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Guggenheim launches new open-end mutual fund

Guggenheim Partners' investment management division Guggenheim Investments has launched a new open-end mutual fund offering Guggenheim Municipal Income Fund (GIJAX).

The fund forms the latest addition to Guggenheim’s recently expanded suite of fixed-income mutual funds that provide access to the firm’s institutional strategies and investment capabilities.

The Guggenheim Municipal Income Fund seeks to provide current income, with an emphasis on income exempt from federal income tax, while also considering capital appreciation.

Guggenheim chief investment officer Scott Minerd said that they have designed an approach to the municipal market that leverages the strengths of their hallmark investment process -research-intensive security selection by sector specialists and portfolio managers.

The fund invests in a diversified portfolio of primarily investment-grade municipal securities whose interest is exempt from federal income tax.

Guggenheim Investments has assets exceeding $115bn including more than $78bn in fixed-income.