Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 10

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 10
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a) | All or a portion of the security is pledged as collateral for                                                                    
 the loan payable. As of June 30, 2025, the aggregate value of those securities was $27,534,329 representing 8.08% of net assets. |

| (c) | All or portion of the principal amount transferred to a Tender     
 Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash. |

| (d) | Security exempt from registration under Rule 144A of the Securities                                                                       
 Act of 1933, as amended. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration. 
 The total value of Rule 144A securities amounts to $2,510,018, which represents 0.74% of net assets as of June 30, 2025.                  |

| (e) | Issued with a zero coupon. Income is recognized through the accretion 
 of discount.                                                          |

| (f) | Face value of Floating Rate Notes issued in TOB transactions. |

See Notes to Financial Statements.

| 14 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

Futures Contracts Sold:

| Description         
 10-Yr U.S. Treasury |     | Contracts 
   (Short) |     | Expiration     
 Date           |     | Notional 
 Value    |             |     | Value and Unrealized        
 Appreciation/(Depreciation) |            |   |
|:--------------------|:----|----------:|:----|:---------------|:----|:---------|------------:|:----|:----------------------------|:-----------|:--|
| Note Futures        |     |    -1,775 |     | September 2025 |     | $        | 199,021,875 |     | $                           | (3,219,892 | ) |
| US Long Bond Future |     |      -675 |     | September 2025 |     |          |  77,941,406 |     |                             | (2,296,677 | ) |
|                     |     |           |     |                |     | $        | 276,963,281 |     | $                           | (5,516,569 | ) |

See Notes to Financial Statements.

RiverNorth Flexible Municipal Income Fund II, Inc.

| ASSETS:                                                                                              
 Investments in securities:                                                                           |