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Investment Objective

Seeks to provide current income with an emphasis on income exempt from federal income tax, while also considering capital appreciation.

GIJAX | GIJCX | GIJIX | GIJPX


Investment Management Team

Scott Minerd
Global Chief Investment Officer Managing Partner

Anne Walsh
Senior Managing Director and Chief Investment Officer, Fixed Income

Jeffery Carefoot
Senior Managing Director and Portfolio Manager

Allen Li
Managing Director and Portfolio Manager

 

The Guggenheim Municipal Income Fund (the "Fund") invests in a diversified portfolio of primarily investment-grade municipal securities whose interest is free from federal income tax¹. The Fund's investment approach combines top-down macro-economic views with bottom-up credit-intensive research. The Fund may invest across the yield curve, seeking opportunities that the investment team believes offer the potential for higher income and capital appreciation.

Discover Guggenheim Municipal Income Fund

  • Maximize After-Tax Income: By providing exposure to municipal bonds whose interest is exempt from federal income taxes, and, in some cases, state and local income taxes, the Fund offers investors the opportunity to potentially maximize after-tax income.¹
  • Capture Relative Value: The investment team believes its credit-intensive investment approach and established relationships with numerous issuers affords them greater opportunities to identify mispriced securities and capture attractive relative value.
  • Diversification² Benefits:  Municipal securities can help diversify a portfolio of stocks as well as other fixed-income securities. Additionally, the Fund's security selection process allows the investment team to pursue opportunities across a broad investable universe that is not constrained by issue size or index components, resulting in a diversified portfolio of municipal securities. Thus, the Fund may offer an added element of diversification.

Average Annual Total Returns

6.30.2018

Municipal Income Chart

Guggenheim Municipal Income Fund (GIJIX)

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Bloomberg Barclays Municipal Bond Index

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Sector Allocation Comparison - Fund vs Benchmark

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DURATION
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Correlation

As of December 2016

Correlation: A measurement between -1 and 1, which indicates the linear relationship between two variables. If there is no relationship between two variables, the correlation coefficient is 0. If there is a perfect relationship, the correlation is 1. And if there is a perfect inverse relationship, the correlation is -1.

Duration is a measure of interest-rate sensitivity of a fixed-income security based on an interest rate change of 1% or 100 basis points.

Weighted average effective duration of the securities comprising the fund portfolio or the index. Effective duration takes into account any embedded options (i.e., a put or a call) and reflects the expected change in future cash flows caused by the options in response to changing interest rates.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

Sector Allocation Breakdown Over Time

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Cash was set to zero for periods where the ending cash balance was negative due to traded but not settled trades.

Inception Date: 1/13/12
Gross Expense Ratio: 0.88%
Net Expense Ratio: 0.58%


Chart illustrates values of a hypothetical $10,000 investment made on the fund's inception date, plotted monthly, to the most recent year-end, with dividends and capital gains reinvested.

Annualized Volatility: is measured by standard deviation, a statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Standard Deviation: A statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. For standard performance and performance current to the most recent month end, click here.

The Bloomberg Barclays Municipal Bond Index is a broad market performance benchmark for the tax-exempt bond market. The bonds included in this index must have a minimum credit rating of at least Baa.

Index performance is for illustration purposes only and is not meant to represent any particular fund. Returns do not reflect any management fees, transaction costs or expenses. The index is unmanaged and not available for direct investment.

Past performance is no guarantee of future results.

¹ Income may be subject to the federal Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxed as capital gains. This is not tax advice. Investors should consult with a tax advisor before making any tax-related investment decisions.

² Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.

The Funds may not be suitable for all investors. Investments in fixed-income securities are subject to the possibility that interest rates could rise, causing the value of the Funds’ securities and share price to decline. Fixed-income securities with longer durations are subject to more volatility than those with shorter durations. High yield, below investment grade, and unrated debt securities are subject to greater volatility and risk of default than investment grade bonds and may be less liquid. Investors in asset-backed securities, including residential mortgage-backed securities, commercial mortgage-backed securities and other structured finance investments, generally receive payments that are part interest and part return of principal, which may vary based on the rate the loans are repaid. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, causing their prices to be volatile; and they are subject to interest rate, credit, liquidity, and valuation risks. Loan investments are often below investment grade or unrated and subject to special types of risks, including credit, interest rate, counterparty, liquidity, and prepayment risk. The Funds’ use of leverage, through borrowings or instruments such as derivatives, may cause the Funds to be more volatile and riskier than if they had not been leveraged. Please see the Funds’ prospectuses for more information on these and other risks.

The Advisor has contractually agreed to waive fees and expenses through February 1, 2019 to limit the ordinary operating expenses of the Fund. The Fund may have net expenses greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. Total annual operating expenses vary by share class. See the prospectus for information on the fees and expenses that apply to each share class.

©2018 Guggenheim Investments. All Rights Reserved.

• Not FDIC Insured • No Bank Guarantee • May Lose Value

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available), click here or call 800.820.0888.

Investing involves risk, including the possible loss of principal.

The referenced funds are distributed by Guggenheim Funds Distributors, LLC. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Guggenheim Partners Investment Management ("GPIM") and Security Investors, LLC ("SI"), the investment advisors to the referenced funds. Guggenheim Funds Distributors, LLC, is affiliated with Guggenheim, SI, and GPIM.

This website is directed to and intended for use by citizens or residents of the United States of America only. The material provided on this website is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Investing involves risk, including the possible loss of principal.