RiverNorth Flexible Municipal Income Fund, Inc.
US ˙ NYSE ˙ US76883H1041

SecurityRFM / RiverNorth Flexible Municipal Income Fund, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership116,344 shares
Latest Disclosed Value $ 1,632,307
Morgan Stanley reports 40.76% decrease in ownership of RFM / RiverNorth Flexible Municipal Income Fund, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 116,344 shares of RiverNorth Flexible Municipal Income Fund, Inc. (US:RFM) valued at $1,632,306 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 196,392 shares of RiverNorth Flexible Municipal Income Fund, Inc.. This represents a change in shares of -40.76% during the quarter. The current value of the position is $1,684,661 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 116,344 -80,048 -40.76 1,632 -40.50 0.0001
2026-05-27 2025-12-31 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 196,392 58,331 42.25 2,744 37.42 0.0002
2026-02-13 2025-12-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 196,392 58,331 2,744
2026-05-27 2025-09-30 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 138,061 31,059 29.03 1,996 33.78 0.0001
2025-11-14 2025-09-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 138,061 31,059 1,996 0.0001
2025-08-15 2025-06-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 107,002 15,777 17.29 1,493 10.68 0.0001
2025-05-15 2025-03-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 91,225 10,326 12.76 1,348 12.15 0.0001
2025-05-15 2024-12-31 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 80,899 3,745 4.85 1,203 -4.30 0.0001
2025-02-14 2024-12-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 80,899 3,745 1,203 0.0001
2025-05-14 2024-09-30 13F/A-2 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 77,154 3,539 4.81 1,256 5.46 0.0001
2025-02-14 2024-09-30 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 77,154 3,539 1,256 0.0001
2024-11-14 2024-09-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 77,154 3,539 1,256 0.0000
2025-05-14 2024-06-30 13F/A-2 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 73,615 17,645 31.53 1,192 30.88 0.0001
2024-10-17 2024-06-30 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 73,615 17,645 1,192 0.0001
2024-08-14 2024-06-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 73,615 17,645 1,192 0.0001
2024-10-17 2024-03-31 13F/A-2 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 55,970 8,958 19.05 910 25.17 0.0001
2024-08-16 2024-03-31 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 55,970 8,958 910 0.0000
2024-05-15 2024-03-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 55,970 8,958 910 0.0001
2024-08-16 2023-12-31 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 47,012 -21,695 -31.58 727 -25.97 0.0001
2024-02-13 2023-12-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 47,012 -21,695 727 0.0001
2023-11-15 2023-09-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 68,707 2,624 3.97 983 -6.48 0.0001
2023-08-14 2023-06-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 66,083 9,547 16.89 1,051 20.00 0.0001
2023-05-15 2023-03-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 56,536 -789 -1.38 876 -2.56 0.0001
2023-02-14 2022-12-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 57,325 -7,566 -11.66 899 -11.00 0.0001
2022-11-14 2022-09-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 64,891 14,773 29.48 1,009 20.55 0.0001
2022-10-27 2022-06-30 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 50,118 10,786 27.42 837 14.50 0.0001
2022-08-15 2022-06-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 50,118 10,786 837 0.0000
2022-10-27 2022-03-31 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 39,332 8,800 28.82 731 9.27 0.0001
2022-05-13 2022-03-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 39,332 8,800 731 0.0001
2022-02-14 2021-12-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 30,532 1,673 5.80 669 -1.04 0.0001
2021-11-15 2021-09-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 28,859 1,523 5.57 676 4.64 0.0001
2021-08-23 2021-06-30 13F/A-1 RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 27,336 5,861 27.29 646 36.29 0.0001
2021-08-16 2021-06-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 27,336 5,861 646 0.0000
2021-05-17 2021-03-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 21,475 2,507 13.22 474 14.49 0.0001
2021-02-16 2020-12-31 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 18,968 6,005 46.32 414 56.82 0.0001
2020-11-13 2020-09-30 13F RIVERNORTH FLEXIBLE MUN INCO COM 76883H104 12,963 12,963 264 0.0001
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.