Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 32

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 32
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 (accumulated deficit) are determined in accordance with income
tax regulations which may differ from the composition of net assets reported under GAAP. Accordingly, for the year ended June 30, 2025,
certain differences were reclassified. The amounts reclassified did not affect net assets and were primarily related to the treatment
of tender option bonds and return of capital from underlying investments. The reclassifications were as follows:

| Paid-in capital | Total distributable earnings (accumulated deficit) |
| $(203,201)      |                                           $203,201 |

At June 30, 2025, the components of distributable
earnings (accumulated deficit) on a tax basis for the Fund was as follows:

| Accumulated Capital Loss |     | $ | (63,228,282 | ) |
| Unrealized Depreciation  |     | $ | (10,392,242 | ) |
| Total                    |     | $ | (73,620,524 | ) |

| 36 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

Capital Losses: As of June 30, 2025, the
Fund had capital loss carryforwards which may reduce the Fund’s taxable income arising from future net realized gains on investments,
if any, to the extent permitted by the IRC and thus may reduce the amount of the distributions to shareholders which would otherwise be
necessary to relieve the Fund of any liability for federal tax pursuant to the IRC. The capital loss carryforwards may be carried forward
indefinitely. Capital losses carried forward for the year ended June 30, 2025, were as follows:

| Non-Expiring Short- Term |            |     | Non-Expiring Long- Term |            |
|:-------------------------|-----------:|:----|:------------------------|-----------:|
| $                        | 13,418,685 |     | $                       | 49,809,597 |

The Fund used capital loss carryforwards during the year ended June
30, 2025 in the amount of $1,528,425.

Unrealized Appreciation and Depreciation on Investments: The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes, adjusted
for tender option bonds, including short-term securities at June 30, 2025, was as follows:

| Cost of investments for income tax purposes