Fund Evaluator:
Guggenheim Municipal Income Instl (GIJIX)
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Best Performing in Muni National Long Over the Last Year
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Fund Details
Guggenheim Municipal Income Instl Overview
Guggenheim Municipal Income Instl (GIJIX) is an actively managed Municipal Bond Muni National Long fund. Guggenheim Investments launched the fund in 2012.
The investment seeks to provide current income with an emphasis on income exempt from federal income tax, while also considering capital appreciation. The fund normally invests 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.
About Guggenheim Municipal Income Instl (GIJIX)
There are 5 members of the management team with an average tenure of 8.17 years: Anne Walsh (2012), Adam Bloch (2019), Steven Brown (2019), Allen Li (2017), Evan Serdensky (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Guggenheim Municipal Income Instl has 131 securities in its portfolio. The top 10 holdings constitute 24.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Guggenheim Municipal Income Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Guggenheim Municipal Income Instl has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.9% (97.1% domestic bond, 0.8% foreign bond and 0.0% convertible bond). Guggenheim Municipal Income Instl has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $25 million in total assets, which is below the $1 billion average for the Muni National Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GIJIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Guggenheim Municipal Income Instl expense ratio is average compared to funds in the Muni National Long category. Guggenheim Municipal Income Instl has an expense ratio of 0.53%, which is 32% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Guggenheim Municipal Income Instl has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Long category.
Recently, in the month of July 2026, Guggenheim Municipal Income Instl returned -1.4%, which earned it a grade of A, as the Muni National Long category had an average return of -1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Guggenheim Municipal Income Instl has a trailing yield of 3.72%, which is above the 3.72% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Guggenheim Municipal Income Instl Grades
Year to date, the fund has returned 1.1%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 7.4% over the past year (grade of A), 3.8% over the past three years (grade of A) and -0.2% per year over the past five years (grade of D) and 1.7% per year over the past 10 years (grade of C).
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GIJIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GIJIX Return (NAV) | -1.4% | 0.0% | 7.4% | 3.8% | -0.2% | 1.7% |
| GIJIX Grade | A | A | A | A | D | C |
| +/- Category | 0.5% | 0.3% | 1.1% | 0.6% | -0.2% | -0.0% |
| Muni National Long Avg | -1.9% | -0.3% | 6.3% | 3.2% | 0.0% | 1.8% |
| GIJIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | 0.1% |
GIJIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GIJIX Return (NAV) | 1.1% | 5.5% | 3.0% | 4.3% | -13.1% | 2.1% | 5.4% | 7.1% | 1.1% | 6.0% | -0.4% |
| GIJIX Grade | B | A | B | F | F | D | B | F | B | C | F |
| +/- Category | 0.3% | 2.5% | 0.5% | -2.6% | -1.5% | -0.8% | 0.7% | -1.0% | 0.4% | 0.2% | -0.6% |
| Muni National Long Avg | 0.9% | 3.0% | 2.5% | 6.8% | -11.6% | 2.8% | 4.7% | 8.1% | 0.7% | 5.8% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.2% |
| Total Risk Index: | 0.51 - Below Average |
| Category Risk Index: | 0.95 - Average |
| Category Risk Grade: | C (46% Rank) |
| Beta: | 1.06 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $34 Mil |
| Fund Total Assets: | $ 25 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 14.6 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Walsh Anne (2012), Li Allen (2017), Bloch Adam (2019), Brown Steven (2019), Serdensky Evan (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 131 |
| % in Top 10 Holdings: | 24.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.1% |
| Foreign Bond: | 0.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.1% |
Purchase Information
| Fund Family: | Guggenheim Investments |
| Phone Number: | 800-820-0888 |
| Website: | www.guggenheiminvestments.com |
| Status: | Open |
| Inception Date: | January 13, 2012 |
| Min. Initial Purchase: | $2,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.53% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Guggenheim Municipal Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
