Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 61

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 61
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 securities is included in the Financial
Highlights included herein. The Fund’s senior securities during this time period are comprised of outstanding indebtedness, which
constitutes a “senior security” as defined in the 1940 Act.

Senior Securities Representing Indebtedness

| Period/Fiscal Year Ended 
 June 30, 2025            
 June 30, 2024            | Principal Amount Outstanding1 
 $--                           
 $--                           | Asset Coverage Per $1,0002 
 $--                        
 $--                        |
|:-------------------------|:------------------------------|:---------------------------|
| June 30, 2023            | $--                           | $--                        |
| June 30, 2022            | $--                           | $--                        |
| June 30, 20213           | $--                           | $--                        |

| (1) | Principal amount outstanding represents the principal amount owed by the Fund to lenders under credit 
 facility arrangements in place at the time.                                                           |

| (2) | The asset coverage ratio is calculated by subtracting the Fund’s total liabilities and indebtedness                          
 not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s 
 senior securities representing indebtedness then outstanding, and then multiplying by $1,000.                                |

| (3) | For the period February 24, 2021, commencement of operations, to June 30, 2021. |

Risk Factors

Investing in the Fund involves certain risks relating
to its structure and investment objective. You should carefully consider these risk factors, together with all of the other information
included in this report, before deciding whether to make an investment in the Fund. An investment in the Fund may not be appropriate for
all investors, and an investment in the Common Shares of the Fund should not be considered a complete investment program.

The risks set forth below are not the only risks
of the Fund, and the Fund may face other risks that have not yet been identified, which are not currently deemed material or which are
not yet predictable. If any of the following risks occur, the Fund’s financial condition and results of operations could be materially
adversely affected. In such case, the Fund’s NAV and the trading price of its securities could decline, and you may lose all or
part of your investment.

RiverNorth Flexible Municipal Income Fund II, Inc.

Certain risk factors included below have been
updated since the prior disclosure date to reflect certain