Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 38

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 38
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 and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect
to common shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in
connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or
local income tax that may be payable (or required to be withheld) on such Dividends, even though such participants have not received any
cash with which to pay the resulting tax. Participants that request a sale of common shares through the Plan Administrator are subject
to brokerage commissions.

The Fund reserves the right to amend or terminate
the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right
to amend the Plan to include a service charge payable by the participants. All correspondence or questions concerning the Plan should
be directed to the Plan Administrator at (844) 569-4750.

RiverNorth Flexible Municipal Income Fund II, Inc.

The following information in this annual report
is a summary of certain information about the Fund and changes since the Fund’s most recent annual report as of June 30, 2024 (the
“prior disclosure date”). This information may not reflect all of the changes that have occurred since you purchased the Fund.

Summary of Fund Expenses

The following table shows estimated Fund expenses
as a percentage of net assets attributable to Common Shares. The expenses shown in the table and related footnotes, along with the example,
are based on the Fund’s capital structure as of June 30, 2025. Actual expenses may be greater or less than those shown below.

| Shareholder Transaction Expenses                                                                                   |     | As a Percentage of Offering Price |   |    |
| Sales Load                                                                                                         |     |                                   | – | %* |
| Offering Expenses Borne by Common Shareholders of the Fund                                                         |     |                                   | – | %* |
| Dividend Reinvestment Plan Fees(1)                                                                                 |     |                                   | – | *  |
| Preferred Shares Offering Expenses Borne by the Fund (as a percentage of net assets attributable to Common Shares) |     |                                   | – | %* |

| Annual Expenses                     |     | As a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 41.40 % of the Fund’s Managed Assets) |      |   |
| Management fee