RiverNorth Flexible Municipal Income Fund, Inc. (RFM)

RiverNorth Flexible Municipal Income Fund, Inc. (RFM) is a closed-end fund that invests primarily in municipal bonds issued by U.S. states, territories, and municipalities. The fund's investment objective is to provide current income exempt from regular federal income tax and the alternative minimum tax.

RFM was launched in 2013 and is managed by RiverNorth Capital Management, LLC, a Chicago-based investment management firm. The fund seeks to achieve its investment objective by investing in a diversified portfolio of municipal bonds, which are debt securities issued by state and local governments to finance public infrastructure projects such as schools, highways, and water treatment facilities.

RFM may also invest in other fixed-income securities, including U.S. government securities, corporate bonds, and other types of municipal bonds such as revenue bonds and bonds issued by U.S. territories. The fund may also use leverage, or borrowing, to enhance its returns, although this strategy may also increase the fund's risks.

RFM distributes its income to shareholders on a monthly basis and may also distribute capital gains or return of capital. As a closed-end fund, RFM issues a fixed number of shares, which are traded on stock exchanges like regular stocks. The market price of the shares may trade at a premium or discount to the fund's net asset value, depending on supply and demand factors.

Investors in RFM should be aware that investing in municipal bonds involves risks, including the risk of default by the issuing governments or agencies, changes in interest rates, and changes in tax laws or other government regulations. Closed-end funds like RFM also carry additional risks, including the possibility that the market price of the shares may not reflect the underlying value of the fund's investments, or that the fund may have to liquidate investments to meet redemptions, which may result in adverse tax consequences or losses.