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

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%

(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.

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%

(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.

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%

(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.

	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%

	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%

	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%

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

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

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

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

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

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

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

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

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

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

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

(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.

(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.

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

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

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

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

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

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

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

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

(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.

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

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

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

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

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
			Micron Technology, Inc.
	1,070,000		02/06/2029, 5.327%			1,058,207
			Vontier Corporation
	1,510,000		04/01/2031, 2.950%			1,163,682
			Western Digital Corporation
	1,520,000		02/01/2032, 3.100%			1,146,703
						8,428,842
			Materials – 1.1%
			Dow Chemical Company
	650,000		05/15/2039, 9.400%			902,441
			Freeport-McMoRan, Inc.
	1,190,000		03/15/2043, 5.450% (b)			1,075,035
			Martin Marietta Materials, Inc.
	205,000		12/15/2047, 4.250%			172,922
			Mosaic Company
	950,000		11/15/2043, 5.625%			944,241
			Vulcan Materials Company
	1,040,000		06/15/2047, 4.500%			921,418
						4,016,057
			Real Estate – 1.8%
			Brixmor Operating Partnership LP
	1,255,000		07/01/2030, 4.050% (b)			1,119,553
			EPR Properties
	1,400,000		08/15/2029, 3.750%			1,181,247
			MPT Operating Partnership LP / MPT
			Finance Corporation
	1,210,000		08/01/2029, 4.625% (b)			1,032,295
			Omega Healthcare Investors, Inc.
	1,210,000		01/15/2026, 5.250%			1,201,975

Principal
Amount			Security Description		Value
CORPORATE BONDS – 24.8% (Continued)
			Real Estate – 1.8% (Continued)
			Sabra Health Care LP
$	1,580,000		12/01/2031, 3.200%		$	1,255,615
			Simon Property Group LP
	850,000		02/01/2040, 6.750%			962,576
						6,753,261
			Utilities – 2.8%
			American Electric Power Company, Inc.
	1,320,000		02/15/2062, 3.875% (c)			1,125,269
			CMS Energy Corporation
	1,350,000		06/01/2050, 4.750% (c)			1,242,000
			Dominion Energy, Inc.
	1,150,000		10/01/2054, 5.750% (c)			1,106,429
			Duke Energy Corporation
	1,450,000		01/15/2082, 3.250% (c)			1,160,631
			Edison International
	1,280,000		03/15/2028, 4.125%			1,210,753
			National Fuel Gas Company
	1,100,000		01/15/2026, 5.500% (b)			1,113,287
			NextEra Energy Capital Holdings, Inc.
	1,180,000		12/01/2077, 4.800% (c)			983,578
	160,000		03/15/2082, 3.800% (c)			135,002
			Sempra Energy
	1,400,000		04/01/2052, 4.125% (c)			1,182,923
			Southern Company
	1,380,000		09/15/2051, 3.750% (c)			1,197,151
						10,457,023
			TOTAL CORPORATE BONDS
			(Cost $104,582,924)			93,453,008
MORTGAGE BACKED SECURITIES –
U.S. GOVERNMENT AGENCY – 11.3%
			Federal Home Loan Banks
	300,000		09/13/2024, 2.875%			296,798
	230,000		12/13/2024, 2.750%			226,399
	310,000		08/15/2024, 1.500%			299,120
	225,000		12/20/2024, 1.000%			213,135

Principal
Amount			Security Description		Value
MORTGAGE BACKED SECURITIES –
U.S. GOVERNMENT AGENCY – 11.3% (Continued)
			Federal Home Loan Banks (Continued)
$	180,000		03/14/2025, 2.375%		$	175,255
	235,000		04/14/2025, 0.500%			217,474
	305,000		09/04/2025, 0.375%			278,198
	115,000		12/21/2026, 1.250%			105,457
	115,000		06/09/2028, 3.250%			114,666
	40,000		07/15/2036, 5.500%			47,940
						1,974,442
			Federal Home Loan Mortgage Corporation
	195,000		02/12/2025, 1.500%			186,153
	125,000		07/21/2025, 0.375%			114,448
	240,000		09/23/2025, 0.375%			218,812
	20,000		09/15/2029, 6.750%			24,271
	120,000		03/15/2031, 6.750%			149,257
						692,941
			Federal National Mortgage Association
	300,000		09/06/2024, 2.625%			295,127
	275,000		10/15/2024, 1.625%			264,646
	220,000		01/07/2025, 1.625%			211,139
	230,000		04/22/2025, 0.625%			213,144
	100,000		06/17/2025, 0.500%			92,006
	130,000		08/25/2025, 0.375%			118,692
	520,000		11/07/2025, 0.500%			473,701
	285,000		04/24/2026, 2.125%			272,288
	190,000		09/24/2026, 1.875%			179,089
	30,000		01/15/2030, 7.125%			37,403
	125,000		05/15/2030, 7.250%			157,594
	115,000		11/15/2030, 6.625%			141,131
	1,500,000		09/01/2040, 4.000% (d)			1,466,719
	2,210,000		09/15/2041, 3.500% (d)			2,110,369
	2,395,000		09/15/2041, 4.500% (d)			2,385,358
	7,000,000		09/15/2041, 5.000% (d)			7,075,937
	2,140,000		09/15/2042, 3.000% (d)			1,983,930
	3,220,488		04/01/2052, 4.000%			3,153,995
	3,922,794		05/01/2052, 4.000%			3,843,016
	3,937,481		06/01/2052, 4.000%			3,856,224
						28,331,508

Principal
Amount			Security Description		Value
MORTGAGE BACKED SECURITIES –
U.S. GOVERNMENT AGENCY – 11.3% (Continued)
			Government National Mortgage Association
$	1,200,000		09/01/2040, 4.500% (d)		$	1,213,778
	2,400,000		09/15/2040, 4.000% (d)			2,385,750
	1,430,000		09/15/2041, 4.000% (d)			1,411,511
	2,245,000		09/15/2041, 4.500% (d)			2,249,291
	1,200,000		09/15/2042, 3.000% (d)			1,128,094
	1,200,000		09/15/2042, 3.500% (d)			1,157,902
	1,200,000		09/15/2042, 3.500% (d)			1,159,026
	1,200,000		09/01/2043, 3.000% (d)			1,125,609
						11,830,961
			TOTAL MORTGAGE BACKED SECURITIES –
			U.S. GOVERNMENT AGENCY
			(Cost $43,638,491)			42,829,852
U.S. GOVERNMENT AGENCY ISSUES – 1.7%
			Financials – 0.2%
			Federal Farm Credit Banks Funding Corporation
	240,000		11/18/2024, 0.875%			226,902
	210,000		01/06/2025, 1.125%			198,947
	200,000		02/14/2025, 1.750%			192,011
						617,860
			Utilities – 1.5%
			Tennessee Valley Authority
	145,000		09/15/2024, 2.875%			143,090
	425,000		05/15/2025, 0.750%			394,023
	450,000		11/01/2025, 6.750%			492,085
	455,000		02/01/2027, 2.875%			444,713
	730,000		04/01/2036, 5.880%			873,618
	920,000		01/15/2038, 6.150%			1,122,297
	1,050,000		09/15/2039, 5.250%			1,188,889
	690,000		12/15/2042, 3.500%			623,625
	190,000		04/01/2056, 5.375%			230,857
						5,513,197
			TOTAL U.S. GOVERNMENT AGENCY ISSUES
			(Cost $6,665,665)			6,131,057

Principal
Amount			Security Description		Value
U.S. GOVERNMENT NOTES/BONDS – 61.6%
			U.S. Treasury Bonds – 26.0%
			United States Treasury Bonds
$	9,870,000		02/15/2026, 6.000%		$	10,682,733
	11,865,000		11/15/2027, 6.125%			13,425,526
	3,230,000		08/15/2041, 1.750%			2,412,154
	11,745,000		08/15/2042, 2.750%			10,370,009
	9,880,000		11/15/2042, 2.750%			8,705,206
	13,995,000		02/15/2043, 3.125%			13,071,658
	16,425,000		05/15/2043, 2.875%			14,714,490
	575,000		08/15/2043, 3.625%			580,615
	2,325,000		11/15/2043, 3.750%			2,392,071
	3,305,000		02/15/2044, 3.625%			3,331,208
	1,105,000		05/15/2044, 3.375%			1,071,332
	8,165,000		08/15/2044, 3.125%			7,588,666
	9,015,000		11/15/2044, 3.000%			8,195,551
	2,010,000		02/15/2045, 2.500%			1,670,498
						98,211,717
			U.S. Treasury Notes – 35.6%
			United States Treasury Notes
	10,945,000		08/15/2024, 0.375%			10,315,663
	10,950,000		08/31/2024, 1.250%			10,492,752
	17,240,000		08/31/2024, 1.875%			16,728,861
	13,880,000		09/15/2024, 0.375%			13,046,658
	2,500,000		09/30/2024, 1.500%			2,403,564
	6,790,000		10/15/2024, 0.625%			6,401,166
	820,000		10/31/2024, 2.250%			799,884
	3,655,000		11/30/2024, 1.500%			3,502,375
	1,435,000		12/31/2024, 1.750%			1,381,216
	4,155,000		01/15/2025, 1.125%			3,935,564
	3,835,000		01/31/2025, 1.375%			3,651,414
	11,240,000		01/31/2025, 2.500%			10,992,808
	12,980,000		02/15/2025, 1.500%			12,382,717
	5,410,000		03/15/2025, 1.750%			5,187,683
	2,135,000		03/31/2025, 0.500%			1,980,379
	350,000		04/15/2025, 2.625%			342,672
	3,475,000		04/30/2025, 0.375%			3,203,923
	6,855,000		04/30/2025, 2.875%			6,750,568

Principal
Amount			Security Description		Value
U.S. GOVERNMENT NOTES/BONDS – 61.6% (Continued)
			U.S. Treasury Notes – 35.6% (Continued)
			United States Treasury Notes (Continued)
$	820,000		05/15/2025, 2.125%		$	791,748
	6,240,000		05/31/2025, 2.875%			6,142,744
	895,000		04/30/2027, 0.500%			786,307
	3,655,000		05/15/2027, 2.375%			3,501,376
	3,800,000		08/15/2027, 2.250%			3,615,195
	6,570,000		11/15/2027, 2.250%			6,236,111
						134,573,348
			TOTAL U.S. GOVERNMENT NOTES/BONDS
			(Cost $241,415,179)			232,785,065
SHORT-TERM INVESTMENTS – 7.0%
			Money Market Deposit Account – 7.0%
	26,630,706		U.S. Bank Money Market
			Deposit Account, 1.60% (e)(f)			26,630,706
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $26,630,706)			26,630,706
Units
INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 2.9%
			Private Funds – 2.9%
	10,918,203		Mount Vernon Liquid Assets
			Portfolio, LLC, 2.47% (g)(h)			10,918,203
			TOTAL INVESTMENTS PURCHASED WITH
			PROCEEDS FROM SECURITIES LENDING
			(Cost $10,918,203)			10,918,203
			TOTAL INVESTMENTS – 109.3%
			(Cost $433,851,168)			412,747,891
			Liabilities in Excess of Other Assets – (9.3)%			(35,072,658	)
			NET ASSETS – 100.0%		$	377,675,233

(a)

Security exempt from registration under Rule 144(a) 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 $3,239,889 or 0.9% of net assets.

(b)		All or portion of this security is out on loan as of August 31, 2022. Total value of securities out on loan is $10,631,699 or 2.8% of net assets.
(c)		Variable or Floating Rate Security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate disclosed is the rate in effect as of August 31, 2022.
(d)		Security purchased on a forward-commitment basis (“TBA commitment”). On August 31, 2022, the total value of TBA commitments was $26,853,274 or 7.1% of net assets. See Note 2 in Notes to Financial Statements.
(e)		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.
(f)		All or a portion of this security has been pledged as collateral in connection with TBA commitments. At August 31, 2022, the value of securities pledged amounted to $26,630,706. In addition, the Fund held cash collateral in the amount of $1,200,000.
(g)		Rate shown is the annualized seven-day yield as of August 31, 2022.
(h)		Privately offered liquidity fund. See Note 2 in Notes to Financial Statements.

		Vident				Vident				Vident
		International				Core U.S.				Core U.S. Bond
		Equity Fund				Equity Fund				Strategy ETF
ASSETS
Investments in securities, at value*+		$	347,228,223			$	565,237,615			$	412,747,891
Cash held as collateral
for TBA commitments			—				—				1,200,000
Foreign currency, at value*			10				—				—
Receivable for securities sold			—				—				92,882
Dividends and interest receivable			1,904,437				807,765				2,530,787
Dividend tax reclaim receivable			1,243,547				—				—
Securities lending income receivable			12,111				14,009				1,391
Total assets			350,388,328				566,059,389				416,572,951
LIABILITIES
Collateral received for
securities loaned (Note 4)			10,024,271				102,086,625				10,918,203
Payable for securities purchased			109,333				—				27,847,975
Management fees payable			180,945				204,393				131,540
Total liabilities			10,314,549				102,291,018				38,897,718
NET ASSETS		$	340,073,779			$	463,768,371			$	377,675,233
NET ASSETS CONSIST OF:
Paid-in capital		$	516,861,679			$	473,665,793			$	428,001,391
Total distributable earnings
(accumulated deficit)			(176,787,900	)			(9,897,422	)			(50,326,158	)
Net assets		$	340,073,779			$	463,768,371			$	377,675,233
Net asset value:
Net assets		$	340,073,779			$	463,768,371			$	377,675,233
Shares outstanding^			15,400,000				11,300,000				8,500,000
Net asset value, offering and
redemption price per share		$	22.08			$	41.04			$	44.43
* Identified Cost:
Investments in  Securities		$	375,926,336			$	542,532,946			$	433,851,168
Foreign Currency			10				—				—
+ Includes loaned securities
with a value of		$	13,325,169			$	98,708,378			$	10,631,699

		Vident				Vident				Vident
		International				Core U.S.				Core U.S. Bond
		Equity Fund				Equity Fund				Strategy ETF
INVESTMENT INCOME
Dividends^		$	22,307,393			$	8,621,669			$	—
Non-cash dividends			1,820,816				—				—
Securities lending income,
net (Note 4)			228,603				121,056				29,002
Interest			3,846				2,625				8,575,535
Total investment income			24,360,658				8,745,350				8,604,537
EXPENSES
Management fees			2,549,776				2,285,277				1,626,266
Total expenses			2,549,776				2,285,277				1,626,266
Fees waived by adviser (Note 3)			(30,853	)			(29,448	)			(27,988	)
Net expenses			2,518,923				2,255,829				1,598,278
Net investment income (loss)			21,841,735				6,489,521				7,006,259
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in securities			(8,985,551	)			25,064,709				(31,030,589	)
Foreign currency			(205,792	)			—				—
Change in unrealized
appreciation (depreciation) on:
Investments in securities			(81,338,855	)			(64,409,430	)			(28,597,208	)
Foreign currency and translation
of other assets and liabilities
in foreign currency			(181,194	)			—				—
Net realized and unrealized
gain (loss) on investments			(90,711,392	)			(39,344,721	)			(59,627,797	)
Net increase (decrease) in net assets
resulting from operations		$	(68,869,657	)		$	(32,855,200	)		$	(52,621,538	)
^  Net of foreign withholding taxes		$	2,621,612			$	—			$	—

		Year Ended				Year Ended
		August 31, 2022				August 31, 2021
OPERATIONS
Net investment income (loss)		$	21,841,735			$	14,606,062
Net realized gain (loss) on investments
and foreign currency			(9,191,343	)			47,203,947
Change in unrealized appreciation
(depreciation) on investments
and foreign currency			(81,520,049	)			72,325,084
Net increase (decrease) in net assets
resulting from operations			(68,869,657	)			134,135,093
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders			(23,767,573	)			(15,901,505	)
Total distributions to shareholders			(23,767,573	)			(15,901,505	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold			—				—
Payments for shares redeemed			(53,776,620	)			(69,124,880	)
Transaction fees (Note 7)			34,627				43,214
Net increase (decrease) in
net assets derived from
capital share transactions(a)			(53,741,993	)			(69,081,666	)
Net increase (decrease) in net assets		$	(146,379,223	)		$	49,151,922
NET ASSETS
Beginning of year		$	486,453,002			$	437,301,080
End of year		$	340,073,779			$	486,453,002

(a)	A summary of capital share transactions is as follows:

			Shares				Shares
	Shares sold			—				—
	Shares redeemed			(2,100,000	)			(2,800,000	)
	Net increase (decrease)			(2,100,000	)			(2,800,000	)

		Year Ended				Year Ended
		August 31, 2022				August 31, 2021
OPERATIONS
Net investment income (loss)		$	6,489,521			$	4,647,775
Net realized gain (loss) on investments			25,064,709				64,389,498
Change in unrealized appreciation
(depreciation) on investments			(64,409,430	)			84,452,844
Net increase (decrease) in net assets
resulting from operations			(32,855,200	)			153,490,117
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders			(6,205,670	)			(4,772,720	)
Total distributions to shareholders			(6,205,670	)			(4,772,720	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold			78,759,520				43,785,000
Payments for shares redeemed			(3,904,120	)			(94,885,470	)
Transaction fees (Note 7)			8				—
Net increase (decrease) in
net assets derived from
capital share transactions(a)			74,855,408				(51,100,470	)
Net increase (decrease) in net assets		$	35,794,538			$	97,616,927
NET ASSETS
Beginning of year		$	427,973,833			$	330,356,906
End of year		$	463,768,371			$	427,973,833

(a)	A summary of capital share transactions is as follows:

			Shares				Shares
	Shares sold			1,800,000				1,000,000
	Shares redeemed			(100,000	)			(2,400,000	)
	Net increase (decrease)			1,700,000				(1,400,000	)

		Year Ended				Year Ended
		August 31, 2022				August 31, 2021
OPERATIONS
Net investment income (loss)		$	7,006,259			$	6,263,390
Net realized gain (loss) on investments			(31,030,589	)			9,034,635
Change in unrealized appreciation
(depreciation) on investments			(28,597,208	)			(9,262,591	)
Net increase (decrease) in net assets
resulting from operations			(52,621,538	)			6,035,434
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders			(9,405,859	)			(6,192,618	)
Total distributions to shareholders			(9,405,859	)			(6,192,618	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold			46,663,710				20,576,910
Payments for shares redeemed			(22,645,050	)			(5,243,670	)
Transaction fees (Note 7)			10,572				2,901
Net increase (decrease) in
net assets derived from
capital share transactions(a)			24,029,232				15,336,141
Net increase (decrease) in net assets		$	(37,998,165	)		$	15,178,957
NET ASSETS
Beginning of year		$	415,673,398			$	400,494,441
End of year		$	377,675,233			$	415,673,398

(a)	A summary of capital share transactions is as follows:

			Shares				Shares
	Shares sold			1,000,000				400,000
	Shares redeemed			(500,000	)			(100,000	)
	Net increase (decrease)			500,000				300,000

		Year Ended August 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of year		$	27.80			$	21.54			$	22.59			$	25.19			$	27.16
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)(1)			1.34				0.78				0.51				0.74				0.60
Net realized and unrealized
gain (loss) on investments(4)			(5.60	)			6.34				(0.93	)			(2.64	)			(1.91	)
Total from
investment operations			(4.26	)			7.12				(0.42	)			(1.90	)			(1.31	)
DISTRIBUTIONS
TO SHAREHOLDERS:
Distributions from:
Net investment income			(1.46	)			(0.86	)			(0.64	)			(0.70	)			(0.66	)
Total distributions
to shareholders			(1.46	)			(0.86	)			(0.64	)			(0.70	)			(0.66	)
CAPITAL SHARE
TRANSACTIONS:
Transaction fees (Note 7)			—	(2)			—	(2)			0.01				—	(2)			—	(2)
Net asset value, end of year		$	22.08			$	27.80			$	21.54			$	22.59			$	25.19
Total return			-15.77	%			33.22	%			-1.98	%			-7.61	%			-4.97	%
SUPPLEMENTAL DATA:
Net assets at end of year (000’s)		$	340,074			$	486,453			$	437,301			$	569,345			$	609,628
RATIOS TO AVERAGE
NET ASSETS:
Expenses to average
net assets (before
management fees waived)			0.61	%			0.61	%			0.61	%			0.61	%			0.64	%
Expenses to average
net assets (after
management fees waived)			0.60	%			0.59	%			0.60	%			0.61	%			0.63	%
Net investment income (loss)
to average net assets (before
management fees waived)			5.22	%			3.02	%			2.29	%			3.09	%			2.18	%
Net investment income (loss)
to average net assets (after
management fees waived)			5.23	%			3.04	%			2.30	%			3.09	%			2.19	%
Portfolio turnover rate(3)			70	%			74	%			79	%			76	%			66	%

(1)	Calculated based on average shares outstanding during the period.
(2)	Less than $0.005.
(3)	Excludes the impact of in-kind transactions.
(4)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

		Year Ended August 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of year		$	44.58			$	30.03			$	29.72			$	35.33			$	29.83
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)(1)			0.62				0.46				0.45				0.49				0.40
Net realized and unrealized
gain (loss) on investments(4)			(3.56	)			14.56				0.33				(5.60	)			5.52
Total from
investment operations			(2.94	)			15.02				0.78				(5.11	)			5.92
DISTRIBUTIONS
TO SHAREHOLDERS:
Distributions from:
Net investment income			(0.60	)			(0.47	)			(0.47	)			(0.50	)			(0.42	)
Total distributions
to shareholders			(0.60	)			(0.47	)			(0.47	)			(0.50	)			(0.42	)
CAPITAL SHARE
TRANSACTIONS:
Transaction fees (Note 7)			—	(2)			—				—				—	(2)			—
Net asset value, end of year		$	41.04			$	44.58			$	30.03			$	29.72			$	35.33
Total return			-6.66	%			50.29	%			2.70	%			-14.49	%			19.95	%
SUPPLEMENTAL DATA:
Net assets at end of year (000’s)		$	463,768			$	427,974			$	330,357			$	478,413			$	671,355
RATIOS TO AVERAGE
NET ASSETS:
Expenses to average
net assets (before
management fees waived)			0.50	%			0.50	%			0.50	%			0.50	%			0.52	%
Expenses to average
net assets (after
management fees waived)			0.49	%			0.48	%			0.49	%			0.50	%			0.51	%
Net investment income (loss)
to average net assets (before
management fees waived)			1.41	%			1.17	%			1.53	%			1.56	%			1.20	%
Net investment income (loss)
to average net assets (after
management fees waived)			1.42	%			1.19	%			1.54	%			1.56	%			1.21	%
Portfolio turnover rate(3)			63	%			65	%			66	%			71	%			63	%

(1)	Calculated based on average shares outstanding during the period.
(2)	Less than $0.005.
(3)	Excludes the impact of in-kind transactions.
(4)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

		Year Ended August 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of year		$	51.96			$	52.01			$	51.22			$	47.93			$	50.26
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)(1)			0.85				0.80				1.23				1.50				1.17
Net realized and unrealized
gain (loss) on investments(4)			(7.23	)			(0.05	)			0.88				3.34				(2.39	)
Total from
investment operations			(6.38	)			0.75				2.11				4.84				(1.22	)
DISTRIBUTIONS
TO SHAREHOLDERS:
Distributions from:
Net investment income			(1.05	)			(0.80	)			(1.33	)			(1.56	)			(1.11	)
Realized gains			(0.10	)			—				—				—				—
Total distributions
to shareholders			(1.15	)			(0.80	)			(1.33	)			(1.56	)			(1.11	)
CAPITAL SHARE
TRANSACTIONS:
Transaction fees (Note 7)			—	(2)			—	(2)			0.01				0.01				—	(2)
Net asset value, end of year		$	44.43			$	51.96			$	52.01			$	51.22			$	47.93
Total return			-12.41	%			1.46	%			4.26	%			10.37	%			-2.42	%
SUPPLEMENTAL DATA:
Net assets at end of year (000’s)		$	377,675			$	415,673			$	400,494			$	486,612			$	536,796
RATIOS TO AVERAGE
NET ASSETS:
Expenses to average
net assets (before
management fees waived)			0.41	%			0.41	%			0.41	%			0.41	%			0.43	%
Expenses to average
net assets (after
management fees waived)			0.40	%			0.39	%			0.40	%			0.41	%			0.42	%
Net investment income (loss)
to average net assets (before
management fees waived)			1.76	%			1.53	%			2.42	%			3.11	%			2.42	%
Net investment income (loss)
to average net assets (after
management fees waived)			1.77	%			1.55	%			2.43	%			3.11	%			2.43	%
Portfolio turnover rate(3)			247	%			238	%			247	%			384	%			324	%

(1)	Calculated based on average shares outstanding during the period.
(2)	Less than $0.005.
(3)	Excludes the impact of in-kind transactions.
(4)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

A.

Security Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks, and exchange traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global SelectMarket® and Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

	Investments in mutual funds, including money market funds, are valued at their net asset value (“NAV”) per share.
	Debt securities, including short-term debt instruments, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.
	Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator. These shares are generally classified as Level 2 instruments.
	Deposit accounts are valued at acquisition cost, which approximates fair value.
	Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds’ Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of the shares to differ significantly from the NAV that would be calculated without regard to such considerations.
	As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

	Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
	Level 2 –	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
	Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

	The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
	The following is a summary of the inputs used to value the Funds’ investments as of the end of the current fiscal period:

	Vident International Equity Fund
	Assets^		Level 1				Level 2				Level 3				Total
	Common Stocks		$	323,450,977			$	—			$	0	(a)		$	323,450,977
	Preferred Stocks			13,058,606				—				—				13,058,606
	Short-Term Investments			694,369				—				—				694,369
	Investments Purchased
	with Proceeds from
	Securities Lending			—				10,024,271				—				10,024,271
	Total Investments
	in Securities		$	337,203,952			$	10,024,271			$	0			$	347,228,223

	(a)		Represents less than $0.50.
	^		See Schedule of Investments for country breakouts.

	Vident Core U.S. Equity Fund
	Assets^		Level 1				Level 2				Level 3				Total
	Common Stocks		$	462,342,143			$	—			$	—			$	462,342,143
	Short-Term Investments			808,847				—				—				808,847
	Investments Purchased
	with Proceeds from
	Securities Lending			—				102,086,625				—				102,086,625
	Total Investments
	in Securities		$	463,150,990			$	102,086,625			$	—			$	565,237,615

^

See Schedule of Investments for sector breakouts.

	Vident Core U.S. Bond Strategy ETF
	Description^		Level 1				Level 2				Level 3				Total
	Corporate Bonds		$	—			$	93,453,008			$	—			$	93,453,008
	Mortgage Backed
	Securities – U.S.
	Government Agency			—				42,829,852				—				42,829,852
	U.S. Government
	Agency Issues			—				6,131,057				—				6,131,057
	U.S. Government
	Notes/Bonds			—				232,785,065				—				232,785,065
	Short-Term Investments			26,630,706				—				—				26,630,706
	Investments Purchased
	with Proceeds from
	Securities Lending			—				10,918,203				—				10,918,203
	Total Investments
	in Securities		$	26,630,706			$	386,117,185			$	—			$	412,747,891

^

See Schedule of Investments for sector breakouts.

	During the current fiscal period, the Vident Core U.S. Equity Fund and Vident Core U.S. Bond Strategy ETF did not recognize any transfers into or out of Level 3. The Vident International Equity Fund held securities valued at $0 that were recognized as transfers in to Level 3. The transfer occurred due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the restrictions to the Russian foreign exchange. The Level 3 securities recognized $(7,014,285) as change in unrealized appreciation (depreciation) included in net change in unrealized appreciation (depreciation) on investments in the Statements of Operations.
B.	Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C.	Securities Purchased or Sold on a Forward-Commitment Basis. Vident Core U.S. Bond Strategy ETF may enter into TBA commitments, Mortgage Dollar Roll Transactions or other purchase and sale transactions that specify forward delivery of a financial security. TBA commitments are forward agreements for the purchase or sale of mortgage-backed pass-through securities for a fixed price, with payment and delivery on an agreed upon future settlement date. Most commitments in mortgage-backed pass-through securities occur for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement. The specific securities to be delivered are not identified at the trade date. However, delivered securities must follow general trade parameters, including issuer, rate and mortgage terms. When entering into TBA commitments, the Fund may take possession of or deliver the underlying mortgage-backed pass-through securities but can extend the settlement or roll the transaction. In order to better define contractual rights and to secure rights that will help the Fund mitigate counterparty risk, TBA commitments may be entered into by a Fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of the Trust or cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash held as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Noncash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. In connection with this ability, the Fund may enter into mortgage “dollar rolls” in which a Fund sells TBA mortgage-backed securities and simultaneously contracts to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a Fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and the Fund realizes gains and losses on these transactions.
	The value of TBA commitments on the Statements of Assets and Liabilities for the Vident Core U.S. Bond Strategy ETF as of the end of the current fiscal period is as follows:

Statement of Assets and Liabilities – Values of TBA Commitments as of the end of the current fiscal period

		Liabilities
		Location	Value
	TBA Commitments –	Payable for
	Credit/interest rate risk	Securities Purchased	$27,461,057

The effect of TBA Commitments on the Statement of Operations for the current fiscal period

	Amount of Realized Gain (Loss) on TBA			Change in Unrealized Appreciation
	Commitments Recognized in Income			(Depreciation) Recognized in Income
		Investments			Investments
		in Securities			in Securities
	TBA Commitments	($3,081,141)		TBA Commitments	($539,673)

	The average monthly value of TBA Commitments during the current fiscal period was $35,018,422.
	OFFSETTING ASSETS AND LIABILITIES
	The Vident Core U.S. Bond Strategy ETF is subject to various MSFTAs, which govern the terms of certain transactions with select counterparties. The MSFTAs allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The MSFTAs also specify collateral posting arrangements at prearranged exposure levels. Under the MSFTAs, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant MSFTAs with a counterparty in a given account exceeds a specified threshold depending on the counterparty and type of MSFTAs.
	The following is a summary of the Assets and Liabilities subject to offsetting in the Fund as of the end of the current fiscal period.

	Liabilities														Gross Amounts not offset
															in the Statement of
															Assets and Liabilities
											Net
							Gross				Amounts
							Amounts				Presented
			Gross				Offset in the				in the
			Amounts of				Statement of				Statement of
	Description/		Recognized				Assets and				Assets and				Financial				Collateral				Net
	Counterparty		Liabilities				Liabilities				Liabilities				Instruments				Pledged				Amount
	TBA Commitments
	Goldman Sachs
	& Co. LLC		$	15,458,947			$	—			$	15,458,947			$	(15,058,947	)		$	(400,000	)		$	—
	Wells Fargo
	Securities, LLC			12,002,110				—				12,002,110				(11,202,110	)			(800,000	)			—
			$	27,461,057			$	—			$	27,461,057			$	(26,261,057	)		$	(1,200,000	)		$	—

	In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
D.	Federal Income Taxes. The Funds’ policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net

	investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and various state and local tax returns.
	Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.
E.	Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized from sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at fair value of the security received. Withholding taxes on foreign dividends and foreign taxes on capital gains have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized using the effective yield method. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.
	Distributions received from the Funds’ investments in real estate investment trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a Fund’s shareholders may represent a return of capital.
F.	Distributions to Shareholders. Distributions to shareholders from net investment income for the Funds are declared and paid at least on a quarterly basis and distributions from net realized gains on securities are normally declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

G.	Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates.
H.	Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange, Inc. (“NYSE”) is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s NAV per share.
I.	Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
J.	Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences are primarily due to differing book and tax treatments for in-kind transactions. For the fiscal year ended August 31, 2022 the following table shows the reclassifications made:

			Distributable Earnings
			(Accumulated Deficit)				Paid-In Capital
	Vident International Equity Fund		$	(4,033,544	)		$	4,033,544
	Vident Core U.S. Equity Fund		$	(697,709	)		$	697,709
	Vident Core U.S. Bond Strategy ETF		$	1,381,888			$	(1,381,888	)

During the fiscal year ended August 31, 2022, the Funds realized the following net capital gains/(losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains/(losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated deficit) to paid-in capital.

	Vident International Equity Fund		$	4,033,544
	Vident Core U.S. Equity Fund		$	697,709
	Vident Core U.S. Bond Strategy ETF		$	(1,381,888	)

K.	Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the

date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds’ Financial Statements.

		Value of				Payable for Collateral
		Securities				Received (excludes
Fund		on Loan				non-cash collateral)
Vident International Equity Fund		$	13,325,169			$	10,024,271
Vident Core U.S. Equity Fund		$	98,708,378			$	102,086,625
Vident Core U.S. Bond Strategy ETF		$	10,631,699			$	10,918,203

Fund	Fees and Interest Earned
Vident International Equity Fund		$	228,603
Vident Core U.S. Equity Fund		$	121,056
Vident Core U.S. Bond Strategy ETF		$	29,002

		Remaining Contractual Maturity of the Agreements
Securities		Overnight												Greater
Lending		and				Up to				30-90				than
Transactions		Continuous				30 Days				Days				90 Days				Total
Repurchase agreements
collateralized by various
U.S. government
obligations		$	8,584,221			$	—			$	—			$	—			$	8,584,221
Private Funds(a)		$	1,440,050			$	—			$	—			$	—			$	1,440,050
U.S. Treasury
obligations		$	—			$	—			$	—			$	4,026,049			$	4,026,049
Total Borrowings		$	10,024,271			$	—			$	—			$	4,026,049			$	14,050,320

		Remaining Contractual Maturity of the Agreements
Securities		Overnight												Greater
Lending		and				Up to				30-90				than
Transactions		Continuous				30 Days				Days				90 Days				Total
Private Funds(a)		$	102,086,625			$	—			$	—			$	—			$	102,086,625
Total Borrowings		$	102,086,625			$	—			$	—			$	—			$	102,086,625

		Remaining Contractual Maturity of the Agreements
Securities		Overnight												Greater
Lending		and				Up to				30-90				than
Transactions		Continuous				30 Days				Days				90 Days				Total
Private Funds(a)		$	10,918,203			$	—			$	—			$	—			$	10,918,203
Total Borrowings		$	10,918,203			$	—			$	—			$	—			$	10,918,203

(a)

The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedule of Investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit.

		Purchases				Sales
Vident International Equity Fund		$	290,546,115			$	306,996,421
Vident Core U.S. Equity Fund		$	284,347,920			$	283,577,301
Vident Core U.S. Bond Strategy ETF		$	980,223,236			$	977,626,329

		In-Kind Purchases				In-Kind Sales
Vident International Equity Fund		$	—			$	38,545,612
Vident Core U.S. Equity Fund		$	78,470,334			$	3,894,309
Vident Core U.S. Bond Strategy ETF		$	41,789,693			$	20,265,395

		Vident				Vident				Vident
		International				Core U.S.				Core U.S. Bond
		Equity Fund				Equity Fund				Strategy ETF
Tax cost of investments		$	378,608,649			$	543,866,838			$	434,047,042
Gross tax unrealized appreciation		$	20,156,454			$	58,297,752			$	139,714
Gross tax unrealized depreciation			(51,664,642	)			(36,926,975	)			(21,438,865	)
Net tax unrealized
appreciation/ (depreciation)			(31,508,188	)			21,370,777				(21,299,151	)
Undistributed ordinary income			5,125,231				1,218,360				502,506
Undistributed long-term capital gain			—				—				—
Other accumulated gain/(loss)			(150,404,943	)			(32,486,559	)			(29,529,513	)
Distributable earnings/
(accumulated deficit)		$	(176,787,900	)		$	(9,897,422	)		$	(50,326,158	)

		Short-Term				Long-Term
Vident International Equity Fund		$	(139,495,696	)		$	(10,895,577	)
Vident Core U.S. Equity Fund		$	(32,486,559	)		$	—
Vident Core U.S. Bond Strategy ETF		$	(18,261,395	)		$	(11,268,118	)

		Short-Term				Long-Term
Vident International Equity Fund		$	—			$	7,068,276
Vident Core U.S. Equity Fund		$	24,713,791			$	—
Vident Core U.S. Bond Strategy ETF		$	—			$	—

		Ordinary Income				Capital Gains
Vident International Equity Fund		$	23,767,573			$	—
Vident Core U.S. Equity Fund		$	6,205,670			$	—
Vident Core U.S. Bond Strategy ETF		$	8,604,885			$	800,974

		Ordinary Income				Capital Gains
Vident International Equity Fund		$	15,901,505			$	—
Vident Core U.S. Equity Fund		$	4,772,720			$	—
Vident Core U.S. Bond Strategy ETF		$	6,192,618			$	—

		Term of		Number of	Other
	Position	Office		Portfolios	Directorships
	Held	and		in Fund	Held by
Name	with	Length		Complex	Trustee
and Year	the	of Time	Principal Occupation(s)	Overseen	During Past
of Birth	Trust	Served	During Past Five Years	by Trustee	Five Years
Independent Trustees
Leonard M.	Lead	Indefinite	Retired; formerly Chief	54	Independent
Rush, CPA	Indepen-	term;	Financial Officer,		Trustee,
Born: 1946	dent	since 2012	Robert W. Baird		Managed
	Trustee		& Co. Incorporated		Portfolio Series
	and Audit		(wealth management		(34 portfolios)
	Committee		firm) (2000–2011).		(since 2011).
	Chairman
David A. Massart	Trustee	Indefinite	Partner and Managing	54	Independent
Born: 1967		term;	Director, Beacon Pointe		Trustee,
		since 2012	Advisors, LLC (since 2022);		Managed
			Co-Founder, President, and		Portfolio Series
			Chief Investment Strategist,		(34 portfolios)
			Next Generation Wealth		(since 2011).
			Management, Inc.
			(2005–2021).
Janet D. Olsen	Trustee	Indefinite	Retired; formerly Managing	54	Independent
Born: 1956		term;	Director and General		Trustee,
		since 2018	Counsel, Artisan Partners		PPM Funds
			Limited Partnership		(2 portfolios)
			(investment adviser)		(since 2018).
			(2000–2013); Executive
			Vice President and General
			Counsel, Artisan Partners
			Asset Management Inc.
			(2012–2013); Vice President
			and General Counsel, Artisan
			Funds, Inc. (investment
			company) (2001–2012).
Interested Trustee
Michael A. Castino	Trustee	Indefinite	Senior Vice President, U.S.	54	None
Born: 1967	and	term;	Bancorp Fund Services, LLC
	Chairman	Trustee	(since 2013); Managing Director
		since 2014;	of Index Services, Zacks
		Chairman	Investment Management
		since 2013	(2011–2013).

		Term of
	Position(s)	Office
	Held	and
Name	with	Length
and Year	the	of Time
of Birth	Trust	Served	Principal Occupation(s) During Past Five Years
Kristina R. Nelson	President	Indefinite	Senior Vice President, U.S. Bancorp Fund Services, LLC
Born: 1982		term;	(since 2020); Vice President, U.S. Bancorp Fund Services,
		since 2019	LLC (2014–2020).
Alyssa M. Bernard	Vice	Indefinite	Vice President, U.S. Bancorp Fund Services, LLC
Born: 1988	President	term;	(since 2021); Assistant Vice President, U.S. Bancorp Fund
		since 2021	Services, LLC (2018–2021); Attorney, Waddell & Reed
			Financial, Inc. (2017–2018).
Cynthia L. Andrae	Chief	Indefinite	Vice President, U.S. Bancorp Fund Services, LLC
Born: 1971	Compliance	term;	(since 2019); Compliance Officer, U.S. Bancorp Fund
	Officer and	since 2022	Services, LLC (2015-2019).
	Anti-Money	(other roles
	Laundering	since 2021)
	Officer
Kristen M. Weitzel	Treasurer	Indefinite	Vice President, U.S. Bancorp Fund Services, LLC
Born: 1977		term;	(since 2015); Assistant Vice President, U.S. Bancorp Fund
		since 2014	Services, LLC (2011–2015).
		(other roles
		since 2013)
Isabella K. Zoller	Secretary	Indefinite	Assistant Vice President, U.S. Bancorp Fund Services, LLC
Born: 1994		term;	(since 2021); Regulatory Administration Attorney, U.S.
		since 2021	Bancorp Fund Services, LLC (since 2019); Regulatory
		(other roles	Administration Intern, U.S. Bancorp Fund Services, LLC
		since 2020)	(2018–2019); Law Student (2016–2019).
Elizabeth A.	Assistant	Indefinite	Vice President, U.S. Bancorp Fund Services, LLC
Winske	Treasurer	term;	(since 2020); Assistant Vice President, U.S. Bancorp Fund
Born: 1983		since 2017	Services, LLC (2016–2020).
Jason E. Shlensky	Assistant	Indefinite	Assistant Vice President, U.S. Bancorp Fund Services, LLC
Born: 1987	Treasurer	term;	(since 2019); Officer, U.S. Bancorp Fund Services, LLC
		since 2019	(2014–2019).
Jessica L. Vorbeck	Assistant	Indefinite	Officer, U.S. Bancorp Fund Services, LLC (since 2018;
Born: 1984	Treasurer	term;	2014–2017).
		since 2020

	Beginning	Ending	Expenses
	Account Value	Account Value	Paid During
	March 1, 2022	August 31, 2022	the Period(a)
Actual	$1,000.00	$   871.90	$2.88
Hypothetical
(5% annual return
before expenses)	$1,000.00	$1,022.13	$3.11
Vident Core U.S. Equity Fund
	Beginning	Ending	Expenses
	Account Value	Account Value	Paid During
	March 1, 2022	August 31, 2022	the Period(b)
Actual	$1,000.00	$   919.50	$2.42
Hypothetical
(5% annual return
before expenses)	$1,000.00	$1,022.68	$2.55
Vident Core U.S. Bond Strategy ETF
	Beginning	Ending	Expenses
	Account Value	Account Value	Paid During
	March 1, 2022	August 31, 2022	the Period(c)
Actual	$1,000.00	$   916.10	$1.98
Hypothetical
(5% annual return
before expenses)	$1,000.00	$1,023.14	$2.09

(a)	The dollar amounts shown as expenses paid during the period are equal to the annualized net expense ratio, 0.61%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the period. See Note 3.
(b)	The dollar amounts shown as expenses paid during the period are equal to the annualized net expense ratio, 0.50%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the period. See Note 3.
(c)	The dollar amounts shown as expenses paid during the period are equal to the annualized net expense ratio, 0.41%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the period. See Note 3.

Vident International Equity Fund	64.80%
Vident Core U.S. Equity Fund	100.00%
Vident Core U.S. Bond Strategy ETF	0.00%

Vident International Equity Fund	0.09%
Vident Core U.S. Equity Fund	100.00%
Vident Core U.S. Bond Strategy ETF	0.00%

Vident International Equity Fund	0.00%
Vident Core U.S. Equity Fund	0.00%
Vident Core U.S. Bond Strategy ETF	0.00%

										Portion of
										Ordinary Income
										Distribution
		Creditable				Per				Derived from
		Foreign Taxes				Share				Foreign
		Paid				Amount				Sourced Income
Vident International Equity Fund		$	2,611,991			$	0.16960981			98.45	%
Vident Core U.S. Equity Fund			—				—			—
Vident Core U.S. Bond Strategy ETF			—				—			—

	Vident International Equity Fund	Vident Core U.S. Equity Fund
	Symbol – VIDI	Symbol – VUSE
	CUSIP – 26922A404	CUSIP – 26922A503