Polymorphic chromosomal rearrangements can bind hundreds of genes into single genetic loci with diverse effects. Rearrangements are often associated with local adaptation and speciation and may also be an important component of genetic variation within populations. We genetically and phenotypically characterize a segregating inversion (inv6) in the Iron Mountain (IM) population of Mimulus guttatus (yellow monkeyflower). We initially mapped inv6 as a region of recombination suppression in three F 2 populations resulting from crosses among IM plants. In each case, the F 1 parent was heterozygous for a derived haplotype, homogenous across markers spanning over 5 Mb of chromsome 6. In the three F 2 populations, inv6 reduced male and female fitness components. In addition, inv6 carriers suffered an 30% loss of pollen viability in the field. Despite these costs, inv6 exists at moderate frequency (8%) in the natural population, suggesting counterbalancing fitness benefits that maintain the polymorphism. Across 4 years of monitoring in the field, inv6 had an overall significant positive effect on seed production (lifetime female fitness) of carriers. This benefit was particularly strong in harsh years and may be mediated (in part) by strong positive effects on flower production. These data suggest that opposing fitness effects maintain an intermediate frequency, and as a consequence, inv6 generates inbreeding depression and high genetic variance. We discuss these findings in relation to the theory of inbreeding depression and the maintenance of fitness variation.KEYWORDS inbreeding depression; polymorphism; variation; chromosomal rearrangement; Mimulus guttatus P OLYMORPHIC chromosomal inversions are an important component of genetic variability (Sturtevant and Mather 1938;Hoffmann and Rieseberg 2008). They are associated with species differentiation in both plants (Rieseberg et al. 1999;Fishman et al. 2013;Hermann et al. 2013) and animals (Noor et al. 2001). Within species, inversions often exhibit clines suggestive of adaptation to latitudinal environmental variables (Balanyà et al. 2003;Hoffmann and Rieseberg 2008;Cheng et al. 2012;Fang et al. 2012). Similarly, putatively adaptive trait differences cosegregate with inversions within many species, including Drosophila (Krimbas and Powell 1992), Anopheles (Coluzzi et al. 2002), Rhagoletis (Feder et al. 2003), seaweed flies (Gilburn and Day 1999), monkeyflowers (Lowry and Willis 2010), and sticklebacks (Jones et al. 2012). These patterns support the idea that inversions contribute to local adaptation and speciation because they suppress recombination among multiple genetic variants with context-dependent effects on fitness (Kirkpatrick and Barton 2006).The same evolutionary processes that generate differences among geographical populations can also maintain chromosomal polymorphisms within populations. Environmental fluctuations or frequency dependence could allow the persistence of alternative arrangements containing sets of coadapted alleles, each set being ...