financial Instruments**       |     |                         |             |   |     |                                               |             |     |                                           |   |     |       |             |   |
| Liabilities:                        |     |                         |             |   |     |                                               |             |     |                                           |   |     |       |             |   |
| Future Contracts                    |     | $                       |  (5,516,569 | ) |     | $                                             |           – |     | $                                         | – |     | $     |  (5,516,569 | ) |
| Total                               |     | $                       |  (5,516,569 | ) |     | $                                             |           – |     | $                                         | – |     | $     |  (5,516,569 | ) |

| * | Refer to the Fund’s Schedule of Investments for a listing of securities by type. |

| ** | Other financial instruments are derivative instruments reflected in the Schedule of Investments. Futures contracts are reported 
 at their unrealized appreciation/depreciation.                                                                                  |

The Fund did not hold Level 3 securities during the year ended June
30, 2025.

The Fund holds liabilities for floating rate note
obligations which are not reflected in the table above. The fair value of the Fund’s liabilities for floating rate note obligations approximates
their liquidation values. Floating rate note obligations are generally classified as Level 2.

4. DERIVATIVE FINANCIAL INSTRUMENTS

The following discloses the Fund’s use of
derivative instruments. The Fund’s investment objective not only permits the Fund to purchase investment securities, but also allows
the Fund to enter into various types of derivative contracts such as futures. In doing so, the Fund will employ strategies in differing
combinations to permit it to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies
are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little
or no initial cash investment, they can focus exposure on only selected risk factors, and they may not require the ultimate receipt or
delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objective