Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 11

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 11
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istributed income in addition to net investment income earned in other periods in order to permit the Fund to maintain a more stable
level of distributions. As a result, the dividend paid by the Fund to Common Shareholders for any particular period may be more or less
than the amount of net investment income earned by the Fund during such period. The Fund’s ability to maintain a stable level of
distributions to Common Shareholders will depend on a number of factors, including the stability of income received from its investments.
The amount of monthly distributions could vary depending on a number of factors, including the costs of any leverage. As portfolio and
market conditions change, the amount of dividends on the Fund’s common shares could change. For federal income tax purposes, the
Fund is required to distribute substantially all of its net investment income each year to both reduce its federal income tax liability
and to avoid a potential federal excise tax. The Fund intends to distribute all realized net capital gains, if any, at least annually.
Please see “Dividends and Distributions” and “U.S. Federal Income Tax Matters” in the accompanying Prospectus
for additional information.

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<div align='center'>CAPITALIZATION</div>

Pursuant to the Distribution Agreement
with the Distributor, the Fund may offer and sell up to 4,000,000 of the Fund’s Common Shares from time to time through the Distributor
for the offer and sale of the Common Shares under this Prospectus Supplement and the accompanying Prospectus. There is no guarantee that
there will be any sales of the Fund’s Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. The
table below shows the Fund’s historical capitalization as of December 31, 2024 and the estimated capitalization of the Fund assuming
the sale of all 4,000,000 Common Shares that are subject to the Distribution Agreement on a pro forma, as adjusted basis as of April 28,
2025. Actual sales, if any, of the Fund’s Common Shares, and the actual application of the proceeds thereof, under this Prospectus
Supplement and the accompanying Prospectus may be different than as set forth in the table below. In addition, the price per share of
any such sale may be greater or less than $12.61 depending on the market price of the Fund’s Common Shares at the time of any such
sale. The Fund and the Distributor will determine whether any sales of Common Shares will be authorized on