Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 18

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 18
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,739,847 |     | $                 |           – |     | $            | – |     | $     |   3,739,847 |
| Total                               |     | $             |   3,739,847 |     | $                 |           – |     | $            | – |     | $     |   3,739,847 |

| * | 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 period ended December
31, 2024.

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 more quickly and
efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

On October 28, 2020, the Securities and Exchange
Commission ("SEC") adopted Rule 18f-4 under the 1940 Act providing for the regulation of the use of derivatives and certain
related instruments by registered investment companies. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives
users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management program (including
the appointment of a derivatives risk manager and the implementation of certain