Company: RFMZ
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005064
Chunk: 32

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 32
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 the Advisory Agreement. The
Board received materials compiled by the Adviser and the Fund’s administrator, including a copy of the Advisory Agreement, the Adviser’s
response to a questionnaire regarding the Adviser’s profitability, organization, management and operations, a copy of the Adviser’s
Form ADV, the Adviser’s audited financial statements, information regarding the Adviser’s assets under management, an overview
of the Fund’s cumulative and annualized returns as compared to the Fund’s benchmark, the Fund’s fact sheet for the quarter
ended September 30, 2024, a performance comparison of the Fund to other funds managed by the Adviser, information regarding the Adviser’s
compliance programs and a third-party comparison report regarding the Fund’s performance and fees compared to benchmark indices
and peer funds provided by FUSE Research Network, LLC (“FUSE”). The Board considered the following factors, among others,
in reaching its determination to renew the Advisory Agreement: (i) the investment performance of the Fund and the investment performance
of the Adviser, (ii) the nature, extent and quality of the services provided by the Adviser to the Fund, (iii) the experience and qualifications
of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by the Adviser and any
of its affiliates from the relationship with the Fund, (v) the extent to which economies of scale will be realized by the Fund as it grows,
and (vi) whether the Fund’s fee levels reflected the economies of scale to the benefit of the Fund’s shareholders.

The Directors relied upon the advice of independent
legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement
and the weight to be given to each such factor. The Directors’ conclusions were based on an evaluation of all of the information
provided and were not the result of any one factor. Moreover, each Director may have afforded different weight to the various factors
in reaching conclusions with respect to the Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes
the factors considered and conclusions reached by the Directors in determining to renew the Advisory Agreement at the Meeting, and at
the November 4, 2024 special meeting of the Board that was held to review and discuss the materials and information the Board requested
from the Adviser related to the Advisory Agreement, including during executive sessions with their independent legal counsel.

Performance, Fees and Expenses

The Board reviewed