Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 22

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 22
---
 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 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 June 30, 2025 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                    |     | $                       | 207,237,867 |   |     | $                                             |           – |     | $                                         | – |     | $     | 207,237,867 |   |
| Municipal Bonds                     |     |                         |           – |   |     |                                               | 351,803,728 |     |                                           | – |     |       | 351,803,728 |   |
| Short-Term Investments              |     |                         |  13,112,382 |   |     |                                               |           – |     |                                           | – |     |       |  13,112,382 |   |
| Total                               |