Company: RFMZ
Filing Date: 2025-02-20
Form Type: N-2/A
Source: 0001398344-25-003172
Chunk: 151

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-02-20
Form: N-2/A
Chunk 151
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 will depend on the facts and circumstances. Even if these parties do not attempt to influence the Firm with respect to voting, the value of the relationship to MacKay Shields or an affiliate can create a Conflict.

8.4After a Proxy Vote Override/Decision Form is completed pursuant to Sections 6 or 7, such Form, which elicits information as to whether a potential Conflict exists, must be submitted to the Legal and/or Compliance Departments for review. If the Firm’s General Counsel (“GC”), Chief Compliance Officer (“CCO”) or their designee determines that there is no potential Conflict, the GC, CCO or their designee, may instruct ISS to vote the proxy issue as set forth in the completed Form.

<div align='center'>B-4</div>

8.5If the GC, CCO or their designee determines that there exists or may exist a Conflict, he or she will refer the issue to the Compliance Committee for consideration by convening (in person or via telephone) an emergency meeting of the Compliance Committee. For purposes of this Policy, a majority vote of those members present shall resolve any Conflict. The Compliance Committee will consider the facts and circumstances of the pending proxy vote and the potential or actual Conflict and make a determination as to how to vote the proxy – i.e., whether to permit or deny the recommendation of the portfolio manager, or whether to take other action, such as delegating the proxy vote to an independent third party or obtaining voting instructions from clients.

8.6In considering the proxy vote and potential Conflict, the Compliance Committee may review the following factors, including but not limited to:

| ● | The                                                                                       
 percentage of outstanding securities of the issuer held on behalf of clients by the Firm. |

| ● | The                                                                                        
 nature of the relationship of the issuer or proponent with the Firm, its affiliates or its 
 executive officers.                                                                        |

| ● | Whether                                                                                
 there has been any attempt to directly or indirectly influence the portfolio manager’s 
 decision.                                                                              |

| ● | Whether                                                                                   
 the direction (for or against) of the proposed vote would appear to benefit the Firm or a 
 related party.                                                                            |

| ● | Whether                                                                                   
 an objective decision to vote in a certain way will still create a strong appearance of a 
 Conflict.                                                                                 |

MacKay Shields may not abstain from voting any such proxy for the purpose of avoiding Conflict.

9. Securities Lending

If MacKay Shields portfolio managers or their designees become aware of an upcoming shareholder meeting where there is an important