Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 33

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 33
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                       |     | $ | 341,871,218 |   |
| Gross appreciation on investments (excess of value over tax cost) |     |   |  13,533,892 |   |
| Gross depreciation on investments (excess of tax cost over value) |     |   | (23,926,134 | ) |
| Net unrealized depreciation on investments                        |     | $ | (10,392,242 | ) |

The differences between book basis and tax basis
unrealized appreciation/(depreciation) were attributable primarily to the tax deferral of losses on wash sales and mark-to-market on futures
contracts.

9. INVESTMENT TRANSACTIONS

Investment transactions for the year ended June
30, 2025, excluding short-term investments, were as follows:

| Purchases |             |     | Sales |             |
|:----------|------------:|:----|:------|------------:|
| $         | 110,240,257 |     | $     | 125,112,028 |

10. CAPITAL SHARE TRANSACTIONS

The Fund’s authorized capital stock consists
of 50,000,000 shares of common stock, $0.0001 par value per share, all of which is classified as common shares. Under the rules of the
NYSE applicable to listed companies, the Fund is required to hold an annual meeting of stockholders in each year.

RiverNorth Flexible Municipal Income Fund II, Inc.

On February 25, 2021, 22,005,000 shares were issued
in connection with the Fund’s initial public offering.

On August 24, 2023, the Fund entered into a distribution
agreement with ALPS Distributors, Inc. (“ADI”), under which the Fund was permitted to offer and sell up to 4,000,000 of the
Fund’s common stock from time to time in an “at-the-market” offering. On May 20, 2025, the Fund entered into a new distribution
agreement with ADI, replacing the previous arrangement, pursuant to which the Fund may offer and sell up to 4,000,000 shares of the Fund’s
common stock from time to time through ADI.

The Fund had issued and outstanding 24,351,756 shares of common stock
at June 30, 2025.

Additional shares of the Fund may be issued under
certain circumstances, including pursuant to the Fund’s automatic dividend reinvestment plan (