Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 30

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 30
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 www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

The Chief Compliance Officer (“CCO”)
of the Fund is an employee of the Adviser. The Fund reimburses the Adviser for certain compliance costs related to the Fund, including
a portion of the CCO’s compensation.

6. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

In this reporting period, the Fund adopted FASB
Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).
Adoption of the new standard impacted disclosures only and did not affect the Fund’s financial position nor the results of its operations.
An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize
revenues and incur expenses, has operating results that are regularly reviewed by a public entity’s chief operating decision maker
(the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete
financial information available. The Fund’s Principal Financial Officer, acting as the Fund’s CODM, has determined that the
Fund has operated as a single segment since inception. The CODM monitors the operating results of the Fund, as a whole, and the Fund’s
long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment
objectives and strategies that are executed by the Fund’s portfolio management team. The financial information, in the form of the
Fund’s holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations,
subscriptions and redemptions) are used by the CODM to assess the Fund’s performance versus the Fund’s benchmark and to make
resource allocation decisions for the Fund’s segment, which is consistent with that presented within the Fund’s financial
statements. Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets” and significant
segment expenses are listed on the Statement of Operations.

7. CREDIT AGREEMENT

On March 9, 2023, the Fund entered into a credit
agreement with BNP Paribas (“BNP Credit Agreement”). The BNP Credit Agreement permits the Fund to borrow funds that are collateralized
by assets held at BNP Paribas pursuant to the agreement. Under the terms of