Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 44

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 44
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 if (i) immediately
after such purchase or acquisition not more than 3% of the total outstanding stock of such Underlying Fund is owned by the Fund and all
affiliated persons of the Fund, and (ii) certain requirements are met with respect to sales charges, or Rule 12d1-4.

RiverNorth Flexible Municipal Income Fund II, Inc.

The Fund may invest in Underlying Funds that invest
in securities that are rated below investment grade, including those receiving the lowest ratings from S&P Global Ratings (“S&P”),
Fitch Ratings, a part of the Fitch Group (“Fitch”), or Moody’s Investor Services, Inc. (“Moody’s”),
or comparably rated by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined
by the Adviser or the Subadviser to be of comparable credit quality, which indicates that the security is in default or has little prospect
for full recovery of principal or interest. Below investment grade securities (such as securities rated below BBB- by S&P or Fitch
or below Baa3 by Moody’s) are commonly referred to as “junk” and “high yield” securities. Below investment
grade securities are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. The Underlying
Funds in which the Fund invests may invest in securities receiving the lowest ratings from the NRSROs, including securities rated C by
Moody’s or D- by S&P. Lower rated below investment grade securities are considered more vulnerable to nonpayment than other
below investment grade securities and their issuers are more dependent on favorable business, financial and economic conditions to meet
their financial commitments. The lowest rated below investment grade securities are typically already in default.

The Underlying Funds in which the Fund invests
will not include those that are advised or subadvised by the Adviser, the Subadviser or their affiliates.

Municipal Bond Income Strategy (35%-75% of Managed Assets). This strategy seeks to capitalize on inefficiencies in the tax-exempt and tax-advantaged securities markets through
investments in Municipal Bonds. The Fund may not directly invest more than 25% of the Managed Assets allocated to the Municipal Bond Income
Strategy in Municipal Bonds in any one industry or in any one state of origin, and the Fund may not directly invest more than 5% of the
Managed Assets allocated to this strategy in the Municipal Bonds of any one issuer