Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 10

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 10
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 respect to sales of Common Shares at a commission
rate of 1.00% of the gross proceeds of the sale of Common Shares. Out of this commission, the Distributor will compensate the Sub-Placement
Agent at a rate of up to 0.80% of the gross sales proceeds of the sale of the Common Shares sold by the Sub-Placement Agent.

Use of Proceeds

Unless otherwise specified in
this Prospectus Supplement, the Adviser anticipates that investment of the proceeds will be made in accordance with the Fund’s investment
objectives and policies, or for other general corporate purposes. It is currently anticipated that the Fund will be able to invest substantially
all of the net proceeds of an offering of Common Shares in accordance with its investment objectives and policies within three months
after the completion of such offering. Pending such investment, the proceeds will be invested in cash, cash equivalents, short-term debt
securities or U.S. government securities. A delay in the anticipated use of proceeds could lower returns and reduce the Fund’s distribution
to Common Shareholders.

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

The Fund has implemented a level
distribution policy (the “Level Distribution Policy”). Under the Level Distribution Policy, the Fund intends to make monthly
distributions to Common Shareholders at a constant and fixed (but not guaranteed) rate (which is annually reset) equal to 6.75% of the
average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. The rate disclosed
is as of the date of this Prospectus Supplement.

Under the Level Distribution Policy,
to the extent that sufficient investment income is not available on a monthly basis, the Fund’s distributions could consist of return
of capital in order to maintain the distribution rate. The amount treated as a return of capital will reduce a Common Shareholder's adjusted
basis in the Common Shareholder's shares, thereby increasing the potential gain or reducing the potential loss on the sale of shares.
Investors should not make any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions
or from the terms of the Fund’s Level Distribution Policy. Dividends and distributions may be payable in cash or common shares,
with Common Shareholders having the option to receive additional Common Shares in lieu of cash. The Fund may at times, in its discretion,
pay out less than the entire amount of net investment income earned in any particular period and may at times pay out such accumulated
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