Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 8

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 8
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us Supplement and the holders of such shares are called “Common
Shareholders.” As of the date of this Prospectus Supplement, the Fund had not issued any shares of preferred stock. An investment
in the Fund may not be appropriate for all investors. There can be no assurance that the Fund will achieve its investment objectives.

Adviser and Subadviser

RiverNorth Capital Management,
LLC (“RiverNorth” or the “Adviser”) serves as the Fund’s investment adviser, and the Fund’s subadviser
is MacKay Shields LLC (“MacKay” or the “Subadviser”). As of March 31, 2025, RiverNorth had approximately $5.0
billion in assets under management for registered open-end management investment companies, registered closed-end management investment
companies and private investment vehicles. The Adviser’s address is 360 S. Rosemary Ave, Suite 1420, West Palm Beach, FL 33401,
and its telephone number is (561) 484-7185. As of March 31, 2025, MacKay had managed approximately $152 billion in assets under
management. The Subadviser’s address is 1345 Avenue of the Americas, 43rd Floor, New York, New York 10105.

The Fund pays the Adviser a monthly
management fee computed at the annual rate of 1.40% of the average daily Managed Assets. The Adviser (and not the Fund) pays the Subadviser
a subadvisory fee payable on a monthly basis at the annual rate of 0.20% of the Fund’s average daily Managed Assets for the service
it provides. “Managed Assets” means the total assets of the Fund, including assets attributable to leverage, minus liabilities
(other than debt representing leverage and any preferred stock that may be outstanding).

Because the fees received by the
Adviser and the Subadviser are based on the Managed Assets of the Fund, the Adviser and the Subadviser have a financial incentive for
the Fund to use leverage, which may create a conflict of interest between the Adviser and the Subadviser, on the one hand, and Common
Shareholders, on the other. Because leverage costs are borne by the Fund at a specified interest rate, the Fund’s investment management
fees and other expenses, including expenses incurred as a result of any leverage, are paid only by Common Shareholders and not by holders
of