Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 13

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 13
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 | $           | 479,529,403 |   |
| Total distributable loss                                                                                                                                  |     | $                              | (56,591,793 | ) |     | $           | (56,591,793 | ) |
| Net assets applicable to Common Shares                                                                                                                    |     | $                              | 373,087,005 |   |     | $           | 422,937,610 |   |

| * | As adjusted paid-in capital reflects a deduction for estimated offering                                                               
 expenses of $84,995 and commissions paid to the Distributor of $504,400 (representing an estimated commission paid to the Distributor 
 of 1.00% of the gross sales price per share).                                                                                         |

<div align='center'>SUMMARY OF FUND EXPENSES</div>

The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares would bear, directly or indirectly.
The table shows Fund expenses as a percentage of net assets attributable to Common Shares as of December 31, 2024. The following table
should not be considered a representation of the Fund’s future expenses. Actual expenses may be greater or less than those shown
below.

| Common Shareholder Transaction Expenses                    | As a Percentage   
 of Offering Price |
| Sales Load(1)                                              | 1.00%             |
| Offering Expenses Borne by Common Shareholders of the Fund | 0.17%             |
| Dividend Reinvestment Plan Fees(2)                         | None              |

| S-4 |

| Annual                    
 Expenses                  | As                                                                                                                           
 a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 39.65% of the Fund’s Managed 
 Assets)                                                                                                                      |
| Management                
 fee(3)                    | 2.29%                                                                                                                        |
| Leverage                  
 costs(4)(5)(6)            | 2.44%                                                                                                                        |
| Other                     
 expenses                  | 0.03%                                                                                                                        |
| Acquired                  
 fund fees and expenses(7) | 2.06%                                                                                                                        |
| Total                     
 annual expenses           | 6.82%                                                                                                                        |

Example (8)

The purpose of the following table is to help a holder
of Common Shares understand the fees and expenses that such holder would bear directly or indirectly. The following example illustrates
the expenses you would pay on a $1,000 investment in Common Shares in