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Municipal Income

Price $11.43
Change $0.01 / 0.09%
As of 7/24/24

Investment Strategy

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

Fund Highlights and Applications

  • Seeks to provide current income with an emphasis on income exempt from federal income tax1, while also considering capital appreciation.
  • Offers a diversified2 portfolio which looks to identify opportunities across municipal landscapes, including military housing projects, Build America Bonds and various municipal geographies, sectors, and security types.
  • Access to Guggenheim’s unique fixed income process and philosophy founded on the principles of behavioral finance.


Most Recent Income $0.031774
Dividend $0.031774
Most Recent Capital Gain $0.000000

Distribution Yields   Subscribe to Yield Update

Distribution Yield
30-Day Subsidized SEC Yield 3.92%
30-Day Unsubsidized SEC Yield 3.14%

Fees and Expenses

Gross Expense Ratio 1.12%
Net Expense Ratio 0.69%  
Adjusted Expense Ratio 0.68% 

Symbols & CUSIPs

Class Symbol CUSIP Inception
A GIJAX 40168W574 4/27/04
C GIJCX 40168W566 1/13/12
Institutional GIJIX 40168W558 1/13/12
P GIJPX 40169J887 5/1/15

Investment Team

Anne Walsh

Steven Brown
CIO, Fixed Income

Allen Li
Portfolio Manager

Adam Bloch
Portfolio Manager

Evan Serdensky
Portfolio Manager


Fund Type Fixed Income
Distribution Frequency Accrued Daily/Paid Monthly
Benchmark Bloomberg Municipal Bond Index
Telephone 800.820.0888
Trading Hours Phone: 9:30 AM - 4:00 PM ET
Web: 9:30 AM - 4:00 PM ET
Note: Each financial intermediary may have its own rules about shares transactions, and may have earlier cut - off times for processing your transaction.
Investment Adviser Security Investors, LLC
Distributor Guggenheim Funds Distributors, LLC
On 1/13/2012, the Municipal Income Fund (the "Fund") acquired the assets and assumed the liabilities of TS&W/Claymore Tax-Advantaged Balanced Fund (the "Predecessor Fund"), a closed-end fund which used different investment strategies and had different investment advisers. Class A shares of the Fund have assumed the performance, financial and other historical information of the Predecessor Fund's Common Shares. The performance of Class A shares of the Fund shown reflects the NAV performance of the Predecessor Fund. Performance has not been restated to reflect the estimated annual operating expenses of Class A shares of the Fund. Please note, the Predecessor Fund's expense ratio was higher than the Fund's current gross expense ratio. With load performance reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.75%. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

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. Load performance reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.00%. Effective 10/1/2015 the A-Class maximum front-end sales charge was changed from 4.75% to 4.00%. For performance periods that begin prior to 10/1/2015, a 4.75% load was used and for performance periods that begin after 10/1/2015, a 4.00% load was used. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase. For additional information, see the fund's prospectus.

Data is subject to change on a daily basis. Partial year returns are cumulative, not annualized. Returns reflect the reinvestment of dividends.

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 annualized rate an investor would receive if the most recent fund distribution stayed the same going forward. This rate does not represent the total return of a fund.

SEC 30-day yield is a standard yield calculation developed by the SEC that allows for fairer comparisons of bond funds. It reflects dividends and interest ("income") earned during the most recent 30-day period after the deduction of the fund’s expenses and is calculated by dividing the income per share by the maximum offering share price on the last day of the period. Unsubsidized SEC 30-day yield is what the yield would have been had no fee waivers and/or expense reimbursement been in place.

This Fund may not be suitable for all investors. • The Fund will be significantly affected by events that affect the municipal bond market, which could include unfavorable legislative or political developments and adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial support to the municipality. Income from municipal bonds held by the Fund could be declared taxable because of changes in tax laws. The Fund may invest in securities that generate taxable income. A portion of the Fund’s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. • Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects, conditions in these industries can significantly affect the Fund and the overall municipal market. • Municipalities currently experience budget shortfalls, which could cause them to default on their debt and thus subject the Fund to unforeseen losses. • Like other funds that hold bonds and other fixed-income investments, the Fund’s 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. • The Fund’s exposure to high yield securities may subject the Fund to greater volatility. • When market conditions are deemed appropriate, the Fund will leverage to the full extent permitted by its 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. • The Fund may invest in derivative instruments, which may 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. • Instruments and strategies (such as reverse repurchase agreements, unfunded commitments, tender option bonds and borrowings) may expose the Fund to many of the same risks as investments in derivatives and may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. • The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. • The Fund’s investment in foreign securities which 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 risks). • Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. • The Fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. • You may have a gain or loss when you sell your shares. • It is important to note that the Fund is not guaranteed by the U.S. government. • Please read the prospectus for more detailed information regarding these and other risks.

The Net Expense Ratio reflects a contractual fee waiver by the Adviser through February 1, 2025, to limit the ordinary operating expenses of the Fund.

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objective, risks charges, expenses and the 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.

Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

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

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