Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 43

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 43
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 Strategy (as described below) and 35% to 75% of its
Managed Assets to the Municipal Bond Income Strategy (as described below).

Tactical Municipal CEF Strategy (25%-65% of Managed Assets). This strategy seeks to (i) generate returns through investments in other investment companies, consisting principally
of CEFs and exchange-traded funds (“ETFs” and together with such other investment companies, 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 CEFs 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. All Underlying
Funds will be registered under the Securities Act of 1933, as amended (the “Securities Act”).

Under normal market conditions, the Fund limits
its investments in CEFs that have been in operation for less than one year to no more than 10% of the Fund’s Managed Assets allocated
to the Tactical Municipal CEF Strategy. The Fund will not invest in inverse ETFs or leveraged ETFs. Under normal market conditions, the
Fund may not invest more than 35% of its Managed Assets in the Tactical Municipal CEF Strategy in single state municipal CEFs. The Fund’s
shareholders will indirectly bear the expenses, including the management fees, of the Underlying Funds.

Under Section 12(d)(1)(A) of the 1940 Act, the
Fund may hold securities of an Underlying Fund in amounts which (i) do not exceed 3% of the total outstanding voting stock of the Underlying
Fund, (ii) do not exceed 5% of the value of the Fund’s total assets and (iii) when added to all other Underlying Fund securities
held by the Fund, do not exceed 10% of the value of the Fund’s total assets. These limits may be exceeded when permitted under Rule
12d1-4 under the 1940 Act (“Rule 12d1-4”). The Fund intends to rely on either Section 12(d)(1)(F) of the 1940 Act, which provides
that the provisions of Section 12(d)(1)(A) shall not apply to securities purchased or otherwise acquired by the Fund