RFM RiverNorth Flexible Municipal Income Fund Inc

In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the Funds have declared distributions for July, August and September 2024, as detailed below.

Ex Date

Record Date

Payable Date

July 15, 2024

July 15, 2024

July 31, 2024

August 15, 2024

August 15, 2024

August 30, 2024

September 13, 2024

September 13, 2024

September 30, 2024

Tax-Exempt Distributions1

Fund Name

Ticker

Distribution Per Share

Net Asset Value (NAV) as of 6/28/2024

Annualized Current Distribution Rate at NAV

Market Price as of 6/28/2024

Annualized Current Distribution Rate at Market

Inception to Date Cumulative Distributions^

RiverNorth Opportunistic Municipal Income Fund, Inc.1,2

RMI

$0.0965

$17.23

6.72%

$15.91

7.28%

$7.77

RiverNorth Managed Duration Municipal Income Fund, Inc.1,2

RMM

$0.0916

$16.46

6.68%

$15.26

7.20%

$5.33

RiverNorth Flexible Municipal Income Fund, Inc.1,2

RFM

$0.0954

$17.13

6.68%

$16.19

7.07%

$6.60

RiverNorth Flexible Municipal Income Fund II, Inc.1,2

RFMZ

$0.0866

$15.61

6.66%

$14.14

7.35%

$3.57

RiverNorth Managed Duration Municipal Income Fund II, Inc.1,2

RMMZ

$0.0974

$17.40

6.72%

$16.26

7.19%

$2.79

Taxable Distributions

Fund Name

Ticker

Distribution Per Share

Net Asset Value (NAV) as of 6/28/2024

Annualized Current Distribution Rate at NAV

Market Price as of 6/28/2024

Annualized Current Distribution Rate at Market

Inception to Date Cumulative Distributions^

RiverNorth Opportunities

Fund, Inc.3

RIV

$0.1289

$12.67

12.21%

$12.25

12.63%

$17.84

RiverNorth Capital and Income Fund, Inc.4

RSF

$0.1398

$16.51

10.16%

$15.36

10.92%

$15.33

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.5

OPP

$0.1003

$9.40

12.80%

$8.65

13.91%

$13.39

^As of 6/28/24. The inception date for each closed-end fund follows: RMI (10/25/2018), RMM (7/25/2019), RFM (3/26/2020), RFMZ (2/24/2021), RMMZ (2/10/2022), RIV (12/24/2015), RSF (9/22/2016), and OPP (9/27/2016).

Each Fund maintains a level distribution policy with the intention of providing monthly distributions to shareholders at a constant and fixed (but not guaranteed) rate that is reset annually. Although there can be no guarantee that the distribution policy will be successful in its goals, shareholders may potentially benefit from both increased liquidity and flexibility in managing their Fund investments. Each Fund’s ability to maintain a stable level of distributions to shareholders will depend on a number of factors, including changes in the financial market, market interest rates, and performance of overall equity and fixed income markets. As portfolio and market conditions change, the ability of each Fund to continue to make distributions in accordance with the level distribution policy may be affected.

Holders of each Fund’s common stock will receive the distribution under one of two options:

1. Receive additional full and fractional shares of the respective Fund’s common stock through its dividend reinvestment plan

or,

2. Elect to receive cash for the distribution.

Shareholders may consider the dividend reinvestment plan as a convenient way to add to their Fund holdings along with other potential benefits. For example, if a Fund is trading at a discount to NAV, the investor generally receives shares acquired on the secondary market at/near that discount to NAV. In the case where a Fund is trading at a premium to NAV, the investor will typically receive newly issued shares by the Fund at NAV.

For further information, shareholders should carefully read the description of the dividend reinvestment plan in each Fund’s prospectus and/or annual report. Contact your broker-dealer to confirm your distribution election.

With each distribution that does not consist solely of net investment income, the respective Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. Each Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes.

Each Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital occurs when some or all of the money that shareholders invested in a Fund is paid back to them. A return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease a Fund’s total assets and, therefore, could have the effect of increasing a Fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, a Fund may have to sell its portfolio securities at a less than opportune time.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.0 billion6 in assets under management as of May 31, 2024, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.

1. Monthly distributions from RMI, RMM, RFM, RFMZ and RMMZ are expected to be generally exempt from regular U.S. federal income taxes, however, portions of these Funds’ distributions may (i) be subject to U.S. federal income tax, (ii) be includable in taxable income for purposes of the federal alternative minimum tax, or (iii) constitute a return of capital. Such distributions will also generally be subject to state and local taxes. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation.
2. In accordance with their level distribution policies, the annual distribution rates for RMI, RMM, RFM, RFMZ and RMMZ have been set equal to 6.75% of the average of each Fund’s NAV per share as reported for the final five trading days of the preceding calendar year.
3. In accordance with its level distribution policy, RIV’s annual distribution rate has been set equal to 12.50% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year.
4. In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year.
5. In accordance with its level distribution policy, OPP’s annual distribution rate has been set equal to 12.50% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year.
6. Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds.

An investment in the Funds involves risk, including loss of principal.

Investors should consider a Fund's investment objective, risks, charges and expenses carefully before investing. Each Fund’s prospectus and most recent periodic reports contain this and other important information about the respective Fund and may be obtained by visiting rivernorth.com/literature or by calling your financial professional or RiverNorth at 844.569.4750.

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RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc.

Not FDIC Insured | May Lose Value | No Bank Guarantee

RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP.

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