Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 97

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 97
---
 strategy, or within the same strategy, and vice versa.

Additionally, MacKay Shields’ investment strategies
are available through a variety of investment products, including, without limitation, separately managed accounts, private funds, mutual
funds and ETFs. Given the different structures of these products, certain clients are subject to terms and conditions that are materially
different or more advantageous than available under different products. For example, mutual funds offer investors the ability to redeem
from the fund daily, while private funds offer less frequent liquidity. Similarly a client with a separately managed account may have
more transparency regarding the positions held in its account than would be available to an investor in a collective investment vehicle.
Further, separately managed account clients have the ability to terminate their investment management agreement with little or no notice
(subject to the terms of the investment advisory agreement or similar agreement).

As a result of these differing liquidity and other terms,
MacKay Shields may acquire and/or dispose of investments for a client either prior to or subsequent to the acquisition and/or disposition
of the same or similar securities held by another client. In certain circumstances, purchases or sales of securities by one client could
adversely affect the value of the same securities held in another client’s portfolio. In addition, MacKay Shields has caused, and
expects in the future to cause, certain clients to invest in opportunities with different levels of concentration or on different terms
than that to which other clients invest in the same securities. These differences in terms and concentration could lead to different investment
outcomes among clients investing in the same securities. MacKay Shields seeks to tailor its investment advisory services to meet each
client’s investment objective, constraints and investment guidelines and MacKay Shields’ judgments with respect to a particular
client will at times differ from its judgments for other clients, even when such clients pursue similar investment strategies.

MacKay Shields permits its personnel, including portfolio
managers and other investment personnel, to engage in personal securities transactions, including buying or selling securities that it
has recommended to, or purchased or sold on behalf of, clients. These transactions raise potential conflicts of interest, including when
they involve securities owned or considered for purchase or sale by or on behalf of a client account. MacKay Shields has adopted a Code
of Ethics to assist and guide the portfolio managers and other investment personnel when faced with a conflict. MacKay Shields’
services to each client are not exclusive. The nature of managing accounts for multiple clients creates a conflict of interest with regard
to time available to serve clients