| Name | CUSIP or other identifier | Weight | Shares |
| UNITED STATES TREAS BDS 5.25% 11/15/2028 | 912810FF0 | 6.10% | 19,215,000 |
| UNITED STATES TREAS BDS 3.875% 08/15/2040 | 912810QK7 | 5.15% | 16,725,000 |
| UNITED STATES TREAS BDS 6.125% 11/15/2027 | 912810FB9 | 3.61% | 11,150,000 |
| UNITED STATES TREAS NTS 1.125% 08/31/2028 | 91282CCV1 | 3.49% | 13,915,000 |
| UNITED STATES TREAS BDS 6.25% 05/15/2030 | 912810FM5 | 3.41% | 9,835,000 |
| UNITED STATES TREAS NTS 1.375% 10/31/2028 | 91282CDF5 | 2.97% | 11,700,000 |
| UNITED STATES TREAS NTS 1.25% 09/30/2028 | 91282CCY5 | 2.90% | 11,480,000 |
| UNITED STATES TREAS NTS 3.125% 11/15/2028 | 9128285M8 | 2.58% | 9,120,000 |
| UNITED STATES TREAS NTS 2.375% 05/15/2029 | 9128286T2 | 2.34% | 8,665,000 |
| UNITED STATES TREAS NTS 2.875% 08/15/2028 | 9128284V9 | 2.09% | 7,500,000 |
| UNITED STATES TREAS NTS 2.625% 02/15/2029 | 9128286B1 | 2.08% | 7,565,000 |
| UNITED STATES TREAS NTS 2.875% 05/15/2028 | 9128284N7 | 2.08% | 7,465,000 |
| UNITED STATES TREAS NTS 2.75% 02/15/2028 | 9128283W8 | 1.93% | 6,985,000 |
| FNMA TBA 30YR TBA 3% JUN 3% 06/15/2042 | 01F030660 | 1.79% | 6,775,000 |
| UNITED STATES TREAS NTS 2.25% 11/15/2027 | 9128283F5 | 1.71% | 6,335,000 |
| UNITED STATES TREAS NTS 1.625% 08/15/2029 | 912828YB0 | 1.31% | 5,095,000 |
| UNITED STATES TREAS NTS 1.25% 03/31/2028 | 91282CBS9 | 1.21% | 4,765,000 |
| UNITED STATES TREAS NTS 2.25% 08/15/2027 | 9128282R0 | 1.19% | 4,410,000 |
| UNITED STATES TREAS BDS 5.375% 02/15/2031 | 912810FP8 | 1.19% | 3,570,000 |
| FNMA TBA 30YR 3.50% JUN 3.5% 06/15/2041 | 01F032666 | 1.16% | 4,260,000 |
| Cash & Other | Cash&Other | 1.15% | 4,120,996 |
| FNMA UMBS 4% 06/01/2052 | 31418ED80 | 1.11% | 4,000,000 |
| FNMA UMBS 4% 05/01/2052 | 31418EES5 | 1.11% | 3,991,407 |
| UNITED STATES TREAS NTS 1.125% 02/29/2028 | 91282CBP5 | 1.07% | 4,245,000 |
| UNITED STATES TREAS NTS 0.75% 01/31/2028 | 91282CBJ9 | 1.02% | 4,125,000 |
| UNITED STATES TREAS NTS 0.625% 12/31/2027 | 91282CBB6 | 0.95% | 3,840,000 |
| FNMA UMBS 4% 04/01/2052 | 3140MMBA5 | 0.95% | 3,395,706 |
| UNITED STATES TREAS NTS 2.375% 05/15/2027 | 912828X88 | 0.89% | 3,275,000 |
| UNITED STATES TREAS NTS 0.625% 11/30/2027 | 91282CAY7 | 0.86% | 3,490,000 |
| UNITED STATES TREAS NTS 1.5% 02/15/2030 | 912828Z94 | 0.83% | 3,290,000 |
| UNITED STATES TREAS NTS 0.5% 10/31/2027 | 91282CAU5 | 0.77% | 3,125,000 |
| UNITED STATES TREAS NTS 1.25% 06/30/2028 | 91282CCH2 | 0.72% | 2,860,000 |
| UNITED STATES TREAS NTS 0.5% 08/31/2027 | 91282CAH4 | 0.65% | 2,625,000 |
| UNITED STATES TREAS BDS 3.75% 11/15/2043 | 912810RD2 | 0.64% | 2,135,000 |
| UNITED STATES TREAS NTS 1% 07/31/2028 | 91282CCR0 | 0.61% | 2,460,000 |
| UNITED STATES TREAS NTS 0.375% 09/30/2027 | 91282CAL5 | 0.59% | 2,430,000 |
| UNITED STATES TREAS BDS 2.875% 05/15/2043 | 912810RB6 | 0.59% | 2,260,000 |
| UNITED STATES TREAS NTS 1.25% 05/31/2028 | 91282CCE9 | 0.56% | 2,215,000 |
| UNITED STATES TREAS BDS 2.75% 11/15/2042 | 912810QY7 | 0.56% | 2,190,000 |
| GNMA TBA 30YR TBA 3% JUN 3% 06/15/2043 | 01N030661 | 0.53% | 1,965,000 |
| UNITED STATES TREAS BDS 6% 02/15/2026 | 912810EW4 | 0.52% | 1,695,000 |
| UNITED STATES TREAS NTS 1.25% 04/30/2028 | 91282CBZ3 | 0.51% | 2,015,000 |
| UNITED STATES TREAS NTS 0.375% 07/31/2027 | 91282CAD3 | 0.46% | 1,870,000 |
| FNMA TBA 30YR 4% JUN 4% 06/15/2040 | 01F040669 | 0.36% | 1,300,000 |
| GNMA TBA 30YR TBA 4.50% JUN 4.5% 06/15/2041 | 01N042666 | 0.34% | 1,200,000 |
| FNMA TBA 30YR TBA 4.50% JUN 4.5% 06/15/2041 | 01F042665 | 0.34% | 1,200,000 |
| GNMAII JUMBO TBA 30YR TBA 4.50% JUN 4.5% 06/15/2041 | 21H042661 | 0.34% | 1,200,000 |
| FNMA TBA 30YR 5% JUN 5% 06/15/2041 | 01F050668 | 0.34% | 1,200,000 |
| GNMA TBA 30YR TBA 4% JUN 4% 06/15/2041 | 01N040660 | 0.34% | 1,200,000 |
| GNMAII JUMBO TBA 30YR TBA 4% JUN 4% 06/15/2042 | 21H040665 | 0.34% | 1,200,000 |
| GNMA TBA 30YR TBA 3.50% JUN 3.5% 06/15/2042 | 01N032667 | 0.33% | 1,200,000 |
| GNMA II SINGLE FAMILY 3.5% 06/15/2045 | 21H032662 | 0.33% | 1,200,000 |
| GNMAII JUMBO TBA 30YR TBA 3.00% JUN 3% 06/15/2045 | 21H030666 | 0.32% | 1,200,000 |
| AMERICAN EQTY INVT LIFE HLD CO CR SEN SR GLBL27 5% 06/15/2027 | 025676AM9 | 0.32% | 1,115,000 |
| DEVON FING CORP U L C 7.875% 09/30/2031 | 25179SAD2 | 0.32% | 950,000 |
| OWL ROCK CAPITAL CORPORATION SR GLBL NT 28 2.875% 06/11/2028 | 69121KAG9 | 0.31% | 1,325,000 |
| PLAINS ALL AMERN PIPELINE L P SR NT 4.9% 45 4.9% 02/15/2045 | 72650RBH4 | 0.31% | 1,305,000 |
| EPR PPTYS 3.75% 08/15/2029 | 26884UAF6 | 0.31% | 1,260,000 |
| KOHLS CORP 3.375% 05/01/2031 | 500255AX2 | 0.31% | 1,215,000 |
| WESTERN ALLIANCE BANCORP 3% 06/15/2031 | 957638AD1 | 0.31% | 1,210,000 |
| UNITED STATES TREAS NTS 1.75% 11/15/2029 | 912828YS3 | 0.31% | 1,185,000 |
| JABIL INC 3.95% 01/12/2028 | 466313AH6 | 0.31% | 1,155,000 |
| KIRBY CORP 4.2% 03/01/2028 | 497266AC0 | 0.31% | 1,140,000 |
| PRUDENTIAL FINL INC 5.7% 09/15/2048 | 744320BF8 | 0.31% | 1,125,000 |
| OMEGA HEALTHCARE INVS INC 5.25% 01/15/2026 | 681936BH2 | 0.31% | 1,110,000 |
| BROADCOM INC 5% 04/15/2030 | 11135FBD2 | 0.31% | 1,105,000 |
| ENSTAR GROUP LTD 4.95% 06/01/2029 | 29359UAB5 | 0.31% | 1,095,000 |
| MICRON TECHNOLOGY INC 5.327% 02/06/2029 | 595112BN2 | 0.31% | 1,080,000 |
| GENERAL MTRS CO 6.75% 04/01/2046 | 37045VAL4 | 0.31% | 1,045,000 |
| DUKE ENERGY CORP NEW 3.25% 01/15/2082 | 26441CBP9 | 0.30% | 1,325,000 |
| DELTA AIR LINES INC 3.75% 10/28/2029 | 247361ZT8 | 0.30% | 1,250,000 |
| WESTERN MIDSTREAM OPER LP 5.75% 02/01/2050 | 958667AA5 | 0.30% | 1,250,000 |
| DIAMONDBACK ENERGY INC 3.5% 12/01/2029 | 25278XAN9 | 0.30% | 1,170,000 |
| BRIXMOR OPERATING PRTSHP LP 4.05% 07/01/2030 | 11120VAJ2 | 0.30% | 1,155,000 |
| UNUM GROUP 5.75% 08/15/2042 | 91529YAJ5 | 0.30% | 1,130,000 |
| PHILLIPS 66 PARTNERS LP 4.9% 10/01/2046 | 718549AE8 | 0.30% | 1,080,000 |
| BNSF FUNDING TRUST 1 6.613% 12/15/2055 | 05567SAA0 | 0.30% | 1,065,000 |
| AT&T INC 5.55% 08/15/2041 | 00206RBA9 | 0.30% | 1,000,000 |
| VALERO ENERGY CORP 6.625% 06/15/2037 | 91913YAL4 | 0.30% | 960,000 |
| OVINTIV INC 7.375% 11/01/2031 | 012873AK1 | 0.30% | 935,000 |
| METLIFE INC 10.75% 08/01/2069 | 59156RAV0 | 0.30% | 810,000 |
| NEXTERA ENERGY CAP HLDGS INC JR SB GLBL -M 77 4.8% 12/01/2077 | 65339KAV2 | 0.29% | 1,195,000 |
| NEWELL BRANDS INC 6% 04/01/2046 | 651229AY2 | 0.29% | 1,190,000 |
| SOUTHERN CO 4% 01/15/2051 | 842587DF1 | 0.29% | 1,170,000 |
| UNITED STATES TREAS NTS 0.5% 06/30/2027 | 912828ZV5 | 0.29% | 1,165,000 |
| ALTRIA GROUP INC 5.375% 01/31/2044 | 02209SAR4 | 0.29% | 1,155,000 |
| CMS ENERGY CORP 4.75% 06/01/2050 | 125896BU3 | 0.29% | 1,150,000 |
| UNITED STATES TREAS NTS 1.5% 11/30/2028 | 91282CDL2 | 0.29% | 1,135,000 |
| MAGELLAN MIDSTREAM PRTNRS LP SR NT 5.15% 43 5.15% 10/15/2043 | 559080AG1 | 0.29% | 1,080,000 |
| HESS CORP 6% 01/15/2040 | 42809HAC1 | 0.29% | 1,005,000 |
| HEWLETT PACKARD CO 6% 09/15/2041 | 428236BR3 | 0.29% | 995,000 |
| MOSAIC CO 5.625% 11/15/2043 | 61945CAE3 | 0.29% | 970,000 |
| ALLSTATE CORP 6.5% 05/15/2067 | 020002AU5 | 0.29% | 955,000 |
| MARATHON OIL CORP 6.6% 10/01/2037 | 565849AE6 | 0.29% | 945,000 |
| MARATHON PETE CORP 6.5% 03/01/2041 | 56585AAF9 | 0.29% | 945,000 |
| ENERGY TRANSFER L P 7.5% 07/01/2038 | 29273RAJ8 | 0.29% | 930,000 |
| KINDER MORGAN ENERGY PARTNERS SR GLBL NT 38 6.95% 01/15/2038 | 494550AW6 | 0.29% | 915,000 |
| REGIONS BK BIRMINGHAM ALA 6.45% 06/26/2037 | 75913MAA7 | 0.29% | 888,000 |
| ALLY FINL INC 8% 11/01/2031 | 36186CBY8 | 0.29% | 885,000 |
| HALLIBURTON CO 7.45% 09/15/2039 | 406216AY7 | 0.29% | 860,000 |
| JACKSON FINANCIAL INC 4% 11/23/2051 | 46817MAM9 | 0.28% | 1,340,000 |
| CARDINAL HEALTH INC 4.368% 06/15/2047 | 14149YBM9 | 0.28% | 1,145,000 |
| FEDEX CORP 5.1% 01/15/2044 | 31428XAW6 | 0.28% | 1,015,000 |
| JEFFERIES GROUP INC 6.25% 01/15/2036 | 472319AC6 | 0.28% | 950,000 |
| KRAFT HEINZ FOODS CO 6.5% 02/09/2040 | 50076QAN6 | 0.28% | 910,000 |
| SIMON PPTY GROUP LP 6.75% 02/01/2040 | 828807CE5 | 0.28% | 850,000 |
| LINCOLN NATL CORP IND 7% 06/15/2040 | 534187BA6 | 0.28% | 820,000 |
| FIFTH THIRD BANCORP 8.25% 03/01/2038 | 316773CH1 | 0.28% | 760,000 |
| MARKEL CORP 5% 04/05/2046 | 570535AQ7 | 0.27% | 1,000,000 |
| HCA INC. 5.5% 06/15/2047 | 404119BV0 | 0.27% | 995,000 |
| DISCOVERY COMMUNICATIONS LLC SR NT 6.35% 40 6.35% 06/01/2040 | 25470DAD1 | 0.27% | 925,000 |
| HASBRO INC 6.35% 03/15/2040 | 418056AS6 | 0.27% | 910,000 |
| LEGG MASON INC 5.625% 01/15/2044 | 524901AR6 | 0.27% | 900,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL BD 36 5.88% 04/01/2036 | 880591CS9 | 0.27% | 770,000 |
| ARES CAPITAL CORP 3.2% 11/15/2031 | 04010LBC6 | 0.26% | 1,210,000 |
| UNITED STATES TREAS NTS 0.625% 05/15/2030 | 912828ZQ6 | 0.26% | 1,115,000 |
| OWENS CORNING NEW 4.3% 07/15/2047 | 690742AG6 | 0.26% | 1,080,000 |
| CONTINENTAL RES INC 4.9% 06/01/2044 | 212015AQ4 | 0.26% | 1,055,000 |
| UNITED ARLNS 2020-1B PSTR TRS B 4.875% 07/15/2027 | 90932VAA3 | 0.26% | 975,250 |
| LEAR CORP 3.8% 09/15/2027 | 521865AY1 | 0.26% | 960,000 |
| DOMINION ENERGY INC 5.75% 10/01/2054 | 25746UBY4 | 0.26% | 960,000 |
| SYNCHRONY FINANCIAL 3.7% 08/04/2026 | 87165BAL7 | 0.26% | 955,000 |
| UNITED STATES TREAS BDS 3.125% 02/15/2043 | 912810QZ4 | 0.26% | 935,000 |
| DOW CHEM CO 9.4% 05/15/2039 | 260543BY8 | 0.26% | 650,000 |
| DICKS SPORTING GOODS INC 4.1% 01/15/2052 | 253393AG7 | 0.25% | 1,300,000 |
| KYNDRYL HLDGS INC 4.1% 10/15/2041 | 50155QAG5 | 0.25% | 1,280,000 |
| BRIGHTHOUSE FINL INC 4.7% 06/22/2047 | 10922NAF0 | 0.25% | 1,090,000 |
| PARTNERRE FINANCE B LLC 4.5% 10/01/2050 | 70213BAC5 | 0.25% | 1,045,000 |
| MOHAWK INDS INC 3.625% 05/15/2030 | 608190AL8 | 0.25% | 995,000 |
| VIACOM INC 6.25% 02/28/2057 | 92553PBC5 | 0.25% | 980,000 |
| UNITED STATES TREAS NTS 0.5% 05/31/2027 | 912828ZS2 | 0.24% | 985,000 |
| ENTERPRISE PRODS OPER LLC 5.375% 02/15/2078 | 29379VBR3 | 0.23% | 955,000 |
| SEMPRA 4.125% 04/01/2052 | 816851BM0 | 0.23% | 950,000 |
| MPT OPER PTSHP LP/MPT FIN CORP SR GLBL NT 29 4.625% 08/01/2029 | 55342UAJ3 | 0.23% | 890,000 |
| EDISON INTL 4.125% 03/15/2028 | 281020AM9 | 0.23% | 860,000 |
| HUGHES SATELLITE S 5.25% 08/01/2026 | 444454AD4 | 0.23% | 845,000 |
| ONEOK PARTNERS LP 6.65% 10/01/2036 | 68268NAC7 | 0.23% | 800,000 |
| NATIONAL FUEL GAS CO 5.5% 01/15/2026 | 636180BQ3 | 0.23% | 790,000 |
| NOV INC 3.95% 12/01/2042 | 637071AK7 | 0.22% | 1,030,000 |
| AMERICAN ELEC PWR INC 3.875% 02/15/2062 | 025537AU5 | 0.22% | 940,000 |
| CENTENE CORP DEL 4.625% 12/15/2029 | 15135BAT8 | 0.22% | 835,000 |
| VULCAN MATLS CO 4.5% 06/15/2047 | 929160AV1 | 0.22% | 835,000 |
| GLP CAP LP/GLP FING II INC 5.75% 06/01/2028 | 361841AK5 | 0.22% | 775,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -B BD 38 6.15% 01/15/2038 | 880591CP5 | 0.22% | 610,000 |
| FREEPORT MCMORAN INC 5.45% 03/15/2043 | 35671DBC8 | 0.20% | 740,000 |
| HF SINCLAIR CORP 5.875% 04/01/2026 | 436106AA6 | 0.19% | 680,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -G BD 30 7.125% 05/01/2030 | 880591DM1 | 0.19% | 530,000 |
| CORNING INC 5.45% 11/15/2079 | 219350BQ7 | 0.18% | 685,000 |
| FEDERAL NATL MTG ASSN 6.625% 11/15/2030 | 31359MGK3 | 0.18% | 505,000 |
| FEDERAL NATL MTG ASSN 7.25% 05/15/2030 | 31359MFP3 | 0.18% | 495,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -C BD 39 5.25% 09/15/2039 | 880591EH1 | 0.16% | 495,000 |
| FEDERAL NATL MTG ASSN 7.125% 01/15/2030 | 31359MFJ7 | 0.15% | 415,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -E BD 25 6.75% 11/01/2025 | 880591CJ9 | 0.14% | 450,000 |
| FEDERAL HOME LN MTG CORP 6.75% 03/15/2031 | 3134A4AA2 | 0.14% | 390,000 |
| FEDERAL HOME LOAN BANKS 3.25% 06/09/2028 | 3130AEB25 | 0.13% | 475,000 |
| UNITED STATES TREAS NTS 0.5% 04/30/2027 | 912828ZN3 | 0.12% | 485,000 |
| FEDERAL HOME LN MTG CORP 6.75% 09/15/2029 | 3134A3U46 | 0.12% | 330,000 |
| UNITED STATES TREAS BDS 3.625% 08/15/2043 | 912810RC4 | 0.11% | 375,000 |
| FEDERAL NATL MTG ASSN 6.25% 05/15/2029 | 31359MEU3 | 0.11% | 325,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -A BD 25 0.75% 05/15/2025 | 880591EW8 | 0.09% | 350,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -A BD 27 2.875% 02/01/2027 | 880591EU2 | 0.09% | 330,000 |
| FEDERAL NATL MTG ASSN 2.125% 04/24/2026 | 3135G0K36 | 0.08% | 305,000 |
| FEDERAL HOME LOAN BANKS 0.375% 09/04/2025 | 3130AK5E2 | 0.08% | 305,000 |
| FEDERAL HOME LN MTG CORP 6.25% 07/15/2032 | 3134A4KX1 | 0.08% | 230,000 |
| FEDERAL NATL MTG ASSN 1.875% 09/24/2026 | 3135G0Q22 | 0.07% | 265,000 |
| FEDERAL NATL MTG ASSN 0.5% 11/07/2025 | 3135G06G3 | 0.06% | 245,000 |
| FEDERAL HOME LN MTG CORP 0.375% 09/23/2025 | 3137EAEX3 | 0.06% | 240,000 |
| FEDERAL NATL MTG ASSN 0.75% 10/08/2027 | 3135G05Y5 | 0.06% | 230,000 |
| FEDERAL HOME LOAN BANKS 1.25% 12/21/2026 | 3130AQF65 | 0.06% | 225,000 |
| MARTIN MARIETTA MATLS INC 4.25% 12/15/2047 | 573284AU0 | 0.05% | 205,000 |
| ONEOK PARTNERS LP 6.85% 10/15/2037 | 68268NAD5 | 0.05% | 170,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -A BD 24 2.875% 09/15/2024 | 880591ER9 | 0.04% | 145,000 |
| FEDERAL NATL MTG ASSN 0.375% 08/25/2025 | 3135G05X7 | 0.03% | 130,000 |
| FEDERAL HOME LN MTG CORP 0.375% 07/21/2025 | 3137EAEU9 | 0.03% | 125,000 |
| MAGALLANES INC 5.391% 03/15/2062 | 55903VAS2 | 0.03% | 120,000 |
| KRAFT HEINZ FOODS CO 6.875% 01/26/2039 | 50076QAR7 | 0.03% | 105,000 |
| FEDERAL HOME LOAN BANKS 3.25% 11/16/2028 | 3130AFFX0 | 0.03% | 105,000 |
| ONEOK PARTNERS LP 6.125% 02/01/2041 | 68268NAG8 | 0.03% | 105,000 |
| FEDERAL NATL MTG ASSN 0.875% 08/05/2030 | 3135G05Q2 | 0.01% | 60,000 |
| FEDERAL HOME LN MTG CORP 1.5% 02/12/2025 | 3137EAEP0 | 0.01% | 50,000 |
| FEDERAL NATL MTG ASSN 1.625% 01/07/2025 | 3135G0X24 | 0.01% | 50,000 |
| FEDERAL NATL MTG ASSN 2.625% 09/06/2024 | 3135G0ZR7 | 0.01% | 50,000 |
| FEDERAL NATL MTG ASSN 0.625% 04/22/2025 | 3135G03U5 | 0.01% | 50,000 |
| FEDERAL NATL MTG ASSN 0.5% 06/17/2025 | 3135G04Z3 | 0.01% | 50,000 |
| FEDERAL NATL MTG ASSN 1.625% 10/15/2024 | 3135G0W66 | 0.01% | 50,000 |
| FEDERAL HOME LOAN BANKS 2.875% 09/13/2024 | 3130A2UW4 | 0.01% | 50,000 |
| FEDERAL HOME LOAN BANKS 2.75% 12/13/2024 | 3130A3GE8 | 0.01% | 50,000 |
| FEDERAL HOME LOAN BANKS 5.5% 07/15/2036 | 3133XGAY0 | 0.01% | 40,000 |
Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. To obtain a prospectus download one here or call 800-617-0004. Please read it carefully before investing.
Investing involves risk, including the risk of loss of principal. VBND has the same risks as the underlying securities traded on the exchange throughout the day at market price. Redemptions are limited and often commissions are charged on each trade. VBND may invest in illiquid or thinly traded securities which involve additional risks such as limited liquidity and greater volatility. VBND may make investments in debt securities. The Fund’s investments in high yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments. VBND may also invest in asset backed and mortgage backed securities which include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund invests in the securities included in, or representative of its Index regardless of their investment merits. The performance of the Fund may diverge from the Index. Because the Fund employs a representative sampling strategy and may also invest up to 20% of its assets in securities that are not included in the Index, the Fund may experience a tracking error to a greater extent than a fund that seeks to replicate an index. The Fund is not actively managed and its performance may be adversely affected by a general decline in the market segments relating to its Index.
The fund’s investment advisor is Vident Advisory, LLC. VBND's sub-adviser is Vident Investment Advisory (VIA). Vident Financial owns the index that underlies the fund. The Vident Core U.S. Bond Strategy ETF is distributed by ALPS Distributors, LLC. ALPS is not affiliated with Vident Financial, Vident Advisory or VIA.
Investor shares are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Ordinary brokerage commissions may apply.
Diversification does not ensure a profit or protect against a loss.