Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 95

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 95
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 address such conflicts.

Conflicts potentially limiting the Fund’s investment
opportunities may also arise when the Fund and other clients of the Adviser or Subadviser invest in, or even conduct research relating
to, different parts of an issuer’s capital structure, such as when the Fund owns senior debt obligations of an issuer and other
clients own junior tranches of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over the
terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio
manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of the Adviser or
Subadviser or result in the Adviser or Subadviser receiving material, non-public information, or the Adviser or Subadviser may enact internal
procedures designed to minimize such conflicts, which could have the effect of limiting the Fund’s investment opportunities. Additionally,
if the Adviser or Subadviser acquires material non-public confidential information in connection with its business activities for other
clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities
for the Fund or other clients. When making investment decisions where a conflict of interest may arise, the Adviser and Subadviser will
endeavor to act in a fair and equitable manner between the Fund and other clients; however, in certain instances the resolution of the
conflict may result in the Adviser or Subadviser acting on behalf of another client in a manner that may not be in the best interest,
or may be opposed to the best interest, of the Fund.

The Adviser and Subadviser have adopted certain compliance
procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each
and every situation in which a conflict arises.

The underlying funds in which the Fund invests will not
include those that are advised or subadvised by the Adviser, the Subadviser or their affiliates.

Subadviser Conflicts:

MacKay Shields does not favor the interest of one client
over another and it has adopted a Trade Allocation Policy designed so that all client accounts will be treated fairly and no one client
account will receive, over time, preferential treatment over another.

MacKay Shields maintains investment teams with their own
distinct investment process that operate independent of each other when making portfolio management decisions