united
states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
Investment Company Act file number 811-23066
Northern Lights Fund Trust IV
(Exact name of registrant as specified in charter)
225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
1209 Orange Street Wilmington, DE 19801
(Name and address of agent for service)
Registrant's telephone number, including area code: 631-490-4300
Date of fiscal year end: 11/30
Date of reporting period: 5/31/22
Item 1. Reports to Stockholders.
Inspire Global Hope ESG ETF (BLES)
(formerly known as Inspire Global Hope ETF)
Inspire Small/Mid Cap ESG ETF (ISMD)
(formerly known as Inspire Small/Mid Cap Impact ETF)
Inspire Corporate Bond ESG ETF (IBD)
(formerly known as Inspire Corporate Bond Impact ETF)
Inspire 100 ESG ETF (BIBL)
(formerly known as Inspire 100 ETF)
Inspire International ESG ETF (WWJD)
Inspire Tactical Balanced ESG ETF (RISN)
Inspire Faithward Mid Cap Momentum ESG ETF
(GLRY)
Inspire Faithward Large Cap Momentum ESG ETF
(FEVR)
Semi-Annual Report
May 31, 2022
1-877-658-9473
www.inspireetf.com
INSPIRE ETF SEMI-ANNUAL REPORT
SHAREHOLDER LETTER (unaudited) |
Dear Shareholders:
We are honored to present you with the Semi-Annual Report for the Inspire Investing suite of Exchange Traded Funds (ETFs) as of May 31,2022.
We believe the past 6 months ended May 31, 2022 is the correction process that we have been expecting and although we cant say when it will end, we do have confidence that it will end and the markets will enter the next bull phase. Even if some want to classify this correction as a bear market this too will end as all bear markets do and we believe long-term investors will be rewarded for holding steady in the face of all the recent bad news and volatility. We have faced several headwinds in the past 6 months that not only brought on the correction but have exacerbated the volatility. These headwinds include inflation running at levels not seen since the early 80s, a Federal Reserve that is trying to play catch up by raising interest rates at an accelerated pace, the unprovoked invasion of Ukraine by Russia, and a slowing economy that is probably already in a recession. These challenges are not a surprise to our Heavenly Father and our faith is steadfast in him.
We are thankful that the Lord has been faithful during the past 6 months and provided for our needs in amazing ways for His Glory. In the past 6 months, God continued to bless Inspire and has opened many opportunities to expand the biblically responsible investing (BRI) movement. We remain thankful as well for you, our shareholders, for being part of the BRI movement through the Inspire ETFs. We could not do what we do without you, and we sincerely appreciate the trust you have placed in Inspire by investing in one or more of the Inspire ETFs.
BLES – Inspire Global Hope ETF
The market correction that we have been in for the past 6 months has provided a bumpy but sustained decline in the stock market. This is the first negative 6-month period for the fund since inception. BLES is down for the past 6 months ended May 31, 2022, -6.40% on a market price basis and -6.16% on the NAV.
ISMD – Inspire Small/Mid Cap Impact ETF
The small-cap and mid-cap markets slightly outperformed the US large-cap markets over the past 6 months ended May 31, 2022 with ISMD being down only -5.47% on a market price basis and -5.26% on the NAV.
IBD – Inspire Corporate Bond Impact ETF
The high inflation that has become evident over the past 6 months as well as the interest rate increases that the Federal Reserve has announced has caused interest rates to rise across the yield curve and bond values to fall. This caused negative total returns for IBD over the past 6 months. For the 6 months ended May 31, 2022, IBD is down -7.18% on a market price basis and down -7.32% on the NAV.
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BIBL – Inspire 100 ETF
BIBL participated in the steep correction in the US large cap markets to finish the past 6 months ended May 31,2022 with a negative return of -13.50% on a market price basis and -13.44% on the NAV.
WWJD – Inspire International ESG ETF
The correction we saw in the US domestic markets over the past 6 months was also experienced across both the international developed countries as well as emerging markets. International and emerging markets had negative performance in line with the negative moves in the US markets. For the 6 months ended May 31, 2022, WWJD was down -6.12% on a market price basis and down -5.32% on the NAV.
RISN – Inspire Tactical Balanced ESG
RISN holds an 80% exposure to US large cap stocks and 20% to US fixed income during normal market conditions but the last 6 months have not been normal markets. The Fund adjusted to a defensive allocation over the past several months ending the quarter with an allocation of 10% US large cap stocks/80% US fixed income/10% Gold. Even with moving to a more conservative stance the fund still experienced negative performance in the 6 months ended May 31, 2022. RISN was down -11.70% on a market price basis and down -11.58% on the NAV.
GLRY – Inspire Faithward Mid Cap Momentum ESG
GLRY is focused on US mid cap stocks that the manager believes have the potential of outperformance over a market cycle when momentum factors are in favor. Momentum factors seemed to suffer more than the broader market in the 6 months ended May 31, 2022, as GLRY was down -17.79% on a market price basis and -17.68% on the NAV.
FEVR – Inspire Faithward Large Cap Momentum ESG
FEVR is focused on US large cap stocks that the manager believes have the potential of outperformance over a market cycle when momentum factors are in favor. Momentum factors seemed to suffer more than the broader market in the 6 months ended May 31, 2022, as FEVR was down -20.28% on a market price basis and -20.25% on the NAV.
Note: None of the Inspire ETFs use derivatives and all continue to be invested in ways that are consistent with the stated objectives and investment strategy detailed in each funds prospectus. Although Inspire doesnt have a policy or practice of maintaining a specified level of distributions or yield payout to shareholders, we payout income monthly from the Fixed Income fund and quarterly from the Equity funds.
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Closing Comments
Although the first 6 months of the fiscal year have been full of challenges as well as a deep correction in the capital markets bringing sustained negative performance for several months in a row, we know that our God is still on the throne as our Provider. We are grateful to God our Father, for His provision and wisdom in good times as well as these present challenging times. We cannot be certain of what the future holds but we remain confident in the one that holds the future. Even with all of the bad news in the media we remain thankful to be a part of the mission of making a positive impact in the world through our ETFs alongside you, our brothers and sisters in Christ and fellow shareholders.
Thank you again for being shareholders, but more importantly thank you for being co-workers with us in making a positive impact in the world by inspiring transformation for Gods Glory.
May the Grace and Peace of Jesus Christ our Lord be with you in the remainder of 2022.
Sincerely,
Darrell Jayroe, CIO
The views in this report were those of the Author as of May 31, 2022 and may not reflect their views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.
There is no guarantee that the Funds will achieve their objectives, generate positive returns, or avoid losses.
Biblically Responsible Investment Risk. The Funds utilize related biblical values screening criteria in selecting its component securities. As a result of its strategy, a Funds exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not screen favorably.
ETF shares are not redeemable with the issuing fund other than in large Creation Unit aggregations. Instead, investors must buy or sell ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. Certain Funds track an underlying index and may focus their investments in securities of a particular industry to the extent the underlying index does. This may cause those Funds net asset value to fluctuate more than that of a fund that does not focus in a particular industry.
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Certain of the Funds are not actively managed, and the Adviser will not sell shares of an equity security of those Funds due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying index or the selling of shares of that security is otherwise required upon a rebalancing of the underlying index as addressed in its methodology. Tracking error may occur because of imperfect correlation between a Funds holdings of portfolio securities and those in the underlying index. Certain Funds use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the underlying index. To the extent the assets in the Funds are smaller, these risks will be greater.
Before investing, consider the Funds investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information visit www.inspireetf.com. Read it carefully. The Inspire ETFs are distributed by Foreside Financial Services LLC, Member FINRA. Inspire Investing, LLC and Foreside Financial Services LLC are not affiliated.
Advisory Services are offered through Inspire Investing, LLC, a Registered Investment Adviser with the SEC.
4
Inspire
Global Hope ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022
The Funds performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:
Annualized | |||||
Annualized | Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | Five Year | May 31, 2022 | |
Inspire Global Hope ETF - NAV | (6.16)% | (6.45)% | 12.94% | 9.06% | 9.44% |
Inspire Global Hope ETF - Market Price | (6.40)% | (6.73)% | 12.76% | 8.92% | 9.43% |
Inspire Global Hope Large Cap Equal Weight Index *** | (6.29)% | (5.74)% | 12.52% | 9.29% | 9.76% |
S&P Global 1200 Total Return Index **** | (7.84)% | (4.15)% | 13.18% | 10.29% | 10.78% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) would not exceed 0.52% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Funds total annual operating expenses (gross) are 0.49% per the March 30, 2022 prospectus.
** | As of the commencement of operations on February 27, 2017. |
*** | Inspire Global Hope Large Cap Equal Weight Index (BLESI) tracks the stock performance of 400 of the most inspiring large cap companies from around the globe, as determined by the advisers revolutionary Inspire Impact Score4 methodology which measures a companys positive impact on the world. Under normal circumstances, the index will be comprised of 50% US large cap companies, 40% international developed large cap companies and 10% emerging market large cap companies. Inspire defines large cap as a market capitalization of $5B or greater. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in United States Dollars. Investors cannot invest directly in an index. |
**** | The S&P Global 1200 Total Return Index provides efficient exposure to the global equity market. Capturing approximately 70% of global market capitalization, it is constructed as a composite of 7 headline indices, many of which are accepted leaders in their regions. These include the S&P 500® (US), S&P Europe 350, S&P TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50 and S&P Latin America 40. Investors cannot invest directly in an index. |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
5
Inspire
Global Hope ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Banking | 5.6 | % | ||
Electric Utilities | 5.3 | % | ||
Chemicals | 5.2 | % | ||
Medical Equipment & Devices | 5.2 | % | ||
Oil & Gas Producers | 4.7 | % | ||
Technology Services | 4.0 | % | ||
Semiconductors | 3.8 | % | ||
Software | 3.7 | % | ||
Transportation & Logistics | 3.2 | % | ||
Insurance | 3.0 | % | ||
Collateral For Securities Loaned | 1.4 | % | ||
Other Sectors | 54.7 | % | ||
Other Assets Less Liabilities | 0.2 | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
6
Inspire
Small/Mid Cap ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022
The Funds performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:
Annualized | |||||
Annualized | Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | Five Year | May 31, 2022 | |
Inspire Small/Mid Cap Impact ETF - NAV | (5.26)% | (7.13)% | 12.29% | 8.84% | 7.82% |
Inspire Small/Mid Cap Impact ETF - Market Price | (5.47)% | (7.41)% | 12.22% | 8.81% | 7.79% |
Inspire Small/Mid Cap Impact Equal Weight Index *** | (5.09)% | (6.17)% | 14.52% | 10.30% | 9.22% |
S&P SmallCap 600 Equal Weight Total Return Index **** | (6.65)% | (9.34)% | 16.19% | 10.79% | 9.35% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) would not exceed 0.60% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Funds total annual operating expenses (gross) are 0.48% per the March 30, 2022 prospectus.
** | As of the commencement of operations on February 27, 2017. |
*** | Inspire Small/Mid Cap Impact Equal Weight Index (ISMDI) tracks the stock performance of 500 of the most inspiring small and mid cap companies in the U.S., as determined by the advisers revolutionary Inspire Impact Score4 methodology which measures a companys positive impact on the world. Under normal circumstances the index will be comprised of 50% U.S. mid cap companies with market cap between $2B-3.5B, and 50% U.S. small cap companies with market cap between $1B-2B. The adviser believes that companies in this smid cap capitalization range have the potential to deliver above average growth. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in United States Dollars. Investors cannot invest directly in an index. |
**** | The S&P SmallCap 600 Equal Weight Total Return Index (EWI) is the equal-weight version of the S&P SmallCap 600. The index has the same constituents as the capitalization weighted S&P SmallCap 600, but each company in the S&P SmallCap 600 EWI is allocated a fixed weight. Investors cannot invest directly in an index. |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
7
Inspire
Small/Mid Cap ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Banking | 9.9 | % | ||
Chemicals | 4.3 | % | ||
Machinery | 4.2 | % | ||
Technology Hardware | 3.7 | % | ||
Software | 3.6 | % | ||
Semiconductors | 3.4 | % | ||
Biotech & Pharma | 3.3 | % | ||
Insurance | 3.1 | % | ||
Home Construction | 2.9 | % | ||
Food | 2.9 | % | ||
Collateral For Securities Loaned | 0.7 | % | ||
Other Sectors | 57.8 | % | ||
Other Assets Less Liabilities | 0.2 | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
8
Inspire
Corporate Bond ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022
The Funds performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:
Annualized | ||||
Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | May 31, 2022 | |
Inspire Corporate Bond Impact ETF - NAV | (7.32)% | (7.73)% | (0.20)% | 0.86% |
Inspire Corporate Bond Impact ETF - Market Price | (7.18)% | (7.77)% | (0.23)% | 0.85% |
Inspire Corporate Bond Impact Equal Weight Index *** | (7.29)% | (7.52)% | 1.71% | 2.41% |
Bloomberg U.S. Intermediate Credit Total Return Index **** | (6.76)% | (7.00)% | 0.95% | 1.85% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds total annual operating expenses (gross) are 0.44% per the March 30, 2022 prospectus.
** | As of the commencement of operations on July 10, 2017. |
*** | Inspire Corporate Bond Impact Equal Weight Index (INSP BOND) is comprised of 250 investment grade, intermediate term corporate bonds issued by some of the most inspiring large cap blue chip companies in the United States, as determined by Inspires revolutionary Inspire Impact Score methodology which measures a companys positive impact on the world. The adviser defines large cap as a market capitalization of $5B or greater and investment grade as BBB-/Baa3 or higher. The index is equally weighted, rebalanced quarterly and calculated on a total return basis in US Dollars. Investors cannot invest directly in an index. |
**** | The Bloomberg U.S. Intermediate Credit Total Return Index (LUICTRUU) measures the investment grade, fixed-rate, taxable corporate bond market whose maturity ranges between 1 to 9.9999 years. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Investors cannot invest directly in an index. |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
9
Inspire
Corporate Bond ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Real Estate Investment Trusts | 15.0 | % | ||
Oil & Gas Producers | 6.4 | % | ||
Semiconductors | 5.4 | % | ||
Electrical Equipment | 4.8 | % | ||
Electric Utilities | 4.5 | % | ||
Home Construction | 4.4 | % | ||
Technology Services | 4.4 | % | ||
Commercial Support Services | 4.0 | % | ||
Diversified Industrials | 3.8 | % | ||
Food | 3.4 | % | ||
Other Sectors | 41.0 | % | ||
Other Assets Less Liabilities | 2.9 | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
10
Inspire
100 ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022
The Funds performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:
Annualized | ||||
Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | May 31, 2022 | |
Inspire 100 ETF - NAV | (13.44)% | (7.97)% | 15.09% | 11.10% |
Inspire 100 ETF - Market Price | (13.50)% | (8.02)% | 15.07% | 11.10% |
Inspire 100 Index *** | (13.62)% | (7.45)% | 16.24% | 12.09% |
S&P 500 Total Return Index **** | (8.85)% | (0.30)% | 16.44% | 12.89% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.35% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Funds expense ratio (after the repayment is taken into account) to exceed both: (i) the Funds expense cap in place at the time such expenses were waived, and (ii) the Funds current expense cap at the time of recoupment. This agreement may be terminated on by the Trusts Board of Trustees only 60 days written notice to the Funds adviser. The Funds total annual operating expenses (gross) are 0.42% per the March 30, 2022 prospectus.
** | As of the commencement of operations on October 30, 2017. |
*** | The Inspire 100 Index (INSP100) is a rules based, passive index which tracks the stock performance of the one-hundred highest Inspire Impact Scoring companies in the United States with market capitalizations above $20B. The index is market-cap weighted, rebalanced annually and calculated on a total return basis in U.S. Dollars. Investors cannot invest directly in an index. |
**** | The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark. |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
11
Inspire
100 ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Technology Services | 10.9 | % | ||
Semiconductors | 10.1 | % | ||
Medical Equipment & Devices | 10.0 | % | ||
Software | 9.3 | % | ||
Industrial Reit | 4.0 | % | ||
Metals & Mining | 4.0 | % | ||
Health Care Facilities & Services | 3.8 | % | ||
Residential Reit | 3.5 | % | ||
Commercial Support Services | 2.9 | % | ||
Electrical Equipment | 2.9 | % | ||
Other Sectors | 38.3 | % | ||
Other Assets Less Liabilities | 0.3 | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
12
Inspire
International ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022
The Funds performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:
Annualized | |||
Since Inception** - | |||
Six Month | One Year | May 31, 2022 | |
Inspire International ESG ETF - NAV | (5.32)% | (9.53)% | 10.97% |
Inspire International ESG ETF - Market Price | (6.12)% | (9.69)% | 10.95% |
Inspire Global Hope Ex-US Index *** | (4.81)% | (8.79)% | 9.08% |
S&P International 700 Total Return Index **** | (5.88)% | (10.54)% | 7.01% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) would not exceed 0.80% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Funds total annual operating expenses (gross) are 0.69% per the March 30, 2022 prospectus.
** | As of the commencement of operations on September 30, 2019. |
*** | The Inspire Global Hope Ex-US Index (IGHXUSG) intends to track the price movements of a portfolio of 150 of the most inspiring, biblically aligned large cap companies outside of the United States. The index is comprised of 80% international developed large cap companies and 20% emerging markets large cap companies. The adviser defines large cap as a market capitalization of $5B USD or greater. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in USD. Investors cannot invest directly in an index. |
**** | The S&P International 700 Total Return Index measures the non-U.S. component of the global equity market through an index that is designed to be highly liquid and efficient to replicate. The index covers all regions included in the S&P Global 1200 except for the U.S., which is represented by the S&P 500. Investors cannot invest directly in an index. |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
13
Inspire
International ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Banking | 9.5 | % | ||
Chemicals | 7.2 | % | ||
Electric Utilities | 6.6 | % | ||
Transportation & Logistics | 4.2 | % | ||
Automotive | 4.1 | % | ||
Metals & Mining | 4.1 | % | ||
Oil & Gas Producers | 3.9 | % | ||
Asset Management | 3.7 | % | ||
Telecommunications | 3.6 | % | ||
Construction Materials | 3.2 | % | ||
Collateral For Securities Loaned | 4.6 | % | ||
Other Sectors | 47.7 | % | ||
Liabilities in Excess of Other Assets | (2.4) | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
14
Inspire Tactical Balanced ESG ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2022 |
The Funds performance figures* for the periods ended November 30, 2021, as compared to its benchmark:
Since Inception** - | |||
Six Month | One Year | May 31, 2022 | |
Inspire Tactical Balanced ESG ETF - NAV | (11.58)% | (6.01)% | 6.25% |
Inspire Tactical Balanced ESG ETF - Market Price | (11.70)% | (6.20)% | 6.17% |
S&P Target Risk Moderate Index *** | (8.66)% | (7.20)% | 2.09% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds total annual operating expenses (gross) are 0.71% per the March 30, 2022 prospectus.
** | As of the commencement of operations on July 15, 2020. |
*** | The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities. Investors cannot invest directly in an index. |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
15
Inspire
Tactical Balanced ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Asset Types are as follows:
Asset Type | % of Net Assets | |||
Exchange Traded Fund | ||||
Fixed Income | 79.2 | % | ||
Closed-End Fund | ||||
Commodity | 10.0 | % | ||
Common Stock | ||||
Technology Services | 1.2 | % | ||
Medical Equipment & Devices | 1.1 | % | ||
Semiconductors | 1.0 | % | ||
Software | 0.9 | % | ||
Industrial Reit | 0.4 | % | ||
Metals & Mining | 0.4 | % | ||
Health Care Facilities & Services | 0.4 | % | ||
Residential Reit | 0.3 | % | ||
Oil & Gas Producers | 0.3 | % | ||
Transportation & Logistics | 0.3 | % | ||
Other Sectors | 4.0 | % | ||
Other Assets Less Liabilities | 0.5 | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
16
Inspire
Faithward Mid Cap Momentum ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022
The Funds performance figures* for the period ended November 30, 2021, as compared to its benchmark:
Since Inception** - | |||
Six Month | One Year | May 31, 2022 | |
Inspire Faithward Mid Cap Momentum ESG ETF - NAV | (17.68)% | (18.05)% | (2.31)% |
Inspire Faithward Mid Cap Momentum ESG ETF - Market Price | (17.79)% | (18.02)% | (2.31)% |
S&P MidCap 400 Index® *** | (6.46)% | (6.52)% | 9.71% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.80% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Funds expense ratio (after the repayment is taken into account) to exceed both: (i) the Funds expense cap in place at the time such expenses were waived, and (ii) the Funds current expense cap at the time of recoupment. This agreement may be terminated on by the Trusts Board of Trustees only 60 days written notice to the Funds adviser. The Funds total annual operating expenses (gross) are 1.02% per the March 30, 2022 prospectus.
** | As of the commencement of operations on December 7, 2020. |
*** | The S&P MidCap 400 Index® provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500®, is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment. Investors cannot invest directly in an |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
17
Inspire
Faithward Mid Cap Momentum ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Insurance | 11.3 | % | ||
Semiconductors | 10.8 | % | ||
Software | 7.4 | % | ||
Steel | 5.5 | % | ||
Banking | 5.5 | % | ||
Technology Hardware | 5.5 | % | ||
Leisure Products | 5.1 | % | ||
Biotech & Pharma | 3.3 | % | ||
Chemicals | 3.3 | % | ||
Electrical Equipment | 3.3 | % | ||
Other Sectors | 38.1 | % | ||
Other Assets Less Liabilities | 0.9 | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
18
Inspire
Faithward Large Cap Momentum ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022
The Funds performance figures* for the period ended November 30, 2021, as compared to its benchmark:
Since Inception** - | |||
Six Month | One Year | May 31, 2022 | |
Inspire Faithward Large Cap Momentum ESG ETF - NAV | (20.25)% | (9.18)% | (2.88)% |
Inspire Faithward Large Cap Momentum ESG ETF - Market Price | (20.28)% | (9.25)% | (2.91)% |
S&P 500 Total Return Index *** | (8.85)% | (0.30)% | 9.48% |
* | The Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473. |
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Funds adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.80% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Funds expense ratio (after the repayment is taken into account) to exceed both: (i) the Funds expense cap in place at the time such expenses were waived, and (ii) the Funds current expense cap at the time of recoupment. This agreement may be terminated on by the Trusts Board of Trustees only 60 days written notice to the Funds adviser. The Funds total annual operating expenses (gross) are 1.09% per the March 30, 2022 prospectus.
** | As of the commencement of operations on December 7, 2020. |
*** | The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark. |
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Funds performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
19
Inspire
Faithward Large Cap Momentum ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022
The Funds Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Software | 16.4 | % | ||
Technology Hardware | 8.1 | % | ||
Banking | 6.3 | % | ||
Insurance | 5.7 | % | ||
Semiconductors | 5.6 | % | ||
Chemicals | 5.4 | % | ||
Entertainment Content | 4.9 | % | ||
Medical Equipment & Devices | 4.1 | % | ||
Real Estate Investment Trusts | 3.4 | % | ||
Oil & Gas Producers | 3.3 | % | ||
Other Sectors | 36.1 | % | ||
Other Assets Less Liabilities | 0.7 | % | ||
100.0 | % |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Funds holdings.
20
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% | ||||||||
AEROSPACE & DEFENSE - 1.4% | ||||||||
270,436 | Rolls-Royce Holdings plc(a) | $ | 295,433 | |||||
3,038 | Safran S.A. | 313,843 | ||||||
775 | Teledyne Technologies, Inc.(a) | 313,991 | ||||||
4,870 | Textron, Inc. | 317,962 | ||||||
2,872 | Thales S.A. | 350,177 | ||||||
547 | TransDigm Group, Inc.(a) | 331,137 | ||||||
1,922,543 | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.4% | ||||||||
2,790 | Cie Financiere Richemont S.A. | 309,270 | ||||||
252 | Hermes International(a) | 300,225 | ||||||
609,495 | ||||||||
ASSET MANAGEMENT - 2.1% | ||||||||
20,182 | 3i Group plc | 322,866 | ||||||
3,437 | Groupe Bruxelles Lambert S.A. | 317,103 | ||||||
12,347 | Industrivarden A.B. | 319,840 | ||||||
12,596 | Industrivarden A.B., C Shares | 326,419 | ||||||
16,250 | Investor A.B. | 304,511 | ||||||
6,945 | L E Lundbergforetagen A.B. | 341,821 | ||||||
296 | Partners Group Holding A.G. | 317,624 | ||||||
3,283 | Raymond James Financial, Inc. | 323,343 | ||||||
8,544 | Schroders plc | 318,913 | ||||||
2,892,440 | ||||||||
AUTOMOTIVE - 1.9% | ||||||||
4,089 | Bayerische Motoren Werke A.G. | 353,865 | ||||||
2,663 | Cie Generale des Etablissements Michelin SCA | 346,559 | ||||||
4,868 | Continental A.G. | 372,428 | ||||||
5,616 | Denso Corporation | 343,665 | ||||||
1,662 | Ferrari N.V. | 324,040 | ||||||
226,356 | Geely Automobile Holdings Ltd. | 432,681 | ||||||
5,222 | Toyota Industries Corporation | 336,715 | ||||||
2,509,953 | ||||||||
BANKING - 5.6% | ||||||||
4,551 | Commonwealth Bank of Australia | 340,778 | ||||||
29,471 | Credit Agricole S.A. (b) | 326,247 |
See accompanying notes to financial statements.
21
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
BANKING - 5.6% (Continued) | ||||||||
20,786 | Danske Bank A/S | $ | 340,135 | |||||
2,214 | First Republic Bank | 343,236 | ||||||
48,323 | Grupo Financiero Banorte S.A.B. de C.V. | 312,380 | ||||||
153,793 | Intesa Sanpaolo SpA | 335,169 | ||||||
8,704 | KakaoBank Corporation(a) | 284,827 | ||||||
4,937 | KBC Group N.V. | 307,867 | ||||||
2,140 | M&T Bank Corporation | 385,135 | ||||||
2,353 | Macquarie Group Ltd. | 313,992 | ||||||
171,228 | Malayan Banking Bhd | 355,829 | ||||||
15,055 | National Australia Bank Ltd. | 337,676 | ||||||
9,541 | OTP Bank Nyrt | 227,373 | ||||||
37,417 | Powszechna Kasa Oszczednosci Bank Polski S.A.(a) | 279,370 | ||||||
326,991 | Public Bank Bhd | 353,201 | ||||||
16,232 | Regions Financial Corporation | 358,565 | ||||||
1,201 | Signature Bank | 259,740 | ||||||
32,361 | Skandinaviska Enskilda Banken A.B. | 357,184 | ||||||
28,970 | Standard Bank Group Ltd. | 330,963 | ||||||
649 | SVB Financial Group(a) | 317,082 | ||||||
38,284 | Svenska Handelsbanken A.B., A Shares | 376,618 | ||||||
21,208 | Swedbank A.B., A Shares | 320,398 | ||||||
15,330 | United Overseas Bank Ltd. | 330,182 | ||||||
7,493,947 | ||||||||
BEVERAGES - 0.3% | ||||||||
4,585 | Monster Beverage Corporation(a) | 408,615 | ||||||
BIOTECH & PHARMA - 1.9% | ||||||||
2,209 | Alnylam Pharmaceuticals, Inc.(a) | 277,892 | ||||||
2,516 | Celltrion, Inc. | 325,078 | ||||||
10,655 | Chugai Pharmaceutical Company Ltd. | 292,031 | ||||||
1,804 | CSL Ltd. | 351,856 | ||||||
19,884 | Grifols S.A. (b) | 418,082 | ||||||
4,611 | Incyte Corporation(a) | 349,929 | ||||||
529 | Regeneron Pharmaceuticals, Inc.(a) | 351,647 |
See accompanying notes to financial statements.
22
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
BIOTECH & PHARMA - 1.9% (Continued) | ||||||||
3,055 | UCB S.A. | $ | 269,399 | |||||
2,635,914 | ||||||||
CABLE & SATELLITE - 0.2% | ||||||||
2,686 | Liberty Broadband Corporation - Series A(a) | 327,719 | ||||||
CHEMICALS - 5.2% | ||||||||
2,059 | Air Liquide S.A. (b) | 359,866 | ||||||
4,155 | Akzo Nobel N.V. | 362,565 | ||||||
1,648 | Albemarle Corporation | 429,172 | ||||||
8,895 | Asian Paints Ltd. | 327,485 | ||||||
2,077 | Avery Dennison Corporation | 358,407 | ||||||
4,438 | Brenntag S.E. | 342,770 | ||||||
2,535 | Celanese Corporation | 396,778 | ||||||
524,680 | Chandra Asri Petrochemical Tbk P.T. | 368,997 | ||||||
3,526 | Croda International plc | 307,034 | ||||||
3,208 | Eastman Chemical Company | 353,393 | ||||||
375 | EMS-Chemie Holding A.G. | 320,900 | ||||||
12,730 | Evonik Industries A.G. | 340,623 | ||||||
88 | Givaudan S.A. | 323,049 | ||||||
2,016 | Koninklijke DSM N.V. | 340,364 | ||||||
54,512 | Mitsubishi Chemical Holdings Corporation | 324,475 | ||||||
5,330 | Novozymes A/S, Class B | 338,336 | ||||||
2,760 | PPG Industries, Inc. | 349,112 | ||||||
4,239 | Sociedad Quimica y Minera de Chile S.A., Class B(a) | 452,763 | ||||||
3,528 | Solvay S.A. | 344,962 | ||||||
3,015 | Symrise A.G. | 332,501 | ||||||
7,073,552 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.3% | ||||||||
12,274 | Bureau Veritas S.A. | 353,979 | ||||||
848 | Cintas Corporation | 337,784 | ||||||
16,660 | Compass Group plc | 373,174 | ||||||
7,277 | Edenred | 358,656 | ||||||
3,572 | Eurofins Scientific S.E. | 332,855 | ||||||
2,729 | Republic Services, Inc. | 365,249 |
See accompanying notes to financial statements.
23
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.3% (Continued) | ||||||||
10,360 | Rollins, Inc. | $ | 367,366 | |||||
125 | SGS S.A. | 310,086 | ||||||
2,302 | Waste Management, Inc. | 364,890 | ||||||
3,164,039 | ||||||||
CONSTRUCTION MATERIALS - 2.3% | ||||||||
5,919 | Cie de Saint-Gobain | 350,045 | ||||||
7,004 | CRH plc | 288,924 | ||||||
6,142 | HeidelbergCement A.G. | 356,641 | ||||||
7,408 | Holcim Ltd. | 366,613 | ||||||
11,576 | James Hardie Industries plc - ADR | 299,845 | ||||||
939 | Martin Marietta Materials, Inc. | 318,678 | ||||||
31,958 | Siam Cement PCL (The) - ADR | 346,417 | ||||||
1,106 | Sika A.G. | 306,066 | ||||||
1,960 | Vulcan Materials Company | 323,145 | ||||||
2,956,374 | ||||||||
CONTAINERS & PACKAGING - 1.1% | ||||||||
31,852 | Amcor plc - ADR | 418,919 | ||||||
2,865 | Crown Holdings, Inc. | 299,221 | ||||||
7,893 | International Paper Company | 382,416 | ||||||
2,336 | Packaging Corporation of America | 367,406 | ||||||
1,467,962 | ||||||||
DATA CENTER REIT - 0.3% | ||||||||
2,540 | Digital Realty Trust, Inc. | 354,559 | ||||||
DIVERSIFIED INDUSTRIALS - 1.0% | ||||||||
10,665 | Alfa Laval A.B. | 287,844 | ||||||
2,285 | Dover Corporation | 305,984 | ||||||
1,870 | Honeywell International, Inc. | 362,070 | ||||||
1,713 | Illinois Tool Works, Inc. | 356,424 | ||||||
1,312,322 | ||||||||
E-COMMERCE DISCRETIONARY - 0.5% | ||||||||
2,725 | Etsy, Inc.(a) | 221,052 | ||||||
3,029 | Wayfair, Inc., Class A(a) | 179,892 |
See accompanying notes to financial statements.
24
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
E-COMMERCE DISCRETIONARY - 0.5% (Continued) | ||||||||
6,664 | Zalando S.E.(a), | $ | 270,723 | |||||
671,667 | ||||||||
ELECTRIC UTILITIES - 5.3% | ||||||||
14,408 | AES Corporation (The) | 317,552 | ||||||
5,836 | Alliant Energy Corporation | 372,454 | ||||||
7,837 | Avangrid, Inc. | 372,963 | ||||||
11,910 | CenterPoint Energy, Inc. | 381,716 | ||||||
3,877 | Consolidated Edison, Inc. | 384,831 | ||||||
30,729 | E.ON S.E. | 312,798 | ||||||
74,420 | EDP - Energias de Portugal S.A. | 373,178 | ||||||
16,987 | Endesa S.A. | 376,132 | ||||||
2,984,447 | Enel Americas S.A. (a) | 323,055 | ||||||
53,829 | Enel SpA | 349,192 | ||||||
27,191 | Engie S.A. (a) | 364,687 | ||||||
3,131 | Entergy Corporation | 376,722 | ||||||
5,372 | Evergy, Inc. | 375,718 | ||||||
19,448 | Fortum OYJ | 359,027 | ||||||
238,200 | Gulf Energy Development PCL - ADR | 336,637 | ||||||
33,030 | Iberdrola S.A. | 391,205 | ||||||
15,922 | SSE plc | 355,539 | ||||||
168,384 | Tenaga Nasional Bhd | 351,841 | ||||||
43,562 | Terna Rete Elettrica Nazionale SpA | 368,900 | ||||||
3,657 | WEC Energy Group, Inc. | 384,241 | ||||||
7,228,388 | ||||||||
ELECTRICAL EQUIPMENT - 2.4% | ||||||||
2,703 | AMETEK, Inc. | 328,333 | ||||||
4,783 | Amphenol Corporation, Class A | 338,923 | ||||||
13,209 | Assa Abloy A.B., Class B | 324,858 | ||||||
4,700 | Cognex Corporation | 227,574 | ||||||
30,906 | Delta Electronics Thailand PCL | 311,600 | ||||||
25,571 | Hexagon A.B. | 311,301 | ||||||
2,286 | Keysight Technologies, Inc.(a) | 332,842 | ||||||
767 | Roper Technologies, Inc. | 339,351 | ||||||
1,675 | Schindler Holding A.G. | 343,325 |
See accompanying notes to financial statements.
25
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
ELECTRICAL EQUIPMENT - 2.4% (Continued) | ||||||||
5,043 | Trimble, Inc.(a) | $ | 343,177 | |||||
3,201,284 | ||||||||
ENGINEERING & CONSTRUCTION - 1.0% | ||||||||
10,263 | Bouygues S.A. (b) | 353,923 | ||||||
13,629 | Ferrovial S.A. | 351,221 | ||||||
2,795 | Quanta Services, Inc. | 332,605 | ||||||
3,501 | Vinci S.A. | 336,986 | ||||||
1,374,735 | ||||||||
ENTERTAINMENT CONTENT - 1.4% | ||||||||
4,557 | Activision Blizzard, Inc. | 354,899 | ||||||
6,620 | AppLovin Corporation(a) | 252,288 | ||||||
69,209 | Bollore S.E. | 368,441 | ||||||
9,135 | Fox Corporation, Class A | 324,384 | ||||||
2,352 | Take-Two Interactive Software, Inc.(a) | 292,895 | ||||||
14,254 | Warner Bros Discovery, Inc.(a) | 262,986 | ||||||
1,855,893 | ||||||||
FOOD - 1.7% | ||||||||
12,546 | Ajinomoto Company, Inc. | 305,458 | ||||||
155 | Barry Callebaut A.G. | 339,594 | ||||||
3 | Chocoladefabriken Lindt & Spruengli A.G.(a) | 310,816 | ||||||
10,990 | Conagra Brands, Inc. | 361,461 | ||||||
121,200 | Grupo Bimbo S.A.B. de C.V. | 397,440 | ||||||
7,130 | Hormel Foods Corporation | 347,017 | ||||||
102,338 | Wilmar International Ltd. | 311,469 | ||||||
2,373,255 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.8% | ||||||||
18,102 | Stora Enso OYJ, R Shares | 350,013 | ||||||
30,268 | Suzano S.A. | 338,710 | ||||||
10,856 | UPM-Kymmene OYJ | 384,394 | ||||||
1,073,117 | ||||||||
GAS & WATER UTILITIES - 0.5% | ||||||||
12,048 | Naturgy Energy Group S.A. | 363,884 | ||||||
63,677 | Snam SpA | 369,746 | ||||||
733,630 |
See accompanying notes to financial statements.
26
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.0% | ||||||||
3,315 | Catalent, Inc.(a) | $ | 341,644 | |||||
5,470 | Fresenius Medical Care A.G. & Company KGaA | 332,533 | ||||||
10,037 | Fresenius S.E. & Company KGaA | 343,436 | ||||||
1,441 | HCA Healthcare, Inc. | 303,186 | ||||||
246,836 | IHH Healthcare Bhd | 377,667 | ||||||
1,584 | IQVIA Holdings, Inc.(a) | 340,956 | ||||||
1,074 | Molina Healthcare, Inc.(a) | 311,696 | ||||||
13,617 | Sonic Healthcare Ltd. | 358,183 | ||||||
2,709,301 | ||||||||
HEALTH CARE REIT - 0.4% | ||||||||
17,119 | Medical Properties Trust, Inc. | 318,071 | ||||||
5,848 | Ventas, Inc. | 331,816 | ||||||
649,887 | ||||||||
HOME CONSTRUCTION - 1.0% | ||||||||
4,670 | DR Horton, Inc. | 350,951 | ||||||
584 | Geberit A.G. | 320,058 | ||||||
4,377 | Lennar Corporation, Class A | 351,254 | ||||||
79 | NVR, Inc.(a) | 351,599 | ||||||
1,373,862 | ||||||||
HOUSEHOLD PRODUCTS - 0.8% | ||||||||
3,418 | Beiersdorf A.G. | 354,090 | ||||||
5,434 | Henkel A.G. & Company KGaA | 365,980 | ||||||
507 | LG Household & Health Care Ltd.(a) | 299,575 | ||||||
1,019,645 | ||||||||
INDUSTRIAL REIT - 0.6% | ||||||||
6,203 | Duke Realty Corporation | 327,704 | ||||||
21,134 | Goodman Group | 311,619 | ||||||
2,240 | Prologis, Inc. | 285,555 | ||||||
924,878 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.9% | ||||||||
5,753 | Ashtead Group plc | 301,080 | ||||||
6,155 | Fastenal Company | 329,662 | ||||||
1,022 | United Rentals, Inc.(a) | 304,740 |
See accompanying notes to financial statements.
27
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.9% (Continued) | ||||||||
705 | WW Grainger, Inc. | $ | 343,384 | |||||
1,278,866 | ||||||||
INFRASTRUCTURE REIT - 1.0% | ||||||||
1,462 | American Tower Corporation, A | 374,462 | ||||||
1,989 | Crown Castle International Corporation | 377,214 | ||||||
1,069 | SBA Communications Corporation | 359,836 | ||||||
1,111,512 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.4% | ||||||||
110,308 | B3 S.A. - Brasil Bolsa Balcao | 294,962 | ||||||
3,210 | Cboe Global Markets, Inc. | 360,515 | ||||||
1,988 | Deutsche Boerse A.G. | 333,396 | ||||||
5,448 | Interactive Brokers Group, Inc., Class A | 335,270 | ||||||
2,735 | Intercontinental Exchange, Inc. | 280,037 | ||||||
3,522 | London Stock Exchange Group plc | 328,522 | ||||||
1,932,702 | ||||||||
INSURANCE - 3.0% | ||||||||
10,832 | Admiral Group plc | 303,441 | ||||||
5,054 | Brown & Brown, Inc. | 300,056 | ||||||
2,660 | Cincinnati Financial Corporation | 340,108 | ||||||
17,443 | Dai-ichi Life Holdings, Inc. | 356,863 | ||||||
102,055 | Legal & General Group plc | 333,989 | ||||||
5,609 | Loews Corporation | 367,332 | ||||||
246 | Markel Corporation(a) | 336,880 | ||||||
24,807 | Prudential plc | 324,331 | ||||||
7,383 | Sampo OYJ, A Shares | 333,451 | ||||||
24,435 | SBI Life Insurance Company Ltd. | 369,375 | ||||||
566 | Swiss Life Holding A.G. | 320,341 | ||||||
14,931 | Tryg A/S | 348,067 | ||||||
4,034,234 | ||||||||
INTERNET MEDIA & SERVICES - 1.2% | ||||||||
158 | Booking Holdings, Inc.(a) | 354,482 | ||||||
3,110 | Naspers Ltd., N Shares | 340,830 | ||||||
6,564 | Prosus N.V. | 340,142 | ||||||
3,569 | REA Group Ltd. | 288,373 |
See accompanying notes to financial statements.
28
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
INTERNET MEDIA & SERVICES - 1.2% (Continued) | ||||||||
1,654 | VeriSign, Inc.(a) | $ | 288,706 | |||||
1,612,533 | ||||||||
LEISURE FACILITIES & SERVICES - 0.2% | ||||||||
3,116 | Live Nation Entertainment, Inc.(a) | 296,176 | ||||||
MACHINERY - 2.2% | ||||||||
27,828 | Atlas Copco A.B. | 311,539 | ||||||
6,957 | Atlas Copco A.B.(a) | 5,684 | ||||||
1,647 | Caterpillar, Inc. | 355,505 | ||||||
22,603 | CNH Industrial N.V. | 336,486 | ||||||
2,042 | FANUC Corporation | 334,802 | ||||||
1,595 | Nordson Corporation | 347,519 | ||||||
1,254 | Parker-Hannifin Corporation | 341,301 | ||||||
16,608 | Sandvik A.B. | 340,094 | ||||||
644 | SMC Corporation | 333,252 | ||||||
50,547 | WEG S.A. | 269,792 | ||||||
2,975,974 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 5.2% | ||||||||
1,117 | ABIOMED, Inc.(a) | 294,553 | ||||||
830 | Align Technology, Inc.(a) | 230,441 | ||||||
634 | Bio-Rad Laboratories, Inc., Class A(a) | 340,959 | ||||||
2,423 | Coloplast A/S - Series B | 288,173 | ||||||
8,060 | Demant A/S(a), | 354,849 | ||||||
7,406 | DENTSPLY SIRONA, Inc. | 292,981 | ||||||
707 | DexCom, Inc.(a) | 210,644 | ||||||
3,138 | Edwards Lifesciences Corporation(a) | 316,467 | ||||||
1,921 | EssilorLuxottica S.A. (b) | 309,376 | ||||||
5,153 | Exact Sciences Corporation(a) | 256,671 | ||||||
4,796 | Hologic, Inc.(a) | 360,995 | ||||||
668 | IDEXX Laboratories, Inc.(a) | 261,602 | ||||||
1,390 | Insulet Corporation(a) | 296,737 | ||||||
1,204 | Intuitive Surgical, Inc.(a) | 274,079 | ||||||
2,358 | Masimo Corporation(a) | 331,134 | ||||||
262 | Mettler-Toledo International, Inc.(a) | 336,963 |
See accompanying notes to financial statements.
29
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
MEDICAL EQUIPMENT & DEVICES - 5.2% (Continued) | ||||||||
1,473 | ResMed, Inc. | $ | 299,697 | |||||
883 | Sonova Holding A.G. | 312,001 | ||||||
1,493 | STERIS plc | 340,703 | ||||||
1,366 | Stryker Corporation | 320,327 | ||||||
1,051 | Teleflex, Inc. | 302,415 | ||||||
1,142 | Waters Corporation(a) | 374,519 | ||||||
880 | West Pharmaceutical Services, Inc. | 273,134 | ||||||
6,979,420 | ||||||||
METALS & MINING - 2.5% | ||||||||
2,576 | Anglo American Platinum Ltd. | 282,140 | ||||||
16,333 | Antofagasta plc | 304,102 | ||||||
9,635 | BHP Group Ltd. | 308,400 | ||||||
24,613 | Fortescue Metals Group Ltd. | 355,146 | ||||||
7,222 | Freeport-McMoRan, Inc. | 282,236 | ||||||
18,130 | Newcrest Mining Ltd. | 325,734 | ||||||
4,590 | Newmont Corporation | 311,432 | ||||||
35,424 | Norsk Hydro ASA | 284,002 | ||||||
4,168 | Rio Tinto Ltd. | 342,274 | ||||||
4,587 | Rio Tinto plc | 332,370 | ||||||
4,768 | Southern Copper Corporation | 294,567 | ||||||
3,422,403 | ||||||||
MULTI ASSET CLASS REIT - 0.6% | ||||||||
20,486 | Segro plc | 286,037 | ||||||
4,464 | WP Carey, Inc. | 375,601 | ||||||
661,638 | ||||||||
OFFICE REIT - 0.4% | ||||||||
1,814 | Alexandria Real Estate Equities, Inc. | 301,033 | ||||||
2,808 | Boston Properties, Inc. | 312,193 | ||||||
613,226 | ||||||||
OIL & GAS PRODUCERS - 4.7% | ||||||||
5,845 | Continental Resources, Inc. | 397,869 | ||||||
6,077 | Devon Energy Corporation | 455,167 | ||||||
2,643 | Diamondback Energy, Inc. | 401,789 | ||||||
19,440 | Ecopetrol S.A. - ADR(b) | 328,536 |
See accompanying notes to financial statements.
30
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
OIL & GAS PRODUCERS - 4.7% (Continued) | ||||||||
96,521 | ENEOS Holdings, Inc. | $ | 390,817 | |||||
24,525 | Eni SpA | 373,732 | ||||||
3,031 | EOG Resources, Inc. | 415,126 | ||||||
30,549 | Inpex Corporation | 398,469 | ||||||
19,233 | Kinder Morgan, Inc. | 378,698 | ||||||
6,397 | Occidental Petroleum Corporation | 443,376 | ||||||
7,529 | OMV A.G. | 439,602 | ||||||
5,123 | ONEOK, Inc. | 337,350 | ||||||
82,484 | PTT Exploration & Production PCL - ADR | 407,397 | ||||||
3,657 | Valero Energy Corporation | 473,947 | ||||||
10,937 | Williams Companies, Inc. (The) | 405,325 | ||||||
16,718 | Woodside Energy Group Ltd. | 356,985 | ||||||
6,404,185 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.6% | ||||||||
9,539 | Halliburton Company | 386,330 | ||||||
8,715 | Schlumberger N.V. | 400,541 | ||||||
786,871 | ||||||||
PUBLISHING & BROADCASTING - 0.5% | ||||||||
5,801 | Liberty Media Corp-Liberty Formula One - Series A(a) | 330,773 | ||||||
16,142 | News Corporation, CLASS A - NON-VOTING | 280,871 | ||||||
611,644 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 0.2% | ||||||||
8,969 | Invitation Homes, Inc. | 338,311 | ||||||
REAL ESTATE OWNERS & DEVELOPERS - 1.5% | ||||||||
119,902 | China Overseas Land & Investment Ltd. | 348,375 | ||||||
72,290 | Hongkong Land Holdings Ltd. | 335,426 | ||||||
495,662 | SM Prime Holdings, Inc. | 348,579 | ||||||
12,992 | Sumitomo Realty & Development Company Ltd. | 350,734 | ||||||
143,714 | Swire Properties Ltd. | 351,629 | ||||||
7,582 | Vonovia S.E. | 288,485 | ||||||
2,023,228 | ||||||||
RESIDENTIAL REIT - 1.5% | ||||||||
2,168 | Camden Property Trust | 311,086 |
See accompanying notes to financial statements.
31
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
RESIDENTIAL REIT - 1.5% (Continued) | ||||||||
4,730 | Equity LifeStyle Properties, Inc. | $ | 358,061 | |||||
4,014 | Equity Residential | 308,396 | ||||||
1,051 | Essex Property Trust, Inc. | 298,326 | ||||||
1,723 | Mid-America Apartment Communities, Inc. | 311,863 | ||||||
2,059 | Sun Communities, Inc. | 337,944 | ||||||
6,322 | UDR, Inc. | 302,192 | ||||||
2,227,868 | ||||||||
RETAIL - CONSUMER STAPLES - 1.5% | ||||||||
16,914 | Aeon Company Ltd. | 309,774 | ||||||
6,899 | Avenue Supermarts Ltd.(a) | 352,870 | ||||||
637 | Costco Wholesale Corporation | 296,982 | ||||||
1,611 | Dollar General Corporation | 354,968 | ||||||
2,287 | Dollar Tree, Inc.(a) | 366,675 | ||||||
15,111 | Jeronimo Martins SGPS S.A. | 309,291 | ||||||
1,990,560 | ||||||||
RETAIL - DISCRETIONARY - 2.8% | ||||||||
177 | AutoZone, Inc.(a) | 364,558 | ||||||
1,928 | Burlington Stores, Inc.(a) | 324,482 | ||||||
3,616 | CarMax, Inc.(a) | 358,960 | ||||||
4,212 | Floor & Decor Holdings, Inc., Class A(a) | 317,753 | ||||||
2,853 | Genuine Parts Company | 390,091 | ||||||
4,442 | Next plc | 362,615 | ||||||
527 | OReilly Automotive, Inc.(a) | 335,789 | ||||||
3,719 | Pandora A/S | 300,311 | ||||||
3,955 | Ross Stores, Inc. | 336,254 | ||||||
20,919 | SM Investments Corporation | 342,072 | ||||||
1,581 | Tractor Supply Company | 296,216 | ||||||
3,729,101 | ||||||||
RETAIL REIT - 0.8% | ||||||||
14,685 | Kimco Realty Corporation | 347,300 | ||||||
5,210 | Realty Income Corporation | 355,426 | ||||||
2,723 | Simon Property Group, Inc. | 312,192 | ||||||
1,014,918 |
See accompanying notes to financial statements.
32
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
SELF-STORAGE REIT - 0.4% | ||||||||
1,754 | Extra Space Storage, Inc. | $ | 312,563 | |||||
926 | Public Storage | 306,173 | ||||||
618,736 | ||||||||
SEMICONDUCTORS - 3.8% | ||||||||
2,205 | Analog Devices, Inc. | 371,322 | ||||||
528 | ASML Holding N.V. | 303,754 | ||||||
582 | Broadcom, Inc. | 337,636 | ||||||
2,706 | Entegris, Inc. | 300,258 | ||||||
10,390 | Infineon Technologies A.G. | 322,729 | ||||||
980 | KLA Corporation | 357,553 | ||||||
5,019 | Marvell Technology, Inc. | 296,874 | ||||||
4,802 | Microchip Technology, Inc. | 348,865 | ||||||
751 | Monolithic Power Systems, Inc. | 338,243 | ||||||
1,326 | NVIDIA Corporation | 247,591 | ||||||
1,961 | NXP Semiconductors N.V. | 372,118 | ||||||
5,693 | ON Semiconductor Corporation(a) | 345,451 | ||||||
2,878 | Qorvo, Inc.(a) | 321,617 | ||||||
2,687 | Skyworks Solutions, Inc. | 292,534 | ||||||
8,172 | STMicroelectronics N.V. - ADR | 327,534 | ||||||
3,034 | Teradyne, Inc. | 331,495 | ||||||
5,215,574 | ||||||||
SOFTWARE - 3.7% | ||||||||
1,146 | ANSYS, Inc.(a) | 298,373 | ||||||
2,253 | Cadence Design Systems, Inc.(a) | 346,354 | ||||||
5,285 | Ceridian HCM Holding, Inc.(a) | 297,546 | ||||||
3,911 | Cerner Corporation | 370,958 | ||||||
2,651 | Check Point Software Technologies Ltd.(a) | 331,587 | ||||||
7,192 | Dassault Systemes S.E. | 302,478 | ||||||
3,404 | DocuSign, Inc.(a) | 285,630 | ||||||
1,073 | Fortinet, Inc.(a) | 315,612 | ||||||
16 | Nice Ltd.(a) | 3,232 | ||||||
18 | Nice Ltd. - ADR(a) | 3,577 | ||||||
1,058 | Paycom Software, Inc.(a) | 300,832 | ||||||
3,357 | PTC, Inc.(a) | 391,190 |
See accompanying notes to financial statements.
33
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
SOFTWARE - 3.7% (Continued) | ||||||||
3,008 | RingCentral, Inc., Class A(a) | $ | 189,925 | |||||
639 | ServiceNow, Inc.(a) | 298,713 | ||||||
4,825 | SS&C Technologies Holdings, Inc. | 308,752 | ||||||
1,105 | Synopsys, Inc.(a) | 352,716 | ||||||
827 | Tyler Technologies, Inc.(a) | 294,263 | ||||||
1,711 | Veeva Systems, Inc., Class A(a) | 291,315 | ||||||
4,983,053 | ||||||||
STEEL - 0.2% | ||||||||
2,457 | Nucor Corporation | 325,454 | ||||||
TECHNOLOGY HARDWARE - 1.4% | ||||||||
2,661 | Arista Networks, Inc.(a) | 272,167 | ||||||
3,057 | Garmin Ltd. | 322,880 | ||||||
4,243 | NetApp, Inc. | 305,284 | ||||||
36,876 | Panasonic Holdings Corporation | 339,190 | ||||||
780 | Samsung SDI Company Ltd. | 361,048 | ||||||
855 | Zebra Technologies Corporation, Class A(a) | 289,152 | ||||||
1,889,721 | ||||||||
TECHNOLOGY SERVICES - 4.0% | ||||||||
4,013 | Cognizant Technology Solutions Corporation, Class A | 299,771 | ||||||
5,403 | CoStar Group, Inc.(a) | 329,259 | ||||||
1,250 | EPAM Systems, Inc.(a) | 423,150 | ||||||
1,538 | Equifax, Inc. | 311,568 | ||||||
3,629 | Fidelity National Information Services, Inc. | 379,231 | ||||||
1,469 | FleetCor Technologies, Inc.(a) | 365,502 | ||||||
1,218 | Gartner, Inc.(a) | 319,603 | ||||||
2,673 | Global Payments, Inc. | 350,270 | ||||||
1,504 | Globant S.A.(a) | 285,023 | ||||||
1,059 | MarketAxess Holdings, Inc. | 298,299 | ||||||
721 | MSCI, Inc. | 318,934 | ||||||
8,512 | NEC Corporation | 344,522 | ||||||
18,280 | NTT Data Corporation | 287,431 | ||||||
2,682 | Paychex, Inc. | 332,112 | ||||||
7,346 | Tata Consultancy Services Ltd. | 318,188 |
See accompanying notes to financial statements.
34
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||
TECHNOLOGY SERVICES - 4.0% (Continued) | ||||||||
1,690 | Verisk Analytics, Inc. | $ | 295,615 | |||||
3,409 | Wolters Kluwer N.V. | 337,131 | ||||||
5,595,609 | ||||||||
TELECOMMUNICATIONS - 1.8% | ||||||||
350,744 | America Movil S.A.B. de C.V. | 377,981 | ||||||
104,620 | Koninklijke KPN N.V. | 380,998 | ||||||
27,642 | MTN Group Ltd. | 298,263 | ||||||
186,210 | Singapore Telecommunications Ltd. | 352,001 | ||||||
32,508 | Telefonica Brasil S.A. | 349,072 | ||||||
89,918 | Telia Company A.B. | 368,447 | ||||||
124,960 | Telstra Corp Ltd. | 347,883 | ||||||
2,474,645 | ||||||||
TIMBER REIT - 0.4% | ||||||||
9,557 | Weyerhaeuser Company | 377,693 | ||||||
TRANSPORTATION & LOGISTICS - 3.2% | ||||||||
2,162 | Aena SME S.A.(a), | 329,858 | ||||||
17,337 | Atlantia SpA | 419,980 | ||||||
9,710 | CSX Corporation | 308,681 | ||||||
1,843 | DSV A/S | 302,513 | ||||||
6,181 | East Japan Railway Company | 317,592 | ||||||
3,491 | Expeditors International of Washington, Inc. | 379,959 | ||||||
1,776 | JB Hunt Transport Services, Inc. | 306,502 | ||||||
1,251 | Kuehne + Nagel International A.G. | 329,633 | ||||||
1,178 | Old Dominion Freight Line, Inc. | 304,207 | ||||||
31,035 | Poste Italiane SpA | 335,599 | ||||||
4,354 | Ryanair Holdings plc - ADR(a) | 379,669 | ||||||
36,615 | Transurban Group | 377,526 | ||||||
1,326 | Union Pacific Corporation | 291,428 | ||||||
4,383,147 | ||||||||
TRANSPORTATION EQUIPMENT - 1.3% | ||||||||
15,041 | Alstom S.A. | 410,047 | ||||||
52,094 | Iveco Group N.V.(a) | 331,284 | ||||||
4,117 | PACCAR, Inc. | 357,520 |
See accompanying notes to financial statements.
35
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||||||||
COMMON STOCKS — 98.3% (Continued) | ||||||||||||||
TRANSPORTATION EQUIPMENT - 1.3% (Continued) | ||||||||||||||
18,343 | Volvo A.B. | $ | 335,807 | |||||||||||
3,703 | Westinghouse Air Brake Technologies Corporation | 349,785 | ||||||||||||
1,784,443 | ||||||||||||||
WHOLESALE - CONSUMER STAPLES - 0.2% | ||||||||||||||
10,597 | ITOCHU Corporation | 304,190 | ||||||||||||
WHOLESALE - DISCRETIONARY - 0.8% | ||||||||||||||
2,877 | Copart, Inc.(a) | 329,503 | ||||||||||||
7,860 | LKQ Corporation | 403,925 | ||||||||||||
819 | Pool Corporation | 326,471 | ||||||||||||
1,059,899 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $132,419,235) | 133,376,510 | |||||||||||||
Shares | Expiration Date | Exercise Price | Fair Value | |||||||||||
WARRANT — 0.1% | ||||||||||||||
OIL & GAS PRODUCERS - 0.1% | ||||||||||||||
2,243 | Occidental Petroleum Corporation(a) (b) | 08/03/2027 | $ | 22.00 | 106,206 | |||||||||
TOTAL WARRANT (Cost $0) | 106,206 |
See accompanying notes to financial statements.
36
INSPIRE GLOBAL HOPE ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 1.4% | ||||||||
MONEY MARKET FUND - 1.4% | ||||||||
1,836,655 | Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $1,836,655)(c)(d) | $ | 1,836,655 | |||||
TOTAL INVESTMENTS - 99.8% (Cost $134,255,890) | $ | 135,319,371 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% | 307,339 | |||||||
NET ASSETS - 100.0% | $ | 135,626,710 | ||||||
ADR | - | American Depositary Receipt |
A/S | - | Anonim Sirketi |
LTD | - | Limited Company |
MSCI | - | Morgan Stanley Capital International |
NV | - | Naamioze Vennootschap |
OYJ | - | Julkinen osakeyhtiö |
PLC | - | Public Limited Company |
PT | - | Perseroan Terbatas |
REIT | - | Real Estate Investment Trust |
S/A | - | Société Anonyme |
(a) | - | Non-income producing security. |
(b) | - | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2022 was $1,729,965. |
(c) | - | Security was purchased with cash received as collateral for securities on loan at May 31, 2022. Total collateral had a value of $1,836,655 at May 31, 2022. |
(d) | - | Rate disclosed is the seven day effective yield as of May 31, 2022. |
See accompanying notes to financial statements.
37
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
ADVERTISING & MARKETING - 0.2% | ||||||||
20,897 | QuinStreet, Inc.(a) | $ | 229,867 | |||||
AEROSPACE & DEFENSE - 1.0% | ||||||||
4,998 | AAR Corporation(a) | 241,004 | ||||||
6,279 | Aerojet Rocketdyne Holdings, Inc.(a) | 255,806 | ||||||
2,582 | AeroVironment, Inc.(a) | 237,441 | ||||||
6,074 | Barnes Group, Inc. | 218,846 | ||||||
1,930 | Woodward, Inc. | 196,107 | ||||||
1,149,204 | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.6% | ||||||||
2,600 | Carters, Inc. | 200,330 | ||||||
2,702 | Oxford Industries, Inc. | 246,314 | ||||||
5,937 | Skechers USA, Inc., Class A(a) | 233,918 | ||||||
680,562 | ||||||||
ASSET MANAGEMENT - 0.6% | ||||||||
6,149 | Artisan Partners Asset Management, Inc., Class A | 236,184 | ||||||
2,826 | Cohen & Steers, Inc. | 215,369 | ||||||
3,530 | Stifel Financial Corporation | 226,520 | ||||||
678,073 | ||||||||
AUTOMOTIVE - 1.5% | ||||||||
13,723 | Dana, Inc. | 227,253 | ||||||
2,567 | Dorman Products, Inc.(a) | 259,395 | ||||||
8,340 | Gentex Corporation | 259,207 | ||||||
3,325 | Gentherm, Inc.(a) | 229,226 | ||||||
5,600 | Standard Motor Products, Inc. | 223,720 | ||||||
13,303 | Tenneco, Inc., Class A(a) | 230,275 | ||||||
2,201 | Visteon Corporation(a) | 246,974 | ||||||
1,676,050 | ||||||||
BANKING - 9.9% | ||||||||
5,548 | Ameris Bancorp | 252,932 | ||||||
10,558 | Associated Banc-Corporation | 218,551 | ||||||
15,303 | Brookline Bancorp, Inc. | 216,844 | ||||||
9,102 | Byline Bancorp, Inc. | 227,368 | ||||||
5,411 | Cathay General Bancorp | 222,446 |
See accompanying notes to financial statements.
38
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
BANKING - 9.9% (Continued) | ||||||||
3,095 | City Holding Company | $ | 254,068 | |||||
3,391 | Commerce Bancshares, Inc. | 234,589 | ||||||
3,474 | Community Bank System, Inc. | 229,284 | ||||||
1,744 | Cullen/Frost Bankers, Inc. | 217,965 | ||||||
4,622 | Customers Bancorp, Inc.(a) | 190,889 | ||||||
4,259 | Eagle Bancorp, Inc. | 211,076 | ||||||
3,044 | East West Bancorp, Inc. | 223,856 | ||||||
15,985 | First Commonwealth Financial Corporation | 223,950 | ||||||
10,490 | First Financial Bancorp | 220,080 | ||||||
5,483 | First Financial Bankshares, Inc. | 226,119 | ||||||
10,341 | First Horizon Corporation | 236,085 | ||||||
6,641 | First Interstate BancSystem, Inc., Class A | 252,822 | ||||||
5,713 | Flagstar Bancorp, Inc. | 220,122 | ||||||
19,337 | FNB Corporation | 234,945 | ||||||
14,570 | Fulton Financial Corporation | 230,935 | ||||||
4,799 | Glacier Bancorp, Inc. | 232,320 | ||||||
8,253 | Hilltop Holdings, Inc.(b) | 247,673 | ||||||
10,778 | Home BancShares, Inc. | 243,475 | ||||||
15,103 | Hope Bancorp, Inc. | 220,202 | ||||||
5,701 | International Bancshares Corporation | 239,043 | ||||||
14,509 | Lakeland Bancorp, Inc. | 225,180 | ||||||
6,763 | NBT Bancorp, Inc. | 250,096 | ||||||
22,563 | New York Community Bancorp, Inc. | 225,179 | ||||||
18,014 | Northwest Bancshares, Inc. | 232,200 | ||||||
2,632 | Pinnacle Financial Partners, Inc. | 214,297 | ||||||
3,498 | Prosperity Bancshares, Inc. | 253,604 | ||||||
7,308 | Renasant Corporation | 226,110 | ||||||
8,236 | S&T Bancorp, Inc. | 242,221 | ||||||
2,535 | ServisFirst Bancshares, Inc. | 211,318 | ||||||
9,281 | Simmons First National Corporation, Class A | 238,615 | ||||||
5,958 | Southside Bancshares, Inc. | 240,286 | ||||||
4,902 | Synovus Financial Corporation | 209,070 | ||||||
4,253 | Texas Capital Bancshares, Inc.(a) | 240,422 | ||||||
8,125 | Towne Bank | 239,525 |
See accompanying notes to financial statements.
39
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
BANKING - 9.9% (Continued) | ||||||||
8,022 | Trustmark Corporation | $ | 233,360 | |||||
2,496 | UMB Financial Corporation | 230,506 | ||||||
12,949 | Umpqua Holdings Corporation | 228,550 | ||||||
6,977 | United Bankshares, Inc. | 262,055 | ||||||
6,961 | United Community Banks, Inc. | 218,784 | ||||||
18,640 | Valley National Bancorp | 236,914 | ||||||
4,292 | Webster Financial Corporation | 210,694 | ||||||
7,033 | WesBanco, Inc. | 239,544 | ||||||
4,039 | Westamerica BanCorporation | 243,188 | ||||||
2,586 | Wintrust Financial Corporation | 225,991 | ||||||
11,305,348 | ||||||||
BEVERAGES - 0.2% | ||||||||
492 | Coca-Cola Consolidated, Inc. | 277,965 | ||||||
BIOTECH & PHARMA - 3.3% | ||||||||
2,033 | Biohaven Pharmaceutical Holding Company Ltd.(a) | 292,202 | ||||||
50,093 | Bluebird Bio, Inc.(a) | 160,298 | ||||||
18,640 | Coherus Biosciences, Inc.(a) | 136,818 | ||||||
6,540 | Cytokinetics, Inc.(a) | 260,946 | ||||||
5,861 | Emergent BioSolutions, Inc.(a) | 193,179 | ||||||
3,358 | Enanta Pharmaceuticals, Inc.(a) | 134,085 | ||||||
6,083 | Halozyme Therapeutics, Inc.(a) | 279,696 | ||||||
1,744 | Heska Corporation(a) | 174,034 | ||||||
12,485 | Innoviva, Inc.(a) | 189,397 | ||||||
19,330 | Ironwood Pharmaceuticals, Inc.(a) | 217,849 | ||||||
45,168 | Nektar Therapeutics(a) | 157,185 | ||||||
3,191 | Pacira BioSciences, Inc.(a) | 201,831 | ||||||
4,570 | Prestige Consumer Healthcare, Inc.(a) | 255,097 | ||||||
12,568 | Revance Therapeutics, Inc.(a) | 171,930 | ||||||
7,233 | Sage Therapeutics, Inc.(a) | 226,176 | ||||||
3,085 | Sarepta Therapeutics, Inc.(a) | 224,650 | ||||||
7,550 | Supernus Pharmaceuticals, Inc.(a) | 210,419 | ||||||
1,359 | United Therapeutics Corporation(a) | 313,031 | ||||||
3,798,823 |
See accompanying notes to financial statements.
40
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
CABLE & SATELLITE - 0.2% | ||||||||
163 | Cable One, Inc. | $ | 212,405 | |||||
CHEMICALS - 4.3% | ||||||||
4,696 | AdvanSix, Inc. | 217,566 | ||||||
1,767 | Balchem Corporation | 219,868 | ||||||
3,518 | Cabot Corporation | 265,996 | ||||||
7,633 | Chemours Company (The) | 328,905 | ||||||
11,671 | Codexis, Inc.(a) | 124,646 | ||||||
7,746 | GCP Applied Technologies, Inc.(a) | 241,056 | ||||||
3,630 | HB Fuller Company | 258,020 | ||||||
3,745 | Ingevity Corporation(a) | 260,952 | ||||||
2,621 | Innospec, Inc. | 267,421 | ||||||
2,842 | Materion Corporation | 232,987 | ||||||
3,653 | Minerals Technologies, Inc. | 242,048 | ||||||
747 | NewMarket Corporation | 246,151 | ||||||
4,610 | Olin Corporation | 303,292 | ||||||
1,390 | Quaker Houghton | 217,396 | ||||||
895 | Rogers Corporation(a) | 237,515 | ||||||
2,959 | RPM International, Inc. | 260,688 | ||||||
2,888 | Sensient Technologies Corporation | 252,527 | ||||||
5,070 | Trinseo plc | 239,760 | ||||||
7,633 | Valvoline, Inc. | 255,400 | ||||||
1,326 | WD-40 Company | 250,336 | ||||||
4,922,530 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.6% | ||||||||
5,286 | ABM Industries, Inc. | 255,578 | ||||||
5,222 | Brady Corporation, Class A | 253,319 | ||||||
3,561 | Brinks Company (The) | 216,616 | ||||||
1,425 | CorVel Corporation(a) | 212,553 | ||||||
7,984 | Deluxe Corporation | 191,057 | ||||||
4,312 | Forrester Research, Inc.(a) | 225,647 | ||||||
1,544 | FTI Consulting, Inc.(a) | 259,392 | ||||||
19,988 | Harsco Corporation(a) | 165,900 | ||||||
2,402 | Insperity, Inc. | 240,368 |
See accompanying notes to financial statements.
41
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.6% (Continued) | ||||||||
3,719 | Korn Ferry | $ | 228,570 | |||||
2,454 | TriNet Group, Inc.(a) | 192,737 | ||||||
8,384 | TrueBlue, Inc.(a) | 184,616 | ||||||
1,314 | UniFirst Corporation | 214,760 | ||||||
6,791 | Viad Corporation(a) | 204,545 | ||||||
3,045,658 | ||||||||
CONSTRUCTION MATERIALS - 1.0% | ||||||||
973 | Carlisle Companies, Inc. | 247,560 | ||||||
1,864 | Eagle Materials, Inc. | 243,364 | ||||||
9,105 | MDU Resources Group, Inc. | 249,295 | ||||||
2,204 | Simpson Manufacturing Company, Inc. | 238,803 | ||||||
7,738 | Summit Materials, Inc., Class A(a) | 211,325 | ||||||
1,190,347 | ||||||||
CONSUMER SERVICES - 1.5% | ||||||||
394 | Graham Holdings Company, Class B | 241,530 | ||||||
2,487 | Grand Canyon Education, Inc.(a) | 221,766 | ||||||
7,548 | Matthews International Corporation, Class A | 244,253 | ||||||
1,427 | Medifast, Inc. | 237,952 | ||||||
9,713 | Rent-A-Center, Inc. | 267,496 | ||||||
3,670 | Service Corporation International | 257,010 | ||||||
3,628 | Strategic Education, Inc. | 238,795 | ||||||
1,708,802 | ||||||||
CONTAINERS & PACKAGING - 0.8% | ||||||||
2,045 | AptarGroup, Inc. | 218,999 | ||||||
3,718 | Greif, Inc., Class A | 221,109 | ||||||
5,222 | Silgan Holdings, Inc. | 228,777 | ||||||
3,860 | Sonoco Products Company | 225,694 | ||||||
894,579 | ||||||||
ELECTRIC UTILITIES - 1.9% | ||||||||
3,606 | ALLETE, Inc. | 223,644 | ||||||
3,153 | Black Hills Corporation | 241,709 | ||||||
5,720 | Hawaiian Electric Industries, Inc. | 246,932 | ||||||
2,095 | IDACORP, Inc. | 228,397 | ||||||
3,040 | MGE Energy, Inc. | 241,285 |
See accompanying notes to financial statements.
42
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
ELECTRIC UTILITIES - 1.9% (Continued) | ||||||||
4,019 | NorthWestern Corporation | $ | 246,244 | |||||
5,983 | OGE Energy Corporation | 247,098 | ||||||
2,994 | Ormat Technologies, Inc. | 251,377 | ||||||
5,091 | PNM Resources, Inc. | 241,975 | ||||||
2,168,661 | ||||||||
ELECTRICAL EQUIPMENT - 2.0% | ||||||||
4,381 | AAON, Inc. | 234,734 | ||||||
2,824 | Advanced Energy Industries, Inc. | 230,043 | ||||||
2,422 | Badger Meter, Inc. | 191,677 | ||||||
4,371 | Belden, Inc. | 251,682 | ||||||
4,671 | FARO Technologies, Inc.(a) | 150,500 | ||||||
4,596 | Itron, Inc.(a) | 237,200 | ||||||
967 | Littelfuse, Inc. | 261,283 | ||||||
5,972 | National Instruments Corporation | 210,931 | ||||||
2,839 | OSI Systems, Inc.(a) | 238,249 | ||||||
1,721 | Watts Water Technologies, Inc., Class A | 225,158 | ||||||
2,231,457 | ||||||||
ENGINEERING & CONSTRUCTION - 2.0% | ||||||||
3,129 | AECOM | 218,561 | ||||||
2,707 | Comfort Systems USA, Inc. | 242,872 | ||||||
2,148 | EMCOR Group, Inc. | 226,893 | ||||||
2,258 | Exponent, Inc. | 204,101 | ||||||
2,844 | Installed Building Products, Inc. | 271,716 | ||||||
4,426 | KBR, Inc. | 220,238 | ||||||
2,786 | MasTec, Inc.(a) | 232,882 | ||||||
2,568 | MYR Group, Inc.(a) | 235,254 | ||||||
1,461 | Tetra Tech, Inc. | 197,191 | ||||||
1,328 | TopBuild Corporation(a) | 261,961 | ||||||
2,311,669 | ||||||||
ENTERTAINMENT CONTENT - 0.2% | ||||||||
5,941 | AMC Networks, Inc., Class A(a) | 233,244 | ||||||
FOOD - 2.9% | ||||||||
10,440 | BellRing Brands, Inc.(a) | 273,006 |
See accompanying notes to financial statements.
43
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
FOOD - 2.9% (Continued) | ||||||||
4,400 | Cal-Maine Foods, Inc. | $ | 210,012 | |||||
2,989 | Darling Ingredients, Inc.(a) | 239,329 | ||||||
9,455 | Flowers Foods, Inc. | 260,958 | ||||||
9,439 | Fresh Del Monte Produce, Inc. | 241,072 | ||||||
7,010 | Hain Celestial Group, Inc. (The)(a) | 184,714 | ||||||
2,769 | Ingredion, Inc. | 262,197 | ||||||
1,577 | J & J Snack Foods Corporation | 202,203 | ||||||
2,923 | John B Sanfilippo & Son, Inc. | 223,259 | ||||||
4,018 | Lamb Weston Holdings, Inc. | 271,536 | ||||||
1,647 | Lancaster Colony Corporation | 200,769 | ||||||
12,089 | Phibro Animal Health Corporation, Class A | 232,230 | ||||||
3,502 | Post Holdings, Inc.(a) | 287,969 | ||||||
1,304 | Sanderson Farms, Inc. | 260,148 | ||||||
3,349,402 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.4% | ||||||||
3,856 | Louisiana-Pacific Corporation | 266,296 | ||||||
3,635 | Trex Company, Inc.(a) | 231,622 | ||||||
497,918 | ||||||||
GAS & WATER UTILITIES - 2.0% | ||||||||
2,718 | American States Water Company | 215,402 | ||||||
2,024 | Atmos Energy Corporation | 235,411 | ||||||
3,507 | National Fuel Gas Company | 257,870 | ||||||
5,279 | New Jersey Resources Corporation | 242,412 | ||||||
2,742 | ONE Gas, Inc. | 238,609 | ||||||
7,075 | South Jersey Industries, Inc. | 246,564 | ||||||
3,107 | Southwest Gas Holdings, Inc. | 289,354 | ||||||
3,386 | Spire, Inc. | 265,124 | ||||||
6,675 | UGI Corporation | 285,289 | ||||||
2,276,035 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.5% | ||||||||
3,685 | Acadia Healthcare Company, Inc.(a) | 262,261 | ||||||
1,405 | Amedisys, Inc.(a) | 162,854 | ||||||
481 | Chemed Corporation | 232,996 | ||||||
20,684 | Community Health Systems, Inc.(a) | 108,384 |
See accompanying notes to financial statements.
44
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.5% (Continued) | ||||||||
2,699 | Ensign Group, Inc. (The) | $ | 219,078 | |||||
3,548 | HealthEquity, Inc.(a) | 222,034 | ||||||
1,441 | LHC Group, Inc.(a) | 240,157 | ||||||
3,455 | National HealthCare Corporation | 242,852 | ||||||
5,424 | Owens & Minor, Inc. | 189,189 | ||||||
6,772 | Premier, Inc., Class A | 253,341 | ||||||
10,200 | Select Medical Holdings Corporation | 248,370 | ||||||
2,807 | Tenet Healthcare Corporation(a) | 181,641 | ||||||
7,532 | Tivity Health, Inc.(a) | 244,037 | ||||||
2,807,194 | ||||||||
HEALTH CARE REIT - 0.8% | ||||||||
12,497 | CareTrust REIT, Inc. | 231,569 | ||||||
11,344 | Medical Properties Trust, Inc. | 210,772 | ||||||
13,701 | Physicians Realty Trust | 254,154 | ||||||
16,230 | Sabra Health Care REIT, Inc. | 227,869 | ||||||
924,364 | ||||||||
HOME & OFFICE PRODUCTS - 0.7% | ||||||||
6,516 | HNI Corporation | 248,455 | ||||||
11,220 | Newell Brands, Inc. | 240,557 | ||||||
8,692 | Tempur Sealy International, Inc. | 229,208 | ||||||
12,408 | Tupperware Brands Corporation(a) | 82,265 | ||||||
800,485 | ||||||||
HOME CONSTRUCTION - 2.9% | ||||||||
4,953 | American Woodmark Corporation(a) | 257,952 | ||||||
2,673 | Armstrong World Industries, Inc. | 223,196 | ||||||
12,112 | Griffon Corporation | 388,432 | ||||||
17,967 | Interface, Inc. | 258,545 | ||||||
7,382 | KB Home | 254,605 | ||||||
2,462 | LGI Homes, Inc.(a) | 241,251 | ||||||
5,418 | M/I Homes, Inc.(a) | 253,292 | ||||||
3,061 | Meritage Homes Corporation(a) | 261,134 | ||||||
3,982 | Patrick Industries, Inc. | 239,358 | ||||||
13,421 | PGT Innovations, Inc.(a) | 269,762 | ||||||
8,742 | Taylor Morrison Home Corporation(a) | 253,256 |
See accompanying notes to financial statements.
45
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
HOME CONSTRUCTION - 2.9% (Continued) | ||||||||
5,096 | Toll Brothers, Inc. | $ | 257,195 | |||||
11,975 | Tri Pointe Homes, Inc.(a) | 252,313 | ||||||
3,410,291 | ||||||||
HOTEL REIT - 1.0% | ||||||||
23,706 | DiamondRock Hospitality Company(a) | 243,935 | ||||||
17,036 | RLJ Lodging Trust | 228,793 | ||||||
2,587 | Ryman Hospitality Properties, Inc.(a) | 230,993 | ||||||
24,201 | Summit Hotel Properties, Inc.(a) | 211,517 | ||||||
12,510 | Xenia Hotels & Resorts, Inc.(a) | 230,059 | ||||||
1,145,297 | ||||||||
HOUSEHOLD PRODUCTS - 1.2% | ||||||||
5,505 | Central Garden & Pet Company(a) | 248,716 | ||||||
6,650 | Edgewell Personal Care Company | 242,060 | ||||||
7,948 | Energizer Holdings, Inc. | 238,361 | ||||||
1,237 | Helen of Troy Ltd.(a) | 229,080 | ||||||
2,764 | Inter Parfums, Inc. | 203,983 | ||||||
5,091 | Nu Skin Enterprises, Inc., Class A | 237,495 | ||||||
1,399,695 | ||||||||
INDUSTRIAL INTERMEDIATE PROD - 1.3% | ||||||||
1,411 | Chart Industries, Inc.(a) | 248,167 | ||||||
5,630 | Gibraltar Industries, Inc.(a) | 235,109 | ||||||
4,611 | Proto Labs, Inc.(a) | 222,204 | ||||||
1,258 | RBC Bearings, Inc.(a) | 234,479 | ||||||
3,949 | Timken Company (The) | 241,165 | ||||||
1,013 | Valmont Industries, Inc. | 260,087 | ||||||
1,441,211 | ||||||||
INDUSTRIAL REIT - 0.9% | ||||||||
1,184 | EastGroup Properties, Inc. | 191,275 | ||||||
3,882 | First Industrial Realty Trust, Inc. | 206,328 | ||||||
1,432 | PS Business Parks, Inc. | 268,686 | ||||||
3,216 | Rexford Industrial Realty, Inc. | 205,406 | ||||||
5,810 | STAG Industrial, Inc. | 193,473 | ||||||
1,065,168 |
See accompanying notes to financial statements.
46
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.8% | ||||||||
2,376 | Applied Industrial Technologies, Inc. | $ | 245,703 | |||||
6,348 | Textainer Group Holdings Ltd. | 205,929 | ||||||
791 | Watsco, Inc. | 202,203 | ||||||
1,852 | WESCO International, Inc.(a) | 232,574 | ||||||
886,409 | ||||||||
INFRASTRUCTURE REIT - 0.2% | ||||||||
17,680 | Uniti Group, Inc. | 200,491 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 0.6% | ||||||||
2,170 | Evercore, Inc., Class A | 247,814 | ||||||
2,772 | Houlihan Lokey, Inc. | 238,226 | ||||||
4,000 | SEI Investments Company | 233,720 | ||||||
719,760 | ||||||||
INSURANCE - 3.1% | ||||||||
288 | Alleghany Corporation(a) | 240,129 | ||||||
1,658 | American Financial Group, Inc. | 234,275 | ||||||
4,859 | AMERISAFE, Inc. | 244,894 | ||||||
9,616 | CNO Financial Group, Inc. | 197,801 | ||||||
5,913 | Employers Holdings, Inc. | 244,857 | ||||||
64,663 | Genworth Financial, Inc., Class A(a) | 261,885 | ||||||
1,610 | Hanover Insurance Group, Inc. (The) | 236,026 | ||||||
5,852 | Horace Mann Educators Corporation | 236,772 | ||||||
4,260 | Kemper Corporation | 225,056 | ||||||
4,389 | Mercury General Corporation | 214,842 | ||||||
1,757 | Primerica, Inc. | 221,382 | ||||||
9,128 | ProAssurance Corporation | 202,733 | ||||||
2,211 | Reinsurance Group of America, Inc. | 278,254 | ||||||
2,186 | RLI Corporation | 264,768 | ||||||
2,691 | Safety Insurance Group, Inc. | 249,886 | ||||||
3,553,560 | ||||||||
INTERNET MEDIA & SERVICES - 0.2% | ||||||||
12,124 | HealthStream, Inc.(a) | 246,966 | ||||||
See accompanying notes to financial statements.
47
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
LEISURE FACILITIES & SERVICES - 2.1% | ||||||||
8,609 | BJs Restaurants, Inc.(a) | $ | 226,158 | |||||
6,061 | Cheesecake Factory, Inc. (The) | 197,952 | ||||||
14,047 | Cinemark Holdings, Inc.(a) | 238,519 | ||||||
2,605 | Jack in the Box, Inc. | 177,922 | ||||||
1,517 | Marriott Vacations Worldwide Corporation | 224,091 | ||||||
2,314 | Papa Johns International, Inc. | 203,655 | ||||||
3,223 | SeaWorld Entertainment, Inc.(a) | 174,622 | ||||||
3,584 | Shake Shack, Inc., Class A(a) | 174,362 | ||||||
4,090 | St Joe Company (The) | 206,504 | ||||||
2,895 | Texas Roadhouse, Inc. | 225,723 | ||||||
10,980 | Wendys Company (The) | 204,667 | ||||||
2,026 | Wingstop, Inc. | 161,391 | ||||||
2,415,566 | ||||||||
LEISURE PRODUCTS - 1.6% | ||||||||
2,968 | Brunswick Corporation | 223,283 | ||||||
10,260 | Callaway Golf Company(a) | 222,745 | ||||||
2,454 | Fox Factory Holding Corporation(a) | 201,277 | ||||||
2,279 | Polaris, Inc. | 242,827 | ||||||
3,505 | Sturm Ruger & Company, Inc. | 237,954 | ||||||
3,059 | Thor Industries, Inc. | 232,392 | ||||||
6,666 | Vista Outdoor, Inc.(a) | 256,908 | ||||||
4,466 | Winnebago Industries, Inc. | 220,844 | ||||||
1,838,230 | ||||||||
MACHINERY - 4.2% | ||||||||
1,651 | AGCO Corporation | 211,543 | ||||||
1,679 | Alamo Group, Inc. | 197,501 | ||||||
2,882 | Albany International Corporation, Class A | 243,241 | ||||||
2,220 | Crane Holdings Company | 212,365 | ||||||
1,602 | Curtiss-Wright Corporation | 227,452 | ||||||
4,645 | Donaldson Company, Inc. | 242,841 | ||||||
3,466 | ESCO Technologies, Inc. | 228,097 | ||||||
2,907 | Franklin Electric Company, Inc. | 214,304 | ||||||
3,444 | Graco, Inc. | 218,005 | ||||||
5,473 | Hillenbrand, Inc. | 228,990 |
See accompanying notes to financial statements.
48
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
MACHINERY - 4.2% (Continued) | ||||||||
2,036 | John Bean Technologies Corporation | $ | 247,883 | |||||
8,426 | Kennametal, Inc. | 233,737 | ||||||
1,754 | Lincoln Electric Holdings, Inc. | 238,228 | ||||||
1,533 | Lindsay Corporation | 193,158 | ||||||
1,815 | MSA Safety, Inc. | 231,394 | ||||||
2,385 | Oshkosh Corporation | 221,590 | ||||||
1,622 | Regal Rexnord Corporation | 202,669 | ||||||
2,405 | Standex International Corporation | 223,906 | ||||||
3,070 | Tennant Company | 191,077 | ||||||
6,756 | Terex Corporation | 239,095 | ||||||
2,830 | Toro Company (The) | 233,447 | ||||||
6,718 | Zurn Water Solutions Corporation | 193,613 | ||||||
4,874,136 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 1.7% | ||||||||
11,371 | Artivion, Inc.(a) | 222,417 | ||||||
3,282 | Globus Medical, Inc., Class A(a) | 218,581 | ||||||
3,857 | Haemonetics Corporation(a) | 243,994 | ||||||
1,076 | ICU Medical, Inc.(a) | 195,445 | ||||||
3,740 | Integra LifeSciences Holdings Corporation(a) | 234,274 | ||||||
3,627 | Merit Medical Systems, Inc.(a) | 222,662 | ||||||
9,642 | Myriad Genetics, Inc.(a) | 185,512 | ||||||
7,854 | Neogen Corporation(a) | 207,817 | ||||||
4,283 | NuVasive, Inc.(a) | 245,886 | ||||||
1,976,588 | ||||||||
METALS & MINING - 0.9% | ||||||||
54,525 | Coeur Mining, Inc.(a) | 212,102 | ||||||
3,858 | Compass Minerals International, Inc. | 173,340 | ||||||
2,117 | Encore Wire Corporation | 264,667 | ||||||
36,720 | Hecla Mining Company | 173,318 | ||||||
1,707 | Royal Gold, Inc. | 193,028 | ||||||
1,016,455 | ||||||||
MORTGAGE FINANCE - 0.5% | ||||||||
17,515 | Apollo Commercial Real Estate Finance, Inc. | 222,966 | ||||||
107,012 | Invesco Mortgage Capital, Inc.(b) | 190,481 |
See accompanying notes to financial statements.
49
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
MORTGAGE FINANCE - 0.5% (Continued) | ||||||||
15,121 | MFA Financial, Inc. | $ | 204,436 | |||||
617,883 | ||||||||
MULTI ASSET CLASS REIT - 0.4% | ||||||||
15,359 | LXP Industrial Trust | 177,550 | ||||||
9,481 | Washington Real Estate Investment Trust | 230,293 | ||||||
407,843 | ||||||||
OFFICE REIT - 1.8% | ||||||||
6,343 | American Assets Trust, Inc. | 216,296 | ||||||
16,990 | Brandywine Realty Trust | 189,439 | ||||||
8,418 | Corporate Office Properties Trust | 232,674 | ||||||
5,953 | Cousins Properties, Inc. | 205,676 | ||||||
7,182 | Douglas Emmett, Inc. | 203,035 | ||||||
5,221 | Highwoods Properties, Inc. | 205,133 | ||||||
3,139 | Kilroy Realty Corporation | 190,537 | ||||||
13,936 | Mack-Cali Realty Corporation(a) | 224,230 | ||||||
13,947 | Piedmont Office Realty Trust, Inc., Class A | 205,579 | ||||||
1,872,599 | ||||||||
OIL & GAS PRODUCERS - 1.2% | ||||||||
6,144 | HF Sinclair Corporation | 301,670 | ||||||
1,651 | Oasis Petroleum, Inc. | 262,063 | ||||||
6,153 | SM Energy Company | 297,005 | ||||||
33,580 | Southwestern Energy Company(a) | 306,251 | ||||||
9,018 | World Fuel Services Corporation | 223,556 | ||||||
1,390,545 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.2% | ||||||||
15,840 | Oceaneering International, Inc.(a) | 201,485 | ||||||
PUBLISHING & BROADCASTING - 1.1% | ||||||||
11,655 | EW Scripps Company (The), Class A(a) | 184,965 | ||||||
53,447 | Gannett Company, Inc.(a) | 210,047 | ||||||
5,265 | New York Times Company (The), Class A | 181,590 | ||||||
1,276 | Nexstar Media Group, Inc., Class A | 223,581 | ||||||
6,044 | Scholastic Corporation | 226,831 |
See accompanying notes to financial statements.
50
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
PUBLISHING & BROADCASTING - 1.1% (Continued) | ||||||||
3,874 | World Wrestling Entertainment, Inc., Class A | $ | 258,666 | |||||
1,285,680 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 0.2% | ||||||||
7,743 | Omega Healthcare Investors, Inc. | 230,509 | ||||||
RENEWABLE ENERGY - 0.6% | ||||||||
3,244 | EnerSys | 219,684 | ||||||
2,885 | First Solar, Inc.(a) | 203,710 | ||||||
7,837 | Green Plains, Inc.(a) | 255,329 | ||||||
678,723 | ||||||||
RESIDENTIAL REIT - 0.3% | ||||||||
4,287 | American Campus Communities, Inc. | 278,656 | ||||||
9,086 | Independence Realty Trust, Inc. | 213,612 | ||||||
492,268 | ||||||||
RETAIL - CONSUMER STAPLES - 1.2% | ||||||||
7,016 | Big Lots, Inc. | 171,822 | ||||||
1,222 | Caseys General Stores, Inc. | 256,058 | ||||||
1,512 | Five Below, Inc.(a) | 197,452 | ||||||
5,630 | Ollies Bargain Outlet Holdings, Inc.(a) | 264,441 | ||||||
7,589 | Sprouts Farmers Market, Inc.(a) | 205,586 | ||||||
3,393 | Weis Markets, Inc. | 249,453 | ||||||
1,344,812 | ||||||||
RETAIL - DISCRETIONARY - 2.9% | ||||||||
1,455 | Asbury Automotive Group, Inc.(a) | 263,573 | ||||||
924 | Avis Budget Group, Inc.(a) | 175,819 | ||||||
3,704 | Builders FirstSource, Inc.(a) | 241,093 | ||||||
2,413 | Dicks Sporting Goods, Inc.(b) | 196,008 | ||||||
898 | Dillards, Inc., Class A | 270,729 | ||||||
19,095 | EVgo, Inc.(a)(b) | 182,930 | ||||||
5,601 | Hibbett, Inc. | 284,251 | ||||||
9,187 | La-Z-Boy, Inc. | 234,544 | ||||||
797 | Lithia Motors, Inc. | 242,663 | ||||||
5,966 | MarineMax, Inc.(a) | 247,052 | ||||||
5,505 | Monro, Inc. | 261,047 |
See accompanying notes to financial statements.
51
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
RETAIL - DISCRETIONARY - 2.9% (Continued) | ||||||||
15,726 | Sally Beauty Holdings, Inc.(a) | $ | 238,406 | |||||
4,862 | Sleep Number Corporation(a) | 223,312 | ||||||
5,670 | Sonic Automotive, Inc., Class A | 258,609 | ||||||
3,320,036 | ||||||||
RETAIL REIT - 1.6% | ||||||||
11,143 | Acadia Realty Trust | 219,071 | ||||||
3,643 | Agree Realty Corporation | 253,444 | ||||||
8,924 | Four Corners Property Trust, Inc. | 246,035 | ||||||
10,585 | Kite Realty Group Trust | 221,862 | ||||||
5,328 | National Retail Properties, Inc. | 236,030 | ||||||
12,488 | Retail Opportunity Investments Corporation | 225,658 | ||||||
4,590 | Saul Centers, Inc. | 225,185 | ||||||
14,031 | Tanger Factory Outlet Centers, Inc. | 245,683 | ||||||
1,872,968 | ||||||||
SEMICONDUCTORS - 3.4% | ||||||||
11,026 | Amkor Technology, Inc. | 225,371 | ||||||
2,857 | Azenta, Inc. | 218,960 | ||||||
6,012 | CEVA, Inc.(a) | 216,853 | ||||||
2,858 | Cirrus Logic, Inc.(a) | 233,041 | ||||||
887 | Coherent, Inc.(a) | 240,342 | ||||||
8,207 | Cohu, Inc.(a) | 249,739 | ||||||
2,770 | Diodes, Inc.(a) | 213,318 | ||||||
3,320 | II-VI, Inc.(a) | 207,500 | ||||||
2,212 | IPG Photonics Corporation(a) | 233,344 | ||||||
4,103 | MaxLinear, Inc., A(a) | 162,438 | ||||||
1,600 | MKS Instruments, Inc. | 197,600 | ||||||
2,593 | Power Integrations, Inc. | 218,797 | ||||||
3,464 | Semtech Corporation(a) | 222,008 | ||||||
1,609 | Silicon Laboratories, Inc.(a) | 239,998 | ||||||
1,230 | Synaptics, Inc.(a) | 182,188 | ||||||
8,883 | Veeco Instruments, Inc.(a) | 190,363 | ||||||
12,259 | Vishay Intertechnology, Inc. | 250,574 | ||||||
2,104 | Wolfspeed, Inc.(a) | 158,284 | ||||||
3,860,718 |
See accompanying notes to financial statements.
52
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
SOFTWARE - 3.6% | ||||||||
7,607 | ACI Worldwide, Inc.(a) | $ | 202,650 | |||||
21,507 | Alignment Healthcare, Inc.(a) | 229,695 | ||||||
10,711 | Allscripts Healthcare Solutions, Inc.(a) | 183,051 | ||||||
4,039 | Blackbaud, Inc.(a) | 257,083 | ||||||
4,967 | CDK Global, Inc. | 270,504 | ||||||
3,646 | CommVault Systems, Inc.(a) | 222,442 | ||||||
7,340 | Donnelley Financial Solutions, Inc.(a) | 228,347 | ||||||
3,202 | Envestnet, Inc.(a) | 213,317 | ||||||
10,048 | LivePerson, Inc.(a) | 168,605 | ||||||
10,888 | Mandiant, Inc.(a) | 240,080 | ||||||
1,734 | Manhattan Associates, Inc.(a) | 209,693 | ||||||
498 | MicroStrategy, Inc., Class A(a)(b) | 131,816 | ||||||
3,589 | New Relic, Inc.(a) | 168,181 | ||||||
1,884 | Omnicell, Inc.(a) | 209,425 | ||||||
3,007 | Pegasystems, Inc. | 148,967 | ||||||
5,208 | Progress Software Corporation | 251,599 | ||||||
1,677 | Qualys, Inc.(a) | 219,150 | ||||||
1,824 | SPS Commerce, Inc.(a) | 195,241 | ||||||
4,683 | Verint Systems, Inc.(a) | 239,020 | ||||||
2,516 | Ziff Davis, Inc.(a) | 192,071 | ||||||
4,180,937 | ||||||||
SPECIALTY FINANCE - 1.9% | ||||||||
3,874 | Encore Capital Group, Inc.(a) | 236,740 | ||||||
6,356 | Enova International, Inc.(a) | 200,722 | ||||||
3,707 | First American Financial Corporation | 224,607 | ||||||
2,022 | LendingTree, Inc.(a) | 127,608 | ||||||
17,835 | MGIC Investment Corporation | 248,442 | ||||||
2,858 | Nelnet, Inc., Class A | 242,044 | ||||||
13,299 | SLM Corporation | 260,528 | ||||||
4,019 | Stewart Information Services Corporation | 223,014 | ||||||
1,876 | Walker & Dunlop, Inc. | 199,438 | ||||||
1,269 | World Acceptance Corporation(a) | 187,901 | ||||||
2,151,044 |
See accompanying notes to financial statements.
53
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
SPECIALTY REIT - 0.2% | ||||||||
2,068 | Lamar Advertising Company, Class A | $ | 202,561 | |||||
STEEL - 1.2% | ||||||||
8,945 | Allegheny Technologies, Inc.(a) | 245,988 | ||||||
5,812 | Commercial Metals Company | 230,911 | ||||||
1,313 | Reliance Steel & Aluminum Company | 255,246 | ||||||
2,878 | Steel Dynamics, Inc. | 245,724 | ||||||
6,470 | United States Steel Corporation | 162,203 | ||||||
4,699 | Worthington Industries, Inc. | 219,161 | ||||||
1,359,233 | ||||||||
TECHNOLOGY HARDWARE - 3.7% | ||||||||
14,551 | 3D Systems Corporation(a) | 157,296 | ||||||
13,118 | ADTRAN, Inc. | 243,077 | ||||||
2,030 | Arrow Electronics, Inc.(a) | 244,920 | ||||||
9,793 | Benchmark Electronics, Inc. | 249,624 | ||||||
28,357 | GoPro, Inc., Class A(a) | 195,947 | ||||||
26,149 | Harmonic, Inc.(a) | 251,815 | ||||||
3,808 | InterDigital, Inc. | 248,624 | ||||||
3,912 | Jabil, Inc. | 240,666 | ||||||
11,140 | Knowles Corporation(a) | 214,111 | ||||||
2,464 | Lumentum Holdings, Inc.(a) | 212,101 | ||||||
6,015 | NCR Corporation(a) | 208,660 | ||||||
7,559 | NetScout Systems, Inc.(a) | 259,500 | ||||||
2,962 | Plexus Corporation(a) | 251,178 | ||||||
5,985 | Sanmina Corporation(a) | 262,682 | ||||||
6,348 | Super Micro Computer, Inc.(a) | 317,780 | ||||||
16,438 | TTM Technologies, Inc.(a) | 234,899 | ||||||
4,941 | ViaSat, Inc.(a) | 195,120 | ||||||
3,466 | Vicor Corporation(a) | 233,262 | ||||||
4,221,262 | ||||||||
TECHNOLOGY SERVICES - 2.4% | ||||||||
801 | CACI International, Inc., Class A(a) | 224,576 | ||||||
3,803 | CSG Systems International, Inc. | 236,509 | ||||||
1,703 | ExlService Holdings, Inc.(a) | 242,150 |
See accompanying notes to financial statements.
54
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
TECHNOLOGY SERVICES - 2.4% (Continued) | ||||||||
518 | Fair Isaac Corporation(a) | $ | 212,147 | |||||
8,852 | Green Dot Corporation, Class A(a) | 255,292 | ||||||
1,225 | Jack Henry & Associates, Inc. | 230,447 | ||||||
2,797 | ManTech International Corporation, Class A | 267,532 | ||||||
3,208 | MAXIMUS, Inc. | 208,167 | ||||||
2,189 | Perficient, Inc.(a) | 214,325 | ||||||
21,143 | Sabre Corporation(a) | 158,784 | ||||||
2,611 | Science Applications International Corporation | 226,008 | ||||||
1,353 | WEX, Inc.(a) | 230,389 | ||||||
2,706,326 | ||||||||
TELECOMMUNICATIONS - 1.4% | ||||||||
19,414 | 8x8, Inc.(a) | 140,752 | ||||||
3,713 | Cogent Communications Holdings, Inc. | 224,228 | ||||||
41,333 | Consolidated Communications Holdings, Inc.(a) | 273,623 | ||||||
5,996 | Iridium Communications, Inc.(a) | 222,512 | ||||||
10,360 | Shenandoah Telecommunications Company | 237,866 | ||||||
12,978 | Telephone and Data Systems, Inc. | 230,100 | ||||||
12,032 | Vonage Holdings Corporation(a) | 233,060 | ||||||
1,562,141 | ||||||||
TIMBER REIT - 0.4% | ||||||||
4,577 | PotlatchDeltic Corporation | 240,109 | ||||||
5,823 | Rayonier, Inc. | 240,024 | ||||||
480,133 | ||||||||
TRANSPORTATION & LOGISTICS - 2.0% | ||||||||
1,486 | Allegiant Travel Company(a) | 222,083 | ||||||
2,493 | Forward Air Corporation | 232,323 | ||||||
17,180 | Heartland Express, Inc. | 245,329 | ||||||
3,143 | Hub Group, Inc., Class A(a) | 229,376 | ||||||
4,790 | Knight-Swift Transportation Holdings, Inc. | 232,986 | ||||||
1,602 | Landstar System, Inc. | 242,591 | ||||||
1,991 | Matson, Inc. | 178,951 | ||||||
978 | Saia, Inc.(a) | 193,243 | ||||||
8,429 | SkyWest, Inc.(a) | 227,246 |
See accompanying notes to financial statements.
55
INSPIRE SMALL/MID CAP ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 2.0% (Continued) | ||||||||
5,898 | Werner Enterprises, Inc. | $ | 239,282 | |||||
2,243,410 | ||||||||
TRANSPORTATION EQUIPMENT - 0.2% | ||||||||
7,028 | Trinity Industries, Inc. | 174,716 | ||||||
WHOLESALE - CONSUMER STAPLES - 0.2% | ||||||||
4,775 | Andersons, Inc. (The) | 179,588 | ||||||
WHOLESALE - DISCRETIONARY - 0.7% | ||||||||
4,315 | ePlus, Inc.(a) | 244,833 | ||||||
6,953 | ScanSource, Inc.(a) | 269,359 | ||||||
1,808 | Veritiv Corporation(a) | 262,794 | ||||||
776,986 | ||||||||
TOTAL COMMON STOCKS (Cost $116,668,129) | 113,374,871 | |||||||
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 0.7% | ||||||||
MONEY MARKET FUND - 0.7% | ||||||||
746,849 | Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $746,849) (c)(d) | 746,849 | ||||||
TOTAL INVESTMENTS - 99.8% (Cost $117,414,978) | $ | 114,121,720 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% | 206,600 | |||||||
NET ASSETS - 100.0% | $ | 114,328,320 |
LTD - Limited Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a) | - | Non-income producing security. |
(b) | - | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2022 was $710,419. |
(c) | - | Security was purchased with cash received as collateral for securities on loan at May 31, 2022. Total collateral had a value of $746,849 at May 31, 2022. |
(d) | - | Rate disclosed is the seven day effective yield as of May 31, 2022. |
See accompanying notes to financial statements.
56
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% | ||||||||||||
AEROSPACE & DEFENSE — 1.4% | ||||||||||||
800,000 | Teledyne Technologies, Inc. | 0.9500 | 04/01/24 | $ | 765,448 | |||||||
800,000 | Teledyne Technologies, Inc. | 1.6000 | 04/01/26 | 730,524 | ||||||||
950,000 | Teledyne Technologies, Inc. | 2.2500 | 04/01/28 | 844,276 | ||||||||
800,000 | Textron, Inc. | 3.0000 | 06/01/30 | 717,327 | ||||||||
3,057,575 | ||||||||||||
BANKING — 1.4% | ||||||||||||
800,000 | M&T Bank Corporation | 3.5500 | 07/26/23 | 805,923 | ||||||||
1,000,000 | Regions Financial Corporation | 1.8000 | 08/12/28 | 876,431 | ||||||||
800,000 | SVB Financial Group | 2.1000 | 05/15/28 | 705,198 | ||||||||
800,000 | SVB Financial Group | 3.1250 | 06/05/30 | 710,132 | ||||||||
3,097,684 | ||||||||||||
CHEMICALS — 3.3% | ||||||||||||
800,000 | Albemarle Corporation | 4.1500 | 12/01/24 | 822,443 | ||||||||
1,644,000 | Avery Dennison Corporation | 4.8750 | 12/06/28 | 1,696,340 | ||||||||
400,000 | Avery Dennison Corporation | 2.6500 | 04/30/30 | 349,780 | ||||||||
800,000 | Celanese US Holdings, LLC | 3.5000 | 05/08/24 | 800,099 | ||||||||
800,000 | Celanese US Holdings, LLC | 1.4000 | 08/05/26 | 715,074 | ||||||||
800,000 | Eastman Chemical Company | 3.8000 | 03/15/25 | 801,352 | ||||||||
800,000 | Eastman Chemical Company | 4.5000 | 12/01/28 | 802,930 | ||||||||
800,000 | PPG Industries, Inc. | 1.2000 | 03/15/26 | 730,195 | ||||||||
800,000 | PPG Industries, Inc. | 3.7500 | 03/15/28 | 805,090 | ||||||||
7,523,303 | ||||||||||||
COMMERCIAL SUPPORT SERVICES — 4.0% | ||||||||||||
2,024,000 | Cintas Corp No 2 | 3.7000 | 04/01/27 | 2,039,219 | ||||||||
800,000 | Republic Services, Inc. | 2.5000 | 08/15/24 | 787,429 | ||||||||
1,460,000 | Republic Services, Inc. | 3.2000 | 03/15/25 | 1,448,315 | ||||||||
400,000 | Republic Services, Inc. | 3.9500 | 05/15/28 | 401,919 | ||||||||
950,000 | Republic Services, Inc. | 2.3000 | 03/01/30 | 833,888 | ||||||||
400,000 | Waste Connections, Inc. | 4.2500 | 12/01/28 | 403,143 | ||||||||
800,000 | Waste Management, Inc. | 2.4000 | 05/15/23 | 798,841 | ||||||||
800,000 | Waste Management, Inc. | 3.1250 | 03/01/25 | 800,701 | ||||||||
800,000 | Waste Management, Inc. | 3.1500 | 11/15/27 | 784,570 | ||||||||
800,000 | Waste Management, Inc. | 2.0000 | 06/01/29 | 712,550 | ||||||||
9,010,575 |
See accompanying notes to financial statements.
57
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
CONSTRUCTION MATERIALS — 2.1% | ||||||||||||
1,000,000 | Carlisle Companies, Inc. | 2.2000 | 03/01/32 | $ | 805,320 | |||||||
800,000 | Martin Marietta Materials, Inc. | 0.6500 | 07/15/23 | 780,502 | ||||||||
800,000 | Martin Marietta Materials, Inc. | 3.5000 | 12/15/27 | 775,988 | ||||||||
800,000 | Vulcan Materials Company | 4.5000 | 04/01/25 | 820,774 | ||||||||
1,460,000 | Vulcan Materials Company | 3.9000 | 04/01/27 | 1,466,955 | ||||||||
4,649,539 | ||||||||||||
CONTAINERS & PACKAGING — 1.7% | ||||||||||||
800,000 | Amcor Finance USA, Inc. | 3.6250 | 04/28/26 | 787,684 | ||||||||
400,000 | Amcor Finance USA, Inc. | 4.5000 | 05/15/28 | 406,980 | ||||||||
1,000,000 | AptarGroup, Inc. | 3.6000 | 03/15/32 | 921,070 | ||||||||
800,000 | Bemis Company, Inc. | 2.6300 | 06/19/30 | 686,982 | ||||||||
1,000,000 | Packaging Corp of America | 3.4000 | 12/15/27 | 980,899 | ||||||||
3,783,615 | ||||||||||||
DIVERSIFIED INDUSTRIALS — 3.8% | ||||||||||||
800,000 | Dover Corporation | 3.1500 | 11/15/25 | 792,492 | ||||||||
800,000 | Honeywell International, Inc. | 2.3000 | 08/15/24 | 792,714 | ||||||||
800,000 | Honeywell International, Inc. | 1.3500 | 06/01/25 | 764,096 | ||||||||
2,359,000 | Honeywell International, Inc. | 2.5000 | 11/01/26 | 2,287,719 | ||||||||
800,000 | Illinois Tool Works, Inc. | 3.5000 | 03/01/24 | 810,394 | ||||||||
2,324,000 | Illinois Tool Works, Inc. | 2.6500 | 11/15/26 | 2,264,006 | ||||||||
800,000 | Parker-Hannifin Corporation | 3.2500 | 03/01/27 | 780,124 | ||||||||
8,491,545 | ||||||||||||
ELECTRIC UTILITIES — 4.5% | ||||||||||||
400,000 | Alliant Energy Finance, LLC (a) | 3.7500 | 06/15/23 | 400,470 | ||||||||
800,000 | Avangrid, Inc. | 3.1500 | 12/01/24 | 792,994 | ||||||||
1,260,000 | Avangrid, Inc. | 3.8000 | 06/01/29 | 1,224,390 | ||||||||
800,000 | CenterPoint Energy, Inc. | 1.4500 | 06/01/26 | 732,711 | ||||||||
236,000 | CenterPoint Energy, Inc. | 4.2500 | 11/01/28 | 235,929 | ||||||||
400,000 | CenterPoint Energy, Inc. | 2.6500 | 06/01/31 | 349,237 | ||||||||
800,000 | Consolidated Edison, Inc. | 0.6500 | 12/01/23 | 774,167 | ||||||||
800,000 | Entergy Corporation | 0.9000 | 09/15/25 | 729,741 | ||||||||
800,000 | Entergy Corporation | 1.9000 | 06/15/28 | 701,668 | ||||||||
800,000 | Entergy Corporation | 2.8000 | 06/15/30 | 707,153 | ||||||||
800,000 | Evergy, Inc. | 2.4500 | 09/15/24 | 778,816 |
See accompanying notes to financial statements.
58
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
ELECTRIC UTILITIES — 4.5% (Continued) | ||||||||||||
400,000 | Evergy, Inc. | 2.9000 | 09/15/29 | $ | 361,747 | |||||||
800,000 | WEC Energy Group, Inc. | 0.5500 | 09/15/23 | 776,008 | ||||||||
1,700,000 | WEC Energy Group, Inc. | 1.3750 | 10/15/27 | 1,495,421 | ||||||||
10,060,452 | ||||||||||||
ELECTRICAL EQUIPMENT — 4.8% | ||||||||||||
800,000 | Amphenol Corporation | 2.0500 | 03/01/25 | 772,087 | ||||||||
2,539,000 | Amphenol Corporation | 4.3500 | 06/01/29 | 2,562,560 | ||||||||
800,000 | Keysight Technologies, Inc. | 4.5500 | 10/30/24 | 817,190 | ||||||||
800,000 | Keysight Technologies, Inc. | 4.6000 | 04/06/27 | 817,970 | ||||||||
800,000 | Keysight Technologies, Inc. | 3.0000 | 10/30/29 | 729,915 | ||||||||
800,000 | Roper Technologies, Inc. | 3.6500 | 09/15/23 | 807,157 | ||||||||
2,062,000 | Roper Technologies, Inc. | 3.8000 | 12/15/26 | 2,059,915 | ||||||||
800,000 | Roper Technologies, Inc. | 4.2000 | 09/15/28 | 808,354 | ||||||||
800,000 | Trimble, Inc. | 4.7500 | 12/01/24 | 814,953 | ||||||||
800,000 | Trimble, Inc. | 4.9000 | 06/15/28 | 806,161 | ||||||||
10,996,262 | ||||||||||||
ENGINEERING & CONSTRUCTION — 0.3% | ||||||||||||
800,000 | Quanta Services, Inc. B | 2.9000 | 10/01/30 | 696,623 | ||||||||
ENTERTAINMENT CONTENT — 1.9% | ||||||||||||
1,500,000 | Activision Blizzard, Inc. | 3.4000 | 06/15/27 | 1,481,255 | ||||||||
800,000 | Discovery Communications, LLC | 3.8000 | 03/13/24 | 804,807 | ||||||||
800,000 | Discovery Communications, LLC | 3.9000 | 11/15/24 | 802,816 | ||||||||
800,000 | Fox Corporation | 4.0300 | 01/25/24 | 812,158 | ||||||||
400,000 | Fox Corporation | 3.5000 | 04/08/30 | 372,380 | ||||||||
4,273,416 | ||||||||||||
FOOD — 3.4% | ||||||||||||
400,000 | Campbell Soup Company | 4.1500 | 03/15/28 | 400,229 | ||||||||
800,000 | Conagra Brands, Inc. | 0.5000 | 08/11/23 | 777,164 | ||||||||
800,000 | Conagra Brands, Inc. | 4.6000 | 11/01/25 | 816,979 | ||||||||
800,000 | Conagra Brands, Inc. | 1.3750 | 11/01/27 | 686,267 | ||||||||
1,828,000 | Conagra Brands, Inc. | 4.8500 | 11/01/28 | 1,855,341 | ||||||||
800,000 | Hormel Foods Corporation | 0.6500 | 06/03/24 | 766,192 | ||||||||
800,000 | Hormel Foods Corporation | 1.7000 | 06/03/28 | 720,104 |
See accompanying notes to financial statements.
59
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
FOOD — 3.4% (Continued) | ||||||||||||
800,000 | Hormel Foods Corporation | 1.8000 | 06/11/30 | $ | 680,935 | |||||||
1,000,000 | Ingredion, Inc. | 2.9000 | 06/01/30 | 894,355 | ||||||||
7,597,566 | ||||||||||||
GAS & WATER UTILITIES — 0.1% | ||||||||||||
400,000 | Atmos Energy Corporation | 1.5000 | 01/15/31 | 328,140 | ||||||||
HEALTH CARE FACILITIES & SERVICES — 1.7% | ||||||||||||
1,190,000 | HCA, Inc. | 5.3750 | 02/01/25 | 1,231,126 | ||||||||
1,790,000 | HCA, Inc. | 4.5000 | 02/15/27 | 1,808,104 | ||||||||
800,000 | HCA, Inc. | 5.8750 | 02/01/29 | 845,404 | ||||||||
3,884,634 | ||||||||||||
HOME CONSTRUCTION — 4.4% | ||||||||||||
800,000 | DR Horton, Inc. | 5.7500 | 08/15/23 | 822,226 | ||||||||
800,000 | DR Horton, Inc. | 2.5000 | 10/15/24 | 780,360 | ||||||||
400,000 | DR Horton, Inc. | 1.3000 | 10/15/26 | 355,614 | ||||||||
800,000 | Fortune Brands Home & Security, Inc. | 4.0000 | 09/21/23 | 809,337 | ||||||||
800,000 | Fortune Brands Home & Security, Inc. | 4.0000 | 06/15/25 | 802,293 | ||||||||
800,000 | Fortune Brands Home & Security, Inc. | 3.2500 | 09/15/29 | 715,729 | ||||||||
800,000 | Lennar Corporation | 4.8750 | 12/15/23 | 814,792 | ||||||||
800,000 | Lennar Corporation | 5.8750 | 11/15/24 | 832,811 | ||||||||
860,000 | Lennar Corporation | 4.7500 | 11/29/27 | 866,349 | ||||||||
800,000 | Mohawk Industries, Inc. | 3.6250 | 05/15/30 | 741,110 | ||||||||
1,700,000 | PulteGroup, Inc. | 5.5000 | 03/01/26 | 1,777,822 | ||||||||
800,000 | PulteGroup, Inc. | 5.0000 | 01/15/27 | 826,005 | ||||||||
10,144,448 | ||||||||||||
HOUSEHOLD PRODUCTS — 0.3% | ||||||||||||
800,000 | Church & Dwight Company, Inc. | 3.1500 | 08/01/27 | 777,640 | ||||||||
INDUSTRIAL SUPPORT SERVICES — 0.3% | ||||||||||||
800,000 | WW Grainger, Inc. | 1.8500 | 02/15/25 | 771,443 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.5% | ||||||||||||
3,524,000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 3,524,905 | ||||||||
See accompanying notes to financial statements.
60
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
INSURANCE — 1.1% | ||||||||||||
800,000 | Arch Capital Finance, LLC | 4.0110 | 12/15/26 | $ | 807,915 | |||||||
800,000 | Brown & Brown, Inc. | 4.2000 | 09/15/24 | 807,644 | ||||||||
1,000,000 | Reinsurance Group of America, Inc. | 3.1500 | 06/15/30 | 917,573 | ||||||||
2,533,132 | ||||||||||||
INTERNET MEDIA & SERVICES — 2.1% | ||||||||||||
800,000 | Booking Holdings, Inc. | 3.6500 | 03/15/25 | 804,397 | ||||||||
800,000 | Booking Holdings, Inc. | 3.5500 | 03/15/28 | 787,770 | ||||||||
920,000 | Booking Holdings, Inc. | 4.6250 | 04/13/30 | 951,693 | ||||||||
800,000 | VeriSign, Inc. | 5.2500 | 04/01/25 | 830,413 | ||||||||
800,000 | VeriSign, Inc. | 4.7500 | 07/15/27 | 800,315 | ||||||||
830,000 | VeriSign, Inc. | 2.7000 | 06/15/31 | 694,796 | ||||||||
4,869,384 | ||||||||||||
LEISURE PRODUCTS — 0.7% | ||||||||||||
1,000,000 | Brunswick Corporation | 2.4000 | 08/18/31 | 782,221 | ||||||||
800,000 | Hasbro, Inc. | 3.5500 | 11/19/26 | 783,532 | ||||||||
1,565,753 | ||||||||||||
MACHINERY — 3.2% | ||||||||||||
800,000 | Caterpillar, Inc. | 3.4000 | 05/15/24 | 809,665 | ||||||||
800,000 | Caterpillar, Inc. | 2.6000 | 09/19/29 | 745,422 | ||||||||
800,000 | Parker-Hannifin Corporation | 2.7000 | 06/14/24 | 789,010 | ||||||||
1,934,000 | Parker-Hannifin Corporation | 3.3000 | 11/21/24 | 1,933,939 | ||||||||
3,035,000 | Parker-Hannifin Corporation | 3.2500 | 06/14/29 | 2,844,746 | ||||||||
7,122,782 | ||||||||||||
MEDICAL EQUIPMENT & DEVICES — 2.5% | ||||||||||||
1,884,000 | DENTSPLY SIRONA, Inc. | 3.2500 | 06/01/30 | 1,643,108 | ||||||||
800,000 | Edwards Lifesciences Corporation | 4.3000 | 06/15/28 | 811,523 | ||||||||
800,000 | Stryker Corporation | 0.6000 | 12/01/23 | 772,995 | ||||||||
800,000 | Stryker Corporation | 1.1500 | 06/15/25 | 748,137 | ||||||||
800,000 | Stryker Corporation | 3.6500 | 03/07/28 | 787,892 | ||||||||
1,000,000 | Stryker Corporation | 1.9500 | 06/15/30 | 855,527 | ||||||||
5,619,182 | ||||||||||||
METALS & MINING — 0.3% | ||||||||||||
800,000 | Newmont Corporation | 2.8000 | 10/01/29 | 729,674 |
See accompanying notes to financial statements.
61
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
OIL & GAS PRODUCERS — 6.4% | ||||||||||||
400,000 | Devon Energy Corporation | 7.8750 | 09/30/31 | $ | 492,622 | |||||||
400,000 | Diamondback Energy, Inc. | 3.1250 | 03/24/31 | 363,592 | ||||||||
800,000 | EOG Resources, Inc. | 3.1500 | 04/01/25 | 797,864 | ||||||||
800,000 | Kinder Morgan Energy Partners, L.P. | 3.5000 | 09/01/23 | 803,015 | ||||||||
800,000 | Kinder Morgan, Inc. | 4.3000 | 06/01/25 | 811,705 | ||||||||
920,000 | Kinder Morgan, Inc. | 4.3000 | 03/01/28 | 923,214 | ||||||||
400,000 | Kinder Morgan, Inc. | 7.8000 | 08/01/31 | 483,503 | ||||||||
1,934,000 | ONEOK Partners, L.P. | 4.9000 | 03/15/25 | 1,976,850 | ||||||||
800,000 | ONEOK, Inc. | 7.5000 | 09/01/23 | 833,909 | ||||||||
800,000 | ONEOK, Inc. | 4.0000 | 07/13/27 | 787,734 | ||||||||
1,000,000 | Tennessee Gas Pipeline Company, LLC | 7.0000 | 10/15/28 | 1,135,085 | ||||||||
2,024,000 | Valero Energy Corporation | 3.4000 | 09/15/26 | 1,983,182 | ||||||||
1,437,000 | Williams Companies, Inc. | 3.9000 | 01/15/25 | 1,440,551 | ||||||||
800,000 | Williams Companies, Inc. (The) | 4.5000 | 11/15/23 | 813,130 | ||||||||
800,000 | Williams Companies, Inc. (The) | 3.7500 | 06/15/27 | 787,336 | ||||||||
14,433,292 | ||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.8% | ||||||||||||
800,000 | Halliburton Company | 3.5000 | 08/01/23 | 803,985 | ||||||||
1,030,000 | Halliburton Company | 3.8000 | 11/15/25 | 1,041,076 | ||||||||
1,845,061 | ||||||||||||
PUBLISHING & BROADCASTING — 0.7% | ||||||||||||
860,000 | Discovery Communications, LLC | 3.9500 | 03/20/28 | 830,448 | ||||||||
800,000 | Discovery Communications, LLC | 4.1250 | 05/15/29 | 766,596 | ||||||||
1,597,044 | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 15.0% | ||||||||||||
800,000 | Alexandria Real Estate Equities, Inc. | 3.4500 | 04/30/25 | 798,022 | ||||||||
800,000 | Alexandria Real Estate Equities, Inc. | 3.9500 | 01/15/28 | 796,006 | ||||||||
800,000 | Alexandria Real Estate Equities, Inc. | 2.7500 | 12/15/29 | 721,699 | ||||||||
800,000 | American Tower Corporation | 3.0000 | 06/15/23 | 800,891 | ||||||||
800,000 | American Tower Corporation | 2.9500 | 01/15/25 | 786,102 | ||||||||
890,000 | American Tower Corporation | 3.3750 | 10/15/26 | 862,925 | ||||||||
400,000 | American Tower Corporation | 3.6000 | 01/15/28 | 381,062 | ||||||||
800,000 | American Tower Corporation | 3.9500 | 03/15/29 | 763,260 | ||||||||
800,000 | Camden Property Trust | 4.1000 | 10/15/28 | 805,586 |
See accompanying notes to financial statements.
62
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 15.0% (Continued) | ||||||||||||
800,000 | Crown Castle International Corporation | 3.1500 | 07/15/23 | $ | 801,439 | |||||||
1,100,000 | Crown Castle International Corporation | 1.3500 | 07/15/25 | 1,019,539 | ||||||||
800,000 | Crown Castle International Corporation | 4.0000 | 03/01/27 | 797,098 | ||||||||
400,000 | Crown Castle International Corporation | 3.8000 | 02/15/28 | 389,786 | ||||||||
1,000,000 | Crown Castle International Corporation | 4.3000 | 02/15/29 | 987,728 | ||||||||
890,000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 864,951 | ||||||||
800,000 | Digital Realty Trust, L.P. | 3.6000 | 07/01/29 | 754,500 | ||||||||
1,000,000 | Extra Space Storage, L.P. | 2.5500 | 06/01/31 | 853,711 | ||||||||
800,000 | Invitation Homes Operating Partnership, L.P. | 2.0000 | 08/15/31 | 642,962 | ||||||||
2,024,000 | Kimco Realty Corporation | 2.7000 | 03/01/24 | 2,000,516 | ||||||||
800,000 | Kimco Realty Corporation | 3.3000 | 02/01/25 | 793,190 | ||||||||
800,000 | Kimco Realty Corporation | 2.8000 | 10/01/26 | 763,753 | ||||||||
400,000 | Kimco Realty Corporation | 1.9000 | 03/01/28 | 354,603 | ||||||||
800,000 | Kimco Realty Corporation | 2.7000 | 10/01/30 | 711,728 | ||||||||
1,000,000 | National Health Investors, Inc. | 3.0000 | 02/01/31 | 798,193 | ||||||||
800,000 | Public Storage | 3.0940 | 09/15/27 | 775,680 | ||||||||
800,000 | Realty Income Corporation | 3.8750 | 04/15/25 | 806,569 | ||||||||
2,024,000 | Realty Income Corporation | 4.1250 | 10/15/26 | 2,053,385 | ||||||||
400,000 | Realty Income Corporation | 2.2000 | 06/15/28 | 359,951 | ||||||||
500,000 | Realty Income Corporation | 3.2500 | 06/15/29 | 473,600 | ||||||||
400,000 | Sun Communities Operating, L.P. | 2.3000 | 11/01/28 | 350,885 | ||||||||
800,000 | Sun Communities Operating, L.P. | 2.7000 | 07/15/31 | 677,949 | ||||||||
800,000 | UDR, Inc. | 3.2000 | 01/15/30 | 740,273 | ||||||||
800,000 | Ventas Realty, L.P. | 3.5000 | 04/15/24 | 803,004 | ||||||||
800,000 | Ventas Realty, L.P. | 2.6500 | 01/15/25 | 778,153 | ||||||||
2,024,000 | Ventas Realty, L.P. | 3.2500 | 10/15/26 | 1,960,597 | ||||||||
400,000 | Ventas Realty, L.P. | 4.0000 | 03/01/28 | 393,630 | ||||||||
1,130,000 | Ventas Realty, L.P. | 4.4000 | 01/15/29 | 1,122,959 | ||||||||
1,000,000 | Ventas Realty, L.P. | 2.5000 | 09/01/31 | 851,958 | ||||||||
800,000 | WP Carey, Inc. | 4.6000 | 04/01/24 | 814,887 | ||||||||
800,000 | WP Carey, Inc. | 4.0000 | 02/01/25 | 805,063 | ||||||||
800,000 | WP Carey, Inc. | 2.4000 | 02/01/31 | 673,507 | ||||||||
33,691,300 | ||||||||||||
RETAIL - CONSUMER STAPLES — 3.0% |
See accompanying notes to financial statements.
63
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
RETAIL - CONSUMER STAPLES — 3.0% (Continued) | ||||||||||||
1,121,000 | Costco Wholesale Corporation | 2.7500 | 05/18/24 | $ | 1,124,612 | |||||||
2,046,000 | Costco Wholesale Corporation | 3.0000 | 05/18/27 | 2,031,149 | ||||||||
800,000 | Dollar General Corporation | 3.2500 | 04/15/23 | 803,145 | ||||||||
830,000 | Dollar General Corporation | 3.8750 | 04/15/27 | 832,125 | ||||||||
2,039,000 | Dollar Tree, Inc. | 4.2000 | 05/15/28 | 2,035,611 | ||||||||
6,826,642 | ||||||||||||
RETAIL - DISCRETIONARY — 3.0% | ||||||||||||
1,621,000 | AutoZone, Inc. | 3.1250 | 07/15/23 | 1,621,174 | ||||||||
400,000 | AutoZone, Inc. | 3.6250 | 04/15/25 | 400,737 | ||||||||
2,024,000 | AutoZone, Inc. | 3.7500 | 06/01/27 | 2,011,588 | ||||||||
800,000 | Genuine Parts Company | 1.8750 | 11/01/30 | 642,283 | ||||||||
400,000 | OReilly Automotive, Inc. | 3.5500 | 03/15/26 | 398,014 | ||||||||
830,000 | OReilly Automotive, Inc. | 3.6000 | 09/01/27 | 819,567 | ||||||||
980,000 | Tractor Supply Company | 1.7500 | 11/01/30 | 791,412 | ||||||||
6,684,775 | ||||||||||||
SEMICONDUCTORS — 5.4% | ||||||||||||
1,384,000 | Analog Devices, Inc. | 2.9500 | 04/01/25 | 1,375,255 | ||||||||
800,000 | Analog Devices, Inc. | 3.5000 | 12/05/26 | 804,677 | ||||||||
400,000 | Analog Devices, Inc. | 1.7000 | 10/01/28 | 356,743 | ||||||||
800,000 | Analog Devices, Inc. | 2.1000 | 10/01/31 | 700,692 | ||||||||
800,000 | Broadcom, Inc. | 3.6250 | 10/15/24 | 799,083 | ||||||||
800,000 | Broadcom, Inc. | 3.4590 | 09/15/26 | 781,017 | ||||||||
2,000,000 | Broadcom, Inc. | 4.1100 | 09/15/28 | 1,952,551 | ||||||||
800,000 | KLA Corporation | 4.6500 | 11/01/24 | 825,360 | ||||||||
980,000 | KLA Corporation | 4.1000 | 03/15/29 | 992,716 | ||||||||
800,000 | Microchip Technology, Inc. | 4.3330 | 06/01/23 | 809,016 | ||||||||
800,000 | NVIDIA Corporation | 0.3090 | 06/15/23 | 784,049 | ||||||||
800,000 | NVIDIA Corporation | 3.2000 | 09/16/26 | 804,178 | ||||||||
400,000 | NVIDIA Corporation | 1.5500 | 06/15/28 | 357,669 | ||||||||
800,000 | NVIDIA Corporation | 2.8500 | 04/01/30 | 751,416 | ||||||||
12,094,422 | ||||||||||||
SOFTWARE — 1.2% | ||||||||||||
800,000 | Fortinet, Inc. | 1.0000 | 03/15/26 | 717,341 | ||||||||
800,000 | Fortinet, Inc. | 2.2000 | 03/15/31 | 665,251 |
See accompanying notes to financial statements.
64
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
SOFTWARE — 1.2% (Continued) | ||||||||||||
800,000 | Roper Technologies, Inc. | 2.3500 | 09/15/24 | $ | 785,283 | |||||||
800,000 | ServiceNow, Inc. | 1.4000 | 09/01/30 | 649,053 | ||||||||
2,816,928 | ||||||||||||
STEEL — 1.7% | ||||||||||||
800,000 | Nucor Corporation | 2.0000 | 06/01/25 | 765,894 | ||||||||
800,000 | Nucor Corporation | 3.9500 | 05/01/28 | 793,267 | ||||||||
800,000 | Nucor Corporation | 2.7000 | 06/01/30 | 716,392 | ||||||||
800,000 | Steel Dynamics, Inc. | 2.8000 | 12/15/24 | 786,425 | ||||||||
800,000 | Steel Dynamics, Inc. | 3.4500 | 04/15/30 | 745,573 | ||||||||
3,807,551 | ||||||||||||
TECHNOLOGY HARDWARE — 1.3% | ||||||||||||
800,000 | FLIR Systems, Inc. | 2.5000 | 08/01/30 | 686,708 | ||||||||
800,000 | NetApp, Inc. | 3.3000 | 09/29/24 | 799,065 | ||||||||
800,000 | NetApp, Inc. | 2.3750 | 06/22/27 | 747,145 | ||||||||
800,000 | NetApp, Inc. | 2.7000 | 06/22/30 | 699,749 | ||||||||
2,932,667 | ||||||||||||
TECHNOLOGY SERVICES — 4.4% | ||||||||||||
800,000 | Equifax, Inc. | 3.9500 | 06/15/23 | 807,021 | ||||||||
800,000 | Equifax, Inc. | 2.6000 | 12/01/24 | 782,772 | ||||||||
800,000 | Fidelity National Information Services, Inc. | 0.6000 | 03/01/24 | 763,519 | ||||||||
920,000 | Fidelity National Information Services, Inc. | 1.1500 | 03/01/26 | 831,996 | ||||||||
920,000 | Fidelity National Information Services, Inc. | 1.6500 | 03/01/28 | 806,114 | ||||||||
800,000 | Fidelity National Information Services, Inc. | 3.7500 | 05/21/29 | 766,821 | ||||||||
800,000 | Global Payments, Inc. | 3.7500 | 06/01/23 | 803,908 | ||||||||
920,000 | Global Payments, Inc. | 2.6500 | 02/15/25 | 894,607 | ||||||||
800,000 | Global Payments, Inc. | 4.4500 | 06/01/28 | 793,889 | ||||||||
890,000 | Global Payments, Inc. | 3.2000 | 08/15/29 | 806,134 | ||||||||
1,160,000 | Verisk Analytics, Inc. | 4.0000 | 06/15/25 | 1,175,685 | ||||||||
800,000 | Verisk Analytics, Inc. | 4.1250 | 03/15/29 | 788,212 | ||||||||
10,020,678 | ||||||||||||
TRANSPORTATION & LOGISTICS — 3.2% | ||||||||||||
400,000 | CH Robinson Worldwide, Inc. | 4.2000 | 04/15/28 | 392,991 | ||||||||
800,000 | CSX Corporation | 3.4000 | 08/01/24 | 803,546 | ||||||||
800,000 | CSX Corporation | 3.3500 | 11/01/25 | 798,763 |
See accompanying notes to financial statements.
65
INSPIRE CORPORATE BOND ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.1% (Continued) | ||||||||||||
TRANSPORTATION & LOGISTICS — 3.2% (Continued) | ||||||||||||
800,000 | CSX Corporation | 2.6000 | 11/01/26 | $ | 764,795 | |||||||
920,000 | CSX Corporation | 4.2500 | 03/15/29 | 934,373 | ||||||||
800,000 | JB Hunt Transport Services, Inc. | 3.8750 | 03/01/26 | 805,745 | ||||||||
800,000 | Kansas City Southern | 3.0000 | 05/15/23 | 801,606 | ||||||||
800,000 | Union Pacific Corporation | 3.5000 | 06/08/23 | 807,357 | ||||||||
400,000 | Union Pacific Corporation | 3.7500 | 07/15/25 | 405,339 | ||||||||
800,000 | Union Pacific Corporation | 2.1500 | 02/05/27 | 752,677 | ||||||||
7,267,192 | ||||||||||||
TRANSPORTATION EQUIPMENT — 0.2% | ||||||||||||
400,000 | Westinghouse Air Brake Technologies Corporation | 4.9500 | 09/15/28 | 403,117 | ||||||||
TOTAL CORPORATE BONDS (Cost $240,278,342) | 219,529,941 | |||||||||||
TOTAL INVESTMENTS - 97.1% (Cost $240,278,342) | $ | 219,529,941 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 2.9% | 6,589,189 | |||||||||||
NET ASSETS - 100.0% | $ | 226,119,130 | ||||||||||
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2022 the total market value of 144A securities is 400,470 or 0.2% of net assets. |
See accompanying notes to financial statements.
66
INSPIRE 100 ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
AEROSPACE & DEFENSE - 0.7% | ||||||||
4,448 | Teledyne Technologies, Inc.(a) | $ | 1,802,107 | |||||
BANKING - 1.6% | ||||||||
6,899 | Signature Bank | 1,492,047 | ||||||
6,067 | SVB Financial Group(a) | 2,964,154 | ||||||
4,456,201 | ||||||||
BIOTECH & PHARMA - 1.2% | ||||||||
12,523 | Alnylam Pharmaceuticals, Inc.(a) | 1,575,393 | ||||||
21,634 | Incyte Corporation(a) | 1,641,805 | ||||||
3,217,198 | ||||||||
CHEMICALS - 2.0% | ||||||||
10,578 | Albemarle Corporation | 2,754,723 | ||||||
8,338 | Avery Dennison Corporation | 1,438,805 | ||||||
12,567 | Eastman Chemical Company | 1,384,381 | ||||||
5,577,909 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.9% | ||||||||
9,971 | Cintas Corporation | 3,971,748 | ||||||
32,370 | Republic Services, Inc. | 4,332,402 | ||||||
8,304,150 | ||||||||
CONTAINERS & PACKAGING - 0.5% | ||||||||
13,055 | Crown Holdings, Inc. | 1,363,464 | ||||||
DATA CENTER REIT - 1.5% | ||||||||
29,127 | Digital Realty Trust, Inc. | 4,065,838 | ||||||
DIVERSIFIED INDUSTRIALS - 0.7% | ||||||||
14,799 | Dover Corporation | 1,981,734 | ||||||
E-COMMERCE DISCRETIONARY - 0.7% | ||||||||
15,449 | Etsy, Inc.(a) | 1,253,222 | ||||||
11,909 | Wayfair, Inc., Class A(a) | 707,276 | ||||||
1,960,498 | ||||||||
ELECTRIC UTILITIES - 2.5% | ||||||||
63,244 | AES Corporation (The) | 1,393,898 |
See accompanying notes to financial statements.
67
INSPIRE 100 ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
ELECTRIC UTILITIES - 2.5% (Continued) | ||||||||
25,156 | Alliant Energy Corporation | $ | 1,605,456 | |||||
38,021 | Avangrid, Inc. | 1,809,419 | ||||||
62,151 | CenterPoint Energy, Inc. | 1,991,940 | ||||||
6,800,713 | ||||||||
ELECTRICAL EQUIPMENT - 2.9% | ||||||||
62,449 | Amphenol Corporation, Class A | 4,425,136 | ||||||
16,512 | Cognex Corporation | 799,511 | ||||||
18,907 | Keysight Technologies, Inc.(a) | 2,752,859 | ||||||
7,977,506 | ||||||||
ENGINEERING & CONSTRUCTION - 0.6% | ||||||||
14,009 | Quanta Services, Inc. | 1,667,071 | ||||||
ENTERTAINMENT CONTENT - 1.7% | ||||||||
39,052 | AppLovin Corporation(a) | 1,488,272 | ||||||
57,346 | Fox Corporation, Class A | 2,036,356 | ||||||
71,229 | Warner Bros Discovery, Inc.(a) | 1,314,175 | ||||||
4,838,803 | ||||||||
FOOD - 1.0% | ||||||||
54,380 | Hormel Foods Corporation | 2,646,675 | ||||||
HEALTH CARE FACILITIES & SERVICES - 3.8% | ||||||||
18,347 | Catalent, Inc.(a) | 1,890,842 | ||||||
32,471 | HCA Healthcare, Inc. | 6,831,898 | ||||||
6,128 | Molina Healthcare, Inc.(a) | 1,778,468 | ||||||
10,501,208 | ||||||||
HEALTH CARE REIT - 1.2% | ||||||||
59,105 | Medical Properties Trust, Inc. | 1,098,171 | ||||||
39,647 | Ventas, Inc. | 2,249,571 | ||||||
3,347,742 | ||||||||
INDUSTRIAL REIT - 4.0% | ||||||||
37,977 | Duke Realty Corporation | 2,006,325 | ||||||
74,400 | Prologis, Inc. | 9,484,512 | ||||||
11,490,837 |
See accompanying notes to financial statements.
68
INSPIRE 100 ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.8% | ||||||||
7,205 | United Rentals, Inc.(a) | $ | 2,148,387 | |||||
INSURANCE - 0.6% | ||||||||
24,870 | Loews Corporation | 1,628,736 | ||||||
MACHINERY - 1.8% | ||||||||
5,984 | Nordson Corporation | 1,303,794 | ||||||
13,244 | Parker-Hannifin Corporation | 3,604,619 | ||||||
4,908,413 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 10.0% | ||||||||
61,025 | Edwards Lifesciences Corporation(a) | 6,154,371 | ||||||
16,802 | Exact Sciences Corporation(a) | 836,908 | ||||||
8,465 | IDEXX Laboratories, Inc.(a) | 3,315,063 | ||||||
35,037 | Intuitive Surgical, Inc.(a) | 7,975,823 | ||||||
6,187 | Masimo Corporation(a) | 868,840 | ||||||
2,370 | Mettler-Toledo International, Inc.(a) | 3,048,104 | ||||||
16,247 | ResMed, Inc. | 3,305,615 | ||||||
7,705 | West Pharmaceutical Services, Inc. | 2,391,478 | ||||||
27,896,202 | ||||||||
METALS & MINING - 4.0% | ||||||||
147,726 | Freeport-McMoRan, Inc. | 5,773,132 | ||||||
76,357 | Newmont Corporation | 5,180,822 | ||||||
10,953,954 | ||||||||
MULTI ASSET CLASS REIT - 0.6% | ||||||||
19,399 | WP Carey, Inc. | 1,632,232 | ||||||
OFFICE REIT - 1.6% | ||||||||
15,895 | Alexandria Real Estate Equities, Inc. | 2,637,775 | ||||||
15,379 | Boston Properties, Inc. | 1,709,837 | ||||||
4,347,612 | ||||||||
OIL & GAS PRODUCERS - 2.9% | ||||||||
67,392 | Devon Energy Corporation | 5,047,661 | ||||||
18,064 | Diamondback Energy, Inc. | 2,746,089 | ||||||
7,793,750 |
See accompanying notes to financial statements.
69
INSPIRE 100 ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 2.3% | ||||||||
140,966 | Schlumberger N.V. | $ | 6,478,797 | |||||
REAL ESTATE INVESTMENT TRUSTS - 0.9% | ||||||||
63,386 | Invitation Homes, Inc. | 2,390,920 | ||||||
RESIDENTIAL REIT - 3.5% | ||||||||
10,735 | Camden Property Trust | 1,540,365 | ||||||
19,002 | Equity LifeStyle Properties, Inc. | 1,438,451 | ||||||
38,571 | Equity Residential | 2,963,410 | ||||||
12,203 | Sun Communities, Inc. | 2,002,878 | ||||||
32,875 | UDR, Inc. | 1,571,425 | ||||||
9,516,529 | ||||||||
RETAIL - DISCRETIONARY - 1.1% | ||||||||
7,338 | Burlington Stores, Inc.(a) | 1,234,985 | ||||||
14,814 | Genuine Parts Company | 2,025,519 | ||||||
3,260,504 | ||||||||
RETAIL REIT - 1.5% | ||||||||
59,304 | Realty Income Corporation | 4,045,719 | ||||||
SELF-STORAGE REIT - 0.8% | ||||||||
13,078 | Extra Space Storage, Inc. | 2,330,500 | ||||||
SEMICONDUCTORS - 10.1% | ||||||||
52,896 | Analog Devices, Inc. | 8,907,687 | ||||||
14,417 | Entegris, Inc. | 1,599,710 | ||||||
15,226 | KLA Corporation | 5,555,206 | ||||||
58,065 | Microchip Technology, Inc. | 4,218,422 | ||||||
43,318 | ON Semiconductor Corporation(a) | 2,628,536 | ||||||
11,634 | Qorvo, Inc.(a) | 1,300,100 | ||||||
16,769 | Skyworks Solutions, Inc. | 1,825,641 | ||||||
17,166 | Teradyne, Inc. | 1,875,557 | ||||||
27,910,859 | ||||||||
SOFTWARE - 9.3% | ||||||||
8,870 | ANSYS, Inc.(a) | 2,309,393 |
See accompanying notes to financial statements.
70
INSPIRE 100 ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
SOFTWARE - 9.3% (Continued) | ||||||||
15,777 | Ceridian HCM Holding, Inc.(a) | $ | 888,245 | |||||
17,823 | DocuSign, Inc.(a) | 1,495,528 | ||||||
6,286 | Paycom Software, Inc.(a) | 1,787,361 | ||||||
10,008 | RingCentral, Inc., Class A(a) | 631,905 | ||||||
21,205 | ServiceNow, Inc.(a) | 9,912,702 | ||||||
14,863 | Synopsys, Inc.(a) | 4,744,270 | ||||||
4,115 | Tyler Technologies, Inc.(a) | 1,464,199 | ||||||
14,745 | Veeva Systems, Inc., Class A(a) | 2,510,484 | ||||||
25,744,087 | ||||||||
STEEL - 1.2% | ||||||||
24,882 | Nucor Corporation | 3,295,870 | ||||||
TECHNOLOGY HARDWARE - 1.3% | ||||||||
24,038 | NetApp, Inc. | 1,729,534 | ||||||
5,701 | Zebra Technologies Corporation, Class A(a) | 1,928,021 | ||||||
3,657,555 | ||||||||
TECHNOLOGY SERVICES - 10.9% | ||||||||
39,401 | CoStar Group, Inc.(a) | 2,401,097 | ||||||
5,556 | EPAM Systems, Inc.(a) | 1,880,817 | ||||||
59,868 | Fidelity National Information Services, Inc. | 6,256,205 | ||||||
7,632 | FleetCor Technologies, Inc.(a) | 1,898,918 | ||||||
8,407 | Gartner, Inc.(a) | 2,205,997 | ||||||
28,360 | Global Payments, Inc. | 3,716,294 | ||||||
4,060 | MarketAxess Holdings, Inc. | 1,143,621 | ||||||
8,508 | MSCI, Inc. | 3,763,514 | ||||||
34,555 | Paychex, Inc. | 4,278,946 | ||||||
16,051 | Verisk Analytics, Inc. | 2,807,641 | ||||||
30,353,050 | ||||||||
TRANSPORTATION & LOGISTICS - 2.6% | ||||||||
17,607 | Expeditors International of Washington, Inc. | 1,916,346 | ||||||
11,667 | JB Hunt Transport Services, Inc. | 2,013,491 | ||||||
12,854 | Old Dominion Freight Line, Inc. | 3,319,417 | ||||||
7,249,254 |
See accompanying notes to financial statements.
71
INSPIRE 100 ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
TRANSPORTATION EQUIPMENT - 1.8% | ||||||||
35,856 | PACCAR, Inc. | $ | 3,113,735 | |||||
19,037 | Westinghouse Air Brake Technologies Corporation | 1,798,235 | ||||||
4,911,970 | ||||||||
WHOLESALE - DISCRETIONARY - 0.6% | ||||||||
29,881 | LKQ Corporation | 1,535,585 | ||||||
TOTAL COMMON STOCKS (Cost $311,113,840) | 275,990,139 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $311,113,840) | $ | 275,990,139 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3% | 829,972 | |||||||
NET ASSETS - 100.0% | $ | 276,820,111 |
MSCI | - | Morgan Stanley Capital International |
NV | - | Naamioze Vennootschap |
REIT | - | Real Estate Investment Trust |
(a) | - | Non-income producing security. |
See accompanying notes to financial statements.
72
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% | ||||||||
AEROSPACE & DEFENSE - 1.4% | ||||||||
473,509 | Rolls-Royce Holdings plc(a) | $ | 517,277 | |||||
5,319 | Safran S.A. (b) | 549,483 | ||||||
5,027 | Thales S.A. | 612,931 | ||||||
1,679,691 | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.9% | ||||||||
4,886 | Cie Financiere Richemont S.A. | 541,610 | ||||||
440 | Hermes International | 524,203 | ||||||
1,065,813 | ||||||||
ASSET MANAGEMENT - 3.7% | ||||||||
35,337 | 3i Group plc | 565,312 | ||||||
6,018 | Groupe Bruxelles Lambert S.A. | 555,229 | ||||||
21,631 | Industrivarden A.B. | 560,336 | ||||||
22,065 | Industrivarden A.B., C Shares | 571,804 | ||||||
28,465 | Investor A.B. | 533,410 | ||||||
12,162 | L E Lundbergforetagen A.B. | 598,590 | ||||||
518 | Partners Group Holding A.G. | 555,843 | ||||||
14,960 | Schroders plc | 558,396 | ||||||
4,498,920 | ||||||||
AUTOMOTIVE - 4.1% | ||||||||
7,132 | Bayerische Motoren Werke A.G. | 617,209 | ||||||
4,661 | Cie Generale des Etablissements Michelin SCA | 606,575 | ||||||
8,500 | Continental A.G. | 650,295 | ||||||
9,829 | Denso Corporation | 601,475 | ||||||
2,909 | Ferrari N.V. | 567,168 | ||||||
396,273 | Geely Automobile Holdings Ltd. | 757,480 | ||||||
22,770 | Tata Motors Ltd. - ADR(a) (b) | 648,945 | ||||||
9,139 | Toyota Industries Corporation | 589,283 | ||||||
5,038,430 | ||||||||
BANKING - 9.5% | ||||||||
7,973 | Commonwealth Bank of Australia | 597,017 | ||||||
51,596 | Credit Agricole S.A. (b) | 571,172 | ||||||
36,389 | Danske Bank A/S | 595,456 | ||||||
84,312 | Grupo Financiero Banorte S.A.B. de C.V. | 545,028 | ||||||
10,434 | HDFC Bank Ltd. - ADR | 600,685 |
See accompanying notes to financial statements.
73
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
BANKING - 9.5% (Continued) | ||||||||
33,741 | ICICI Bank Ltd. - ADR | $ | 649,515 | |||||
269,248 | Intesa Sanpaolo SpA | 586,786 | ||||||
14,696 | KakaoBank Corporation(a) | 480,907 | ||||||
8,645 | KBC Group N.V. | 539,095 | ||||||
4,122 | Macquarie Group Ltd. | 550,054 | ||||||
289,321 | Malayan Banking Bhd | 601,237 | ||||||
26,370 | National Australia Bank Ltd. | 591,466 | ||||||
16,706 | OTP Bank Nyrt | 398,123 | ||||||
65,501 | Powszechna Kasa Oszczednosci Bank Polski S.A.(a), | 489,056 | ||||||
552,510 | Public Bank Bhd | 596,797 | ||||||
56,685 | Skandinaviska Enskilda Banken A.B. | 625,659 | ||||||
50,693 | Standard Bank Group Ltd. | 579,134 | ||||||
67,062 | Svenska Handelsbanken A.B., A Shares | 659,721 | ||||||
37,149 | Swedbank A.B., A Shares | 561,226 | ||||||
26,837 | United Overseas Bank Ltd. | 578,022 | ||||||
11,396,156 | ||||||||
BIOTECH & PHARMA - 2.5% | ||||||||
4,248 | Celltrion, Inc. | 548,859 | ||||||
18,648 | Chugai Pharmaceutical Company Ltd. | 511,103 | ||||||
3,162 | CSL Ltd. | 616,723 | ||||||
34,813 | Grifols S.A. (b) | 731,980 | ||||||
5,347 | UCB S.A. | 471,514 | ||||||
2,880,179 | ||||||||
CHEMICALS - 7.2% | ||||||||
3,605 | Air Liquide S.A. (b) | 630,072 | ||||||
7,277 | Akzo Nobel N.V. | 634,990 | ||||||
7,812 | Brenntag S.E. | 603,361 | ||||||
919,294 | Chandra Asri Petrochemical Tbk P.T. | 646,522 | ||||||
6,173 | Croda International plc | 537,527 | ||||||
657 | EMS-Chemie Holding A.G. | 562,217 | ||||||
22,357 | Evonik Industries A.G. | 598,218 | ||||||
155 | Givaudan S.A. | 569,006 | ||||||
3,529 | Koninklijke DSM N.V. | 595,805 | ||||||
95,403 | Mitsubishi Chemical Holdings Corporation | 567,873 |
See accompanying notes to financial statements.
74
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
CHEMICALS - 7.2% (Continued) | ||||||||
9,334 | Novozymes A/S, Class B | $ | 592,500 | |||||
7,531 | Sociedad Quimica y Minera de Chile S.A. - ADR | 799,566 | ||||||
6,176 | Solvay S.A. | 603,879 | ||||||
5,293 | Symrise A.G. | 583,724 | ||||||
8,525,260 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.5% | ||||||||
21,488 | Bureau Veritas S.A. | 619,709 | ||||||
29,168 | Compass Group plc | 653,343 | ||||||
12,739 | Edenred(b) | 627,858 | ||||||
6,255 | Eurofins Scientific S.E. | 582,869 | ||||||
221 | SGS S.A. | 548,233 | ||||||
3,032,012 | ||||||||
CONSTRUCTION MATERIALS - 3.2% | ||||||||
10,360 | Cie de Saint-Gobain | 612,682 | ||||||
12,778 | CRH plc | 527,110 | ||||||
10,748 | HeidelbergCement A.G. | 624,092 | ||||||
12,969 | Holcim Ltd. | 641,820 | ||||||
20,276 | James Hardie Industries plc - ADR | 525,195 | ||||||
55,870 | Siam Cement PCL (The) - ADR | 605,618 | ||||||
1,937 | Sika A.G. | 536,031 | ||||||
4,072,548 | ||||||||
CONTAINERS & PACKAGING - 0.6% | ||||||||
55,789 | Amcor plc - ADR | 733,739 | ||||||
DIVERSIFIED INDUSTRIALS - 0.4% | ||||||||
18,680 | Alfa Laval A.B. | 504,166 | ||||||
E-COMMERCE DISCRETIONARY - 0.4% | ||||||||
11,821 | Zalando S.E.(a), | 480,224 | ||||||
ELECTRIC UTILITIES - 6.6% | ||||||||
36,129 | Azure Power Global Ltd.(a) (b) | 536,877 | ||||||
53,678 | E.ON S.E. | 546,401 | ||||||
130,289 | EDP - Energias de Portugal S.A. | 653,333 |
See accompanying notes to financial statements.
75
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
ELECTRIC UTILITIES - 6.6% (Continued) | ||||||||
29,741 | Endesa S.A. | $ | 658,536 | |||||
107,268 | Enel Americas S.A. - ADR(b) | 589,974 | ||||||
94,240 | Enel SpA | 611,341 | ||||||
47,605 | Engie S.A. | 638,480 | ||||||
34,049 | Fortum OYJ | 628,574 | ||||||
416,427 | Gulf Energy Development PCL - ADR | 588,517 | ||||||
57,815 | Iberdrola S.A. | 684,758 | ||||||
27,877 | SSE plc | 622,494 | ||||||
284,515 | Tenaga Nasional Bhd | 594,499 | ||||||
76,265 | Terna Rete Elettrica Nazionale SpA | 645,842 | ||||||
7,999,626 | ||||||||
ELECTRICAL EQUIPMENT - 1.9% | ||||||||
23,138 | Assa Abloy A.B., Class B | 569,050 | ||||||
54,029 | Delta Electronics Thailand PCL | 544,730 | ||||||
44,793 | Hexagon A.B. | 545,310 | ||||||
2,931 | Schindler Holding A.G. | 600,765 | ||||||
2,259,855 | ||||||||
ENGINEERING & CONSTRUCTION - 1.5% | ||||||||
17,967 | Bouygues S.A. (b) | 619,598 | ||||||
23,859 | Ferrovial S.A. | 614,849 | ||||||
6,129 | Vinci S.A. | 589,942 | ||||||
1,824,389 | ||||||||
ENTERTAINMENT CONTENT - 0.5% | ||||||||
121,167 | Bollore S.E. | 645,045 | ||||||
FOOD - 2.4% | ||||||||
21,956 | Ajinomoto Company, Inc. | 534,564 | ||||||
270 | Barry Callebaut A.G. | 591,551 | ||||||
5 | Chocoladefabriken Lindt & Spruengli A.G.(a) | 518,027 | ||||||
214,605 | Grupo Bimbo S.A.B. de C.V. | 703,733 | ||||||
179,157 | Wilmar International Ltd. | 545,270 | ||||||
2,893,145 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 1.5% | ||||||||
31,694 | Stora Enso OYJ, R Shares | 612,823 |
See accompanying notes to financial statements.
76
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 1.5% (Continued) | ||||||||
51,167 | Suzano S.A. | $ | 572,577 | |||||
19,007 | UPM-Kymmene OYJ | 673,008 | ||||||
1,858,408 | ||||||||
GAS & WATER UTILITIES - 1.1% | ||||||||
21,092 | Naturgy Energy Group S.A. | 637,039 | ||||||
111,480 | Snam SpA | 647,318 | ||||||
1,284,357 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.0% | ||||||||
9,649 | Fresenius Medical Care A.G. & Company KGaA | 586,583 | ||||||
17,654 | Fresenius S.E. & Company KGaA | 604,067 | ||||||
417,073 | IHH Healthcare Bhd | 638,134 | ||||||
23,848 | Sonic Healthcare Ltd. | 627,300 | ||||||
2,456,084 | ||||||||
HOME CONSTRUCTION - 0.5% | ||||||||
1,024 | Geberit A.G. | 561,198 | ||||||
HOUSEHOLD PRODUCTS - 1.5% | ||||||||
6,030 | Beiersdorf A.G. | 624,681 | ||||||
9,495 | Henkel A.G. & Company KGaA | 639,489 | ||||||
857 | LG Household & Health Care Ltd.(a) | 506,382 | ||||||
1,770,552 | ||||||||
INDUSTRIAL REIT - 0.5% | ||||||||
37,013 | Goodman Group | 545,753 | ||||||
INDUSTRIAL SUPPORT SERVICES - 0.4% | ||||||||
10,072 | Ashtead Group plc | 527,113 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.4% | ||||||||
186,275 | B3 S.A. - Brasil Bolsa Balcao | 498,097 | ||||||
3,501 | Deutsche Boerse A.G. | 587,133 | ||||||
6,169 | London Stock Exchange Group plc | 575,426 | ||||||
1,660,656 | ||||||||
INSURANCE - 3.4% | ||||||||
18,968 | Admiral Group plc | 531,357 |
See accompanying notes to financial statements.
77
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
INSURANCE - 3.4% (Continued) | ||||||||
30,528 | Dai-ichi Life Holdings, Inc. | $ | 624,568 | |||||
178,689 | Legal & General Group plc | 584,784 | ||||||
43,435 | Prudential plc | 567,876 | ||||||
12,925 | Sampo OYJ, A Shares | 583,754 | ||||||
993 | Swiss Life Holding A.G. | 562,011 | ||||||
26,141 | Tryg A/S | 609,391 | ||||||
4,063,741 | ||||||||
INTERNET MEDIA & SERVICES - 1.4% | ||||||||
5,442 | Naspers Ltd., N Shares | 596,398 | ||||||
11,493 | Prosus N.V. | 595,559 | ||||||
6,252 | REA Group Ltd. | 505,157 | ||||||
1,697,114 | ||||||||
MACHINERY - 2.8% | ||||||||
47,474 | Atlas Copco A.B. | 531,479 | ||||||
11,762 | Atlas Copco A.B.(a) | 9,610 | ||||||
39,571 | CNH Industrial N.V. | 589,084 | ||||||
3,577 | FANUC Corporation | 586,478 | ||||||
29,092 | Sandvik A.B. | 595,738 | ||||||
1,127 | SMC Corporation | 583,191 | ||||||
85,458 | WEG S.A. | 456,128 | ||||||
3,351,708 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 1.8% | ||||||||
4,241 | Coloplast A/S - Series B | 504,391 | ||||||
14,110 | Demant A/S(a), | 621,207 | ||||||
3,362 | EssilorLuxottica S.A. (b) | 541,449 | ||||||
1,545 | Sonova Holding A.G. | 545,914 | ||||||
2,212,961 | ||||||||
METALS & MINING - 4.1% | ||||||||
4,506 | Anglo American Platinum Ltd. | 493,526 | ||||||
28,598 | Antofagasta plc | 532,462 | ||||||
16,875 | BHP Group Ltd. | 540,140 | ||||||
43,108 | Fortescue Metals Group Ltd. | 622,016 | ||||||
31,753 | Newcrest Mining Ltd. | 570,492 | ||||||
62,079 | Norsk Hydro ASA | 497,701 |
See accompanying notes to financial statements.
78
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
METALS & MINING - 4.1% (Continued) | ||||||||
7,301 | Rio Tinto Ltd. | $ | 599,555 | |||||
8,030 | Rio Tinto plc | 581,847 | ||||||
8,365 | Southern Copper Corporation | 516,790 | ||||||
4,954,529 | ||||||||
MULTI ASSET CLASS REIT - 0.4% | ||||||||
35,869 | Segro plc | 500,824 | ||||||
OIL & GAS PRODUCERS - 3.9% | ||||||||
34,112 | Ecopetrol S.A. - ADR(b) | 576,493 | ||||||
168,923 | ENEOS Holdings, Inc. | 683,975 | ||||||
42,935 | Eni SpA | 654,278 | ||||||
53,467 | Inpex Corporation | 697,403 | ||||||
13,180 | OMV A.G. | 769,553 | ||||||
144,203 | PTT Exploration & Production PCL - ADR | 712,233 | ||||||
29,280 | Woodside Energy Group Ltd. | 625,230 | ||||||
4,719,165 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 2.9% | ||||||||
209,909 | China Overseas Land & Investment Ltd. | 609,890 | ||||||
127,171 | Hongkong Land Holdings Ltd. | 590,073 | ||||||
869,628 | SM Prime Holdings, Inc. | 611,574 | ||||||
22,736 | Sumitomo Realty & Development Company Ltd. | 613,785 | ||||||
251,597 | Swire Properties Ltd. | 615,590 | ||||||
13,293 | Vonovia S.E. | 505,782 | ||||||
3,546,694 | ||||||||
RETAIL - CONSUMER STAPLES - 0.9% | ||||||||
29,601 | Aeon Company Ltd. | 542,132 | ||||||
26,455 | Jeronimo Martins SGPS S.A. | 541,480 | ||||||
1,083,612 | ||||||||
RETAIL - DISCRETIONARY - 1.5% | ||||||||
7,776 | Next plc | 634,780 | ||||||
6,512 | Pandora A/S | 525,846 | ||||||
36,703 | SM Investments Corporation | 600,175 | ||||||
1,760,801 |
See accompanying notes to financial statements.
79
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||
SEMICONDUCTORS - 2.0% | ||||||||
925 | ASML Holding N.V. | $ | 532,146 | |||||
18,294 | Infineon Technologies A.G. | 568,239 | ||||||
3,428 | NXP Semiconductors N.V. | 650,497 | ||||||
14,293 | STMicroelectronics N.V. - ADR | 572,863 | ||||||
2,323,745 | ||||||||
SOFTWARE - 1.4% | ||||||||
4,642 | Check Point Software Technologies Ltd.(a) | 580,622 | ||||||
12,589 | Dassault Systemes S.E. | 529,462 | ||||||
2,895 | Nice Ltd. - ADR(a) | 575,295 | ||||||
1,685,379 | ||||||||
SPECIALTY FINANCE - 0.0%(d) | ||||||||
1 | Isracard Ltd. | 3 | ||||||
TECHNOLOGY HARDWARE - 1.5% | ||||||||
5,343 | Garmin Ltd. | 564,328 | ||||||
64,537 | Panasonic Holdings Corporation | 593,619 | ||||||
1,318 | Samsung SDI Company Ltd. | 610,077 | ||||||
1,768,024 | ||||||||
TECHNOLOGY SERVICES - 1.8% | ||||||||
2,660 | Globant S.A.(a) | 504,097 | ||||||
14,896 | NEC Corporation | 602,912 | ||||||
31,992 | NTT Data Corporation | 503,036 | ||||||
5,966 | Wolters Kluwer N.V. | 590,004 | ||||||
2,200,049 | ||||||||
TELECOMMUNICATIONS - 3.6% | ||||||||
612,633 | America Movil S.A.B. de C.V. | 660,208 | ||||||
183,161 | Koninklijke KPN N.V. | 667,024 | ||||||
48,369 | MTN Group Ltd. | 521,912 | ||||||
325,988 | Singapore Telecommunications Ltd. | 616,230 | ||||||
54,989 | Telefonica Brasil S.A. | 590,473 | ||||||
157,511 | Telia Company A.B. | 645,415 | ||||||
218,861 | Telstra Corp Ltd. | 609,299 | ||||||
4,310,561 |
See accompanying notes to financial statements.
80
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||||||
COMMON STOCKS — 97.8% (Continued) | ||||||||||||
TRANSPORTATION & LOGISTICS - 4.2% | ||||||||||||
3,784 | Aena SME S.A.(a), | $ | 577,327 | |||||||||
30,353 | Atlantia SpA | 735,287 | ||||||||||
3,228 | DSV A/S | 529,848 | ||||||||||
10,818 | East Japan Railway Company | 555,851 | ||||||||||
2,188 | Kuehne + Nagel International A.G. | 576,528 | ||||||||||
54,334 | Poste Italiane SpA | 587,544 | ||||||||||
7,617 | Ryanair Holdings plc - ADR(a) | 664,202 | ||||||||||
64,130 | Transurban Group | 661,224 | ||||||||||
4,887,811 | ||||||||||||
TRANSPORTATION EQUIPMENT - 1.6% | ||||||||||||
26,332 | Alstom S.A. | 717,863 | ||||||||||
91,200 | Iveco Group N.V.(a) | 579,972 | ||||||||||
32,134 | Volvo A.B. | 588,279 | ||||||||||
1,886,114 | ||||||||||||
WHOLESALE - CONSUMER STAPLES - 0.4% | ||||||||||||
18,558 | ITOCHU Corporation | 532,712 | ||||||||||
TOTAL COMMON STOCKS (Cost $124,704,578) | 117,678,866 | |||||||||||
Shares | Expiration Date | Exercise Price | Fair Value | |||||||||
WARRANT — 0.0%(d) | ||||||||||||
APPAREL & TEXTILE PRODUCTS - 0.0% (d) | ||||||||||||
12,580 | CIE FINANCIERE RICHMO-A WARRANTS | 11/23/2023 | $67.00 | 7,474 | ||||||||
TOTAL WARRANT (Cost $6,914) | 7,474 | |||||||||||
See accompanying notes to financial statements.
81
INSPIRE INTERNATIONAL ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 4.6% | ||||||||
MONEY MARKET FUND - 4.6% | ||||||||
5,535,135 | Fidelity Government Portfolio - Institutional Class, , 0.01% (Cost $5,535,135)(c) (e) | $ | 5,535,135 | |||||
TOTAL INVESTMENTS - 102.4% (Cost $130,246,627) | $ | 123,221,475 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.4)% | (2,843,837 | ) | ||||||
NET ASSETS - 100.0% | $ | 120,377,638 |
ADR | - | American Depositary Receipt |
A/S | - | Anonim Sirketi |
LTD | - | Limited Company |
NV | - | Naamioze Vennootschap |
OYJ | - | Julkinen osakeyhtiö |
PLC | - | Public Limited Company |
PT | - | Perseroan Terbatas |
REIT | - | Real Estate Investment Trust |
S/A | - | Société Anonyme |
(a) | - | Non-income producing security. |
(b) | - | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2022 was $5,270,950. |
(c) | - | Security was purchased with cash received as collateral for securities on loan at May 31, 2022. Total collateral had a value of $5,535,135 at May 31, 2022. |
(d) | - | Percentage rounds to less than 0.1%. |
(e) | - | Rate disclosed is the seven day effective yield as of May 31, 2022. |
See accompanying notes to financial statements.
82
INSPIRE TACTICAL BALANCED ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Shares | Fair Value | |||||||
CLOSED END FUND — 10.0% | ||||||||
COMMODITY - 10.0% | ||||||||
793,172 | Sprott Physical Gold Trust(a) | $ | 11,405,813 | |||||
TOTAL CLOSED END FUND (Cost $11,539,486) | 11,405,813 | |||||||
Shares | Fair Value | |||||||
COMMON STOCKS — 10.3% | ||||||||
AEROSPACE & DEFENSE - 0.1% | ||||||||
188 | Teledyne Technologies, Inc.(a) | 76,168 | ||||||
BANKING - 0.1% | ||||||||
376 | Signature Bank | 81,318 | ||||||
188 | SVB Financial Group(a) | 91,850 | ||||||
173,168 | ||||||||
BIOTECH & PHARMA - 0.1% | ||||||||
564 | Alnylam Pharmaceuticals, Inc.(a) | 70,951 | ||||||
940 | Incyte Corporation(a) | 71,337 | ||||||
142,288 | ||||||||
CHEMICALS - 0.2% | ||||||||
376 | Albemarle Corporation | 97,918 | ||||||
376 | Avery Dennison Corporation | 64,883 | ||||||
564 | Eastman Chemical Company | 62,130 | ||||||
224,931 | ||||||||
COMMERCIAL SUPPORT SERVICES - 0.2% | ||||||||
376 | Cintas Corporation | 149,772 | ||||||
1,316 | Republic Services, Inc. | 176,134 | ||||||
325,906 | ||||||||
CONTAINERS & PACKAGING - 0.1% | ||||||||
564 | Crown Holdings, Inc. | 58,904 | ||||||
DATA CENTER REIT - 0.2% | ||||||||
1,316 | Digital Realty Trust, Inc. | 183,701 |
See accompanying notes to financial statements.
83
INSPIRE TACTICAL BALANCED ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 10.3% (Continued) | ||||||||
DIVERSIFIED INDUSTRIALS - 0.1% | ||||||||
564 | Dover Corporation | $ | 75,525 | |||||
E-COMMERCE DISCRETIONARY - 0.1% | ||||||||
752 | Etsy, Inc.(a) | 61,002 | ||||||
564 | Wayfair, Inc., Class A(a) | 33,496 | ||||||
94,498 | ||||||||
ELECTRIC UTILITIES - 0.3% | ||||||||
2,632 | AES Corporation (The) | 58,009 | ||||||
1,128 | Alliant Energy Corporation | 71,989 | ||||||
1,692 | Avangrid, Inc. | 80,522 | ||||||
2,632 | CenterPoint Energy, Inc. | 84,356 | ||||||
294,876 | ||||||||
ELECTRICAL EQUIPMENT - 0.2% | ||||||||
2,632 | Amphenol Corporation, Class A | 186,504 | ||||||
752 | Cognex Corporation | 36,412 | ||||||
752 | Keysight Technologies, Inc.(a) | 109,491 | ||||||
332,407 | ||||||||
ENGINEERING & CONSTRUCTION - 0.1% | ||||||||
564 | Quanta Services, Inc. | 67,116 | ||||||
ENTERTAINMENT CONTENT - 0.2% | ||||||||
1,692 | AppLovin Corporation(a) | 64,482 | ||||||
2,444 | Fox Corporation, Class A | 86,786 | ||||||
3,008 | Warner Bros Discovery, Inc.(a) | 55,498 | ||||||
206,766 | ||||||||
FOOD - 0.1% | ||||||||
2,256 | Hormel Foods Corporation | 109,800 | ||||||
HEALTH CARE FACILITIES & SERVICES - 0.4% | ||||||||
752 | Catalent, Inc.(a) | 77,501 | ||||||
1,316 | HCA Healthcare, Inc. | 276,887 | ||||||
188 | Molina Healthcare, Inc.(a) | 54,561 | ||||||
408,949 |
See accompanying notes to financial statements.
84
INSPIRE TACTICAL BALANCED ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 10.3% (Continued) | ||||||||
HEALTH CARE REIT - 0.1% | ||||||||
2,444 | Medical Properties Trust, Inc. | $ | 45,410 | |||||
1,692 | Ventas, Inc. | 96,004 | ||||||
141,414 | ||||||||
INDUSTRIAL REIT - 0.4% | ||||||||
1,692 | Duke Realty Corporation | 89,388 | ||||||
3,196 | Prologis, Inc. | 407,427 | ||||||
496,815 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.1% | ||||||||
376 | United Rentals, Inc.(a) | 112,116 | ||||||
INSURANCE - 0.1% | ||||||||
1,128 | Loews Corporation | 73,873 | ||||||
MACHINERY - 0.2% | ||||||||
188 | Nordson Corporation | 40,961 | ||||||
564 | Parker-Hannifin Corporation | 153,504 | ||||||
194,465 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 1.1% | ||||||||
2,632 | Edwards Lifesciences Corporation(a) | 265,437 | ||||||
752 | Exact Sciences Corporation(a) | 37,457 | ||||||
376 | IDEXX Laboratories, Inc.(a) | 147,249 | ||||||
1,504 | Intuitive Surgical, Inc.(a) | 342,370 | ||||||
188 | Masimo Corporation(a) | 26,401 | ||||||
188 | Mettler-Toledo International, Inc.(a) | 241,791 | ||||||
752 | ResMed, Inc. | 153,002 | ||||||
376 | West Pharmaceutical Services, Inc. | 116,703 | ||||||
1,330,410 | ||||||||
METALS & MINING - 0.4% | ||||||||
6,016 | Freeport-McMoRan, Inc. | 235,105 | ||||||
3,196 | Newmont Corporation | 216,849 | ||||||
451,954 | ||||||||
MULTI ASSET CLASS REIT - 0.1% | ||||||||
752 | WP Carey, Inc. | 63,273 | ||||||
See accompanying notes to financial statements.
85
INSPIRE TACTICAL BALANCED ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 10.3% (Continued) | ||||||||
OFFICE REIT - 0.2% | ||||||||
752 | Alexandria Real Estate Equities, Inc. | $ | 124,794 | |||||
564 | Boston Properties, Inc. | 62,706 | ||||||
187,500 | ||||||||
OIL & GAS PRODUCERS - 0.3% | ||||||||
2,820 | Devon Energy Corporation | 211,218 | ||||||
752 | Diamondback Energy, Inc. | 114,319 | ||||||
325,537 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.2% | ||||||||
5,828 | Schlumberger N.V. | 267,855 | ||||||
REAL ESTATE INVESTMENT TRUSTS - 0.1% | ||||||||
2,820 | Invitation Homes, Inc. | 106,370 | ||||||
RESIDENTIAL REIT - 0.3% | ||||||||
376 | Camden Property Trust | 53,952 | ||||||
752 | Equity LifeStyle Properties, Inc. | 56,926 | ||||||
1,692 | Equity Residential | 129,996 | ||||||
564 | Sun Communities, Inc. | 92,569 | ||||||
1,504 | UDR, Inc. | 71,891 | ||||||
405,334 | ||||||||
RETAIL - DISCRETIONARY - 0.1% | ||||||||
376 | Burlington Stores, Inc.(a) | 63,281 | ||||||
564 | Genuine Parts Company | 77,116 | ||||||
140,397 | ||||||||
RETAIL REIT - 0.1% | ||||||||
2,444 | Realty Income Corporation | 166,730 | ||||||
SELF-STORAGE REIT - 0.1% | ||||||||
564 | Extra Space Storage, Inc. | 100,505 | ||||||
SEMICONDUCTORS - 1.0% | ||||||||
2,256 | Analog Devices, Inc. | 379,911 | ||||||
564 | Entegris, Inc. | 62,581 | ||||||
564 | KLA Corporation | 205,775 |
See accompanying notes to financial statements.
86
INSPIRE TACTICAL BALANCED ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 10.3% (Continued) | ||||||||
SEMICONDUCTORS - 1.0% (Continued) | ||||||||
2,444 | Microchip Technology, Inc. | $ | 177,557 | |||||
1,880 | ON Semiconductor Corporation(a) | 114,078 | ||||||
564 | Qorvo, Inc.(a) | 63,027 | ||||||
752 | Skyworks Solutions, Inc. | 81,870 | ||||||
752 | Teradyne, Inc. | 82,164 | ||||||
1,166,963 | ||||||||
SOFTWARE - 0.9% | ||||||||
376 | ANSYS, Inc.(a) | 97,895 | ||||||
752 | Ceridian HCM Holding, Inc.(a) | 42,338 | ||||||
752 | DocuSign, Inc.(a) | 63,100 | ||||||
188 | Paycom Software, Inc.(a) | 53,456 | ||||||
376 | RingCentral, Inc., Class A(a) | 23,741 | ||||||
940 | ServiceNow, Inc.(a) | 439,421 | ||||||
564 | Synopsys, Inc.(a) | 180,029 | ||||||
188 | Tyler Technologies, Inc.(a) | 66,894 | ||||||
564 | Veeva Systems, Inc., Class A(a) | 96,027 | ||||||
1,062,901 | ||||||||
STEEL - 0.1% | ||||||||
940 | Nucor Corporation | 124,512 | ||||||
TECHNOLOGY HARDWARE - 0.1% | ||||||||
940 | NetApp, Inc. | 67,633 | ||||||
188 | Zebra Technologies Corporation, Class A(a) | 63,580 | ||||||
131,213 | ||||||||
TECHNOLOGY SERVICES - 1.2% | ||||||||
1,692 | CoStar Group, Inc.(a) | 103,110 | ||||||
188 | EPAM Systems, Inc.(a) | 63,642 | ||||||
2,632 | Fidelity National Information Services, Inc. | 275,044 | ||||||
376 | FleetCor Technologies, Inc.(a) | 93,553 | ||||||
376 | Gartner, Inc.(a) | 98,662 | ||||||
1,128 | Global Payments, Inc. | 147,813 | ||||||
188 | MarketAxess Holdings, Inc. | 52,956 | ||||||
376 | MSCI, Inc. | 166,324 | ||||||
1,504 | Paychex, Inc. | 186,240 |
See accompanying notes to financial statements.
87
INSPIRE TACTICAL BALANCED ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 10.3% (Continued) | ||||||||
TECHNOLOGY SERVICES - 1.2% (Continued) | ||||||||
752 | Verisk Analytics, Inc. | $ | 131,540 | |||||
1,318,884 | ||||||||
TRANSPORTATION & LOGISTICS - 0.3% | ||||||||
752 | Expeditors International of Washington, Inc. | 81,848 | ||||||
564 | JB Hunt Transport Services, Inc. | 97,335 | ||||||
564 | Old Dominion Freight Line, Inc. | 145,647 | ||||||
324,830 | ||||||||
TRANSPORTATION EQUIPMENT - 0.2% | ||||||||
1,504 | PACCAR, Inc. | 130,607 | ||||||
752 | Westinghouse Air Brake Technologies Corporation | 71,034 | ||||||
201,641 | ||||||||
WHOLESALE - DISCRETIONARY - 0.1% | ||||||||
1,316 | LKQ Corporation | 67,629 | ||||||
TOTAL COMMON STOCKS (Cost $10,984,443) | 11,738,124 | |||||||
Shares | Fair Value | |||||||
EXCHANGE-TRADED FUND — 79.2% | ||||||||
FIXED INCOME - 79.2% | ||||||||
1,795,400 | WisdomTree Floating Rate Treasury Fund | 90,362,482 | ||||||
TOTAL EXCHANGE-TRADED FUND (Cost $90,403,097) | 90,362,482 | |||||||
TOTAL INVESTMENTS - 99.5% (Cost $112,927,026) | $ | 113,506,419 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5% | 561,611 | |||||||
NET ASSETS - 100.0% | $ | 114,068,030 |
MSCI | - | Morgan Stanley Capital International |
NV | - | Naamioze Vennootschap |
REIT | - | Real Estate Investment Trust |
(a) | - | Non-income producing security. |
See accompanying notes to financial statements.
88
INSPIRE FAITHWARD MID CAP MOMENTUM ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
ASSET MANAGEMENT - 2.7% | ||||||||
5,310 | Affiliated Managers Group, Inc. | $ | 709,522 | |||||
BANKING - 5.5% | ||||||||
17,955 | Bank OZK | 744,594 | ||||||
16,065 | Synovus Financial Corporation | 685,172 | ||||||
1,429,766 | ||||||||
BIOTECH & PHARMA - 3.3% | ||||||||
3,780 | United Therapeutics Corporation(a) | 870,685 | ||||||
CHEMICALS - 3.3% | ||||||||
13,050 | Olin Corporation | 858,559 | ||||||
CONSTRUCTION MATERIALS - 3.0% | ||||||||
3,060 | Carlisle Companies, Inc. | 778,556 | ||||||
ELECTRICAL EQUIPMENT - 3.3% | ||||||||
3,105 | Littelfuse, Inc. | 838,971 | ||||||
ENGINEERING & CONSTRUCTION - 2.9% | ||||||||
9,090 | MasTec, Inc.(a) | 759,833 | ||||||
GAS & WATER UTILITIES - 2.9% | ||||||||
10,350 | National Fuel Gas Company | 761,036 | ||||||
HEALTH CARE FACILITIES & SERVICES - 2.6% | ||||||||
1,395 | Chemed Corporation | 675,738 | ||||||
INDUSTRIAL INTERMEDIATE PROD - 3.0% | ||||||||
3,060 | Valmont Industries, Inc. | 785,655 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.8% | ||||||||
12,330 | SEI Investments Company | 720,442 | ||||||
See accompanying notes to financial statements.
89
INSPIRE FAITHWARD MID CAP MOMENTUM ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
INSURANCE - 11.3% | ||||||||
4,950 | American Financial Group, Inc. | $ | 699,435 | |||||
3,105 | Kinsale Capital Group, Inc. | 682,727 | ||||||
29,970 | Old Republic International Corporation | 716,882 | ||||||
6,615 | Reinsurance Group of America, Inc. | 832,498 | ||||||
2,931,542 | ||||||||
LEISURE PRODUCTS - 5.1% | ||||||||
6,930 | Polaris, Inc. | 738,392 | ||||||
13,140 | YETI Holdings, Inc.(a) | 601,155 | ||||||
1,339,547 | ||||||||
OIL & GAS PRODUCERS - 2.8% | ||||||||
17,280 | Murphy Oil Corporation | 733,018 | ||||||
OIL & GAS SERVICES & EQUIPMENT - 2.7% | ||||||||
35,460 | NOV, Inc. | 709,200 | ||||||
RETAIL - CONSUMER STAPLES - 2.3% | ||||||||
10,350 | BJs Wholesale Club Holdings, Inc.(a) | 598,955 | ||||||
RETAIL - DISCRETIONARY - 3.2% | ||||||||
6,975 | AutoNation, Inc.(a) | 833,931 | ||||||
RETAIL REIT - 2.6% | ||||||||
5,985 | Federal Realty Investment Trust | 688,095 | ||||||
SELF-STORAGE REIT - 2.2% | ||||||||
4,905 | Life Storage, Inc. | 572,708 | ||||||
SEMICONDUCTORS - 10.8% | ||||||||
8,910 | Azenta, Inc. | 682,862 | ||||||
14,220 | Lattice Semiconductor Corporation(a) | 739,724 | ||||||
5,940 | MKS Instruments, Inc. | 733,590 | ||||||
4,365 | Synaptics, Inc.(a) | 646,544 | ||||||
2,802,720 |
See accompanying notes to financial statements.
90
INSPIRE FAITHWARD MID CAP MOMENTUM ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
SOFTWARE - 7.4% | ||||||||
5,805 | Omnicell, Inc.(a) | $ | 645,284 | |||||
5,265 | Qualys, Inc.(a) | 688,030 | ||||||
15,390 | Teradata Corporation(a) | 591,438 | ||||||
1,924,752 | ||||||||
SPECIALTY REITS - 2.4% | ||||||||
6,345 | Lamar Advertising Company, Class A | 621,493 | ||||||
STEEL - 5.5% | ||||||||
4,050 | Reliance Steel & Aluminum Company | 787,320 | ||||||
14,850 | Ternium S.A. - ADR | 652,955 | ||||||
1,440,275 | ||||||||
TECHNOLOGY HARDWARE - 5.5% | ||||||||
9,315 | Dolby Laboratories, Inc., Class A | 723,030 | ||||||
8,190 | Lumentum Holdings, Inc.(a) | 704,995 | ||||||
1,428,025 | ||||||||
TOTAL COMMON STOCKS (Cost $27,346,708) | 25,813,024 | |||||||
TOTAL INVESTMENTS - 99.1% (Cost $27,346,708) | $ | 25,813,024 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 227,380 | |||||||
NET ASSETS - 100.0% | $ | 26,040,404 |
ADR | - | American Depositary Receipt |
REIT | - | Real Estate Investment Trust |
S/A | - | Société Anonyme |
(a) | - | Non-income producing security. |
See accompanying notes to financial statements.
91
INSPIRE FAITHWARD LARGE CAP MOMENTUM ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
ASSET MANAGEMENT - 2.9% | ||||||||
18,360 | KKR & Company, Inc. | $ | 1,006,312 | |||||
BANKING - 6.3% | ||||||||
6,523 | M&T Bank Corporation | 1,173,944 | ||||||
2,146 | SVB Financial Group(a) | 1,048,471 | ||||||
2,222,415 | ||||||||
BIOTECH & PHARMA - 2.7% | ||||||||
1,416 | Regeneron Pharmaceuticals, Inc.(a) | 941,272 | ||||||
CHEMICALS - 5.4% | ||||||||
14,418 | Mosaic Company (The) | 903,288 | ||||||
9,993 | Nutrien Ltd. | 971,219 | ||||||
1,874,507 | ||||||||
ELECTRIC UTILITIES - 3.0% | ||||||||
16,398 | Alliant Energy Corporation | 1,046,520 | ||||||
ENGINEERING & CONSTRUCTION - 2.7% | ||||||||
7,917 | Quanta Services, Inc. | 942,123 | ||||||
ENTERTAINMENT CONTENT - 4.9% | ||||||||
9,182 | Sea Ltd. - ADR(a) | 758,984 | ||||||
7,515 | Take-Two Interactive Software, Inc.(a) | 935,843 | ||||||
1,694,827 | ||||||||
FOOD - 3.3% | ||||||||
14,134 | Darling Ingredients, Inc.(a) | 1,131,709 | ||||||
HEALTH CARE FACILITIES & SERVICES - 2.5% | ||||||||
4,082 | HCA Healthcare, Inc. | 858,853 | ||||||
INDUSTRIAL SUPPORT SERVICES - 2.8% | ||||||||
18,566 | Fastenal Company | 994,395 | ||||||
INSURANCE - 5.7% | ||||||||
7,773 | Cincinnati Financial Corporation | 993,855 |
See accompanying notes to financial statements.
92
INSPIRE FAITHWARD LARGE CAP MOMENTUM ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
INSURANCE - 5.7% (Continued) | ||||||||
3,481 | Everest Re Group Ltd. | $ | 983,383 | |||||
1,977,238 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 4.1% | ||||||||
2,548 | Align Technology, Inc.(a) | 707,427 | ||||||
1,936 | IDEXX Laboratories, Inc.(a) | 758,176 | ||||||
1,465,603 | ||||||||
OIL & GAS PRODUCERS - 3.3% | ||||||||
8,286 | EOG Resources, Inc. | 1,134,851 | ||||||
REAL ESTATE INVESTMENT TRUSTS - 3.4% | ||||||||
767 | Texas Pacific Land Corporation | 1,201,114 | ||||||
RENEWABLE ENERGY - 2.7% | ||||||||
3,481 | SolarEdge Technologies, Inc.(a) | 949,582 | ||||||
RETAIL - CONSUMER STAPLES - 2.7% | ||||||||
4,318 | Dollar General Corporation | 951,428 | ||||||
RETAIL - DISCRETIONARY - 2.4% | ||||||||
4,495 | Tractor Supply Company | 842,183 | ||||||
SELF-STORAGE REIT - 2.5% | ||||||||
2,596 | Public Storage | 858,341 | ||||||
SEMICONDUCTORS - 5.6% | ||||||||
3,068 | KLA Corporation | 1,119,359 | ||||||
4,580 | NVIDIA Corporation | 855,178 | ||||||
1,974,537 | ||||||||
SOFTWARE - 16.4% | ||||||||
6,645 | Cadence Design Systems, Inc.(a) | 1,021,537 | ||||||
9,698 | Cloudflare, Inc., Class A(a) | 543,088 | ||||||
4,919 | Crowdstrike Holdings, Inc., Class A(a) | 786,991 | ||||||
10,395 | DocuSign, Inc.(a) | 872,244 | ||||||
3,127 | Fortinet, Inc.(a) | 919,776 |
See accompanying notes to financial statements.
93
INSPIRE FAITHWARD LARGE CAP MOMENTUM ESG ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
SOFTWARE - 16.4% (Continued) | ||||||||
5,358 | Veeva Systems, Inc., Class A(a) | $ | 912,253 | |||||
4,672 | Zscaler, Inc.(a) | 715,236 | ||||||
5,771,125 | ||||||||
TECHNOLOGY HARDWARE - 8.1% | ||||||||
13,581 | NetApp, Inc. | 977,154 | ||||||
3,717 | Ubiquiti, Inc. | 972,219 | ||||||
2,607 | Zebra Technologies Corporation, Class A(a) | 881,661 | ||||||
2,831,034 | ||||||||
WHOLESALE - CONSUMER STAPLES - 3.0% | ||||||||
8,990 | Bunge Ltd. | 1,063,697 | ||||||
WHOLESALE - DISCRETIONARY - 2.9% | ||||||||
2,537 | Pool Corporation | 1,011,299 | ||||||
TOTAL COMMON STOCKS (Cost $39,663,933) | 34,744,965 | |||||||
TOTAL INVESTMENTS - 99.3% (Cost $39,663,933) | $ | 34,744,965 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7% | 247,069 | |||||||
NET ASSETS - 100.0% | $ | 34,992,034 |
ADR | - | American Depositary Receipt |
LTD | - | Limited Company |
REIT | - | Real Estate Investment Trust |
(a) | - | Non-income producing security. |
See accompanying notes to financial statements.
94
The Inspire ETFs |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) |
May 31, 2022 |
Inspire Global Hope ESG ETF | Inspire Small/Mid Cap ESG ETF | Inspire Corporate Bond ESG ETF | Inspire 100 ESG ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investment securities: | ||||||||||||||||
At cost | $ | 134,255,890 | $ | 117,414,978 | $ | 240,278,342 | $ | 311,113,840 | ||||||||
At value | $ | 135,319,371 | $ | 114,121,720 | $ | 219,529,941 | $ | 275,990,139 | ||||||||
Cash | 853,905 | 857,219 | 4,872,971 | 653,604 | ||||||||||||
Foreign currencies (Cost $1,183,245, $0, $0 and $0, respectively) | 791,308 | — | — | — | ||||||||||||
Dividends and interest receivable | 525,872 | 126,464 | 1,789,647 | 228,680 | ||||||||||||
Receivable for Fund shares sold | — | — | — | 2,256,822 | ||||||||||||
Prepaid expenses | 32,935 | 22,996 | 17,110 | 50,724 | ||||||||||||
TOTAL ASSETS | 137,523,391 | 115,128,399 | 226,209,669 | 279,179,969 | ||||||||||||
LIABILITIES | ||||||||||||||||
Payable for investments purchased | — | — | — | 2,256,822 | ||||||||||||
Securities lending collateral payable | 1,836,655 | 746,849 | — | — | ||||||||||||
Investment advisory fees payable | 33,656 | 27,284 | 57,380 | 49,044 | ||||||||||||
Payable for Fund shares repurchased | — | — | — | 4,985 | ||||||||||||
Payable to related parties | 18,507 | 23,436 | 20,307 | 46,294 | ||||||||||||
Accrued expenses and other liabilities | 7,863 | 2,510 | 12,852 | 2,713 | ||||||||||||
TOTAL LIABILITIES | 1,896,681 | 800,079 | 90,539 | 2,359,858 | ||||||||||||
NET ASSETS | $ | 135,626,710 | $ | 114,328,320 | $ | 226,119,130 | $ | 276,820,111 | ||||||||
Net Assets Consist Of: | ||||||||||||||||
Paid in capital | $ | 129,569,273 | $ | 113,900,736 | $ | 247,196,239 | $ | 306,607,407 | ||||||||
Accumulated earnings (deficit) | 6,057,437 | 427,584 | (21,077,109 | ) | (29,787,296 | ) | ||||||||||
NET ASSETS | $ | 135,626,710 | $ | 114,328,320 | $ | 226,119,130 | $ | 276,820,111 | ||||||||
Net Asset Value Per Share: | ||||||||||||||||
Net Assets | $ | 135,626,710 | $ | 114,328,320 | $ | 226,119,130 | $ | 276,820,111 | ||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 4,050,000 | 3,650,000 | 9,500,000 | 8,550,000 | ||||||||||||
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $ | 33.49 | $ | 31.32 | $ | 23.80 | $ | 32.38 |
See accompanying notes to financial statements.
95
The Inspire ETFs |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued) |
May 31, 2022 |
Inspire International ESG ETF | Inspire Tactical Balanced ESG ETF | Inspire Faithward Mid Cap Momentum ESG ETF | Inspire Faithward Large Cap Momentum ESG ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investment securities: | ||||||||||||||||
At cost | $ | 130,246,627 | $ | 112,927,026 | $ | 27,346,708 | $ | 39,663,933 | ||||||||
At value | $ | 123,221,475 | $ | 113,506,419 | $ | 25,813,024 | $ | 34,744,965 | ||||||||
Cash | 894,493 | 613,721 | 223,571 | 243,426 | ||||||||||||
Foreign currencies (Cost $1,211,847, $0, $0, and $0, respectively) | 1,219,474 | — | — | — | ||||||||||||
Receivable for Fund shares sold | 3,156,529 | 746,447 | — | — | ||||||||||||
Dividends and interest receivable | 608,834 | 17,087 | 19,550 | 27,439 | ||||||||||||
Prepaid expenses | 34,381 | 4,182 | 8,323 | 8,493 | ||||||||||||
TOTAL ASSETS | 129,135,186 | 114,887,856 | 26,064,468 | 35,024,323 | ||||||||||||
LIABILITIES | ||||||||||||||||
Payable for investments purchased | 3,156,529 | 746,447 | — | — | ||||||||||||
Securities lending collateral payable | 5,535,135 | — | — | — | ||||||||||||
Investment advisory fees payable | 43,803 | 48,111 | 1,396 | 6,695 | ||||||||||||
Payable to related parties | 19,898 | 19,076 | 13,486 | 13,760 | ||||||||||||
Accrued expenses and other liabilities | 2,183 | 6,192 | 9,182 | 11,834 | ||||||||||||
TOTAL LIABILITIES | 8,757,548 | 819,826 | 24,064 | 32,289 | ||||||||||||
NET ASSETS | $ | 120,377,638 | $ | 114,068,030 | $ | 26,040,404 | $ | 34,992,034 | ||||||||
Net Assets Consist Of: | ||||||||||||||||
Paid in capital | $ | 124,594,562 | $ | 122,368,233 | $ | 31,043,322 | $ | 40,217,884 | ||||||||
Accumulated deficit | (4,216,924 | ) | (8,300,203 | ) | (5,002,918 | ) | (5,225,850 | ) | ||||||||
NET ASSETS | $ | 120,377,638 | $ | 114,068,030 | $ | 26,040,404 | $ | 34,992,034 | ||||||||
Net Asset Value Per Share: | ||||||||||||||||
Net Assets | $ | 120,377,638 | $ | 114,068,030 | $ | 26,040,404 | $ | 34,992,034 | ||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 4,300,000 | 4,700,000 | 1,125,000 | 1,475,000 | ||||||||||||
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $ | 27.99 | $ | 24.27 | $ | 23.15 | $ | 23.72 |
See accompanying notes to financial statements.
96
The Inspire ETFs |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended May 31, 2022 |
Inspire Global Hope ESG ETF | Inspire Small/Mid Cap ESG ETF | Inspire Corporate Bond ESG ETF | Inspire 100 ESG ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 2,066,719 | $ | 945,626 | $ | — | $ | 1,920,334 | ||||||||
Interest | 165 | 116 | 1,767,977 | 110 | ||||||||||||
Securities lending income | 7,856 | 14,682 | — | 2,748 | ||||||||||||
Less: Foreign withholding taxes | (213,803 | ) | — | — | — | |||||||||||
TOTAL INVESTMENT INCOME | 1,860,937 | 960,424 | 1,767,977 | 1,923,192 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 208,917 | 174,004 | 341,162 | 452,305 | ||||||||||||
Administrative services | 62,126 | 45,457 | 74,870 | 101,040 | ||||||||||||
Custodian fees | 59,424 | 15,992 | 19,899 | 27,491 | ||||||||||||
Trustees fees and expenses | 9,611 | 9,301 | 9,828 | 10,146 | ||||||||||||
Audit fees | 7,493 | 7,495 | 7,450 | 7,486 | ||||||||||||
Legal fees | 7,433 | 5,971 | 6,099 | 6,303 | ||||||||||||
Transfer agent fees | 6,880 | 5,949 | 6,006 | 4,753 | ||||||||||||
Professional fees | 5,543 | 7,415 | 10,749 | 15,494 | ||||||||||||
Printing and postage expenses | 4,649 | 3,566 | 7,017 | 9,727 | ||||||||||||
Insurance expense | 1,754 | 1,746 | 1,755 | 1,751 | ||||||||||||
Other Expenses | 7,094 | 6,207 | 8,923 | 9,400 | ||||||||||||
TOTAL EXPENSES | 380,924 | 283,103 | 493,758 | 645,896 | ||||||||||||
Less: Fees waived by the Adviser | (3,420 | ) | — | — | (118,293 | ) | ||||||||||
NET EXPENSES | 377,504 | 283,103 | 493,758 | 527,603 | ||||||||||||
NET INVESTMENT INCOME | 1,483,433 | 677,321 | 1,274,219 | 1,395,589 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
In-kind redemptions | — | 1,007,685 | 84,154 | 3,864,740 | ||||||||||||
Investments | 4,042,278 | 2,409,444 | (445,066 | ) | 1,029,302 | |||||||||||
Foreign currency transactions | 453,540 | — | — | — | ||||||||||||
4,495,818 | 3,417,129 | (360,912 | ) | 4,894,042 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (15,032,805 | ) | (10,675,913 | ) | (18,266,780 | ) | (52,270,843 | ) | ||||||||
Foreign currency translations | (416,983 | ) | 8 | — | — | |||||||||||
(15,449,788 | ) | (10,675,905 | ) | (18,266,780 | ) | (52,270,843 | ) | |||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS | (10,953,970 | ) | (7,258,776 | ) | (18,627,692 | ) | (47,376,801 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (9,470,537 | ) | $ | (6,581,455 | ) | $ | (17,353,473 | ) | $ | (45,981,212 | ) |
See accompanying notes to financial statements.
97
The Inspire ETFs |
STATEMENTS OF OPERATIONS (Unaudited)(Continued) |
For the Six Months Ended May 31, 2022 |
Inspire International ESG ETF | Inspire Tactical Balanced ESG ETF | Inspire Faithward Mid Cap Momentum ESG ETF | Inspire Faithward Large Cap Momentum ESG ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 2,617,991 | $ | 522,603 | $ | 300,105 | $ | 687,311 | ||||||||
Interest | 375 | 385 | — | — | ||||||||||||
Securities lending income | 16,718 | 10,354 | — | — | ||||||||||||
Less: Foreign withholding taxes | (362,528 | ) | — | — | (10,208 | ) | ||||||||||
TOTAL INVESTMENT INCOME | 2,272,556 | 533,342 | 300,105 | 677,103 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 255,804 | 279,705 | 91,190 | 129,834 | ||||||||||||
Administrative services | 52,307 | 39,019 | 23,540 | 23,638 | ||||||||||||
Custodian fees | 54,894 | 16,517 | 11,927 | 10,797 | ||||||||||||
Audit fees | 7,470 | 7,488 | 7,565 | 7,566 | ||||||||||||
Legal fees | 6,178 | 6,411 | 8,384 | 8,241 | ||||||||||||
Trustees fees and expenses | 9,193 | 9,502 | 8,463 | 8,463 | ||||||||||||
Transfer agent fees | 6,445 | 5,261 | 4,849 | 4,442 | ||||||||||||
Professional fees | 7,168 | 7,168 | 5,227 | 5,224 | ||||||||||||
Printing and postage expenses | 6,518 | 3,165 | 5,585 | 4,213 | ||||||||||||
Insurance expense | 1,743 | 1,743 | 1,737 | 1,736 | ||||||||||||
Other Expenses | 7,586 | 6,052 | 6,547 | 6,548 | ||||||||||||
TOTAL EXPENSES | 415,306 | 382,031 | 175,014 | 210,702 | ||||||||||||
Less: Fees waived by the Adviser | — | — | (23,871 | ) | (19,339 | ) | ||||||||||
NET EXPENSES | 415,306 | 382,031 | 151,143 | 191,363 | ||||||||||||
NET INVESTMENT INCOME | 1,857,250 | 151,311 | 148,962 | 485,740 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
In-kind redemptions | 1,375,732 | 29,358 | 1,072,400 | 2,415,066 | ||||||||||||
Investments | 108,062 | (8,726,752 | ) | (4,594,785 | ) | (2,219,808 | ) | |||||||||
Foreign currency transactions | (49,523 | ) | — | — | — | |||||||||||
1,434,271 | (8,697,394 | ) | (3,522,385 | ) | 195,258 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (10,258,399 | ) | (5,540,966 | ) | (1,198,249 | ) | (9,696,437 | ) | ||||||||
Foreign currency translations | (2,695 | ) | — | 8 | — | |||||||||||
(10,261,094 | ) | (5,540,966 | ) | (1,198,241 | ) | (9,696,437 | ) | |||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS | (8,826,823 | ) | (14,238,360 | ) | (4,720,626 | ) | (9,501,179 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (6,969,573 | ) | $ | (14,087,049 | ) | $ | (4,571,664 | ) | $ | (9,015,439 | ) |
See accompanying notes to financial statements.
98
Inspire Global Hope ESG ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Year Ended | |||||||
(Unaudited) | November 30, 2021 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,483,433 | $ | 2,758,181 | ||||
Net realized gain on investments and foreign currency transactions | 4,495,818 | 20,956,535 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | (15,449,788 | ) | 1,676,880 | |||||
Net increase (decrease) in net assets resulting from operations | (9,470,537 | ) | 25,391,596 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (10,809,835 | ) | (2,405,165 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (10,809,835 | ) | (2,405,165 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 18,574,716 | 16,826,653 | ||||||
Cost of shares redeemed | — | (22,942,204 | ) | |||||
Transaction fees (Note 5) | 3,500 | 5,000 | ||||||
Net Increase (decrease) in net assets resulting from shares of beneficial interest | 18,578,216 | (6,110,551 | ) | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (1,702,156 | ) | 16,875,880 | |||||
NET ASSETS | ||||||||
Beginning of Period | 137,328,866 | 120,452,986 | ||||||
End of Period | $ | 135,626,710 | $ | 137,328,866 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 500,000 | 450,000 | ||||||
Shares Redeemed | — | (650,000 | ) | |||||
Net increase (decrease) in shares of beneficial interest outstanding | 500,000 | (200,000 | ) |
See accompanying notes to financial statements.
99
Inspire Small/Mid Cap ESG ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Year Ended | |||||||
(Unaudited) | November 30, 2021 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 677,321 | $ | 1,232,021 | ||||
Net realized gain on investments and foreign currency transactions | 3,417,129 | 29,850,226 | ||||||
Net change in unrealized depreciation on investments and foreign currency translations | (10,675,905 | ) | (4,504,325 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (6,581,455 | ) | 26,577,922 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (10,766,620 | ) | (1,008,145 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (10,766,620 | ) | (1,008,145 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 18,328,057 | 23,410,418 | ||||||
Cost of shares redeemed | (11,312,500 | ) | (10,314,230 | ) | ||||
Transaction fees (Note 5) | 3,000 | 4,000 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 7,018,557 | 13,100,188 | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (10,329,518 | ) | 38,669,965 | |||||
NET ASSETS | ||||||||
Beginning of Period | 124,657,838 | 85,987,873 | ||||||
End of Period | $ | 114,328,320 | $ | 124,657,838 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 550,000 | 650,000 | ||||||
Shares Redeemed | (350,000 | ) | (300,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 200,000 | 350,000 |
See accompanying notes to financial statements.
100
Inspire Corporate Bond ESG ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Year Ended | |||||||
(Unaudited) | November 30, 2021 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,274,219 | $ | 1,997,066 | ||||
Net realized gain (loss) on investments | (360,912 | ) | 3,197,394 | |||||
Net change in unrealized depreciation on investments | (18,266,780 | ) | (7,460,826 | ) | ||||
Net decrease in net assets resulting from operations | (17,353,473 | ) | (2,266,366 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (1,908,910 | ) | (2,091,010 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (1,908,910 | ) | (2,091,010 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 22,585,141 | 118,021,775 | ||||||
Cost of shares redeemed | (15,430,568 | ) | (42,275,130 | ) | ||||
Transaction fees (Note 5) | 2,250 | 6,750 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 7,156,823 | 75,753,395 | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (12,105,560 | ) | 71,396,019 | |||||
NET ASSETS | ||||||||
Beginning of Period | 238,224,690 | 166,828,671 | ||||||
End of Period | $ | 226,119,130 | $ | 238,224,690 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 900,000 | 4,500,000 | ||||||
Shares Redeemed | (600,000 | ) | (1,600,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 300,000 | 2,900,000 |
See accompanying notes to financial statements.
101
Inspire 100 ESG ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Year Ended | |||||||
(Unaudited) | November 30, 2021 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,395,589 | $ | 2,395,648 | ||||
Net realized gain on investments | 4,894,042 | 53,803,970 | ||||||
Net change in unrealized depreciation on investments | (52,270,843 | ) | (9,930,520 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (45,981,212 | ) | 46,269,098 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (46,430,000 | ) | (3,163,725 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (46,430,000 | ) | (3,163,725 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 96,923,545 | 126,510,363 | ||||||
Cost of shares redeemed | (23,663,756 | ) | (22,987,934 | ) | ||||
Transaction fees (Note 5) | 10,000 | 13,250 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 73,269,789 | 103,535,679 | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (19,141,423 | ) | 146,641,052 | |||||
NET ASSETS | ||||||||
Beginning of Period | 295,961,534 | 149,320,482 | ||||||
End of Period | $ | 276,820,111 | $ | 295,961,534 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 2,550,000 | 3,100,000 | ||||||
Shares Redeemed | (700,000 | ) | (550,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 1,850,000 | 2,550,000 |
See accompanying notes to financial statements.
102
Inspire International ESG ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Year Ended | |||||||
(Unaudited) | November 30, 2021 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,857,250 | $ | 2,310,590 | ||||
Net realized gain on investments and foreign currency transactions | 1,434,271 | 18,893,284 | ||||||
Net change in unrealized depreciation on investments and foreign currency translations | (10,261,094 | ) | (8,512,922 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (6,969,573 | ) | 12,690,952 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (13,043,645 | ) | (2,312,460 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (13,043,645 | ) | (2,312,460 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 34,550,775 | 38,749,118 | ||||||
Cost of shares redeemed | (5,175,614 | ) | (16,028,210 | ) | ||||
Transaction fees (Note 5) | 7,000 | 7,500 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 29,382,161 | 22,728,408 | ||||||
TOTAL INCREASE IN NET ASSETS | 9,368,943 | 33,106,900 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 111,008,695 | 77,901,795 | ||||||
End of Period | $ | 120,377,638 | $ | 111,008,695 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 1,150,000 | 1,150,000 | ||||||
Shares Redeemed | (150,000 | ) | (500,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 1,000,000 | 650,000 |
See accompanying notes to financial statements.
103
Inspire Tactical Balanced ESG ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Year Ended | |||||||
(Unaudited) | November 30, 2021 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 151,311 | $ | 642,124 | ||||
Net realized gain (loss) on investments | (8,697,394 | ) | 11,271,049 | |||||
Net change in unrealized appreciation (depreceiation) on investments | (5,540,966 | ) | 4,294,080 | |||||
Net increase (decrease) in net assets resulting from operations | (14,087,049 | ) | 16,207,253 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (9,812,770 | ) | (3,641,975 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (9,812,770 | ) | (3,641,975 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 30,034,866 | 29,948,906 | ||||||
Cost of shares redeemed | (1,897,972 | ) | (4,250,027 | ) | ||||
Transaction fees (Note 5) | 6,750 | 7,750 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 28,143,644 | 25,706,629 | ||||||
TOTAL INCREASE IN NET ASSETS | 4,243,825 | 38,271,907 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 109,824,205 | 71,552,298 | ||||||
End of Period | $ | 114,068,030 | $ | 109,824,205 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 1,125,000 | 1,075,000 | ||||||
Shares Redeemed | (75,000 | ) | (150,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 1,050,000 | 925,000 |
See accompanying notes to financial statements.
104
Inspire Faithward Mid Cap Momentum ESG ETF |
STATEMENT OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Period Ended | |||||||
(Unaudited) | November 30, 2021 (a) | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 148,962 | $ | 108,082 | ||||
Net realized gain (loss) on investments and foreign currency transactions | (3,522,385 | ) | 3,906,784 | |||||
Net change in unrealized depreciation on investments and foreign currency translations | (1,198,241 | ) | (335,449 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (4,571,664 | ) | 3,679,417 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (1,740,658 | ) | (58,050 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (1,740,658 | ) | (58,050 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 4,387,188 | 59,461,608 | ||||||
Cost of shares redeemed | (15,980,541 | ) | (19,147,396 | ) | ||||
Transaction fees (Note 5) | 2,250 | 8,250 | ||||||
Net increase (decrease) in net assets resulting from shares of beneficial interest | (11,591,103 | ) | 40,322,462 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (17,903,425 | ) | 43,943,829 | |||||
NET ASSETS | ||||||||
Beginning of Period | 43,943,829 | — | ||||||
End of Period | $ | 26,040,404 | $ | 43,943,829 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 175,000 | 2,125,000 | ||||||
Shares Redeemed | (550,000 | ) | (625,000 | ) | ||||
Net increase (decrease) in shares of beneficial interest outstanding | (375,000 | ) | 1,500,000 |
(a) | The Inspire Faithward Mid Cap Momentum ESG ETF commenced operations on December 7, 2020. |
See accompanying notes to financial statements.
105
Inspire Faithward Large Cap Momentum ESG ETF |
STATEMENT OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2022 | Period Ended | |||||||
(Unaudited) | November 30, 2021 (a) | |||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 485,740 | $ | (145,687 | ) | |||
Net realized gain on investments | 195,258 | 2,480,402 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (9,696,437 | ) | 4,777,469 | |||||
Net increase (decrease) in net assets resulting from operations | (9,015,439 | ) | 7,112,184 | |||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 10,738,954 | 62,165,914 | ||||||
Cost of shares redeemed | (18,818,453 | ) | (16,748,116 | ) | ||||
Transaction fees (Note 5) | 3,000 | 8,250 | ||||||
Net increase (decrease) in net assets resulting from shares of beneficial interest | (8,076,499 | ) | 45,426,048 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (17,546,198 | ) | 52,538,232 | |||||
NET ASSETS | ||||||||
Beginning of Period | 52,538,232 | — | ||||||
End of Period | $ | 34,992,034 | $ | 52,538,232 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 400,000 | 2,325,000 | ||||||
Shares Redeemed | (675,000 | ) | (575,000 | ) | ||||
Net increase (decrease) in shares of beneficial interest outstanding | (275,000 | ) | 1,750,000 |
(a) | The Inspire Faithward Large Cap Momentum ESG ETF commenced operations on December 7, 2020. |
See accompanying notes to financial statements.
106
Inspire Global Hope ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2022 | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
(Unaudited) | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | November 30, 2017 (1) | |||||||||||||||||||
Net asset value, beginning of period | $ | 38.68 | $ | 32.12 | $ | 29.21 | $ | 26.20 | $ | 27.86 | $ | 25.00 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (2) | 0.38 | 0.78 | 0.50 | 0.67 | 0.48 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.53 | ) | 6.46 | 2.96 | 3.08 | (1.49 | ) | 2.78 | ||||||||||||||||
Total from investment operations | (2.15 | ) | 7.24 | 3.46 | 3.75 | (1.01 | ) | 3.14 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.68 | ) | (0.52 | ) | (0.58 | ) | (0.49 | ) | (0.28 | ) | ||||||||||||
Net realized gains | (2.90 | ) | — | (0.03 | ) | (0.16 | ) | (0.16 | ) | — | ||||||||||||||
Total distributions | (3.04 | ) | (0.68 | ) | (0.55 | ) | (0.74 | ) | (0.65 | ) | (0.28 | ) | ||||||||||||
Net asset value, end of period | $ | 33.49 | $ | 38.68 | $ | 32.12 | $ | 29.21 | $ | 26.20 | $ | 27.86 | ||||||||||||
Total return (6) | (6.16 | )% (4) | 22.63 | % | 12.35 | % | 14.60 | % | (3.74 | )% | 12.63 | % (4) | ||||||||||||
Net assets, at end of period (000s) | $ | 135,627 | $ | 137,329 | $ | 120,453 | $ | 160,673 | $ | 87,770 | $ | 52,929 | ||||||||||||
Ratio of gross expenses to average net assets (3) | 0.54 | % | 0.49 | % | 0.61 | % | 0.52% (8) | 0.62 | % | 0.75 | % | |||||||||||||
Ratio of net expenses to average net assets (3) | 0.54 | % | 0.49 | % | 0.61 | % | 0.54% (7) | 0.62 | % | 0.65 | % | |||||||||||||
Ratio of net investment income to average net assets (3) | 2.13 | % | 2.08 | % | 1.82 | % | 2.42 | % | 1.71 | % | 1.80 | % | ||||||||||||
Portfolio Turnover Rate (5) | 19 | % (4) | 94 | % | 36 | % | 22 | % | 22 | % | 15 | % (4) |
(1) | The Inspire Global Hope ETF commenced operations on February 27, 2017. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(7) | Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods. |
(8) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods. |
See accompanying notes to financial statements.
107
Inspire Small/Mid Cap ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2022 | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
(Unaudited) | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | November 30, 2017 (1) | |||||||||||||||||||
Net asset value, beginning of period | $ | 36.13 | $ | 27.74 | $ | 27.56 | $ | 26.73 | $ | 26.82 | $ | 25.00 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (2) | 0.19 | 0.38 | 0.37 | 0.32 | 0.30 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.88 | ) | 8.32 | 0.13 | (7) | 1.29 | 0.20 | (7) | 1.73 | |||||||||||||||
Total from investment operations | (1.69 | ) | 8.70 | 0.50 | 1.61 | 0.50 | 1.93 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.31 | ) | (0.31 | ) | (0.22 | ) | (0.21 | ) | (0.11 | ) | ||||||||||||
Net realized gains | (3.00 | ) | — | (0.01 | ) | (0.56 | ) | (0.38 | ) | — | ||||||||||||||
Total distributions | (3.12 | ) | (0.31 | ) | (0.32 | ) | (0.78 | ) | (0.59 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of period | $ | 31.32 | $ | 36.13 | $ | 27.74 | $ | 27.56 | $ | 26.73 | $ | 26.82 | ||||||||||||
Total return (6) | (5.26 | )% (4) | 31.44 | % | 2.12 | % | 6.42 | % | 1.89 | % | 7.75 | % (4) | ||||||||||||
Net assets, at end of period (000s) | $ | 114,328 | $ | 124,658 | $ | 85,988 | $ | 99,226 | $ | 50,788 | $ | 29,499 | ||||||||||||
Ratio of gross expenses to average net assets (3) | 0.49 | % | 0.48 | % (9) | 0.57 | % (9) | 0.64 | % | 0.71 | % | 0.94 | % | ||||||||||||
Ratio of net expenses to average net assets (3) | 0.49 | % | 0.52 | % (8) | 0.60 | % (8) | 0.60 | % | 0.62 | % | 0.65 | % | ||||||||||||
Ratio of net investment income to average net assets (3) | 1.17 | % | 1.08 | % | 1.53 | % | 1.24 | % | 1.07 | % | 1.06 | % | ||||||||||||
Portfolio Turnover Rate (5) | 15 | % (4) | 168 | % | 92 | % | 42 | % | 24 | % | 16 | % (4) |
(1) | The Inspire Small/Mid Cap Impact ETF commenced operations on February 27, 2017. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(7) | The amount of net realized and unrealized gain on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder subscriptions and redemptions relative to fluctuating net asset values during the year. |
(8) | Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods. |
(9) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods. |
See accompanying notes to financial statements.
108
Inspire Corporate Bond ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2022 | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
(Unaudited) | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | November 30, 2017 (1) | |||||||||||||||||||
Net asset value, beginning of period | $ | 25.89 | $ | 26.48 | $ | 25.69 | $ | 24.18 | $ | 24.95 | $ | 25.00 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (2) | 0.14 | 0.27 | 0.45 | 0.64 | 0.56 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.07 | ) | (0.57 | ) | 0.86 | 1.49 | (0.81 | ) | (0.09 | ) | ||||||||||||||
Total from investment operations | (1.93 | ) | (0.30 | ) | 1.31 | 2.13 | (0.25 | ) | 0.09 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.29 | ) | (0.44 | ) | (0.62 | ) | (0.52 | ) | (0.14 | ) | ||||||||||||
Net realized gains | (0.07 | ) | — | (0.08 | ) | — | (0.00 | )(7) | — | |||||||||||||||
Total distributions | (0.16 | ) | (0.29 | ) | (0.52 | ) | (0.62 | ) | (0.52 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 23.80 | $ | 25.89 | $ | 26.48 | $ | 25.69 | $ | 24.18 | $ | 24.95 | ||||||||||||
Total return (6) | (7.32 | )% (4) | (1.15 | )% | 5.16 | % | 8.91 | % | (0.99 | )% | 0.37 | % (4) | ||||||||||||
Net assets, at end of period (000s) | $ | 226,119 | $ | 238,225 | $ | 166,829 | $ | 138,723 | $ | 58,031 | $ | 22,453 | ||||||||||||
Ratio of gross expenses to average net assets (3) | 0.43 | % | 0.44 | % | 0.49 | % | 0.50 | % (9) | 0.68 | % | 1.51 | % | ||||||||||||
Ratio of net expenses to average net assets (3) | 0.43 | % | 0.44 | % | 0.49 | % | 0.58 | % (8) | 0.62 | % | 0.65 | % | ||||||||||||
Ratio of net investment income to average net assets (3) | 1.12 | % | 1.04 | % | 1.75 | % | 2.52 | % | 2.27 | % | 1.81 | % | ||||||||||||
Portfolio Turnover Rate (5) | 5 | % (4) | 126 | % | 35 | % | 18 | % | 5 | % | 6 | % (4) |
(1) | The Inspire Corporate Bond Impact ETF commenced operations on July 10, 2017. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(7) | Represents less than $0.005. |
(8) | Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods. |
(9) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods. |
See accompanying notes to financial statements.
109
Inspire 100 ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2022 | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
(Unaudited) | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | November 30, 2017 (1) | |||||||||||||||||||
Net asset value, beginning of period | $ | 44.17 | $ | 35.98 | $ | 29.52 | $ | 26.06 | $ | 25.69 | $ | 25.00 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (2) | 0.17 | 0.43 | 0.41 | 0.43 | 0.61 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.15 | ) | 8.39 | 6.43 | 3.35 | 0.19 | (7) | 0.64 | ||||||||||||||||
Total from investment operations | (4.98 | ) | 8.82 | 6.84 | 3.78 | 0.80 | 0.69 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.43 | ) | (0.38 | ) | (0.31 | ) | (0.42 | ) | — | |||||||||||||
Net realized gains | (6.66 | ) | (0.20 | ) | — | (0.01 | ) | — | — | |||||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Total distributions | (6.81 | ) | (0.63 | ) | (0.38 | ) | (0.32 | ) | (0.43 | ) | — | |||||||||||||
Net asset value, end of period | $ | 32.38 | $ | 44.17 | $ | 35.98 | $ | 29.52 | $ | 26.06 | $ | 25.69 | ||||||||||||
Total return (6) | (13.44 | )% (4) | 24.79 | % | 23.50 | % | 14.64 | % | 3.09 | % | 2.76 | % (4) | ||||||||||||
Net assets, at end of period (000s) | $ | 276,820 | $ | 452,533 | $ | 149,320 | $ | 92,986 | $ | 39,085 | $ | 6,423 | ||||||||||||
Ratio of gross expenses to average net assets (3) | 0.46 | % | 0.42 | % | 0.48 | % | 0.57 | % | 0.84 | % | 3.78 | % | ||||||||||||
Ratio of net expenses to average net assets (3) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Ratio of net investment income to average net assets (3) | 0.93 | % | 1.04 | % | 1.31 | % | 1.59 | % | 2.27 | % | 2.41 | % | ||||||||||||
Portfolio Turnover Rate (5) | 11 | % (4) | 100 | % | 60 | % | 23 | % | 8 | % | 0 | % (4) |
(1) | The Inspire 100 ETF commenced operations on October 30, 2017. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(7) | The amount of net realized and unrealized gain on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder subscriptions and redemptions relative to fluctuating net asset values during the year. |
See accompanying notes to financial statements.
110
Inspire International ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||
May 31, 2022 | Year Ended | Year Ended | Period Ended | |||||||||||||
(Unaudited) | November 30, 2021 | November 30, 2020 | November 30, 2019 (1) | |||||||||||||
Net asset value, beginning of period | $ | 33.64 | $ | 29.40 | $ | 26.51 | $ | 25.00 | ||||||||
Activity from investment operations: | ||||||||||||||||
Net investment income (loss) (2) | 0.48 | 0.81 | 0.36 | (0.05 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | (2.01 | ) | 4.22 | 2.81 | 1.56 | |||||||||||
Total from investment operations | (1.53 | ) | 5.03 | 3.17 | 1.51 | |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.15 | ) | (0.79 | ) | (0.28 | ) | — | |||||||||
Net realized gains | (3.97 | ) | — | — | — | |||||||||||
Total distributions | (4.12 | ) | (0.79 | ) | (0.28 | ) | — | |||||||||
Net asset value, end of period | $ | 27.99 | $ | 33.64 | $ | 29.40 | $ | 26.51 | ||||||||
Total return (6) | (5.32 | )% (4) | 17.11 | % | 12.29 | % | 6.04 | % (4) | ||||||||
Net assets, at end of period (000s) | $ | 120,378 | $ | 152,629 | $ | 77,902 | $ | 11,930 | ||||||||
Ratio of net expenses to average net assets (3) | 0.73 | % | 0.69 | % | 0.94 | % | 2.44 | % | ||||||||
Ratio of net investment income (loss) to average net assets (3) | 3.27 | % | 2.38 | % | 1.44 | % | (1.16 | )% | ||||||||
Portfolio Turnover Rate(5) | 29 | % (4) | 106 | % | 27 | % | 0 | % (4) |
(1) | The Inspire International ESG ETF commenced operations on September 30, 2019. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
See accompanying notes to financial statements.
111
Inspire Tactical Balanced ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year or Period Presented |
Six Months Ended | ||||||||||||
May 31, 2022 | Year Ended | Period Ended | ||||||||||
(Unaudited) | November 30, 2021 | November 30, 2020 (1) | ||||||||||
Net asset value, beginning of period | $ | 30.09 | $ | 26.26 | $ | 25.00 | ||||||
Activity from investment operations: | ||||||||||||
Net investment income (2) | 0.03 | 0.20 | 0.08 | |||||||||
Net realized and unrealized gain (loss) on investments | (3.20 | ) | 4.93 | 1.21 | ||||||||
Total from investment operations | (3.17 | ) | 5.13 | 1.29 | ||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.05 | ) | (0.25 | ) | (0.03 | ) | ||||||
Net realized gains | (2.60 | ) | (1.05 | ) | — | |||||||
Total distributions | (2.65 | ) | (1.30 | ) | (0.03 | ) | ||||||
Net asset value, end of period | $ | 24.27 | $ | 30.09 | $ | 26.26 | ||||||
Total return (6) | (11.58 | )% (4) | 20.49 | % | 5.18 | % (4) | ||||||
Net assets, at end of period (000s) | $ | 114,068 | $ | 143,802 | $ | 71,552 | ||||||
Ratio of net expenses to average net assets (3) | 0.68 | % | 0.69 | % | 0.80 | % | ||||||
Ratio of net investment income to average net assets (3) | 0.27 | % | 0.70 | % | 0.81 | % | ||||||
Portfolio Turnover Rate (5) | 272 | % (4) | 114 | % | 282 | % (4) |
(1) | The Inspire Tactical Balanced ESG ETF commenced operations on July 15, 2020. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
See accompanying notes to financial statements.
112
Inspire Faithward Mid Cap Momentum ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented |
Six Months Ended | ||||||||
May 31, 2022 | Period Ended | |||||||
(Unaudited) | November 30, 2021 (1) | |||||||
Net asset value, beginning of period | $ | 29.30 | $ | 25.00 | ||||
Activity from investment operations: | ||||||||
Net investment income (2) | 0.14 | 0.08 | ||||||
Net realized and unrealized gain (loss) on investments | (5.12 | ) | 4.26 | |||||
Total from investment operations | (4.98 | ) | 4.34 | |||||
Less distributions from: | ||||||||
Net investment income | (0.09 | ) | (0.04 | ) | ||||
Net realized gains | (1.08 | ) | — | |||||
Total distributions | (1.17 | ) | (0.04 | ) | ||||
Net asset value, end of period | $ | 23.15 | $ | 29.30 | ||||
Total return (4)(6) | (17.68 | )% | 17.35 | % | ||||
Net assets, at end of period (000s) | $ | 26,040 | $ | 43,944 | ||||
Ratio of gross expenses to average net assets (3) | 1.25 | % | 1.02 | % | ||||
Ratio of net expenses to average net assets (3) | 1.08 | % | 1.02 | % | ||||
Ratio of net investment income to average net assets (3) | 1.07 | % | 0.27 | % | ||||
Portfolio Turnover Rate (4)(5) | 54 | % | 270 | % |
(1) | The Inspire Faithward Mid Cap Momentum ESG ETF commenced operations on December 7, 2020. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
See accompanying notes to financial statements.
113
Inspire Faithward Large Cap Momentum ESG ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented |
Six Months Ended | ||||||||
May 31, 2022 | Period Ended | |||||||
(Unaudited) | November 30, 2021 (1) | |||||||
Net asset value, beginning of period | $ | 30.02 | $ | 25.00 | ||||
Activity from investment operations: | ||||||||
Net investment income (loss) (2) | 0.32 | (0.11 | ) | |||||
Net realized and unrealized gain (loss) on investments | (6.35 | ) | 5.13 | |||||
Total from investment operations | (6.03 | ) | 5.02 | |||||
Less distributions from: | ||||||||
Net investment income | (0.27 | ) | — | |||||
Total distributions | (0.27 | ) | — | |||||
Net asset value, end of period | $ | 23.72 | $ | 30.02 | ||||
Total return (4)(6) | (20.25 | )% | 20.08 | % | ||||
Net assets, at end of period (000s) | $ | 34,992 | $ | 52,538 | ||||
Ratio of gross expenses to average net assets (3) | 1.06 | % | 1.09 | % | ||||
Ratio of net expenses to average net assets (3) | 0.96 | % | 1.09 | % | ||||
Ratio of net investment income (loss) to average net assets (3) | 1.06 | % | (0.40 | )% | ||||
Portfolio Turnover Rate (4)(5) | 33 | % | 178 | % |
(1) | The Inspire Faithward Large Cap Momentum ESG ETF commenced operations on December 7, 2020. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Annualized for periods less than one year. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(6) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
See accompanying notes to financial statements.
114
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
May 31, 2022 |
1. | ORGANIZATION |
The Inspire Global Hope ESG ETF (BLES), Inspire Small/Mid Cap ESG ETF (ISMD), Inspire Corporate Bond ESG ETF (IBD), Inspire 100 ESG ETF (BIBL), Inspire International ESG ETF (WWJD), Inspire Tactical Balanced ESG ETF (RISN), Inspire Faithward Mid Cap Momentum ESG ETF (GLRY), and Inspire Faithward Large Cap Momentum ESG ETF (FEVR) (each a Fund and collectively the Funds) are each a diversified series of Northern Lights Fund Trust IV (the Trust), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. BLESs investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope Large Cap Equal Weight Index. ISMDs investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Small/Mid Cap Impact Equal Weight Index. IBDs investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Corporate Bond Impact Equal Weight Index. BIBLs investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 100 Index. WWJDs investment objective seeks to replicate the investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope ex-US Index. RISNs investment objective seeks to provide capital appreciation with lower volatility than the US large cap stock market over the long term. GLRYs investment objective seeks to maximize growth and outperform the results (before fees and expenses) of the broader U.S. midcap stock market when Momentum is in favor. FEVRs investment objective seeks to maximize growth with lower volatility than the broader U.S. large cap stock market when momentum is in favor. The investment objectives are non-fundamental. BLES and ISMD commenced operations on February 27, 2017. IBD commenced operations on July 10, 2017. BIBL commenced operations on October 30, 2017. WWJD commenced operations on September 30, 2019. RISN commenced operations on July 15, 2020. GLRY and FEVR commenced operations on December 7, 2020.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements 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 and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are each investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies including FASB Accounting Standards Update (ASU) 2013-08.
Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (NOCP). In the absence of a sale, such securities shall be valued at the mean between the current bid
115
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trusts Board of Trustees (the Board) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as odd lots and larger institutional-sized bond positions known as round lots. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.
Each Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the fair value procedures approved by the Board. The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser. The committee may also enlist third party consultants, such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer, on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.
Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) the adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause an adviser to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available, the spread between bid and ask prices is substantial, the frequency of sales, the thinness of the market, the size of reported trades, and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a significant event) since the closing prices were established on the principal exchange on which they are traded, but prior to the Funds calculation of their net asset values. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities, are valued via inputs from the adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of
116
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
security; (ii) the cost at date of purchase; (iii) the size and nature of the applicable Funds holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
Securities Lending Risk - Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), gap risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees a Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return a Funds securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.
Fixed Income Risk – When a Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments) . These risks could affect the value of a particular investment by each Fund, possibly causing the Funds share price and total return to be reduced and fluctuate more than other types of investments.
Foreign Securities Risk – Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. The lack of readily available public information may lead to inaccurate Inspire Impact Scores. Not all countries and jurisdictions monitor or regulate all environmental, social and governance (ESG) factors so that there may be no relevant information available for certain factors. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.
The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.
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The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
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 in 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 observable 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 value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.
The inputs used to measure 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2022 for the Funds assets measured at value:
BLES | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 133,376,510 | $ | — | $ | — | $ | 133,376,510 | ||||||||
Warrant | 106,206 | — | — | 106,206 | ||||||||||||
Collateral For Securities Loaned | 1,836,655 | — | — | 1,836,655 | ||||||||||||
Total | $ | 135,319,371 | $ | — | $ | — | $ | 135,319,371 | ||||||||
ISMD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 113,374,871 | $ | — | $ | — | $ | 113,374,871 | ||||||||
Collateral For Securities Loaned | 746,849 | — | — | 746,849 | ||||||||||||
Total | $ | 114,121,720 | $ | — | $ | — | $ | 114,121,720 | ||||||||
IBD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 219,529,941 | $ | — | $ | 219,529,941 | ||||||||
Total | $ | — | $ | 219,529,941 | $ | — | $ | 219,529,941 |
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The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
BIBL | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 275,990,139 | $ | — | $ | — | $ | 275,990,139 | ||||||||
Total | $ | 275,990,139 | $ | — | $ | — | $ | 275,990,139 | ||||||||
WWJD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 117,678,866 | $ | — | $ | — | $ | 117,678,866 | ||||||||
Warrant | 7,474 | — | — | 7,474 | ||||||||||||
Collateral For Securities Loaned | 5,535,135 | — | — | 5,535,135 | ||||||||||||
Total | $ | 123,221,475 | $ | — | $ | — | $ | 123,221,475 | ||||||||
RISN | ||||||||||||||||
Common Stocks | $ | 11,738,124 | $ | — | $ | — | $ | 11,738,124 | ||||||||
Exchange Traded Fund | 90,362,482 | — | — | 90,362,482 | ||||||||||||
Closed End Fund | 11,405,813 | — | — | 11,405,813 | ||||||||||||
Total | $ | 113,506,419 | $ | — | $ | — | $ | 113,506,419 | ||||||||
GLRY | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 25,813,024 | $ | — | $ | — | $ | 25,813,024 | ||||||||
Total | $ | 25,813,024 | $ | — | $ | — | $ | 25,813,024 | ||||||||
FEVR | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 34,744,965 | $ | — | $ | — | $ | 34,744,965 | ||||||||
Total | $ | 34,744,965 | $ | — | $ | — | $ | 34,744,965 |
The Funds did not hold any Level 3 securities during the period.
* | See Schedule of Investments for industry classification. |
Security transactions and related income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Dividends and distributions to shareholders – Dividends from net investment income, if any, are declared and paid quarterly for BLES, ISMD, BIBL, WWJD, RISN, GLRY and FEVR and monthly for IBD. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These book/tax differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable countrys tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdictions legal obligation to pay reclaims as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.
Federal Income Taxes – The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required.
The Funds recognize the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. Management has analyzed each Funds tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in each Funds November 30, 2022 year-end tax return. Each Fund identified its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. The Funds are 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 twelve months.
Exchange Traded Funds (ETFs) – The Funds may invest in ETFs. ETFs are generally a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they hold, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.
Expenses – Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust.
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May 31, 2022 |
Cash – The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.
Foreign Currency – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.
Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds 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 risk of loss due to these warranties and indemnities appears to be remote.
3. | INVESTMENT TRANSACTIONS |
For the six months ended May 31, 2022, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:
Purchases | Sales | |||||||
BLES | $ | 26,263,960 | $ | 34,347,213 | ||||
ISMD | $ | 17,714,064 | $ | 24,292,470 | ||||
IBD | $ | 20,117,928 | $ | 10,181,751 | ||||
BIBL | $ | 33,819,964 | $ | 81,014,620 | ||||
WWJD | $ | 33,702,162 | $ | 32,483,543 | ||||
RISN | $ | 303,788,952 | $ | 310,806,799 | ||||
GLRY | $ | 15,278,026 | $ | 16,471,836 | ||||
FEVR | $ | 13,495,310 | $ | 13,561,757 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
For the six months ended May 31, 2022, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:
Purchases | Sales | |||||||
BLES | $ | 17,388,547 | $ | — | ||||
ISMD | $ | 18,198,493 | $ | 11,256,173 | ||||
IBD | $ | 21,733,206 | $ | 14,878,917 | ||||
BIBL | $ | 99,677,987 | $ | 23,392,589 | ||||
WWJD | $ | 32,550,516 | $ | 8,831,534 | ||||
RISN | $ | 27,024,351 | $ | 1,261,272 | ||||
GLRY | $ | 4,318,265 | $ | 16,059,345 | ||||
FEVR | $ | 10,670,398 | $ | 18,623,553 |
4. | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
The business activities of the Funds are overseen by the Board. Inspire Investing, LLC (the Adviser) serves as the Funds investment adviser pursuant to an Investment Advisory Agreement with the Trust (the Advisory Agreement). The Adviser has engaged SevenOneSeven Capital Management, LTD as the sub-adviser (the Sub-Adviser) to manage the assets of GLRY and FEVR. The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the Custodian) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Foreside Financial Services, LLC (the Distributor) to serve as the principal underwriter and distributor for the Funds.
Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Funds average daily net assets. For the six months ended May 31, 2022, each Fund incurred the following in advisory fees:
ANNUAL RATE | TOTAL ADVISORY FEE | |||||||
BLES | 0.30% | $ | 208,917 | |||||
ISMD | 0.30% | $ | 174,004 | |||||
IBD | 0.30% | $ | 341,162 | |||||
BIBL | 0.30% | $ | 452,305 | |||||
WWJD | 0.45% | $ | 255,804 | |||||
RISN | 0.50% | $ | 279,705 | |||||
GLRY | 0.65% | $ | 91,190 | |||||
FEVR | 0.65% | $ | 129,834 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
Pursuant to a written contract (the Waiver Agreement), the Adviser has agreed for BIBL, GLRY and FEVR at least until March 31, 2023, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that total expenses incurred (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.35% and 0.80% of average daily net assets for BIBL and GLRY and FEVR, respectively. Effective April 1, 2022, the BLES, ISMD and WWJD do not have a Waiver Agreement in place. BLES, ISMD, IBD, WWJD, and RISN currently do not have a Waiver Agreement in place.
If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and a Funds operating expenses are subsequently lower than its Expense Limitation, or limitation in place at time of waiver, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that Funds operating expense to exceed the Expense Limitation. If a Funds operating expenses subsequently exceed the Expense Limitation, the reimbursements for the Fund shall be suspended. For the six months ended May 31, 2022, the Adviser waived fees and/or reimbursed expenses in the amount of $3,420, $118,293, $23,871 and 19,339 for BLES, BIBL, GLRY and FEVR, respectively, pursuant to the Waiver Agreement.
The following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:
11/30/2022 | 11/30/2023 | 11/30/2024 | ||||||||||
BIBL | $ | 131,308 | $ | 133,196 | $ | 168,196 |
The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement).
The Board may terminate this expense reimbursement arrangement at any time.
The Trust, with respect to the Funds, has adopted a distribution and service plan (Plan) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services (Service Providers). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.
No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.
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May 31, 2022 |
Ultimus Fund Solutions, LLC (UFS) - UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.
Northern Lights Compliance Services, LLC (NLCS) - NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.
Blu Giant, LLC (Blu Giant) – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.
5. | CAPITAL SHARE TRANSACTIONS |
Shares are not individually redeemable and may be redeemed by the Funds at the net asset value (NAV) only in large blocks known as Creation Units. Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 50,000 shares for BLES, ISMD, BIBL, and WWJD, 100,000 shares for IBD, and 25,000 for RISN, GLRY and FEVR. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (Fixed Fee). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (Variable Charge, and together with the Fixed Fee, the Transaction Fees).
The Transaction Fees for the Funds are listed in the table below:
Fee for In-Kind and Cash | Maximum Additional Variable | |||||||
ETFs | Purchases | Charge for Cash Purchases* | ||||||
BLES | $500 | 0.00% | ||||||
ISMD | $250 | 0.00% | ||||||
IBD | $250 | 0.00% | ||||||
BIBL | $250 | 0.00% | ||||||
WWJD | $500 | 0.00% | ||||||
RISN | $250 | 0.00% | ||||||
GLRY | $250 | 2.00% | ||||||
FEVR | $250 | 2.00% |
* | The maximum Transaction Fee may be up to 2.00% as a percentage of the amount invested. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
6. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of fund distributions paid for the year or period ended November 30, 2021 and November 30, 2020 was as follows:
For the Year or Period Ended November 30, 2021: | ||||||||||||||||
Ordinary | Long-Term | Return | ||||||||||||||
Portfolio | Income | Capital Gains | Of Capital | Total | ||||||||||||
BLES | $ | 2,405,165 | $ | — | $ | — | $ | 2,405,165 | ||||||||
ISMD | 1,008,145 | — | — | 1,008,145 | ||||||||||||
IBD | 2,091,010 | — | — | 2,091,010 | ||||||||||||
BIBL | 3,163,725 | — | — | 3,163,725 | ||||||||||||
WWJD | 2,505,170 | — | — | 2,505,170 | ||||||||||||
RISN | 3,640,613 | 1,362 | — | 3,641,975 | ||||||||||||
GLRY | 58,050 | — | — | 58,050 | ||||||||||||
FEVR | — | — | — | — | ||||||||||||
For the Year or Period Ended November 30, 2020: | ||||||||||||||||
Ordinary | Long-Term | Return | ||||||||||||||
Portfolio | Income | Capital Gains | Of Capital | Total | ||||||||||||
BLES | $ | 2,471,705 | $ | — | $ | — | $ | 2,471,705 | ||||||||
ISMD | 1,033,282 | — | 3,473 | 1,036,755 | ||||||||||||
IBD | 2,541,188 | 107,242 | — | 2,648,430 | ||||||||||||
BIBL | 1,183,515 | — | — | 1,183,515 | ||||||||||||
WWJD | 635,887 | — | — | 635,887 | ||||||||||||
RISN | 88,835 | — | — | 88,835 | ||||||||||||
GLRY | — | — | — | — | ||||||||||||
FEVR | — | — | — | — |
* | The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $197,710 and $57,261 for fiscal years ended November 30, 2021 and November 30, 2020, respectively for WWJD, which have been passed through to the Funds underlying shareholders and are deemed dividends for tax purposes. |
As of November 30, 2021, the components of accumulated earnings/ (deficit) on a tax basis were as follows:
Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total | ||||||||||||||||||||||
Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated | ||||||||||||||||||||||
Portfolio | Income | Capital Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) | |||||||||||||||||||||
BLES | $ | 2,907,992 | $ | 7,379,444 | $ | — | $ | — | $ | — | $ | 16,050,373 | $ | 26,337,809 | ||||||||||||||
ISMD | 10,337,181 | — | — | — | — | 7,438,478 | 17,775,659 | |||||||||||||||||||||
IBD | 49,782 | 631,037 | — | — | — | (2,495,545 | ) | (1,814,726 | ) | |||||||||||||||||||
BIBL | 11,104,133 | 34,380,565 | — | — | — | 17,139,218 | 62,623,916 | |||||||||||||||||||||
WWJD | 2,888,458 | 9,748,877 | — | — | — | 3,158,959 | 15,796,294 | |||||||||||||||||||||
RISN | 9,428,341 | 198,320 | — | — | — | 5,972,955 | 15,599,616 | |||||||||||||||||||||
GLRY | 1,669,937 | — | — | — | — | (360,533 | ) | 1,309,404 | ||||||||||||||||||||
FEVR | — | — | (125,649 | ) | (367,667 | ) | — | 4,737,165 | 4,243,849 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
The difference between book basis and tax basis undistributed net investment income, accumulated net realized gain, and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for real estate investment trusts, passive foreign investment companies, and C-Corporation return of capital distributions.
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. FEVR incurred and elected to defer such late year losses of $125,649.
At November 30, 2021, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and utilized capital loss carryforwards as follows:
Non-Expiring | ||||||||||||||||
Portfolio | Short-Term | Long-Term | Total | CLCF Utilized | ||||||||||||
BLES | $ | — | $ | — | $ | — | $ | 3,964,531 | ||||||||
ISMD | — | — | — | 17,448,628 | ||||||||||||
IBD | — | — | — | 448,880 | ||||||||||||
BIBL | — | — | — | — | ||||||||||||
WWJD | — | — | — | 1,093,235 | ||||||||||||
RISN | — | — | — | — | ||||||||||||
GLRY | — | — | — | — | ||||||||||||
FEVR | 367,667 | — | 367,667 | — |
Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions, non-deductible expenses and distribution reclasses, resulted in reclassifications for the Funds for the period ended November 30, 2021 as follows:
Paid | ||||||||
In | Accumulated | |||||||
Portfolio | Capital | Earnings (Deficit) | ||||||
BLES | $ | 6,502,995 | $ | (6,502,995 | ) | |||
ISMD | 2,313,742 | (2,313,742 | ) | |||||
IBD | 2,131,401 | (2,131,401 | ) | |||||
BIBL | 8,575,352 | (8,575,352 | ) | |||||
WWJD | 5,312,560 | (5,312,560 | ) | |||||
RISN | 742,028 | (742,028 | ) | |||||
GLRY | 2,311,963 | (2,311,963 | ) | |||||
FEVR | 2,868,335 | (2,868,335 | ) |
7. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation/ | ||||||||||||||
Portfolio | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
BLES | $ | 136,152,757 | $ | 16,245,053 | $ | (17,078,439 | ) | $ | (833,386 | ) | ||||||
ISMD | 118,217,661 | 9,383,184 | (13,479,125 | ) | (4,095,941 | ) | ||||||||||
IBD | 240,264,418 | — | (20,734,477 | ) | (20,734,477 | ) | ||||||||||
BIBL | 311,121,764 | 13,880,685 | (49,012,310 | ) | (35,131,625 | ) | ||||||||||
WWJD | 135,850,266 | 6,295,972 | (18,924,763 | ) | (12,628,791 | ) | ||||||||||
RISN | 113,074,430 | 1,548,119 | (1,116,130 | ) | 431,989 | |||||||||||
GLRY | 27,371,792 | 711,431 | (2,270,199 | ) | (1,558,768 | ) | ||||||||||
FEVR | 39,704,237 | 1,810,413 | (6,769,685 | ) | (4,959,272 | ) |
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
8. | SECURITIES LENDING |
Each Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Custodian. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is held by the Custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.
As of May 31, 2022, the below table shows the securities loan and collateral for the loan both of which are presented gross on the Statement of Assets and Liabilities. All individual open security loan transactions were overcollateralized. This cash is invested in the Fidelity Government Portfolio – Institutional Class.
Fair Value of | Collateral Value of | |||||||
Ticker | Securities on Loan | Securities on Loan | ||||||
BLES | $ | 1,729,965 | $ | 1,836,655 | ||||
ISMD | 710,419 | 746,849 | ||||||
WWJD | 5,270,950 | 5,535,135 |
The following table is a summary of the Funds securities loaned and related collateral, which are subject to a netting agreement as of May 31, 2022:
Gross Amounts Not | ||||||||||||||||||||||||
Offset in the Statement of | ||||||||||||||||||||||||
Assets & Liabilities | ||||||||||||||||||||||||
Gross | Net Amounts | |||||||||||||||||||||||
Amounts | of Assets | |||||||||||||||||||||||
Gross | Offset in the | Presented in | ||||||||||||||||||||||
Amounts of | Statement of | the Statement | ||||||||||||||||||||||
Recognized | Assets & | of Assets & | Financial | Collateral | Net | |||||||||||||||||||
Fund | Assets | Liabilities | Liabilities | Instruments | Received | Amount | ||||||||||||||||||
BLES Securities Lending | $ | 1,836,655 | $ | — | $ | 1,836,655 | $ | — | $ | 1,836,655 | $ | — | ||||||||||||
ISMD Securities Lending | $ | 746,849 | $ | — | $ | 746,849 | $ | — | $ | 746,849 | $ | — | ||||||||||||
WWJD Securities Lending | $ | 5,535,135 | $ | — | $ | 5,535,135 | $ | — | $ | 5,535,135 | $ | — |
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2022 |
It is each Funds policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. As of November 30, 2021, the collateral consisted of institutional government money market funds.
9. | RECENT ACCOUNTING PRONOUNCEMENTS AND REPORTING UPDATES |
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.
10. | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.
Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following.
The Board declared the following distributions after May 31, 2022:
Distribution Per Share | Record Date | Payable Date | |||||||
BLES | $ | 0.2692 | 6/27/2022 | 7/5/2022 | |||||
ISMD | $ | 0.1580 | 6/27/2022 | 7/5/2022 | |||||
IBD | $ | 0.0236 | 6/27/2022 | 7/5/2022 | |||||
BIBL | $ | 0.0793 | 6/27/2022 | 7/5/2022 | |||||
WWJD | $ | 0.3426 | 6/27/2022 | 7/5/2022 | |||||
GLRY | $ | 0.0704 | 6/27/2022 | 7/5/2022 | |||||
FEVR | $ | 0.0428 | 6/27/2022 | 7/5/2022 |
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EXPENSE EXAMPLES (Unaudited) |
May 31, 2022 |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2021 through May 31, 2022.
Actual Expenses
The Actual lines in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The Hypothetical lines in the table below provide information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses Paid | Expenses Paid | |||||||
Account Value | Account Value | During Period* | During Period** | |||||||
Actual | 12/1/2021 | 5/31/2022 | 12/1/21 - 5/31/2022 | 12/1/21 - 5/31/2022 | ||||||
BLES | $ | 1,000.00 | $938.40 | $2.62 | 0.54% | |||||
ISMD | $ | 1,000.00 | $947.40 | $2.37 | 0.49% | |||||
IBD | $ | 1,000.00 | $926.80 | $2.09 | 0.43% | |||||
BIBL | $ | 1,000.00 | $865.60 | $1.63 | 0.35% | |||||
WWJD | $ | 1,000.00 | $946.80 | $3.54 | 0.73% | |||||
RISN | $ | 1,000.00 | $884.20 | $3.21 | 0.68% | |||||
GLRY | $ | 1,000.00 | $823.20 | $4.91 | 1.08% | |||||
FEVR | $ | 1,000.00 | $797.50 | $4.30 | 0.96% |
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EXPENSE EXAMPLES (Unaudited)(Continued) |
May 31, 2022 |
Beginning | Ending | Expenses Paid | Expenses Paid | |||||||
Hypothetical | Account Value | Account Value | During Period* | During Period** | ||||||
(5% return before expenses) | 12/1/2021 | 5/31/2022 | 12/1/21 - 5/31/2022 | 12/1/21 - 5/31/2022 | ||||||
BLES | $ | 1,000.00 | $1,022.23 | $2.73 | 0.54% | |||||
ISMD | $ | 1,000.00 | $1,022.50 | $2.46 | 0.49% | |||||
IBD | $ | 1,000.00 | $1,022.77 | $2.19 | 0.43% | |||||
BIBL | $ | 1,000.00 | $1,023.19 | $1.77 | 0.35% | |||||
WWJD | $ | 1,000.00 | $1,021.29 | $3.68 | 0.73% | |||||
RISN | $ | 1,000.00 | $1,021.53 | $3.44 | 0.68% | |||||
GLRY | $ | 1,000.00 | $1,019.54 | $5.44 | 1.08% | |||||
FEVR | $ | 1,000.00 | $1,020.14 | $4.84 | 0.96% |
* | Expenses are equal to the average account value over the period, multiplied by the Funds annualized expense ratio net of waived/reimbursed fees, multiplied by the number of days in the period (182) divided by the number of days in the fiscal year (365). Hypothetical expense information is presented on the basis of the full one -half year period to enable a comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period but is multiplied by 182/365 (to reflect the full half-year period). |
** | Annualized. |
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The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited) |
May 31, 2022 |
Renewal of the Investment Advisory Agreement with Inspire Investing, LLC
In connection with the Meeting of the Board of Trustees (the Trustees) of Northern Lights Fund Trust IV (the Trust), held on January 19 and 20, 2022, the Trustees, including a majority of the Trustees who are not interested persons as that term is defined in the Investment Company Act of 1940, as amended (the 1940 Act), discussed the renewal of an investment advisory agreement (the Inspire Advisory Agreement) between Inspire Investing, LLC (Inspire) and the Trust, with respect to Inspire 100 ESG ETF (Inspire 100), Inspire Corporate Bond ESG ETF (Inspire Corporate Bond), Inspire Global Hope ESG ETF (Inspire Global Hope), Inspire International ESG ETF (Inspire International), Inspire Small/Mid Cap ESG ETF (Inspire Small/Mid Cap) Inspire Tactical Balanced ESG ETF (Inspire TBE), Inspire Faithward Large Cap Momentum ESG ETF (Inspire FLCM) and Inspire Faithward Mid Cap Momentum ESG ETF (Inspire FMCM) (together the Inspire ETFs). In considering the renewal of the Inspire Advisory Agreement, the Trustees received materials specifically relating to the Inspire Advisory Agreement in advance of the Meeting.
The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the advisory agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided, including peer groups for each Inspire ETF that were independently sourced by Broadridge Financial Solutions, Inc. (Broadridge) and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the advisory agreement.
Nature, Extent and Quality of Services. The Trustees noted the investment experience and background of the key investment personnel responsible for servicing the Inspire ETFs. The Trustees discussed Inspires adherence to managing the Inspire ETFs to track their respective indexes, each of which utilizes the Inspire Impact Score© investment methodology. The Trustees noted Inspires commitment to building a strong infrastructure by adding to their staff. The Trustees reviewed Inspires practices for monitoring compliance as set forth in the investment adviser questionnaire response. The Trust CCO noted the adequacy of Inspires compliance program. The Trustees observed that Inspire selected broker/dealers on the basis of best execution. The Trustees noted that Inspire monitors daily trading on the listing exchange by, among other means, using a third-party data and analysis provider. After further discussion, the Trustees concluded that Inspire continues to have the ability to provide a level of service consistent with their expectations.
Performance. The Trustees discussed the reports prepared by Broadridge and reviewed the performance of each Inspire ETF as compared to its respective Inspire index that it seeks to track; and, secondarily compared to its Broadridge selected peer group and Morningstar category for the one year, three year and since inception periods. The Trustees considered each Inspire ETFs respective investment objective and each of the Inspire ETFs Broadridge selected peer group and Morningstar category, noting the shortage of direct comparisons because none were passively managed biblically responsible ETFs:
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SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2022 |
Inspire 100: The Trustees considered Inspire 100s performance, noting that Inspire 100, a passively managed ETF, seeks to track its own Inspire benchmark index. The Trustees evaluated the correlation and tracking error between the Inspire benchmark index and Inspire 100s performance. Based on its review, the Trustees found that the nature and extent of services provided to Inspire 100 under the Inspire Advisory Agreement was appropriate and that the quality of portfolio management services provided was satisfactory. The Trustees noted that the Inspire 100s performance was lower than the Index for both the one- period and three-year periods. The Trustees recognized that unlike Inspire 100, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. In addition, the Trustees noted that Inspire 100 must maintain a certain amount of cash, which also contributes to tracking error. The Trustees noted Inspire 100s performance was below its Morningstar Category median and Broadridge selected peer group median for the one-year period but above its Morningstar Category median and Broadridge selected median for the three-year period. The Trustees concluded Inspire 100s performance was satisfactory.
Inspire Corporate Bond: The Trustees considered Inspire Corporate Bonds performance noting that Inspire Corporate bond, a passively managed ETF, seeks to track its own Inspire benchmark index. The Trustees evaluated the correlation and tracking error between the Inspire benchmark index and Inspire Corporate Bonds performance. Based on its review, the Trustees found that the nature and extent of services provided to Inspire Corporate Bond under the Inspire Advisory Agreement was appropriate and that the quality of the portfolio management services provided was satisfactory. The Trustees noted that Inspire Corporate Bonds performance was lower than the Index for both periods, noting that unlike Inspire Corporate Bond, the performance of the unmanaged Index does not reflect deductions for transaction costs, taxes, management fees or other expenses. In addition, the Trustees noted that Inspire Corporate Bond must maintain a certain amount of cash, which also contributes to tracking error. The Trustees concluded Inspire Corporate Bonds performance was satisfactory.
Inspire FLCM: The Trustees considered the performance of Inspire FLCM, an actively managed ETF, and discussed the reports prepared by Broadridge and reviewed the performance of Inspire FLCM as compared to its Broadridge selected peer group, Morningstar category and benchmark for the period since inception. The Trustees noted that Inspire FLCM outperformed its respective peer group and Morningstar category for the period since inception but underperformed its benchmark. The Trustees concluded that the performance for Inspire FLCM was satisfactory.
Inspire FMCM: The Trustees considered the performance of the ETF, an actively managed ETF, and discussed the reports prepared by Broadridge and reviewed the performance of Inspire FMCM as compared to its Broadridge selected peer group, Morningstar category for the period since inception. The Trustees noted that Inspire FMCM underperformed its respective peer group, Morningstar category and benchmark for the period since inception but was within the peer group and Morningstar ranges. The Trustees concluded that the performance for Inspire FMCM was satisfactory.
Inspire Global Hope: The Trustees considered Inspire Global Hopes performance noting that Inspire Global Hope, a passively managed ETF, seeks to track its own Inspire benchmark index. The Trustees evaluated the correlation and tracking error between the Inspire benchmark index and Inspire Global Hopes performance. Based on its review, the Trustees found that the nature and extent of services provided to Inspire Global Hope under the Inspire Advisory Agreement was appropriate and that the
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SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2022 |
quality was satisfactory. The Trustees noted Inspire Global Hopes performance was lower than the Inspire benchmark index for the one-year and since inception periods and higher than the Inspire benchmark index for the three-year period, noting that unlike Inspire Global Hope, the performance of the unmanaged Index does not reflect deductions for transaction costs, taxes, management fees or other expenses. In addition, the Trustees noted that Inspire Global Hope must maintain a certain amount of cash, which also contributes to tracking error. It was noted that Inspire Global Hope outperformed its Morningstar Category median and peer group median for the one and three-year periods but underperformed them for the period since inception. The Trustees concluded Inspire Global Hopes performance was satisfactory.
Inspire International: The Trustees considered the performance of Inspire International, a passively managed ETF, noting that Inspire International seeks to track its own Inspire benchmark index. The Trustees evaluated the correlation and tracking error between the Inspire benchmark index and Inspire Internationals performance. Based on its review, the Trustees found that the nature and extent of services provided to Inspire International under the Inspire Advisory Agreement was appropriate and that the quality was satisfactory. The Trustees noted Inspire Internationals performance was higher than the Inspire benchmark index Inspire International tracks for the one-year period and since inception. While the outperformance of the index was a positive development for shareholders on an absolute basis, the Trustees noted the steps taken by Inspire to reduce tracking error. It was noted Inspire International outperformed its Morningstar Category and peer group for the one- year and since inception periods, ranking first in both its Morningstar Category and peer group for the one-year period. The Trustees concluded Inspire Internationals performance was satisfactory.
Inspire Small/Mid Cap: The Trustees considered the performance of Inspire Small/Mid Cap, a passively managed ETF, noting that Inspire Small/Mid Cap seeks to track its own Inspire benchmark index. The Trustees evaluated the correlation and tracking error between the Inspire benchmark index and Inspire Small/Mid Caps performance. Based on its review, the Trustees found that the nature and extent of services provided to Inspire Small/Mid Cap under the Investment Advisory Agreement was appropriate and that the quality was satisfactory. The Trustees noted Inspire Small/Mid Caps performance was lower than the Inspire benchmark index for the one-year period, three-year period and the period since inception, noting that unlike Inspire Small/Mid Cap, the performance of the unmanaged Index does not reflect deductions for transaction costs, taxes, management fees or other expenses. In addition, the Trustees noted that the ETF must maintain a certain amount of cash, which also contributes to tracking error. The Trustees noted Inspire Small/Mid Cap outperformed its Morningstar Category median and peer group median for the one-year period but underperformed for the period since inception. The Trustees concluded Inspire Small/Mid Caps performance was satisfactory.
Inspire TBE: The Trustees considered the performance of Inspire TBE, an actively managed ETF, and discussed the reports prepared by Broadridge and reviewed the performance of Inspire TBE as compared to its Broadridge selected peer group, Morningstar category and benchmark for the one-year and since inception periods. The Trustees noted that Inspire TBE underperformed its respective peer group median but outperformed its Morningstar category median and benchmark for both periods. The Trustees concluded that the performance for Inspire TBE was satisfactory.
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SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2022 |
Fees and Expenses.
Inspire 100: The Trustees evaluated Inspire 100s advisory fee, noting that the advisory fee of 0.30% was lower than the Broadridge peer group average and the Morningstar category average. The Trustees discussed Inspire 100s net expense ratio and noted that it was higher that its Broadridge peer group average and Morningstar Category Average but within the range of listed peers of both. The Trustees considered that Inspire had a contractual expense limitation in place with respect to Inspire 100 and agreed to renew it for an additional year. The Trustees concluded that Inspire 100s advisory fee was not unreasonable.
Inspire Corporate Bond: The Trustees evaluated Inspire Corporate Bonds advisory fee, noting that the advisory fee of 0.45% was higher than the Broadridge Category peer group average and Morningstar category peer group average but below the Broadridge Category high. The Trustees discussed Inspire Corporate Bonds net expense ratio and noted that it was higher than its peer group average and peer group median but below the Broadridge Category high. The Trustees concluded that Inspire Corporate Bonds advisory fee was not unreasonable.
Inspire FLCM: The Trustees evaluated Inspire FLCMs advisory fee, noting that the advisory fee of 0.65% was higher than the Broadridge Category average and peer group average but below the Broadridge Category and peer group high. The Trustees discussed Inspire FLCMs net expense ratio and noted that it was higher than its Broadridge Category average and peer group average but below the Broadridge Category and peer group high. The Board noted that Inspire, out of its advisory fee, paid the sub-adviser of Inspire FLCM a sub- advisory fee of 0.35% of Inspire FLCMs average net assets. The Trustees considered that effective April 1, 2022, Inspire was putting an expense limitation in place with respect to Inspire FLCM for one year. The Trustees concluded that Inspire FLCMs advisory fee was not unreasonable.
Inspire FMCM: The Trustees evaluated Inspire FMCMs advisory fee, noting that the advisory fee of 0.65% was lower than the Broadridge Category average and peer group average. The Trustees discussed Inspire FMCMs net expense ratio and noted that it was higher than its Morningstar Category average and peer group median but below the Category high. They further noted that Inspire FMCMs net expense ratio was higher than its assigned Morningstar category median and average. The Trustees noted that that Inspire, out of its advisory fee, paid the sub-adviser of Inspire FMCM a sub-advisory fee of 0.35% of Inspire FMCMs average net assets. The Trustees considered that effective April 1, 2022, the Adviser was putting an expense limitation in place with respect to Inspire FMCM for one year. The Trustees concluded that Inspire FMCMs advisory fee was not unreasonable.
Inspire Global Hope: The Trustees evaluated Inspire Global Hopes advisory fee, noting that the advisory fee of 0.30% was lower than the Broadridge peer group average and median and the Morningstar category average and median. The Trustees discussed Inspire Global Hopes net expense ratio and noted that it was higher than its peer group average and median; and its assigned Morningstar category median and average but within the range of the category. The Board further considered the Inspires assertion that non-advisory fee related expenses were a driver of total operating expenses and that Inspire Global Hopes advisory fee on an absolute basis was low given the services provided by Inspire. The Trustees concluded that the Inspire Global Hopes advisory fee was not unreasonable.
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The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2022 |
Inspire International: The Trustees evaluated Inspire Internationals advisory fee, noting that the advisory fee of 0.45% was higher than the Broadridge peer group average and below the Morningstar category high. The Trustees discussed Inspire Internationals net expense ratio and noted that it was higher than its Broadridge peer group average but well below the Morningstar Category high. They further noted that Inspire Internationals net expense ratio was higher than its assigned Morningstar category median and average but within the range of the category. The Trustees concluded that Inspire Internationals advisory fee was not unreasonable.
Inspire Small/Mid Cap: The Trustees evaluated Inspire Small/Mid Caps advisory fee, noting that the advisory fee of 0.30% was lower than its peer group average and in line with its peer group average. The Trustees noted Inspire Small/Mid Caps advisory fee was slightly higher than its Broadridge peer group median and average. They further noted that Inspire Small/Mid Caps net expense ratio was higher than its assigned Morningstar category median and average but within the range of the category. The Trustees concluded that Inspire Small/Mid Caps advisory fee was not unreasonable.
Inspire TBE: The Trustees evaluated Inspire TBEs advisory fee, noting that the advisory fee of 0.50% was lower than the Broadridge peer group median and average and below the Morningstar category median average. The Trustees discussed Inspire TBEs net expense ratio and noted that it was lower than its Broadridge peer group average and median. They further noted that Inspire TBEs net expense ratio was higher than its assigned Morningstar category median and average but within the range of the category. The Trustees concluded that Inspire TBEs advisory fee was not unreasonable.
Profitability. The Trustees reviewed Inspires profitability analysis in connection with the advisory services it provides to each of the Inspire ETFs. The Trustees noted that Inspire was managing Inspire FLCM and Inspire FMCM at a loss. The Trustees noted Inspire was providing investment management services to Inspire Corporate Bond, Inspire Global Hope, Inspire International, Inspire Small/Mid Cap and Inspire TBE each at a modest profit. The Trustees concluded, therefore, that Inspires profitability with respect to each ETF was not excessive.
Economies of Scale. The Trustees noted Inspires assertion that economies of scale had not yet been reached. The Trustees noted that consideration of economies of scale would be revisited as each ETFs assets grow significantly.
Conclusion. The Trustees relied upon the advice of counsel, and their own business judgment in determining the material factors to be considered in evaluating the Inspire Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from Inspire as the Trustees believed to be reasonably necessary to evaluate the terms of the Inspire Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees including all of the Independent Trustees, determined that, with respect to the re-approval of the Inspire Advisory Agreement with respect to each of the Inspire ETFs, (a) the terms of the Inspire Advisory Agreement were reasonable; (b) the advisory fee paid by each Inspire ETF was not unreasonable; and (c) the profitability of the Adviser earned, if any, under the Inspire Advisory Agreement was not excessive with respect to each of the Inspire ETFs and its respective shareholders. In considering the renewal of the Inspire Advisory Agreement, the Trustees did not identify any one factor as all important, but rather considered these factors collectively and determined that approval
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The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2022 |
of the renewal of the Inspire Advisory Agreement was in the best interests of each Inspire ETF and its respective shareholders, as appropriate.
Consideration of Renewal of Investment Sub-Advisory Agreement between Inspire and Seven One Seven Capital Management LLC (SOS
In connection with the Meeting held on January 19 and 20, 2022, the Trustees, including a majority of the Trustees who are not interested persons as that term is defined in the 1940 Act, discussed the renewal of the investment sub-advisory agreement (the SOS Sub-Advisory Agreement) between Inspire and SOS with respect to Inspire FLCM and Inspire FMCM) (together the Inspire Faithward ETFs
The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the SOS Sub-Advisory Agreement and the weight to be given to each such factor. The Trustees conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the SOS Sub-Advisory Agreement.
Nature, Extent & Quality of Services. The Trustees observed that SOS, formed in 2019, had $713 million in assets under management at the end of the review period. The Trustees reviewed the background information of the key investment personnel who were responsible for providing sub-advisory services to Inspire FMCM and Inspire FLCM, taking into consideration their education and experience. The Trustees were comfortable with SOSs financial condition. The Trustees noted that SOS uses its proprietary system of technical analysis to select investments and to manage the assets as Inspire FLCM and Inspire FMCM and noted the use of Bloomberg analytics to construct portfolio allocations. In consideration of the compliance policies and procedures for SOS, the Trustees noted Inspires belief that SOS has the capabilities, resources and personnel necessary to continue provide sub-advisory services to the Inspire Faithward ETFs in a compliant way. The Trustees concluded that SOS had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the SOS Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services provided to Inspire FLCM and Inspire FMCM are satisfactory. Based on the information provided, including Inspires satisfaction with the services of SOS, the Trustees concluded that the nature, extent and quality of the service provided were acceptable.
Performance. The Trustees noted Inspire FLCMs performance of 19.27% for the period since inception underperformed its benchmark performance of 24.04%. The Trustees noted Inspire FMCMs performance of 18.75% underperformed its benchmarks performance of 21.95%. The Trustees noted SOSs assertion that momentum style investing had underperformed during the period. The Trustees agreed that SOSs performance was acceptable, especially because the performance measurement period was still relatively short.
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The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2022 |
Fees and Expenses. The Board noted that SOS received a sub-advisory fee of 0.35% of each Inspire Faithward ETFs average net assets, which was paid by Inspire out of its advisory fee. The Trustees compared the Funds sub-advisory fee to the fees paid to SOS for managing separately managed accounts. After discussion, the Trustees concluded that the sub-advisory fee was not unreasonable.
Profitability. The Trustees reviewed the profitability analysis provided by SOS, acknowledging that SOS received a small profit in terms of actual dollars and percentage of revenue earned. They further noted that they agreed that with SOSs assertion that the profits were reasonable based on the amount of research and intensive analysis required to select the Funds investments. After further discussion, the Trustees concluded that SOSs profitability was not excessive.
Economies of Scale. The Trustees considered whether SOS had realized economies of scale with respect to the sub-advisory services provided to the Inspire Faithward ETFs. The Trustees agreed that this was primarily an adviser level issue and had been considered with respect to the overall advisory agreement, taking into consideration the impact of the sub-advisory expense and the breakpoints in the sub-advisory fee.
Conclusion. Having requested and received such information from SOS as the Trustees believed to be reasonably necessary to evaluate the terms of the SOS Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees concluded that the sub-advisory fee structure was not unreasonable and that renewal of the SOS Sub-Advisory Agreement was in the best interests of the Trust and the shareholders of the Inspire Faithward ETFs.
137
PRIVACY NOTICE
Northern Lights Fund Trust IV
Rev. August 2015
FACTS | WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depends on the product or service that you have with us. This information can include:
● Social Security number and wire transfer instructions
● account transactions and transaction history
● investment experience and purchase history
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers personal information; the reasons Northern Lights Fund Trust IV chooses to share; and whether you can limit this sharing. |
Reasons
we can share your personal information: |
Does
Northern Lights Fund Trust IV share information? |
Can you limit this sharing? |
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | YES | NO |
For our marketing purposes - to offer our products and services to you. | NO | We dont share |
For joint marketing with other financial companies. | NO | We dont share |
For our affiliates everyday business purposes - information about your transactions and records. | NO | We dont share |
For our affiliates everyday business purposes - information about your credit worthiness. | NO | We dont share |
For nonaffiliates to market to you | NO | We dont share |
QUESTIONS? | Call 1-402-493-4603 |
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PRIVACY NOTICE
Northern Lights Fund Trust IV
Page 2 |
What we do: | |
How does Northern Lights Fund Trust IV protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
How does Northern Lights Fund Trust IV collect my personal information? |
We collect your personal information, for example, when you ● open an account or deposit money
● direct us to buy securities or direct us to sell your securities
● seek advice about your investments
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why cant I limit all sharing? |
Federal law gives you the right to limit only: ● sharing for affiliates everyday business purposes – information about your creditworthiness.
● affiliates from using your information to market to you.
● sharing for nonaffiliates to market to you.
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
● Northern Lights Fund Trust IV has no affiliates. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● Northern Lights Fund Trust IV does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
● Northern Lights Fund Trust IV does not jointly market. |
139
PROXY VOTING POLICY
Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-877 -658-9473 or by referring to the Securities and Exchange Commissions (SEC) website at http://www.sec.gov.
PORTFOLIO HOLDINGS
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SECs website at www.sec.gov.
PREMIUM/DISCOUNT INFORMATION
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at www.inspireetf.com.
INVESTMENT ADVISER |
Inspire Investing, LLC |
3597 E Monarch Sky Lane, |
Suite 330 |
Meridian, ID 83646 |
INVESTMENT SUB-ADVISER |
Seven One Seven Capital Management LTD |
1755 Oregon Pike |
Lancaster, PA 17601 |
ADMINISTRATOR |
Ultimus Fund Solutions, LLC |
4221 North 203rd Street, Suite 100 |
Elkhorn, NE 68022-3474 |
INSPIRE-SA22 |
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.
Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders. None
Item 11. Controls and Procedures.
(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. - Not applicable to open-end investment companies.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable for open-end investment companies.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Northern Lights Fund Trust IV
By (Signature and Title)
/s/ Wendy Wang
Wendy Wang, Principal Executive Officer/President
Date 8/8/22
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Wendy Wang
Wendy Wang, Principal Executive Officer/President
Date 8/8/22
By (Signature and Title)
/s/ Sam Singh
Sam Singh, Principal Financial Officer/Treasurer
Date 8/8/22