Overview
Fund Tagline
Solution that seeks high level of current income with lower volatility than the broader high yield market.
Fund Description
Fund seeks to emphasize capital preservation, followed by liquidity and positive total return
Product Facts
Ticker Symbol | VVJBX |
CUSIP | 92913L254 |
Inception Date | February 9, 2023 |
Dividends Paid | Monthly |
Min. Initial Investment | $1,000.00 |
- Under normal markets conditions, the Fund invests at least 80% of its net assets in debt securities rated below investment grade
- Aims to maintain a duration of 0 to 3 years
- May invest up to 20% in bank loans
The Fund seeks a high level of current income with lower volatility than the broader high yield market.
- Under normal markets conditions, the Fund invests at least 80% of its net assets in debt securities rated below investment grade
- Aims to maintain a duration of 0 to 3 years
- May invest up to 20% in bank loans
The Fund seeks a high level of current income with lower volatility than the broader high yield market.
Performance
Yields
As of June 30, 2025
SEC 30-Day Yield (Unsubsidized) SEC 30-Day Yield (Unsubsidized) A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. | 7.52 |
SEC 30-Day Yield (Subsidized) SEC 30-Day Yield (Subsidized) A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements). | 7.52 |
Distribution Yield @ NAV Distribution Yield @ NAV Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value. This yield does not include the return of principal or other non-income sources. | 7.10 |
Distribution Yield @ MOP Distribution Yield @ MOP Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest dividend shown as an annualized percentage of maximum offering price. This yield does not include the return of principal or other non-income sources. | 6.93 |
Average Annual Total Returns %
As of June 30, 2025
As of June 30, 2025
Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Inception | Expense Ratios | |
---|---|---|---|---|---|---|---|---|
Gross | Net | |||||||
Net Asset Value | -1.53 | +4.78 | — | — | — | +6.91 | 0.97% | 0.85% |
With Sales Charge | -3.98 | +2.14 | — | — | — | +5.77 | ||
Net Asset Value | -1.53 | +4.78 | — | — | — | +6.91 | 0.97% | 0.85% |
With Sales Charge | -3.98 | +2.14 | — | — | — | +5.77 | ||
ICE BofA 1-3 Year BB US Cash Pay High Yield Index | +3.93 | +7.81 | — | — | — | +7.35 | — | — |
ICE BofA 1-3 Year US Treasury Index | +2.79 | +5.67 | — | — | — | +4.55 | — | — |
ICE BofA 1-3 Year BB US Cash Pay High Yield Index | +3.93 | +7.81 | — | — | — | +7.35 | — | — |
ICE BofA 1-3 Year US Treasury Index | +2.79 | +5.67 | — | — | — | +4.55 | — | — |
Inception Date - Class A: February 9, 2023
Current Maximum Sales Charge: 2.50%
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.
Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
The ICE BofA 1-3 Year US Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 02/09/2023 through 06/30/2025
Ending Value: $11,730.00
The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.
Average Annual Total Returns %
As of June 30, 2025
As of June 30, 2025
Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Inception | Expense Ratios | |
---|---|---|---|---|---|---|---|---|
Gross | Net | |||||||
Net Asset Value | -1.53 | +4.78 | — | — | — | +6.91 | 0.97% | 0.85% |
With Sales Charge | -3.98 | +2.14 | — | — | — | +5.77 | ||
Net Asset Value | -1.53 | +4.78 | — | — | — | +6.91 | 0.97% | 0.85% |
With Sales Charge | -3.98 | +2.14 | — | — | — | +5.77 | ||
ICE BofA 1-3 Year BB US Cash Pay High Yield Index | +3.93 | +7.81 | — | — | — | +7.35 | — | — |
ICE BofA 1-3 Year US Treasury Index | +2.79 | +5.67 | — | — | — | +4.55 | — | — |
ICE BofA 1-3 Year BB US Cash Pay High Yield Index | +3.93 | +7.81 | — | — | — | +7.35 | — | — |
ICE BofA 1-3 Year US Treasury Index | +2.79 | +5.67 | — | — | — | +4.55 | — | — |
Inception Date - Class A: February 9, 2023
Current Maximum Sales Charge: 2.50%
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.
Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
The ICE BofA 1-3 Year US Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 02/09/2023 through 06/30/2025
Ending Value: $11,730.00
The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.
Portfolio
Portfolio Statistics
As of July 31, 2025
Net Assets millions Net Assets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. | $157.3 |
Number of Holdings Number of Holdings Number of Holdings in the investment. | 81 |
Duration years | 1.44 |
Weighted Average Life years Weighted Average Life The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes. | 2.91 |
Total |
Top Holdings
As of June 30, 2025
GLOBAL AUTO HOLDINGS LTD/AAG FH UK - GLOBAU 8/15/2029 8/15/2029 | 3.74 |
CHAMPIONS FINANCING INC - CRASHC 2/15/2029 2/15/2029 | 3.32 |
AMERIGAS PARTNERS LP/AMERIGAS FINA - APU 6/1/2028 6/1/2028 | 3.10 |
HERC HOLDINGS INC - HRI 7/15/2027 7/15/2027 | 3.03 |
MOBIUS MERGER SUB INC - MGI 6/1/2030 6/1/2030 | 2.85 |
NFE FINANCING LLC - NFE 11/15/2029 11/15/2029 | 2.83 |
FORD MOTOR CREDIT COMPANY LLC - F 11/7/2029 11/7/2029 | 2.81 |
SPECIALTY BUILDING PRODUCTS HOLDIN - SBPLLC 10/15/2029 10/15/2029 | 2.78 |
VISTAJET MALTA FINANCE PLC - VSTJET 6/1/2028 6/1/2028 | 2.70 |
JETBLUE AIRWAYS CORPORATION - JBLU 9/20/2031 9/20/2031 | 2.54 |
Total | #,###.2 |
Top Issuers
As of June 30, 2025
FORD MOTOR COMPANY | 4.24 |
HERC HOLDINGS INC | 3.76 |
GLOBAL AUTO HOLDINGS PLC | 3.74 |
VISTAJET LTD | 3.58 |
AMERIGAS PROPANE HOLDINGS INC | 3.47 |
CONSENSUS CLOUD SOLUTIONS INC | 3.43 |
ION TRADING TECHNOLOGIES LTD | 3.37 |
CHAMPIONS FINANCING INC | 3.32 |
DIRECTV ENTERTAINMENT HOLDINGS LLC | 3.17 |
Total | #,###.2 |
Credit Quality
As of June 30, 2025
Treasuries/Cash | 0.00 |
AAA | 0.00 |
AA | 0.00 |
A | 0.00 |
BBB | 10.79 |
BB | 30.21 |
B | 55.83 |
<B | 3.03 |
Not Rated | 0.14 |
Total | #,###.2 |
Credit quality is based on third-party agency ratings , ranging from AAA (highest) to D (lowest). If ratings are available from each of S&P, Moody's and Fitch, the security is assigned the median rating. If ratings are available from only two of these agencies, the lower rating is assigned. If a rating is available from only one of these three agencies, then that rating is used. If none of S&P, Moody's and Fitch rate the security but it has a Morningstar DBRS rating, then the Morningstar DBRS rating is used (see https://dbrs.morningstar.com/about/disclaimer). Any security that is not rated by these four agencies is placed in the Not Rated (NR) category. Ratings do not apply to the Fund itself or to the Fund shares. Ratings may not accurately reflect risk and are subject to change.
Maturity Details
As of June 30, 2025
Cash | 0.00 |
<1 Year | 14.98 |
1-3 Years | 30.36 |
3-5 Years | 48.69 |
5-7 Years | 5.97 |
7-10 Years | 0.00 |
10-20 Years | 0.00 |
>20 Years | 0.00 |
Total | #,###.2 |
Maturity allocations are based on securities’ Average Life, which incorporates pre-payment assumptions and can thus be much different than a bond’s maturity date, particularly in the case of mortgage-backed securities.
Portfolio Statistics
As of July 31, 2025
Net Assets millions Net Assets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. | $157.3 |
Number of Holdings Number of Holdings Number of Holdings in the investment. | 81 |
Duration years | 1.44 |
Weighted Average Life years Weighted Average Life The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes. | 2.91 |
Total |
Top Holdings
As of June 30, 2025
GLOBAL AUTO HOLDINGS LTD/AAG FH UK - GLOBAU 8/15/2029 8/15/2029 | 3.74 |
CHAMPIONS FINANCING INC - CRASHC 2/15/2029 2/15/2029 | 3.32 |
AMERIGAS PARTNERS LP/AMERIGAS FINA - APU 6/1/2028 6/1/2028 | 3.10 |
HERC HOLDINGS INC - HRI 7/15/2027 7/15/2027 | 3.03 |
MOBIUS MERGER SUB INC - MGI 6/1/2030 6/1/2030 | 2.85 |
NFE FINANCING LLC - NFE 11/15/2029 11/15/2029 | 2.83 |
FORD MOTOR CREDIT COMPANY LLC - F 11/7/2029 11/7/2029 | 2.81 |
SPECIALTY BUILDING PRODUCTS HOLDIN - SBPLLC 10/15/2029 10/15/2029 | 2.78 |
VISTAJET MALTA FINANCE PLC - VSTJET 6/1/2028 6/1/2028 | 2.70 |
JETBLUE AIRWAYS CORPORATION - JBLU 9/20/2031 9/20/2031 | 2.54 |
Total | #,###.2 |
Top Issuers
As of June 30, 2025
FORD MOTOR COMPANY | 4.24 |
HERC HOLDINGS INC | 3.76 |
GLOBAL AUTO HOLDINGS PLC | 3.74 |
VISTAJET LTD | 3.58 |
AMERIGAS PROPANE HOLDINGS INC | 3.47 |
CONSENSUS CLOUD SOLUTIONS INC | 3.43 |
ION TRADING TECHNOLOGIES LTD | 3.37 |
CHAMPIONS FINANCING INC | 3.32 |
DIRECTV ENTERTAINMENT HOLDINGS LLC | 3.17 |
Total | #,###.2 |
Credit Quality
As of June 30, 2025
Treasuries/Cash | 0.00 |
AAA | 0.00 |
AA | 0.00 |
A | 0.00 |
BBB | 10.79 |
BB | 30.21 |
B | 55.83 |
<B | 3.03 |
Not Rated | 0.14 |
Total | #,###.2 |
Credit quality is based on third-party agency ratings , ranging from AAA (highest) to D (lowest). If ratings are available from each of S&P, Moody's and Fitch, the security is assigned the median rating. If ratings are available from only two of these agencies, the lower rating is assigned. If a rating is available from only one of these three agencies, then that rating is used. If none of S&P, Moody's and Fitch rate the security but it has a Morningstar DBRS rating, then the Morningstar DBRS rating is used (see https://dbrs.morningstar.com/about/disclaimer). Any security that is not rated by these four agencies is placed in the Not Rated (NR) category. Ratings do not apply to the Fund itself or to the Fund shares. Ratings may not accurately reflect risk and are subject to change.
Maturity Details
As of June 30, 2025
Cash | 0.00 |
<1 Year | 14.98 |
1-3 Years | 30.36 |
3-5 Years | 48.69 |
5-7 Years | 5.97 |
7-10 Years | 0.00 |
10-20 Years | 0.00 |
>20 Years | 0.00 |
Total | #,###.2 |
Maturity allocations are based on securities’ Average Life, which incorporates pre-payment assumptions and can thus be much different than a bond’s maturity date, particularly in the case of mortgage-backed securities.
Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.
Distributions
Payment Frequency: Monthly
Distributions | Ex-Date
Ex-Date Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date. | Payable Date
Payable Date Date on which a declared stock dividend or a bond interest payment is scheduled to be paid. | Record Date
Record Date Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend. | Amount |
---|---|---|---|---|
Income Dividend | 07/31/2025 | $0.062122 | ||
Income Dividend | 06/30/2025 | $0.056520 | ||
Income Dividend | 05/30/2025 | $0.058723 | ||
Income Dividend | 04/30/2025 | $0.064056 | ||
Income Dividend | 03/31/2025 | $0.061452 | ||
Income Dividend | 02/28/2025 | $0.056336 | ||
Income Dividend | 01/31/2025 | $0.068882 | ||
Income Dividend | 12/31/2024 | $0.069626 | ||
Long-Term Capital Gain | 12/12/2024 | 12/13/2024 | 12/11/2024 | $0.019000 |
Short-Term Capital Gain | 12/12/2024 | 12/13/2024 | 12/11/2024 | $0.078800 |
Income Dividend | 11/29/2024 | $0.067110 | ||
Income Dividend | 10/31/2024 | $0.066142 | ||
Income Dividend | 09/30/2024 | $0.063660 | ||
Income Dividend | 08/30/2024 | $0.066681 | ||
Income Dividend | 07/31/2024 | $0.066030 | ||
Totals: $0.925140 |
Income Dividend: Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.
Short-Term Capital Gain: The profit realized from the sale of securities held for less than one year.
Long-Term Capital Gain: Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.
Investment Team
Disclosures
Principal Risks
All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. You could lose money on your investment and any of the following risks, among others, could affect investment performance. The following principal risks are presented in alphabetical order which does not imply order of importance or likelihood: Bank instruments; Collateralized Loan Obligations and Other Collateralized Obligations; Company; Covenant-Lite Loans; Credit; Credit Default Swaps; Currency; Derivative Instruments; Environmental, Social, and Governance (Fixed Income); Floating Rate Loans; Foreign (Non-U.S.) Investments; High-Yield Securities; Interest in Loans; Interest Rate; Investment Model; Large Shareholder Risk; Liquidity; Market; Market Disruption and Geopolitical; Other Investment Companies; Portfolio Turnover; Preferred Stocks; Prepayment and Extension; Securities Lending; U.S. Government Securities and Obligations. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.
The fund discussed may be available to you as part of your employer sponsored retirement plan. There may be additional plan level fees resulting in personal performance that varies from stated performance. Please call your benefits office for more information.