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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.39

$25.1 M

3.79%

$0.43

1.12%

Vitals

YTD Return

0.5%

1 yr return

2.6%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

0.0%

Net Assets

$25.1 M

Holdings in Top 10

40.4%

52 WEEK LOW AND HIGH

$11.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.12%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.39

$25.1 M

3.79%

$0.43

1.12%

GIJIX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return 0.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.08%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Guggenheim Municipal Income Fund
  • Fund Family Name
    Guggenheim
  • Inception Date
    Jan 13, 2012
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    B. Scott Minerd

Fund Description

In pursuit of its objective, the Fund will invest, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in a diversified portfolio of municipal securities whose interest is free from federal income tax. This investment policy may not be changed without shareholder approval. Interest from the Fund’s investments may be subject to the federal alternative minimum tax. The Fund may invest up to 20% of its assets in securities the interest on which is subject to federal income taxation, including, among others, corporate bonds and other corporate debt securities, taxable municipal securities (which include Build America Bonds and Qualified School Construction Bonds), mortgage-backed and asset backed securities (including collateralized debt obligations), repurchase and reverse repurchase agreements, syndicated bank loans and securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government). The Fund also may invest up to 20% of its assets in a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may use derivatives for investment purposes (i.e., speculative purposes) and/or to seek to hedge against fluctuations in interest rates or to change the effective duration of its portfolio. Derivatives include futures, forward contracts, Eurodollar futures, options, structured securities, inverse floating rate instruments, swaps, caps, floors, and collars (some of these instruments may be traded in the over-the-counter market). When market conditions are deemed appropriate, the Fund will use leverage to the full extent permitted by its investment policies and restrictions and applicable law. The Fund may use leverage by using derivatives and municipal tender option bonds (“TOBs”), or by entering into reverse repurchase agreements and borrowing transactions (principally lines of credit) for investment purposes. The fixed-income securities in which the Fund invests will primarily be domestic securities, but may also include, up to 20% of its assets, in foreign and emerging markets securities (such as sovereign debt securities and Eurodollar bonds and obligations).The Fund will allocate assets across different market sectors and maturities and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund, however, will invest, under normal market conditions, at least 80% of its net assets in investment grade securities (i.e., rated in the top four long-term rating categories by a nationally recognized statistical ratings organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Sub-Adviser”) to be of comparable quality). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund may invest 25% or more of the Fund’s assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, or water and sewers.Guggenheim Partners Investment Management, LLC, as the Fund’s sub-adviser, selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector, and also considers macroeconomic outlook and geopolitical issues.The Sub-Adviser may determine to sell an instrument for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments and may not be able to pursue or achieve its investment objective.
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GIJIX - Performance

Return Ranking - Trailing

Period GIJIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -2.7% 12.2% 5.81%
1 Yr 2.6% -3.0% 38.5% 74.79%
3 Yr -2.5%* -10.3% 3.3% 93.99%
5 Yr 0.0%* -5.7% 1102.9% 89.82%
10 Yr 2.0%* -0.2% 248.3% 44.05%

* Annualized

Return Ranking - Calendar

Period GIJIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.4% -1.4% 41.0% 89.38%
2022 -16.1% -39.7% 0.3% 92.25%
2021 -0.3% -5.6% 6.9% 41.53%
2020 3.1% -2.6% 310.0% 6.96%
2019 4.5% 0.0% 26.0% 26.49%

Total Return Ranking - Trailing

Period GIJIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -2.7% 12.2% 5.81%
1 Yr 2.6% -3.0% 38.5% 74.79%
3 Yr -2.5%* -10.3% 3.3% 93.99%
5 Yr 0.0%* -5.7% 1102.9% 89.82%
10 Yr 2.0%* -0.2% 248.3% 44.05%

* Annualized

Total Return Ranking - Calendar

Period GIJIX Return Category Return Low Category Return High Rank in Category (%)
2023 4.6% -1.3% 41.0% 73.06%
2022 -13.0% -39.7% 1.1% 90.60%
2021 2.3% -4.8% 23761504.0% 30.69%
2020 4.9% -1.5% 17057.9% 17.58%
2019 6.0% 0.2% 3514.6% 62.41%

NAV & Total Return History


GIJIX - Holdings

Concentration Analysis

GIJIX Category Low Category High GIJIX % Rank
Net Assets 25.1 M 3.48 M 68.1 B 95.49%
Number of Holdings 82 2 12848 91.56%
Net Assets in Top 10 10.8 M -317 M 3.4 B 94.91%
Weighting of Top 10 40.44% 1.9% 100.4% 4.96%

Top 10 Holdings

  1. Dreyfus AMT-Free Tax Exempt Cash Management Fund - Institutional Shares 6.49%
  2. Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds 4.16%
  3. Michigan Technological University Revenue Bonds 4.14%
  4. Maine Health Higher Educational Facilities Authority Revenue Bonds 4.12%
  5. Nebraska Investment Finance Authority Revenue Bonds 4.11%
  6. Pennsylvania Housing Finance Agency Revenue Bonds 4.11%
  7. Metropolitan Government Nashville Davidson County Health Educational Facs Bd Revenue Bonds 3.64%
  8. U.S. Secured Overnight Financing Rate 3.31%
  9. New Mexico Finance Authority Revenue Bonds 3.18%
  10. Westchester County Local Development Corp. Revenue Bonds 3.17%

Asset Allocation

Weighting Return Low Return High GIJIX % Rank
Bonds
91.96% 0.00% 150.86% 95.04%
Cash
6.49% -50.86% 50.09% 5.35%
Other
3.85% -8.54% 33.35% 1.16%
Stocks
0.00% 0.00% 99.80% 100.00%
Preferred Stocks
0.00% 0.00% 0.52% 99.94%
Convertible Bonds
0.00% 0.00% 0.93% 99.94%

Bond Sector Breakdown

Weighting Return Low Return High GIJIX % Rank
Municipal
95.02% 44.39% 100.00% 81.69%
Cash & Equivalents
6.49% 0.00% 48.02% 4.25%
Derivative
3.85% -8.54% 23.38% 0.71%
Government
2.36% 0.00% 52.02% 1.10%
Corporate
0.02% 0.00% 9.41% 18.37%
Securitized
0.00% 0.00% 5.93% 99.74%

Bond Geographic Breakdown

Weighting Return Low Return High GIJIX % Rank
US
91.96% 0.00% 142.23% 94.01%
Non US
0.00% 0.00% 23.89% 100.00%

GIJIX - Expenses

Operational Fees

GIJIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.12% 0.01% 20.65% 26.84%
Management Fee 0.50% 0.00% 1.20% 87.77%
12b-1 Fee N/A 0.00% 1.00% 26.14%
Administrative Fee N/A 0.01% 0.44% 45.76%

Sales Fees

GIJIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

GIJIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GIJIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 0.00% 283.00% 65.73%

GIJIX - Distributions

Dividend Yield Analysis

GIJIX Category Low Category High GIJIX % Rank
Dividend Yield 3.79% 0.00% 14.36% 34.64%

Dividend Distribution Analysis

GIJIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

GIJIX Category Low Category High GIJIX % Rank
Net Income Ratio 2.08% -0.53% 5.33% 42.99%

Capital Gain Distribution Analysis

GIJIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

GIJIX - Fund Manager Analysis

Managers

B. Scott Minerd


Start Date

Tenure

Tenure Rank

Jan 17, 2012

10.38

10.4%

B. Scott Minerd, Chairman, Global Chief Investment Officer, Managing Partner and Portfolio Manager of Guggenheim Partners. Mr. Minerd joined Guggenheim Partners (or its affiliate or predecessor) in May 1998. Mr. Minerd leads Guggenheim Partners' research on global macroeconomics and guides the firm’s investment strategies.Previously, Mr. Minerd was a Managing Director with Credit Suisse First Boston in charge of trading and risk management for the Fixed Income Credit Trading Group. In this position, he was responsible for the corporate bond, preferred stock, money markets, U.S. government agency and sovereign debt, derivatives securities, structured debt and interest rate swaps trading business units. Prior to that, Mr. Minerd was Morgan Stanley’s London based European Capital Markets Products Trading and Risk Manager responsible for Eurobonds, Euro-MTNs, domestic European Bonds, FRNs, derivative securities and money market products in 12 European currencies and Asian markets. Mr. Minerd has also held capital markets positions with Merrill Lynch and Continental Bank. Prior to that, he was a Certified Public Accountant and worked for the public accounting firm of Price Waterhouse. Mr. Minerd is a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets, helping advise the NY Fed President and senior management at the bank about the current financial markets and ways the public and private sectors can better understand and mitigate systematic risks. Mr. Minerd also works with the Organization for Economic Cooperation and Development (OECD), advising on research and analysis of private sector infrastructure investment, and is a contributing member of the World Economic Forum (WEF). He is a regularly featured guest and contributor to leading financial media outlets, including The Wall Street Journal, The Financial Times, Bloomberg, and CNBC, where he shares insights on today’s financial climate. Mr. Minerd holds a B.S. degree in Economics from the Wharton School, University of Pennsylvania, Philadelphia, and has completed graduate work at the University of Chicago Graduate School of Business and the Wharton School, University of Pennsylvania.

Anne Walsh


Start Date

Tenure

Tenure Rank

Jan 17, 2012

10.38

10.4%

Anne B. Walsh, Chief Investment Officer, Fixed Income, Senior Managing Director and Portfolio Manager of Guggenheim Partners. Ms. Walsh joined Guggenheim Partners (or its affiliate or predecessor) in 2007 is also the head of the Portfolio Construction Group and Portfolio Management. She oversees more than $185 billion in fixed-income investments including Agencies, Credit, Municipals, and Structured Securities. She is responsible for portfolio design, strategy, sector allocation and risk management, as well as conveying Guggenheim Partners' macroeconomic outlook to Portfolio Managers and fixed income Sector Specialists. Ms. Walsh specializes in liability-driven portfolio management. Prior to joining Guggenheim Partners, she served as Chief Investment Officer at Reinsurance Group of America, and also held roles at Zurich Scudder Investments, Lincoln Investment Management and American Bankers Insurance Group. She has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute. Ms. Walsh received her BSBA and MBA from Auburn University and her J.D. from the University of Miami School of Law.

Allen Li


Start Date

Tenure

Tenure Rank

Jan 31, 2017

5.33

5.3%

Allen Li, Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Li joined Guggenheim in 2007 with a dual role in equities and investment grade corporate research. He began covering municipal bonds when Guggenheim built up sector exposure to take advantage of the auction-rate securities market dislocation in early 2008. He manages Guggenheim’s dedicated municipal portfolios in addition to overseeing multi-strategy accounts’ exposure to the sector. Mr. Li received a B.A. in Economics from Cornell University. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Adam Bloch


Start Date

Tenure

Tenure Rank

Dec 10, 2019

2.47

2.5%

Adam Bloch, Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Bloch joined Guggenheim Partners in 2012 and is a Portfolio Manager for the firm's Active Fixed Income and Total Return mandates. Mr. Bloch works with the Chief Investment Officers and other Portfolio Managers to develop portfolio strategy that is in line with the firm’s views. He oversees strategy implementation, working with research analysts and traders to generate trade ideas, hedge portfolios, and manage day-to-day risk. Prior to joining Guggenheim Partners, he worked in Leveraged Finance at Bank of America Merrill Lynch in New York where he structured high-yield bonds and leveraged loans for leveraged buyouts, restructurings, and corporate refinancings across multiple industries. Mr. Bloch graduated from the University of Pennsylvania.

Steven Brown


Start Date

Tenure

Tenure Rank

Dec 10, 2019

2.47

2.5%

Steve Brown, Senior Managing Director and Portfolio Manager of Guggenheim Partners and Senior Managing Director and Portfolio Manager of Security Investors. He has co-managed Series E since 2016. Mr. Brown joined Guggenheim Investments in 2010 and is a Portfolio Manager for Guggenheim Partners' Active Fixed Income and Total Return mandates. He works with the Chief Investment Officers and other members of the Portfolio Management team to develop and execute portfolio strategy. Additionally, he works closely with the Sector Teams and Portfolio Construction Group. Prior to joining Portfolio Management in 2012, Brown worked in Guggenheim Partners' Asset Backed Securities group. His responsibilities on that team included trading and evaluating investment opportunities and monitoring credit performance. Prior to joining Guggenheim Partners in 2010, Mr. Brown held roles within structured products at ABN AMRO and Bank of America in Chicago and London. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58