Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 40

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 40
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 whereby the portfolio manager could favor one
account over another.

With respect to securities transactions for the Fund, the Adviser
or Subadviser determines which broker to use to execute each order, consistent with the duty to seek best execution of the transaction.
A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the
Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Further, a potential
conflict could include a portfolio manager’s knowledge about the size, timing and possible market impact of Fund trades, whereby
they could use this information to the advantage of other accounts and to the disadvantage of the Fund. These potential conflicts of interest
could create the appearance that a portfolio manager is favoring one investment vehicle over another.

The management of personal accounts also may give rise to potential
conflicts of interest. Although a portfolio manager generally does not trade securities in his or her own personal account, the Adviser,
the Subadviser and the Fund have each adopted a code of ethics that, among other things, permits personal trading by employees (including
trading in securities that can be purchased, sold or held by the Fund) under conditions where it has been determined that such trades
would not adversely impact client accounts. Nevertheless, the management of personal accounts may give rise to potential conflicts of
interest, and there is no assurance that these codes of ethics will adequately address such conflicts.

Compensation of Portfolio Manager

As of January 31, 2025, Mr. Browne’s total compensation
package, like others in the Adviser’s business, is a package designed to attract and retain investment professionals. The compensation
package includes a base salary fixed from year to year. The amount of the base salary is assessed for its competitiveness in the industry
and geographic location of the Adviser. The compensation package also provides for an annual but variable performance bonus. The performance
bonus reflects individual performance of the portfolio manager in his allocated duties and responsibilities. While performance of the
funds managed by the portfolio manager is considered in determining the annual performance bonus, it is but one factor. The overall success
of the Adviser in its business objectives and the performance of the Adviser’s business as a whole are more important factors than
the investment performance of a particular fund or account. Mr. Browne also participates in a 401K program on the same basis as other
officers of the Adviser, which includes matching