Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 34

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 34
---
the “Plan”). Additional information
concerning the Plan is included within this report.

11. INDEMNIFICATIONS

Under the Fund’s organizational documents,
its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally,
in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses.
The Fund’s maximum exposure under those arrangements is unknown, as this would involve future claims that may be made against the
Fund that have not yet occurred.

12. SUBSEQUENT EVENTS

Subsequent to June 30, 2025, the Fund paid the following distributions:

| Ex-Date         | Record Date     | Payable Date    | Rate (per share) |
| July 15, 2025   | July 15, 2025   | July 31, 2025   |          $0.0858 |
| August 15, 2025 | August 15, 2025 | August 29, 2025 |          $0.0858 |

The Fund has performed an evaluation of subsequent
events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

| 38 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

RiverNorth Flexible Municipal Income Fund II, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of
assets and liabilities, including the schedule of investments, of RiverNorth Flexible Municipal Income Fund II, Inc. (the “Fund”)
as of June 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended, the financial highlights for the years ended June 30, 2025, 2024, 2023, 2022, and
for the period February 24, 2021 (commencement of operations) to June 30, 2021, and the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Fund as of June 30, 2025, the results of its operations and its cash flows for the