Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 15

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 15
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 outstanding during the period as described in footnote (6). With leverage, Managed Assets are greater in amount than net assets, because  
 Managed Assets include assets attributable to the Fund’s use of leverage created by its borrowings and tender option bond transactions.   
 In addition, the mark-to-market value of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management   
 fee of 1.40% of the Fund’s Managed Assets represents 2.29% of net assets attributable to Common Shares assuming the use of leverage       
 in an amount of 39.65% of the Fund’s Managed Assets.                                                                                      |

| S-5 |

| (4) | The actual amount of interest expense borne by the Fund will vary                                             
 over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. |

| (5) | The “Leverage Costs” include the expenses associated                                                                         
 with the Fund’s tender option bond transactions, including remarketing, administration and trustee services to a TOB Issuer. |

| (6) | Interest and fees on leverage                                                                                                             
 in the table reflect the cost to the Fund of borrowings and TOB transactions, expressed as a percentage of the Fund’s net assets          
 as of December 31, 2024, based on interest rates in effect as of December 31, 2024. The table assumes the use of leverage from borrowings 
 and the proceeds of TOB transactions representing, in the aggregate, 39.65% of Managed Assets at a weighted average annual expense to     
 the Fund of 3.85%.                                                                                                                        |

| (7) | The “Acquired fund fees                                                                                                                 
 and expenses” disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which          
 the Fund has invested, which may change substantially over time and, therefore, significantly affect “Acquired fund fees and expenses.” 
 These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent shareholder report. “Acquired        
 fund fees and expenses” are not charged directly to the Fund, but rather reflect the estimated pro rata portion of the Underlying       
 Funds’ fees attributable to the Fund’s investments in shares of the Underlying Funds. The 2.06% shown as “Acquired                      
 fund fees and expenses” reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying  
 Funds in which the Fund intends to invest