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 LOGO)

 

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 can’t 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.

1

 

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 fund’s prospectus. Although Inspire doesn’t 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.

2

 

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 God’s 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 Fund’s 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.

3

 

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 Fund’s 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 Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Fund’s 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 adviser’s revolutionary Inspire Impact Score4 methodology which measures a company’s 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 Fund’s 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 Fund’s 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 Fund’s holdings.

6

 

Inspire Small/Mid Cap ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022

 

The Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Fund’s 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 adviser’s revolutionary Inspire Impact Score4 methodology which measures a company’s 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 Fund’s 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 Fund’s 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 Fund’s holdings.

8

 

Inspire Corporate Bond ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022

 

The Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Inspire’s revolutionary Inspire Impact Score methodology which measures a company’s 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 Fund’s 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 Fund’s 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 Fund’s holdings.

10

 

Inspire 100 ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022

 

The Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated on by the Trust’s Board of Trustees only 60 days’ written notice to the Fund’s adviser. The Fund’s 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 Fund’s 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 Fund’s 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 Fund’s holdings.

12

 

Inspire International ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022

 

The Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s holdings.

14

 

Inspire Tactical Balanced ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022

 

The Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s holdings.

16

 

Inspire Faithward Mid Cap Momentum ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022

 

The Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated on by the Trust’s Board of Trustees only 60 days’ written notice to the Fund’s adviser. The Fund’s 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 Fund’s 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 Fund’s 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 Fund’s holdings.

18

 

Inspire Faithward Large Cap Momentum ESG ETF
PORTFOLIO REVIEW (Unaudited)
May 31, 2022

 

The Fund’s 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 Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s 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 Fund’s 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 Fund’s 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 Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated on by the Trust’s Board of Trustees only 60 days’ written notice to the Fund’s adviser. The Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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   O’Reilly 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   Carter’s, 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   Brink’s 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   BJ’s 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 John’s 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   Wendy’s 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   Casey’s General Stores, Inc.   256,058 
 1,512   Five Below, Inc.(a)   197,452 
 5,630   Ollie’s 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   Dick’s Sporting Goods, Inc.(b)   196,008 
 898   Dillard’s, 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   O’Reilly Automotive, Inc.  3.5500  03/15/26   398,014 
 830,000   O’Reilly 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   BJ’s 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.

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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.

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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. BLES’s 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. ISMD’s 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. IBD’s 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. BIBL’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 100 Index. WWJD’s 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. RISN’s investment objective seeks to provide capital appreciation with lower volatility than the US large cap stock market over the long term. GLRY’s 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. FEVR’s 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

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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 Trust’s 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

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May 31, 2022

 

security; (ii) the cost at date of purchase; (iii) the size and nature of the applicable Fund’s 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 Fund’s 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 Fund’s 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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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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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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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 country’s 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 jurisdiction’s 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 Fund’s 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 Fund’s 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 Fund’s 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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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 Fund’s 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 Fund’s operating expense to exceed the Expense Limitation. If a Fund’s 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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The Inspire ETFs
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 

125

 

The Inspire ETFs
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)

126

 

The Inspire ETFs
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   $ 

127

 

The Inspire ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
May 31, 2022

 

It is each Fund’s 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  

128

 

The Inspire ETFs
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%

129

 

The Inspire ETFs
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 Fund’s 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.

130

 

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 Inspire’s adherence to managing the Inspire ETFs to track their respective indexes, each of which utilizes the Inspire Impact Score© investment methodology. The Trustees noted Inspire’s commitment to building a strong infrastructure by adding to their staff. The Trustees reviewed Inspire’s practices for monitoring compliance as set forth in the investment adviser questionnaire response. The Trust CCO noted the adequacy of Inspire’s 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 ETF’s respective investment objective and each of the Inspire ETF’s 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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The Inspire ETFs
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
May 31, 2022

 

Inspire 100: The Trustees considered Inspire 100’s 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 100’s 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 100’s 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 100’s 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 100’s performance was satisfactory.

 

Inspire Corporate Bond: The Trustees considered Inspire Corporate Bond’s 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 Bond’s 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 Bond’s 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 Bond’s 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 Hope’s 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 Hope’s 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

132

 

The Inspire ETFs
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
May 31, 2022

 

quality was satisfactory. The Trustees noted Inspire Global Hope’s 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 Hope’s 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 International’s 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 International’s 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 International’s 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 Cap’s 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 Cap’s 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 Cap’s 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.

133

 

The Inspire ETFs
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
May 31, 2022

 

Fees and Expenses.

 

Inspire 100: The Trustees evaluated Inspire 100’s 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 100’s 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 100’s advisory fee was not unreasonable.

 

Inspire Corporate Bond: The Trustees evaluated Inspire Corporate Bond’s 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 Bond’s 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 Bond’s advisory fee was not unreasonable.

 

Inspire FLCM: The Trustees evaluated Inspire FLCM’s 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 FLCM’s 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 FLCM’s 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 FLCM’s advisory fee was not unreasonable.

 

Inspire FMCM: The Trustees evaluated Inspire FMCM’s 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 FMCM’s 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 FMCM’s 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 FMCM’s 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 FMCM’s advisory fee was not unreasonable.

 

Inspire Global Hope: The Trustees evaluated Inspire Global Hope’s 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 Hope’s 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 Inspire’s assertion that non-advisory fee related expenses were a driver of total operating expenses and that Inspire Global Hope’s advisory fee on an absolute basis was low given the services provided by Inspire. The Trustees concluded that the Inspire Global Hope’s advisory fee was not unreasonable.

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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 International’s 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 International’s 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 International’s advisory fee was not unreasonable.

 

Inspire Small/Mid Cap: The Trustees evaluated Inspire Small/Mid Cap’s 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 Cap’s advisory fee was slightly higher than its Broadridge peer group median and average. They further noted that Inspire Small/Mid Cap’s 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 Cap’s advisory fee was not unreasonable.

 

Inspire TBE: The Trustees evaluated Inspire TBE’s 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 TBE’s net expense ratio and noted that it was lower than its Broadridge peer group average and median. They further noted that Inspire TBE’s 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 TBE’s advisory fee was not unreasonable.

 

Profitability. The Trustees reviewed Inspire’s 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 Inspire’s profitability with respect to each ETF was not excessive.

 

Economies of Scale. The Trustees noted Inspire’s assertion that economies of scale had not yet been reached. The Trustees noted that consideration of economies of scale would be revisited as each ETF’s 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

135

 

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 SOS’s 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 Inspire’s 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 Inspire’s 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 FLCM’s performance of 19.27% for the period since inception underperformed its benchmark performance of 24.04%. The Trustees noted Inspire FMCM’s performance of 18.75% underperformed its benchmark’s performance of 21.95%. The Trustees noted SOS’s assertion that momentum style investing had underperformed during the period. The Trustees agreed that SOS’s performance was acceptable, especially because the performance measurement period was still relatively short.

136

 

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 ETF’s average net assets, which was paid by Inspire out of its advisory fee. The Trustees compared the Fund’s 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 SOS’s assertion that the profits were reasonable based on the amount of research and intensive analysis required to select the Fund’s investments. After further discussion, the Trustees concluded that SOS’s 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 don’t share
For joint marketing with other financial companies. NO We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records. NO We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness. NO We don’t share
For nonaffiliates to market to you NO We don’t share

 

QUESTIONS?   Call 1-402-493-4603

138

 

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 can’t 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 Commission’s (“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 SEC’s 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)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

 

(a)(3) Not applicable for open-end investment companies.

 

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

 

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

 
 

CERTIFICATIONS

 

I, Wendy Wang, certify that:

 

1.       I have reviewed this report on Form N-CSR of the Inspire Global Hope ESG ETF, Inspire Small/Mid Cap Impact ESG ETF, Inspire Corporate Bond Impact ESG ETF, Inspire 100 ESG ETF, Inspire International ESG ETF, Inspire Tactical Balanced ESG ETF, Inspire Faithward Mid Cap Momentum ESG ETF and Inspire Faithward Large Cap Momentum ESG ETF (a series of Northern Lights Fund Trust IV);

 

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.       The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: 8/8/22

 

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

 
 

I, Sam Singh, certify that:

 

1.       I have reviewed this report on Form N-CSR of the Inspire Global Hope ESG ETF, Inspire Small/Mid Cap Impact ESG ETF, Inspire Corporate Bond Impact ESG ETF, Inspire 100 ESG ETF, Inspire International ESG ETF, Inspire Tactical Balanced ESG ETF, Inspire Faithward Mid Cap Momentum ESG ETF and Inspire Faithward Large Cap Momentum ESG ETF (a series of Northern Lights Fund Trust IV);

 

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.       The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: 8/8/22

 

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer


 

certification

Wendy Wang, Principal Executive Officer/President, and Sam Singh, Principal Financial Officer/Treasurer of Northern Lights Fund Trust IV (the “Registrant”), each certify to the best of his knowledge that:

1.       The Registrant’s periodic report on Form N-CSR for the period ended May 31, 2022 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.       The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer/President  Principal Financial Officer/Treasurer
Northern Lights Fund Trust IV  Northern Lights Fund Trust IV
    
    
/s/ Wendy Wang  /s/ Sam Singh
Wendy Wang  Sam Singh
Date: 8/8/22  Date: 8/8/22

 

 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Funds Trust IV and will be retained by Northern Lights Fund Trust IV and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.