Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 60

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 60
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 |              $15.81 | $15.23 | -7.78%                | -12.54% |
| March 31, 2025     |          $14.48 | $13.40 |              $15.47 | $14.78 | -6.40%                | -9.34%  |
| June 30, 2025      |          $13.50 | $12.22 |              $14.72 | $13.93 | -8.29%                | -12.28% |

| (1) | Based on high and low closing market price for the respective quarter. |

| (2) | Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as 
 of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time).                      |

| (3) | Calculated based on the information presented. |

The last reported sale price, NAV per share and
percentage discount to NAV per share of the Common Shares as of June 30, 2025 were $12.64, $13.99 and - 9.65%, respectively. As of that
same date, the Fund had 24,351,756 Common Shares outstanding and net assets of the Fund were $340,659,445.

In recognition of the possibility that Common
Shares might trade at a discount to NAV, the Board of Directors may consider one or more actions that might be taken to seek to reduce
or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market
or in private transactions, the making of a tender offer for such shares or the conversion of the Fund to an open-end investment company.
The Board of Directors may decide not to take any of these actions in the future. In addition, there can be no assurance any of these
actions, or others, if undertaken, will reduce market discount.

| 56 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

Senior Securities

This section has been added since the prior disclosure date.

The following table sets forth certain information
regarding the Fund’s senior securities as of the end of the Fund’s prior fiscal years since the Fund’s inception and
for the fiscal year ended June 30, 2025. Audited information regarding the Fund’s senior