# EDGAR Filing Document

**Accession Number:** 0001790177
**File Stem:** 0001752724-25-210005
**Filing Date:** 2025-8
**Character Count:** 46687
**Document Hash:** a136ad88b075f588b50313845e5e78e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210005.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210005

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Flexible Municipal Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0001790177

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23481
- **FILM NUMBER:** 251268078

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 561-484-7185

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RiverNorth Flexible Municipal Income Fund Inc.

- **b. Investment Company Act file number:** 811-23481

- **c. CIK number of Registrant:** 0001790177

- **d. LEI of Registrant:** 549300O6XP1DQZGJLC78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 360 S. Rosemary Avenue Suite 1420

  - **City:** West Palm Beach

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 33401

  - **Telephone number:** 312-445-2249

**Item A.2. Information about the Series.**

- **a. Name of Series:** RiverNorth Flexible Municipal Income Fund Inc.

- **c. LEI of Series:** 549300O6XP1DQZGJLC78

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $94038788.42

**Total Liabilities:** $198488.26

**Net Assets:** $93840300.16

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 110.29872100 | **1-Year:** 765.12411500 | **5-Year:** 38002.60701900 | **10-Year:** 39138.87640700 | **30-Year:** 10689.90590800

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -4.37%               | 1.45%                | -0.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-113021.22              | $-2550780.31                               |
| Month 2  | $7807.97                 | $-1472221.51                               |
| Month 3  | $-154080.36              | $522718.07                                 |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tender Option Bond Trust Receipts / Ctfs                     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DZF5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1365000 | PA      | $-1365000.00  | -1.45%            | 2028-08-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Munivest Fund Inc                                  | BlackRock MuniVest Fund, Inc.                                                | CUSIP: 09253R105<br>LEI: 68LQJ5NLUNQI2T9OLL41 | Long             | EC               | RF                | US        |    151824 | NS      | $999001.92    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Triborough Ny Bridge & Tunnel Auth Revenues                  | Triborough Bridge & Tunnel Authority                                         | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024342.40   | 2.16%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AV73<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3200000 | PA      | $-3200000.00  | -3.41%            | 2030-01-01      | Floating      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Municipal Income Trust                             | BlackRock Municipal Income Trust                                             | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             | EC               | RF                | US        |    143925 | NS      | $1380240.75   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| New York St Dorm Auth St Personal Income Tax Revenue         | New York State Dormitory Authority                                           | CUSIP: 64990FX25<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2289944.14   | 2.44%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mfs High Yield Municipal Trust                               | MFS High Yield Municipal Trust                                               | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |     10338 | NS      | $34425.54     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Michigan Quality Fund Inc                | BlackRock MuniYield Michigan Quality Fund, Inc.                              | CUSIP: 09254V105<br>LEI: J3H1DOS8Q2FL9RVLS329 | Long             | EC               | RF                | US        |     14551 | NS      | $160643.04    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Vly Nv Wtr Dist                                    | Las Vegas Valley Water District                                              | CUSIP: 517845SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2536595.75   | 2.70%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts St Transprtn Fund Revenue                      | Commonwealth of Massachusetts Transportation Fund Revenue                    | CUSIP: 57604TKE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4068838.00   | 4.34%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniholdings Fund Inc                              | BlackRock MuniHoldings Fund, Inc.                                            | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             | EC               | RF                | US        |    364848 | NS      | $4086297.60   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Quality Municipal Income Trust                       | Invesco Quality Municipal Income Trust                                       | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             | EC               | RF                | US        |     86309 | NS      | $809578.42    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Opportunity Trust                          | Invesco Municipal Opportunity Trust                                          | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |    286824 | NS      | $2633044.32   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniholdings California Quality Fund Inc           | BlackRock MuniHoldings California Quality Fund, Inc.                         | CUSIP: 09254L107<br>LEI: NKJSRCJXMS5PZYPXY795 | Long             | EC               | RF                | US        |     52266 | NS      | $540953.10    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Quality Fund Ii Inc                      | BlackRock MuniYield Quality Fund II, Inc.                                    | CUSIP: 09254G108<br>LEI: PRQP520S3DVB025IWS24 | Long             | EC               | RF                | US        |    156301 | NS      | $1506741.64   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Liquidity Funds Municash                           | BlackRock Liquidity Funds MuniCash                                           | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |   6297082 | NS      | $6297711.36   | 6.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia Small Business Fing Auth Priv Activity Revenue Sr   | Virginia Small Business Financing Authority                                  | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1405292.55   | 1.50%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield New York Quality Fund Inc                | BlackRock MuniYield New York Quality Fund, Inc.                              | CUSIP: 09255E102<br>LEI: 158AYFGDRFUGVL3TD012 | Long             | EC               | RF                | US        |     26448 | NS      | $252049.44    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Denver City & Cnty Co Sch Dist #1                            | Denver City & County School District No 1                                    | CUSIP: 249174ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3215240.10   | 3.43%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nuveen Municipal Credit Income Fund                          | Nuveen Municipal Credit Income Fund                                          | CUSIP: 67070X101<br>LEI: 54930078DL3R0VSYW338 | Long             | EC               | RF                | US        |    155340 | NS      | $1851652.80   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniholdings New York Quality Fund Inc             | BlackRock MuniHoldings New York Quality Fund, Inc.                           | CUSIP: 09255C106<br>LEI: YP1D2S6Y4JY0A7W3DV93 | Long             | EC               | RF                | US        |     47868 | NS      | $470063.76    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035MLB9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2250000 | PA      | $-2250000.00  | -2.40%            | 2049-12-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts St Sch Bldg Auth Sales Tax Revenue             | Massachusetts School Building Authority                                      | CUSIP: 576000YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1849605.76   | 1.97%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                       | US 10yr T-Note                                                               | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |      -500 | NC      | $-56062500.00 | -59.74%           |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Income Opportunities Trust                 | Invesco Municipal Income Opportunities Trust                                 | CUSIP: 46132X101<br>LEI: DJSR2NJ3985722G80Y20 | Long             | EC               | RF                | US        |     25236 | NS      | $145107.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Strategic Municipal Bond Fund Inc                 | BNY Mellon Strategic Municipal Bond Fund, Inc.                               | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             | EC               | RF                | US        |     53917 | NS      | $301935.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco New York Municipal Income Fund                         | PIMCO New York Municipal Income Fund                                         | CUSIP: 72200T103<br>LEI: VSODSLIYXJ7C18SCFD63 | Long             | EC               | RF                | US        |     34367 | NS      | $240225.33    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniyield Quality Fund Iii Inc                     | BlackRock MuniYield Quality Fund III, Inc.                                   | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |    147185 | NS      | $1543970.65   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| S Estrn Pa Transprtn Auth                                    | Southeastern Pennsylvania Transportation Authority                           | CUSIP: 842039FP9<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103415.20   | 2.24%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035EBS1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2000000 | PA      | $-2000000.00  | -2.13%            | 2052-12-01      | Floating      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Munivest Fund Ii Inc                               | BlackRock MuniVest Fund II, Inc.                                             | CUSIP: 09253T101<br>LEI: TC1SINW7C50S8NN8GU32 | Long             | EC               | RF                | US        |     88053 | NS      | $908706.96    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois St                                                  | State of Illinois                                                            | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5281726.80   | 5.63%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Trust                                      | Invesco Municipal Trust                                                      | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |     98365 | NS      | $900039.75    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco California Municipal Income Fund Iii                   | PIMCO California Municipal Income Fund III                                   | CUSIP: 72201C109<br>LEI: BVT0QWDJNZ8WI4XN5U25 | Long             | EC               | RF                | US        |     34777 | NS      | $216660.71    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035D3X1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1600000 | PA      | $-1600000.00  | -1.71%            | 2029-12-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Invesco Trust For Investment Grade Municipals                | Invesco Trust for Investment Grade Municipals                                | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             | EC               | RF                | US        |    137365 | NS      | $1303593.85   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco California Municipal Income Fund Ii                    | PIMCO California Municipal Income Fund II                                    | CUSIP: 72200M108<br>LEI: 1R86W760D611I8RHLX24 | Long             | EC               | RF                | US        |     61312 | NS      | $328632.32    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GF60<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3600000 | PA      | $-3600000.00  | -3.84%            | 2028-09-01      | Floating      | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniholdings Quality Fund Ii Inc                   | BlackRock MuniHoldings Quality Fund II, Inc.                                 | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             | EC               | RF                | US        |    106710 | NS      | $1022281.80   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| North Carolina St Turnpike Auth                              | North Carolina Turnpike Authority                                            | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4008191.60   | 4.27%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bny Mellon Strategic Municipals Inc                          | BNY Mellon Strategic Municipals, Inc.                                        | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             | EC               | RF                | US        |    113121 | NS      | $669676.32    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Municipal Income Fund Ii                               | PIMCO Municipal Income Fund II                                               | CUSIP: 72200W106<br>LEI: ZVT714KPY3QTZWRT1S41 | Long             | EC               | RF                | US        |    114175 | NS      | $850603.75    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| S Estrn Pa Transprtn Auth                                    | Southeastern Pennsylvania Transportation Authority                           | CUSIP: 842039FR5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278861.50   | 1.36%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Inc                         | BlackRock MuniYield Quality Fund, Inc.                                       | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             | EC               | RF                | US        |    282305 | NS      | $3136408.55   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035HPY6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3000000 | PA      | $-3000000.00  | -3.20%            | 2032-01-01      | Floating      | 2.09%                 | Yes           |                  2 | On Loan: No      |
| Chicago Il O'hare International Arpt Revenue                 | Chicago O'Hare International Airport                                         | CUSIP: 167593X56<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5085736.00   | 5.42%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Municipal Value Fund Inc                              | Nuveen Municipal Value Fund, Inc.                                            | CUSIP: 670928100<br>LEI: 549300TFLBQ7LJSP8B20 | Long             | EC               | RF                | US        |    372588 | NS      | $3237789.72   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DQA6<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5595000 | PA      | $-5595000.00  | -5.96%            | 2027-10-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Holly Mi Area Sch Dist                                       | Holly Area School District                                                   | CUSIP: 435866TX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3015000 | PA      | $3112360.38   | 3.32%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Missouri St Hlth & Eductnl Facs Auth Hlth Facs Revenue       | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60637AXQ0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1536145.61   | 1.64%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Dc Met Area Transit Auth Dedicated Revenue        | Washington Metropolitan Area Transit Authority Dedicated Revenue             | CUSIP: 93878YDS5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3041317.20   | 3.24%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Advantage Municipal Income Trust Ii                  | Invesco Advantage Municipal Income Trust II                                  | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             | EC               | RF                | US        |     86029 | NS      | $720062.73    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GZY7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2000000 | PA      | $-2000000.00  | -2.13%            | 2053-11-01      | Floating      | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GMM7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2400000 | PA      | $-2400000.00  | -2.56%            | 2048-07-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034RP33<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3935000 | PA      | $-3935000.00  | -4.19%            | 2025-11-01      | Floating      | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GUV8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1875000 | PA      | $-1875000.00  | -2.00%            | 2053-06-01      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GR59<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3600000 | PA      | $-3600000.00  | -3.84%            | 2039-07-01      | Floating      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Amt-free Quality Municipal Income Fund                | Nuveen AMT-Free Quality Municipal Income Fund                                | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             | EC               | RF                | US        |    240091 | NS      | $2621793.72   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| South Carolina St Public Svc Auth Revenue                    | South Carolina Public Service Authority                                      | CUSIP: 837151U49<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2654067.25   | 2.83%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Francisco Calif City &cnty Arpts Commn Intl Arpt Rev     | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076760.00   | 2.21%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pimco New York Municipal Income Fund Iii                     | PIMCO New York Municipal Income Fund III                                     | CUSIP: 72201E105<br>LEI: R2MUFGRNN5QKX2UD3V35 | Long             | EC               | RF                | US        |      9401 | NS      | $49261.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliancebernstein National Municipal Income Fund Inc         | AllianceBernstein National Municipal Income Fund, Inc.                       | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |    133312 | NS      | $1374446.72   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| California St Univ Revenue                                   | California State University                                                  | CUSIP: 13077DSY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2634952.00   | 2.81%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey St Transprtn Trust Fund Auth                      | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461367M7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2341137.40   | 2.49%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Lake City Ut Arpt Revenue                               | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576HK6<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4472963.55   | 4.77%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                       | US Long Bond Future                                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |      -118 | NC      | $-13625312.50 | -14.52%           |  |  |  | No            |                  1 | On Loan: No      |
| San Francisco Ca Bay Area Rapid Transit Dist                 | San Francisco Bay Area Rapid Transit District                                | CUSIP: 797661C86<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4254039.60   | 4.53%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Amt-free Municipal Credit Income Fund                 | Nuveen AMT-Free Municipal Credit Income Fund                                 | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             | EC               | RF                | US        |    212902 | NS      | $2539920.86   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Municipal Bond Fund                              | Eaton Vance Municipal Bond Fund                                              | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             | EC               | RF                | US        |    102447 | NS      | $990662.49    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gtr Asheville Regl Arpt Auth Nc Arpt Sys Revenue             | Greater Asheville Regional Airport Authority                                 | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4111318.40   | 4.38%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbus Oh Regl Arpt Auth Revenue                           | Columbus Regional Airport Authority                                          | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549277.55   | 1.65%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Connecticut St                                               | State of Connecticut                                                         | CUSIP: 20772KRY7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   7460000 | PA      | $7339412.08   | 7.82%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GXN3<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3200000 | PA      | $-3200000.00  | -3.41%            | 2031-06-01      | Floating      | 1.92%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Pennsylvania Quality Municipal Income Fund            | Nuveen Pennsylvania Quality Municipal Income Fund                            | CUSIP: 670972108<br>LEI: 5493000C1CS4Q000GF67 | Long             | EC               | RF                | US        |     79863 | NS      | $896062.86    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal 2030 Target Term Trust                   | BlackRock Municipal 2030 Target Term Trust                                   | CUSIP: 09257P105<br>LEI: 549300TDIJ2J8F6X3N04 | Long             | EC               | RF                | US        |    142933 | NS      | $3128803.37   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Income Trust Ii                          | BlackRock Municipal Income Trust II                                          | CUSIP: 09249N101<br>LEI: 17UVWS2OK706BUPLKK60 | Long             | EC               | RF                | US        |    190679 | NS      | $1914417.16   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AC25<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3200000 | PA      | $-3200000.00  | -3.41%            | 2047-08-01      | Floating      | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Michigan St Trunk Line                                       | State of Michigan Trunk Line Revenue                                         | CUSIP: 5946954N5<br>LEI: CADMV8WVNQO7XM117W54 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3229781.70   | 3.44%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DZH1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1650000 | PA      | $-1650000.00  | -1.76%            | 2030-03-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Putnam Municipal Opportunities Trust                         | Putnam Municipal Opportunities Trust                                         | CUSIP: 746922103<br>LEI: 549300M74BR4G95PSL96 | Long             | EC               | RF                | US        |     39221 | NS      | $387895.69    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco California Municipal Income Fund                       | PIMCO California Municipal Income Fund                                       | CUSIP: 72200N106<br>LEI: M4DHYCROG6SFNO22X437 | Long             | EC               | RF                | US        |     41934 | NS      | $360213.06    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Puerto Rico Cmwlth                                           | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1010000 | PA      | $973379.72    | 1.04%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AE64<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3750000 | PA      | $-3750000.00  | -4.00%            | 2052-08-01      | Floating      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Long-term Municipal Advantage Trust                | BlackRock Long-Term Municipal Advantage Trust                                | CUSIP: 09250B103<br>LEI: G3XW7SJTEWPATVFP0M68 | Long             | EC               | RF                | US        |     45099 | NS      | $413557.83    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock New York Municipal Income Trust                    | BlackRock New York Municipal Income Trust                                    | CUSIP: 09248L106<br>LEI: PJKTUMDJPIZ89SB71052 | Long             | EC               | RF                | US        |     34605 | NS      | $334630.35    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Income Quality Trust                     | BlackRock Municipal Income Quality Trust                                     | CUSIP: 092479104<br>LEI: ZQ1Z8W71OQGQTC6ZJ410 | Long             | EC               | RF                | US        |     52501 | NS      | $554410.56    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Investment Quality Municipal Trust Inc/the         | BlackRock Investment Quality Municipal Trust, Inc.                           | CUSIP: 09247D105<br>LEI: HIQUII1IK2OOB2XHIJ72 | Long             | EC               | RF                | US        |     78272 | NS      | $854730.24    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034XXV9<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1745000 | PA      | $-1745000.00  | -1.86%            | 2028-12-15      | Floating      | 2.07%                 | Yes           |                  2 | On Loan: No      |
| Pimco New York Municipal Income Fund Ii                      | PIMCO New York Municipal Income Fund II                                      | CUSIP: 72200Y102<br>LEI: P1IBOVZHA4PI2PLT9Q65 | Long             | EC               | RF                | US        |      7645 | NS      | $51374.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Municipal Income Fund                                  | PIMCO Municipal Income Fund                                                  | CUSIP: 72200R107<br>LEI: 1G5AFDQ1J4RKDZ2JDZ73 | Long             | EC               | RF                | US        |      3780 | NS      | $30164.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kentucky Bond Dev Corp Indl Bldg Revenue                     | Kentucky Bond Development Corp.                                              | CUSIP: 491211BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4551651.45   | 4.85%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pioneer Municipal High Income Advantage Fund Inc             | Pioneer Municipal High Income Advantage Fund, Inc.                           | CUSIP: 723762100<br>LEI: UE8ZNXHQH48NNA19I459 | Long             | EC               | RF                | US        |     56792 | NS      | $471373.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035FP20<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2260000 | PA      | $-2260000.00  | -2.41%            | 2052-05-01      | Floating      | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniyield Fund Inc                                 | BlackRock MuniYield Fund, Inc.                                               | CUSIP: 09253W104<br>LEI: AVXF9RZVI4EDWXACOH81 | Long             | EC               | RF                | US        |    253601 | NS      | $2546154.04   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Port Auth Of New York & New Jersey Ny                        | Port Authority of New York & New Jersey                                      | CUSIP: 73358XFS6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5148972.50   | 5.49%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035MBX2<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1600000 | PA      | $-1600000.00  | -1.71%            | 2032-11-01      | Floating      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Nuveen Quality Municipal Income Fund                         | Nuveen Quality Municipal Income Fund                                         | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | RF                | US        |    262262 | NS      | $2960937.98   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GGN2<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1600000 | PA      | $-1600000.00  | -1.71%            | 2029-05-15      | Floating      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Cmwlth Aqueduct &swr Auth Revenue                | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3000000 | PA      | $2608419.30   | 2.78%             | 2042-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Municipal Fund Inc                          | Neuberger Berman Municipal Fund, Inc.                                        | CUSIP: 64124P101<br>LEI: 549300IIZWX8QVUHXO20 | Long             | EC               | RF                | US        |     94014 | NS      | $924157.62    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035GMW5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2250000 | PA      | $-2250000.00  | -2.40%            | 2044-11-15      | Floating      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs                     | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035DSM8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00  | -4.26%            | 2030-01-01      | Floating      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| Western Asset Managed Municipals Fund Inc                    | Western Asset Managed Municipals Fund, Inc.                                  | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             | EC               | RF                | US        |    240630 | NS      | $2382237.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Nv Convention & Visitors Auth Convention Ctr Expan | Las Vegas Convention & Visitors Authority                                    | CUSIP: 51771FAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003824.40   | 1.07%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** RiverNorth Flexible Municipal Income Fund Inc.

**Signature:** Jonathan M. Mohrhardt

**Name of Signer:** Jonathan M. Mohrhardt

**Title:** Treasurer & Chief Financial Officer