Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 58

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 58
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 3.61% of the principal amount outstanding)
the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover its leverage costs would be 1.49%.

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RiverNorth Flexible Municipal Income Fund II, Inc.

| Assumed Portfolio Return  | -10.00% | -5.00%  | 0.00%  | 5.00% | 10.00% |
| Common Share Total Return | -19.62% | -11.08% | -2.55% | 5.98% | 14.51% |

Total return is composed of two elements—the
dividends on Common Shares paid by the Fund (the amount of which is largely determined by the Fund’s net investment income after
paying the cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As the table shows,
leverage generally increases the return to Common Shareholders when portfolio return is positive or greater than the costs of leverage
and decreases return when the portfolio return is negative or less than the costs of leverage.

During the time in which the Fund is using leverage,
the amount of the fees paid to the Adviser (and from the Adviser to the Subadviser) for investment management services (and subadvisory
services) is higher than if the Fund did not use leverage because the fees paid are calculated based on the Fund’s Managed Assets.
This may create a conflict of interest between the Adviser and the Subadviser, on the one hand, and the Common Shareholders, on the other.
Also, because the leverage costs will be borne by the Fund at a specified interest rate, only the Fund’s Common Shareholders will
bear the cost of the Fund’s management fees and other expenses. There can be no assurance that a leveraging strategy will be successful
during any period in which it is employed.

Market and NAV Information

This section has been added since the prior disclosure date.

The Fund’s Common Shares are listed on the
NYSE under the symbol “RFMZ.” The Fund’s common shares commenced trading on the NYSE on February 26, 2021.

The Fund’s Common Shares have traded both
at a premium and at a discount in relation to NAV. Shares of closed-end investment companies frequently trade at a discount from NAV.
The Fund’s issuance of the