Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 27

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 27
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 a realized gain or loss equal to the difference between the value
of the contract at the time it was opened and the value at the time it was closed.

Derivative Instruments: The following tables
disclose the amounts related to the Fund’s use of derivative instruments.

| 32 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

The effect of derivatives instruments on the Fund’s Statement of Assets
and Liabilities as of June 30, 2025:

| Risk Exposure Statement                 |     | Asset Derivatives                   
 Statement of Assets and Liabilities 
 Location                            |     | Fair Value |            |   |
|:----------------------------------------|:----|:------------------------------------|:----|:-----------|:-----------|:--|
| Interest Rate Risk (Futures Contracts)* |     | Variation margin payable            |     | $          | (5,516,569 | ) |

| * | Fair Value represents the cumulative unrealized appreciation (depreciation) on open futures contracts                                   
 as reported in the Fund’s Schedule of Investments. Only the variation margin on open futures contracts is reported within the Statement 
 of Assets and Liabilities as variation margin payable.                                                                                  |

The effect of derivative instruments on the Statement of Operations
for the year ended June 30, 2025:

| Risk Exposure                          |     | Statement of Operations Location                                                                                 |     | Realized Gain/Loss on Derivatives |          |   |     | Change in Unrealized Appreciation/ Depreciation on Derivatives |         |   |
|:---------------------------------------|:----|:-----------------------------------------------------------------------------------------------------------------|:----|:----------------------------------|:---------|:--|:----|:---------------------------------------------------------------|:--------|:--|
| Interest rate risk (Futures contracts) |     | Net realized gain on futures contracts; Net change in unrealized appreciation/ depreciation on futures contracts |     | $                                 | (543,995 | ) |     | $                                                              | (90,049 | ) |

The futures contracts average notional amount
during the year ended June 30, 2025 is noted below.

| Fund                                               |     | Average Notional Amount of Futures Contracts |              |   |
|:---------------------------------------------------|:----|:---------------------------------------------|:-------------|:--|
| RiverNorth Flexible Municipal Income Fund II, Inc. |     | $                                            | (277,175,781 | ) |

5. ADVISORY