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