Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 7

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 7
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 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 June 30, 2025.

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 June 30, 2025

|                                                           | % of Net Assets |
| Nuveen Quality Municipal Income Fund                      | 5.77%           |
| Chicago O’Hare International Airport, Revenue Bonds       | 4.48%           |
| Chicago Park District, General Obligation Limited Bonds   | 4.47%           |
| State of Hawaii Airports System Revenue, Revenue Bonds    | 4.37%           |
| State of Illinois, General Obligation Unlimited Bonds     | 4.18%           |
| Pennsylvania Turnpike Commission, Revenue Bonds           | 4.11%           |
| City of Los Angeles Department of Airports, Revenue Bonds | 4.11%           |
| BlackRock MuniYield Fund, Inc.                            | 4.05%           |
| City of New York NY, General Obligation Unlimited Bonds   | 3.74%           |
| BlackRock Municipal 2030 Target Term Trust                | 3.34%           |
|                                                           | 42.62%          |

| * | Holdings are subject to change and exclude short-term investments. |

RiverNorth Flexible Municipal Income Fund II, Inc.

ASSET ALLOCATIONas of June 30, 2025^

| ^ | Holdings are subject to change. |

Percentages are based on total investments of the Fund and do not include derivatives.

| 8 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

| Shares/Description        
 CLOSED-END FUNDS (60.84%) 
 United States – (60.84)%