Guggenheim Total Return Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Guggenheim Total Return Bond Fund held 1,998 positions with $32.21B in net assets. Its ten largest holdings made up 19.5% of the fund. The GIBAX share class costs 0.77% a year. Over the 12 months to May 2026, GIBAX returned 5.7%, with dividends reinvested. In 2026 Q2 it added 163 new positions and exited 147.
The Guggenheim Total Return Bond Fund (the Fund) seeks to provide total return, comprised of current income and capital appreciation.
The fund pursues total return through active management of a diversified fixed-income portfolio, selecting securities across developed and emerging markets based on intensive credit research and macroeconomic outlook, with particular focus on under-researched sectors not included in benchmark indices. The fund may hold up to 33⅓% in below-investment-grade securities and employs leverage through reverse repurchase agreements and derivatives including swaps, futures, and forwards. Because security selection depends on the manager's credit analysis and tactical allocation decisions, fund returns will diverge from any fixed-income benchmark. The fund may temporarily depart from its principal strategies under adverse market conditions or in response to large redemptions.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.00% · due 2056-08-15 | 3.54% | $1.14B | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.25% · due 2031-04-15 | 2.87% | $924.84M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.50% · due 2056-08-15 | 2.57% | $827.75M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.00% · due 2035-11-15 | 1.65% | $529.91M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.88% · due 2035-07-15 | 1.63% | $524.66M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.50% · due 2056-08-15 | 1.61% | $519.29M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.38% · due 2039-11-15 | 1.45% | $467.47M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.00% · due 2056-08-15 | 1.42% | $456.89M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2051-05-15 | 1.39% | $448.68M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.75% · due 2041-08-15 | 1.39% | $446.31M | — |
The 200 largest of 1,998 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 53.08% |
| Bonds | 49.81% |
| Loans | 5.58% |
| Cash & short-term | 1.30% |
| Stocks | 0.82% |
| Derivatives | -0.15% |
Look-through blends 2 underlying funds; 0.272% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
How it has done
GIBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.31%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.77% | +5.66% | +15.73% | +2.44% | -4.68% | |
| 1.52% | +4.91% | +13.11% | -1.37% | -5.02% | |
| 0.48% | +5.96% | +16.67% | +3.89% | -4.64% | |
| 0.42% | +6.01% | +16.83% | +4.03% | -4.58% | |
| 0.77% | +5.66% | +15.64% | +2.37% | -4.72% |
These classes hold the same portfolio, so the 5.40pp spread over 5 years is the cost difference between them — roughly 1.08pp a year — not a difference in what they own.
Fees & fund details
Guggenheim Total Return Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.42% – 1.52%· GIBAX 0.77%
- Portfolio turnover
- 49.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
163 new· the largest 3
147 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 68.5% |
| Floating rate | 28.9% |
| Zero-coupon or unclassified | 2.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 2.7% |
| 3-5y | 9.2% |
| 5-10y | 20.6% |
| 10y+ | 64.0% |
| Unknown | 2.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 58% |
| Credit spreads | 42% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.91 yr |
| High yield | +0.45 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.89 yr | 15% |
| 5 yr | 1.56 yr | 26% |
| 10 yr | 2.58 yr | 42% |
| 30 yr | 1.02 yr | 17% |
| 3 mo | 0.16 yr | 4% |
| 1 yr | 0.57 yr | 13% |
| 5 yr | 1.52 yr | 35% |
| 10 yr | 1.45 yr | 33% |
| 30 yr | 0.66 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.12 | +0.03 | $396.4k | $104.1k |
| 1 yr | +0.89 | +0.50 | +0.07 | $1.62m | $214.1k |
| 5 yr | +1.56 | +1.29 | +0.23 | $4.16m | $738.6k |
| 10 yr | +2.58 | +1.39 | +0.06 | $4.47m | $187.1k |
| 30 yr | +1.02 | +0.60 | +0.06 | $1.94m | $195.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 6.07 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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