Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 26

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 26
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 timing of dividend distributions, the fiscal year in which amounts are distributed may
differ from the fiscal year in which the income or realized gains were recorded by the Fund.

The amounts and characteristics of tax basis distributions
and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end and are not available for the six months
ended December 31, 2024.

The tax character of the distributions paid by
the Fund during the fiscal year ended June 30, 2024, was as follows:

|                   |     | For the Year Ended 
 June 30, 2024      |            |
|:------------------|:----|:-------------------|-----------:|
| Ordinary Income   |     | $                  |    796,392 |
| Tax-Exempt Income |     |                    |  6,674,449 |
| Return of Capital |     |                    | 17,820,893 |
| Total             |     | $                  | 25,291,734 |

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 December 31, 2024, was as follows:

| Cost of investments for income tax purposes                       |     | $ | 603,714,222 |   |
| Gross appreciation on investments (excess of value over tax cost) |     |   |  17,790,047 |   |
| Gross depreciation on investments (excess of tax cost over value) |     |   |  (9,087,410 | ) |
| Net unrealized appreciation on investments                        |     | $ |   8,702,637 |   |

The differences between book basis and tax basis
unrealized appreciation/(depreciation) were attributable primarily to the tax deferral of losses on wash sales and mark-to-market on futures
contracts.

| 34 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

9. INVESTMENT TRANSACTIONS

Investment transactions for the period ended December
31, 2024, excluding short-term investments, were as follows:

| Purchases |            |     | Sales |            |
|:----------|-----------:|:----|:------|-----------:|
| $         | 25,532,167