Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 31

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 31
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 the BNP Credit Agreement, the Fund may borrow up to $15,000,000
bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities pledged as collateral. Any
unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of the facility until a utilization
of 80% or greater is met.

During the Fund’s utilization period during
the year ended June 30, 2025, the Fund’s average borrowings and interest rate under the BNP Credit Agreement were $2,700,000 and
5.33%, respectively. The maximum amount borrowed for the period was $2,700,000 and the Fund had borrowings outstanding for 86 days during
the period. There was no outstanding balance on the BNP Credit Agreement as of June 30, 2025.

RiverNorth Flexible Municipal Income Fund II, Inc.

8. TAX BASIS INFORMATION

Tax Basis of Distributions to Shareholders:
The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization
for federal income tax purposes. Also, due to the 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 tax character of the distributions paid by
the Fund during the fiscal years ended June 30, 2025 and June 30, 2024, was as follows:

|                   |     |   | For the Fiscal Year Ended June 30, 2025 |     |   | For the Fiscal Year Ended June 30, 2024 |
|:------------------|:----|:--|----------------------------------------:|:----|:--|----------------------------------------:|
| Ordinary Income   |     | $ |                               1,613,438 |     | $ |                                 796,392 |
| Tax-Exempt Income |     |   |                               8,380,390 |     |   |                               6,674,449 |
| Return of Capital |     |   |                              15,195,628 |     |   |                              17,820,893 |
| Total             |     | $ |                              25,189,456 |     | $ |                              25,291,734 |

Components of Distributable Earnings (accumulated deficit) on a Tax Basis: The tax components of distributable earnings