Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 5

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 5
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 Excess Of Liabilities (1.82%) |     |       |    6,784,993 |   |
| NET ASSETS (100.00%)                          |     | $     |  373,087,005 |   |

| (a) | All or a portion of the security is pledged as collateral for the loan payable.                                       
 As of September 30, 2024, the aggregate value of those securities was $144,848,845 representing 38.82% of net assets. |

| (b) | Non-income producing security. |

| (c) | All or portion of the principal amount transferred to a Tender Option Bond ("TOB") Issuer 
 in exchange for TOB Residuals and cash.                                                   |

| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may                                         
 normally be sold to qualified institutional buyers in transactions exempt from registration. The total value of Rule 144A securities amounts 
 to $2,627,906, which represents 0.70% of net assets as of December 31, 2024.                                                                 |

| (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |

| (f) | Face value of Floating Rate Notes issued in TOB transactions. |

Futures Contracts Sold:

| Description                      |     | Contracts 
   (Short) |     | Expiration 
 Date       |     | Notional 
 Value    |             |     | Value and Unrealized        
 Appreciation/(Depreciation) |           |
|:---------------------------------|:----|----------:|:----|:-----------|:----|:---------|------------:|:----|:----------------------------|----------:|
| U.S. T-Bond Futures              |     |      -675 |     | March 2025 |     | $        |  76,844,531 |     | $                           | 1,896,885 |
| 10-Yr U.S. Treasury Note Futures |     |    -1,775 |     | March 2025 |     |          | 193,031,250 |     |                             | 1,842,962 |
|                                  |     |           |     |            |     | $        | 269,875,781 |     | $                           | 3,739,847 |

See Notes to Financial Statements.

| 10 | (