Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 22

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 22
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:---------------------------------------------|:----|:-----------|----------:|
| Interest Rate Risk (Futures Contracts)* |     | Variation Margin Receivable                  |     | $          | 3,739,847 |

The effect of derivative instruments on the Statement
of Operations for the period ended December 31, 2024:

| Risk Exposure                          |     | Statement of Operations Location                                                                                 |     | Realized Gain/Loss on Derivatives |            |   |     | Change in Unrealized Appreciation/ Depreciation on Derivatives |           |
|:---------------------------------------|:----|:-----------------------------------------------------------------------------------------------------------------|:----|:----------------------------------|:-----------|:--|:----|:---------------------------------------------------------------|----------:|
| Interest rate risk (Futures contracts) |     | Net realized gain on futures contracts; Net change in unrealized appreciation/ depreciation on futures contracts |     | $                                 | (2,429,543 | ) |     | $                                                              | 9,166,368 |

The futures contracts average notional amount
during the period ended December 31, 2024 is noted below.

| Fund                                               |     | Average Notional Amount of 
 Futures Contracts          |             |
|:---------------------------------------------------|:----|:---------------------------|------------:|
| RiverNorth Flexible Municipal Income Fund II, Inc. |     | $                          | 279,160,026 |

5. ADVISORY FEES, DIRECTOR FEES AND OTHER AGREEMENTS

RiverNorth serves as the Fund’s investment
adviser pursuant to an Investment Advisory Agreement with the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement,
the Fund pays RiverNorth an annual management fee of 1.40% of the Fund’s average daily Managed Assets, calculated as the total assets
of the Fund, including assets attributable to leverage, less liabilities other than debt representing leverage and any preferred stock
that may be outstanding, for the services and facilities it provides to the Fund (the “Unified Management Fee”). Out of the
Unified Management Fee, the Adviser pays substantially all expenses of the Fund, including the compensation of the Sub-Adviser, the cost
of transfer agency, custody, fund administration, legal, audit, independent directors and other services, except for costs, including
interest expenses, of borrowing money or engaging in other types of leverage financing including, without limit, through the use by the
Fund of tender option bond transactions or preferred shares or expenses, brokerage expenses