Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 3

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 3
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Credit ratings are measured on a scale that
generally ranges from AAA (highest) to D (lowest). All fund securities except for those labeled “Not Rated” and “Other”
have been rated by Moody’s, S&P or Fitch, which are each a Nationally Recognized Statistical Rating Organization (“NRSRO”).

U.S. Treasury bond futures are standardized
contracts for the purchase and sale of U.S. government notes or bonds for future delivery. Bond futures are financial derivatives that
obligate the contract holder to purchase or sell a bond on a specified date at a predetermined price. The bond futures contract is used
for hedging, speculating, or arbitrage purposes. Hedging is a form of investing in products that provide protection to holdings.

RiverNorth Flexible Municipal Income Fund II, Inc.

WHAT IS THE FUND’S INVESTMENT STRATEGY?

The RiverNorth Flexible Municipal Income Fund II,
Inc. (the "Fund") seeks to provide current income exempt from regular U.S. federal income taxes (but which may be includable
in taxable income for purposes of the Federal alternative minimum tax) with a secondary objective of total return.

The Fund’s Managed Assets
(as defined in Note 2 below) are allocated among two principal strategies: Tactical Municipal Closed-End Fund (“CEF”) Strategy
managed by RiverNorth Capital Management, LLC ("RiverNorth") and Municipal Bond Income Strategy managed by MacKay Shields LLC
("MacKay Shields"). RiverNorth determines which portion of the Fund’s assets is allocated to each strategy and may, from
time to time, adjust the allocations. The Fund may allocate between 25% to 65% of its Managed Assets to the Tactical Municipal CEF Strategy
and 35% to 75% of its Managed Assets to the Municipal Bond Income Strategy.

The Tactical Municipal CEF Strategy typically invests
in municipal CEFs and exchange-traded funds (“ETFs”) seeking to derive value from the discount and premium spreads associated
with CEFs. The Municipal Bond Income Strategy primarily invests in municipal bonds.

HOW DID THE FUND PERFORM RELATIVE TO ITS BENCHMARK DURING THE PERIOD?

PERFORMANCE as of June 30, 2025

|                                                                | Annualized |        |              |
| TOTAL RETURN(1)                                                | 1 Year     | 3 Year | Since        
 Inception(2) |
| RiverNorth Flexible Municipal Income Fund II, Inc. – NAV(3)    | -3.40%     |