Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 66

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 66
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. The Municipal Market Data Rate Locks disclosure has been added risk the prior disclosure date.

Interest Rate Risk. The Fund’s share
price and total return will vary in response to changes in interest rates. If rates increase, the value of the Fund’s investments
generally will decline, as will the value of a shareholder’s investment in the Fund. Securities with longer maturities tend to produce
higher yields, but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. A rise in interest
rates may negatively impact the Fund’s future income relating to leverage, as the Fund will be required to earn more income on its
investments to recoup any increased costs of leverage.

| 60 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

Interest rates in the United States and many other
countries have risen in recent periods and may rise in the future. Because longer-term inflationary pressure may result from the U.S.
government’s fiscal policies, the Fund may experience rising interest rates, rather than falling rates, over its investment horizon.
To the extent the Fund borrows money to finance its investments, the Fund’s performance will depend, in part, upon the difference
between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund’s
cost of funds could increase. Adverse developments resulting from changes in interest rates could have a material adverse effect on the
Fund’s financial condition and results.

In addition, a decline in the prices of the debt
the Fund owns could adversely affect the Fund’s NAV. Changes in market interest rates could also affect the ability of operating
companies in which the Fund invests to service debt, which could materially impact the Fund.

SOFR Risk.The Secured Overnight Financing Rate (“SOFR”) is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York (“FRBNY”). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors