Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 94

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 94
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ill a strong sense of commitment towards the overall success
of the firm.

MacKay Shields maintains an employee benefit program, including
health and non-health insurance, education reimbursement, and a 401(k) defined contribution plan for all of its employees regardless of
their job title, responsibilities or seniority.

Conflicts of Interest

Actual or apparent conflicts of interest may arise when
a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other accounts. More specifically,
portfolio managers who manage multiple funds are presented with the following potential conflicts, among others:

The management of multiple accounts may result in a portfolio
manager devoting unequal time and attention to the management of each account. The management of multiple funds and accounts also may
give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons and fees as
the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. Another potential conflict of interest
may arise where another account has the same or similar investment objective as the Fund, 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