Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 1

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 1
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 tax.

The Fund’s Managed Assets (as defined
in Note 2 below) are allocated between two principal strategies: Tactical Municipal Closed-End Fund (“CEF”) Strategy (managed
by RiverNorth Capital Management, LLC ("RiverNorth" or the 'Adviser')) and Municipal Bond Income Strategy (managed by MacKay
Shields LLC (“MacKay Shields”)). RiverNorth determines which portion of the Fund’s assets is allocated to each strategy
and may, from time to time, adjust the allocations. The Fund may allocate between 25% to 65% of its Managed Assets to the Tactical Municipal
CEF Strategy and 35% to 75% of its Managed Assets to the Municipal Bond Income Strategy.

The Tactical Municipal CEF Strategy typically
invests in municipal CEFs, exchange-traded funds and other investment companies seeking to derive value from the discount and premium
spreads associated with CEFs. The Municipal Bond Income Strategy primarily invests in municipal bonds.

HOW DID THE FUND PERFORM RELATIVE TO ITS BENCHMARK DURING THE PERIOD?

PERFORMANCE as of December 31, 2024

|                                                                | Cumulative |        | Annualized |                    |
| TOTAL RETURN(1)                                                | 6 Month    | 1 Year | 3 Year     | Since Inception(2) |
| RiverNorth Flexible Municipal Income Fund II, Inc. – NAV(3)    | 1.79%      | 6.95%  | -1.79%     | 0.07%              |
| RiverNorth Flexible Municipal Income Fund II, Inc. – Market(4) | -1.71%     | 10.11% | -5.47%     | -3.35%             |
| Bloomberg U.S. Municipal Bond Index (5)                        | 1.46%      | 1.05%  | -0.55%     | 0.15%              |

| (1) | Total returns assume reinvestment of all distributions. |

| (2) | The Fund commenced operations on February 24, 2021. |

| (3) | Performance returns are net of management fees and other Fund expenses. |

| (4) | Market price is the value at which the Fund trades on an exchange. This market price can be more or 
 less than its net asset value (“NAV”).                                                              |

| (5) | The Bloomberg U.S. Municipal Bond Index covers the US Dollar-denominated