Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 4

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 4
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 3.70%  | -1.14%       |
| RiverNorth Flexible Municipal Income Fund II, Inc. – Market(4) | -3.65%     | 3.00%  | -3.42%       |
| Bloomberg U.S. Municipal Bond Index (5)                        | 1.11%      | 2.50%  | 0.05%        |

| (1) | Total returns assume reinvestment of all distributions. |

| (2) | The Fund commenced operations on February 24, 2021. |

| (3) | Performance returns are net of management fees and other Fund 
 expenses.                                                     |

| (4) | Market price is the value at which the Fund trades on an exchange. 
 This market price can be more or less than its net asset value.    |

| (5) | The Bloomberg U.S. Municipal Bond Index covers the US Dollar-denominated                                                                   
 long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, 
 and prerefunded bonds.                                                                                                                     |

The total annual expense ratio as a percentage of net assets attributable to common shares as of June 30, 2025 is 2.39% (excluding interest on short term floating rate obligations). Including interest on short term floating rate obligations, the expense ratio is 4.78%.

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling 844.569.4750. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

| 4 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND’S RELATIVE PERFORMANCE DURING THE FISCAL YEAR ENDED JUNE 30, 2025?

RiverNorth Tactical Municipal Closed-End Fund Strategy

The sleeve’s exposure to CEF discount narrowing
was the largest contributor to returns for the