Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 2

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 2
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Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing, directly
or indirectly, at least 80% of its Managed Assets (as 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.

The Fund
seeks to allocate its assets between the two principal investment strategies described below:

Tactical Municipal Closed-End Fund Strategy (25% - 65% of Managed Assets): This strategy seeks to (i) generate returns through investments
in other investment companies, consisting principally of closed-end funds and exchange-traded funds (collectively, the “Underlying
Funds”), that invest, under normal market conditions, at least 80% of their net assets, plus the amount of any borrowings for investment
purposes, in Municipal Bonds, and (ii) derive value from the discount and premium spreads associated with closed-end funds that invest,
under normal market conditions, at least 80% of their net assets, plus the amount of any borrowings for investment purposes, in Municipal
Bonds. The term “tactical” is used to indicate that this strategy seeks to take advantage of pricing discrepancies in the
closed-end fund market (e.g., the difference between a closed-end fund’s market value and its NAV).

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 this 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, except that the foregoing industry and issuer