Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 73

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 73
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 or failure of one or more banks
with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts. In such cases, the Fund may be forced
to delay or forgo investments, resulting in lower Fund performance. In the event of such a failure of a banking institution where the
Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”)
protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such
excess, uninsured amounts.

Recently, the United States has enacted or proposed
to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy,
which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty
about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments,
or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted
nations and the U.S.; global financial markets’ stability; and global economic conditions. These events could, in turn, adversely
affect the Fund’s performance.

Advancements in technology may also adversely
impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development
and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As
artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly
impact the overall performance of the Fund.

RiverNorth Flexible Municipal Income Fund II, Inc.

Additionally, climate change poses long-term threats
to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other
things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years
have demonstrated vulnerabilities in a State’s or municipality’s infrastructure to extreme weather events. Climate change risks, if they
materialize, can adversely impact a State’s or municipality’s financial plan in current or future years. In addition, economists and others
have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea
levels, an increase in powerful windstorms and/or a climate