Annual
Report
August
31, 2022
VIDENT
INTERNATIONAL EQUITY FUND
Ticker:
VIDI
VIDENT CORE
U.S. EQUITY FUND
Ticker:
VUSE
VIDENT CORE
U.S. BOND STRATEGY ETF
Ticker:
VBND
VIDENT
FUNDS
TABLE OF CONTENTS
|
Page | |
|
Letters to Shareholders |
1 |
|
Performance Summary |
9 |
|
Portfolio Allocation |
15 |
|
Schedules of Investments |
18 |
|
Statements of Assets and Liabilities |
49 |
|
Statement of Operations |
50 |
|
Statements of Changes in Net Assets |
51 |
|
Financial Highlights |
54 |
|
Notes to Financial Statements |
57 |
|
Report of Independent Registered Public
Accounting Firm |
72 |
|
Trustees and Officers |
73 |
|
Expense Examples |
75 |
|
Approval of Sub-Advisory Agreement & Board
Considerations |
77 |
|
Review of Liquidity Risk Management
Program |
80 |
|
Federal Tax Information |
81 |
|
Information About Portfolio Holdings |
83 |
|
Information About Proxy Voting |
83 |
|
Frequency Distribution of Premium and
Discounts |
83 |
VIDENT
INTERNATIONAL EQUITY FUND
Dear Shareholders,
On behalf of the entire team,
we want to express our appreciation for the confidence you have placed in the
Vident International Equity Fund (“VIDI” or the “Fund”). The following
information pertains to the fiscal period of September 1, 2021 through August
31, 2022 (the “current fiscal period”). The Fund seeks to track the total return
performance, before fees and expenses, of the Vident Core International Equity
Index™
(the “Index”). This index strategy seeks to provide investors with a
well-diversified set of global equities exposures across countries, regions and
stocks, emphasizing countries with more favorable conditions for investment as
well as economic and financial market resilience. The Index also seeks to
enhance investors’ stock exposures, systematically selecting higher quality
stocks that Vident believes to have favorable valuations and favorable price
momentum.
The Fund had negative
performance during the current fiscal period. The market price for VIDI
decreased -15.41% and the NAV decreased -15.77%, while the Morningstar Global
Markets ex-US Large-Mid Cap Index, a broad market index, detracted -19.34% over
the same period. The Fund’s Index fell -14.57%. Meanwhile, outstanding shares
ended the period at 15,400,000.
The largest positive
contributor to return was Equinor ASA (EQNR NO), adding 0.35% to the return of
the Fund, gaining 88.24% with an average weighting of 0.66%. The second largest
contributor to return was Orient Overseas International, Ltd. (316 HK),
adding 0.29% to the return of the Fund, gaining 45.44% with an average weighting
of 0.60%. The third largest contributor to return was United Tractors Tbk PT
(UNTR IJ), adding 0.28% to the return of the Fund, gaining 69.35% with an
average weighting of 0.59%.
The largest negative
contributor to return was Top Glove Corporation Bhd (TOPG MK), detracting -0.51%
from the return of the Fund, declining -76.90% with an average weighting of
0.33%. The security contributing second-most negatively was PJSC Gazprom (OGZD
LI), detracting -0.48% from the return of the Fund, and declining -93.00% with
an average weighting of 0.30%. The third largest negative contributor to return
was Hartalega Holdings Berhad (HART MK), detracting -0.46% from the return of
the Fund, and declining -72.54% with an average weight of 0.23%.
The best performing security in
the Fund was Minerva SA (BEEF3 BZ), gaining 97.22% and contributing 0.03% to the
return of the Fund. The second-best performing security for the period was
Rheinmetall AG (RHM GR), gaining 89.70% and contributing 0.23% to the return of
the Fund. The third-best performing security was Equinor ASA (EQNR NO), gaining
88.24% for the period and contributing 0.35% to the return of the Fund.
The worst performing security
in the Fund was Magnit PJSC (MGNT LI), declining -99.91% and reducing the return
of the Fund by 0.10%. The second-worst performing
1
VIDENT
INTERNATIONAL EQUITY FUND
security in the Fund was
Severstal PJSC (SVST LI), declining -99.71% and reducing the return of the
LUKOIL PJSC Fund by -0.11%. The third-worst performing security in the Fund was
(LKOD LI), declining -99.11% and reducing the return of the Fund by -0.19%.
These securities, along with four other Russian securities, were marked to zero
following the outset of the Russian invasion of Ukraine and subsequent Russian
market closures and U.S. sanctions against Russia in early 2022. Collectively,
these securities reduced the return of the Fund by -1.36%.
Vident believes the Fund’s
negative performance is consistent with relevant market conditions observed in
the general low performance of international markets compared to domestic
markets. Market conditions such as the dollar strengthening relative to
currencies of other investible markets in the Fund’s universe contributed to low
performance. Additionally, relevant attributes in the Index’s approach that
likely explain its performance, include an underweight to China and in the
Index’s stock-picking approach which uses value, quality, and momentum.
Vident believes VIDI’s
rules-based index strategy will remain competitive in the international
investment landscape and given market environment. Vident wishes to express our
sincerest appreciation for your confidence and commitment to VIDI. We will
continue to strive to ensure the satisfaction of our shareholders.
Sincerely,
Deborah K. Kimery, CFA
Chief Executive Officer, Vident
Advisory, LLC
2
VIDENT CORE
U.S. EQUITY FUND
Dear Shareholders,
On behalf of the entire team,
we want to express our appreciation for the confidence you have placed in the
Vident Core U.S. Equity Fund (“VUSE” or the “Fund”). The following information
pertains to the fiscal period of September 1, 2021 through August 31, 2022 (the
“current fiscal period”). The Fund seeks to track the total return performance,
before fees and expenses, of the Vident Core U.S. Stock Index™
(the “Index”). This index strategy represents a portfolio of U.S. equities that
adhere to higher standards of corporate governance and accounting, as measured
by numerous research metrics. This research is integrated into a systematic and
structured selection process that seeks to provide an index of higher quality
U.S. companies across small, medium and large-capitalization ranges. The Index
also seeks to mitigate some of the risks often associated with market
capitalization-weighted indices, including issuer concentration.
The Fund had negative
performance during the current fiscal period. The market price for VUSE
decreased -6.69% and the NAV decreased -6.66%, while the S&P 500 Index, a
broad market index, detracted -11.23% over the same period. The Fund’s Index
fell -6.56%. Meanwhile, outstanding shares ended the period at 11,300,000.
The largest positive
contributor to return was Chord Energy Corporation (CHRD US), adding 0.41% to
the return of the Fund, gaining 97.46% with an average weighting of 0.59%. The
second largest contributor to return was Marathon Oil Corporation (MRO US),
adding 0.39% to the return of the Fund, gaining 120.70% with an average
weighting of 0.59%. The third largest contributor to return was Ovintiv, Inc.
(OVV US), adding 0.35% to the return of the Fund, gaining 98.53% with an average
weighting of 0.61%.
The largest negative
contributor to return was DISH Network Corporation – Class A (DISH US),
detracting -0.35% from the return of the Fund, declining -60.20% with an average
weighting of 0.41%. The security contributing second-most negatively was Fulgent
Genetics, Inc. (FLGT US), detracting -0.28% from the return of the Fund, and
declining -52.36% with an average weighting of 0.46%. The third largest negative
contributor to return was PROG Holdings, Inc. (PRG US), detracting -0.26% from
the return of the Fund, and declining -61.07% with an average weight of
0.28%.
The best performing security in
the Fund was Marathon Oil Corporation (MRO US), gaining 120.70% and contributing
0.39% to the return of the Fund. The second-best performing security for the
period was Antero Resources Corporation (AR US), gaining 102.97% and
contributing 0.08% to the return of the Fund. The third-best performing security
was Ovintiv, Inc. (OVV US), gaining 98.53% for the period and contributing 0.35%
to the return of the Fund.
3
VIDENT CORE
U.S. EQUITY FUND
The worst performing security
in the Fund was PROG Holdings, Inc. (PRG US), declining -61.07% and reducing the
return of the Fund by -0.26%. The second-worst performing security in the Fund
was Kyndryl Holdings, Inc. (KD US), declining -60.50% and reducing the return of
the Fund by -0.01%. The third-worst performing security in the Fund was DISH
Network Corporation – Class A, declining -60.20% and reducing the return of the
Fund by -0.35%.
Vident believes the Fund’s
performance is consistent with relevant market conditions and the general
negative performance of domestic equity markets. Relevant contributors are
likely the Index’s value factors, as value funds generally outperformed growth
funds during the period. In addition, the Index’s all-cap (opposed to
market-cap) approach resulted in relatively higher exposures to mid-cap and
lower exposures to large-cap companies. During the period, mid-cap tended to
outperform large cap. These dynamics are consistent both in the slowing economic
growth and rising interest rate trends during the period.
Vident believes VUSE’s
rules-based index strategy will remain competitive in the U.S. equities
investment landscape and given market environment. Vident wishes to express our
sincerest appreciation for your confidence and commitment to the Fund. We will
continue to strive to ensure the satisfaction of our shareholders.
Sincerely,
Deborah K. Kimery, CFA
Chief Executive Officer, Vident
Advisory, LLC
4
VIDENT CORE
U.S. BOND STRATEGY ETF
Dear Shareholders,
On behalf of the entire team,
we want to express our appreciation for the confidence you have placed in the
Vident Core US Bond Strategy ETF (“VBND” or the “Fund”). The following
information pertains to the fiscal period of September 1, 2021 through August
31, 2022 (the “current fiscal period”). The Fund seeks to track the total return
performance, before fees and expenses, of the Vident Core U.S. Bond Index™
(the “Index”). This Index seeks to diversify interest rate and credit risks
through the application of time-tested principles. In addition to diversifying
across fixed income sectors, the strategy seeks to improve corporate bond
exposures by screening for companies with stronger leadership, governance and
creditworthiness factors.
The Fund had negative
performance during the current fiscal period. The market price for VBND
decreased -12.37% and the NAV decreased -12.41%, while the FTSE US Broad
Investment Grade Bond Index, a broad market index, decreased -11.76% over the
same period. The Fund’s Index fell -11.94%. Meanwhile, outstanding shares ended
the period at 8,500,000.
The largest positive
contributor to return was Fannie Mae/Freddie Mac (UMBS) (FNCL 3 8/22), adding
0.05% to the return of the Fund, gaining 2.30% with an average weighting of
0.10%. The second largest contributor to return was Fannie Mae/Freddie Mac
(UMBS) (FNCL 3.5 8/22), adding 0.03% to the return of the Fund, gaining 2.15%
with an average weighting of 0.07%. The third largest contributor to return was
Fannie Mae/Freddie Mac (UMBS) (FNCL 4 8/22), adding 0.01% to the return of the
Fund, gaining 1.72% with an average weighting of 0.04%.
The largest negative
contributor to return was United States Treasury Note/Bond (T 37/8⅞
08/15/40), detracting -0.57% from the return of the Fund, declining -10.84% with
an average weighting of 2.60%. The security contributing second-most negatively
was United States Treasury Note/Bond (T 51/4
11/15/28), detracting -0.41% from the return of the Fund, and declining -7.67%
with an average weighting of 4.86%. The third largest negative contributor to
return was United States Treasury Note/Bond (T 61/4
05/15/30), detracting -0.30% from the return of the Fund, and declining -9.22%
with an average weight of 2.69%.
The best performing security in
the Fund was Ginnie Mae (GNSF 3 7/22), gaining 2.43% and contributing 0.01% to
the return of the Fund. The second-best performing security for the period was
Ginnie Mae (G2SF 3 7/22), gaining 2.40% and contributing 0.01% to the return of
the Fund. The third-best performing security was Fannie Mae/Freddie Mac (UMBS)
(FNCL 3 8/22), gaining 2.30% for the period and contributing 0.05% to the return
of the Fund.
The worst performing security
in the Fund was Corning, Inc. (GLW 5.45 11/15/2079), declining -31.61% and
reducing the return of the Fund by -0.06%. The second-worst
5
VIDENT CORE
U.S. BOND STRATEGY ETF
performing security in the Fund
was Owens Corning (OC 4.3 07/15/47), declining -27.54% and reducing the return
of the Fund by -0.09%. The third-worst performing security in the Fund was
Kohl’s Corporation (KSS 33/8
05/01/31), declining -26.84% and reducing the return of the Fund by
-0.08%.
Vident believes the Fund’s
performance is consistent with relevant market conditions including slowing
economic growth and the general negative performance of domestic fixed income
markets, driven by U.S. Federal Reserve tightening and rising rates during the
period. Contributors to performance include the Index’s mid-range duration
targets and its momentum signaling investment technique to determine allocations
to high yield and Treasury Inflation-Protected Securities bonds or TIPS.
Vident believes VBND’s
rules-based index strategy will remain competitive in the fixed income
investment landscape and given market environments. Vident wishes to express our
sincerest appreciation for your confidence and commitment to VBND. We will
continue to strive to ensure the satisfaction of our shareholders.
Sincerely,
Deborah K. Kimery, CFA
Chief Executive Officer, Vident
Advisory, LLC
6
VIDENT
FUNDS
Past
performance is no guarantee of future results.
Opinions expressed are subject
to change, are not guaranteed and should not be considered investment advice or
recommendations to buy or sell any security. Fund holdings are subject to change
and are not recommendations to buy or sell any security. For more complete
information regarding performance and holdings, please refer to the schedules of
investments on pages 18-48.
Investments
involve risk. Principal loss is possible. The Funds have 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.
Investments in foreign securities involve political, economic and currency
risks, greater volatility and differences in accounting methods. These risks are
greater for investments in emerging markets. A fund that concentrates its
investments in the securities of a particular industry or geographic area may be
more volatile than a fund that invests in a broader range of industries. VIDI
and 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 performance of the Funds may diverge from that of the Indices. Because the
Funds employ a representative sampling strategy and may also invest up to 20% of
their assets in securities that are not included in the Indices, the Funds may
experience tracking error to a greater extent than a fund that seeks to
replicate an index. The Funds are not actively managed and may be affected by a
general decline in market segments related to the Indices. The Funds invest in
securities included in, or representative of securities included in, the
Indices, regardless of their investment merits. Small and medium-capitalization
companies tend to have more limited liquidity and greater price volatility than
large-capitalization companies. Unlike mutual funds, ETFs may trade at a premium
or discount to their net asset value.
The Vident
Core International Equity IndexTM
(Bloomberg Symbol: VIEQX) is a strategy seeking to balance risk across developed
and emerging countries and emphasize those with favorable conditions for growth.
The Vident Core U.S. Stock IndexTM
(Bloomberg Symbol: VCUSX) is a strategy which seeks to apply principles-based
reasoning, expressed through innovative risk design to address the risks and
opportunities of U.S. equity investing. The Vident Core U.S. Bond IndexTM
(Bloomberg Symbol: VUBDX) is a strategy which seeks to diversify and improve
interest rate and credit risks of traditional U.S. core bonds.
The
Morningstar Global ex-US Large-Mid Index measures the performance of Global
Markets Ex-US equity markets targeting the top 90% of stocks by market
capitalization. This Index does not incorporate Environmental, Social, or
Governance (ESG) criteria.
The
Morningstar Global Markets ex-US Index measures the performance of the stocks
located in the developed and emerging countries across the world (excluding the
United States) as defined by Morningstar. Stocks in the index are weighted by
their float capital, which removes corporate cross ownership, government
holdings and other locked-in shares. This Index does not incorporate
Environmental, Social, or Governance (ESG) criteria.
7
VIDENT
FUNDS
The S&P
500 Index measures the performance of 500 widely held stocks in US equity
market. Standard and Poor’s chooses member companies for the index based on
market size, liquidity and industry group representation. Included are the
stocks of industrial, financial, utility, and transportation companies. Since
mid 1989, this composition has been more flexible and the number of issues in
each sector has varied. It is market capitalization-weighted.
The
Morningstar U.S. Market Total Return Index measures the performance of US
securities and targets 97% market capitalization coverage of the investable
universe. It is a diversified broad market index. This Index does not
incorporate Environmental, Social, or Governance (ESG) criteria.
The FTSE
Broad Investment Grade Bond Index measures the performance of US
Dollar-denominated bonds issued in the US investment-grade bond market.
Introduced in 1985, the index covers US Treasury, government sponsored,
collateralized, and corporate debt providing a reliable representation of the US
investment-grade bond market. Sub-indexes are available in any combination of
asset class, maturity, and rating.
It is not
possible to invest directly in an index.
Diversification
does not assure a profit or protect against loss in a declining market.
Must be
preceded or accompanied by a Prospectus.
8
VIDENT
INTERNATIONAL EQUITY FUND
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the
performance of a hypothetical $10,000 investment made on October 29, 2013, and
is not intended to imply any future performance. The returns shown do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares. The chart assumes reinvestment
of capital gains and dividends. It is not possible to invest directly in an
index.
9
VIDENT
INTERNATIONAL EQUITY FUND
PERFORMANCE SUMMARY
(Unaudited) (Continued)
|
Average
Annual Returns |
One |
Three |
Five |
Since |
|
August
31, 2022 |
Year |
Years |
Years |
Inception(1) |
|
Vident
International |
||||
|
Equity Fund –
NAV |
-15.77% |
3.23% |
-0.70% |
1.41% |
|
Vident
International |
||||
|
Equity Fund –
Market |
-15.41% |
3.25% |
-0.73% |
1.40% |
|
Vident Core
International |
||||
|
Equity
Index/Vident |
||||
|
International
Equity Index(2)(3) |
-14.57% |
4.29% |
0.12% |
2.33% |
|
Morningstar Global
ex-U.S. |
||||
|
Large-Mid
Index(2)(4) |
-19.34% |
3.27% |
2.04% |
2.68% |
|
Morningstar Global
Markets |
||||
|
ex-US
Index(2)(5) |
-19.51% |
3.32% |
1.96% |
2.92% |
The
Performance data quoted is historical. Past performance is no guarantee of
future results. Current performance may be higher or lower than the performance
data quoted. The principal value and investment return of an investment will
fluctuate so that your shares, when redeemed, may be worth more or less than
their original cost. The returns shown do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or on the redemptions of Fund
shares. The total operating expenses as stated in the fee table to the Fund’s
prospectus dated December 31, 2021, is 0.61%. For performance information
current to the most recent month-end, please call 1-800-617-0004.
|
(1) |
Inception date is October
29, 2013. |
|
(2) |
Indexes are unmanaged
statistical composites and their returns do not include fees an investor
would pay to purchase the securities they represent. Such costs would
lower performance. It is not possible to invest directly in an
index. |
|
(3) |
Effective January 6,
2016, the Fund’s investment objective changed to track the performance,
before fees and expenses, of the Vident Core International Equity Index.
Prior to January 6, 2016, the Fund’s investment objective was to track the
price and total return performance, before fees and expenses, of the
Vident International Equity Index. Performance shown for periods beginning
January 6, 2016 is that of the Vident Core International Equity Index, and
performance shown for periods prior to January 6, 2016 is that of the
Vident International Equity Index. |
|
(4) |
Morningstar Global
ex-U.S. Large-Mid Index measures the performance of Global Markets Ex-U.S.
equity markets targeting the top 90% of stocks by market
capitalization. |
|
(5) |
Morningstar Global
Markets ex-US Index provides exposure to the top 97% market capitalization
in each of two economic segments, developed markets, excluding the United
States, and emerging markets. |
10
VIDENT CORE
U.S. EQUITY FUND
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the
performance of a hypothetical $10,000 investment made on January 21, 2014, and
is not intended to imply any future performance. The returns shown do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares. The chart assumes reinvestment
of capital gains and dividends. It is not possible to invest directly in an
index.
11
VIDENT CORE
U.S. EQUITY FUND
PERFORMANCE SUMMARY
(Unaudited) (Continued)
|
Average
Annual Returns |
One |
Three |
Five |
Since |
|
August
31, 2022 |
Year |
Years |
Years |
Inception(1) |
|
Vident Core U.S. |
||||
|
Equity Fund –
NAV |
-6.66% |
12.95% |
8.13% |
7.42% |
|
Vident Core U.S. |
||||
|
Equity Fund –
Market |
-6.69% |
12.97% |
8.10% |
7.42% |
|
Vident Core U.S.
Stock |
||||
|
Equity
Index/Vident Core |
||||
|
U.S. Equity
Index(2)(3) |
-6.56% |
13.20% |
8.37% |
7.48% |
|
Morningstar U.S.
Market |
||||
|
Total Return
Index(2)(4) |
-13.52% |
11.77% |
11.31% |
10.89% |
|
S&P 500 Index(2)(5) |
-11.23% |
12.39% |
11.82% |
11.39% |
The
performance data quoted is historical. Past performance is no guarantee of
future results. Current performance may be higher or lower than the performance
data quoted. The principal value and investment return of an investment will
fluctuate so that your shares, when redeemed, may be worth more or less than
their original cost. The returns shown do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or on the redemptions of Fund
shares. The total operating expenses as stated in the fee table to the Fund’s
prospectus dated December 31, 2021, is 0.50%. For performance information
current to the most recent month-end, please call 1-800-617-0004.
|
(1) |
Inception date is January
21, 2014. |
|
(2) |
Indexes are unmanaged
statistical composites and their returns do not include fees an investor
would pay to purchase the securities they represent. Such costs would
lower performance. It is not possible to invest directly in an
index. |
|
(3) |
Effective January 6,
2016, the Fund’s investment objective changed to track the performance,
before fees and expenses, of the Vident Core U.S. Stock Index. Prior to
January 6, 2016, the Fund’s investment objective was to track the price
and total return performance, before fees and expenses, of the Vident Core
U.S. Equity Index. Performance shown for periods beginning January 6, 2016
is that of the Vident Core U.S. Stock Index, and performance shown for
periods prior to January 6, 2016 is that of the Vident Core U.S. Equity
Index. |
|
(4) |
Morningstar U.S. Market
Total Return Index is a diversified broad market index that targets 97%
market capitalization coverage of the investable universe. |
|
(5) |
The Standard & Poor’s
500 Index (S&P 500) is an unmanaged index containing common stocks of
500 industrial, transportation, utility, and financial companies, regarded
as generally representative of the U.S. stock market. The index return
reflects the reinvestment of income dividends and capital gain
distributions, if any, but does not reflect fees, brokerage commissions,
or other expenses of investing. |
12
VIDENT CORE
U.S. BOND STRATEGY ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the
performance of a hypothetical $10,000 investment made on October 15, 2014, and
is not intended to imply any future performance. The returns shown do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares. The chart assumes reinvestment
of capital gains and dividends. It is not possible to invest directly in an
index.
13
VIDENT CORE
U.S. BOND STRATEGY ETF
PERFORMANCE SUMMARY
(Unaudited) (Continued)
|
Average
Annual Returns |
One |
Three |
Five |
Since |
|
August
31, 2022 |
Year |
Years |
Years |
Inception(1) |
|
Vident Core U.S.
Bond |
||||
|
Strategy ETF
– NAV |
-12.41% |
-2.51% |
-0.04% |
0.74% |
|
Vident Core U.S.
Bond |
||||
|
Strategy ETF
– Market |
-12.37% |
-2.55% |
-0.11% |
0.71% |
|
Vident Core U.S.
Bond |
||||
|
Index/Vident
Core U.S. |
||||
|
Bond Strategy
Index(2)(3) |
-11.94% |
-1.86% |
0.65% |
1.54% |
|
FTSE Broad
Investment |
||||
|
Grade Bond
Index(2)(4) |
-11.76% |
-2.02% |
0.53% |
1.19% |
The
performance data quoted is historical. Past performance is no guarantee of
future results. Current performance may be higher or lower than the performance
data quoted. The principal value and investment return of an investment will
fluctuate so that your shares, when redeemed, may be worth more or less than
their original cost. The returns shown do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or on the redemptions of Fund
shares. The total operating expenses as stated in the fee table to the Fund’s
prospectus dated December 31, 2021, is 0.41%. For performance information
current to the most recent month-end, please call 1-800-617-0004.
|
(1) |
Inception date is October
15, 2014. |
|
(2) |
Indexes are unmanaged
statistical composites and their returns do not include fees an investor
would pay to purchase the securities they represent. Such costs would
lower performance. It is not possible to invest directly in an
index. |
|
(3) |
Effective January 6,
2016, the Fund’s investment objective changed to track the performance,
before fees and expenses, of the Vident Core U.S. Bond Index. Prior to
January 6, 2016, the Fund’s investment objective was to track the price
and total return performance, before fees and expenses, of the Vident Core
U.S. Bond Strategy Index. Performance shown for periods beginning January
6, 2016 is that of the Vident Core U.S. Bond Index, and performance shown
for periods prior to January 6, 2016 is that of the Vident Core U.S. Bond
Strategy Index. |
|
(4) |
FTSE Broad Investment
Grade Bond Index tracks the performance of the U.S. Dollar-denominated
bonds issued in the U.S. investment-grade bond
market. |
14
VIDENT
INTERNATIONAL EQUITY FUND
PORTFOLIO ALLOCATION
As of August
31, 2022 (Unaudited)
|
Percentage
of | |
|
Country |
Net
Assets |
|
Taiwan |
7.6% |
|
Republic of Korea |
7.5% |
|
Norway |
7.1% |
|
China |
6.6% |
|
Hong Kong |
6.6% |
|
Brazil |
5.5% |
|
Germany |
5.3% |
|
Australia |
5.3% |
|
Singapore |
5.3% |
|
Sweden |
5.0% |
|
Canada |
3.9% |
|
United Kingdom |
3.8% |
|
Japan |
3.6% |
|
Denmark |
3.2% |
|
Switzerland |
3.2% |
|
Israel |
2.6% |
|
Chile |
2.4% |
|
South Africa |
1.9% |
|
Indonesia |
1.8% |
|
Thailand |
1.7% |
|
Netherlands |
1.4% |
|
Ireland |
1.3% |
|
Poland |
1.3% |
|
Malaysia |
1.0% |
|
Finland |
0.9% |
|
France |
0.9% |
|
Italy |
0.9% |
|
Spain |
0.6% |
|
Mexico |
0.5% |
|
Belgium |
0.2% |
|
Austria |
0.1% |
|
Russian Federation |
0.0% |
|
Short-Term Investments |
0.2% |
|
Investments Purchased |
|
|
with Proceeds from |
|
|
Securities Lending |
2.9% |
|
Liabilities in Excess |
|
|
of Other Assets |
(2.1)% |
|
Total |
100.0%
|
15
VIDENT CORE
U.S. EQUITY FUND
PORTFOLIO ALLOCATION
As of August
31, 2022 (Unaudited)
|
Percentage
of | |
|
Sector |
Net
Assets |
|
Information Technology |
21.5%
|
|
Financials |
13.3%
|
|
Consumer Discretionary |
12.9%
|
|
Health Care |
12.3%
|
|
Industrials |
9.6% |
|
Consumer Staples |
8.3% |
|
Communication Services |
7.0% |
|
Energy |
5.9% |
|
Materials |
3.8% |
|
Utilities |
2.8% |
|
Real Estate |
2.3% |
|
Short-Term Investments |
0.2% |
|
Investments Purchased with Proceeds from
Securities Lending |
22.0%
|
|
Liabilities in Excess of Other Assets |
(21.9)%
|
|
Total |
100.0%
|
16
VIDENT CORE
U.S. BOND STRATEGY ETF
PORTFOLIO ALLOCATION
As of August
31, 2022 (Unaudited)
|
Percentage
of | |
|
Asset Type |
Net
Assets |
|
U.S. Government Notes/Bonds |
61.6%
|
|
Corporate Bonds |
24.8%
|
|
Mortgage Backed Securities – U.S. Government
Agency |
11.3%
|
|
U.S. Government Agency Issues |
1.7% |
|
Short-Term Investments |
7.0% |
|
Investments Purchased with Proceeds from
Securities Lending |
2.9% |
|
Liabilities in Excess of Other Assets |
(9.3)% |
|
Total |
100.0%
|
17
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31, 2022
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS –
95.1% |
|||||||
|
Australia – 5.3% |
|||||||
285,421 |
AGL Energy, Ltd. |
$ |
1,502,751 |
||||
1,284,439 |
Beach Energy, Ltd. |
1,505,739 |
|||||
236,233 |
Bendigo & Adelaide Bank, Ltd. (a) |
1,464,027 |
|||||
126,819 |
BlueScope Steel, Ltd. |
1,453,652 |
|||||
362,840 |
Harvey Norman Holdings, Ltd. (a) |
1,052,193 |
|||||
510,178 |
Healius, Ltd. |
1,301,082 |
|||||
56,823 |
JB Hi-Fi, Ltd. (a) |
1,585,082 |
|||||
568,808 |
Metcash, Ltd. (a) |
1,606,582 |
|||||
214,722 |
QBE Insurance Group, Ltd. |
1,776,740 |
|||||
25,486 |
Rio Tinto, Ltd. |
1,651,100 |
|||||
69,995 |
Sonic Healthcare, Ltd. |
1,631,496 |
|||||
|
2,463,484 |
Tabcorp Holdings, Ltd. (a) |
1,621,291 |
|||||
|
18,151,735 |
|||||||
|
Austria – 0.1% |
|||||||
3,715 |
OMV AG |
150,471 |
|||||
|
2,554 |
Voestalpine AG |
51,672 |
|||||
|
202,143 |
|||||||
|
Belgium – 0.2% |
|||||||
|
54,787 |
Proximus SADP |
698,555 |
|||||
|
Brazil – 2.8% |
|||||||
309,202 |
Cia Brasileira de Distribuicao |
1,285,507 |
|||||
242,851 |
EDP – Energias do Brasil SA |
1,063,088 |
|||||
293,768 |
JBS SA |
1,677,783 |
|||||
451,749 |
Marfrig Global Foods SA |
1,150,953 |
|||||
104,629 |
Minerva SA |
311,403 |
|||||
200,046 |
Telefonica Brasil SA |
1,622,840 |
|||||
734,311 |
TIM SA |
1,688,022 |
|||||
|
59,002 |
Vale SA |
740,344 |
|||||
|
9,539,940 |
|||||||
|
Canada – 3.9% |
|||||||
38,057 |
Canfor Corporation (b) |
748,877 |
|||||
21,515 |
Celestica, Inc. (b) |
222,609 |
|||||
231,873 |
Crescent Point Energy Corporation |
1,767,022 |
|||||
3,125 |
Fairfax Financial Holdings, Ltd. |
1,562,357 |
|||||
19,567 |
Great-West Lifeco, Inc. |
460,936 |
|||||
The accompanying notes are an
integral part of these financial statements.
18
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Canada – 3.9%
(Continued) |
|||||||
26,825 |
iA Financial Corporation, Inc. |
$ |
1,445,101 |
||||
32,026 |
Interfor Corporation (b) |
790,134 |
|||||
18,254 |
Loblaw Companies, Ltd. |
1,617,854 |
|||||
96,159 |
Manulife Financial Corporation |
1,668,244 |
|||||
83,620 |
Resolute Forest Products, Inc. (b) |
1,694,141 |
|||||
|
13,340 |
West Fraser Timber Company, Ltd. |
1,196,892 |
|||||
|
13,174,167 |
|||||||
|
Chile – 1.8% |
|||||||
7,325,977 |
Banco de Chile |
697,880 |
|||||
1,291,375 |
Cencosud SA |
1,812,786 |
|||||
17,695,755 |
Enel Americas SA |
1,925,003 |
|||||
|
685,857 |
Falabella SA |
1,622,821 |
|||||
|
6,058,490 |
|||||||
|
China – 6.6% |
|||||||
60,890 |
360 DigiTech, Inc. – ADR |
973,022 |
|||||
1,135,000 |
China Life Insurance Company, Ltd. – Class
H |
1,631,169 |
|||||
3,708,000 |
China Petroleum & Chemical Corporation –
Class H |
1,752,700 |
|||||
605,500 |
China Shenhua Energy Company, Ltd. – Class
H |
1,905,483 |
|||||
13,048,000 |
China Tower Corporation, Ltd. – Class H
(c) |
1,629,161 |
|||||
3,927,000 |
COFCO Joycome Foods, Ltd. (d) |
1,505,988 |
|||||
1,167,500 |
COSCO SHIPPING Holdings |
||||||
|
Company, Ltd. – Class H |
1,752,250 |
||||||
322,000 |
CSPC Pharmaceutical Group, Ltd. |
327,791 |
|||||
28,417 |
Daqo New Energy Corporation – ADR (b) |
1,894,561 |
|||||
1,774,000 |
Lenovo Group, Ltd. (a) |
1,469,133 |
|||||
712,500 |
New China Life Insurance |
||||||
|
Company, Ltd. – Class H |
1,679,386 |
||||||
1,296,000 |
PetroChina Company, Ltd. – Class H |
612,594 |
|||||
1,624,000 |
PICC Property & Casualty |
||||||
|
Company, Ltd. – Class H |
1,758,729 |
||||||
478,000 |
Sinopharm Group Company, Ltd. – Class
H |
1,064,543 |
|||||
5,665,000 |
The People’s Insurance Company |
||||||
|
Group of China, Ltd. – Class
H |
1,753,881 |
||||||
|
70,955 |
Vipshop Holdings, Ltd. – ADR (b) |
823,788 |
|||||
|
22,534,179 |
|||||||
The accompanying notes are an
integral part of these financial statements.
19
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Denmark – 3.2% |
|||||||
685 |
AP Moller – Maersk AS – Class B |
$ |
1,644,360 |
||||
13,360 |
Carlsberg AS – Class B |
1,744,533 |
|||||
67,453 |
FLSmidth & Company AS |
1,876,861 |
|||||
342,228 |
H Lundbeck AS (b) |
1,344,842 |
|||||
8,911 |
Novo Nordisk AS – Class B |
954,797 |
|||||
24,263 |
Pandora AS |
1,466,678 |
|||||
|
77,851 |
Tryg AS |
1,764,628 |
|||||
|
10,796,699 |
|||||||
|
Finland – 0.9% |
|||||||
333,929 |
Nokia OYJ |
1,682,942 |
|||||
|
140,875 |
Nokian Renkaat OYJ |
1,468,983 |
|||||
|
3,151,925 |
|||||||
|
France – 0.9% |
|||||||
30,327 |
Cie de Saint-Gobain |
1,230,487 |
|||||
|
143,140 |
Electricite de France SA |
1,717,858 |
|||||
|
2,948,345 |
|||||||
|
Germany – 4.7% |
|||||||
9,643 |
Allianz SE |
1,634,640 |
|||||
11,034 |
Aurubis AG |
670,375 |
|||||
28,741 |
Bayer AG |
1,520,168 |
|||||
18,961 |
Bayerische Motoren Werke AG |
1,400,797 |
|||||
201,409 |
Deutsche Bank AG |
1,685,632 |
|||||
46,352 |
Freenet AG |
1,011,421 |
|||||
18,795 |
Fresenius SE & Company KGaA |
466,057 |
|||||
28,819 |
HUGO BOSS AG |
1,576,456 |
|||||
82,537 |
K+S AG |
1,883,990 |
|||||
30,335 |
Mercedes-Benz Group AG |
1,711,850 |
|||||
6,989 |
Muenchener
Rueckversicherungs-Gesellschaft |
||||||
|
AG in Muenchen |
1,674,020 |
||||||
9,917 |
RWE AG |
379,735 |
|||||
|
22,305 |
Suedzucker AG |
306,378 |
|||||
|
15,921,519 |
|||||||
|
Hong Kong – 6.6% |
|||||||
208,700 |
ASMPT, Ltd. |
1,623,312 |
|||||
606,500 |
China Overseas Land & Investment,
Ltd. |
1,638,176 |
|||||
The accompanying notes are an
integral part of these financial statements.
20
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Hong Kong – 6.6%
(Continued) |
|||||||
1,650,000 |
China Resources Cement Holdings, Ltd.
(a) |
$ |
1,019,576 |
||||
1,596,000 |
China Taiping Insurance Holdings Company,
Ltd. |
1,634,869 |
|||||
3,792,000 |
China Traditional Chinese Medicine |
||||||
|
Holdings Company, Ltd. |
1,642,636 |
||||||
239,500 |
CK Asset Holdings, Ltd. |
1,620,295 |
|||||
256,000 |
CK Hutchison Holdings, Ltd. |
1,655,274 |
|||||
551,000 |
Kingboard Holdings, Ltd. |
1,744,504 |
|||||
2,286,000 |
Kunlun Energy Company, Ltd. |
1,995,082 |
|||||
53,000 |
Orient Overseas International, Ltd. |
1,484,217 |
|||||
4,071,000 |
Pacific Basin Shipping, Ltd. |
1,452,289 |
|||||
1,158,000 |
Sino Land Company, Ltd. |
1,696,682 |
|||||
2,264,000 |
WH Group, Ltd. (c) |
1,546,091 |
|||||
|
832,000 |
Xinyi Glass Holdings, Ltd. |
1,543,401 |
|||||
|
22,296,404 |
|||||||
|
Indonesia – 1.8% |
|||||||
8,302,800 |
Adaro Energy Tbk PT |
1,980,253 |
|||||
4,236,500 |
Astra International Tbk PT |
1,990,877 |
|||||
53,700 |
Indo Tambangraya Megah Tbk PT |
142,187 |
|||||
|
831,500 |
United Tractors Tbk PT |
1,896,330 |
|||||
|
6,009,647 |
|||||||
|
Ireland – 1.3% |
|||||||
296,405 |
Bank of Ireland Group plc |
1,836,585 |
|||||
18,071 |
DCC plc |
1,043,593 |
|||||
|
41,119 |
Perrigo Company plc |
1,538,673 |
|||||
|
4,418,851 |
|||||||
|
Israel – 2.6% |
|||||||
1,031,633 |
Bezeq The Israeli Telecommunication |
||||||
|
Corporation, Ltd. (a) |
1,746,034 |
||||||
13,281 |
Check Point Software Technologies, Ltd.
(b) |
1,596,907 |
|||||
12,870 |
Delek Group, Ltd. (b) |
2,241,693 |
|||||
27,907 |
Plus500, Ltd. |
551,386 |
|||||
148,604 |
Teva Pharmaceutical Industries, Ltd.
(a)(b) |
1,337,523 |
|||||
|
36,493 |
ZIM Integrated Shipping Services, Ltd.
(a) |
1,317,032 |
|||||
|
8,790,575 |
|||||||
The accompanying notes are an
integral part of these financial statements.
21
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Italy – 0.9% |
|||||||
115,602 |
Assicurazioni Generali SpA |
$ |
1,701,807 |
||||
136,383 |
Leonardo SpA |
1,119,886 |
|||||
|
119,592 |
UnipolSai Assicurazioni SpA |
266,487 |
|||||
|
3,088,180 |
|||||||
|
Japan – 3.6% |
|||||||
82,500 |
GungHo Online Entertainment, Inc. |
1,377,132 |
|||||
72,000 |
H.U. Group Holdings, Inc. (a) |
1,472,462 |
|||||
209,600 |
Mazda Motor Corporation |
1,861,263 |
|||||
87,900 |
NGK Spark Plug Company, Ltd. |
1,817,287 |
|||||
45,100 |
Nippon Electric Glass Company, Ltd. |
856,290 |
|||||
218,500 |
Nisshinbo Holdings, Inc. |
1,705,443 |
|||||
17,700 |
Shimamura Company, Ltd. |
1,613,908 |
|||||
|
100,700 |
Toppan, Inc. (a) |
1,591,587 |
|||||
|
12,295,372 |
|||||||
|
Malaysia – 1.0% |
|||||||
2,692,300 |
Hartalega Holdings Bhd |
998,597 |
|||||
306,800 |
MISC Bhd |
486,712 |
|||||
|
1,810,400 |
Sime Darby Plantation Bhd |
1,804,130 |
|||||
|
3,289,439 |
|||||||
|
Mexico – 0.5% |
|||||||
|
253,519 |
Arca Continental SAB de CV |
1,718,867 |
|||||
|
Netherlands – 1.4% |
|||||||
59,522 |
Koninklijke Ahold Delhaize NV |
1,639,955 |
|||||
130,884 |
Stellantis NV |
1,757,526 |
|||||
|
69,701 |
uniQure NV (b) |
1,361,958 |
|||||
|
4,759,439 |
|||||||
|
Norway – 7.1% |
|||||||
52,505 |
Aker BP ASA |
1,839,552 |
|||||
1,284,219 |
DNO ASA |
1,824,588 |
|||||
49,378 |
Equinor ASA |
1,904,139 |
|||||
83,416 |
Gjensidige Forsikring ASA |
1,697,882 |
|||||
50,185 |
Kongsberg Gruppen ASA |
1,719,331 |
|||||
229,364 |
Leroy Seafood Group ASA |
1,539,239 |
|||||
77,752 |
Mowi ASA |
1,600,614 |
|||||
The accompanying notes are an
integral part of these financial statements.
22
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Norway – 7.1%
(Continued) |
|||||||
752,007 |
MPC Container Ships ASA |
$ |
1,560,974 |
||||
282,093 |
Norsk Hydro ASA |
1,947,106 |
|||||
205,701 |
Orkla ASA |
1,729,073 |
|||||
189,999 |
Storebrand ASA |
1,528,163 |
|||||
145,870 |
Telenor ASA |
1,602,135 |
|||||
121,561 |
TGS ASA |
1,858,175 |
|||||
48,695 |
Var Energi ASA |
211,283 |
|||||
|
41,458 |
Yara International ASA |
1,760,393 |
|||||
|
24,322,647 |
|||||||
|
Poland – 1.3% |
|||||||
11,212 |
Bank Polska Kasa Opieki SA |
155,785 |
|||||
76,878 |
KGHM Polska Miedz SA |
1,449,910 |
|||||
102,015 |
Polski Koncern Naftowy ORLEN SA |
1,325,706 |
|||||
|
262,375 |
Powszechny Zaklad Ubezpieczen SA (a) |
1,574,530 |
|||||
|
4,505,931 |
|||||||
|
Republic of Korea –
7.5% |
|||||||
76,623 |
Daeduck Electronics Company, Ltd. |
1,698,532 |
|||||
416,125 |
Daewoo Engineering & Construction |
||||||
|
Company, Ltd. (b) |
1,617,771 |
||||||
37,929 |
DB Insurance Company, Ltd. |
1,692,917 |
|||||
55,448 |
GS Holdings Corporation |
1,908,998 |
|||||
51,494 |
Hankook Tire & Technology Company,
Ltd. |
1,461,028 |
|||||
69,140 |
Hyundai Marine & Fire Insurance Company,
Ltd. |
1,628,283 |
|||||
9,375 |
Hyundai Mobis Company, Ltd. |
1,506,953 |
|||||
27,051 |
Kia Corporation |
1,634,123 |
|||||
60,422 |
KT Corporation |
1,680,459 |
|||||
27,117 |
KT&G Corporation |
1,686,766 |
|||||
274 |
LG Innotek Company, Ltd. |
70,469 |
|||||
183,227 |
LG Uplus Corporation |
1,575,351 |
|||||
8,031 |
NongShim Company, Ltd. |
1,801,279 |
|||||
2,472 |
Samsung Fire & Marine Insurance Company,
Ltd. |
360,390 |
|||||
51,178 |
SD Biosensor, Inc. |
1,344,927 |
|||||
43,143 |
SK Telecom Company, Ltd. |
1,680,498 |
|||||
|
70,744 |
SL Corporation |
2,033,649 |
|||||
|
25,382,393 |
|||||||
The accompanying notes are an
integral part of these financial statements.
23
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Russian Federation – 0.0%
(e) |
|||||||
285,161 |
Gazprom PJSC – ADR (f)(g) |
$ |
0 |
||||
10,998 |
LUKOIL PJSC – ADR (f)(g) |
0 |
|||||
32,030 |
Magnit PJSC – GDR (d)(f)(g) |
0 |
|||||
19,494 |
Novolipetsk Steel PJSC – GDR
(d)(f)(g) |
0 |
|||||
143,584 |
Rosneft Oil Company PJSC – GDR
(d)(f)(g) |
0 |
|||||
24,074 |
Severstal PAO – GDR (d)(f)(g) |
0 |
|||||
|
20,302 |
Tatneft PJSC – ADR (f)(g) |
0 |
|||||
|
0 |
|||||||
|
Singapore – 5.3% |
|||||||
64,400 |
City Developments, Ltd. |
375,294 |
|||||
984,400 |
ComfortDelGro Corporation, Ltd. |
994,914 |
|||||
2,216,200 |
Genting Singapore, Ltd. |
1,231,134 |
|||||
85,600 |
Jardine Cycle & Carriage, Ltd. |
2,016,211 |
|||||
362,200 |
Keppel Corporation, Ltd. |
1,887,459 |
|||||
166,500 |
NETLINK NBN MANAGEMENT PTE, Ltd. (d) |
111,589 |
|||||
204,400 |
Oversea-Chinese Banking Corporation,
Ltd. |
1,771,340 |
|||||
444,300 |
Sembcorp Industries, Ltd. |
1,079,619 |
|||||
573,300 |
Singapore Technologies Engineering,
Ltd. |
1,532,800 |
|||||
897,000 |
Singapore Telecommunications, Ltd. |
1,684,567 |
|||||
85,019 |
United Overseas Bank, Ltd. |
1,665,522 |
|||||
152,900 |
UOL Group, Ltd. |
758,417 |
|||||
96,300 |
Venture Corporation, Ltd. |
1,262,509 |
|||||
|
587,600 |
Wilmar International, Ltd. |
1,701,601 |
|||||
|
18,072,976 |
|||||||
|
South Africa –
1.9% |
|||||||
147,807 |
Exxaro Resources, Ltd. |
1,893,245 |
|||||
535,941 |
Harmony Gold Mining Company, Ltd. |
1,357,115 |
|||||
38,797 |
Kumba Iron Ore, Ltd. |
866,129 |
|||||
190,439 |
Old Mutual, Ltd. |
113,630 |
|||||
309,208 |
Sibanye Stillwater, Ltd. |
698,260 |
|||||
|
564,128 |
Telkom SA SOC, Ltd. (b) |
1,454,969 |
|||||
|
6,383,348 |
|||||||
The accompanying notes are an
integral part of these financial statements.
24
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Spain – 0.6% |
|||||||
78,047 |
Mapfre SA |
$ |
129,728 |
||||
40,017 |
Repsol SA |
522,505 |
|||||
|
371,183 |
Telefonica SA |
1,536,269 |
|||||
|
2,188,502 |
|||||||
|
Sweden – 5.0% |
|||||||
18,559 |
Axfood AB |
561,138 |
|||||
55,428 |
Boliden AB |
1,790,825 |
|||||
9,172 |
Investor AB |
145,517 |
|||||
46,841 |
Saab AB – Class B |
1,571,755 |
|||||
191,498 |
Securitas AB – Class B |
1,685,676 |
|||||
347,318 |
SSAB AB – Class A |
1,682,164 |
|||||
80,469 |
Swedish Orphan Biovitrum AB (b) |
1,782,945 |
|||||
150,697 |
Tele2 AB – Class B |
1,609,967 |
|||||
232,960 |
Telefonaktiebolaget LM Ericsson – Class
B |
1,752,253 |
|||||
467,662 |
Telia Company AB |
1,652,809 |
|||||
73,146 |
Trelleborg AB – Class B |
1,529,887 |
|||||
|
223,340 |
Volvo Car AB – Class B (b) |
1,365,255 |
|||||
|
17,130,191 |
|||||||
|
Switzerland – 3.2% |
|||||||
10,643 |
Baloise Holding AG |
1,542,006 |
|||||
9,057 |
Chubb, Ltd. |
1,712,226 |
|||||
88,106 |
Ferrexpo plc |
152,755 |
|||||
8,912 |
Helvetia Holding AG |
987,128 |
|||||
19,973 |
Novartis AG |
1,619,410 |
|||||
5,891 |
Swatch Group AG |
1,438,419 |
|||||
18,905 |
Swiss Re AG |
1,475,673 |
|||||
38,211 |
UBS Group AG |
608,040 |
|||||
|
3,317 |
Zurich Insurance Group AG |
1,475,393 |
|||||
|
11,011,050 |
|||||||
|
Taiwan – 7.6% |
|||||||
3,510,000 |
AU Corporation |
1,931,581 |
|||||
613,000 |
Chicony Electronics Company, Ltd. |
1,643,394 |
|||||
1,037,000 |
Compeq Manufacturing Company, Ltd. |
1,795,479 |
|||||
550,000 |
Evergreen Marine Corporation Taiwan,
Ltd. |
1,595,564 |
|||||
91,000 |
Gigabyte Technology Company, Ltd. |
256,818 |
|||||
The accompanying notes are an
integral part of these financial statements.
25
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 95.1%
(Continued) |
|||||||
|
Taiwan – 7.6%
(Continued) |
|||||||
4,924,000 |
HannStar Display Corporation |
$ |
1,933,201 |
||||
477,000 |
Hon Hai Precision Industry Company,
Ltd. |
1,708,189 |
|||||
4,590,000 |
Innolux Corporation |
1,824,690 |
|||||
805,000 |
Lite-On Technology Corporation |
1,740,255 |
|||||
1,574,000 |
Macronix International Company, Ltd. |
1,703,928 |
|||||
173,000 |
Novatek Microelectronics Corporation |
1,497,676 |
|||||
823,000 |
Pegatron Corporation |
1,719,681 |
|||||
557,000 |
Powertech Technology, Inc. |
1,562,802 |
|||||
580,000 |
Radiant Opto-Electronics Corporation |
1,915,072 |
|||||
2,210,000 |
Winbond Electronics Corporation |
1,611,893 |
|||||
|
583,000 |
Yang Ming Marine Transport
Corporation |
1,511,251 |
|||||
|
25,951,474 |
|||||||
|
Thailand – 1.7% |
|||||||
3,119,300 |
Bangkok Chain Hospital pcl – NVDR |
1,599,751 |
|||||
1,677,800 |
Regional Container Lines pcl – NVDR
(a) |
1,495,468 |
|||||
2,358,700 |
Sri Trang Agro-Industry pcl – NVDR |
1,461,957 |
|||||
|
2,742,900 |
Sri Trang Gloves Thailand pcl – NVDR |
1,068,198 |
|||||
|
5,625,374 |
|||||||
|
United Kingdom –
3.8% |
|||||||
30,708 |
Anglo American plc |
994,419 |
|||||
353,976 |
Aviva plc – Class B |
1,724,572 |
|||||
99,215 |
BT Group plc |
173,978 |
|||||
1,591,095 |
Centrica plc (b) |
1,402,252 |
|||||
267,263 |
HSBC Holdings plc |
1,644,504 |
|||||
318,908 |
J Sainsbury plc |
754,781 |
|||||
51,487 |
Janus Henderson Group plc (a) |
1,204,796 |
|||||
375,703 |
Kingfisher plc |
1,014,669 |
|||||
394,520 |
M&G plc |
898,619 |
|||||
18,814 |
Rio Tinto plc |
1,044,468 |
|||||
220,698 |
Royal Mail plc |
707,497 |
|||||
|
1,090,642 |
Vodafone Group plc |
1,468,065 |
|||||
|
13,032,620 |
|||||||
|
TOTAL COMMON STOCKS (Cost
$351,708,075) |
323,450,977 |
||||||
The accompanying notes are an
integral part of these financial statements.
26
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|
PREFERRED STOCKS –
3.9% |
|||||||
|
Brazil – 2.7% |
|||||||
858,497 |
Cia Energetica de Minas Gerais |
$ |
2,014,925 |
||||
1,326,938 |
Cia Paranaense de Energia – Class B |
1,782,569 |
|||||
382,300 |
Gerdau SA |
1,735,513 |
|||||
806,700 |
Metalurgica Gerdau SA |
1,549,250 |
|||||
|
302,632 |
Petroleo Brasileiro SA |
1,941,611 |
|||||
|
9,023,868 |
|||||||
|
Chile – 0.6% |
|||||||
|
966,992 |
Embotelladora Andina SA – Class B |
1,989,343 |
|||||
|
Germany – 0.6% |
|||||||
44,696 |
Schaeffler AG |
233,485 |
|||||
|
12,677 |
Volkswagen AG |
1,811,910 |
|||||
|
2,045,395 |
|||||||
|
TOTAL PREFERRED STOCKS (Cost
$13,499,621) |
13,058,606 |
||||||
|
Principal |
|||||||
|
Amount |
|||||||
|
SHORT-TERM INVESTMENTS –
0.2% |
|||||||
|
Money Market Deposit
Account – 0.2% |
|||||||
|
$ |
694,369 |
U.S. Bank Money Market |
|||||
|
Deposit Account, 1.60%
(h) |
694,369 |
||||||
|
TOTAL SHORT-TERM INVESTMENTS |
|||||||
|
(Cost $694,369) |
694,369 |
||||||
|
Units |
|||||||
|
INVESTMENTS PURCHASED WITH
PROCEEDS |
|||||||
|
FROM SECURITIES
LENDING – 2.9% |
|||||||
|
Private Funds –
0.4% |
|||||||
1,440,050 |
Mount Vernon Liquid Assets |
||||||
|
Portfolio, LLC, 2.47%
(i)(j) |
1,440,050 |
||||||
|
1,440,050 |
|||||||
The accompanying notes are an
integral part of these financial statements.
27
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Principal |
|||||||
|
Amount |
Security
Description |
Value |
|||||
|
Repurchase Agreements –
2.5% |
|||||||
|
$ |
1,998,120 |
Bank of America Securities, Inc. – 2.300%,
dated 8/31/22, |
|||||
|
matures 9/1/22, repurchase price
$1,998,246 |
|||||||
|
(collateralized by various U.S.
Government mortgage |
|||||||
|
backed securities: Total Value
$2,038,082) |
$ |
1,998,120 |
|||||
1,998,120 |
Daiwa Capital Markets – 2.300%, dated
8/31/22, |
||||||
|
matures 9/1/22, repurchase price
$1,998,246 |
|||||||
|
(collateralized by various U.S.
Government Treasury |
|||||||
|
bills, notes, bonds, and mortgage
backed securities: |
|||||||
|
Total Value $2,038,082) |
1,998,120 |
||||||
591,741 |
HSBC Securities U.S.A., Inc. – 2.260%, dated
8/31/22, |
||||||
|
matures 9/1/22, repurchase price
$591,778 (collateralized |
|||||||
|
by various U.S. Government
Treasury bills, notes, and |
|||||||
|
bonds: Total Value
$603,576) |
591,741 |
||||||
1,998,120 |
MUFG Securities America, Inc. – 2.300%, dated
8/31/22, |
||||||
|
matures 9/1/22, repurchase price
$1,998,246 |
|||||||
|
(collateralized by various U.S.
Government mortgage |
|||||||
|
backed securities: Total Value
$2,038,083) |
1,998,120 |
||||||
1,998,120 |
RBC Dominion Securities, Inc. – 2.300%, dated
8/31/22, |
||||||
|
matures 9/1/22, repurchase price
$1,998,246 |
|||||||
|
(collateralized by various U.S.
Government Treasury |
|||||||
|
bills, notes, bonds, and mortgage
backed securities: |
|||||||
|
Total Value $2,038,082) |
1,998,120 |
||||||
|
8,584,221 |
|||||||
|
TOTAL INVESTMENTS PURCHASED WITH |
|||||||
|
PROCEEDS FROM SECURITIES
LENDING |
|||||||
|
(Cost $10,024,271) (k) |
10,024,271 |
||||||
|
TOTAL INVESTMENTS – 102.1% |
|||||||
|
(Cost $375,926,336) |
347,228,223 |
||||||
|
Liabilities in Excess of Other Assets –
(2.1)% |
(7,154,444 |
) | |||||
|
NET ASSETS – 100.0% |
$ |
340,073,779 |
|||||
Percentages are stated as a
percent of net assets.
|
(a) |
All or portion of this
security is out on loan as of August 31, 2022. Total value of securities
out on loan is $13,325,169 or 3.9% of net assets. | |
|
(b) |
Non-income producing
security. | |
|
(c) |
Security exempt from
registration under Rule 144(a) and Regulation S of the Securities Act of
1933. Such securities are treated as liquid securities, according to the
Fund’s liquidity guidelines. At August 31, 2022, the value of these
securities amounted to $3,175,252 or 0.9% of net
assets. |
The accompanying notes are an
integral part of these financial statements.
28
VIDENT
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
(d) |
Security exempt from
registration under Regulation S of the Securities Act of 1933. Such
securities are treated as liquid securities, according to the Fund’s
liquidity guidelines. At August 31, 2022, the value of these securities
amounted to $1,617,577 or 0.5% of net assets. | |
|
(e) |
Represents less than
0.05% of net assets. | |
|
(f) |
Value determined using
significant unobservable inputs. Classified as Level 3 in the fair value
hierarchy. | |
|
(g) |
These securities have
been deemed illiquid according to the Fund’s liquidity guidelines. The
value of these securities is $0, which represents 0.00% of net
assets. | |
|
(h) |
The Money Market Deposit
Account (the “MMDA”) is a short-term investment vehicle in which the Fund
holds cash balances. The MMDA will bear interest at a variable rate that
is determined based on conditions and may change daily and by any amount.
The rate shown is as of August 31, 2022. | |
|
(i) |
Rate shown is the
annualized seven-day yield as of August 31, 2022. | |
|
(j) |
Privately offered
liquidity fund. See Note 2 in Notes to Financial Statements. | |
|
(k) |
Investment purchased with
cash proceeds from securities lending. As of August 31, 2022, total cash
collateral has a value of $10,024,271. Additionally, total non-cash
collateral has a value of $4,026,049. |
ADR – American Depositary
Receipt
GDR – Global Depositary
Receipt
NVDR – Non-Voting Depositary
Receipt
The accompanying notes are an
integral part of these financial statements.
29
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS –
99.7% |
|||||||
|
Communication Services –
7.0% |
|||||||
125,588 |
AT&T, Inc. |
$ |
2,202,813 |
||||
54,235 |
Comcast Corporation – Class A |
1,962,765 |
|||||
66,932 |
DISH Network Corporation – Class A
(a)(b) |
1,161,270 |
|||||
65,700 |
Fox Corporation – Class A (a) |
2,245,626 |
|||||
90,136 |
Frontier Communications Parent, Inc.
(b) |
2,321,903 |
|||||
78,301 |
Interpublic Group of Companies, Inc.
(a) |
2,164,240 |
|||||
32,410 |
John Wiley & Sons, Inc. – Class A |
1,491,832 |
|||||
219,081 |
Lumen Technologies, Inc. (a) |
2,182,047 |
|||||
136,850 |
News Corporation – Class A |
2,315,502 |
|||||
12,648 |
Nexstar Media Group, Inc. (a) |
2,419,815 |
|||||
33,503 |
Omnicom Group, Inc. |
2,241,351 |
|||||
111,756 |
Telephone & Data Systems, Inc. |
1,818,270 |
|||||
17,435 |
T-Mobile US, Inc. (b) |
2,509,942 |
|||||
21,766 |
United States Cellular Corporation
(b) |
622,290 |
|||||
51,981 |
Verizon Communications, Inc. |
2,173,326 |
|||||
|
75,898 |
Yelp, Inc. (b) |
2,593,435 |
|||||
|
32,426,427 |
|||||||
|
Consumer Discretionary –
12.9% |
|||||||
52,371 |
Abercrombie & Fitch Company – Class A
(a)(b) |
753,619 |
|||||
53,169 |
Academy Sports & Outdoors, Inc.
(a) |
2,290,520 |
|||||
13,791 |
Asbury Automotive Group, Inc. (a)(b) |
2,406,254 |
|||||
19,735 |
AutoNation, Inc. (b) |
2,458,981 |
|||||
20,817 |
Dick’s Sporting Goods, Inc. (a) |
2,214,304 |
|||||
10,290 |
Dillards, Inc. – Class A (a) |
3,048,310 |
|||||
2,060 |
Graham Holdings Company – Class B |
1,164,786 |
|||||
17,032 |
Grand Canyon Education, Inc. (b) |
1,386,064 |
|||||
13,251 |
Group 1 Automotive, Inc. (a) |
2,366,496 |
|||||
113,700 |
Laureate Education, Inc. |
1,252,974 |
|||||
27,799 |
Lennar Corporation – Class A (a) |
2,153,033 |
|||||
8,732 |
Lithia Motors, Inc. (a) |
2,317,822 |
|||||
43,453 |
LKQ Corporation |
2,312,569 |
|||||
126,274 |
Macy’s, Inc. |
2,187,066 |
|||||
41,213 |
MarineMax, Inc. (a)(b) |
1,497,680 |
|||||
15,667 |
Mohawk Industries, Inc. (a)(b) |
1,729,010 |
|||||
8,602 |
Murphy USA, Inc. (a) |
2,496,042 |
|||||
85,380 |
Perdoceo Education Corporation (b) |
988,700 |
|||||
The accompanying notes are an
integral part of these financial statements.
30
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 99.7%
(Continued) |
|||||||
|
Consumer Discretionary –
12.9% (Continued) |
|||||||
50,303 |
PulteGroup, Inc. |
$ |
2,045,320 |
||||
34,691 |
Sonic Automotive, Inc. – Class A (a) |
1,845,214 |
|||||
22,615 |
Strategic Education, Inc. (a) |
1,463,190 |
|||||
54,728 |
Stride, Inc. (a)(b) |
2,087,326 |
|||||
20,348 |
Sturm, Ruger & Company, Inc. |
1,063,183 |
|||||
83,369 |
Taylor Morrison Home Corporation (b) |
2,093,396 |
|||||
27,364 |
Thor Industries, Inc. (a) |
2,216,758 |
|||||
44,262 |
Toll Brothers, Inc. |
1,938,233 |
|||||
106,221 |
Tri Pointe Homes, Inc. (b) |
1,840,810 |
|||||
63,099 |
Vista Outdoor, Inc. (a)(b) |
1,774,344 |
|||||
12,124 |
Whirlpool Corporation (a) |
1,898,618 |
|||||
16,828 |
Williams-Sonoma, Inc. (a) |
2,503,165 |
|||||
|
39,174 |
Winnebago Industries, Inc. (a) |
2,255,639 |
|||||
|
60,049,426 |
|||||||
|
Consumer Staples –
8.3% |
|||||||
87,170 |
Albertsons Companies, Inc. – Class A |
2,398,047 |
|||||
31,295 |
Archer-Daniels-Midland Company |
2,750,517 |
|||||
25,362 |
Bunge, Ltd. |
2,515,149 |
|||||
11,624 |
Casey’s General Stores, Inc. (a) |
2,484,862 |
|||||
48,244 |
Edgewell Personal Care Company |
1,879,586 |
|||||
22,383 |
Fresh Del Monte Produce, Inc. |
611,951 |
|||||
14,773 |
Ingles Markets, Inc. – Class A |
1,293,081 |
|||||
26,471 |
Ingredion, Inc. |
2,304,830 |
|||||
17,741 |
JM Smucker Company |
2,483,563 |
|||||
60,284 |
Kraft Heinz Company |
2,254,622 |
|||||
49,960 |
Kroger Company (a) |
2,395,082 |
|||||
39,892 |
Molson Coors Beverage Company – Class
B |
2,061,220 |
|||||
5,337 |
Nu Skin Enterprises, Inc. – Class A |
218,497 |
|||||
33,371 |
Pilgrim’s Pride Corporation (b) |
950,072 |
|||||
27,264 |
Post Holdings, Inc. (b) |
2,419,953 |
|||||
14,221 |
PriceSmart, Inc. |
899,763 |
|||||
59,773 |
SpartanNash Company (a) |
1,818,892 |
|||||
83,672 |
Sprouts Farmers Market, Inc. (a)(b) |
2,418,121 |
|||||
28,145 |
Tyson Foods, Inc. – Class A |
2,121,570 |
|||||
6,295 |
United Natural Foods, Inc. (b) |
277,484 |
|||||
25,434 |
Universal Corporation |
1,298,151 |
|||||
|
8,717 |
USANA Health Sciences, Inc. (b) |
562,421 |
|||||
|
38,417,434 |
|||||||
The accompanying notes are an
integral part of these financial statements.
31
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 99.7%
(Continued) |
|||||||
|
Energy – 5.9% |
|||||||
16,984 |
Arch Resources, Inc. (a) |
$ |
2,472,531 |
||||
7,198 |
Chesapeake Energy Corporation (a) |
723,327 |
|||||
16,021 |
Chevron Corporation |
2,532,279 |
|||||
20,420 |
Chord Energy Corporation (a) |
2,890,451 |
|||||
125,910 |
CNX Resources Corporation (a)(b) |
2,224,830 |
|||||
26,527 |
Exxon Mobil Corporation |
2,535,716 |
|||||
106,190 |
Marathon Oil Corporation |
2,717,402 |
|||||
51,925 |
Ovintiv, Inc. |
2,759,294 |
|||||
87,373 |
PBF Energy, Inc. – Class A (b) |
2,984,662 |
|||||
39,294 |
PDC Energy, Inc. |
2,668,456 |
|||||
|
110,311 |
Peabody Energy Corporation (a)(b) |
2,720,269 |
|||||
|
27,229,217 |
|||||||
|
Financials – 13.3% |
|||||||
41,001 |
Aflac, Inc. |
2,436,279 |
|||||
19,879 |
Allstate Corporation |
2,395,420 |
|||||
17,511 |
American Financial Group, Inc. |
2,235,804 |
|||||
44,220 |
American International Group, Inc. |
2,288,385 |
|||||
13,609 |
Assurant, Inc. |
2,156,890 |
|||||
23,773 |
Bread Financial Holdings, Inc. |
913,596 |
|||||
32,610 |
Coinbase Global, Inc. – Class A
(a)(b) |
2,178,348 |
|||||
49,222 |
Cowen, Inc. – Class A (a) |
1,892,586 |
|||||
30,198 |
Donnelley Financial Solutions, Inc.
(b) |
1,281,905 |
|||||
31,628 |
Encore Capital Group, Inc. (a)(b) |
1,729,419 |
|||||
28,347 |
Enova International, Inc. (b) |
990,444 |
|||||
19,324 |
Evercore, Inc. – Class A |
1,810,466 |
|||||
29,309 |
Federated Hermes, Inc. |
998,265 |
|||||
16,714 |
Hanover Insurance Group, Inc. |
2,162,624 |
|||||
36,213 |
Hartford Financial Services Group,
Inc. |
2,328,858 |
|||||
40,492 |
Loews Corporation |
2,239,613 |
|||||
1,822 |
Markel Corporation (b) |
2,175,668 |
|||||
43,967 |
Mercury General Corporation |
1,402,547 |
|||||
37,970 |
MetLife, Inc. |
2,442,610 |
|||||
57,105 |
Mr Cooper Group, Inc. (b) |
2,415,542 |
|||||
14,157 |
Piper Sandler Companies |
1,621,968 |
|||||
24,163 |
Prudential Financial, Inc. |
2,313,607 |
|||||
20,113 |
Reinsurance Group of America, Inc. |
2,521,366 |
|||||
The accompanying notes are an
integral part of these financial statements.
32
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 99.7%
(Continued) |
|||||||
|
Financials – 13.3%
(Continued) |
|||||||
20,076 |
Selective Insurance Group, Inc. |
$ |
1,594,436 |
||||
26,424 |
Stewart Information Services Corporation
(a) |
1,338,111 |
|||||
32,864 |
Stifel Financial Corporation (a) |
1,949,164 |
|||||
52,306 |
Synchrony Financial |
1,713,022 |
|||||
14,769 |
Travelers Companies, Inc. |
2,387,261 |
|||||
765 |
UMB Financial Corporation |
68,445 |
|||||
72,033 |
Unum Group |
2,726,449 |
|||||
103,793 |
Virtu Financial, Inc. – Class A |
2,383,087 |
|||||
|
36,865 |
W.R. Berkley Corporation |
2,388,852 |
|||||
|
61,481,037 |
|||||||
|
Health Care –
12.3% |
|||||||
20,937 |
AMN Healthcare Services, Inc. (b) |
2,148,974 |
|||||
25,403 |
Centene Corporation (b) |
2,279,665 |
|||||
8,582 |
Cigna Corporation |
2,432,568 |
|||||
24,555 |
CVS Health Corporation |
2,410,073 |
|||||
5,026 |
Elevance Health, Inc. |
2,438,163 |
|||||
110,449 |
Exelixis, Inc. (b) |
1,959,365 |
|||||
37,077 |
Fulgent Genetics, Inc. (a)(b) |
1,611,737 |
|||||
37,985 |
Gilead Sciences, Inc. |
2,410,908 |
|||||
29,985 |
Henry Schein, Inc. (b) |
2,201,199 |
|||||
32,751 |
Hologic, Inc. (b) |
2,212,658 |
|||||
4,704 |
Humana, Inc. |
2,266,293 |
|||||
122,204 |
Ironwood Pharmaceuticals, Inc. (a)(b) |
1,314,915 |
|||||
9,376 |
Laboratory Corporation of America
Holdings |
2,112,132 |
|||||
6,987 |
McKesson Corporation |
2,564,229 |
|||||
70,694 |
Meridian Bioscience, Inc. (a)(b) |
2,303,917 |
|||||
14,122 |
Moderna, Inc. (b) |
1,867,917 |
|||||
7,658 |
Molina Healthcare, Inc. (b) |
2,583,579 |
|||||
45,087 |
Pfizer, Inc. |
2,039,285 |
|||||
31,386 |
Prestige Consumer Healthcare, Inc.
(b) |
1,587,504 |
|||||
17,632 |
Quest Diagnostics, Inc. (a) |
2,209,466 |
|||||
22,374 |
QuidelOrtho Corporation (b) |
1,773,363 |
|||||
3,942 |
Regeneron Pharmaceuticals, Inc. (b) |
2,290,539 |
|||||
69,874 |
REGENXBIO, Inc. (b) |
2,061,283 |
|||||
10,245 |
United Therapeutics Corporation (b) |
2,321,722 |
|||||
20,773 |
Universal Health Services, Inc. – Class B
(a) |
2,032,430 |
|||||
The accompanying notes are an
integral part of these financial statements.
33
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 99.7%
(Continued) |
|||||||
|
Health Care – 12.3%
(Continued) |
|||||||
184,605 |
Viatris, Inc. |
$ |
1,762,978 |
||||
|
79,731 |
Vir Biotechnology, Inc. (a)(b) |
1,893,611 |
|||||
|
57,090,473 |
|||||||
|
Industrials – 9.6% |
|||||||
28,450 |
ArcBest Corporation (a) |
2,291,079 |
|||||
26,023 |
Atkore, Inc. (a)(b) |
2,196,601 |
|||||
33,176 |
Atlas Air Worldwide Holdings, Inc.
(a)(b) |
3,314,946 |
|||||
36,068 |
Boise Cascade Company |
2,248,118 |
|||||
35,243 |
Builders FirstSource, Inc. (b) |
2,065,592 |
|||||
8,071 |
CACI International, Inc. – Class A
(b) |
2,266,902 |
|||||
107,384 |
CoreCivic, Inc. (b) |
1,023,370 |
|||||
3,032 |
Deluxe Corporation |
58,336 |
|||||
21,131 |
Encore Wire Corporation (a) |
2,749,143 |
|||||
1,373 |
FedEx Corporation |
289,442 |
|||||
45,895 |
GMS, Inc. (b) |
2,212,139 |
|||||
45,138 |
Knight-Swift Transportation Holdings, Inc.
(a) |
2,279,920 |
|||||
12,437 |
Korn Ferry |
757,662 |
|||||
21,688 |
ManpowerGroup, Inc. |
1,590,164 |
|||||
27,303 |
Matson, Inc. |
2,011,139 |
|||||
77,597 |
MDU Resources Group, Inc. |
2,339,550 |
|||||
35,300 |
Mueller Industries, Inc. (a) |
2,229,901 |
|||||
14,459 |
MYR Group, Inc. (b) |
1,343,819 |
|||||
27,489 |
Owens Corning |
2,246,676 |
|||||
22,785 |
Rush Enterprises, Inc. – Class A |
1,072,262 |
|||||
76,738 |
Schneider National, Inc. – Class B
(a) |
1,754,231 |
|||||
19,828 |
Science Applications International
Corporation |
1,805,736 |
|||||
27,104 |
UFP Industries, Inc. |
2,151,787 |
|||||
|
53,895 |
Werner Enterprises, Inc. (a) |
2,144,482 |
|||||
|
44,442,997 |
|||||||
|
Information Technology –
21.5% |
|||||||
58,467 |
Alpha & Omega Semiconductor, Ltd.
(a)(b) |
2,260,334 |
|||||
26,623 |
Amdocs, Ltd. |
2,275,468 |
|||||
122,685 |
Amkor Technology, Inc. |
2,469,649 |
|||||
50,620 |
Avnet, Inc. (a) |
2,221,712 |
|||||
36,285 |
Axcelis Technologies, Inc. (b) |
2,428,918 |
|||||
The accompanying notes are an
integral part of these financial statements.
34
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 99.7%
(Continued) |
|||||||
|
Information Technology –
21.5% (Continued) |
|||||||
37,137 |
Belden, Inc. |
$ |
2,431,731 |
||||
15,194 |
Ciena Corporation (b) |
770,944 |
|||||
51,931 |
Cisco Systems, Inc. |
2,322,354 |
|||||
33,418 |
Cognizant Technology Solutions Corporation –
Class A |
2,111,015 |
|||||
49,974 |
Cohu, Inc. (a)(b) |
1,340,802 |
|||||
13,353 |
Concentrix Corporation |
1,679,540 |
|||||
174,051 |
Conduent, Inc. (b) |
711,869 |
|||||
67,214 |
Corning, Inc. |
2,306,785 |
|||||
21,733 |
CSG Systems International, Inc. |
1,257,254 |
|||||
30,624 |
Diodes, Inc. (b) |
2,179,510 |
|||||
101,748 |
Dropbox, Inc. – Class A (b) |
2,176,390 |
|||||
74,522 |
DXC Technology Company (b) |
1,846,655 |
|||||
16,087 |
ExlService Holdings, Inc. (a)(b) |
2,697,951 |
|||||
23,308 |
Fidelity National Information Services,
Inc. |
2,129,652 |
|||||
31,826 |
First Solar, Inc. (b) |
4,059,406 |
|||||
151,489 |
Flex, Ltd. (b) |
2,698,019 |
|||||
167,773 |
Hewlett Packard Enterprise Company |
2,281,713 |
|||||
71,158 |
HP, Inc. |
2,042,946 |
|||||
58,937 |
Intel Corporation |
1,881,269 |
|||||
36,726 |
InterDigital, Inc. |
1,842,176 |
|||||
18,011 |
International Business Machines
Corporation |
2,313,513 |
|||||
42,123 |
Jabil, Inc. |
2,540,017 |
|||||
80,744 |
Juniper Networks, Inc. (a) |
2,294,745 |
|||||
76,971 |
Knowles Corporation (b) |
1,166,111 |
|||||
47,243 |
Kulicke and Soffa Industries, Inc.
(a) |
1,986,096 |
|||||
221,678 |
Kyndryl Holdings, Inc. (b) |
2,309,885 |
|||||
24,255 |
Lumentum Holdings, Inc. (a)(b) |
2,026,505 |
|||||
31,316 |
Methode Electronics, Inc. (a) |
1,267,045 |
|||||
37,692 |
Micron Technology, Inc. |
2,130,729 |
|||||
21,064 |
MKS Instruments, Inc. |
2,098,185 |
|||||
69,292 |
NetScout Systems, Inc. (b) |
2,199,328 |
|||||
38,845 |
ON Semiconductor Corporation (b) |
2,671,371 |
|||||
10,942 |
OSI Systems, Inc. (b) |
911,688 |
|||||
106,513 |
Photronics, Inc. (b) |
1,789,418 |
|||||
16,585 |
Plexus Corporation (a)(b) |
1,554,512 |
|||||
22,137 |
Qorvo, Inc. (b) |
1,987,460 |
|||||
The accompanying notes are an
integral part of these financial statements.
35
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Shares |
Security
Description |
Value |
|||||
|
COMMON STOCKS – 99.7%
(Continued) |
|||||||
|
Information Technology –
21.5% (Continued) |
|||||||
53,379 |
Sanmina Corporation (b) |
$ |
2,589,949 |
||||
60,219 |
Teradata Corporation (b) |
1,981,205 |
|||||
94,466 |
TTM Technologies, Inc. (b) |
1,485,950 |
|||||
119,518 |
Vishay Intertechnology, Inc. |
2,350,919 |
|||||
48,924 |
Western Digital Corporation (b) |
2,067,528 |
|||||
138,087 |
Western Union Company |
2,046,449 |
|||||
145,265 |
Xerox Holdings Corporation (a) |
2,414,304 |
|||||
|
63,576 |
Xperi Holding Corporation |
1,011,494 |
|||||
|
99,618,468 |
|||||||
|
Materials – 3.8% |
|||||||
17,245 |
Alpha Metallurgical Resources, Inc. |
2,710,052 |
|||||
27,219 |
CF Industries Holdings, Inc. |
2,816,078 |
|||||
65,376 |
Commercial Metals Company |
2,648,382 |
|||||
48,490 |
Mosaic Company (a) |
2,612,156 |
|||||
19,275 |
Nucor Corporation |
2,562,418 |
|||||
12,782 |
Reliance Steel & Aluminum Company |
2,402,760 |
|||||
|
60,100 |
Warrior Met Coal, Inc. |
1,956,255 |
|||||
|
17,708,101 |
|||||||
|
Real Estate – 2.3% |
|||||||
185,912 |
Anywhere Real Estate, Inc. (b) |
1,816,360 |
|||||
28,065 |
CBRE Group, Inc. – Class A (b) |
2,216,012 |
|||||
12,550 |
Jones Lang LaSalle, Inc. (b) |
2,171,150 |
|||||
49,363 |
PotlatchDeltic Corporation (a) |
2,291,431 |
|||||
|
65,041 |
Weyerhaeuser Company |
2,221,801 |
|||||
|
10,716,754 |
|||||||
|
Utilities – 2.8% |
|||||||
52,477 |
Exelon Corporation |
2,304,265 |
|||||
25,094 |
Hawaiian Electric Industries, Inc. |
981,677 |
|||||
35,055 |
National Fuel Gas Company |
2,498,370 |
|||||
64,890 |
NRG Energy, Inc. (a) |
2,678,659 |
|||||
56,024 |
UGI Corporation (a) |
2,212,948 |
|||||
|
100,440 |
Vistra Energy Corporation |
2,485,890 |
|||||
|
13,161,809 |
|||||||
|
TOTAL COMMON STOCKS (Cost
$439,637,474) |
462,342,143 |
||||||
The accompanying notes are an
integral part of these financial statements.
36
VIDENT CORE
U.S. EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Principal |
|||||||
|
Amount |
Security
Description |
Value |
|||||
|
SHORT-TERM INVESTMENTS –
0.2% |
|||||||
|
Money Market Deposit
Account – 0.2% |
|||||||
|
$ |
808,847 |
U.S. Bank Money Market |
|||||
|
Deposit Account, 1.60%
(c) |
$ |
808,847 |
|||||
|
TOTAL SHORT-TERM INVESTMENTS |
|||||||
|
(Cost $808,847) |
808,847 |
||||||
|
Units |
|||||||
|
INVESTMENTS PURCHASED WITH
PROCEEDS |
|||||||
|
FROM SECURITIES
LENDING – 22.0% |
|||||||
|
Private Funds –
22.0% |
|||||||
102,086,625 |
Mount Vernon Liquid Assets |
||||||
|
Portfolio, LLC, 2.47%
(d)(e) |
102,086,625 |
||||||
|
TOTAL INVESTMENTS PURCHASED WITH |
|||||||
|
PROCEEDS FROM SECURITIES
LENDING |
|||||||
|
(Cost $102,086,625) |
102,086,625 |
||||||
|
TOTAL INVESTMENTS – 121.9% |
|||||||
|
(Cost $542,532,946) |
565,237,615 |
||||||
|
Liabilities in Excess of Other Assets –
(21.9)% |
(101,469,244 |
) | |||||
|
NET ASSETS – 100.0% |
$ |
463,768,371 |
|||||
Percentages are stated as a
percent of net assets.
|
(a) |
All or portion of this
security is out on loan as of August 31, 2022. Total value of securities
out on loan is $98,708,378 or 21.3% of net assets. | |
|
(b) |
Non-income producing
security. | |
|
(c) |
The Money Market Deposit
Account (the “MMDA”) is a short-term investment vehicle in which the Fund
holds cash balances. The MMDA will bear interest at a variable rate that
is determined based on conditions and may change daily and by any amount.
The rate shown is as of August 31, 2022. | |
|
(d) |
Rate shown is the
annualized seven-day yield as of August 31, 2022. | |
|
(e) |
Privately offered
liquidity fund. See Note 2 in Notes to Financial
Statements. |
The Global Industry
Classification Standard (GICS®)
was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and
Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by the Fund’s
Administrator, U.S. Bancorp Fund Services.
The accompanying notes are an
integral part of these financial statements.
37
VIDENT CORE
U.S. BOND STRATEGY ETF
SCHEDULE OF INVESTMENTS
August 31,
2022
|
Principal |
|||||||
|
Amount |
Security
Description |
Value |
|||||
|
CORPORATE BONDS –
24.8% |
|||||||
|
Communication Services –
0.9% |
|||||||
|
Discovery Communications LLC |
|||||||
|
$ |
990,000 |
06/01/2040, 6.350% |
$ |
950,949 |
|||
|
Hughes Satellite Systems Corporation |
|||||||
1,120,000 |
08/01/2026, 5.250% |
1,068,469 |
|||||
|
Magallanes, Inc. |
|||||||
120,000 |
03/15/2062, 5.391% (a) |
96,848 |
|||||
|
Paramount Global |
|||||||
|
1,190,000 |
02/28/2057, 6.250% (b)(c) |
1,100,750 |
|||||
|
3,217,016 |
|||||||
|
Consumer Discretionary –
2.0% |
|||||||
|
Dick’s Sporting Goods, Inc. |
|||||||
1,640,000 |
01/15/2052, 4.100% |
1,102,252 |
|||||
|
Hasbro, Inc. |
|||||||
960,000 |
03/15/2040, 6.350% |
998,141 |
|||||
|
Kohl’s Corporation |
|||||||
1,580,000 |
05/01/2031, 3.375% |
1,135,980 |
|||||
|
Lear Corporation |
|||||||
960,000 |
09/15/2027, 3.800% (b) |
909,190 |
|||||
210,000 |
05/15/2049, 5.250% |
185,378 |
|||||
|
MDC Holdings, Inc. |
|||||||
1,330,000 |
01/15/2043, 6.000% |
1,092,210 |
|||||
|
Mohawk Industries, Inc. |
|||||||
1,280,000 |
05/15/2030, 3.625% (b) |
1,145,162 |
|||||
|
Newell Brands, Inc. |
|||||||
|
1,310,000 |
04/01/2046, 5.750% |
1,076,276 |
|||||
|
7,644,589 |
|||||||
|
Consumer Staples –
0.6% |
|||||||
|
Altria Group, Inc. |
|||||||
1,200,000 |
01/31/2044, 5.375% (b) |
1,064,892 |
|||||
|
Kraft Heinz Foods Company |
|||||||
105,000 |
01/26/2039, 6.875% |
115,719 |
|||||
|
890,000 |
02/09/2040, 6.500% |
957,314 |
|||||
|
2,137,925 |
|||||||
The accompanying notes are an
integral part of these financial statements.
38
VIDENT CORE
U.S. BOND STRATEGY ETF
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Principal |
|||||||
|
Amount |
Security
Description |
Value |
|||||
|
CORPORATE BONDS – 24.8%
(Continued) |
|||||||
|
Energy – 4.8% |
|||||||
|
Continental Resources, Inc. |
|||||||
|
$ |
1,390,000 |
06/01/2044, 4.900% |
$ |
1,092,554 |
|||
|
Devon Energy Corporation |
|||||||
930,000 |
09/30/2031, 7.875% |
1,077,648 |
|||||
|
Energy Transfer LP |
|||||||
1,030,000 |
07/01/2038, 7.500% |
1,119,581 |
|||||
|
Enterprise Products Operating LLC |
|||||||
1,480,000 |
02/15/2078, 5.375% (c) |
1,220,286 |
|||||
|
EQT Corporation |
|||||||
1,020,000 |
02/01/2030, 7.000% |
1,092,848 |
|||||
|
Halliburton Company |
|||||||
860,000 |
09/15/2039, 7.450% |
1,000,100 |
|||||
|
Hess Corporation |
|||||||
1,050,000 |
01/15/2040, 6.000% |
1,074,180 |
|||||
|
Magellan Midstream Partners LP |
|||||||
1,080,000 |
10/15/2043, 5.150% |
1,000,060 |
|||||
|
Marathon Oil Corporation |
|||||||
945,000 |
10/01/2037, 6.600% (b) |
997,141 |
|||||
|
Marathon Petroleum Corporation |
|||||||
945,000 |
03/01/2041, 6.500% |
1,024,517 |
|||||
|
ONEOK Partners LP |
|||||||
800,000 |
10/01/2036, 6.650% |
826,538 |
|||||
170,000 |
10/15/2037, 6.850% |
178,213 |
|||||
105,000 |
02/01/2041, 6.125% |
101,882 |
|||||
|
Ovintiv, Inc. |
|||||||
920,000 |
11/01/2031, 7.375% |
1,006,452 |
|||||
|
Phillips 66 Company |
|||||||
930,000 |
10/01/2046, 4.900% (a) |
880,381 |
|||||
|
Plains All American Pipeline LP / PAA Finance
Corp. |
|||||||
1,305,000 |
02/15/2045, 4.900% |
1,061,945 |
|||||
|
Targa Resources Partners LP / Targa
Resources |
|||||||
|
Partners Finance
Corporation |
|||||||
1,100,000 |
01/15/2029, 6.875% |
1,125,672 |
|||||
|
Valero Energy Corporation |
|||||||
1,000,000 |
06/15/2037, 6.625% (b) |
1,090,274 |
|||||
|
Western Midstream Operating LP |
|||||||
|
1,290,000 |
02/01/2050, 5.250% |
1,118,695 |
|||||
|
18,088,967 |
|||||||
The accompanying notes are an
integral part of these financial statements.
39
VIDENT CORE
U.S. BOND STRATEGY ETF
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Principal |
|||||||
|
Amount |
Security
Description |
Value |
|||||
|
CORPORATE BONDS – 24.8%
(Continued) |
|||||||
|
Financials – 6.1% |
|||||||
|
Allstate Corporation |
|||||||
|
$ |
1,100,000 |
05/15/2067, 6.500% (c) |
$ |
1,120,430 |
|||
|
Ally Financial, Inc. |
|||||||
990,000 |
11/01/2031, 8.000% (b) |
1,105,383 |
|||||
|
American Equity Investment Life Holding
Company |
|||||||
1,255,000 |
06/15/2027, 5.000% |
1,232,351 |
|||||
|
American International Group, Inc. |
|||||||
1,200,000 |
04/01/2048, 5.750% (b)(c) |
1,140,087 |
|||||
|
Ares Capital Corporation |
|||||||
1,400,000 |
11/15/2031, 3.200% |
1,095,836 |
|||||
|
Blackstone Secured Lending Fund |
|||||||
1,430,000 |
09/30/2028, 2.850% |
1,141,493 |
|||||
|
Brighthouse Financial, Inc. |
|||||||
1,580,000 |
06/22/2047, 4.700% (b) |
1,253,939 |
|||||
|
Enstar Group, Ltd. |
|||||||
1,120,000 |
06/01/2029, 4.950% |
1,058,713 |
|||||
|
Fifth Third Bancorp |
|||||||
810,000 |
03/01/2038, 8.250% |
1,048,509 |
|||||
|
GLP Capital LP / GLP Financing II,
Inc. |
|||||||
1,090,000 |
06/01/2028, 5.750% |
1,082,620 |
|||||
|
Jackson Financial, Inc. |
|||||||
1,680,000 |
11/23/2051, 4.000% (a) |
1,161,265 |
|||||
|
Legg Mason, Inc. |
|||||||
930,000 |
01/15/2044, 5.625% |
967,727 |
|||||
|
Lincoln National Corporation |
|||||||
820,000 |
06/15/2040, 7.000% |
928,139 |
|||||
|
Markel Corporation |
|||||||
1,000,000 |
04/05/2046, 5.000% |
941,565 |
|||||
|
MetLife, Inc. |
|||||||
810,000 |
08/01/2069, 10.750% |
1,102,436 |
|||||
|
Owl Rock Capital Corporation |
|||||||
1,380,000 |
06/11/2028, 2.875% |
1,120,428 |
|||||
|
Prudential Financial, Inc. |
|||||||
1,205,000 |
09/15/2048, 5.700% (c) |
1,183,629 |
|||||
|
Regions Bank |
|||||||
888,000 |
06/26/2037, 6.450% |
993,728 |
|||||
|
Synchrony Financial |
|||||||
1,170,000 |
08/04/2026, 3.700% (b) |
1,099,049 |
|||||
The accompanying notes are an
integral part of these financial statements.
40
VIDENT CORE
U.S. BOND STRATEGY ETF
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Principal |
|||||||
|
Amount |
Security
Description |
Value |
|||||
|
CORPORATE BONDS – 24.8%
(Continued) |
|||||||
|
Financials – 6.1%
(Continued) |
|||||||
|
Unum Group |
|||||||
|
$ |
1,160,000 |
08/15/2042, 5.750% |
$ |
1,079,184 |
|||
|
Western Alliance Bancorp |
|||||||
|
1,330,000 |
06/15/2031, 3.000% (c) |
1,181,656 |
|||||
|
23,038,167 |
|||||||
|
Health Care – 0.8% |
|||||||
|
Cardinal Health, Inc. |
|||||||
1,345,000 |
06/15/2047, 4.368% (b) |
1,150,394 |
|||||
|
Centene Corporation |
|||||||
1,140,000 |
12/15/2029, 4.625% |
1,075,533 |
|||||
|
HCA, Inc. |
|||||||
|
960,000 |
06/15/2047, 5.500% |
890,575 |
|||||
|
3,116,502 |
|||||||
|
Industrials – 1.7% |
|||||||
|
Air Lease Corporation |
|||||||
1,280,000 |
10/01/2028, 4.625% |
1,208,031 |
|||||
|
BNSF Funding Trust I |
|||||||
1,240,000 |
12/15/2055, 6.613% (c) |
1,224,623 |
|||||
|
FedEx Corporation |
|||||||
1,015,000 |
01/15/2044, 5.100% |
984,926 |
|||||
|
Flowserve Corporation |
|||||||
1,310,000 |
10/01/2030, 3.500% |
1,125,872 |
|||||
|
Kirby Corporation |
|||||||
1,170,000 |
03/01/2028, 4.200% |
1,087,780 |
|||||
|
Owens Corning |
|||||||
|
1,130,000 |
07/15/2047, 4.300% |
923,427 |
|||||
|
6,554,659 |
|||||||
|
Information Technology –
2.2% |
|||||||
|
Broadcom, Inc. |
|||||||
1,105,000 |
04/15/2030, 5.000% |
1,079,925 |
|||||
|
Corning, Inc. |
|||||||
685,000 |
11/15/2079, 5.450% |
626,725 |
|||||
|
Dell International LLC / EMC
Corporation |
|||||||
880,000 |
07/15/2046, 8.350% |
1,069,562 |
|||||
The accompanying notes are an
integral part of these financial statements.
41
VIDENT CORE
U.S. BOND STRATEGY ETF
SCHEDULE OF INVESTMENTS
August 31,
2022 (Continued)
|
Principal |
|||||||
|
Amount |
Security
Description |
Value |
|||||
|
CORPORATE BONDS – 24.8%
(Continued) |
|||||||
|
Information Technology –
2.2% (Continued) |
|||||||
|
HP, Inc. |
|||||||
|
$ |
995,000 |
09/15/2041, 6.000% (b) |
$ |
974,778 |
|||
|
Jabil, Inc. |
|||||||
220,000 |
01/12/2028, 3.950% |
207,865 |
|||||
|
Kyndryl Holdings, Inc. |
|||||||
1,780,000 |
10/15/2041, 4.100% (a) |
1,101,395 |
|||||