Municipal Income - A Class
Price $12.77
Change $0.01 / 0.08%
As Of 10/20/16

Investment Strategy

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

Fees and Expenses

Gross Expense Ratio
Net Expense Ratio

Fund Highlights & Applications

  • Invests in a diversified portfolio of primarily investment-grade municipal securities whose interest is free from federal income tax1
  • Employs an investment strategy that seeks to identify opportunities to capture attractive relative value.
  • May serve as a core fixed-income allocation for investors seeking to potentially maximize after-tax income.

Distributions as of 9/30/16

Most Recent Income
Most Recent Capital Gain

Distribution Yield
(as of 9/30/16)
SEC 30 Day Yield (subsidized)
(as of 9/30/16)
SEC 30 Day Yield (unsubsidized)
(as of 9/30/16)

Symbols & CUSIPS


Investment Team

B. Scott Minerd
Anne B. Walsh
James E. Pass


Fund Type
Fixed Income
Distribution Frequency
Accrued Daily/Paid Monthly
Bloomberg Barclays Municipal Total Return Bond Index
Trading Hours
Phone 09:30 AM - 4:00 PM ET
Web 09:30 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
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. Class A-Share with load performance reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.00%. 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. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

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 based on net investment income for the most recent 30-day period, is annualized and is divided by the offering price at month-end.

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 Advisor has contractually agreed to waive fees and expenses through February 1, 2017 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.

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the 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 contact us.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investment Advisors, LLC, ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisers to the referenced funds. Securities offered through Guggenheim Funds Distributors, LLC, an affiliate of Guggenheim, SI, GFIA and GPIM.


Subscribe to Perspectives

©2016 Guggenheim Investments. All Rights Reserved.

Research our firm with FINRA Broker Check.

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