Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 62

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 62
---
 non-material updates.

Investment-Related Risks:

With the exception of Underlying Fund risk (and
except as otherwise noted below), the following risks apply to the direct investments the Fund may make, and generally apply to the Fund’s
investments in Underlying Funds. That said, each risk described below may not apply to each Underlying Fund.

Investment and Market Risks.An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. The value of the Fund or the Underlying Funds, like other market investments, may move up or down, sometimes rapidly and unpredictably. Overall stock market risks may also affect the NAV of the Fund or the Underlying Funds. Factors such as economic growth and market conditions, interest rate levels and political events affect the securities markets. An investment in the Fund may at any point in time be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

Management Risks.The Adviser’s and the Subadviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s or the Subadviser’s judgment, as applicable, will produce the desired results.

Securities Risks.The value of the Fund or an Underlying Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio.

Municipal Bond Risks. The Fund’s
indirect and direct investments in Municipal Bonds include certain risks. Municipal Bonds may be affected significantly by the economic,
regulatory or political developments affecting the ability of Municipal Bond issuers to pay interest or repay principal. This risk may
be increased during periods of economic downturn or political turmoil. Many municipal securities may be called or redeemed prior to their
stated maturity. Issuers of municipal securities might seek protection under bankruptcy laws, causing holders of municipal securities
to experience delays in collecting principal and interest or prevent such holders from collecting all principal and interest to which
they are entitled. In addition, there may be less information available about Municipal Bond investments than comparable debt and equity
investments requiring a greater dependence on the Adviser’s and Sub-Adviser’s analytical abilities.

Certain types of Municipal Bonds may be subject
to specific risks. General obligation bonds are obligations involving the credit of an issuer possessing taxing power and are payable
from such issuer’s general revenues and not from any particular source,