Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 39

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 39
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(2)                   |     |                                                                                                                                          | 2.32 | % |
| Leverage costs(3)(4)(5)             |     |                                                                                                                                          | 2.39 | % |
| Dividends on Preferred Shares(6)    |     |                                                                                                                                          |    – | % |
| Other expenses                      |     |                                                                                                                                          | 0.03 | % |
| Acquired fund fees and expenses (7) |     |                                                                                                                                          | 2.32 | % |
| Total annual expenses               |     |                                                                                                                                          | 7.06 | % |

The purpose of the table above and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses shown in the table under “Other Expenses” and “Total annual expenses” assume that the Fund has not issued any additional Common Shares.

| 42 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

Example (8)

The example illustrates the expenses you would
pay on a $1,000 investment in Common Shares, assuming (1) “Total annual expenses” of 7.06% of net assets attributable to Common
Shares, and (2) a 5% annual return.

|                         | 1 year | 3 years | 5 years | 10 years |
| Total Expenses Incurred |    $70 |    $205 |    $335 |     $637 |

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed.

| * | The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred               
 Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering. |

| (1) | There will be no brokerage charges with respect to Common Shares issued directly by the Fund under                                      
 the dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or if you direct the plan agent 
 to sell your Common Shares held in a dividend reinvestment account.                                                                     |

| (2) | The management fee paid by the Fund to RiverNorth Capital Management, LLC (“RiverNorth”                                                     
 or the “Adviser”) is essentially an all-in fee structure (the “unified management fee”), including the fee paid                             
 to the Adviser for advisory, supervisory, administrative, shareholder servicing