Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 20

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 20
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 that market
participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular
valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation
technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would
use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable
inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing
the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value
of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

| Level 1 – | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;                                                                                               |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.                               |

The inputs used to measure fair value may fall
into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within
which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value
measurement in its entirety.

Equity securities, including CEFs, are generally
valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such
prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally
valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange-traded security is generally valued
by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing
service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when
the market is considered