Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 48

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 48
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 in which the Fund may invest. Obligations are included within the term “Municipal Bonds” if the interest
paid thereon is excluded from gross income for U.S. federal income tax purposes in the opinion of bond counsel to the issuer.

Municipal Bonds are either general obligation
or revenue bonds and typically are issued to finance public projects, such as roads or public buildings, to pay general operating expenses
or to refinance outstanding debt. Municipal Bonds may also be issued for private activities, such as housing, medical and educational
facility construction or for privately owned industrial development and pollution control projects. General obligation bonds are backed
by the full faith and credit and taxing authority of the issuer and may be repaid from any revenue source. Revenue bonds may be repaid
only from the revenues of a specific facility or source. The Fund also may purchase Municipal Bonds that represent lease obligations.
These carry special risks because the issuer of the bonds may not be obligated to appropriate money annually to make payments under the
lease.

The Municipal Bonds in which the Fund primarily
invests pay interest or income that, in the opinion of bond counsel to the issuer, is exempt from regular U.S. federal income tax. The
Adviser and the Subadviser will not conduct their own analysis of the tax status of the interest paid by Municipal Bonds held by the
Fund, but will rely on the opinion of counsel to the issuer of each such instrument. The Fund may also invest in Municipal Bonds issued
by United States Territories (such as Puerto Rico or Guam) that are exempt from regular U.S. federal income tax. In addition, the Fund
may invest in other securities that pay interest or income that is, or make other distributions that are, exempt from regular U.S. federal
income tax and/or state and local taxes, regardless of the technical structure of the issuer of the instrument. The Fund treats all of
such tax-exempt securities as Municipal Bonds.

| 48 | (888) 848-7569 | www.rivernorth.com |

RiverNorth Flexible Municipal Income Fund II, Inc.

The yields on Municipal Bonds are dependent on
a variety of factors, including prevailing interest rates and the condition of the general money market and the municipal bond market,
the size of a particular offering, the maturity of the obligation and the rating of the issuer. The market value of Municipal Bonds will
vary with changes in interest rate levels and as a result of changing evaluations of the ability of bond issuers to meet interest