Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 40

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 40
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 and other services. However, the Fund (and not the Adviser) 
 will be responsible for certain additional fees and expenses, which are reflected in the table above, that are not covered by the unified   
 management fee. The unified management fee also includes fees payable by the Adviser to MacKay Shields LLC (the “Subadviser”)               
 for advisory services. The unified management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed         
 to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable      
 to the Fund’s use of leverage created by its tender option bond transactions. In addition, the mark-to-market value of the Fund’s           
 derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.40% of the Fund’s Managed Assets represents    
 2.32% of net assets attributable to Common Shares assuming the use of leverage in an amount of 41.40% of the Fund’s Managed Assets.         
 The Fund’s average Managed Assets for the fiscal year ended June 30, 2025 (which includes the use of leverage discussed in footnote (5))    
 were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate the      
 management fee as a percentage of the Fund’s net assets attributable to Common Shares.                                                      |

| (3) | The actual amount of interest expense borne by the Fund will vary over time in accordance with the  
 level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.” |

| (4) | The “Leverage Costs” include the expenses associated with the Fund’s tender option                     
 bond (“TOB”) transactions, including remarketing, administration and trustee services to a TOB issuer. |

| (5) | Interest and fees on leverage in the table reflect the cost to the Fund of and TOB transactions, expressed                             
 as a percentage of the Fund’s net assets as of June 30, 2025. The table assumes the use of leverage from and the proceeds of TOB       
 transactions representing, in the aggregate, 41.40% of Managed Assets, which reflects approximately the percentage of the Fund’s total 
 average Managed Assets attributable to such leverage averaged over the year ended June 30, 2025, at a weighted average annual expense  
 to the Fund of 3.61%.                                                                                                                  |

RiverNorth Flexible Municipal Income Fund II