Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 6

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 6
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    |
|                   |   (0.30 | )    |
|                   |    0.77 |      |
| $                 |   20.77 |      |
| $                 |   20.41 |      |
|                   |    5.39 | %(c) |
|                   |    3.57 | %(c) |
| $                 | 505,714 |      |
|                   |    2.00 | %(f) |
|                   |    0.68 | %(f) |
|                   |    1.81 | %(f) |
|                   |    0.87 | %(f) |
|                   |      67 | %(c) |

See Notes to Financial Statements.

RiverNorth Flexible Municipal Income Fund II, Inc.

| Financial Highlights | For a share outstanding throughout the period presented |

| (a) | Calculated using average shares throughout the period. |

| (b) | Total investment return is calculated assuming a purchase of common shares at the                                                       
 opening on the first day and a sale at closing on the last day of each period reported. For purposes of this calculation, dividends and 
 distributions, if any, are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment    
 returns do not reflect brokerage commissions, if any. Total return on Market Price does not reflect any sales load paid by investors.   
 Periods less than one year are not annualized.                                                                                          |

| (c) | Not annualized. |

| (d) | Interest expense relates to interest expense on loan payable and the cost of tender 
 option bond transactions (See Note 2).                                              |

| (e) | The ratios exclude the impact of income and expenses of the underlying funds in 
 which the Fund invests as represented in the Schedule of Investments.           |

| (f) | Annualized. |

See Notes to Financial Statements.

| 20 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

1. ORGANIZATION

RiverNorth Flexible Municipal Income Fund II,
Inc. (the “Fund”) was organized as a Maryland corporation on June 10, 2020 pursuant to its Articles of Incorporation, which
were amended and restated on January 13, 2021 (“Articles of Incorporation”). The Fund commenced operations on February 24,
2021 and had no operations until that date other