Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 42

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 42
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 directly or indirectly.

Investment Objectives

There have been no changes in the Fund’s
investment objectives since the prior disclosure date that have not been approved by shareholders.

The Fund’s primary investment objective
is 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). The Fund’s secondary investment objective is total return.

Principal Investment Strategies and Policies

There have been no changes in the Fund’s
Principal Investment Strategies and Policies since the prior disclosure date.

Under normal market conditions, the Fund seeks
to achieve its investment objectives by investing, directly or indirectly, at least 80% of its Managed Assets (defined below) in municipal
bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for regular U.S.
federal income tax purposes, except that the interest may be includable in taxable income for purposes of the Federal alternative minimum
tax (“Municipal Bonds”). In order to qualify to pay exempt-interest dividends, which are items of interest excludable from
gross income for federal income tax purposes, the Fund seeks to invest at least 50% of its Managed Assets either directly (and indirectly
through tender option bond transactions) in such Municipal Bonds or in other funds that are taxed as regulated investment companies.

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RiverNorth Flexible Municipal Income Fund II, Inc.

Municipal Bonds are debt obligations, which may
have a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions
of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities. Such territories of
the United States include Puerto Rico. Municipal Bonds include, among other instruments, general obligation bonds, revenue bonds, municipal
leases, certificates of participation, private activity bonds, moral obligation bonds, and tobacco settlement bonds, as well as short-term,
tax-exempt obligations such as municipal notes and variable rate demand obligations.

The Fund seeks to allocate its assets between
the two principal strategies described below. The Adviser determines the portion of the Fund’s Managed Assets to allocate to each
strategy and may, from time to time, adjust the allocations. Under normal market conditions, the Fund may allocate between 25% and 65%
of its Managed Assets to the Tactical Municipal Closed-End Fund (“CEF”)