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Form N-CSRS Northern Lights Fund For: May 31

August 8, 2022 3:11 PM EDT

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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