Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 98

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 98
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. MacKay Shields and its portfolio managers will devote as much of their time to the activities of each
client as they deem necessary and appropriate. Although MacKay Shields strives to identify and mitigate all conflicts of interest, and
seeks to treat its clients in a fair and reasonable manner consistent with its fiduciary duties, there may be times when conflicts of
interest are not resolved in a manner favorable to a specific client.

Additional material conflicts of interest are presented
within Part 2A of MacKay Shields’ Form ADV.

(a)(4) Portfolio Manager Ownership of Fund Shares

The following table shows the dollar range of equity securities
of the Fund beneficially owned by the portfolio managers of the Fund as of June 30, 2025.

| Name of Portfolio Manager | Dollar Range of Equity Securities of the Fund |
| Patrick W. Galley         |                                 Over $100,000 |
| Stephen A. O’Neill        |                                 Over $100,000 |
| Jonathan Browne           |                               $10,001–$50,000 |
| Robert DiMella            |                             $100,001–$500,000 |
| John Loffredo             |                                            $0 |
| Michael Petty             |                                            $0 |
| Scott Sprauer             |                                            $0 |
| David Dowden              |                                            $0 |
| Robert Burke              |                                            $0 |
| John Lawlor               |                                            $0 |

(b) Not applicable.

| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |

Not applicable, due to no such purchases
occurring during the period covered by this report.

| Item 15. | Submission of Matters to a Vote of Security Holders. |

There have been no material changes to the procedures by
which shareholders may recommend nominees to the Board of Directors of the Registrant.

| Item 16. | Controls and Procedures. |

| (a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure               
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”))                
 are effective based on their evaluation of these controls and procedures, required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) 
 under the 1934 Act, as of a date within 90 days of the