Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 17

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 17
---
 faith pricing is permitted if, in the Adviser’s opinion, the validity
of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number
of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation that may affect a security’s
value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.

Good faith pricing may also be used in instances
when the bonds in which the Fund invests default or otherwise cease to have market quotations readily available.

RiverNorth Flexible Municipal Income Fund II, Inc.

The following is a summary of the inputs used at December 31, 2024
in valuing the Fund’s assets and liabilities:

| Investments in Securities at Value* |     | Level 1 -     
 Quoted Prices |             |     | Level 2 -         
 Other Significant 
 Observable        
 Inputs            |             |     | Level 3 -    
 Significant  
 Unobservable 
 Inputs       |   |     | Total |             |
|:------------------------------------|:----|:--------------|------------:|:----|:------------------|------------:|:----|:-------------|:--|:----|:------|------------:|
| Closed-End Funds                    |     | $             | 232,632,062 |     | $                 |           – |     | $            | – |     | $     | 232,632,062 |
| Municipal Bonds                     |     |               |           – |     |                   | 349,630,280 |     |              | – |     |       | 349,630,280 |
| Short-Term Investments              |     |               |  26,414,670 |     |                   |           – |     |              | – |     |       |  26,414,670 |
| Total                               |     | $             | 259,046,732 |     | $                 | 349,630,280 |     | $            | – |     | $     | 608,677,012 |
| Other Financial Instruments**       |     |               |             |     |                   |             |     |              |   |     |       |             |
| Assets:                             |     |               |             |     |                   |             |     |              |   |     |       |             |
| Future Contracts                    |     | $             |   3