Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 16

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 16
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 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 and
corporate 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.

Effective September 8, 2022, and 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 which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash
flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including
a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect
to debt issues, or a combination of these and other methods. Good