Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 23

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 23
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, taxes and governmental fees, fees and expenses
of any underlying funds in which the Fund invests, dividend and interest expense on short positions, fees and expenses of the legal counsel
for the Fund's independent directors, fees and expenses associated with shareholder meetings involving certain non-routine matters, shareholder
proposals or contested elections, costs associated with any future share offerings, tender offers and other share repurchases and redemptions,
and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The Unified Management Fee is designed
to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing services for the Fund. For the period
ended December 31, 2024, the Adviser accrued fees of $4,383,769, of which $740,607 remained payable at December 31, 2024.

RiverNorth Flexible Municipal Income Fund II, Inc.

MacKay Shields, LLC (the "Sub-Adviser")
is the investment sub-adviser to the Fund. Under the terms of the sub-advisory agreement, the Sub-Adviser, subject to the supervision
of the Adviser and the Board of Directors, provides to the Fund such investment advice as is deemed advisable and will furnish a continuous
investment program for the portion of assets managed, consistent with the Fund’s investment objective and policies. As compensation
for its sub-advisory services, the Adviser, not the Fund, is obligated to pay the Sub-Adviser a fee computed and accrued daily and paid
monthly in arrears based on an annual rate of 0.20% of the daily Managed Assets of the Fund.

ALPS Fund Services, Inc. (“ALPS”),
serves as administrator to the Fund. Under an Administration, Bookkeeping and Pricing Services Agreement, ALPS is responsible for calculating
the net asset and daily Managed Assets values, providing additional fund accounting and tax services, and providing fund administration
and compliance-related services to the Fund. ALPS is entitled to receive the greater of an annual minimum fee or a monthly fee based on
the Fund’s average net assets, plus out-of-pocket expenses. These fees are paid by the Adviser, not the Fund out of the Unified
Management Fee.

DST Systems Inc. (“DST”), the parent
company of ALPS, serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, DST is responsible for maintaining all
shareholder records of the Fund. DST is a