Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 21

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 21
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 active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund
will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens,
the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that
the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted
or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, as the Fund’s valuation
designee, in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3
securities.

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RiverNorth Flexible Municipal Income Fund II, Inc.

Investments in mutual funds, including short-term
investments, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be classified as
Level 1 securities.

Fixed income securities, including municipal bonds,
are normally valued at the mean between the closing bid and asked prices provided by independent pricing services. Prices obtained from
independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data
relating to investments or securities with similar characteristics. These securities will be classified as Level 2 securities.

Futures contracts are normally valued at the settlement
price or official closing price provided by independent pricing services. These securities will be classified as Level 1 securities.

Pursuant to the requirements of Rule 2a-5 under
the 1940 Act, the Board approved updated valuation procedures for the Fund and designated the Adviser as the Fund’s valuation designee
to make all fair valuation determinations with respect to the Fund’s portfolio investments, subject to the Board’s oversight.

In accordance with the Fund’s good faith
pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined
other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because
fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities
being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current
sale. Methods