Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 27

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 27
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 |     | $     | 37,534,337 |

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.

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

The Fund had issued and outstanding 24,351,756 shares of common stock
at December 31, 2024.

Additional shares of the Fund may be issued under
certain circumstances, including pursuant to the Fund's automatic dividend reinvestment plan. Additional information concerning the automatic
dividend reinvestment plan is included within this report.

11. INDEMNIFICATIONS

Under the Fund’s organizational documents,
its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally,
in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses.
The Fund’s maximum exposure under those arrangements is unknown, as this would involve future claims that may be made against the
Fund that have not yet occurred.

12. SUBSEQUENT EVENTS

Subsequent to December 31, 2024, the Fund paid the following distributions:

| Ex-Date           |     | Record Date       |     | Payable Date      |     | Rate (per share) |        |
|:------------------|:----|:------------------|:----|:------------------|:----|:-----------------|-------:|
| January 15, 2025  |     | January 15, 2025  |     | January 31, 2025  |     | $                | 0.0858 |
| February 15, 2025 |     | February 15, 2025 |     | February 28, 2025 |     | $                | 0.0858 |

The Fund has performed an evaluation of subsequent
events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

RiverNorth Flexible Municipal Income Fund II, Inc.

The Fund has an automatic dividend reinvestment
plan (the "Plan") commonly referred to as an “opt-out” plan. Unless the