1. Home
  2. Fixed Income
  3. Municipal Income

Guggenheim Municipal Income Fund


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.

  • 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.

Portfolio Management Team

  • B. Scott Minerd, Chairman of Investments and Global Chief Investment Officer
  • Anne B. Walsh, Senior Managing Director and Assistant Chief Investment Officer
  • James E. Pass, Senior Managing Director and Portfolio Manager

Access Exclusive Financial Professional Resources

Explore content for financial professionals only, including:

  • Market Perspectives
  • Portfolio Strategy
  • Sector Reports


Mutual Fund Yield Email Subscription

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.

Past performance is no guarantee of future results.

The Funds may not be suitable for all investors. • The Funds' market value will change in response to interest rate changes and market conditions, among other factors. In general, bond prices rise when interest rates fall and vice versa. • You may have a gain or loss when you sell your shares. • It is important to note that the Funds are not guaranteed by the U.S. government. • The Funds may have exposure to high yield securities, municipal securities, floating rate securities, foreign securities, derivative instruments, real estate, commodity markets and other fixed income securities. • Exposure to high yield securities may subject a Fund to greater volatility. • Investments in municipal securities can be affected by events that affect the municipal bond market. • Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. • Investments in foreign securities carry additional risks when compared to U.S. securities due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risk). • Investments in derivative instruments can be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. • Investments in real estate securities subjects a Fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. • When market conditions are deemed appropriate, the Funds may use leverage to the full extent permitted by their investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund‘s portfolio. • Please see each Fund’s prospectus for more information on these and other risks.

©2016 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.

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.