Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 0

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 0
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<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-23586

(Investment Company Act File Number)

RiverNorth Flexible Municipal Income Fund II, Inc.

(Exact Name of Registrant as Specified in Charter)

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Address of Principal Executive Offices)

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Name and Address of Agent for Service)

(561) 484-7185

(Registrant’s Telephone Number)

Date of Fiscal Year End: June 30

Date of Reporting Period: December 31, 2024</div>

| Item 1. | Reports to Stockholders. |

(a)

RiverNorth Flexible Municipal Income Fund II, Inc.

Table of Contents

| Performance Overview                                               |  2 |
| Schedule of Investments                                            |  5 |
| Statement of Assets and Liabilities                                | 11 |
| Statement of Operations                                            | 12 |
| Statements of Changes in Net Assets                                | 13 |
| Statement of Cash Flows                                            | 14 |
| Financial Highlights                                               | 16 |
| Notes to Financial Statements                                      | 21 |
| Dividend Reinvestment Plan                                         | 36 |
| Additional Information                                             | 38 |
| Consideration and Approval of Advisory and Sub-Advisory Agreements | 39 |

RiverNorth Flexible Municipal Income Fund II, Inc.

WHAT IS THE FUND’S INVESTMENT STRATEGY?

The RiverNorth Flexible Municipal Income
Fund II, Inc. (the "Fund") seeks to provide current income exempt from regular U.S. federal income taxes (but which may be includable
in taxable income for purposes of the Federal alternative minimum tax) with a secondary objective of total return. Under normal market
conditions, the Fund seeks to achieve its investment objectives by investing, directly or indirectly, at least 80% of its Managed Assets
in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for
regular U.S. federal income tax purposes, except that the interest may be includable in taxable income for purposes of the Federal alternative
minimum