| Name | CUSIP or other identifier | Weight | Shares |
| UNITED STATES TREAS NTS 1.875% 08/31/2024 | 9128282U3 | 4.57% | 17,240,000 |
| UNITED STATES TREAS BDS 2.875% 05/15/2043 | 912810RB6 | 3.76% | 16,425,000 |
| UNITED STATES TREAS BDS 6.125% 11/15/2027 | 912810FB9 | 3.59% | 11,865,000 |
| UNITED STATES TREAS NTS 0.375% 09/15/2024 | 91282CCX7 | 3.57% | 13,880,000 |
| UNITED STATES TREAS NTS 1.5% 02/15/2025 | 91282CDZ1 | 3.37% | 12,980,000 |
| UNITED STATES TREAS BDS 3.125% 02/15/2043 | 912810QZ4 | 3.34% | 13,995,000 |
| UNITED STATES TREAS NTS 2.5% 01/31/2025 | 9128283V0 | 3.00% | 11,240,000 |
| UNITED STATES TREAS BDS 6% 02/15/2026 | 912810EW4 | 2.89% | 9,870,000 |
| UNITED STATES TREAS NTS 1.25% 08/31/2024 | 912828YE4 | 2.87% | 10,950,000 |
| UNITED STATES TREAS NTS 0.375% 08/15/2024 | 91282CCT6 | 2.82% | 10,945,000 |
| UNITED STATES TREAS BDS 2.75% 08/15/2042 | 912810QX9 | 2.65% | 11,745,000 |
| UNITED STATES TREAS BDS 2.75% 11/15/2042 | 912810QY7 | 2.22% | 9,880,000 |
| UNITED STATES TREAS BDS 3% 11/15/2044 | 912810RJ9 | 2.09% | 9,015,000 |
| UNITED STATES TREAS BDS 3.125% 08/15/2044 | 912810RH3 | 1.94% | 8,165,000 |
| FNMA TBA 30YR TBA 5% OCT 5% 10/15/2041 | 01F0506A9 | 1.89% | 7,000,000 |
| UNITED STATES TREAS NTS 2.875% 04/30/2025 | 9128284M9 | 1.84% | 6,855,000 |
| UNITED STATES TREAS NTS 0.625% 10/15/2024 | 91282CDB4 | 1.75% | 6,790,000 |
| UNITED STATES TREAS NTS 2.25% 11/15/2027 | 9128283F5 | 1.67% | 6,570,000 |
| UNITED STATES TREAS NTS 2.875% 05/31/2025 | 9128284R8 | 1.67% | 6,240,000 |
| UNITED STATES TREAS NTS 1.75% 03/15/2025 | 91282CED9 | 1.41% | 5,410,000 |
| UNITED STATES TREAS NTS 1.125% 01/15/2025 | 91282CDS7 | 1.07% | 4,155,000 |
| FNMA UMBS 4% 06/01/2052 | 31418ED80 | 1.01% | 3,917,385 |
| FNMA UMBS 4% 05/01/2052 | 31418EES5 | 1.01% | 3,899,391 |
| UNITED STATES TREAS NTS 1.375% 01/31/2025 | 912828Z52 | 1.00% | 3,835,000 |
| UNITED STATES TREAS NTS 2.25% 08/15/2027 | 9128282R0 | 0.97% | 3,800,000 |
| UNITED STATES TREAS NTS 1.5% 11/30/2024 | 912828YV6 | 0.96% | 3,655,000 |
| UNITED STATES TREAS NTS 2.375% 05/15/2027 | 912828X88 | 0.94% | 3,655,000 |
| UNITED STATES TREAS NTS 0.375% 04/30/2025 | 912828ZL7 | 0.87% | 3,475,000 |
| Cash & Other | Cash&Other | 0.86% | 3,119,418 |
| UNITED STATES TREAS BDS 3.625% 02/15/2044 | 912810RE0 | 0.85% | 3,305,000 |
| FNMA UMBS 4% 04/01/2052 | 3140MMBA5 | 0.83% | 3,216,076 |
| UNITED STATES TREAS NTS 1.5% 09/30/2024 | 912828YH7 | 0.66% | 2,500,000 |
| GNMA TBA 30YR TBA 4% OCT 4% 10/15/2040 | 01N0406A1 | 0.63% | 2,400,000 |
| FNMA TBA 30YR TBA 4.50% OCT 4.5% 10/15/2041 | 01F0426A6 | 0.63% | 2,395,000 |
| UNITED STATES TREAS BDS 1.75% 08/15/2041 | 912810TA6 | 0.61% | 3,230,000 |
| UNITED STATES TREAS BDS 3.75% 11/15/2043 | 912810RD2 | 0.61% | 2,325,000 |
| GNMAII JUMBO TBA 30YR TBA 4.50% OCT 4.5% 10/15/2041 | 21H0426A2 | 0.60% | 2,245,000 |
| FNCL 3.5% TBA OCT 3.5% 10/01/2040 | 01F0326A7 | 0.55% | 2,210,000 |
| UNITED STATES TREAS NTS 0.5% 03/31/2025 | 912828ZF0 | 0.54% | 2,135,000 |
| FNMA TBA 30YR TBA 3% OCT 3% 10/15/2050 | 01F0306A1 | 0.52% | 2,140,000 |
| UNITED STATES TREAS BDS 2.5% 02/15/2045 | 912810RK6 | 0.43% | 2,010,000 |
| FNMA TBA 30YR TBA 4% OCT 4% 10/15/2041 | 01F0406A0 | 0.39% | 1,500,000 |
| UNITED STATES TREAS NTS 1.75% 12/31/2024 | 912828YY0 | 0.38% | 1,435,000 |
| GNMAII JUMBO TBA 30YR TBA 4% OCT 4% 10/15/2041 | 21H0406A6 | 0.37% | 1,430,000 |
| AMERICAN EQTY INVT LIFE HLD CO CR SEN SR GLBL27 5% 06/15/2027 | 025676AM9 | 0.33% | 1,255,000 |
| OMEGA HEALTHCARE INVS INC 5.25% 01/15/2026 | 681936BH2 | 0.33% | 1,210,000 |
| SABRA HLTH CARE LP/SABRA CAP C SR GLBL NT3.2% 31 3.2% 12/01/2031 | 78574MAA1 | 0.32% | 1,580,000 |
| CMS ENERGY CORP 4.75% 06/01/2050 | 125896BU3 | 0.32% | 1,350,000 |
| WESTERN ALLIANCE BANCORP 3% 06/15/2031 | 957638AD1 | 0.32% | 1,330,000 |
| EDISON INTL 4.125% 03/15/2028 | 281020AM9 | 0.32% | 1,280,000 |
| AIR LEASE CORP 4.625% 10/01/2028 | 00912XBF0 | 0.32% | 1,280,000 |
| BNSF FUNDING TRUST 1 6.613% 12/15/2055 | 05567SAA0 | 0.32% | 1,240,000 |
| GNSF 4.5 10/13 4.5% 10/15/2043 | 01N0426A7 | 0.32% | 1,200,000 |
| BRIGHTHOUSE FINL INC 4.7% 06/22/2047 | 10922NAF0 | 0.31% | 1,580,000 |
| ENTERPRISE PRODS OPER LLC 5.375% 02/15/2078 | 29379VBR3 | 0.31% | 1,480,000 |
| SEMPRA 4.125% 04/01/2052 | 816851BM0 | 0.31% | 1,400,000 |
| SOUTHERN CO 3.75% 09/15/2051 | 842587DJ3 | 0.31% | 1,380,000 |
| PRUDENTIAL FINL INC 5.7% 09/15/2048 | 744320BF8 | 0.31% | 1,205,000 |
| AMERICAN INTL GROUP INC 5.75% 04/01/2048 | 026874DM6 | 0.31% | 1,200,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -C BD 39 5.25% 09/15/2039 | 880591EH1 | 0.31% | 1,050,000 |
| VONTIER CORPORATION 2.95% 04/01/2031 | 928881AF8 | 0.30% | 1,510,000 |
| DUKE ENERGY CORP NEW 3.25% 01/15/2082 | 26441CBP9 | 0.30% | 1,450,000 |
| BLACKSTONE SECD LENDING FD 2.85% 09/30/2028 | 09261XAG7 | 0.30% | 1,430,000 |
| EPR PPTYS 3.75% 08/15/2029 | 26884UAF6 | 0.30% | 1,400,000 |
| FLOWSERVE CORP 3.5% 10/01/2030 | 34354PAF2 | 0.30% | 1,310,000 |
| MOHAWK INDS INC 3.625% 05/15/2030 | 608190AL8 | 0.30% | 1,280,000 |
| GNMAII JUMBO TBA 30YR TBA 3.5% OCT 3.5% 10/15/2042 | 21H0326A3 | 0.30% | 1,200,000 |
| GNMA TBA 30YR TBA 3.50% OCT 3.5% 10/15/2041 | 01N0326A8 | 0.30% | 1,200,000 |
| SYNCHRONY FINANCIAL 3.7% 08/04/2026 | 87165BAL7 | 0.30% | 1,170,000 |
| DOMINION ENERGY INC 5.75% 10/01/2054 | 25746UBY4 | 0.30% | 1,150,000 |
| ALLSTATE CORP 6.5% 05/15/2067 | 020002AU5 | 0.30% | 1,100,000 |
| NATIONAL FUEL GAS CO 5.5% 01/15/2026 | 636180BQ3 | 0.30% | 1,100,000 |
| TARGA RES PARTNERS / TARGA RES SR GLBL NT 29 6.875% 01/15/2029 | 87612BBN1 | 0.30% | 1,100,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -B BD 38 6.15% 01/15/2038 | 880591CP5 | 0.30% | 920,000 |
| JACKSON FINANCIAL INC 4% 11/23/2051 | 46817MAN7 | 0.29% | 1,680,000 |
| WESTERN DIGITAL CORP. 3.1% 02/01/2032 | 958102AR6 | 0.29% | 1,520,000 |
| OWL ROCK CAPITAL CORPORATION SR GLBL NT 28 2.875% 06/11/2028 | 69121KAG9 | 0.29% | 1,380,000 |
| CARDINAL HEALTH INC 4.368% 06/15/2047 | 14149YBM9 | 0.29% | 1,345,000 |
| AMERICAN ELEC PWR INC 3.875% 02/15/2062 | 025537AU5 | 0.29% | 1,320,000 |
| WESTERN MIDSTREAM OPER LP 5.25% 02/01/2050 | 958667AA5 | 0.29% | 1,290,000 |
| BRIXMOR OPERATING PRTSHP LP 4.05% 07/01/2030 | 11120VAJ2 | 0.29% | 1,255,000 |
| GNMAII JUMBO TBA 30YR TBA 03.000% OCT 3% 10/15/2044 | 21H0306A7 | 0.29% | 1,200,000 |
| GNMA TBA 30YR TBA 3% OCT 3% 10/15/2042 | 01N0306A2 | 0.29% | 1,200,000 |
| KIRBY CORP 4.2% 03/01/2028 | 497266AC0 | 0.29% | 1,170,000 |
| ENERGY TRANSFER L P 7.5% 07/01/2038 | 29273RAJ8 | 0.29% | 1,030,000 |
| EQT CORP 7% 02/01/2030 | 26884LAG4 | 0.29% | 1,020,000 |
| ALLY FINL INC 8% 11/01/2031 | 36186CBY8 | 0.29% | 990,000 |
| METLIFE INC 10.75% 08/01/2069 | 59156RAV0 | 0.29% | 810,000 |
| KYNDRYL HLDGS INC 4.1% 10/15/2041 | 50155QAM2 | 0.28% | 1,780,000 |
| DICKS SPORTING GOODS INC 4.1% 01/15/2052 | 253393AG7 | 0.28% | 1,640,000 |
| ARES CAPITAL CORP 3.2% 11/15/2031 | 04010LBC6 | 0.28% | 1,400,000 |
| CONTINENTAL RES INC 4.9% 06/01/2044 | 212015AQ4 | 0.28% | 1,390,000 |
| M D C HLDGS INC 6% 01/15/2043 | 552676AQ1 | 0.28% | 1,330,000 |
| NEWELL BRANDS INC 5.75% 04/01/2046 | 651229AY2 | 0.28% | 1,310,000 |
| FREEPORT MCMORAN INC 5.45% 03/15/2043 | 35671DBC8 | 0.28% | 1,190,000 |
| VIACOM INC 6.25% 02/28/2057 | 92553PBC5 | 0.28% | 1,190,000 |
| UNUM GROUP 5.75% 08/15/2042 | 91529YAJ5 | 0.28% | 1,160,000 |
| CENTENE CORP DEL 4.625% 12/15/2029 | 15135BAT8 | 0.28% | 1,140,000 |
| HUGHES SATELLITE S 5.25% 08/01/2026 | 444454AD4 | 0.28% | 1,120,000 |
| ENSTAR GROUP LTD 4.95% 06/01/2029 | 29359UAB5 | 0.28% | 1,120,000 |
| BROADCOM INC 5% 04/15/2030 | 11135FBD2 | 0.28% | 1,105,000 |
| GLP CAP LP/GLP FING II INC 5.75% 06/01/2028 | 361841AK5 | 0.28% | 1,090,000 |
| MICRON TECHNOLOGY INC 5.327% 02/06/2029 | 595112BN2 | 0.28% | 1,070,000 |
| VALERO ENERGY CORP 6.625% 06/15/2037 | 91913YAL4 | 0.28% | 1,000,000 |
| DEVON FING CORP U L C 7.875% 09/30/2031 | 25179SAD2 | 0.28% | 930,000 |
| KOHLS CORP 3.375% 05/01/2031 | 500255AX2 | 0.27% | 1,580,000 |
| PLAINS ALL AMERN PIPELINE L P SR NT 4.9% 45 4.9% 02/15/2045 | 72650RBH4 | 0.27% | 1,305,000 |
| MPT OPER PTSHP LP/MPT FIN CORP SR GLBL NT 29 4.625% 08/01/2029 | 55342UAJ3 | 0.27% | 1,210,000 |
| ALTRIA GROUP INC 5.375% 01/31/2044 | 02209SAR4 | 0.27% | 1,200,000 |
| UNITED STATES TREAS BDS 3.375% 05/15/2044 | 912810RG5 | 0.27% | 1,105,000 |
| HESS CORP 6% 01/15/2040 | 42809HAC1 | 0.27% | 1,050,000 |
| OVINTIV INC 7.375% 11/01/2031 | 012873AK1 | 0.27% | 920,000 |
| FIFTH THIRD BANCORP 8.25% 03/01/2038 | 316773CH1 | 0.27% | 810,000 |
| NEXTERA ENERGY CAP HLDGS INC JR SB GLBL -M 77 4.8% 12/01/2077 | 65339KAV2 | 0.26% | 1,180,000 |
| MARATHON PETE CORP 6.5% 03/01/2041 | 56585AAF9 | 0.26% | 945,000 |
| DELL INTL LLC/EMC CORP 8.35% 07/15/2046 | 24703TAK2 | 0.26% | 880,000 |
| HALLIBURTON CO 7.45% 09/15/2039 | 406216AY7 | 0.26% | 860,000 |
| MAGELLAN MIDSTREAM PRTNRS LP SR NT 5.15% 43 5.15% 10/15/2043 | 559080AG1 | 0.25% | 1,080,000 |
| HASBRO INC 6.35% 03/15/2040 | 418056AS6 | 0.25% | 960,000 |
| MARATHON OIL CORP 6.6% 10/01/2037 | 565849AE6 | 0.25% | 945,000 |
| KRAFT HEINZ FOODS CO 6.5% 02/09/2040 | 50076QAN6 | 0.25% | 890,000 |
| REGIONS BK BIRMINGHAM ALA 6.45% 06/26/2037 | 75913MAA7 | 0.25% | 888,000 |
| FEDEX CORP 5.1% 01/15/2044 | 31428XAW6 | 0.24% | 1,015,000 |
| MARKEL CORP 5% 04/05/2046 | 570535AQ7 | 0.24% | 1,000,000 |
| HEWLETT PACKARD CO 6% 09/15/2041 | 428236BR3 | 0.24% | 995,000 |
| DISCOVERY COMMUNICATIONS LLC SR NT 6.35% 40 6.35% 06/01/2040 | 25470DAD1 | 0.24% | 990,000 |
| LEAR CORP 3.8% 09/15/2027 | 521865AY1 | 0.24% | 960,000 |
| MOSAIC CO 5.625% 11/15/2043 | 61945CAE3 | 0.24% | 950,000 |
| LEGG MASON INC 5.625% 01/15/2044 | 524901AR6 | 0.24% | 930,000 |
| SIMON PPTY GROUP LP 6.75% 02/01/2040 | 828807CE5 | 0.24% | 850,000 |
| LINCOLN NATL CORP IND 7% 06/15/2040 | 534187BA6 | 0.24% | 820,000 |
| OWENS CORNING NEW 4.3% 07/15/2047 | 690742AG6 | 0.23% | 1,130,000 |
| VULCAN MATLS CO 4.5% 06/15/2047 | 929160AV1 | 0.23% | 1,040,000 |
| HCA INC. 5.5% 06/15/2047 | 404119BV0 | 0.23% | 960,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL BD 36 5.88% 04/01/2036 | 880591CS9 | 0.23% | 730,000 |
| DOW CHEM CO 9.4% 05/15/2039 | 260543BY8 | 0.23% | 650,000 |
| PHILLIPS 66 CO 4.9% 10/01/2046 | 718547AN2 | 0.22% | 930,000 |
| UNITED STATES TREAS NTS 2.25% 10/31/2024 | 9128283D0 | 0.22% | 820,000 |
| UNITED STATES TREAS NTS 2.125% 05/15/2025 | 912828XB1 | 0.22% | 820,000 |
| UNITED STATES TREAS NTS 0.5% 04/30/2027 | 912828ZN3 | 0.21% | 895,000 |
| ONEOK PARTNERS LP 6.65% 10/01/2036 | 68268NAC7 | 0.21% | 800,000 |
| TENNESSEE VALLEY AUTH FED BE -B 3.5% 42 3.5% 12/15/2042 | 880591EP3 | 0.16% | 690,000 |
| CORNING INC 5.45% 11/15/2079 | 219350BQ7 | 0.16% | 685,000 |
| UNITED STATES TREAS BDS 3.625% 08/15/2043 | 912810RC4 | 0.15% | 575,000 |
| FEDERAL NATL MTG ASSN 0.5% 11/07/2025 | 3135G06G3 | 0.13% | 520,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -E BD 25 6.75% 11/01/2025 | 880591CJ9 | 0.13% | 450,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -A BD 27 2.875% 02/01/2027 | 880591EU2 | 0.12% | 455,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -A BD 25 0.75% 05/15/2025 | 880591EW8 | 0.11% | 425,000 |
| UNITED STATES TREAS NTS 2.625% 04/15/2025 | 91282CEH0 | 0.09% | 350,000 |
| FEDERAL HOME LOAN BANKS 1.5% 08/15/2024 | 3130AGWK7 | 0.08% | 310,000 |
| FEDERAL HOME LOAN BANKS 0.375% 09/04/2025 | 3130AK5E2 | 0.08% | 305,000 |
| FEDERAL HOME LOAN BANKS 2.875% 09/13/2024 | 3130A2UW4 | 0.08% | 300,000 |
| FEDERAL NATL MTG ASSN 2.625% 09/06/2024 | 3135G0ZR7 | 0.08% | 300,000 |
| FEDERAL NATL MTG ASSN 2.125% 04/24/2026 | 3135G0K36 | 0.07% | 285,000 |
| FEDERAL NATL MTG ASSN 1.625% 10/15/2024 | 3135G0W66 | 0.07% | 275,000 |
| FEDERAL HOME LN MTG CORP 0.375% 09/23/2025 | 3137EAEX3 | 0.06% | 240,000 |
| FEDERAL FARM CR BKS 0.875% 11/18/2024 | 3133ENEJ5 | 0.06% | 240,000 |
| FEDERAL HOME LOAN BANKS 0.5% 04/14/2025 | 3130AJHU6 | 0.06% | 235,000 |
| FEDERAL HOME LOAN BANKS 2.75% 12/13/2024 | 3130A3GE8 | 0.06% | 230,000 |
| FEDERAL NATL MTG ASSN 0.625% 04/22/2025 | 3135G03U5 | 0.06% | 230,000 |
| FEDERAL HOME LOAN BANKS 1% 12/20/2024 | 3130AQF40 | 0.06% | 225,000 |
| FEDERAL NATL MTG ASSN 1.625% 01/07/2025 | 3135G0X24 | 0.06% | 220,000 |
| JABIL INC 3.95% 01/12/2028 | 466313AH6 | 0.06% | 220,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -A BD 56 5.375% 04/01/2056 | 880591DZ2 | 0.06% | 190,000 |
| FEDERAL FARM CR BKS 1.125% 01/06/2025 | 3133ENKS8 | 0.05% | 210,000 |
| LEAR CORP 5.25% 05/15/2049 | 521865AZ8 | 0.05% | 210,000 |
| FEDERAL FARM CR BKS 1.75% 02/14/2025 | 3133ENPG9 | 0.05% | 200,000 |
| FEDERAL HOME LN MTG CORP 1.5% 02/12/2025 | 3137EAEP0 | 0.05% | 195,000 |
| FEDERAL NATL MTG ASSN 1.875% 09/24/2026 | 3135G0Q22 | 0.05% | 190,000 |
| FEDERAL HOME LOAN BANKS 2.375% 03/14/2025 | 3130A4CH3 | 0.05% | 180,000 |
| ONEOK PARTNERS LP 6.85% 10/15/2037 | 68268NAD5 | 0.05% | 170,000 |
| MARTIN MARIETTA MATLS INC 4.25% 12/15/2047 | 573284AU0 | 0.04% | 205,000 |
| TENNESSEE VALLEY AUTH FED BE SR GLBL -A BD 24 2.875% 09/15/2024 | 880591ER9 | 0.04% | 145,000 |
| FEDERAL NATL MTG ASSN 7.25% 05/15/2030 | 31359MFP3 | 0.04% | 125,000 |
| FEDERAL HOME LN MTG CORP 6.75% 03/15/2031 | 3134A4AA2 | 0.04% | 120,000 |
| FEDERAL NATL MTG ASSN 6.625% 11/15/2030 | 31359MGK3 | 0.04% | 115,000 |
| NEXTERA ENERGY CAP HLDGS INC JR SB GLBL -P 82 3.8% 03/15/2082 | 65339KCB4 | 0.03% | 160,000 |
| 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 |
| FEDERAL HOME LOAN BANKS 1.25% 12/21/2026 | 3130AQF65 | 0.03% | 115,000 |
| FEDERAL HOME LOAN BANKS 3.25% 06/09/2028 | 3130AEB25 | 0.03% | 115,000 |
| ONEOK PARTNERS LP 6.125% 02/01/2041 | 68268NAG8 | 0.03% | 105,000 |
| KRAFT HEINZ FOODS CO 6.875% 01/26/2039 | 50076QAR7 | 0.03% | 105,000 |
| FEDERAL NATL MTG ASSN 0.5% 06/17/2025 | 3135G04Z3 | 0.03% | 100,000 |
| MAGALLANES INC 5.391% 03/15/2062 | 55903VAS2 | 0.02% | 120,000 |
| FEDERAL HOME LOAN BANKS 5.5% 07/15/2036 | 3133XGAY0 | 0.01% | 40,000 |
| FEDERAL NATL MTG ASSN 7.125% 01/15/2030 | 31359MFJ7 | 0.01% | 30,000 |
| FEDERAL HOME LN MTG CORP 6.75% 09/15/2029 | 3134A3U46 | 0.01% | 20,000 |
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.