# EDGAR Filing Document

**Accession Number:** 0001790177
**File Stem:** 0001752724-23-048387
**Filing Date:** 2023-3
**Character Count:** 43595
**Document Hash:** d7aae5fbfa798cc623af860180313e6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048387.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048387

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Flexible Municipal Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0001790177
- **IRS NUMBER:** 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:** 23688134

**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:** 325 N LASALLE ST. SUITE 645

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60654

  - **Telephone number:** 312-445-2251

**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:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $127225445.99

**Total Liabilities:** $19536101.43

**Net Assets:** $107689344.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 3450.82584400 | **5-Year:** 22179.40469400 | **10-Year:** 58544.37038200 | **30-Year:** 16423.90095900

**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 | -4.93%               | 16.40%               | -6.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3242840.43             | $-460993.82                                |
| Month 2  | $-1669320.50             | $12983650.71                               |
| Month 3  | $-899219.74              | $-819208.37                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

- **Index Identifier:** N/A

### 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  | -1.27%            | 2028-08-15      | Floating      | 3.69%                 | Yes           |                  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  | -2.97%            | 2030-01-01      | Floating      | 3.73%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Municipal Income Trust                             | BlackRock Municipal Income Trust                                             | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             | EC               | RF                | US        |     40693 | NS      | $409371.58    | 0.38%             |  |  |  | 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      | $2381573.26   | 2.21%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Met Transprtn Auth Ny Revenue                                | Metropolitan Transportation Authority                                        | CUSIP: 59259Y3Q0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4834390.50   | 4.49%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Lake City Ut Arpt Revenue                               | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576FY8<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6032507.40   | 5.60%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AB75<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1600000 | PA      | $-1600000.00  | -1.49%            | 2023-10-22      | Floating      | 3.81%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniholdings Fund Inc                              | BlackRock MuniHoldings Fund, Inc.                                            | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             | EC               | RF                | US        |     86719 | NS      | $1052768.66   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Quality Municipal Income Trust                       | Invesco Quality Municipal Income Trust                                       | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             | EC               | RF                | US        |    171653 | NS      | $1616971.26   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Opportunity Trust                          | Invesco Municipal Opportunity Trust                                          | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |     30740 | NS      | $304633.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennsylvania St Turnpike Commission Turnpike Revenue         | Pennsylvania Turnpike Commission                                             | CUSIP: 709224P60<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4219819.20   | 3.92%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Ii Inc                      | BlackRock MuniYield Quality Fund II, Inc.                                    | CUSIP: 09254G108<br>LEI: PRQP520S3DVB025IWS24 | Long             | EC               | RF                | US        |     79456 | NS      | $812040.32    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034WQC1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2800000 | PA      | $-2800000.00  | -2.60%            | 2026-07-01      | Floating      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034WMF8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2180000 | PA      | $-2180000.00  | -2.02%            | 2036-12-01      | Floating      | 3.74%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Liquidity Funds Municash                           | BlackRock Liquidity Funds MuniCash                                           | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |  19703133 | NS      | $19701162.31  | 18.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                       | US Long Bond Future                                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |      -118 | NC      | $-14790562.50 | -13.73%           |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal Credit Income Fund                          | Nuveen Dividend Advantage Municipal Fund 3                                   | CUSIP: 67070X101<br>LEI: 54930078DL3R0VSYW338 | Long             | EC               | RF                | US        |    228250 | NS      | $2757260.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034WDK7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -3335000 | PA      | $-3335000.00  | -3.10%            | 2045-11-15      | Floating      | 3.18%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035AZ46<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00  | -3.71%            | 2046-07-01      | Floating      | 3.71%                 | 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      | $1961985.48   | 1.82%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88034WPH1<br>LEI: 549300CP6PUG5S184F61 | Short            | DBT              | MUN               | US        |  -2700000 | PA      | $-2700000.00  | -2.51%            | 2049-12-01      | Floating      | 3.74%                 | Yes           |                  2 | On Loan: No      |
| Matching Fund Spl Purpose Securitiztn Corp                   | Matching Fund Special Purpose Securitization Corp.                           | CUSIP: 57665NAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    235000 | PA      | $243793.18    | 0.23%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Iii Inc                     | BlackRock MuniYield Quality Fund III, Inc.                                   | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |    127305 | NS      | $1427089.05   | 1.33%             |  |  |  | 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      | $2219514.00   | 2.06%             | 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: 88035ARV5<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -4000000 | PA      | $-4000000.00  | -3.71%            | 2028-12-01      | Floating      | 3.69%                 | Yes           |                  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  | -1.86%            | 2052-12-01      | Floating      | 3.78%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Fing Corp Sales Tax Revenue            | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | CUSIP: 74529JRL1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $870090.20    | 0.81%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Illinois St                                                  | State of Illinois                                                            | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5382990.90   | 5.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eaton Vance California Municipal Bond Fund                   | Eaton Vance California Municipal Bond Fund                                   | CUSIP: 27828A100<br>LEI: 549300FJGD8HWP11TO17 | Long             | EC               | RF                | US        |    305490 | NS      | $2639433.60   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Trust                                      | Invesco Municipal Trust                                                      | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |      9437 | NS      | $93426.30     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dallas Tx Area Rapid Transit Sales Tax Revenue               | Dallas Area Rapid Transit                                                    | CUSIP: 235241WQ5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5348490.00   | 4.97%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | 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  | -1.49%            | 2029-12-01      | Floating      | 3.69%                 | 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        |    438000 | NS      | $4401900.00   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Muniholdings Quality Fund Ii Inc                   | BlackRock MuniHoldings Quality Fund II, Inc.                                 | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             | EC               | RF                | US        |     26965 | NS      | $268301.75    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035ATY7<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -2400000 | PA      | $-2400000.00  | -2.23%            | 2047-05-15      | Floating      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund Inc                         | BlackRock MuniYield Quality Fund, Inc.                                       | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             | EC               | RF                | US        |     98186 | NS      | $1138957.60   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Il O'hare International Arpt Revenue                 | Chicago O'Hare International Airport                                         | CUSIP: 167593X56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5241122.50   | 4.87%             | 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        |    499173 | NS      | $4292887.80   | 3.99%             |  |  |  | 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  | -5.20%            | 2027-10-15      | Floating      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Mesa Az Utility Sys Revenue                                  | City of Mesa AZ Utility System Revenue                                       | CUSIP: 590545W54<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5437047.50   | 5.05%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Univ Of California Ca Rgts Med Center Pooled Revenue         | Regents of the University of California Medical Center Pooled Revenue        | CUSIP: 913366KS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3236103.30   | 3.01%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock California Municipal Income Trust                  | BlackRock California Municipal Income Trust                                  | CUSIP: 09248E102<br>LEI: LE6236HQD6DXEGUHE217 | Long             | EC               | RF                | US        |     10222 | NS      | $110704.26    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wstrn Mi Sch Dist                                            | Western School District                                                      | CUSIP: 959452MZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2720422.98   | 2.53%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Macon Cnty Il Sch Dist #61                                   | Macon County School District No 61 Decatur                                   | CUSIP: 555597GZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3635000 | PA      | $3660328.68   | 3.40%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  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  | -3.65%            | 2025-11-01      | Floating      | 3.18%                 | 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        |    627153 | NS      | $7130729.61   | 6.62%             |  |  |  | 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      | $2744507.50   | 2.55%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Holly Mi Area Sch Dist                                       | Holly Area School District                                                   | CUSIP: 435866TX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3396135.51   | 3.15%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alliancebernstein National Municipal Income Fund Inc         | AllianceBernstein National Municipal Income Fund, Inc.                       | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |    116524 | NS      | $1221171.52   | 1.13%             |  |  |  | No            |                  1 | 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      | $2358747.77   | 2.19%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Belding Mi Area Schs                                         | Belding Area Schools                                                         | CUSIP: 077527NE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1370315.00   | 1.27%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington St Convention Center Public Facs Dist             | Washington State Convention Center Public Facilities District                | CUSIP: 93976AEL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1292468.56   | 1.20%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | 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      | $4469502.00   | 4.15%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Amt-free Municipal Credit Income Fund                 | Nuveen Dividend Advantage Municipal Income Fund                              | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             | EC               | RF                | US        |     54307 | NS      | $659286.98    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Municipal Bond Fund                              | Eaton Vance Municipal Bond Fund                                              | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             | EC               | RF                | US        |    481960 | NS      | $5007564.40   | 4.65%             |  |  |  | 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      | $4228865.60   | 3.93%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas St Priv Activity Bond Surface Transprtn Corp Revenue   | Texas Private Activity Bond Surface Transportation Corp.                     | CUSIP: 882667AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1053215.33   | 0.98%             | 2050-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nuveen Intermediate Duration Quality Municipal Term Fund     | Nuveen Intermediate Duration Quality Municipal Term Fund                     | CUSIP: 670677103<br>LEI: 549300K6EBT226YJ7561 | Long             | EC               | RF                | US        |     21915 | NS      | $273718.35    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Connecticut St                                               | State of Connecticut                                                         | CUSIP: 20772KRY7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   7460000 | PA      | $7396916.00   | 6.87%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | 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        |   3500000 | PA      | $3646847.40   | 3.39%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pefa Inc Ia Gas Proj Revenue                                 | PEFA, Inc.                                                                   | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2560496.75   | 2.38%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts St Dev Fin Agy Revenue                         | Massachusetts Development Finance Agency                                     | CUSIP: 57583UA81<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014160.00   | 1.87%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nuveen California Quality Municipal Income Fund              | Nuveen California Quality Municipal Income Fund                              | CUSIP: 67066Y105<br>LEI: 549300ZT6V9X5U9BHR46 | Long             | EC               | RF                | US        |    243378 | NS      | $2694194.46   | 2.50%             |  |  |  | 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        |     59273 | NS      | $1261922.17   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetwater Ca Union High Sch Dist                            | Sweetwater Union High School District                                        | CUSIP: 870462SF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7376034.75   | 6.85%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Municipal Income Trust Ii                          | BlackRock Municipal Income Trust II                                          | CUSIP: 09249N101<br>LEI: 17UVWS2OK706BUPLKK60 | Long             | EC               | RF                | US        |     52821 | NS      | $545640.93    | 0.51%             |  |  |  | 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  | -2.97%            | 2047-08-01      | Floating      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035A2R1<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -5000000 | PA      | $-5000000.00  | -4.64%            | 2038-02-01      | Floating      | 3.69%                 | Yes           |                  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  | -1.53%            | 2030-03-15      | Floating      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Nuveen California Municipal Va                               | Nuveen California Municipal Value Fund                                       | CUSIP: 67062C107<br>LEI: 549300TMONWV3LX8YU60 | Long             | EC               | RF                | US        |     48483 | NS      | $409681.35    | 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      | $852406.67    | 0.79%             | 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        |  -4000000 | PA      | $-4000000.00  | -3.71%            | 2052-08-01      | Floating      | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Matching Fund Spl Purpose Securitiztn Corp                   | Matching Fund Special Purpose Securitization Corp.                           | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    235000 | PA      | $244352.81    | 0.23%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | 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  | -1.62%            | 2028-12-15      | Floating      | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Matching Fund Spl Purpose Securitiztn Corp                   | Matching Fund Special Purpose Securitization Corp.                           | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    705000 | PA      | $707103.93    | 0.66%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Il                                                   | City of Chicago IL                                                           | CUSIP: 167486WN5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3453955.50   | 3.21%             | 2033-01-01      | Fixed         | 5.50%                 | 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        |    179117 | NS      | $1450847.70   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Intermediate Duration Municipal Term Fund             | Nuveen Intermediate Duration Municipal Term Fund                             | CUSIP: 670671106<br>LEI: 5493001W3VSD7ZLC7O52 | Long             | EC               | RF                | US        |      3141 | NS      | $41209.92     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Ohio Quality Municipal Income Fund                    | Nuveen Ohio Quality Municipal Income Fund                                    | CUSIP: 670980101<br>LEI: 549300YQTF12CXCN9E54 | Long             | EC               | RF                | US        |     21815 | NS      | $276832.35    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Municipal High Income Fund Trust                     | Pioneer Municipal High Income Fund Trust                                     | CUSIP: 723763108<br>LEI: 1SKUXW31ZFWF61CETQ82 | Long             | EC               | RF                | US        |    106985 | NS      | $917931.30    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                       | US 10 Yr Note Future                                                         | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |      -500 | NC      | $-56148437.50 | -52.14%           |  |  |  | No            |                  1 | On Loan: No      |
| Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Revenue               | Guam Government Waterworks Authority                                         | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   2000000 | PA      | $1990913.20   | 1.85%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Fund Inc                                 | BlackRock MuniYield Fund, Inc.                                               | CUSIP: 09253W104<br>LEI: AVXF9RZVI4EDWXACOH81 | Long             | EC               | RF                | US        |     49151 | NS      | $511661.91    | 0.48%             |  |  |  | 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      | $5387624.50   | 5.00%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eaton Vance New York Municipal Bond Fund                     | Eaton Vance New York Municipal Bond Fund                                     | CUSIP: 27827Y109<br>LEI: 5493003LD9U89XVQ7W91 | Long             | EC               | RF                | US        |     24024 | NS      | $216456.24    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Quality Municipal Income Fund                         | Nuveen Quality Municipal Income Fund                                         | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | RF                | US        |    502284 | NS      | $5926951.20   | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Income Fund Inc                          | BlackRock Municipal Income Fund, Inc.                                        | CUSIP: 09253X102<br>LEI: W7IEW9KTXVCYG8ZQQV11 | Long             | EC               | RF                | US        |     61208 | NS      | $693486.64    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| San Francisco Calif City &cnty Arpts Commn Intl Arpt Rev     | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1819650.06   | 1.69%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  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      | $2413527.60   | 2.24%             | 2042-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Intermountain Pwr Agy Ut Pwr Sply Revenue                    | Intermountain Power Agency                                                   | CUSIP: 45884AB85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2671456.88   | 2.48%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Asset Municipal High Income Fund Inc                 | Western Asset Municipal High Income Fund, Inc.                               | CUSIP: 95766N103<br>LEI: 549300V8S0EC6SV7H926 | Long             | EC               | RF                | US        |     42160 | NS      | $268980.80    | 0.25%             |  |  |  | No            |                  1 | 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  | -3.71%            | 2030-01-01      | Floating      | 3.93%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035APQ8<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1350000 | PA      | $-1350000.00  | -1.25%            | 2046-05-01      | Floating      | 3.21%                 | 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        |     82893 | NS      | $834732.51    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Tender Option Bond Trust Receipts / Ctfs Various States      | Tender Option Bond Trust Receipts/Certificates                               | CUSIP: 88035ATR2<br>LEI: N/A                  | Short            | DBT              | MUN               | US        |  -1955000 | PA      | $-1955000.00  | -1.82%            | 2043-07-01      | Floating      | 3.19%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Jonathan M. Mohrhardt

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

**Title:** Treasurer & Chief Financial Officer