Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 79

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 79
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 discussed herein related to the offering of shares and preferred shares). Shareholders who do not exercise
their rights may, at the completion of such an offering, own a smaller proportional interest in the Fund than if they exercised their
rights. As a result of such an offering, a shareholder may experience dilution in NAV per share if the subscription price per share is
below the NAV per share on the expiration date. In addition to the economic dilution described above, if a shareholder does not exercise
all of their Rights, the shareholder will incur voting dilution as a result of the Rights offering. This voting dilution will occur because
the shareholder will own a smaller proportionate interest in the Fund after the rights offering than prior to the Rights offering.

RiverNorth Flexible Municipal Income Fund II, Inc.

There is a risk that changes in market conditions
may result in the underlying Common Shares or Preferred Shares purchasable upon exercise of Rights being less attractive to investors
at the conclusion of the subscription period. This may reduce or eliminate the value of the Rights. If investors exercise only a portion
of the rights, the number of shares issued may be reduced, and the shares may trade at less favorable prices than larger offerings for
similar securities. Rights issued by the Fund may be transferable or non-transferable rights.

Secondary Market for the Common Shares.The issuance of shares of the Fund through the Fund’s dividend reinvestment plan (the “Plan”) may have an adverse effect on the secondary market for the Fund’s shares. The increase in the number of outstanding shares resulting from the issuances pursuant to the Plan and the discount to the market price at which such shares may be issued, may put downward pressure on the market price for the Common Shares. When the shares are trading at a premium, the Fund may also issue shares that may be sold through private transactions effected on the NYSE or through broker-dealers. The increase in the number of outstanding shares resulting from these offerings may put downward pressure on the market price for such shares.

Portfolio Manager Information

There have been no changes in the Fund’s
portfolio managers or background since the prior disclosure date.

Fund Organizational Structure

Since the prior disclosure date, there have been
no changes in the Fund’s charter or bylaws that would delay or prevent a change of control of the Fund that have not been approved
by shareholders.

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RiverNorth Flexible Municipal Income Fund II, Inc.

The following table provides