Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 35

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 35
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 year then ended, the changes in net
assets for each of the two years in the period then ended, and the financial highlights for the years ended June 30, 2025, 2024, 2023,
2022, and for the period February 24, 2021 (commencement of operations) to June 30, 2021, in conformity with accounting principles generally
accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility
of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and
are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers, and trust
administrators; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of
RiverNorth Capital Management, LLC’s investment companies since 2006.

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 27, 2025

RiverNorth Flexible Municipal Income Fund II, Inc.

The Fund has an automatic dividend reinvestment
plan (the "Plan") commonly referred to as an “opt-out” plan. Unless the registered owner of common shares elects
to receive cash by contacting DST Systems, Inc. (the “Plan Administrator”), all dividends and distributions declared on common
shares will be automatically reinvested by the Plan