Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 15

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 15
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 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 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