Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 2

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 2
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 long-term                                                               
 tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded 
 bonds.                                                                                                                                           |

The total annual expense ratio as a percentage of net assets attributable to common shares as of December 31, 2024 is 2.32% (excluding interest on short term floating rate obligations). Including interest on short term floating rate obligations, the expense ratio is 4.76%.

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling 844.569.4750. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

| 2 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

The graph below illustrates the growth of a hypothetical
$10,000 investment assuming the purchase of common shares at the closing market price (NYSE: RFMZ) of $20.00 on February 24, 2021 (commencement
of operations) and tracking its progress through December 31, 2024.

Past performance does not guarantee future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

TOP TEN HOLDINGS* as of December 31, 2024

|                                                           | % of Net Assets |
| Nuveen Quality Municipal Income Fund                      | 5.86%           |
| Chicago O'Hare International Airport, Revenue Bonds       | 4.21%           |
| Chicago Park District, General Obligation Limited Bonds   | 4.18%           |
| State of Hawaii Airports System Revenue, Revenue Bonds    | 4.08%           |
| Pennsylvania Turnpike Commission, Revenue Bonds