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: 5/31/23
Item 1. Reports to Stockholders.
Amended to correct the Series and Class Identifiers of the Inspire International ETF. The Inspire Faithward Large Cap Momentum ESG ETF’s Series and Class Identifiers were incorrectly selected on the initial filing. There is no change to the financial statements and no impact to the documents made available to shareholders.
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Inspire Global Hope ETF (BLES) |
Inspire Small/Mid Cap ETF (ISMD) |
Inspire Corporate Bond ETF (IBD) |
Inspire 100 ETF (BIBL) |
Inspire International ETF (WWJD) |
Inspire Tactical Balanced ETF (RISN) |
Inspire Faithward Mid Cap Momentum ETF (GLRY) |
Inspire Fidelis Multi Factor ETF (FDLS) |
Semi-Annual Report |
May 31, 2023 |
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 31,2023.
We believe the past 6 months ended May 31, 2023 has been a period of the markets building a base that is preparing us for the official end of the bear market of 2022 and the start of the next bull market. We also believe long-term investors will be rewarded for holding steady to their long term goals in the face of all the bad news and volatility that we have endured in the past year. It looked like the new bull market got started right out of the gate in January 2023 but that strong rally only lasted about 6 to 8 weeks before the momentum turned negative for the next few months. Support held in late May and we did not see a massive sell off as some pundits were expecting another bear market wave down of -30% or more. Although we still face several headwinds in the next 6 months the next bull market could be just around the corner. Whatever challenges we may face this year we know they will not be a surprise to our Heavenly Father so our faith will remain 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 started out strong but weakened during the last half of the past 6 months, providing a bumpy ride for the fund. What that means is after moving up in the month of January and reversing course to fall during February and March BLES started to move back up in April to only turn down again in May to finish down for the past 6 months ended May 31, 2023, -1.05% on a market price basis and -0.96% on the NAV.
ISMD -Inspire Small/Mid Cap ETF
The small-cap and mid-cap markets underperformed the US large-cap markets over the past 6 months ended May 31, 2023 with ISMD being down only -5.30% on a market price basis and -6.03% on the NAV.
IBD – Inspire Corporate Bond ETF
As the fear of inflation subsided and the expectation that the Federal Reserve was close to ending their interest rate increase cycle allowed the yield curve to recede slightly from the peak we saw at the start of the year. This falling yield curve allowed the fixed income markets to outperform the equity markets as the negative correlation between equities and fixed income came back in favor and gave positive total returns for IBD over the past 6 months. For the 6 months ended May 31, 2023, IBD was up 1.94% on a market price basis and up 2.30% on the NAV.
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BIBL – Inspire 100 ETF
BIBL participated in the mini correction in the US large cap markets to finish the past 6 months ended May 31,2023 with a negative return of -2.97% on a market price basis and -3.16% on the NAV.
WWJD – Inspire International ETF
The correction we saw in the US domestic equity markets over the past 6 months was not evident in the international developed countries or emerging markets. International and emerging markets had positive performance in a strong divergence with the negative moves in the US equity markets. For the 6 months ended May 31, 2023, WWJD was up 2.37% on a market price basis and up 2.96% on the NAV.
RISN – Inspire Tactical Balanced ETF
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. RISN remained in a defensive allocation over the past several months, ending the most recent fiscal quarter ended May 31, 2023 with an allocation of 60% US large cap stocks/40% US fixed income/Cash. Even with having a more conservative stance RISN still experienced negative performance in the 6 months ended May 31, 2023. RISN was down -2.73% on a market price basis and down -2.38% on the NAV.
GLRY – Inspire Faithward Mid Cap Momentum ETF
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 less than the broader mid cap market in the 6 months ended May 31, 2023, as GLRY was down -2.92% on a market price basis and -2.96% on the NAV.
FDLS – Inspire Fidelis Multi Factor ETF
FDLS is focused on global stocks across all capitalization categories that the index manager believes have the potential of outperformance based on a multi factor analysis approach. Due to an overweight to US equity markets vs International and Emerging Markets stocks FDLS saw negative performance in the 6 months ended May 31, 2022, as FDLS was down -5.37% on a market price basis and -4.97% on the NAV.
Note: None of the Inspire ETFs use derivatives. Although Inspire doesn’t have a policy or practice of maintaining a specified level of distributions or yield payout to shareholders, we pay out income monthly from the Fixed Income fund and quarterly from the Equity funds. All funds continue to be invested in ways that are consistent with the stated objectives and investment strategy detailed in each fund’s prospectus.
Closing Comments
Although the 6 months ended May 31, 2023 have been full of challenges as well as a shallow correction in the capital markets bringing negative performance, 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.
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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 2023.
Sincerely,
Darrell Jayroe, CFA
Senior Portfolio Manager
The views in this report were those of the Author as of May 31, 2023 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.
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.
This material must be preceded or accompanied by the prospectus. Before investing, carefully 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.
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Inspire Global Hope ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:
Annualized | Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | Five Year | May 31, 2023 | |
Inspire Global Hope ETF - NAV | (0.96)% | (3.52)% | 12.17% | 6.17% | 7.25% |
Inspire Global Hope ETF - Market Price | (1.05)% | (3.31)% | 12.23% | 6.06% | 7.29% |
Inspire Global Hope Large Cap Equal Weight Index *** | (0.57)% | (2.64)% | 12.56% | 6.55% | 7.67% |
S&P Global 1200 Total Return Index **** | 4.11% | 2.33% | 11.55% | 8.25% | 9.39% |
* | 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 0.61% per the March 30, 2023 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 Score® 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.
The Fund’s Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Common Stock | ||||
Oil & Gas Producers | 7.3 | % | ||
Banking | 6.4 | % | ||
Electric Utilities | 6.1 | % | ||
Medical Equipment & Devices | 4.2 | % | ||
Software | 4.1 | % | ||
Insurance | 3.8 | % | ||
Semiconductors | 3.8 | % | ||
Technology Services | 3.5 | % | ||
Chemicals | 3.4 | % | ||
Food | 3.1 | % | ||
Preferred Stock | ||||
Chemicals | 0.2 | % | ||
Right | ||||
Medical Equipment & Devices | 0.0 | % ^ | ||
Collateral For Securities Loaned | 1.2 | % | ||
Other Sectors | 53.3 | % | ||
Liabilities in Excess of Other Assets | (0.4 | )% | ||
100.0 | % | |||
^ | Amount less than 0.05% |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.
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Inspire Small/Mid Cap ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:
Annualized | |||||
Annualized | Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | Five Year | May 31, 2023 | |
Inspire Small/Mid Cap ETF - NAV | (6.03)% | (4.12)% | 14.26% | 4.37% | 5.82% |
Inspire Small/Mid Cap ETF - Market Price | (5.30)% | (3.90)% | 14.13% | 4.37% | 5.83% |
Inspire Small/Mid Cap Impact Equal Weight Index *** | (5.92)% | (3.72)% | 16.43% | 5.53% | 7.04% |
S&P SmallCap 600 Equal Weight Total Return Index **** | (9.76)% | (9.11)% | 16.76% | 4.29% | 6.16% |
* | 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 0.54% per the March 30, 2023 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 Score® 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.
The Fund’s Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Banking | 9.2 | % | ||
Biotech & Pharma | 4.9 | % | ||
Software | 4.6 | % | ||
Machinery | 4.3 | % | ||
Technology Hardware | 4.2 | % | ||
Semiconductors | 4.1 | % | ||
Chemicals | 3.5 | % | ||
Home Construction | 3.5 | % | ||
Insurance | 3.3 | % | ||
Health Care Facilities & Services | 2.9 | % | ||
Collateral For Securities Loaned | 1.0 | % | ||
Other Sectors | 55.2 | % | ||
Liabilities in Excess of Other Assets | (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.
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Inspire Corporate Bond ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:
Annualized | |||||
Annualized | Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | Five Year | May 31, 2023 | |
Inspire Corporate Bond ETF - NAV | 2.30% | (0.27)% | (1.92)% | 0.94% | 0.67% |
Inspire Corporate Bond ETF - Market Price | 1.94% | (0.28)% | (2.06)% | 0.90% | 0.66% |
Inspire Corporate Bond Impact Equal Weight Index *** | 2.35% | 0.07% | (1.00)% | 2.35% | 2.01% |
Bloomberg U.S. Intermediate Credit Total Return Index **** | 2.39% | (0.01)% | (1.31)% | 1.84% | 1.53% |
Bloomberg Intermediate Corporate Total Return Index - Unhedged USD ***** | 2.46% | 0.03% | (1.24)% | 1.94% | 1.64% |
* | 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 0.45% per the March 30, 2023 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 U.S. Dollars (“USD”). 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. |
***** | The Bloomberg Intermediate Corporate Total Return Index - Unhedged USD (LB06TRUU) measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers that have between 1 and up to, but not including, 10 years to maturity. The US Intermediate Corporate Index is a component of the US Credit and US Aggregate Indices, and provided the necessary inclusion rules are met, US Intermediate Corporate Index securities also contribute to the multi-currency Global Aggregate 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.
The Fund’s Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Real Estate Investment Trusts | 19.5 | % | ||
Oil & Gas Producers | 10.3 | % | ||
Commercial Support Services | 6.2 | % | ||
Electric Utilities | 5.3 | % | ||
Technology Services | 5.1 | % | ||
Electrical Equipment | 4.0 | % | ||
Semiconductors | 4.0 | % | ||
Home Construction | 3.7 | % | ||
Medical Equipment & Devices | 3.7 | % | ||
Machinery | 3.6 | % | ||
Collateral For Securities Loaned | 0.0 | % ^ | ||
Other Sectors | 32.4 | % | ||
Other Assets Less Liabilities | 2.2 | % | ||
100.0 | % | |||
^ | Amount less than 0.05% |
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.
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Inspire 100 ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:
Annualized | |||||
Annualized | Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | Five Year | May 31, 2023 | |
Inspire 100 ETF - NAV | (3.16)% | (4.56)% | 7.64% | 7.63% | 8.12% |
Inspire 100 ETF - Market Price | (2.97)% | (4.49)% | 7.62% | 7.60% | 8.13% |
Inspire 100 Index *** | (3.00)% | (4.12)% | 9.04% | 8.50% | 9.00% |
S&P 500 Total Return Index **** | 3.33% | 2.92% | 12.92% | 11.01% | 11.04% |
* | 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, 2024 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 by the Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.45% per the March 30, 2023 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.
The Fund’s Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Medical Equipment & Devices | 11.4 | % | ||
Semiconductors | 11.1 | % | ||
Software | 10.7 | % | ||
Technology Services | 10.3 | % | ||
Commercial Support Services | 4.7 | % | ||
Electrical Equipment | 4.6 | % | ||
Industrial Reit | 4.1 | % | ||
Residential Reit | 3.4 | % | ||
Metals & Mining | 3.0 | % | ||
Transportation & Logistics | 2.6 | % | ||
Other Sectors | 33.9 | % | ||
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.
7
Inspire International ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:
Annualized | ||||
Annualized | Since Inception** - | |||
Six Month | One Year | Three Year | May 31, 2023 | |
Inspire International ETF - NAV | 2.96% | (1.39)% | 12.21% | 7.46% |
Inspire International ETF - Market Price | 2.37% | (1.15)% | 11.93% | 7.51% |
Inspire Global Hope Ex-US Index *** | 4.48% | (0.31)% | 12.67% | 6.43% |
S&P International 700 Total Return Index **** | 5.56% | 1.26% | 9.18% | 5.41% |
* | 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 0.80% per the March 30, 2023 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 U.S. Dollars (“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.
The Fund’s Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Common Stock | ||||
Banking | 10.9 | % | ||
Electric Utilities | 8.8 | % | ||
Oil & Gas Producers | 7.4 | % | ||
Metals & Mining | 5.1 | % | ||
Insurance | 5.1 | % | ||
Transportation & Logistics | 4.1 | % | ||
Chemicals | 3.8 | % | ||
Food | 3.6 | % | ||
Real Estate Owners & Developers | 3.5 | % | ||
Automotive | 3.1 | % | ||
Preferred Stock | ||||
Chemicals | 0.4 | % | ||
Collateral For Securities Loaned | 1.6 | % | ||
Other Sectors | 43.2 | % | ||
Liabilities in Excess of Other Assets | (0.6 | )% | ||
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 Tactical Balanced ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmark:
Since Inception** - | |||
Six Month | One Year | May 31, 2023 | |
Inspire Tactical Balanced ETF - NAV | (2.38)% | (5.75)% | 1.92% |
Inspire Tactical Balanced ETF - Market Price | (2.73)% | (5.88)% | 1.82% |
S&P Target Risk Moderate Index *** | 1.92% | (0.46)% | 1.20% |
* | 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 0.81% per the March 30, 2023 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.
The Fund’s Top Asset Types are as follows:
Sectors/Industries | % of Net Assets | |||
Transportation & Logistics | 6.4 | % | ||
Technology Services | 5.8 | % | ||
Machinery | 4.2 | % | ||
Retail - Discretionary | 4.0 | % | ||
Electrical Equipment | 3.5 | % | ||
Banking | 2.8 | % | ||
Wholesale - Discretionary | 2.5 | % | ||
Semiconductors | 2.5 | % | ||
Industrial Support Services | 2.5 | % | ||
Medical Equipment & Devices | 2.5 | % | ||
Other Sectors | 22.9 | % | ||
Other Assets Less Liabilities | 40.4 | % | ||
100.0 | % | |||
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.
9
Inspire Faithward Mid Cap Momentum ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmark:
Since Inception** - | |||
SixMonth | One Year | May 31, 2023 | |
Inspire Faithward Mid Cap Momentum ETF - NAV | (2.96)% | (8.79)% | (0.79)% |
Inspire Faithward Mid Cap Momentum ETF - Market Price | (2.92)% | (8.79)% | (0.80)% |
S&P MidCap 400 Index® *** | (5.82)% | (4.59)% | 4.55% |
* | 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. 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, 2024 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 by the Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 1.28% per the March 30, 2023 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 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.
The Fund’s Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Insurance | 10.0 | % | ||
Retail - Discretionary | 8.7 | % | ||
Steel | 6.3 | % | ||
Oil & Gas Producers | 6.2 | % | ||
Health Care Facilities & Services | 6.0 | % | ||
Chemicals | 5.0 | % | ||
Retail - Consumer Staples | 4.9 | % | ||
Gas & Water Utilities | 4.4 | % | ||
Semiconductors | 4.1 | % | ||
Industrial Support Services | 3.3 | % | ||
Other Sectors | 39.3 | % | ||
Other Assets Less Liabilities | 1.8 | % | ||
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 Fidelis Multi Factor ETF |
PORTFOLIO REVIEW (Unaudited) |
May 31, 2023 |
The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmark:
Since Inception** - | ||
Six Month | May 31, 2023 | |
Inspire Fidelis Multi Factor ETF - NAV | (4.97)% | (0.85)% |
Inspire Fidelis Multi Factor ETF - Market Price | (5.37)% | (0.93)% |
WI Fidelis Multi-Cap, Multi-Factor Index *** | (4.25)% | 0.45% |
* | 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. 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 0.85% per the March 30, 2023 prospectus.
** | As of the commencement of operations on August 23, 2022. |
*** | The WI Fidelis Multi-Cap, Multi-Factor Index tracks the performance of the 100 stocks which rank the highest within their market cap and sector based on WI Fidelis Index’s factor-based methodology. This methodology is designed to provide access to high quality companies (i.e. faith-based social impact, profitability, financial health, and growth) with market caps greater than $250M that also have value (including low volatility and higher dividend yield) and momentum (including positive earnings per share trend) characteristics. |
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.
The Fund’s Top Sectors and Industries are as follows:
Sectors/Industries | % of Net Assets | |||
Semiconductors | 10.0 | % | ||
Technology Hardware | 8.1 | % | ||
Insurance | 5.7 | % | ||
Oil & Gas Producers | 5.7 | % | ||
Biotech & Pharma | 5.3 | % | ||
Retail - Discretionary | 5.0 | % | ||
Medical Equipment & Devices | 4.9 | % | ||
Banking | 4.7 | % | ||
Electrical Equipment | 4.6 | % | ||
Health Care Facilities & Services | 4.0 | % | ||
Collateral For Securities Loaned | 1.0 | % | ||
Other Sectors | 41.6 | % | ||
Liabilities in Excess of Other Assets | (0.6 | )% | ||
100.0 | % | |||
Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.
11
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
AEROSPACE & DEFENSE - 1.4% | ||||||||
2,191 | HEICO Corporation | $ | 338,685 | |||||
2,493 | Safran S.A. | 360,855 | ||||||
840 | Teledyne Technologies, Inc.(a) | 326,466 | ||||||
5,310 | Textron, Inc. | 328,530 | ||||||
2,491 | Thales S.A.(b) | 346,882 | ||||||
510 | TransDigm Group, Inc. | 394,561 | ||||||
2,095,979 | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.8% | ||||||||
2,348 | Cie Financiere Richemont S.A. | 372,606 | ||||||
185 | Hermes International | 376,011 | ||||||
51,936 | PRADA SpA | 347,209 | ||||||
1,095,826 | ||||||||
ASSET MANAGEMENT - 1.8% | ||||||||
17,844 | 3i Group plc | 433,971 | ||||||
11,581 | Brookfield Corporation | 347,791 | ||||||
7,266 | Charles Schwab Corporation (The) | 382,846 | ||||||
4,373 | Groupe Bruxelles Lambert S.A. | 336,866 | ||||||
18,738 | Investor A.B. | 380,904 | ||||||
1,865 | LPL Financial Holdings, Inc. | 363,265 | ||||||
399 | Partners Group Holding A.G. | 359,538 | ||||||
2,605,181 | ||||||||
AUTOMOTIVE - 1.5% | ||||||||
12,139 | Cie Generale des Etablissements Michelin SCA | 344,568 | ||||||
4,929 | Continental A.G. | 328,073 | ||||||
6,731 | Denso Corporation | 415,939 | ||||||
1,375 | Ferrari N.V. | 394,171 | ||||||
292,240 | Geely Automobile Holdings Ltd. | 339,988 | ||||||
6,758 | Toyota Industries Corporation | 418,043 | ||||||
2,240,782 | ||||||||
BANKING - 6.4% | ||||||||
1,091,100 | Bank Mandiri Persero Tbk P.T. | 367,533 | ||||||
1,174,369 | Bank Rakyat Indonesia Persero Tbk P.T. | 436,707 | ||||||
8,855 | Canadian Imperial Bank of Commerce | 365,069 | ||||||
5,658 | Commonwealth Bank of Australia | 356,104 |
See accompanying notes to financial statements.
12
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
BANKING - 6.4% (Continued) | ||||||||
32,896 | Credit Agricole S.A.(b) | $ | 375,894 | |||||
18,454 | Danske Bank A/S(a) | 375,260 | ||||||
6,790 | East West Bancorp, Inc. | 324,902 | ||||||
21,110 | First Horizon Corporation | 217,644 | ||||||
44,557 | Grupo Financiero Banorte S.A.B. de C.V. | 358,050 | ||||||
17,406 | ICICI Bank Ltd. - ADR | 398,946 | ||||||
145,224 | Intesa Sanpaolo SpA | 334,541 | ||||||
20,100 | KakaoBank Corporation | 398,387 | ||||||
5,469 | KBC Group N.V. | 357,586 | ||||||
3,163 | M&T Bank Corporation | 376,903 | ||||||
3,220 | Macquarie Group Ltd. | 357,536 | ||||||
190,017 | Malayan Banking Bhd | 356,084 | ||||||
19,990 | National Australia Bank Ltd. | 337,608 | ||||||
12,981 | OTP Bank Nyrt | 404,100 | ||||||
55,746 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 422,125 | ||||||
412,022 | Public Bank Bhd | 340,086 | ||||||
20,380 | Regions Financial Corporation | 351,963 | ||||||
30,889 | Skandinaviska Enskilda Banken A.B. | 346,609 | ||||||
40,092 | Standard Bank Group Ltd. | 308,022 | ||||||
1,583 | SVB Financial Group(a) | 609 | ||||||
42,913 | Svenska Handelsbanken A.B., A Shares | 338,969 | ||||||
22,742 | Swedbank A.B., A Shares | 347,901 | ||||||
16,513 | United Overseas Bank Ltd. | 341,296 | ||||||
9,296,434 | ||||||||
BEVERAGES - 0.3% | ||||||||
6,938 | Monster Beverage Corporation(a) | 406,706 | ||||||
BIOTECH & PHARMA - 2.6% | ||||||||
1,869 | Alnylam Pharmaceuticals, Inc.(a) | 345,784 | ||||||
27,887 | Biohaven Ltd.(a) | 488,301 | ||||||
3,239 | Celltrion, Inc. | 419,736 | ||||||
15,167 | Chugai Pharmaceutical Company Ltd. | 408,701 | ||||||
1,937 | CSL Ltd. | 385,951 | ||||||
3,429 | Horizon Therapeutics plc(a) | 343,003 |
See accompanying notes to financial statements.
13
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
BIOTECH & PHARMA - 2.6% (Continued) | ||||||||
5,188 | Incyte Corporation(a) | $ | 319,321 | |||||
3,690 | Neurocrine Biosciences, Inc.(a) | 330,366 | ||||||
2,706 | Sarepta Therapeutics, Inc.(a) | 334,462 | ||||||
4,121 | UCB S.A. | 359,030 | ||||||
3,734,655 | ||||||||
CABLE & SATELLITE - 0.2% | ||||||||
4,576 | Liberty Broadband Corporation - Series A(a) | 338,029 | ||||||
CHEMICALS - 3.4% | ||||||||
2,213 | Air Liquide S.A. | 370,465 | ||||||
4,778 | Akzo Nobel N.V. | 359,690 | ||||||
1,694 | Albemarle Corporation | 327,840 | ||||||
5,175 | CF Industries Holdings, Inc. | 318,314 | ||||||
2,446,602 | Chandra Asri Petrochemical Tbk P.T. | 349,235 | ||||||
450 | EMS-Chemie Holding A.G. | 348,286 | ||||||
115 | Givaudan S.A. | 378,246 | ||||||
3,992 | LyondellBasell Industries N.V., Class A | 341,476 | ||||||
8,169 | Mosaic Company (The) | 261,081 | ||||||
7,274 | Novozymes A/S, Class B | 350,426 | ||||||
5,091 | Nutrien Ltd. | 268,202 | ||||||
2,815 | PPG Industries, Inc. | 369,581 | ||||||
4,294 | RPM International, Inc. | 342,618 | ||||||
3,414 | Symrise A.G. | 364,788 | ||||||
3,234 | Westlake Corporation | 336,174 | ||||||
5,086,422 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.1% | ||||||||
810 | Cintas Corporation | 382,433 | ||||||
6,244 | Edenred | 400,919 | ||||||
5,561 | Eurofins Scientific S.E. | 366,335 | ||||||
2,770 | Republic Services, Inc. | 392,315 | ||||||
9,978 | Rollins, Inc. | 392,335 | ||||||
4,225 | SGS S.A. | 374,962 | ||||||
2,685 | Waste Connections, Inc. | 366,916 |
See accompanying notes to financial statements.
14
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.1% (Continued) | ||||||||
2,293 | Waste Management, Inc. | $ | 371,283 | |||||
3,047,498 | ||||||||
CONSTRUCTION MATERIALS - 2.4% | ||||||||
4,484 | Advanced Drainage Systems, Inc. | 433,916 | ||||||
1,655 | Carlisle Companies, Inc. | 351,588 | ||||||
6,545 | Cie de Saint-Gobain | 362,329 | ||||||
7,328 | CRH plc | 345,372 | ||||||
5,784 | Holcim Ltd. | 356,480 | ||||||
1,060 | Martin Marietta Materials, Inc. | 421,922 | ||||||
40,216 | Siam Cement PCL (The) | 369,773 | ||||||
1,338 | Sika A.G. | 364,873 | ||||||
2,185 | Vulcan Materials Company | 427,168 | ||||||
3,433,421 | ||||||||
CONTAINERS & PACKAGING - 0.6% | ||||||||
33,220 | Amcor plc | 322,975 | ||||||
10,420 | International Paper Company | 306,765 | ||||||
2,703 | Packaging Corp of America | 335,253 | ||||||
964,993 | ||||||||
DATA CENTER REIT - 0.3% | ||||||||
3,854 | Digital Realty Trust, Inc. | 394,881 | ||||||
DIVERSIFIED INDUSTRIALS - 0.7% | ||||||||
10,531 | Alfa Laval A.B. | 378,181 | ||||||
2,480 | Dover Corporation | 330,658 | ||||||
1,542 | Illinois Tool Works, Inc. | 337,282 | ||||||
1,046,121 | ||||||||
ELECTRIC UTILITIES - 6.1% | ||||||||
3,317,140 | AC Energy Corporation(a) | 345,265 | ||||||
15,647 | AES Corporation (The) | 308,872 | ||||||
7,022 | Alliant Energy Corporation | 361,352 | ||||||
9,453 | Avangrid, Inc. | 354,771 | ||||||
12,677 | CenterPoint Energy, Inc. | 357,618 | ||||||
51,296 | CLP Holdings Ltd. | 373,719 | ||||||
29,643 | E.ON S.E. | 358,301 |
See accompanying notes to financial statements.
15
INSPIRE GLOBAL HOPE ETF | ||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
ELECTRIC UTILITIES - 6.1% (Continued) | ||||||||
68,330 | EDP - Energias de Portugal S.A. | $ | 333,143 | |||||
16,252 | EDP Renovaveis S.A. | 322,713 | ||||||
9,057 | Emera, Inc.(b) | 373,397 | ||||||
17,081 | Endesa S.A. | 369,294 | ||||||
2,828,872 | Enel Americas S.A. | 364,853 | ||||||
60,354 | Enel SpA | 377,849 | ||||||
26,002 | Engie S.A. | 390,211 | ||||||
3,494 | Entergy Corporation | 343,111 | ||||||
6,167 | Evergy, Inc. | 356,761 | ||||||
8,795 | Fortis, Inc. | 369,916 | ||||||
25,232 | Fortum OYJ | 335,186 | ||||||
239,017 | Gulf Energy Development PCL | 335,853 | ||||||
29,772 | Iberdrola S.A. | 362,724 | ||||||
16,695 | SSE plc | 390,664 | ||||||
178,633 | Tenaga Nasional Bhd | 368,032 | ||||||
44,736 | Terna Rete Elettrica Nazionale SpA | 374,449 | ||||||
4,371 | Verbund A.G. | 329,565 | ||||||
3,951 | WEC Energy Group, Inc. | 345,120 | ||||||
8,902,739 | ||||||||
ELECTRICAL EQUIPMENT - 2.2% | ||||||||
2,586 | AMETEK, Inc. | 375,151 | ||||||
4,598 | Amphenol Corporation, Class A | 346,919 | ||||||
15,669 | Assa Abloy A.B., Class B | 347,605 | ||||||
115,160 | Delta Electronics Thailand PCL | 328,611 | ||||||
3,513 | Generac Holdings, Inc.(a) | 382,636 | ||||||
2,334 | Keysight Technologies, Inc.(a) | 377,641 | ||||||
850 | Roper Technologies, Inc. | 386,087 | ||||||
1,689 | Schindler Holding A.G. | 349,708 | ||||||
7,188 | Trimble, Inc.(a) | 335,464 | ||||||
3,229,822 | ||||||||
ENGINEERING & CONSTRUCTION - 0.8% | ||||||||
12,621 | Ferrovial S.A. | 390,486 | ||||||
2,250 | Quanta Services, Inc. | 399,555 |
See accompanying notes to financial statements.
16
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
ENGINEERING & CONSTRUCTION - 0.8% (Continued) | ||||||||
2,859 | WSP Global, Inc. | $ | 354,282 | |||||
1,144,323 | ||||||||
ENTERTAINMENT CONTENT - 0.3% | ||||||||
59,962 | Bollore S.E. | 383,854 | ||||||
FOOD - 3.1% | ||||||||
10,674 | Ajinomoto Company, Inc. | 415,242 | ||||||
176 | Barry Callebaut A.G. | 355,714 | ||||||
6,833 | Campbell Soup Company | 345,408 | ||||||
89,375 | China Mengniu Dairy Company Ltd. | 346,973 | ||||||
32 | Chocoladefabriken Lindt & Spruengli A.G. | 382,571 | ||||||
9,978 | Conagra Brands, Inc. | 347,933 | ||||||
6,460 | Darling Ingredients, Inc.(a) | 409,434 | ||||||
3,222 | DSM-Firmenich A.G.(a) | 358,253 | ||||||
74,173 | Grupo Bimbo S.A.B. de C.V. | 397,694 | ||||||
9,404 | Hormel Foods Corporation | 359,703 | ||||||
3,586 | Lamb Weston Holdings, Inc. | 398,763 | ||||||
117,324 | Wilmar International Ltd. | 339,225 | ||||||
4,456,913 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.8% | ||||||||
28,697 | Stora Enso OYJ, R Shares | 363,275 | ||||||
45,681 | Suzano S.A. | 405,350 | ||||||
11,431 | UPM-Kymmene OYJ | 342,918 | ||||||
1,111,543 | ||||||||
GAS & WATER UTILITIES - 1.0% | ||||||||
3,355 | Atmos Energy Corporation | 386,764 | ||||||
420,438 | Hong Kong & China Gas Company Ltd. | 379,064 | ||||||
12,312 | Naturgy Energy Group S.A.,(b) | 350,268 | ||||||
69,738 | Snam SpA | 364,453 | ||||||
1,480,549 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 1.7% | ||||||||
5,707 | Catalent, Inc.(a) | 212,472 | ||||||
814 | Elevance Health, Inc. | 364,525 | ||||||
13,732 | Fresenius S.E. & Company KGaA | 375,550 |
See accompanying notes to financial statements.
17
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
HEALTH CARE FACILITIES & SERVICES - 1.7% (Continued) | ||||||||
1,749 | ICON PLC(a) | $ | 372,589 | |||||
285,191 | IHH Healthcare Bhd | 356,496 | ||||||
1,888 | IQVIA Holdings, Inc.(a) | 371,766 | ||||||
1,404 | Molina Healthcare, Inc.(a) | 384,556 | ||||||
2,437,954 | ||||||||
HEALTH CARE REIT - 0.5% | ||||||||
17,210 | Healthpeak Properties, Inc. | 343,512 | ||||||
8,731 | Ventas, Inc. | 376,655 | ||||||
720,167 | ||||||||
HOME CONSTRUCTION - 1.1% | ||||||||
3,852 | DR Horton, Inc. | 411,548 | ||||||
690 | Geberit A.G. | 365,418 | ||||||
3,586 | Lennar Corporation, Class A | 384,132 | ||||||
67 | NVR, Inc.(a) | 372,133 | ||||||
1,533,231 | ||||||||
HOUSEHOLD PRODUCTS - 1.0% | ||||||||
2,832 | Beiersdorf A.G. | 360,621 | ||||||
4,230 | Church & Dwight Company, Inc. | 391,063 | ||||||
12,988 | Essity A.B. - Series B | 345,085 | ||||||
815 | LG Household & Health Care Ltd. | 324,920 | ||||||
1,421,689 | ||||||||
INDUSTRIAL REIT - 0.5% | ||||||||
29,642 | Goodman Group | 378,404 | ||||||
3,032 | Prologis, Inc. | 377,636 | ||||||
756,040 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 1.2% | ||||||||
6,130 | Ashtead Group plc | 373,567 | ||||||
6,968 | Fastenal Company | 375,227 | ||||||
954 | United Rentals, Inc. | 318,436 | ||||||
249,444 | United Tractors Tbk P.T. | 369,790 | ||||||
1,181 | Watsco, Inc. | 383,080 | ||||||
1,820,100 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.8% | ||||||||
185,976 | B3 S.A. - Brasil Bolsa Balcao | 489,835 |
See accompanying notes to financial statements.
18
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.8% (Continued) | ||||||||
2,805 | Cboe Global Markets, Inc. | $ | 371,438 | |||||
1,899 | Deutsche Boerse A.G. | 327,764 | ||||||
8,504 | Hong Kong Exchanges & Clearing Ltd. | 311,247 | ||||||
4,576 | Interactive Brokers Group, Inc., Class A | 353,404 | ||||||
3,602 | Intercontinental Exchange, Inc. | 381,632 | ||||||
3,891 | London Stock Exchange Group plc | 413,751 | ||||||
2,649,071 | ||||||||
INSURANCE - 3.8% | ||||||||
58,654 | BB Seguridade Participacoes S.A. | 359,505 | ||||||
6,536 | Brown & Brown, Inc. | 407,388 | ||||||
3,352 | Cincinnati Financial Corporation | 323,468 | ||||||
20,468 | Dai-ichi Life Holdings, Inc. | 351,711 | ||||||
561 | Fairfax Financial Holdings Ltd. | 402,645 | ||||||
2,611 | Intact Financial Corporation | 384,768 | ||||||
125,232 | Legal & General Group plc | 355,265 | ||||||
6,438 | Loews Corporation | 360,528 | ||||||
294 | Markel Group, Inc.(a) | 386,531 | ||||||
14,621 | Power Corp of Canada | 378,451 | ||||||
27,271 | Prudential PLC | 358,160 | ||||||
7,854 | Sampo OYJ, A Shares | 361,098 | ||||||
607 | Swiss Life Holding A.G. | 350,517 | ||||||
17,351 | Tryg A/S | 394,662 | ||||||
6,012 | W R Berkley Corporation | 334,748 | ||||||
5,509,445 | ||||||||
INTERNET MEDIA & SERVICES - 1.5% | ||||||||
141 | Booking Holdings, Inc.(a) | 353,737 | ||||||
51,370,889 | GoTo Gojek Tokopedia Tbk P.T.(a) | 503,703 | ||||||
1,995 | Naspers Ltd., N Shares | 301,089 | ||||||
4,736 | Prosus N.V. | 311,634 | ||||||
4,016 | REA Group Ltd. | 359,186 | ||||||
33,450 | Snap, Inc., Class A(a) | 341,190 | ||||||
2,170,539 | ||||||||
MACHINERY - 2.7% | ||||||||
29,572 | Atlas Copco A.B. | 430,589 |
See accompanying notes to financial statements.
19
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
MACHINERY - 2.7% (Continued) | ||||||||
1,645 | Caterpillar, Inc. | $ | 338,459 | |||||
24,378 | CNH Industrial N.V. | 311,336 | ||||||
10,487 | FANUC Corporation | 361,084 | ||||||
5,143 | Graco, Inc. | 393,388 | ||||||
1,683 | Nordson Corporation | 366,776 | ||||||
1,113 | Parker-Hannifin Corporation | 356,650 | ||||||
17,587 | Sandvik A.B. | 308,899 | ||||||
705 | SMC Corporation | 379,848 | ||||||
1,526 | Snap-on, Inc. | 379,760 | ||||||
46,987 | WEG S.A. | 352,282 | ||||||
3,979,071 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 4.2% | ||||||||
1,121 | Align Technology, Inc.(a) | 316,862 | ||||||
788 | Bio-Rad Laboratories, Inc., Class A(a) | 294,200 | ||||||
2,822 | Coloplast A/S - Series B | 355,164 | ||||||
4,542 | Edwards Lifesciences Corporation(a) | 382,573 | ||||||
2,063 | EssilorLuxottica S.A. | 371,371 | ||||||
5,539 | Exact Sciences Corporation(a) | 451,871 | ||||||
4,635 | Hologic, Inc.(a) | 365,655 | ||||||
751 | IDEXX Laboratories, Inc.(a) | 349,042 | ||||||
1,175 | Insulet Corporation(a) | 322,244 | ||||||
1,464 | Intuitive Surgical, Inc.(a) | 450,677 | ||||||
244 | Mettler-Toledo International, Inc.(a) | 322,536 | ||||||
2,223 | Repligen Corporation(a) | 373,286 | ||||||
1,706 | ResMed, Inc. | 359,608 | ||||||
1,274 | Sonova Holding A.G. | 326,441 | ||||||
1,312 | Stryker Corporation | 361,561 | ||||||
1,208 | Waters Corporation(a) | 303,474 | ||||||
1,074 | West Pharmaceutical Services, Inc. | 359,393 | ||||||
6,065,958 | ||||||||
METALS & MINING - 3.0% | ||||||||
7,343 | Agnico Eagle Mines Ltd. | 373,643 | ||||||
6,975 | Anglo American Platinum Ltd. | 401,627 |
See accompanying notes to financial statements.
20
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
METALS & MINING - 3.0% (Continued) | ||||||||
19,677 | Antofagasta plc | $ | 327,314 | |||||
12,003 | BHP Group Ltd. | 328,000 | ||||||
25,595 | Fortescue Metals Group Ltd. | 319,917 | ||||||
2,578 | Franco-Nevada Corporation | 374,626 | ||||||
9,120 | Freeport-McMoRan, Inc. | 313,181 | ||||||
7,638 | Newmont Corporation | 309,721 | ||||||
49,686 | Norsk Hydro ASA | 300,162 | ||||||
4,717 | Rio Tinto Ltd. | 328,230 | ||||||
128,035 | South32 Ltd. | 323,064 | ||||||
4,901 | Southern Copper Corporation | 327,240 | ||||||
7,790 | Wheaton Precious Metals Corporation | 353,008 | ||||||
4,379,733 | ||||||||
MULTI ASSET CLASS REIT - 0.5% | ||||||||
39,369 | Segro PLC | 390,527 | ||||||
4,846 | WP Carey, Inc. | 336,119 | ||||||
726,646 | ||||||||
OFFICE REIT - 0.5% | ||||||||
3,015 | Alexandria Real Estate Equities, Inc. | 342,082 | ||||||
6,994 | Boston Properties, Inc. | 340,398 | ||||||
682,480 | ||||||||
OIL & GAS PRODUCERS - 7.3% | ||||||||
15,256 | Aker BP ASA | 331,395 | ||||||
16,147 | Antero Resources Corporation(a) | 329,560 | ||||||
10,408 | APA Corporation | 330,766 | ||||||
6,781 | Canadian Natural Resources Ltd. | 365,276 | ||||||
21,548 | Cenovus Energy, Inc. | 344,269 | ||||||
4,920 | Chesapeake Energy Corporation | 370,230 | ||||||
15,252 | Coterra Energy, Inc. | 354,609 | ||||||
7,391 | Devon Energy Corporation | 340,725 | ||||||
2,768 | Diamondback Energy, Inc. | 351,951 | ||||||
107,017 | ENEOS Holdings, Inc. | 356,188 | ||||||
26,442 | Eni SpA | 351,825 | ||||||
3,265 | EOG Resources, Inc. | 350,302 | ||||||
11,676 | EQT Corporation | 405,975 |
See accompanying notes to financial statements.
21
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
OIL & GAS PRODUCERS - 7.3% (Continued) | ||||||||
12,969 | Equinor ASA | $ | 331,414 | |||||
35,157 | Inpex Corporation | 373,396 | ||||||
21,443 | Kinder Morgan, Inc. | 345,447 | ||||||
50,541 | MOL Hungarian Oil & Gas plc | 411,010 | ||||||
5,982 | Occidental Petroleum Corporation | 344,922 | ||||||
8,101 | OMV A.G. | 360,853 | ||||||
5,928 | ONEOK, Inc. | 335,880 | ||||||
10,391 | Ovintiv, Inc. | 343,630 | ||||||
27,405 | Polski Koncern Naftowy ORLEN S.A. | 389,356 | ||||||
83,616 | PTT Exploration & Production PCL | 336,209 | ||||||
81,190 | Santos Ltd. | 384,909 | ||||||
5,157 | Targa Resources Corporation | 350,934 | ||||||
6,303 | TotalEnergies S.E. | 357,554 | ||||||
9,020 | Tourmaline Oil Corporation | 377,054 | ||||||
2,693 | Valero Energy Corporation | 288,259 | ||||||
12,592 | Williams Companies, Inc. (The) | 360,887 | ||||||
16,803 | Woodside Energy Group Ltd. | 374,808 | ||||||
10,649,593 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.5% | ||||||||
11,861 | Halliburton Company | 339,818 | ||||||
7,618 | Schlumberger Ltd | 326,279 | ||||||
666,097 | ||||||||
PUBLISHING & BROADCASTING - 0.2% | ||||||||
5,529 | Liberty Media Corp-Liberty Formula One - Series A(a) | 349,156 | ||||||
REAL ESTATE OWNERS & DEVELOPERS - 1.7% | ||||||||
61,147 | CK Asset Holdings Ltd. | 329,529 | ||||||
84,935 | Hongkong Land Holdings Ltd. | 364,370 | ||||||
276,961 | Sino Land Company Ltd. | 360,058 | ||||||
618,930 | SM Prime Holdings, Inc. | 359,485 | ||||||
16,710 | Sumitomo Realty & Development Company Ltd. | 403,992 | ||||||
150,447 | Swire Properties Ltd. | 358,510 | ||||||
19,745 | Vonovia S.E. | 362,108 | ||||||
2,538,052 |
See accompanying notes to financial statements.
22
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
RENEWABLE ENERGY - 0.6% | ||||||||
1,790 | Enphase Energy, Inc.(a) | $ | 311,245 | |||||
1,730 | First Solar, Inc.(a) | 351,121 | ||||||
32,253 | Plug Power, Inc.(a),(b) | 268,345 | ||||||
930,711 | ||||||||
RESIDENTIAL REIT - 2.0% | ||||||||
3,586 | Camden Property Trust | 374,629 | ||||||
5,624 | Equity LifeStyle Properties, Inc. | 355,268 | ||||||
6,264 | Equity Residential | 380,851 | ||||||
1,803 | Essex Property Trust, Inc. | 389,556 | ||||||
12,038 | Invitation Homes, Inc. | 407,847 | ||||||
2,494 | Mid-America Apartment Communities, Inc. | 366,768 | ||||||
2,668 | Sun Communities, Inc. | 337,849 | ||||||
9,184 | UDR, Inc. | 364,329 | ||||||
2,977,097 | ||||||||
RETAIL - CONSUMER STAPLES - 1.5% | ||||||||
19,307 | Aeon Company Ltd. | 382,402 | ||||||
7,445 | Alimentation Couche-Tard, Inc. | 360,462 | ||||||
191,338 | Cencosud S.A. | 361,519 | ||||||
1,788 | Dollar General Corporation | 359,549 | ||||||
2,619 | Dollar Tree, Inc.(a) | 353,251 | ||||||
15,707 | Jeronimo Martins SGPS S.A. | 379,036 | ||||||
2,196,219 | ||||||||
RETAIL - DISCRETIONARY - 1.7% | ||||||||
153 | AutoZone, Inc.(a) | 365,187 | ||||||
1,850 | Burlington Stores, Inc.(a) | 278,351 | ||||||
5,861 | CarMax, Inc.(a) | 423,222 | ||||||
2,249 | Genuine Parts Company | 334,944 | ||||||
5,374 | Moncler SpA | 363,665 | ||||||
22,353 | SM Investments Corporation | 368,844 | ||||||
1,596 | Tractor Supply Company | 334,506 | ||||||
2,468,719 | ||||||||
RETAIL REIT - 0.7% | ||||||||
19,337 | Kimco Realty Corporation | 355,414 | ||||||
5,945 | Realty Income Corporation | 353,371 |
See accompanying notes to financial statements.
23
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
RETAIL REIT - 0.7% (Continued) | ||||||||
3,385 | Simon Property Group, Inc. | $ | 355,933 | |||||
1,064,718 | ||||||||
SELF-STORAGE REIT - 0.5% | ||||||||
2,332 | Extra Space Storage, Inc. | 336,438 | ||||||
1,249 | Public Storage | 353,842 | ||||||
690,280 | ||||||||
SEMICONDUCTORS - 3.8% | ||||||||
1,905 | Analog Devices, Inc. | 338,499 | ||||||
551 | ASML Holding N.V. | 395,422 | ||||||
585 | Broadcom, Inc. | 472,657 | ||||||
4,563 | Entegris, Inc. | 480,255 | ||||||
9,156 | Infineon Technologies A.G. | 339,840 | ||||||
943 | KLA Corporation | 417,740 | ||||||
3,948 | Lattice Semiconductor Corporation(a) | 321,012 | ||||||
4,483 | Microchip Technology, Inc. | 337,391 | ||||||
757 | Monolithic Power Systems, Inc. | 370,862 | ||||||
2,022 | NXP Semiconductors N.V. | 362,140 | ||||||
4,575 | ON Semiconductor Corporation(a) | 382,470 | ||||||
3,195 | Skyworks Solutions, Inc. | 330,714 | ||||||
7,044 | STMicroelectronics N.V. | 305,601 | ||||||
3,487 | Teradyne, Inc. | 349,363 | ||||||
5,795 | Wolfspeed, Inc.(a),(b) | 278,392 | ||||||
5,482,358 | ||||||||
SOFTWARE - 4.1% | ||||||||
1,129 | ANSYS, Inc.(a) | 365,333 | ||||||
1,788 | Cadence Design Systems, Inc.(a) | 412,867 | ||||||
2,886 | Check Point Software Technologies Ltd.(a) | 360,202 | ||||||
6,062 | Cloudflare, Inc., Class A(a) | 419,248 | ||||||
9,090 | Dassault Systemes S.E. | 399,369 | ||||||
5,137 | Datadog, Inc., Class A(a) | 487,552 | ||||||
6,443 | DocuSign, Inc.(a) | 363,385 | ||||||
5,653 | Fortinet, Inc.(a) | 386,269 | ||||||
876 | HubSpot, Inc.(a) | 453,759 | ||||||
1,658 | Nice Ltd.(a) | 333,511 |
See accompanying notes to financial statements.
24
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
SOFTWARE - 4.1% (Continued) | ||||||||
809 | ServiceNow, Inc.(a) | $ | 440,727 | |||||
6,635 | SS&C Technologies Holdings, Inc. | 364,660 | ||||||
974 | Synopsys, Inc.(a) | 443,131 | ||||||
1,056 | Tyler Technologies, Inc.(a) | 419,190 | ||||||
2,041 | Veeva Systems, Inc., Class A(a) | 338,194 | ||||||
5,987,397 | ||||||||
SPECIALTY FINANCE - 0.0%(d) | ||||||||
1 | Isracard Ltd. | 4 | ||||||
STEEL - 0.7% | ||||||||
2,427 | Nucor Corporation | 320,510 | ||||||
1,462 | Reliance Steel & Aluminum Company | 343,102 | ||||||
3,317 | Steel Dynamics, Inc. | 304,832 | ||||||
968,444 | ||||||||
TECHNOLOGY HARDWARE - 1.2% | ||||||||
2,247 | Arista Networks, Inc.(a) | 373,766 | ||||||
3,703 | Garmin Ltd. | 381,964 | ||||||
5,892 | NetApp, Inc. | 390,935 | ||||||
668 | Samsung SDI Company Ltd. | 362,835 | ||||||
1,181 | Zebra Technologies Corporation, Class A(a) | 310,095 | ||||||
1,819,595 | ||||||||
TECHNOLOGY SERVICES - 3.5% | ||||||||
6,194 | Cognizant Technology Solutions Corporation, Class A | 387,063 | ||||||
5,442 | CoStar Group, Inc.(a) | 432,095 | ||||||
1,251 | EPAM Systems, Inc.(a) | 321,032 | ||||||
1,854 | Equifax, Inc. | 386,781 | ||||||
6,933 | Fidelity National Information Services, Inc. | 378,334 | ||||||
1,782 | FleetCor Technologies, Inc.(a) | 403,712 | ||||||
1,155 | Gartner, Inc.(a) | 396,003 | ||||||
3,560 | Global Payments, Inc. | 347,776 | ||||||
2,485 | Jack Henry & Associates, Inc. | 379,932 | ||||||
673 | MSCI, Inc. | 316,667 | ||||||
3,272 | Paychex, Inc. | 343,331 | ||||||
1,957 | Verisk Analytics, Inc. | 428,798 |
See accompanying notes to financial statements.
25
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
TECHNOLOGY SERVICES - 3.5% (Continued) | ||||||||
4,019 | WNS Holdings Ltd. - ADR(a) | $ | 312,276 | |||||
2,934 | Wolters Kluwer N.V. | 334,884 | ||||||
5,168,684 | ||||||||
TELECOMMUNICATIONS - 1.2% | ||||||||
109,087 | Koninklijke KPN N.V. | 375,166 | ||||||
53,581 | MTN Group Ltd. | 331,329 | ||||||
201,126 | Singapore Telecommunications Ltd. | 370,332 | ||||||
150,109 | Telia Company A.B. | 349,462 | ||||||
131,693 | Telstra Group Ltd. | 373,403 | ||||||
1,799,692 | ||||||||
TIMBER REIT - 0.2% | ||||||||
12,478 | Weyerhaeuser Company | 357,619 | ||||||
TRANSPORTATION & LOGISTICS - 3.0% | ||||||||
2,296 | Aena SME S.A. | 358,742 | ||||||
3,184 | Canadian National Railway Company | 358,977 | ||||||
12,514 | CSX Corporation | 383,804 | ||||||
1,916 | DSV A/S | 369,132 | ||||||
6,696 | East Japan Railway Company | 369,424 | ||||||
3,416 | Expeditors International of Washington, Inc. | 376,819 | ||||||
2,144 | JB Hunt Transport Services, Inc. | 357,984 | ||||||
1,250 | Kuehne + Nagel International A.G. | 355,559 | ||||||
1,105 | Old Dominion Freight Line, Inc. | 343,036 | ||||||
36,477 | Poste Italiane SpA | 377,985 | ||||||
3,968 | Ryanair Holdings plc - ADR(a) | 416,957 | ||||||
38,924 | Transurban Group | 375,647 | ||||||
4,444,066 | ||||||||
TRANSPORTATION EQUIPMENT - 0.5% | ||||||||
5,131 | PACCAR, Inc. | 352,910 | ||||||
18,576 | Volvo A.B. | 358,016 | ||||||
710,926 | ||||||||
WHOLESALE - CONSUMER STAPLES - 0.5% | ||||||||
3,928 | Bunge Ltd. | 363,890 |
See accompanying notes to financial statements.
26
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
WHOLESALE - CONSUMER STAPLES - 0.5% (Continued) | ||||||||
11,538 | ITOCHU Corporation | $ | 390,895 | |||||
754,785 | ||||||||
WHOLESALE - DISCRETIONARY - 0.8% | ||||||||
4,990 | Copart, Inc.(a) | 437,075 | ||||||
6,643 | LKQ Corporation | 350,418 | ||||||
1,093 | Pool Corporation | 345,639 | ||||||
1,133,132 | ||||||||
TOTAL COMMON STOCKS (Cost $139,702,994) | 144,506,139 | |||||||
PREFERRED STOCK - 0.2% | ||||||||
CHEMICALS - 0.2% | ||||||||
4,779 | Sociedad Quimica y Minera de Chile S.A., Class B (Cost $282,895) | 308,067 |
Expiration Date | Exercise Price | |||||||||||||
RIGHT - 0.0%(d) | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES – 0.0%(d) | ||||||||||||||
1,226 | ABIOMED, Inc. - CVR(a) (f) (Cost $0) | 12/31/2029 | $ | 35 | — |
See accompanying notes to financial statements.
27
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED - 1.2% | ||||||||
MONEY MARKET FUND - 1.2% | ||||||||
1,823,101 | Fidelity Government Portfolio - Institutional Class, 5.02% (Cost $1,823,101)(c)(e) | $ | 1,823,101 | |||||
TOTAL INVESTMENTS - 100.4% (Cost $141,808,990) | $ | 146,637,307 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (620,415 | ) | ||||||
NET ASSETS - 100.0% | $ | 146,016,892 |
A.B. | - Aktiebolag |
ADR | - American Depositary Receipt |
A.G. | - Aktiengesellschaft |
A/S | - Anonim Sirketi |
CVR | - Contingent Value Right |
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
N.V. | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
PLC | - Public Limited Company |
P.T. | - Perseroan Terbatas |
REIT | - Real Estate Investment Trust |
S.A. | - Société Anonyme |
S.A.B. de C.V. | - Sociedad Anonima Bursátil de Capital Variable |
S.E. | - Societas Europaea |
(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, 2023 was $1,715,092. |
(c) | - Security was purchased with cash received as collateral for securities on loan at May 31, 2023. Total collateral had a value of $1,823,101 at May 31, 2023. |
(d) | - Percentage rounds to less than 0.1%. |
(e) | - Rate disclosed is the seven day effective yield as of May 31, 2023. |
(f) | - Illiquid security. The total fair value of these securities as of May 31, 2023 was $0, representing 0.0% of net assets. |
See accompanying notes to financial statements.
28
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
ADVERTISING & MARKETING - 0.1% | ||||||||
17,569 | QuinStreet, Inc.(a) | $ | 161,986 | |||||
AEROSPACE & DEFENSE - 1.4% | ||||||||
5,100 | AAR Corporation(a) | 255,561 | ||||||
4,934 | Aerojet Rocketdyne Holdings, Inc.(a) | 268,804 | ||||||
3,047 | AeroVironment, Inc.(a) | 284,620 | ||||||
4,067 | Hexcel Corporation | 280,582 | ||||||
1,341 | Huntington Ingalls Industries, Inc. | 270,051 | ||||||
8,095 | Spirit AeroSystems Holdings, Inc., Class A | 215,246 | ||||||
2,840 | Woodward, Inc. | 299,365 | ||||||
1,874,229 | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.8% | ||||||||
53,613 | Hanesbrands, Inc. | 220,349 | ||||||
5,731 | Kontoor Brands, Inc. | 224,426 | ||||||
2,639 | Oxford Industries, Inc. | 263,742 | ||||||
5,822 | Skechers USA, Inc., Class A(a) | 299,076 | ||||||
1,007,593 | ||||||||
ASSET MANAGEMENT - 0.6% | ||||||||
9,872 | B Riley Financial, Inc.(b) | 357,169 | ||||||
4,383 | Cohen & Steers, Inc. | 238,479 | ||||||
4,714 | Stifel Financial Corporation | 261,957 | ||||||
857,605 | ||||||||
AUTOMOTIVE - 1.6% | ||||||||
18,581 | Dana, Inc. | 239,137 | ||||||
3,240 | Dorman Products, Inc.(a) | 265,842 | ||||||
9,916 | Gentex Corporation | 260,394 | ||||||
4,636 | Gentherm, Inc.(a) | 254,795 | ||||||
25,330 | Goodyear Tire & Rubber Company (The)(a) | 347,781 | ||||||
2,003 | Lear Corporation | 245,688 | ||||||
7,569 | Standard Motor Products, Inc. | 267,337 | ||||||
1,783 | Visteon Corporation(a) | 238,173 | ||||||
2,119,147 | ||||||||
BANKING - 9.2% | ||||||||
7,684 | Ameris Bancorp | 242,507 |
See accompanying notes to financial statements.
29
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
BANKING - 9.2% (Continued) | ||||||||
3,382 | BancFirst Corporation | $ | 286,016 | |||||
12,392 | BankUnited, Inc. | 234,457 | ||||||
26,631 | Brookline Bancorp, Inc. | 218,907 | ||||||
13,031 | Byline Bancorp, Inc. | 230,909 | ||||||
3,062 | City Holding Company | 263,914 | ||||||
4,738 | Commerce Bancshares, Inc. | 227,187 | ||||||
5,326 | Community Bank System, Inc. | 263,317 | ||||||
15,083 | Customers Bancorp, Inc.(a) | 347,211 | ||||||
8,344 | Eagle Bancorp, Inc. | 166,296 | ||||||
5,034 | East West Bancorp, Inc. | 240,877 | ||||||
9,053 | FB Financial Corporation | 241,353 | ||||||
13,818 | First Busey Corporation | 258,397 | ||||||
22,664 | First Commonwealth Financial Corporation | 286,700 | ||||||
12,852 | First Financial Bancorp | 243,674 | ||||||
8,755 | First Financial Bankshares, Inc. | 226,755 | ||||||
15,655 | First Horizon Corporation | 161,403 | ||||||
9,336 | First Interstate BancSystem, Inc., Class A | 205,859 | ||||||
24,127 | FNB Corporation | 265,156 | ||||||
20,235 | Fulton Financial Corporation | 225,823 | ||||||
6,682 | Glacier Bancorp, Inc. | 192,575 | ||||||
9,422 | Hilltop Holdings, Inc. | 278,137 | ||||||
12,854 | Home BancShares, Inc. | 275,975 | ||||||
28,450 | Hope Bancorp, Inc. | 228,169 | ||||||
5,839 | Independent Bank Group, Inc. | 194,847 | ||||||
6,553 | International Bancshares Corporation | 279,944 | ||||||
17,919 | Lakeland Bancorp, Inc. | 233,126 | ||||||
8,326 | NBT Bancorp, Inc. | 279,337 | ||||||
31,474 | New York Community Bancorp, Inc. | 323,553 | ||||||
23,258 | Northwest Bancshares, Inc. | 244,442 | ||||||
4,540 | Prosperity Bancshares, Inc. | 259,597 | ||||||
9,161 | Renasant Corporation | 239,285 | ||||||
8,892 | S&T Bancorp, Inc. | 238,483 | ||||||
10,778 | Sandy Spring Bancorp, Inc. | 225,691 | ||||||
5,164 | ServisFirst Bancshares, Inc. | 208,109 |
See accompanying notes to financial statements.
30
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
BANKING - 9.2% (Continued) | ||||||||
8,401 | Southside Bancshares, Inc. | $ | 222,627 | |||||
9,143 | Synovus Financial Corporation | 247,684 | ||||||
5,727 | Texas Capital Bancshares, Inc.(a) | 270,887 | ||||||
22,091 | TFS Financial Corporation | 249,849 | ||||||
10,500 | Towne Bank | 244,020 | ||||||
4,871 | UMB Financial Corporation | 275,893 | ||||||
7,937 | United Bankshares, Inc. | 233,507 | ||||||
9,936 | United Community Banks, Inc. | 224,653 | ||||||
30,283 | Valley National Bancorp | 223,489 | ||||||
7,097 | Webster Financial Corporation | 252,298 | ||||||
9,122 | WesBanco, Inc. | 220,205 | ||||||
6,315 | Westamerica BanCorporation | 238,896 | ||||||
7,864 | Western Alliance Bancorp | 266,590 | ||||||
3,818 | Wintrust Financial Corporation | 242,710 | ||||||
9,373 | Zions Bancorp NA | 255,789 | ||||||
12,207,085 | ||||||||
BEVERAGES - 0.3% | ||||||||
520 | Coca-Cola Consolidated, Inc. | 344,105 | ||||||
BIOTECH & PHARMA - 4.9% | ||||||||
12,113 | Agios Pharmaceuticals, Inc.(a) | 306,217 | ||||||
25,093 | Amicus Therapeutics, Inc.(a) | 282,547 | ||||||
15,292 | Arcus Biosciences, Inc.(a) | 314,098 | ||||||
33,093 | BioCryst Pharmaceuticals, Inc.(a) | 273,679 | ||||||
20,505 | Biohaven Ltd.(a) | 359,042 | ||||||
40,831 | Coherus Biosciences, Inc.(a) | 166,999 | ||||||
7,860 | Cytokinetics, Inc.(a) | 296,243 | ||||||
18,109 | Deciphera Pharmaceuticals, Inc.(a) | 244,472 | ||||||
26,714 | Emergent BioSolutions, Inc.(a) | 227,870 | ||||||
6,906 | Enanta Pharmaceuticals, Inc.(a) | 162,153 | ||||||
14,359 | Exelixis, Inc.(a) | 276,842 | ||||||
7,275 | Halozyme Therapeutics, Inc.(a) | 235,928 | ||||||
2,816 | Heska Corporation(a) | 337,160 | ||||||
5,107 | Intra-Cellular Therapies, Inc.(a) | 303,254 |
See accompanying notes to financial statements.
31
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
BIOTECH & PHARMA - 4.9% (Continued) | ||||||||
26,298 | Ironwood Pharmaceuticals, Inc.(a) | $ | 286,122 | |||||
7,517 | Mirati Therapeutics, Inc.(a) | 279,332 | ||||||
402,560 | Nektar Therapeutics(a) | 233,525 | ||||||
2,738 | Neurocrine Biosciences, Inc.(a) | 245,133 | ||||||
6,826 | Pacira BioSciences, Inc.(a) | 259,593 | ||||||
4,460 | Prestige Consumer Healthcare, Inc.(a) | 255,246 | ||||||
8,656 | Revance Therapeutics, Inc.(a) | 264,527 | ||||||
6,558 | Sage Therapeutics, Inc.(a) | 324,621 | ||||||
2,010 | Sarepta Therapeutics, Inc.(a) | 248,436 | ||||||
13,296 | Syndax Pharmaceuticals, Inc.(a) | 265,521 | ||||||
6,448,560 | ||||||||
BUSINESS DEVELOPMENT COMPANIES - 0.5% | ||||||||
21,546 | Hercules Capital, Inc.(b) | 311,555 | ||||||
22,640 | New Mountain Finance Corporation | 271,001 | ||||||
582,556 | ||||||||
CABLE & SATELLITE - 0.2% | ||||||||
400 | Cable One, Inc. | 244,732 | ||||||
CHEMICALS - 3.5% | ||||||||
7,324 | AdvanSix, Inc. | 240,960 | ||||||
2,202 | Balchem Corporation | 272,233 | ||||||
3,616 | Cabot Corporation | 247,624 | ||||||
9,329 | Chemours Company (The) | 247,125 | ||||||
67,779 | Codexis, Inc.(a) | 149,792 | ||||||
4,093 | HB Fuller Company | 257,613 | ||||||
3,882 | Ingevity Corporation(a) | 183,192 | ||||||
2,721 | Innospec, Inc. | 251,312 | ||||||
2,403 | Materion Corporation | 241,117 | ||||||
4,628 | Minerals Technologies, Inc. | 257,363 | ||||||
761 | NewMarket Corporation | 296,652 | ||||||
4,989 | Olin Corporation | 236,030 | ||||||
1,416 | Quaker Houghton | 268,771 | ||||||
1,702 | Rogers Corporation(a) | 268,014 | ||||||
3,184 | RPM International, Inc. | 254,051 |
See accompanying notes to financial statements.
32
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
CHEMICALS - 3.5% (Continued) | ||||||||
3,652 | Sensient Technologies Corporation | $ | 263,054 | |||||
13,362 | Trinseo plc | 165,956 | ||||||
7,939 | Valvoline, Inc. | 305,651 | ||||||
1,569 | WD-40 Company | 297,560 | ||||||
4,704,070 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.5% | ||||||||
6,196 | ABM Industries, Inc. | 273,615 | ||||||
5,215 | Brady Corporation, Class A | 248,651 | ||||||
4,175 | Brink’s Company (The) | 277,763 | ||||||
5,634 | CBIZ, Inc.(a) | 284,066 | ||||||
1,463 | CorVel Corporation(a) | 285,929 | ||||||
8,671 | Forrester Research, Inc.(a) | 248,858 | ||||||
40,774 | Harsco Corporation(a) | 344,948 | ||||||
2,293 | Insperity, Inc. | 253,881 | ||||||
5,394 | Korn Ferry | 253,518 | ||||||
15,698 | TrueBlue, Inc.(a) | 259,645 | ||||||
1,585 | UniFirst Corporation | 271,209 | ||||||
13,400 | Viad Corporation(a) | 311,148 | ||||||
3,313,231 | ||||||||
CONSTRUCTION MATERIALS - 1.1% | ||||||||
1,228 | Carlisle Companies, Inc. | 260,876 | ||||||
1,888 | Eagle Materials, Inc. | 307,612 | ||||||
9,136 | MDU Resources Group, Inc. | 266,588 | ||||||
2,532 | Simpson Manufacturing Company, Inc. | 299,257 | ||||||
9,763 | Summit Materials, Inc., Class A(a) | 308,804 | ||||||
1,443,137 | ||||||||
CONSUMER SERVICES - 1.0% | ||||||||
2,438 | Grand Canyon Education, Inc.(a) | 255,405 | ||||||
7,738 | Matthews International Corporation, Class A | 297,913 | ||||||
2,673 | Medifast, Inc. | 210,365 | ||||||
4,038 | Service Corp International | 256,857 | ||||||
11,463 | Upbound Group, Inc. | 342,858 | ||||||
1,363,398 |
See accompanying notes to financial statements.
33
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
CONTAINERS & PACKAGING - 0.6% | ||||||||
2,358 | AptarGroup, Inc. | $ | 265,251 | |||||
5,196 | Silgan Holdings, Inc. | 233,768 | ||||||
2,145 | UFP Technologies, Inc.(a) | 331,682 | ||||||
830,701 | ||||||||
ELECTRIC UTILITIES - 1.6% | ||||||||
4,342 | ALLETE, Inc. | 258,653 | ||||||
4,431 | Black Hills Corporation | 270,069 | ||||||
7,270 | Hawaiian Electric Industries, Inc. | 261,066 | ||||||
2,575 | IDACORP, Inc. | 267,980 | ||||||
3,597 | MGE Energy, Inc. | 258,121 | ||||||
7,422 | OGE Energy Corporation | 261,848 | ||||||
3,284 | Ormat Technologies, Inc. | 279,468 | ||||||
5,693 | PNM Resources, Inc. | 261,423 | ||||||
2,118,628 | ||||||||
ELECTRICAL EQUIPMENT - 2.8% | ||||||||
2,897 | AAON, Inc. | 250,909 | ||||||
2,846 | Advanced Energy Industries, Inc. | 279,335 | ||||||
5,577 | Alarm.com Holdings, Inc.(a) | 280,077 | ||||||
1,977 | Atkore International Group, Inc.(a) | 230,854 | ||||||
2,284 | Badger Meter, Inc. | 314,895 | ||||||
3,230 | Belden, Inc. | 282,593 | ||||||
5,640 | Cognex Corporation | 309,974 | ||||||
11,335 | FARO Technologies, Inc.(a) | 171,045 | ||||||
5,043 | Itron, Inc.(a) | 341,563 | ||||||
5,298 | National Instruments Corporation | 306,224 | ||||||
2,728 | OSI Systems, Inc.(a) | 324,660 | ||||||
16,130 | SMART Global Holdings, Inc.(a) | 364,216 | ||||||
1,663 | Watts Water Technologies, Inc., Class A | 263,502 | ||||||
3,719,847 | ||||||||
ENGINEERING & CONSTRUCTION - 1.8% | ||||||||
3,293 | AECOM | 257,019 | ||||||
1,916 | Comfort Systems USA, Inc. | 283,530 | ||||||
1,709 | EMCOR Group, Inc. | 281,712 | ||||||
2,776 | Exponent, Inc. | 253,504 |
See accompanying notes to financial statements.
34
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
ENGINEERING & CONSTRUCTION - 1.8% (Continued) | ||||||||
2,466 | Installed Building Products, Inc. | $ | 257,796 | |||||
5,047 | KBR, Inc. | 297,873 | ||||||
2,934 | MasTec, Inc.(a) | 297,390 | ||||||
1,885 | Tetra Tech, Inc. | 259,131 | ||||||
1,340 | TopBuild Corporation(a) | 270,224 | ||||||
2,458,179 | ||||||||
FOOD - 2.6% | ||||||||
4,599 | Cal-Maine Foods, Inc. | 218,682 | ||||||
4,790 | Darling Ingredients, Inc.(a) | 303,590 | ||||||
10,131 | Flowers Foods, Inc. | 253,072 | ||||||
9,230 | Fresh Del Monte Produce, Inc. | 243,303 | ||||||
16,294 | Hain Celestial Group, Inc. (The)(a) | 198,950 | ||||||
17,468 | Herbalife Ltd.(a) | 206,821 | ||||||
2,723 | Ingredion, Inc. | 284,826 | ||||||
1,885 | J & J Snack Foods Corporation | 290,196 | ||||||
2,864 | John B Sanfilippo & Son, Inc. | 332,883 | ||||||
2,661 | Lamb Weston Holdings, Inc. | 295,903 | ||||||
1,375 | Lancaster Colony Corporation | 270,298 | ||||||
18,013 | Phibro Animal Health Corporation, Class A | 239,573 | ||||||
3,089 | Post Holdings, Inc.(a) | 262,441 | ||||||
3,400,538 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.4% | ||||||||
5,109 | Louisiana-Pacific Corporation | 298,979 | ||||||
5,723 | Trex Company, Inc.(a) | 293,876 | ||||||
592,855 | ||||||||
GAS & WATER UTILITIES - 1.6% | ||||||||
3,152 | American States Water Company | 279,961 | ||||||
2,489 | Atmos Energy Corporation | 286,932 | ||||||
2,185 | Chesapeake Utilities Corporation | 279,025 | ||||||
4,823 | National Fuel Gas Company | 245,539 | ||||||
5,242 | New Jersey Resources Corporation | 253,975 | ||||||
3,529 | ONE Gas, Inc. | 285,637 | ||||||
4,468 | Southwest Gas Holdings, Inc. | 261,512 |
See accompanying notes to financial statements.
35
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
GAS & WATER UTILITIES - 1.6% (Continued) | ||||||||
3,955 | Spire, Inc. | $ | 255,374 | |||||
2,147,955 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.9% | ||||||||
3,853 | Acadia Healthcare Company, Inc.(a) | 272,137 | ||||||
2,599 | Addus HomeCare Corporation(a) | 234,300 | ||||||
3,774 | Amedisys, Inc.(a) | 286,560 | ||||||
519 | Chemed Corporation | 277,027 | ||||||
57,045 | Community Health Systems, Inc.(a) | 186,537 | ||||||
2,924 | Ensign Group, Inc. (The) | 259,096 | ||||||
4,732 | HealthEquity, Inc.(a) | 259,314 | ||||||
1,477 | Medpace Holdings, Inc.(a) | 305,695 | ||||||
4,799 | National HealthCare Corporation | 291,299 | ||||||
19,122 | Owens & Minor, Inc.(a) | 388,367 | ||||||
8,600 | Premier, Inc., Class A | 215,000 | ||||||
10,842 | Select Medical Holdings Corporation | 296,746 | ||||||
8,083 | Surgery Partners, Inc.(a) | 302,951 | ||||||
4,704 | Tenet Healthcare Corporation(a) | 334,924 | ||||||
3,909,953 | ||||||||
HEALTH CARE REIT - 1.0% | ||||||||
14,326 | CareTrust REIT, Inc. | 277,924 | ||||||
34,078 | Medical Properties Trust, Inc.(b) | 281,144 | ||||||
10,182 | Omega Healthcare Investors, Inc. | 303,525 | ||||||
18,770 | Physicians Realty Trust | 256,398 | ||||||
24,330 | Sabra Health Care REIT, Inc. | 273,956 | ||||||
1,392,947 | ||||||||
HOME & OFFICE PRODUCTS - 0.6% | ||||||||
10,073 | HNI Corporation | 256,862 | ||||||
22,511 | Newell Brands, Inc. | 187,066 | ||||||
7,058 | Tempur Sealy International, Inc. | 251,547 | ||||||
113,582 | Tupperware Brands Corporation(a) | 101,099 | ||||||
796,574 | ||||||||
HOME CONSTRUCTION - 3.5% | ||||||||
5,408 | American Woodmark Corporation(a) | 321,776 | ||||||
3,895 | Armstrong World Industries, Inc. | 243,204 |
See accompanying notes to financial statements.
36
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
HOME CONSTRUCTION - 3.5% (Continued) | ||||||||
4,739 | Fortune Brands Innovations, Inc. | $ | 286,473 | |||||
8,713 | Griffon Corporation | 274,634 | ||||||
34,440 | Interface, Inc. | 238,669 | ||||||
6,945 | KB Home | 300,927 | ||||||
2,440 | LGI Homes, Inc.(a) | 277,599 | ||||||
4,432 | M/I Homes, Inc.(a) | 313,209 | ||||||
3,072 | Masonite International Corporation(a) | 270,551 | ||||||
34,743 | Masterbrand, Inc.(a) | 360,633 | ||||||
2,397 | Meritage Homes Corporation | 276,446 | ||||||
4,070 | Patrick Industries, Inc. | 266,707 | ||||||
10,882 | PGT Innovations, Inc.(a) | 270,635 | ||||||
7,295 | Taylor Morrison Home Corporation(a) | 309,527 | ||||||
4,633 | Toll Brothers, Inc. | 313,654 | ||||||
11,057 | Tri Pointe Homes, Inc.(a) | 322,975 | ||||||
4,647,619 | ||||||||
HOTEL REIT - 0.8% | ||||||||
34,521 | DiamondRock Hospitality Company | 270,990 | ||||||
26,451 | RLJ Lodging Trust | 271,916 | ||||||
3,140 | Ryman Hospitality Properties, Inc. | 288,032 | ||||||
21,505 | Xenia Hotels & Resorts, Inc. | 250,533 | ||||||
1,081,471 | ||||||||
HOUSEHOLD PRODUCTS - 1.0% | ||||||||
6,565 | Edgewell Personal Care Company | 255,707 | ||||||
8,017 | Energizer Holdings, Inc. | 261,354 | ||||||
2,869 | Helen of Troy Ltd.(a) | 276,227 | ||||||
1,952 | Inter Parfums, Inc. | 245,171 | ||||||
7,102 | Nu Skin Enterprises, Inc., Class A | 236,710 | ||||||
1,275,169 | ||||||||
INDUSTRIAL INTERMEDIATE PROD - 0.7% | ||||||||
2,231 | Chart Industries, Inc.(a) | 244,808 | ||||||
8,463 | Proto Labs, Inc.(a) | 260,321 | ||||||
3,410 | Timken Company (The) | 243,986 | ||||||
866 | Valmont Industries, Inc. | 227,126 | ||||||
976,241 |
See accompanying notes to financial statements.
37
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
INDUSTRIAL REIT - 0.6% | ||||||||
1,692 | EastGroup Properties, Inc. | $ | 278,520 | |||||
5,254 | First Industrial Realty Trust, Inc. | 273,103 | ||||||
4,683 | Rexford Industrial Realty, Inc. | 254,943 | ||||||
806,566 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.8% | ||||||||
1,968 | Applied Industrial Technologies, Inc. | 241,985 | ||||||
8,692 | Textainer Group Holdings Ltd. | 308,305 | ||||||
875 | Watsco, Inc. | 283,824 | ||||||
1,811 | WESCO International, Inc. | 248,795 | ||||||
1,082,909 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 0.4% | ||||||||
2,418 | Evercore, Inc., Class A | 261,023 | ||||||
4,842 | SEI Investments Company | 273,960 | ||||||
534,983 | ||||||||
INSURANCE - 3.3% | ||||||||
2,288 | American Financial Group, Inc. | 256,874 | ||||||
5,682 | AMERISAFE, Inc. | 290,123 | ||||||
2,308 | Assurant, Inc. | 276,937 | ||||||
12,580 | CNO Financial Group, Inc. | 273,112 | ||||||
6,668 | Employers Holdings, Inc. | 241,115 | ||||||
55,617 | Genworth Financial, Inc., Class A(a) | 297,551 | ||||||
2,145 | Hanover Insurance Group, Inc. (The) | 239,082 | ||||||
8,339 | Horace Mann Educators Corporation | 250,587 | ||||||
5,139 | Kemper Corporation | 222,416 | ||||||
8,810 | Mercury General Corporation | 264,388 | ||||||
12,611 | NMI Holdings, Inc., Class A(a) | 317,166 | ||||||
1,618 | Primerica, Inc. | 294,508 | ||||||
15,150 | ProAssurance Corporation | 184,073 | ||||||
2,083 | Reinsurance Group of America, Inc. | 291,620 | ||||||
2,085 | RLI Corporation | 258,227 | ||||||
3,731 | Safety Insurance Group, Inc. | 271,691 | ||||||
6,517 | Trupanion, Inc.(a) | 146,437 | ||||||
4,375,907 |
See accompanying notes to financial statements.
38
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
INTERNET MEDIA & SERVICES - 0.4% | ||||||||
10,205 | HealthStream, Inc. | $ | 234,919 | |||||
7,698 | TechTarget, Inc.(a) | 267,429 | ||||||
502,348 | ||||||||
LEISURE FACILITIES & SERVICES - 2.3% | ||||||||
9,541 | BJ’s Restaurants, Inc.(a) | 284,131 | ||||||
7,932 | Cheesecake Factory, Inc. (The) | 248,510 | ||||||
18,849 | Cinemark Holdings, Inc.(a) | 301,772 | ||||||
3,180 | Jack in the Box, Inc. | 275,261 | ||||||
2,048 | Marriott Vacations Worldwide Corporation | 252,355 | ||||||
3,730 | Papa John’s International, Inc. | 261,510 | ||||||
4,560 | SeaWorld Entertainment, Inc.(a) | 254,266 | ||||||
5,001 | Shake Shack, Inc., Class A(a) | 330,915 | ||||||
6,698 | St Joe Company (The) | 311,524 | ||||||
2,568 | Texas Roadhouse, Inc. | 277,087 | ||||||
12,782 | Wendy’s Company (The) | 281,332 | ||||||
3,078,663 | ||||||||
LEISURE PRODUCTS - 1.5% | ||||||||
3,390 | Brunswick Corporation | 255,945 | ||||||
2,304 | Fox Factory Holding Corporation(a) | 204,872 | ||||||
2,521 | Polaris, Inc. | 271,536 | ||||||
4,850 | Sturm Ruger & Company, Inc. | 250,066 | ||||||
3,507 | Thor Industries, Inc. | 274,492 | ||||||
12,924 | Topgolf Callaway Brands Corporation(a) | 220,613 | ||||||
10,085 | Vista Outdoor, Inc.(a) | 268,564 | ||||||
4,848 | Winnebago Industries, Inc. | 269,743 | ||||||
2,015,831 | ||||||||
MACHINERY - 4.3% | ||||||||
2,052 | AGCO Corporation | 226,295 | ||||||
3,110 | Albany International Corporation, Class A | 264,101 | ||||||
2,407 | Crane Company | 174,893 | ||||||
2,461 | Crane NXT Company | 129,522 | ||||||
1,570 | Curtiss-Wright Corporation | 248,154 | ||||||
4,266 | Donaldson Company, Inc. | 249,689 | ||||||
2,953 | ESCO Technologies, Inc. | 265,770 |
See accompanying notes to financial statements.
39
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
MACHINERY - 4.3% (Continued) | ||||||||
2,972 | Franklin Electric Company, Inc. | $ | 270,333 | |||||
3,813 | Graco, Inc. | 291,656 | ||||||
5,881 | Hillenbrand, Inc. | 282,112 | ||||||
2,535 | John Bean Technologies Corporation | 270,256 | ||||||
1,340 | Kadant, Inc. | 254,225 | ||||||
10,118 | Kennametal, Inc. | 252,141 | ||||||
1,639 | Lincoln Electric Holdings, Inc. | 278,073 | ||||||
1,248 | Nordson Corporation | 271,977 | ||||||
3,364 | Oshkosh Corporation | 248,364 | ||||||
1,986 | Regal Rexnord Corporation | 257,962 | ||||||
2,285 | Standex International Corporation | 311,194 | ||||||
4,078 | Tennant Company | 298,102 | ||||||
5,759 | Terex Corporation | 267,045 | ||||||
2,510 | Toro Company (The) | 245,553 | ||||||
13,110 | Zurn Elkay Water Solutions Corporation | 295,106 | ||||||
5,652,523 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 2.1% | ||||||||
21,489 | Artivion, Inc.(a) | 321,905 | ||||||
4,113 | Exact Sciences Corporation(a) | 335,539 | ||||||
5,558 | Glaukos Corporation(a) | 316,917 | ||||||
4,889 | Globus Medical, Inc., Class A(a) | 264,642 | ||||||
3,348 | Haemonetics Corporation(a) | 283,241 | ||||||
1,682 | ICU Medical, Inc.(a) | 294,165 | ||||||
4,839 | Integra LifeSciences Holdings Corporation(a) | 183,640 | ||||||
12,052 | Myriad Genetics, Inc.(a) | 265,867 | ||||||
15,019 | Neogen Corporation(a) | 262,682 | ||||||
6,720 | NuVasive, Inc.(a) | 256,435 | ||||||
2,785,033 | ||||||||
METALS & MINING - 0.9% | ||||||||
69,581 | Coeur Mining, Inc.(a) | 208,743 | ||||||
8,146 | Compass Minerals International, Inc. | 258,473 | ||||||
1,498 | Encore Wire Corporation | 245,178 | ||||||
43,908 | Hecla Mining Company | 234,030 |
See accompanying notes to financial statements.
40
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
METALS & MINING - 0.9% (Continued) | ||||||||
2,151 | Royal Gold, Inc. | $ | 266,379 | |||||
1,212,803 | ||||||||
MORTGAGE FINANCE REIT - 0.4% | ||||||||
30,164 | Apollo Commercial Real Estate Finance, Inc. | 304,355 | ||||||
25,340 | Invesco Mortgage Capital, Inc. | 268,604 | ||||||
572,959 | ||||||||
MULTI ASSET CLASS REIT - 0.4% | ||||||||
15,655 | Elme Communities | 236,547 | ||||||
27,179 | LXP Industrial Trust | 281,031 | ||||||
517,578 | ||||||||
OFFICE REIT - 1.0% | ||||||||
11,857 | Corporate Office Properties Trust | 270,577 | ||||||
12,132 | Highwoods Properties, Inc. | 250,890 | ||||||
8,674 | Kilroy Realty Corporation | 235,412 | ||||||
38,711 | Piedmont Office Realty Trust, Inc., Class A | 241,170 | ||||||
19,184 | Veris Residential, Inc.(a) | 310,012 | ||||||
1,308,061 | ||||||||
OIL & GAS PRODUCERS - 0.8% | ||||||||
2,063 | Chord Energy Corporation | 295,091 | ||||||
9,878 | SM Energy Company | 259,693 | ||||||
55,512 | Southwestern Energy Company(a) | 264,792 | ||||||
11,042 | World Fuel Services Corporation | 252,531 | ||||||
1,072,107 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.4% | ||||||||
15,781 | Oceaneering International, Inc.(a) | 241,607 | ||||||
40,036 | Select Water Solutions, Inc., Class A | 290,661 | ||||||
532,268 | ||||||||
PUBLISHING & BROADCASTING - 0.9% | ||||||||
29,839 | EW Scripps Company (The), Class A(a) | 235,131 | ||||||
149,850 | Gannett Company, Inc.(a) | 332,667 | ||||||
8,158 | Scholastic Corporation | 346,552 | ||||||
3,015 | World Wrestling Entertainment, Inc., Class A | 305,480 | ||||||
1,219,830 |
See accompanying notes to financial statements.
41
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
RENEWABLE ENERGY - 0.6% | ||||||||
5,685 | Ameresco, Inc., Class A(a) | $ | 244,910 | |||||
3,226 | EnerSys | 313,793 | ||||||
8,962 | Green Plains, Inc.(a) | 259,898 | ||||||
818,601 | ||||||||
RESIDENTIAL REIT - 0.2% | ||||||||
17,489 | Independence Realty Trust, Inc. | 302,035 | ||||||
RETAIL - CONSUMER STAPLES - 1.0% | ||||||||
25,667 | Big Lots, Inc.(b) | 128,848 | ||||||
1,285 | Casey’s General Stores, Inc. | 289,961 | ||||||
1,344 | Five Below, Inc.(a) | 231,867 | ||||||
4,795 | Ollie’s Bargain Outlet Holdings, Inc.(a) | 264,300 | ||||||
7,934 | Sprouts Farmers Market, Inc.(a) | 274,199 | ||||||
3,304 | Weis Markets, Inc. | 196,720 | ||||||
1,385,895 | ||||||||
RETAIL - DISCRETIONARY - 2.8% | ||||||||
1,324 | Asbury Automotive Group, Inc.(a) | 276,862 | ||||||
1,425 | Avis Budget Group, Inc.(a) | 239,101 | ||||||
3,138 | Builders FirstSource, Inc.(a) | 363,851 | ||||||
1,373 | Burlington Stores, Inc.(a) | 206,582 | ||||||
912 | Dillard’s, Inc., Class A | 251,083 | ||||||
35,775 | EVgo, Inc.(a),(b) | 141,669 | ||||||
4,713 | Hibbett, Inc. | 169,762 | ||||||
1,216 | Lithia Motors, Inc. | 283,668 | ||||||
9,745 | MarineMax, Inc.(a) | 276,466 | ||||||
5,647 | Monro, Inc. | 233,616 | ||||||
14,858 | National Vision Holdings, Inc.(a) | 375,165 | ||||||
5,127 | Rush Enterprises, Inc., Class A | 267,988 | ||||||
17,933 | Sally Beauty Holdings, Inc.(a) | 201,926 | ||||||
9,237 | Sleep Number Corporation(a) | 167,559 | ||||||
5,143 | Sonic Automotive, Inc., Class A | 213,126 | ||||||
3,668,424 | ||||||||
RETAIL REIT - 1.4% | ||||||||
20,102 | Acadia Realty Trust | 258,713 |
See accompanying notes to financial statements.
42
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
RETAIL REIT - 1.4% (Continued) | ||||||||
10,349 | Four Corners Property Trust, Inc. | $ | 265,969 | |||||
13,398 | Kite Realty Group Trust | 260,457 | ||||||
6,325 | NNN REIT, Inc. | 269,066 | ||||||
20,060 | Retail Opportunity Investments Corporation | 244,732 | ||||||
7,185 | Saul Centers, Inc. | 242,925 | ||||||
14,373 | Tanger Factory Outlet Centers, Inc. | 292,778 | ||||||
1,834,640 | ||||||||
SEMICONDUCTORS - 4.1% | ||||||||
8,962 | Aehr Test Systems(a) | 295,925 | ||||||
10,693 | Amkor Technology, Inc. | 264,973 | ||||||
2,081 | Axcelis Technologies, Inc.(a) | 327,862 | ||||||
6,199 | Azenta, Inc.(a) | 268,107 | ||||||
9,139 | CEVA, Inc.(a) | 228,658 | ||||||
2,535 | Cirrus Logic, Inc.(a) | 196,919 | ||||||
7,286 | Cohu, Inc.(a) | 279,345 | ||||||
2,994 | Diodes, Inc.(a) | 268,981 | ||||||
8,743 | FormFactor, Inc.(a) | 273,568 | ||||||
2,258 | IPG Photonics Corporation(a) | 249,441 | ||||||
2,923 | Lattice Semiconductor Corporation(a) | 237,669 | ||||||
7,944 | MaxLinear, Inc.(a) | 232,044 | ||||||
3,153 | MKS Instruments, Inc. | 306,818 | ||||||
3,291 | Power Integrations, Inc. | 284,342 | ||||||
11,467 | Semtech Corporation(a) | 249,293 | ||||||
1,601 | Silicon Laboratories, Inc.(a) | 225,213 | ||||||
2,516 | Synaptics, Inc.(a) | 216,477 | ||||||
1,792 | Universal Display Corporation | 264,015 | ||||||
13,221 | Veeco Instruments, Inc.(a) | 322,725 | ||||||
12,349 | Vishay Intertechnology, Inc. | 318,357 | ||||||
4,293 | Wolfspeed, Inc.(a) | 206,236 | ||||||
5,516,968 | ||||||||
SOFTWARE - 4.6% | ||||||||
67,444 | 8x8, Inc.(a) | 275,172 | ||||||
10,379 | ACI Worldwide, Inc.(a) | 236,745 | ||||||
44,628 | Alignment Healthcare, Inc.(a) | 261,966 |
See accompanying notes to financial statements.
43
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
SOFTWARE - 4.6% (Continued) | ||||||||
4,713 | Alteryx, Inc., Class A(a) | $ | 183,524 | |||||
4,030 | Blackbaud, Inc.(a) | 295,641 | ||||||
5,198 | Calix, Inc.(a) | 242,279 | ||||||
4,913 | CommVault Systems, Inc.(a) | 342,387 | ||||||
8,271 | Digi International, Inc.(a) | 297,342 | ||||||
3,390 | Guidewire Software, Inc.(a) | 281,302 | ||||||
62,669 | LivePerson, Inc.(a) | 230,622 | ||||||
1,796 | Manhattan Associates, Inc.(a) | 325,830 | ||||||
944 | MicroStrategy, Inc., Class A(a),(b) | 284,739 | ||||||
3,697 | New Relic, Inc.(a) | 260,454 | ||||||
4,760 | Omnicell, Inc.(a) | 349,479 | ||||||
5,806 | Pegasystems, Inc. | 280,778 | ||||||
4,857 | Progress Software Corporation | 291,420 | ||||||
11,335 | Q2 Holdings, Inc.(a) | 330,075 | ||||||
2,144 | Qualys, Inc.(a) | 270,701 | ||||||
6,091 | Rapid7, Inc.(a) | 290,663 | ||||||
1,836 | SPS Commerce, Inc.(a) | 286,049 | ||||||
10,693 | Varonis Systems, Inc.(a) | 281,012 | ||||||
21,353 | Veradigm, Inc.(a) | 251,538 | ||||||
6,149,718 | ||||||||
SPECIALTY FINANCE - 1.9% | ||||||||
5,504 | Encore Capital Group, Inc.(a) | 237,057 | ||||||
6,304 | Enova International, Inc.(a) | 293,262 | ||||||
6,970 | Essent Group Ltd. | 307,865 | ||||||
5,010 | First American Financial Corporation | 275,199 | ||||||
10,481 | LendingTree, Inc.(a) | 191,697 | ||||||
20,768 | MGIC Investment Corporation | 314,012 | ||||||
3,047 | Nelnet, Inc., Class A | 281,848 | ||||||
3,717 | Walker & Dunlop, Inc. | 272,047 | ||||||
3,377 | World Acceptance Corporation(a) | 375,490 | ||||||
2,548,477 | ||||||||
SPECIALTY REIT - 0.2% | ||||||||
2,781 | Lamar Advertising Company, Class A | 249,956 |
See accompanying notes to financial statements.
44
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
STEEL - 0.9% | ||||||||
7,049 | ATI, Inc.(a) | $ | 243,755 | |||||
5,692 | Commercial Metals Company | 243,333 | ||||||
1,083 | Reliance Steel & Aluminum Company | 254,159 | ||||||
2,456 | Steel Dynamics, Inc. | 225,706 | ||||||
4,319 | Worthington Industries, Inc. | 242,425 | ||||||
1,209,378 | ||||||||
TECHNOLOGY HARDWARE - 4.2% | ||||||||
17,591 | ADTRAN Holdings, Inc. | 156,736 | ||||||
2,244 | Arrow Electronics, Inc.(a) | 284,180 | ||||||
11,807 | Benchmark Electronics, Inc. | 278,763 | ||||||
14,487 | Extreme Networks, Inc.(a) | 298,432 | ||||||
1,901 | F5, Inc.(a) | 280,550 | ||||||
55,777 | GoPro, Inc., Class A(a) | 234,263 | ||||||
19,197 | Harmonic, Inc.(a) | 338,059 | ||||||
3,821 | InterDigital, Inc. | 317,296 | ||||||
3,149 | Jabil, Inc. | 281,898 | ||||||
16,476 | Knowles Corporation(a) | 296,238 | ||||||
5,149 | Lumentum Holdings, Inc.(a) | 272,382 | ||||||
11,803 | NCR Corporation(a) | 279,731 | ||||||
9,738 | NetScout Systems, Inc.(a) | 297,204 | ||||||
8,219 | PAR Technology Corporation(a) | 284,131 | ||||||
2,881 | Plexus Corporation(a) | 261,249 | ||||||
4,592 | Sanmina Corporation(a) | 243,560 | ||||||
2,594 | Super Micro Computer, Inc.(a) | 580,927 | ||||||
20,743 | TTM Technologies, Inc.(a) | 284,179 | ||||||
8,286 | ViaSat, Inc.(a) | 369,639 | ||||||
5,639,417 | ||||||||
TECHNOLOGY SERVICES - 2.5% | ||||||||
937 | CACI International, Inc., Class A(a) | 280,369 | ||||||
5,193 | CSG Systems International, Inc. | 249,160 | ||||||
1,706 | ExlService Holdings, Inc.(a) | 257,504 | ||||||
396 | Fair Isaac Corporation(a) | 311,916 | ||||||
6,032 | Genpact Ltd. | 221,857 | ||||||
2,535 | ICF International, Inc. | 283,895 |
See accompanying notes to financial statements.
45
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
TECHNOLOGY SERVICES - 2.5% (Continued) | ||||||||
1,844 | Jack Henry & Associates, Inc. | $ | 281,929 | |||||
711 | MarketAxess Holdings, Inc. | 193,684 | ||||||
3,536 | MAXIMUS, Inc. | 286,275 | ||||||
3,887 | Perficient, Inc.(a) | 297,238 | ||||||
65,685 | Sabre Corporation(a) | 203,624 | ||||||
2,584 | Science Applications International Corporation | 251,501 | ||||||
1,513 | WEX, Inc.(a) | 250,931 | ||||||
3,369,883 | ||||||||
TELECOMMUNICATIONS - 1.2% | ||||||||
108,922 | Consolidated Communications Holdings, Inc.(a) | 397,565 | ||||||
15,235 | EchoStar Corporation, Class A(a) | 240,256 | ||||||
245,247 | Globalstar, Inc.(a) | 279,582 | ||||||
4,483 | Iridium Communications, Inc. | 269,159 | ||||||
14,738 | Shenandoah Telecommunications Company | 279,727 | ||||||
26,531 | Telephone and Data Systems, Inc. | 177,227 | ||||||
1,643,516 | ||||||||
TIMBER REIT - 0.2% | ||||||||
8,408 | Rayonier, Inc. | 246,523 | ||||||
TRANSPORTATION & LOGISTICS - 2.4% | ||||||||
13,407 | Air Transport Services Group, Inc.(a) | 223,897 | ||||||
3,023 | Allegiant Travel Company(a) | 294,712 | ||||||
11,572 | CryoPort, Inc.(a) | 213,041 | ||||||
2,598 | Forward Air Corporation | 252,707 | ||||||
17,504 | Heartland Express, Inc. | 273,062 | ||||||
3,323 | Hub Group, Inc., Class A(a) | 244,440 | ||||||
4,944 | Knight-Swift Transportation Holdings, Inc. | 271,871 | ||||||
1,555 | Landstar System, Inc. | 272,716 | ||||||
4,662 | Matson, Inc. | 318,554 | ||||||
3,138 | Ryder System, Inc. | 247,369 | ||||||
1,025 | Saia, Inc.(a) | 291,264 | ||||||
6,135 | Werner Enterprises, Inc. | 269,449 | ||||||
3,173,082 |
See accompanying notes to financial statements.
46
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
TRANSPORTATION EQUIPMENT - 0.4% | ||||||||
6,169 | Allison Transmission Holdings, Inc. | $ | 291,794 | |||||
11,502 | Trinity Industries, Inc. | 243,267 | ||||||
535,061 | ||||||||
WHOLESALE - CONSUMER STAPLES - 0.2% | ||||||||
6,791 | Andersons, Inc. (The) | 264,917 | ||||||
WHOLESALE - DISCRETIONARY - 0.8% | ||||||||
5,699 | ePlus, Inc.(a) | 281,474 | ||||||
20,416 | OPENLANE, Inc.(a) | 306,649 | ||||||
9,186 | ScanSource, Inc.(a) | 264,189 | ||||||
2,060 | Veritiv Corporation | 217,515 | ||||||
1,069,827 | ||||||||
TOTAL COMMON STOCKS (Cost $141,832,261) | 132,916,798 | |||||||
COLLATERAL FOR SECURITIES LOANED - 1.0% | ||||||||
MONEY MARKET FUND - 1.0% | ||||||||
1,303,455 | Fidelity Government Portfolio - Institutional Class, 5.02% (Cost $1,303,455)(c)(d) | 1,303,455 | ||||||
TOTAL INVESTMENTS - 100.7% (Cost $143,135,716) | $ | 134,220,253 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)% | (902,119 | ) | ||||||
NET ASSETS - 100.0% | $ | 133,318,134 |
(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, 2023 was $1,272,299. |
(c) | - Security was purchased with cash received as collateral for securities on loan at May 31, 2023. Total collateral had a value of $1,303,455 at May 31, 2023. |
(d) | - Rate disclosed is the seven day effective yield as of May 31, 2023. |
See accompanying notes to financial statements.
47
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% | ||||||||||||
AEROSPACE & DEFENSE — 2.1% | ||||||||||||
800,000 | Teledyne Technologies, Inc. | 0.9500 | 04/01/24 | $ | 769,352 | |||||||
800,000 | Teledyne Technologies, Inc. | 1.6000 | 04/01/26 | 728,971 | ||||||||
3,300,000 | Teledyne Technologies, Inc. | 2.2500 | 04/01/28 | 2,922,561 | ||||||||
800,000 | Textron, Inc. | 3.0000 | 06/01/30 | 706,279 | ||||||||
5,127,163 | ||||||||||||
ASSET MANAGEMENT — 0.3% | ||||||||||||
820,000 | Charles Schwab Corporation (The) | 0.9000 | 03/11/26 | 720,064 | ||||||||
BANKING — 1.6% | ||||||||||||
820,000 | CIT Group, Inc. | 6.1250 | 03/09/28 | 815,273 | ||||||||
800,000 | M&T Bank Corporation | 3.5500 | 07/26/23 | 796,203 | ||||||||
800,000 | Regions Financial Corporation | 1.8000 | 08/12/28 | 646,746 | ||||||||
1,140,000 | SVB Financial Group | 2.1000 | 05/15/28 | 782,103 | ||||||||
800,000 | SVB Financial Group | 3.1250 | 06/05/30 | 528,128 | ||||||||
820,000 | SVB Financial Group | 1.8000 | 02/02/31 | 513,065 | ||||||||
4,081,518 | ||||||||||||
BIOTECH & PHARMA — 0.3% | ||||||||||||
820,000 | Royalty Pharma plc | 1.2000 | 09/02/25 | 741,552 | ||||||||
CHEMICALS — 2.2% | ||||||||||||
820,000 | LYB International Finance III, LLC | 1.2500 | 10/01/25 | 746,510 | ||||||||
820,000 | Mosaic Company (The) | 4.0500 | 11/15/27 | 785,766 | ||||||||
800,000 | PPG Industries, Inc. | 1.2000 | 03/15/26 | 721,814 | ||||||||
3,300,000 | PPG Industries, Inc. | 3.7500 | 03/15/28 | 3,164,451 | ||||||||
5,418,541 | ||||||||||||
COMMERCIAL SUPPORT SERVICES — 6.2% | ||||||||||||
820,000 | Cintas Corp No 2 | 3.4500 | 05/01/25 | 798,809 | ||||||||
902,000 | Cintas Corp No 2 | 3.7000 | 04/01/27 | 878,333 | ||||||||
820,000 | Cintas Corp No 2 | 4.0000 | 05/01/32 | 782,639 | ||||||||
3,300,000 | Republic Services, Inc. | 2.5000 | 08/15/24 | 3,192,755 | ||||||||
800,000 | Republic Services, Inc. | 3.2000 | 03/15/25 | 774,995 | ||||||||
820,000 | Republic Services, Inc. | 3.3750 | 11/15/27 | 780,935 | ||||||||
3,300,000 | Republic Services, Inc. | 3.9500 | 05/15/28 | 3,180,544 | ||||||||
950,000 | Republic Services, Inc. | 2.3000 | 03/01/30 | 815,751 |
See accompanying notes to financial statements.
48
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
COMMERCIAL SUPPORT SERVICES — 6.2% (Continued) | ||||||||||||
820,000 | Republic Services, Inc. | 1.4500 | 02/15/31 | $ | 647,932 | |||||||
820,000 | Republic Services, Inc. | 1.7500 | 02/15/32 | 649,574 | ||||||||
820,000 | Waste Connections, Inc. | 4.2500 | 12/01/28 | 798,316 | ||||||||
800,000 | Waste Management, Inc. Series 19-SFR4 A | 3.1250 | 03/01/25 | 777,304 | ||||||||
820,000 | Waste Management, Inc. | 0.7500 | 11/15/25 | 744,004 | ||||||||
800,000 | Waste Management, Inc. | 3.1500 | 11/15/27 | 758,160 | ||||||||
15,580,051 | ||||||||||||
CONSTRUCTION MATERIALS — 1.5% | ||||||||||||
820,000 | Carlisle Companies, Inc. | 3.7500 | 12/01/27 | 783,221 | ||||||||
820,000 | Carlisle Companies, Inc. | 2.7500 | 03/01/30 | 696,634 | ||||||||
820,000 | Carlisle Companies, Inc. | 2.2000 | 03/01/32 | 641,100 | ||||||||
800,000 | Martin Marietta Materials, Inc. | 0.6500 | 07/15/23 | 795,309 | ||||||||
800,000 | Vulcan Materials Company | 3.9000 | 04/01/27 | 778,356 | ||||||||
3,694,620 | ||||||||||||
CONTAINERS & PACKAGING — 1.2% | ||||||||||||
820,000 | Amcor Finance USA, Inc. | 3.6250 | 04/28/26 | 783,228 | ||||||||
800,000 | Amcor Finance USA, Inc. | 4.5000 | 05/15/28 | 774,366 | ||||||||
820,000 | Amcor Flexibles North America, Inc. | 2.6900 | 05/25/31 | 671,258 | ||||||||
800,000 | Bemis Company, Inc. | 2.6300 | 06/19/30 | 667,483 | ||||||||
2,896,335 | ||||||||||||
DIVERSIFIED INDUSTRIALS — 1.9% | ||||||||||||
800,000 | Dover Corporation | 3.1500 | 11/15/25 | 765,867 | ||||||||
800,000 | Illinois Tool Works, Inc. | 3.5000 | 03/01/24 | 791,997 | ||||||||
820,000 | Illinois Tool Works, Inc. | 2.6500 | 11/15/26 | 778,131 | ||||||||
800,000 | Parker-Hannifin Corporation | 3.2500 | 03/01/27 | 758,728 | ||||||||
820,000 | Parker-Hannifin Corporation | 4.2500 | 09/15/27 | 800,260 | ||||||||
820,000 | Parker-Hannifin Corporation | 4.5000 | 09/15/29 | 802,459 | ||||||||
4,697,442 | ||||||||||||
ELECTRIC UTILITIES — 5.3% | ||||||||||||
820,000 | AES Corporation (The) | 1.3750 | 01/15/26 | 731,894 | ||||||||
820,000 | Alliant Energy Finance, LLC(a) | 3.7500 | 06/15/23 | 819,128 | ||||||||
820,000 | Avangrid, Inc. | 3.1500 | 12/01/24 | 790,195 | ||||||||
820,000 | Avangrid, Inc. | 3.8000 | 06/01/29 | 762,240 | ||||||||
800,000 | CenterPoint Energy, Inc. | 1.4500 | 06/01/26 | 719,819 |
See accompanying notes to financial statements.
49
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
ELECTRIC UTILITIES — 5.3% (Continued) | ||||||||||||
820,000 | CenterPoint Energy, Inc. | 2.9500 | 03/01/30 | $ | 715,331 | |||||||
800,000 | CenterPoint Energy, Inc. | 2.6500 | 06/01/31 | 672,364 | ||||||||
820,000 | Emera US Finance, L.P. | 3.5500 | 06/15/26 | 776,762 | ||||||||
820,000 | Entergy Arkansas, LLC | 3.5000 | 04/01/26 | 793,114 | ||||||||
800,000 | Entergy Corporation | 0.9000 | 09/15/25 | 723,179 | ||||||||
800,000 | Entergy Corporation | 1.9000 | 06/15/28 | 689,060 | ||||||||
800,000 | Evergy, Inc. | 2.4500 | 09/15/24 | 767,678 | ||||||||
3,300,000 | Evergy, Inc. | 2.9000 | 09/15/29 | 2,918,999 | ||||||||
800,000 | WEC Energy Group, Inc. | 0.5500 | 09/15/23 | 788,133 | ||||||||
820,000 | WEC Energy Group, Inc. | 1.3750 | 10/15/27 | 706,997 | ||||||||
13,374,893 | ||||||||||||
ELECTRICAL EQUIPMENT — 4.0% | ||||||||||||
820,000 | Amphenol Corporation | 2.0500 | 03/01/25 | 776,727 | ||||||||
820,000 | Amphenol Corporation | 4.3500 | 06/01/29 | 808,509 | ||||||||
820,000 | Amphenol Corporation | 2.8000 | 02/15/30 | 725,497 | ||||||||
820,000 | Amphenol Corporation | 2.2000 | 09/15/31 | 671,096 | ||||||||
800,000 | Keysight Technologies, Inc. | 4.5500 | 10/30/24 | 788,012 | ||||||||
800,000 | Keysight Technologies, Inc. | 4.6000 | 04/06/27 | 797,104 | ||||||||
800,000 | Keysight Technologies, Inc. | 3.0000 | 10/30/29 | 705,163 | ||||||||
800,000 | Roper Technologies, Inc. | 3.6500 | 09/15/23 | 795,777 | ||||||||
800,000 | Trimble, Inc. | 4.7500 | 12/01/24 | 791,191 | ||||||||
3,300,000 | Trimble, Inc. | 4.9000 | 06/15/28 | 3,260,494 | ||||||||
10,119,570 | ||||||||||||
ENGINEERING & CONSTRUCTION — 0.8% | ||||||||||||
800,000 | Fluor Corporation | 4.2500 | 09/15/28 | 736,000 | ||||||||
800,000 | Quanta Services, Inc. | 2.9000 | 10/01/30 | 679,220 | ||||||||
820,000 | Quanta Services, Inc. | 2.3500 | 01/15/32 | 651,973 | ||||||||
2,067,193 | ||||||||||||
FOOD — 3.2% | ||||||||||||
820,000 | Campbell Soup Company | 4.1500 | 03/15/28 | 797,325 | ||||||||
800,000 | Conagra Brands, Inc. | 0.5000 | 08/11/23 | 791,719 | ||||||||
800,000 | Conagra Brands, Inc. | 4.6000 | 11/01/25 | 793,814 | ||||||||
3,300,000 | Conagra Brands, Inc. | 1.3750 | 11/01/27 | 2,822,255 | ||||||||
800,000 | Conagra Brands, Inc. | 4.8500 | 11/01/28 | 788,713 |
See accompanying notes to financial statements.
50
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
FOOD — 3.2% (Continued) | ||||||||||||
800,000 | Hormel Foods Corporation | 0.6500 | 06/03/24 | $ | 764,261 | |||||||
800,000 | Hormel Foods Corporation | 1.7000 | 06/03/28 | 705,340 | ||||||||
800,000 | Hormel Foods Corporation | 1.8000 | 06/11/30 | 670,414 | ||||||||
8,133,841 | ||||||||||||
GAS & WATER UTILITIES — 0.5% | ||||||||||||
820,000 | Atmos Energy Corporation | 1.5000 | 01/15/31 | 650,173 | ||||||||
820,000 | CenterPoint Energy Resources Corporation | 1.7500 | 10/01/30 | 660,539 | ||||||||
1,310,712 | ||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.3% | ||||||||||||
820,000 | Anthem, Inc. | 1.5000 | 03/15/26 | 749,530 | ||||||||
HOME CONSTRUCTION — 3.7% | ||||||||||||
800,000 | DR Horton, Inc. | 5.7500 | 08/15/23 | 798,656 | ||||||||
800,000 | DR Horton, Inc. | 2.5000 | 10/15/24 | 768,973 | ||||||||
820,000 | DR Horton, Inc. | 2.6000 | 10/15/25 | 769,734 | ||||||||
3,300,000 | DR Horton, Inc. | 1.3000 | 10/15/26 | 2,925,167 | ||||||||
3,300,000 | Lennar Corporation | 4.8750 | 12/15/23 | 3,293,772 | ||||||||
800,000 | Lennar Corporation | 5.8750 | 11/15/24 | 801,502 | ||||||||
9,357,804 | ||||||||||||
HOUSEHOLD PRODUCTS — 0.3% | ||||||||||||
800,000 | Church & Dwight Company, Inc. | 3.1500 | 08/01/27 | 762,120 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.3% | ||||||||||||
3,300,000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 3,169,104 | ||||||||
INSURANCE — 1.5% | ||||||||||||
820,000 | Arch Capital Finance, LLC | 4.0110 | 12/15/26 | 795,914 | ||||||||
800,000 | Brown & Brown, Inc. | 4.2000 | 09/15/24 | 785,007 | ||||||||
820,000 | Loews Corporation | 3.7500 | 04/01/26 | 802,318 | ||||||||
800,000 | Reinsurance Group of America, Inc. | 3.9000 | 05/15/29 | 740,984 | ||||||||
800,000 | Reinsurance Group of America, Inc. | 3.1500 | 06/15/30 | 694,002 | ||||||||
3,818,225 | ||||||||||||
INTERNET MEDIA & SERVICES — 1.3% | ||||||||||||
800,000 | Booking Holdings, Inc. | 3.6500 | 03/15/25 | 783,760 |
See accompanying notes to financial statements.
51
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
INTERNET MEDIA & SERVICES — 1.3% (Continued) | ||||||||||||
820,000 | Booking Holdings, Inc. | 3.6000 | 06/01/26 | $ | 794,720 | |||||||
800,000 | Booking Holdings, Inc. | 3.5500 | 03/15/28 | 764,207 | ||||||||
920,000 | Booking Holdings, Inc. | 4.6250 | 04/13/30 | 914,800 | ||||||||
3,257,487 | ||||||||||||
MACHINERY — 3.6% | ||||||||||||
820,000 | Caterpillar Financial Services Corporation | 0.8000 | 11/13/25 | 748,239 | ||||||||
820,000 | Caterpillar Financial Services Corporation | 0.9000 | 03/02/26 | 742,258 | ||||||||
3,300,000 | Caterpillar, Inc. | 2.6000 | 09/19/29 | 2,997,177 | ||||||||
820,000 | CNH Industrial Capital, LLC | 1.8750 | 01/15/26 | 751,639 | ||||||||
812,000 | Parker-Hannifin Corporation | 3.3000 | 11/21/24 | 788,913 | ||||||||
3,300,000 | Parker-Hannifin Corporation | 3.2500 | 06/14/29 | 3,028,769 | ||||||||
9,056,995 | ||||||||||||
MEDICAL EQUIPMENT & DEVICES — 3.7% | ||||||||||||
3,300,000 | Edwards Lifesciences Corporation | 4.3000 | 06/15/28 | 3,252,538 | ||||||||
800,000 | Stryker Corporation | 0.6000 | 12/01/23 | 780,144 | ||||||||
820,000 | Stryker Corporation | 3.3750 | 11/01/25 | 790,951 | ||||||||
820,000 | Stryker Corporation | 3.5000 | 03/15/26 | 793,935 | ||||||||
800,000 | Stryker Corporation | 3.6500 | 03/07/28 | 766,299 | ||||||||
3,300,000 | Stryker Corporation | 1.9500 | 06/15/30 | 2,752,249 | ||||||||
9,136,116 | ||||||||||||
OIL & GAS PRODUCERS — 10.3% | ||||||||||||
820,000 | Continental Resources, Inc. | 4.3750 | 01/15/28 | 771,732 | ||||||||
820,000 | Devon Energy Corporation | 5.8500 | 12/15/25 | 831,231 | ||||||||
820,000 | Devon Energy Corporation | 4.5000 | 01/15/30 | 771,559 | ||||||||
800,000 | Devon Energy Corporation | 7.8750 | 09/30/31 | 911,724 | ||||||||
3,300,000 | Diamondback Energy, Inc. | 3.1250 | 03/24/31 | 2,814,117 | ||||||||
800,000 | EOG Resources, Inc. | 3.1500 | 04/01/25 | 773,810 | ||||||||
820,000 | EOG Resources, Inc. | 4.1500 | 01/15/26 | 811,445 | ||||||||
820,000 | EQT Corporation | 3.9000 | 10/01/27 | 762,682 | ||||||||
820,000 | EQT Corporation | 5.7000 | 04/01/28 | 816,091 | ||||||||
800,000 | Kinder Morgan Energy Partners, L.P. | 3.5000 | 09/01/23 | 795,658 | ||||||||
800,000 | Kinder Morgan, Inc. | 4.3000 | 06/01/25 | 785,067 | ||||||||
920,000 | Kinder Morgan, Inc. | 4.3000 | 03/01/28 | 890,139 | ||||||||
800,000 | Kinder Morgan, Inc. | 7.8000 | 08/01/31 | 900,124 |
See accompanying notes to financial statements.
52
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
OIL & GAS PRODUCERS — 10.3% (Continued) | ||||||||||||
820,000 | Newfield Exploration Company | 5.3750 | 01/01/26 | $ | 816,169 | |||||||
812,000 | ONEOK Partners, L.P. | 4.9000 | 03/15/25 | 801,364 | ||||||||
800,000 | ONEOK, Inc. | 7.5000 | 09/01/23 | 800,000 | ||||||||
820,000 | ONEOK, Inc. | 5.8500 | 01/15/26 | 829,943 | ||||||||
800,000 | ONEOK, Inc. | 4.0000 | 07/13/27 | 755,241 | ||||||||
820,000 | Targa Resources Partners, L.P. / Targa Resources | 5.0000 | 01/15/28 | 790,513 | ||||||||
820,000 | Tennessee Gas Pipeline Company, LLC | 7.0000 | 10/15/28 | 879,001 | ||||||||
820,000 | Transcontinental Gas Pipe Line Company, LLC | 7.8500 | 02/01/26 | 869,244 | ||||||||
902,000 | Valero Energy Corporation | 3.4000 | 09/15/26 | 859,172 | ||||||||
820,000 | Valero Energy Corporation | 4.3500 | 06/01/28 | 794,965 | ||||||||
820,000 | Williams Companies, Inc. (The) | 3.9000 | 01/15/25 | 800,331 | ||||||||
3,300,000 | Williams Companies, Inc. (The) | 4.5000 | 11/15/23 | 3,282,420 | ||||||||
800,000 | Williams Companies, Inc. (The) | 3.7500 | 06/15/27 | 763,083 | ||||||||
25,676,825 | ||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 2.2% | ||||||||||||
820,000 | Halliburton Company | 3.8000 | 11/15/25 | 798,621 | ||||||||
820,000 | Schlumberger Holdings Corporation(a) | 4.0000 | 12/21/25 | 796,910 | ||||||||
820,000 | Schlumberger Holdings Corporation | 4.0000 | 12/21/25 | 796,910 | ||||||||
820,000 | Schlumberger Holdings Corporation(a) | 3.9000 | 05/17/28 | 778,175 | ||||||||
820,000 | Schlumberger Holdings Corporation | 3.9000 | 05/17/28 | 778,175 | ||||||||
820,000 | Schlumberger Holdings Corporation(a) | 4.3000 | 05/01/29 | 787,265 | ||||||||
820,000 | Schlumberger Holdings Corporation | 4.3000 | 05/01/29 | 787,265 | ||||||||
5,523,321 | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 19.5% | ||||||||||||
800,000 | Alexandria Real Estate Equities, Inc. | 3.9500 | 01/15/28 | 754,049 | ||||||||
3,300,000 | Alexandria Real Estate Equities, Inc. | 2.7500 | 12/15/29 | 2,825,110 | ||||||||
820,000 | Alexandria Real Estate Equities, Inc. | 4.7000 | 07/01/30 | 783,749 | ||||||||
820,000 | Alexandria Real Estate Equities, Inc. | 4.9000 | 12/15/30 | 794,256 | ||||||||
820,000 | Alexandria Real Estate Equities, Inc. | 3.3750 | 08/15/31 | 709,160 | ||||||||
820,000 | Alexandria Real Estate Equities, Inc. | 2.0000 | 05/18/32 | 623,258 | ||||||||
820,000 | Boston Properties, L.P. | 3.6500 | 02/01/26 | 760,038 | ||||||||
820,000 | Boston Properties, L.P. | 4.5000 | 12/01/28 | 735,127 | ||||||||
820,000 | Boston Properties, L.P. | 3.4000 | 06/21/29 | 680,749 | ||||||||
820,000 | Boston Properties, L.P. | 2.9000 | 03/15/30 | 653,727 |
See accompanying notes to financial statements.
53
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 19.5% (Continued) | ||||||||||||
820,000 | Boston Properties, L.P. | 3.2500 | 01/30/31 | $ | 657,097 | |||||||
820,000 | Boston Properties, L.P. | 2.5500 | 04/01/32 | 604,486 | ||||||||
890,000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 814,237 | ||||||||
820,000 | Digital Realty Trust, L.P. | 4.4500 | 07/15/28 | 764,037 | ||||||||
800,000 | Digital Realty Trust, L.P. | 3.6000 | 07/01/29 | 699,595 | ||||||||
820,000 | Extra Space Storage, L.P. | 3.9000 | 04/01/29 | 757,253 | ||||||||
820,000 | Extra Space Storage, L.P. | 2.5500 | 06/01/31 | 666,501 | ||||||||
820,000 | Extra Space Storage, L.P. | 2.3500 | 03/15/32 | 644,274 | ||||||||
800,000 | Invitation Homes Operating Partnership, L.P. | 2.0000 | 08/15/31 | 610,730 | ||||||||
902,000 | Kimco Realty Corporation | 2.7000 | 03/01/24 | 881,429 | ||||||||
800,000 | Kimco Realty Corporation | 2.8000 | 10/01/26 | 735,717 | ||||||||
3,300,000 | Kimco Realty Corporation | 1.9000 | 03/01/28 | 2,818,735 | ||||||||
800,000 | Kimco Realty Corporation | 2.7000 | 10/01/30 | 662,349 | ||||||||
800,000 | Mid-America Apartments, L.P. | 4.0000 | 11/15/25 | 782,741 | ||||||||
800,000 | National Health Investors, Inc. | 3.0000 | 02/01/31 | 585,637 | ||||||||
820,000 | Prologis, L.P. | 3.8750 | 09/15/28 | 785,965 | ||||||||
820,000 | Prologis, L.P. | 2.2500 | 04/15/30 | 698,341 | ||||||||
820,000 | Prologis, L.P. | 1.2500 | 10/15/30 | 639,487 | ||||||||
820,000 | Prologis, L.P. | 1.6250 | 03/15/31 | 660,793 | ||||||||
820,000 | Public Storage | 0.8750 | 02/15/26 | 736,062 | ||||||||
800,000 | Public Storage | 3.0940 | 09/15/27 | 753,959 | ||||||||
800,000 | Realty Income Corporation | 3.8750 | 04/15/25 | 779,358 | ||||||||
820,000 | Realty Income Corporation | 4.6250 | 11/01/25 | 811,715 | ||||||||
902,000 | Realty Income Corporation | 4.1250 | 10/15/26 | 880,729 | ||||||||
820,000 | Realty Income Corporation | 3.4000 | 01/15/28 | 764,627 | ||||||||
820,000 | Realty Income Corporation | 3.6500 | 01/15/28 | 772,586 | ||||||||
3,300,000 | Realty Income Corporation | 2.2000 | 06/15/28 | 2,891,104 | ||||||||
3,300,000 | Realty Income Corporation | 3.2500 | 06/15/29 | 2,997,872 | ||||||||
820,000 | Realty Income Corporation | 3.1000 | 12/15/29 | 730,575 | ||||||||
820,000 | Realty Income Corporation | 3.2500 | 01/15/31 | 718,351 | ||||||||
820,000 | Simon Property Group, L.P. | 3.3000 | 01/15/26 | 785,791 | ||||||||
800,000 | Sun Communities Operating, L.P. | 2.3000 | 11/01/28 | 678,837 | ||||||||
800,000 | Sun Communities Operating, L.P. | 2.7000 | 07/15/31 | 632,132 | ||||||||
800,000 | UDR, Inc. | 3.2000 | 01/15/30 | 705,281 |
See accompanying notes to financial statements.
54
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 19.5% (Continued) | ||||||||||||
800,000 | Ventas Realty, L.P. | 3.5000 | 02/01/25 | $ | 770,098 | |||||||
820,000 | Ventas Realty, L.P. | 4.1250 | 01/15/26 | 787,948 | ||||||||
902,000 | Ventas Realty, L.P. | 3.2500 | 10/15/26 | 836,557 | ||||||||
800,000 | Ventas Realty, L.P. | 4.0000 | 03/01/28 | 747,715 | ||||||||
820,000 | Ventas Realty, L.P. | 4.4000 | 01/15/29 | 774,251 | ||||||||
820,000 | Ventas Realty, L.P. | 3.0000 | 01/15/30 | 706,521 | ||||||||
820,000 | Ventas Realty, L.P. | 4.7500 | 11/15/30 | 779,538 | ||||||||
820,000 | Ventas Realty, L.P. | 2.5000 | 09/01/31 | 650,305 | ||||||||
800,000 | WP Carey, Inc. | 4.6000 | 04/01/24 | 788,650 | ||||||||
800,000 | WP Carey, Inc. | 4.0000 | 02/01/25 | 778,344 | ||||||||
800,000 | WP Carey, Inc. | 2.4000 | 02/01/31 | 641,317 | ||||||||
48,688,850 | ||||||||||||
RETAIL - CONSUMER STAPLES — 2.0% | ||||||||||||
820,000 | Dollar General Corporation | 4.1500 | 11/01/25 | 803,719 | ||||||||
3,300,000 | Dollar General Corporation | 3.8750 | 04/15/27 | 3,198,271 | ||||||||
917,000 | Dollar Tree, Inc. | 4.2000 | 05/15/28 | 882,500 | ||||||||
4,884,490 | ||||||||||||
RETAIL - DISCRETIONARY — 1.2% | ||||||||||||
902,000 | AutoZone, Inc. | 3.7500 | 06/01/27 | 867,921 | ||||||||
800,000 | Genuine Parts Company | 1.8750 | 11/01/30 | 621,799 | ||||||||
820,000 | Genuine Parts Company | 2.7500 | 02/01/32 | 677,892 | ||||||||
980,000 | Tractor Supply Company | 1.7500 | 11/01/30 | 774,549 | ||||||||
2,942,161 | ||||||||||||
SEMICONDUCTORS — 4.0% | ||||||||||||
800,000 | Analog Devices, Inc. | 2.9500 | 04/01/25 | 775,110 | ||||||||
820,000 | Analog Devices, Inc. | 3.5000 | 12/05/26 | 796,723 | ||||||||
3,300,000 | Analog Devices, Inc. | 1.7000 | 10/01/28 | 2,875,058 | ||||||||
820,000 | Analog Devices, Inc. | 2.1000 | 10/01/31 | 683,265 | ||||||||
820,000 | Broadcom, Inc. | 3.4590 | 09/15/26 | 782,255 | ||||||||
800,000 | Broadcom, Inc. | 4.1100 | 09/15/28 | 760,649 | ||||||||
800,000 | KLA Corporation | 4.6500 | 11/01/24 | 794,219 | ||||||||
980,000 | KLA Corporation | 4.1000 | 03/15/29 | 954,430 | ||||||||
800,000 | Microchip Technology, Inc. | 4.3330 | 06/01/23 | 800,000 |
See accompanying notes to financial statements.
55
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
SEMICONDUCTORS — 4.0% (Continued) | ||||||||||||
820,000 | Microchip Technology, Inc. | 4.2500 | 09/01/25 | $ | 799,712 | |||||||
10,021,421 | ||||||||||||
SOFTWARE — 1.1% | ||||||||||||
820,000 | Fortinet, Inc. | 1.0000 | 03/15/26 | 738,038 | ||||||||
820,000 | Fortinet, Inc.(b) | 2.2000 | 03/15/31 | 671,330 | ||||||||
800,000 | Roper Technologies, Inc. | 2.3500 | 09/15/24 | 769,384 | ||||||||
800,000 | ServiceNow, Inc. | 1.4000 | 09/01/30 | 636,763 | ||||||||
2,815,515 | ||||||||||||
STEEL — 2.0% | ||||||||||||
800,000 | Nucor Corporation | 2.0000 | 06/01/25 | 751,408 | ||||||||
3,300,000 | Nucor Corporation | 2.7000 | 06/01/30 | 2,877,973 | ||||||||
800,000 | Steel Dynamics, Inc. | 2.8000 | 12/15/24 | 766,576 | ||||||||
800,000 | Steel Dynamics, Inc. | 3.4500 | 04/15/30 | 712,288 | ||||||||
5,108,245 | ||||||||||||
TECHNOLOGY HARDWARE — 2.0% | ||||||||||||
820,000 | FLIR Systems, Inc. | 2.5000 | 08/01/30 | 686,903 | ||||||||
800,000 | NetApp, Inc. | 3.3000 | 09/29/24 | 778,096 | ||||||||
800,000 | NetApp, Inc. | 2.3750 | 06/22/27 | 733,610 | ||||||||
3,300,000 | NetApp, Inc. | 2.7000 | 06/22/30 | 2,796,003 | ||||||||
4,994,612 | ||||||||||||
TECHNOLOGY SERVICES — 5.1% | ||||||||||||
800,000 | Equifax, Inc. | 3.9500 | 06/15/23 | 799,393 | ||||||||
800,000 | Equifax, Inc. | 2.6000 | 12/01/24 | 764,601 | ||||||||
820,000 | Equifax, Inc. | 2.6000 | 12/15/25 | 768,815 | ||||||||
820,000 | Equifax, Inc. | 5.1000 | 12/15/27 | 819,228 | ||||||||
820,000 | Fidelity National Information Services, Inc. | 0.6000 | 03/01/24 | 789,038 | ||||||||
920,000 | Fidelity National Information Services, Inc. | 1.1500 | 03/01/26 | 825,033 | ||||||||
920,000 | Fidelity National Information Services, Inc. | 1.6500 | 03/01/28 | 787,768 | ||||||||
800,000 | Global Payments, Inc. | 3.7500 | 06/01/23 | 800,000 | ||||||||
920,000 | Global Payments, Inc. | 2.6500 | 02/15/25 | 876,570 | ||||||||
820,000 | Global Payments, Inc. | 1.2000 | 03/01/26 | 731,289 | ||||||||
820,000 | Global Payments, Inc. | 4.8000 | 04/01/26 | 802,264 | ||||||||
800,000 | Global Payments, Inc. | 4.4500 | 06/01/28 | 760,269 | ||||||||
890,000 | Global Payments, Inc. | 3.2000 | 08/15/29 | 778,143 |
See accompanying notes to financial statements.
56
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 97.8% (Continued) | ||||||||||||
TECHNOLOGY SERVICES — 5.1% (Continued) | ||||||||||||
820,000 | Global Payments, Inc. | 5.3000 | 08/15/29 | $ | 808,012 | |||||||
820,000 | Verisk Analytics, Inc. | 4.0000 | 06/15/25 | 799,015 | ||||||||
800,000 | Verisk Analytics, Inc. | 4.1250 | 03/15/29 | 768,746 | ||||||||
12,678,184 | ||||||||||||
TRANSPORTATION & LOGISTICS — 1.6% | ||||||||||||
800,000 | CSX Corporation | 3.4000 | 08/01/24 | 784,231 | ||||||||
800,000 | CSX Corporation | 3.3500 | 11/01/25 | 771,841 | ||||||||
820,000 | CSX Corporation | 3.8000 | 03/01/28 | 791,122 | ||||||||
920,000 | CSX Corporation | 4.2500 | 03/15/29 | 901,299 | ||||||||
800,000 | JB Hunt Transport Services, Inc. | 3.8750 | 03/01/26 | 779,098 | ||||||||
4,027,591 | ||||||||||||
TOTAL CORPORATE BONDS (Cost $256,527,956) | 244,632,091 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED - 0.0%(d) | ||||||||
MONEY MARKET FUND - 0.0% (d) | ||||||||
83,650 | Fidelity Government Portfolio - Institutional Class, 5.02% (Cost $83,650)(c),(e) | 83,650 | ||||||
TOTAL INVESTMENTS - 97.8% (Cost $256,611,606) | $ | 244,715,741 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.2% | 5,377,026 | |||||||
NET ASSETS - 100.0% | $ | 250,092,767 |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2023 the total market value of 144A securities is $3,181,478 or 1.3% of net assets. |
(b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2023 was $81,712. |
(c) | Security was purchased with cash received as collateral for securities on loan at May 31, 2023. Total collateral had a value of $83,650 at May 31, 2023. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of May 31, 2023. |
See accompanying notes to financial statements.
57
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
AEROSPACE & DEFENSE - 0.7% | ||||||||
4,774 | Teledyne Technologies, Inc.(a) | $ | 1,855,415 | |||||
ASSET MANAGEMENT - 0.6% | ||||||||
8,648 | LPL Financial Holdings, Inc. | 1,684,457 | ||||||
BANKING - 0.4% | ||||||||
947 | First Citizens BancShares, Inc., Class A | 1,181,099 | ||||||
6,663 | Signature Bank | 801 | ||||||
5,863 | SVB Financial Group(a) | 2,257 | ||||||
1,184,157 | ||||||||
BIOTECH & PHARMA - 2.1% | ||||||||
12,805 | Alnylam Pharmaceuticals, Inc.(a) | 2,369,052 | ||||||
24,320 | Incyte Corporation(a) | 1,496,896 | ||||||
9,909 | Neurocrine Biosciences, Inc.(a) | 887,153 | ||||||
8,871 | Sarepta Therapeutics, Inc.(a) | 1,096,456 | ||||||
5,849,557 | ||||||||
CHEMICALS - 1.3% | ||||||||
12,449 | Albemarle Corporation | 2,409,255 | ||||||
34,249 | Mosaic Company (The) | 1,094,598 | ||||||
3,503,853 | ||||||||
COMMERCIAL SUPPORT SERVICES - 4.7% | ||||||||
10,346 | Cintas Corporation | 4,884,760 | ||||||
32,525 | Republic Services, Inc. | 4,606,516 | ||||||
26,356 | Waste Connections, Inc. | 3,601,547 | ||||||
13,092,823 | ||||||||
CONSTRUCTION MATERIALS - 0.7% | ||||||||
8,537 | Advanced Drainage Systems, Inc. | 826,125 | ||||||
5,231 | Carlisle Companies, Inc. | 1,111,274 | ||||||
1,937,399 | ||||||||
CONTAINERS & PACKAGING - 0.3% | ||||||||
12,315 | Crown Holdings, Inc. | 938,772 |
See accompanying notes to financial statements.
58
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
DATA CENTER REIT - 1.1% | ||||||||
31,229 | Digital Realty Trust, Inc. | $ | 3,199,723 | |||||
DIVERSIFIED INDUSTRIALS - 0.7% | ||||||||
14,146 | Dover Corporation | 1,886,086 | ||||||
ELECTRIC UTILITIES - 2.1% | ||||||||
66,517 | AES Corporation (The) | 1,313,046 | ||||||
25,664 | Alliant Energy Corporation | 1,320,669 | ||||||
39,854 | Avangrid, Inc. | 1,495,721 | ||||||
63,343 | CenterPoint Energy, Inc. | 1,786,906 | ||||||
5,916,342 | ||||||||
ELECTRICAL EQUIPMENT - 4.6% | ||||||||
62,065 | Amphenol Corporation, Class A | 4,682,804 | ||||||
18,871 | Keysight Technologies, Inc.(a) | 3,053,328 | ||||||
11,177 | Roper Technologies, Inc. | 5,076,817 | ||||||
12,812,949 | ||||||||
ENGINEERING & CONSTRUCTION - 0.9% | ||||||||
14,943 | Quanta Services, Inc. | 2,653,578 | ||||||
FOOD - 1.8% | ||||||||
16,528 | Darling Ingredients, Inc.(a) | 1,047,545 | ||||||
56,576 | Hormel Foods Corporation | 2,164,031 | ||||||
15,198 | Lamb Weston Holdings, Inc. | 1,690,018 | ||||||
4,901,594 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 0.9% | ||||||||
18,786 | Catalent, Inc.(a) | 699,403 | ||||||
6,287 | Molina Healthcare, Inc.(a) | 1,722,009 | ||||||
2,421,412 | ||||||||
HEALTH CARE REIT - 0.7% | ||||||||
42,376 | Ventas, Inc. | 1,828,101 | ||||||
INDUSTRIAL REIT - 4.1% | ||||||||
92,965 | Prologis, Inc. | 11,578,791 |
See accompanying notes to financial statements.
59
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.9% | ||||||||
7,311 | United Rentals, Inc. | $ | 2,440,339 | |||||
INSTITUTIONAL FINANCIAL SERVICES - 1.2% | ||||||||
44,502 | Interactive Brokers Group, Inc., Class A | 3,436,889 | ||||||
INSURANCE - 0.5% | ||||||||
23,222 | Loews Corporation | 1,300,432 | ||||||
MACHINERY - 2.0% | ||||||||
5,804 | Nordson Corporation | 1,264,866 | ||||||
13,329 | Parker-Hannifin Corporation | 4,271,144 | ||||||
5,536,010 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 11.4% | ||||||||
63,450 | Edwards Lifesciences Corporation(a) | 5,344,394 | ||||||
18,991 | Exact Sciences Corporation(a) | 1,549,286 | ||||||
8,665 | IDEXX Laboratories, Inc.(a) | 4,027,232 | ||||||
36,349 | Intuitive Surgical, Inc.(a) | 11,189,675 | ||||||
2,276 | Mettler-Toledo International, Inc.(a) | 3,008,576 | ||||||
5,842 | Repligen Corporation(a) | 980,989 | ||||||
15,320 | ResMed, Inc. | 3,229,303 | ||||||
7,695 | West Pharmaceutical Services, Inc. | 2,574,978 | ||||||
31,904,433 | ||||||||
METALS & MINING - 3.0% | ||||||||
143,642 | Freeport-McMoRan, Inc. | 4,932,667 | ||||||
84,374 | Newmont Corporation | 3,421,366 | ||||||
8,354,033 | ||||||||
MULTI ASSET CLASS REIT - 0.5% | ||||||||
22,342 | WP Carey, Inc. | 1,549,641 | ||||||
OFFICE REIT - 1.0% | ||||||||
17,601 | Alexandria Real Estate Equities, Inc. | 1,997,009 | ||||||
15,044 | Boston Properties, Inc. | 732,191 | ||||||
2,729,200 |
See accompanying notes to financial statements.
60
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
OIL & GAS PRODUCERS - 2.1% | ||||||||
28,930 | Antero Resources Corporation(a) | $ | 590,461 | |||||
65,659 | Devon Energy Corporation | 3,026,880 | ||||||
18,707 | Diamondback Energy, Inc. | 2,378,595 | ||||||
5,995,936 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 2.2% | ||||||||
143,925 | Schlumberger Ltd | 6,164,308 | ||||||
RENEWABLE ENERGY - 1.7% | ||||||||
14,493 | Enphase Energy, Inc.(a) | 2,520,043 | ||||||
11,253 | First Solar, Inc.(a) | 2,283,909 | ||||||
4,803,952 | ||||||||
RESIDENTIAL REIT - 3.4% | ||||||||
10,980 | Camden Property Trust | 1,147,081 | ||||||
18,884 | Equity LifeStyle Properties, Inc. | 1,192,902 | ||||||
38,389 | Equity Residential | 2,334,051 | ||||||
61,500 | Invitation Homes, Inc. | 2,083,620 | ||||||
12,562 | Sun Communities, Inc. | 1,590,726 | ||||||
33,303 | UDR, Inc. | 1,321,130 | ||||||
9,669,510 | ||||||||
RETAIL - DISCRETIONARY - 0.8% | ||||||||
14,130 | Genuine Parts Company | 2,104,381 | ||||||
RETAIL REIT - 1.4% | ||||||||
67,718 | Realty Income Corporation | 4,025,158 | ||||||
SELF-STORAGE REIT - 0.7% | ||||||||
13,691 | Extra Space Storage, Inc. | 1,975,201 | ||||||
SEMICONDUCTORS - 11.1% | ||||||||
52,888 | Analog Devices, Inc. | 9,397,668 | ||||||
16,106 | Entegris, Inc. | 1,695,157 | ||||||
14,695 | KLA Corporation | 6,509,738 | ||||||
14,832 | Lattice Semiconductor Corporation(a) | 1,205,990 | ||||||
58,468 | Microchip Technology, Inc. | 4,400,302 |
See accompanying notes to financial statements.
61
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
SEMICONDUCTORS - 11.1% (Continued) | ||||||||
46,230 | ON Semiconductor Corporation(a) | $ | 3,864,828 | |||||
17,107 | Skyworks Solutions, Inc. | 1,770,746 | ||||||
16,948 | Teradyne, Inc. | 1,698,020 | ||||||
13,127 | Wolfspeed, Inc.(a) | 630,621 | ||||||
31,173,070 | ||||||||
SOFTWARE - 10.7% | ||||||||
8,969 | ANSYS, Inc.(a) | 2,902,279 | ||||||
21,454 | DocuSign, Inc.(a) | 1,210,006 | ||||||
4,963 | HubSpot, Inc.(a) | 2,570,784 | ||||||
20,989 | ServiceNow, Inc.(a) | 11,434,387 | ||||||
16,300 | Synopsys, Inc.(a) | 7,415,848 | ||||||
4,129 | Tyler Technologies, Inc.(a) | 1,639,048 | ||||||
16,084 | Veeva Systems, Inc., Class A(a) | 2,665,119 | ||||||
29,837,471 | ||||||||
STEEL - 1.8% | ||||||||
26,259 | Nucor Corporation | 3,467,763 | ||||||
17,695 | Steel Dynamics, Inc. | 1,626,171 | ||||||
5,093,934 | ||||||||
TECHNOLOGY HARDWARE - 1.0% | ||||||||
22,404 | NetApp, Inc. | 1,486,506 | ||||||
5,090 | Zebra Technologies Corporation, Class A(a) | 1,336,481 | ||||||
2,822,987 | ||||||||
TECHNOLOGY SERVICES - 10.3% | ||||||||
42,346 | CoStar Group, Inc.(a) | 3,362,272 | ||||||
5,941 | EPAM Systems, Inc.(a) | 1,524,579 | ||||||
2,642 | Fair Isaac Corporation(a) | 2,081,024 | ||||||
59,713 | Fidelity National Information Services, Inc. | 3,258,538 | ||||||
7,614 | FleetCor Technologies, Inc.(a) | 1,724,952 | ||||||
8,183 | Gartner, Inc.(a) | 2,805,623 | ||||||
26,798 | Global Payments, Inc. | 2,617,897 | ||||||
8,536 | MSCI, Inc. | 4,016,445 | ||||||
36,957 | Paychex, Inc. | 3,877,898 | ||||||
15,989 | Verisk Analytics, Inc. | 3,503,350 | ||||||
28,772,578 |
See accompanying notes to financial statements.
62
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 2.6% | ||||||||
15,953 | Expeditors International of Washington, Inc. | $ | 1,759,775 | |||||
10,743 | JB Hunt Transport Services, Inc. | 1,793,759 | ||||||
11,590 | Old Dominion Freight Line, Inc. | 3,598,000 | ||||||
7,151,534 | ||||||||
TRANSPORTATION EQUIPMENT - 1.3% | ||||||||
54,443 | PACCAR, Inc. | 3,744,590 | ||||||
WHOLESALE - DISCRETIONARY - 0.5% | ||||||||
27,615 | LKQ Corporation | 1,456,691 | ||||||
TOTAL COMMON STOCKS (Cost $307,449,019) | 279,287,287 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $307,449,019) | $ | 279,287,287 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% | 534,718 | |||||||
NET ASSETS - 100.0% | $ | 279,822,005 |
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
REIT | - Real Estate Investment Trust |
(a) | - Non-income producing security. |
See accompanying notes to financial statements.
63
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% | ||||||||
AEROSPACE & DEFENSE - 1.0% | ||||||||
6,417 | Safran S.A. | $ | 928,843 | |||||
6,482 | Thales S.A.(b) | 902,645 | ||||||
1,831,488 | ||||||||
APPAREL & TEXTILE PRODUCTS - 1.5% | ||||||||
6,035 | Cie Financiere Richemont S.A. | 957,700 | ||||||
469 | Hermes International | 953,237 | ||||||
135,332 | PRADA SpA | 904,738 | ||||||
2,815,675 | ||||||||
ASSET MANAGEMENT - 2.5% | ||||||||
45,962 | 3i Group plc | 1,117,811 | ||||||
29,741 | Brookfield Corporation | 893,157 | ||||||
11,256 | Groupe Bruxelles Lambert S.A. | 867,086 | ||||||
48,200 | Investor A.B. | 979,804 | ||||||
1,016 | Partners Group Holding A.G. | 915,514 | ||||||
4,773,372 | ||||||||
AUTOMOTIVE - 3.1% | ||||||||
32,526 | Cie Generale des Etablissements Michelin SCA | 923,256 | ||||||
12,711 | Continental A.G. | 846,042 | ||||||
17,327 | Denso Corporation | 1,070,713 | ||||||
3,533 | Ferrari N.V. | 1,012,805 | ||||||
745,658 | Geely Automobile Holdings Ltd. | 867,488 | ||||||
17,333 | Toyota Industries Corporation | 1,072,202 | ||||||
5,792,506 | ||||||||
BANKING - 10.9% | ||||||||
2,782,329 | Bank Mandiri Persero Tbk P.T. | 937,217 | ||||||
3,036,732 | Bank Rakyat Indonesia Persero Tbk P.T. | 1,129,253 | ||||||
22,754 | Canadian Imperial Bank of Commerce | 938,090 | ||||||
14,576 | Commonwealth Bank of Australia | 917,387 | ||||||
84,785 | Credit Agricole S.A.(b) | 968,816 | ||||||
47,574 | Danske Bank A/S(a) | 967,412 | ||||||
114,707 | Grupo Financiero Banorte S.A.B. de C.V. | 921,760 | ||||||
44,725 | ICICI Bank Ltd. - ADR | 1,025,097 | ||||||
373,466 | Intesa Sanpaolo SpA | 860,325 | ||||||
51,873 | KakaoBank Corporation | 1,028,136 |
See accompanying notes to financial statements.
64
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
BANKING - 10.9% (Continued) | ||||||||
14,069 | KBC Group N.V. | $ | 919,890 | |||||
8,275 | Macquarie Group Ltd. | 918,823 | ||||||
493,446 | Malayan Banking Bhd | 924,697 | ||||||
51,536 | National Australia Bank Ltd. | 870,384 | ||||||
33,409 | OTP Bank Nyrt | 1,040,027 | ||||||
144,044 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 1,090,743 | ||||||
1,057,203 | Public Bank Bhd | 872,624 | ||||||
77,710 | Skandinaviska Enskilda Banken A.B. | 871,992 | ||||||
101,780 | Standard Bank Group Ltd. | 781,963 | ||||||
110,693 | Svenska Handelsbanken A.B., A Shares | 874,363 | ||||||
58,644 | Swedbank A.B., A Shares | 897,120 | ||||||
42,597 | United Overseas Bank Ltd. | 880,409 | ||||||
20,636,528 | ||||||||
BIOTECH & PHARMA - 2.2% | ||||||||
8,366 | Celltrion, Inc. | 1,084,135 | ||||||
39,072 | Chugai Pharmaceutical Company Ltd. | 1,052,863 | ||||||
4,997 | CSL Ltd. | 995,663 | ||||||
10,728 | UCB S.A. | 934,644 | ||||||
4,067,305 | ||||||||
CHEMICALS - 3.8% | ||||||||
5,701 | Air Liquide S.A. | 954,371 | ||||||
12,292 | Akzo Nobel N.V. | 925,348 | ||||||
6,156,592 | Chandra Asri Petrochemical Tbk P.T. | 878,809 | ||||||
1,154 | EMS-Chemie Holding A.G. | 893,159 | ||||||
293 | Givaudan S.A. | 963,704 | ||||||
18,742 | Novozymes A/S, Class B | 902,899 | ||||||
13,081 | Nutrien Ltd. | 689,128 | ||||||
8,787 | Symrise A.G. | 938,895 | ||||||
7,146,313 | ||||||||
COMMERCIAL SUPPORT SERVICES - 1.6% | ||||||||
16,112 | Edenred | �� | 1,034,529 | |||||
14,308 | Eurofins Scientific S.E. | 942,551 | ||||||
10,850 | SGS S.A. | 962,920 | ||||||
2,940,000 |
See accompanying notes to financial statements.
65
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
CONSTRUCTION MATERIALS - 2.5% | ||||||||
16,870 | Cie de Saint-Gobain | $ | 933,917 | |||||
18,869 | CRH plc | 889,305 | ||||||
14,904 | Holcim Ltd. | 918,564 | ||||||
104,668 | Siam Cement PCL (The) | 962,387 | ||||||
3,442 | Sika A.G. | 938,634 | ||||||
4,642,807 | ||||||||
CONTAINERS & PACKAGING - 0.4% | ||||||||
85,630 | Amcor plc | 832,522 | ||||||
DIVERSIFIED INDUSTRIALS - 0.5% | ||||||||
27,067 | Alfa Laval A.B. | 972,009 | ||||||
ELECTRIC UTILITIES – 8.8% | ||||||||
8,509,199 | ACEN Corporation(a) | 885,682 | ||||||
132,826 | CLP Holdings Ltd. | 967,708 | ||||||
76,401 | E.ON S.E. | 923,475 | ||||||
176,060 | EDP - Energias de Portugal S.A. | 858,380 | ||||||
41,937 | EDP Renovaveis S.A. | 832,734 | ||||||
23,267 | Emera, Inc. | 959,240 | ||||||
44,050 | Endesa S.A.(b) | 952,369 | ||||||
7,304,232 | Enel Americas S.A. (a) | 942,063 | ||||||
157,121 | Enel SpA | 983,664 | ||||||
65,390 | Engie S.A. | 981,304 | ||||||
22,603 | Fortis, Inc. | 950,678 | ||||||
63,865 | Fortum OYJ | 848,394 | ||||||
621,640 | Gulf Energy Development PCL | 873,493 | ||||||
76,692 | Iberdrola S.A. | 934,369 | ||||||
43,079 | SSE plc | 1,008,047 | ||||||
458,159 | Tenaga Nasional Bhd | 943,931 | ||||||
116,856 | Terna Rete Elettrica Nazionale SpA | 978,109 | ||||||
11,232 | Verbund A.G. | 846,871 | ||||||
16,670,511 | ||||||||
ELECTRICAL EQUIPMENT - 1.4% | ||||||||
40,347 | Assa Abloy A.B., Class B | 895,068 |
See accompanying notes to financial statements.
66
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
ELECTRICAL EQUIPMENT - 1.4% (Continued) | ||||||||
289,510 | Delta Electronics Thailand PCL(b) | $ | 826,122 | |||||
4,346 | Schindler Holding A.G. | 899,841 | ||||||
2,621,031 | ||||||||
ENGINEERING & CONSTRUCTION - 1.0% | ||||||||
32,491 | Ferrovial S.A. | 1,005,252 | ||||||
7,356 | WSP Global, Inc. | 911,542 | ||||||
1,916,794 | ||||||||
ENTERTAINMENT CONTENT - 0.5% | ||||||||
154,814 | Bollore S.E. | 991,061 | ||||||
FOOD - 3.6% | ||||||||
27,526 | Ajinomoto Company, Inc. | 1,070,825 | ||||||
448 | Barry Callebaut A.G. | 905,453 | ||||||
233,888 | China Mengniu Dairy Company Ltd. | 908,002 | ||||||
85 | Chocoladefabriken Lindt & Spruengli A.G. | 1,016,204 | ||||||
8,306 | DSM-Firmenich A.G.(a) | 923,540 | ||||||
192,563 | Grupo Bimbo S.A.B. de C.V. | 1,032,466 | ||||||
302,449 | Wilmar International Ltd. | 874,486 | ||||||
6,730,976 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 1.5% | ||||||||
73,781 | Stora Enso OYJ, R Shares | 933,992 | ||||||
116,823 | Suzano S.A. | 1,036,630 | ||||||
29,010 | UPM-Kymmene OYJ | 870,269 | ||||||
2,840,891 | ||||||||
GAS & WATER UTILITIES - 1.5% | ||||||||
1,089,888 | Hong Kong & China Gas Company Ltd. | 982,634 | ||||||
31,741 | Naturgy Energy Group S.A.,(b) | 903,009 | ||||||
179,838 | Snam SpA | 939,840 | ||||||
2,825,483 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 1.5% | ||||||||
35,377 | Fresenius S.E. & Company KGaA | 967,508 | ||||||
4,496 | ICON PLC(a) | 957,783 | ||||||
735,448 | IHH Healthcare Bhd | 919,330 | ||||||
2,844,621 |
See accompanying notes to financial statements.
67
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
HOME CONSTRUCTION - 0.5% | ||||||||
1,748 | Geberit A.G. | $ | 925,727 | |||||
HOUSEHOLD PRODUCTS - 1.4% | ||||||||
7,404 | Beiersdorf A.G. | 942,810 | ||||||
33,510 | Essity A.B. - Series B | 890,344 | ||||||
2,089 | LG Household & Health Care Ltd. | 832,831 | ||||||
2,665,985 | ||||||||
INDUSTRIAL REIT - 0.5% | ||||||||
76,375 | Goodman Group | 974,989 | ||||||
INDUSTRIAL SUPPORT SERVICES - 1.0% | ||||||||
15,738 | Ashtead Group plc | 959,085 | ||||||
609,722 | United Tractors Tbk P.T. | 903,887 | ||||||
1,862,972 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.1% | ||||||||
469,700 | B3 S.A. - Brasil Bolsa Balcao | 1,237,125 | ||||||
4,889 | Deutsche Boerse A.G. | 843,832 | ||||||
21,628 | Hong Kong Exchanges & Clearing Ltd. | 791,586 | ||||||
9,973 | London Stock Exchange Group plc | 1,060,482 | ||||||
3,933,025 | ||||||||
INSURANCE - 5.1% | ||||||||
149,502 | BB Seguridade Participacoes S.A. | 916,335 | ||||||
52,704 | Dai-ichi Life Holdings, Inc. | 905,638 | ||||||
1,435 | Fairfax Financial Holdings Ltd. | 1,029,940 | ||||||
6,711 | Intact Financial Corporation | 988,960 | ||||||
342,378 | Legal & General Group plc | 971,276 | ||||||
37,609 | Power Corp of Canada | 973,475 | ||||||
70,349 | Prudential PLC | 923,918 | ||||||
21,730 | Sampo OYJ, A Shares | 999,064 | ||||||
1,560 | Swiss Life Holding A.G. | 900,833 | ||||||
44,306 | Tryg A/S | 1,007,776 | ||||||
9,617,215 | ||||||||
INTERNET MEDIA & SERVICES - 2.0% | ||||||||
131,777,559 | GoTo Gojek Tokopedia Tbk P.T.(a) | 1,292,109 |
See accompanying notes to financial statements.
68
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
INTERNET MEDIA & SERVICES - 2.0% (Continued) | ||||||||
5,144 | Naspers Ltd., N Shares | $ | 776,341 | |||||
12,198 | Prosus N.V. | 802,641 | ||||||
10,349 | REA Group Ltd. | 925,602 | ||||||
3,796,693 | ||||||||
MACHINERY - 2.9% | ||||||||
76,003 | Atlas Copco A.B. | 1,106,658 | ||||||
62,628 | CNH Industrial N.V. | 799,834 | ||||||
27,002 | FANUC Corporation | 929,720 | ||||||
45,277 | Sandvik A.B. | 795,248 | ||||||
1,816 | SMC Corporation | 978,445 | ||||||
119,866 | WEG S.A. | 898,688 | ||||||
5,508,593 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 1.4% | ||||||||
7,269 | Coloplast A/S - Series B | 914,842 | ||||||
5,315 | EssilorLuxottica S.A. | 956,779 | ||||||
3,261 | Sonova Holding A.G. | 835,576 | ||||||
2,707,197 | ||||||||
METALS & MINING - 5.1% | ||||||||
18,876 | Agnico Eagle Mines Ltd. | 960,492 | ||||||
17,890 | Anglo American Platinum Ltd. | 1,030,123 | ||||||
50,366 | Antofagasta plc | 837,805 | ||||||
30,858 | BHP Group Ltd. | 843,242 | ||||||
63,822 | Fortescue Metals Group Ltd. | 797,723 | ||||||
6,614 | Franco-Nevada Corporation | 961,122 | ||||||
136,751 | Norsk Hydro ASA | 826,137 | ||||||
12,123 | Rio Tinto Ltd. | 843,572 | ||||||
329,703 | South32 Ltd. | 831,923 | ||||||
12,605 | Southern Copper Corporation | 841,636 | ||||||
20,022 | Wheaton Precious Metals Corporation | 907,309 | ||||||
9,681,084 | ||||||||
MULTI ASSET CLASS REIT - 0.5% | ||||||||
101,170 | Segro PLC | 1,003,572 |
See accompanying notes to financial statements.
69
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
OIL & GAS PRODUCERS - 7.4% | ||||||||
39,169 | Aker BP ASA | $ | 850,841 | |||||
17,438 | Canadian Natural Resources Ltd. | 939,342 | ||||||
55,322 | Cenovus Energy, Inc. | 883,871 | ||||||
275,550 | ENEOS Holdings, Inc. | 917,122 | ||||||
68,086 | Eni SpA | 905,921 | ||||||
33,402 | Equinor ASA | 853,565 | ||||||
90,679 | Inpex Corporation | 963,085 | ||||||
130,750 | MOL Hungarian Oil & Gas plc | 1,063,285 | ||||||
20,894 | OMV A.G. | 930,706 | ||||||
70,686 | Polski Koncern Naftowy ORLEN S.A. | 1,004,270 | ||||||
217,888 | PTT Exploration & Production PCL | 876,099 | ||||||
208,019 | Santos Ltd. | 986,186 | ||||||
16,242 | TotalEnergies S.E. | 921,369 | ||||||
23,124 | Tourmaline Oil Corporation | 966,630 | ||||||
43,055 | Woodside Energy Group Ltd. | 960,387 | ||||||
14,022,679 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 3.5% | ||||||||
158,053 | CK Asset Holdings Ltd. | 851,767 | ||||||
218,904 | Hongkong Land Holdings Ltd. | 939,098 | ||||||
709,147 | Sino Land Company Ltd. | 921,912 | ||||||
1,587,691 | SM Prime Holdings, Inc. | 922,158 | ||||||
43,024 | Sumitomo Realty & Development Company Ltd. | 1,040,179 | ||||||
385,068 | Swire Properties Ltd. | 917,602 | ||||||
52,593 | Vonovia S.E. | 964,514 | ||||||
6,557,230 | ||||||||
RETAIL - CONSUMER STAPLES - 2.1% | ||||||||
49,736 | Aeon Company Ltd. | 985,090 | ||||||
19,118 | Alimentation Couche-Tard, Inc. | 925,630 | ||||||
521,303 | Cencosud S.A. | 984,963 | ||||||
40,895 | Jeronimo Martins SGPS S.A. | 986,865 | ||||||
3,882,548 | ||||||||
RETAIL - DISCRETIONARY - 0.5% | ||||||||
58,581 | SM Investments Corporation | 966,639 |
See accompanying notes to financial statements.
70
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
SEMICONDUCTORS - 1.9% | ||||||||
1,414 | ASML Holding N.V. | $ | 1,014,750 | |||||
23,514 | Infineon Technologies A.G. | 872,760 | ||||||
5,201 | NXP Semiconductors N.V. | 931,499 | ||||||
18,132 | STMicroelectronics N.V. | 786,650 | ||||||
3,605,659 | ||||||||
SOFTWARE - 1.5% | ||||||||
7,430 | Check Point Software Technologies Ltd.(a) | 927,338 | ||||||
23,358 | Dassault Systemes S.E. | 1,026,234 | ||||||
4,279 | Nice Ltd.(a) | 860,731 | ||||||
2,814,303 | ||||||||
SPECIALTY FINANCE - 0.0%(d) | ||||||||
1 | Isracard Ltd. | 3 | ||||||
TECHNOLOGY HARDWARE - 1.0% | ||||||||
9,532 | Garmin Ltd. | 983,226 | ||||||
1,703 | Samsung SDI Company Ltd. | 925,011 | ||||||
1,908,237 | ||||||||
TECHNOLOGY SERVICES - 0.9% | ||||||||
10,325 | WNS Holdings Ltd. - ADR(a) | 802,253 | ||||||
7,561 | Wolters Kluwer N.V. | 863,006 | ||||||
1,665,259 | ||||||||
TELECOMMUNICATIONS - 2.4% | ||||||||
277,937 | Koninklijke KPN N.V. | 955,863 | ||||||
136,517 | MTN Group Ltd. | 844,182 | ||||||
518,383 | Singapore Telecommunications Ltd. | 954,495 | ||||||
382,343 | Telia Company A.B. | 890,116 | ||||||
339,395 | Telstra Group Ltd. | 962,322 | ||||||
4,606,978 | ||||||||
TRANSPORTATION & LOGISTICS - 4.1% | ||||||||
5,909 | Aena SME S.A. | 923,262 | ||||||
8,174 | Canadian National Railway Company | 921,569 | ||||||
4,930 | DSV A/S | 949,802 | ||||||
17,265 | East Japan Railway Company | 952,524 | ||||||
3,220 | Kuehne + Nagel International A.G. | 915,920 |
See accompanying notes to financial statements.
71
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.6% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 4.1 % (Continued) | ||||||||
93,850 | Poste Italiane SpA | $ | 972,500 | |||||
10,207 | Ryanair Holdings plc - ADR(a) | 1,072,551 | ||||||
100,378 | Transurban Group | 968,725 | ||||||
7,676,853 | ||||||||
TRANSPORTATION EQUIPMENT - 0.5% | ||||||||
46,575 | Volvo A.B. | 897,641 | ||||||
WHOLESALE - CONSUMER STAPLES - 0.5% | ||||||||
29,621 | ITOCHU Corporation | 1,003,529 | ||||||
TOTAL COMMON STOCKS (Cost $185,855,144) | 186,176,503 | |||||||
PREFERRED STOCK — 0.4% | ||||||||
CHEMICALS — 0.4% | ||||||||
12,288 | Sociedad Quimica y Minera de Chile S.A., Class B (Cost $993,882) | 792,118 |
See accompanying notes to financial statements.
72
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 1.6% | ||||||||
MONEY MARKET FUND - 1.6% | ||||||||
3,065,720 | Fidelity Government Portfolio - Institutional Class, 5.02% (Cost $3,065,720)(c)(e) | $ | 3,065,720 | |||||
TOTAL INVESTMENTS - 100.6% (Cost $189,914,746) | $ | 190,034,341 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)% | (1,234,253 | ) | ||||||
NET ASSETS - 100.0% | $ | 188,800,088 |
A.B. | - Aktiebolag |
ADR | - American Depositary Receipt |
A.G. | - Aktiengesellschaft |
A/S | - Anonim Sirketi |
LTD | - Limited Company |
N.V. | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
PLC | - Public Limited Company |
P.T. | - Perseroan Terbatas |
REIT | - Real Estate Investment Trust |
S.A. | - Société Anonyme |
S.A.B. de C.V. | - Sociedad Anonima Bursátil de Capital Variable |
S.E. | - Societas Europaea |
SpA | - Società per azioni |
(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, 2023 was $2,871,090. |
(c) | - Security was purchased with cash received as collateral for securities on loan at May 31, 2023. Total collateral had a value of $3,065,720 at May 31, 2023. |
(d) | - Percentage rounds to less than 0.1%. |
(e) | - Rate disclosed is the seven day effective yield as of May 31, 2023. |
See accompanying notes to financial statements.
73
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 59.6% | ||||||||
AEROSPACE & DEFENSE - 2.4% | ||||||||
4,396 | HEICO Corporation | $ | 679,534 | |||||
1,727 | Teledyne Technologies, Inc.(a) | 671,199 | ||||||
942 | TransDigm Group, Inc. | 728,778 | ||||||
2,079,511 | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.7% | ||||||||
8,321 | Columbia Sportswear Company | 614,339 | ||||||
ASSET MANAGEMENT - 0.8% | ||||||||
14,287 | Charles Schwab Corporation (The) | 752,782 | ||||||
AUTOMOTIVE - 0.8% | ||||||||
26,690 | Gentex Corporation | 700,879 | ||||||
BANKING - 2.8% | ||||||||
7,065 | Cullen/Frost Bankers, Inc. | 707,913 | ||||||
785 | First Citizens BancShares, Inc., Class A | 979,052 | ||||||
33,912 | ICICI Bank Ltd. - ADR | 777,263 | ||||||
2,464,228 | ||||||||
BIOTECH & PHARMA - 0.8% | ||||||||
12,560 | Dr Reddy’s Laboratories Ltd. - ADR | 693,186 | ||||||
CHEMICALS - 0.7% | ||||||||
6,280 | Westlake Corporation | 652,806 | ||||||
COMMERCIAL SUPPORT SERVICES - 1.7% | ||||||||
1,570 | Cintas Corporation | 741,260 | ||||||
18,997 | Rollins, Inc. | 746,962 | ||||||
1,488,222 | ||||||||
CONSTRUCTION MATERIALS - 1.8% | ||||||||
3,454 | Carlisle Companies, Inc. | 733,768 | ||||||
2,198 | Martin Marietta Materials, Inc. | 874,892 | ||||||
1,608,660 | ||||||||
ELECTRICAL EQUIPMENT - 3.5% | ||||||||
9,420 | Amphenol Corporation, Class A | 710,739 |
See accompanying notes to financial statements.
74
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 59.6% (Continued) | ||||||||
ELECTRICAL EQUIPMENT - 3.5% (Continued) | ||||||||
15,064 | Cognex Corporation | $ | 827,917 | |||||
2,826 | Littelfuse, Inc. | 723,569 | ||||||
1,727 | Roper Technologies, Inc. | 784,438 | ||||||
3,046,663 | ||||||||
ENGINEERING & CONSTRUCTION - 1.7% | ||||||||
4,710 | EMCOR Group, Inc. | 776,396 | ||||||
5,181 | Tetra Tech, Inc. | 712,232 | ||||||
1,488,628 | ||||||||
ENTERTAINMENT CONTENT - 0.8% | ||||||||
8,321 | NetEase, Inc. - ADR | 707,951 | ||||||
FOOD - 0.9% | ||||||||
12,403 | Darling Ingredients, Inc.(a) | 786,102 | ||||||
HEALTH CARE FACILITIES & SERVICES - 2.4% | ||||||||
1,256 | Chemed Corporation | 670,415 | ||||||
3,454 | ICON PLC(a) | 735,806 | ||||||
2,512 | Molina Healthcare, Inc.(a) | 688,037 | ||||||
2,094,258 | ||||||||
HOME CONSTRUCTION - 1.0% | ||||||||
157 | NVR, Inc.(a) | 872,013 | ||||||
INDUSTRIAL REIT - 0.8% | ||||||||
4,396 | EastGroup Properties, Inc. | 723,626 | ||||||
INDUSTRIAL SUPPORT SERVICES - 2.5% | ||||||||
13,973 | Fastenal Company | 752,446 | ||||||
12,560 | RB Global, Inc. | 654,125 | ||||||
2,355 | Watsco, Inc. | 763,891 | ||||||
2,170,462 | ||||||||
INSURANCE - 1.6% | ||||||||
12,560 | Brown & Brown, Inc. | 782,865 | ||||||
11,618 | W R Berkley Corporation | 646,890 | ||||||
1,429,755 |
See accompanying notes to financial statements.
75
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 59.6% (Continued) | ||||||||
LEISURE FACILITIES & SERVICES - 0.8% | ||||||||
6,594 | Texas Roadhouse, Inc. | $ | 711,493 | |||||
MACHINERY - 4.2% | ||||||||
10,519 | Graco, Inc. | 804,599 | ||||||
4,553 | Lincoln Electric Holdings, Inc. | 772,462 | ||||||
5,338 | Middleby Corporation (The)(a) | 704,616 | ||||||
3,140 | Snap-on, Inc. | 781,420 | ||||||
7,065 | Toro Company (The) | 691,169 | ||||||
3,754,266 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 2.5% | ||||||||
8,949 | Edwards Lifesciences Corporation(a) | 753,774 | ||||||
1,570 | IDEXX Laboratories, Inc.(a) | 729,689 | ||||||
2,041 | West Pharmaceutical Services, Inc. | 682,980 | ||||||
2,166,443 | ||||||||
RESIDENTIAL REIT - 0.8% | ||||||||
4,867 | Mid-America Apartment Communities, Inc. | 715,741 | ||||||
RETAIL - DISCRETIONARY - 4.0% | ||||||||
314 | AutoZone, Inc.(a) | 749,468 | ||||||
4,396 | Genuine Parts Company | 654,696 | ||||||
3,297 | Lithia Motors, Inc. | 769,123 | ||||||
5,181 | Penske Automotive Group, Inc. | 716,118 | ||||||
3,140 | Tractor Supply Company | 658,113 | ||||||
3,547,518 | ||||||||
SEMICONDUCTORS - 2.5% | ||||||||
3,925 | Analog Devices, Inc. | 697,433 | ||||||
6,594 | Skyworks Solutions, Inc. | 682,545 | ||||||
8,156 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 804,101 | ||||||
2,184,079 | ||||||||
SOFTWARE - 1.6% | ||||||||
5,652 | Check Point Software Technologies Ltd.(a) | 705,426 | ||||||
3,297 | Nice Ltd. - ADR(a) | 678,984 | ||||||
1,384,410 |
See accompanying notes to financial statements.
76
INSPIRE TACTICAL BALANCED ETF | |||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 59.6% (Continued) | ||||||||
TECHNOLOGY SERVICES - 5.8% | ||||||||
2,355 | CACI International, Inc., Class A(a) | $ | 704,663 | |||||
11,932 | Cognizant Technology Solutions Corporation, Class A | 745,631 | ||||||
10,676 | CoStar Group, Inc.(a) | 847,675 | ||||||
2,512 | EPAM Systems, Inc.(a) | 644,629 | ||||||
1,099 | Fair Isaac Corporation(a) | 865,650 | ||||||
2,198 | MarketAxess Holdings, Inc. | 598,757 | ||||||
6,751 | Paychex, Inc. | 708,382 | ||||||
5,115,387 | ||||||||
TRANSPORTATION & LOGISTICS - 6.4% | ||||||||
6,123 | Canadian National Railway Company | 690,246 | ||||||
9,577 | Canadian Pacific Kansas City Ltd. | 729,767 | ||||||
24,335 | CSX Corporation | 746,354 | ||||||
6,751 | Expeditors International of Washington, Inc. | 744,703 | ||||||
2,355 | Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 660,224 | ||||||
4,239 | JB Hunt Transport Services, Inc. | 707,786 | ||||||
4,082 | Landstar System, Inc. | 715,901 | ||||||
2,198 | Old Dominion Freight Line, Inc. | 682,347 | ||||||
5,677,328 | ||||||||
TRANSPORTATION EQUIPMENT - 0.8% | ||||||||
10,362 | PACCAR, Inc. | 712,698 | ||||||
WHOLESALE - DISCRETIONARY - 2.5% | ||||||||
9,734 | Copart, Inc.(a) | 852,601 | ||||||
13,031 | LKQ Corporation | 687,385 | ||||||
2,198 | Pool Corporation | 695,074 | ||||||
2,235,060 | ||||||||
TOTAL COMMON STOCKS (Cost $53,476,996) | 52,578,494 | |||||||
TOTAL INVESTMENTS - 59.6% (Cost $53,476,996) | $ | 52,578,494 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 40.4% | 35,582,870 | |||||||
NET ASSETS - 100.0% | $ | 88,161,364 | ||||||
ADR | - American Depositary Receipt |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | - Non-income producing security. |
See accompanying notes to financial statements.
77
INSPIRE FAITHWARD MID CAP MOMENTUM ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
BIOTECH & PHARMA - 2.1% | ||||||||
4,640 | United Therapeutics Corporation(a) | $ | 973,194 | |||||
CHEMICALS - 5.0% | ||||||||
21,520 | Olin Corporation | 1,018,111 | ||||||
12,400 | Westlake Corporation | 1,288,980 | ||||||
2,307,091 | ||||||||
COMMERCIAL SUPPORT SERVICES - 3.1% | ||||||||
7,760 | FTI Consulting, Inc.(a) | 1,458,958 | ||||||
CONSTRUCTION MATERIALS - 2.5% | ||||||||
5,520 | Carlisle Companies, Inc. | 1,172,669 | ||||||
ELECTRIC UTILITIES - 2.5% | ||||||||
32,960 | OGE Energy Corporation | 1,162,829 | ||||||
ENGINEERING & CONSTRUCTION - 3.1% | ||||||||
14,320 | MasTec, Inc.(a) | 1,451,475 | ||||||
GAS & WATER UTILITIES - 4.4% | ||||||||
19,520 | National Fuel Gas Company | 993,763 | ||||||
17,600 | Southwest Gas Holdings, Inc. | 1,030,128 | ||||||
2,023,891 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 6.0% | ||||||||
2,560 | Chemed Corporation | 1,366,451 | ||||||
22,640 | Encompass Health Corporation | 1,404,133 | ||||||
2,770,584 | ||||||||
INDUSTRIAL INTERMEDIATE PROD - 2.2% | ||||||||
3,840 | Valmont Industries, Inc. | 1,007,117 | ||||||
INDUSTRIAL SUPPORT SERVICES - 3.3% | ||||||||
4,720 | Watsco, Inc. | 1,531,026 |
See accompanying notes to financial statements.
78
INSPIRE FAITHWARD MID CAP MOMENTUM ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.8% | ||||||||
22,720 | SEI Investments Company | $ | 1,285,498 | |||||
INSURANCE – 10.0% | ||||||||
8,480 | American Financial Group, Inc. | 952,050 | ||||||
3,840 | Kinsale Capital Group, Inc. | 1,163,443 | ||||||
53,440 | Old Republic International Corporation | 1,308,745 | ||||||
8,640 | Reinsurance Group of America, Inc. | 1,209,600 | ||||||
4,633,838 | ||||||||
LEISURE PRODUCTS - 2.8% | ||||||||
11,920 | Polaris, Inc. | 1,283,903 | ||||||
MACHINERY - 2.4% | ||||||||
7,200 | Curtiss-Wright Corporation | 1,138,032 | ||||||
OIL & GAS PRODUCERS - 6.2% | ||||||||
19,600 | HF Sinclair Corporation | 812,224 | ||||||
26,400 | Murphy Oil Corporation | 918,720 | ||||||
4,080 | Murphy USA, Inc. | 1,127,793 | ||||||
2,858,737 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.6% | ||||||||
53,280 | NOV, Inc. | 749,650 | ||||||
RETAIL - CONSUMER STAPLES - 4.9% | ||||||||
16,160 | BJ’s Wholesale Club Holdings, Inc.(a) | 1,012,424 | ||||||
5,520 | Casey’s General Stores, Inc. | 1,245,588 | ||||||
2,258,012 | ||||||||
RETAIL - DISCRETIONARY - 8.7% | ||||||||
11,680 | AutoNation, Inc.(a) | 1,529,146 | ||||||
21,840 | Builders FirstSource, Inc.(a) | 2,532,348 | ||||||
4,061,494 | ||||||||
RETAIL REIT - 2.2% | ||||||||
11,760 | Federal Realty Investment Trust | 1,037,232 |
See accompanying notes to financial statements.
79
INSPIRE FAITHWARD MID CAP MOMENTUM ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
SELF-STORAGE REIT - 3.3% | ||||||||
12,000 | Life Storage, Inc. | $ | 1,528,680 | |||||
SEMICONDUCTORS - 4.1% | ||||||||
23,600 | Lattice Semiconductor Corporation(a) | 1,918,916 | ||||||
SOFTWARE - 3.0% | ||||||||
11,120 | Qualys, Inc.(a) | 1,404,011 | ||||||
SPECIALTY REIT - 2.7% | ||||||||
13,920 | Lamar Advertising Company, Class A | 1,251,130 | ||||||
STEEL - 6.3% | ||||||||
6,080 | Reliance Steel & Aluminum Company | 1,426,854 | ||||||
40,000 | Ternium S.A. - ADR | 1,492,400 | ||||||
2,919,254 | ||||||||
TRANSPORTATION & LOGISTICS - 3.0% | ||||||||
25,680 | Knight-Swift Transportation Holdings, Inc. | 1,412,143 | ||||||
TOTAL COMMON STOCKS (Cost $47,332,509) | 45,599,364 | |||||||
TOTAL INVESTMENTS - 98.2% (Cost $47,332,509) | $ | 45,599,364 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8% | 834,182 | |||||||
NET ASSETS - 100.0% | $ | 46,433,546 |
ADR | - American Depositary Receipt |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
(a) | - Non-income producing security. |
See accompanying notes to financial statements.
80
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
ASSET MANAGEMENT - 0.9% | ||||||||
2,611 | LPL Financial Holdings, Inc. | $ | 508,571 | |||||
BANKING - 4.7% | ||||||||
16,555 | Capital City Bank Group, Inc. | 497,808 | ||||||
42,840 | FNB Corporation | 470,812 | ||||||
17,443 | FS Bancorp, Inc. | 495,381 | ||||||
189,289 | Mizuho Financial Group, Inc. - ADR | 552,724 | ||||||
19,246 | Peoples Bancorp, Inc. | 494,045 | ||||||
2,510,770 | ||||||||
BIOTECH & PHARMA - 5.3% | ||||||||
168,939 | ADMA Biologics, Inc.(a) | 687,581 | ||||||
9,812 | Dr Reddy’s Laboratories Ltd. - ADR | 541,525 | ||||||
41,123 | Dyne Therapeutics, Inc.(a) | 535,833 | ||||||
50,845 | Ironwood Pharmaceuticals, Inc.(a) | 553,193 | ||||||
15,221 | Royalty Pharma plc, Class A | 498,336 | ||||||
2,816,468 | ||||||||
CHEMICALS - 0.9% | ||||||||
2,481 | Albemarle Corporation | 480,148 | ||||||
COMMERCIAL SUPPORT SERVICES - 3.8% | ||||||||
8,370 | Brink’s Company (The) | 556,856 | ||||||
16,858 | Heidrick & Struggles International, Inc. | 408,807 | ||||||
7,041 | Huron Consulting Group, Inc.(a) | 572,292 | ||||||
4,450 | Insperity, Inc. | 492,704 | ||||||
2,030,659 | ||||||||
CONSTRUCTION MATERIALS - 1.0% | ||||||||
10,842 | CRH plc - ADR | 515,428 | ||||||
E-COMMERCE DISCRETIONARY - 1.9% | ||||||||
436 | MercadoLibre, Inc.(a) | 540,204 | ||||||
34,670 | Vipshop Holdings Ltd. - ADR(a) | 496,474 | ||||||
1,036,678 | ||||||||
ELECTRIC UTILITIES - 2.3% | ||||||||
7,564 | Otter Tail Corporation | 561,324 |
See accompanying notes to financial statements.
81
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
ELECTRIC UTILITIES - 2.3% (Continued) | ||||||||
18,527 | Pampa Energia S.A. - ADR(a),(b) | $ | 685,499 | |||||
1,246,823 | ||||||||
ELECTRICAL EQUIPMENT - 4.6% | ||||||||
14,105 | Allied Motion Technologies, Inc. | 478,583 | ||||||
3,954 | Atkore International Group, Inc.(a) | 461,709 | ||||||
39,600 | LSI Industries, Inc. | 460,548 | ||||||
12,564 | nVent Electric PLC | 545,025 | ||||||
3,242 | Watts Water Technologies, Inc., Class A | 513,694 | ||||||
2,459,559 | ||||||||
ENGINEERING & CONSTRUCTION - 1.0% | ||||||||
4,353 | MYR Group, Inc.(a) | 555,008 | ||||||
ENTERTAINMENT CONTENT - 1.0% | ||||||||
6,221 | NetEase, Inc. - ADR | 529,283 | ||||||
FOOD - 3.2% | ||||||||
20,949 | Hostess Brands, Inc.(a) | 521,211 | ||||||
5,516 | Ingredion, Inc. | 576,974 | ||||||
5,403 | Lamb Weston Holdings, Inc. | 600,814 | ||||||
1,698,999 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 4.0% | ||||||||
5,381 | Addus HomeCare Corporation(a) | 485,097 | ||||||
1,025 | Chemed Corporation | 547,114 | ||||||
5,913 | Ensign Group, Inc. (The) | 523,951 | ||||||
2,890 | Medpace Holdings, Inc.(a) | 598,144 | ||||||
2,154,306 | ||||||||
HOME CONSTRUCTION - 3.7% | ||||||||
5,421 | DR Horton, Inc. | 579,180 | ||||||
16,169 | Green Brick Partners, Inc.(a) | 774,009 | ||||||
9,495 | PulteGroup, Inc. | 627,430 | ||||||
1,980,619 | ||||||||
HOUSEHOLD PRODUCTS - 1.0% | ||||||||
16,087 | Energizer Holdings, Inc. | 524,436 |
See accompanying notes to financial statements.
82
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 2.8% | ||||||||
1,333 | United Rentals, Inc. | $ | 444,942 | |||||
1,753 | Watsco, Inc. | 568,621 | ||||||
3,598 | WESCO International, Inc. | 494,293 | ||||||
1,507,856 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 0.7% | ||||||||
98,758 | BGC Partners, Inc., Class A | 401,945 | ||||||
INSURANCE - 5.7% | ||||||||
7,988 | Arch Capital Group Ltd.(a) | 556,764 | ||||||
12,465 | Employers Holdings, Inc. | 450,734 | ||||||
1,490 | Everest Re Group Ltd. | 506,630 | ||||||
3,228 | Primerica, Inc. | 587,560 | ||||||
4,112 | Reinsurance Group of America, Inc. | 575,680 | ||||||
27,830 | Universal Insurance Holdings, Inc. | 399,361 | ||||||
3,076,729 | ||||||||
INTERNET MEDIA & SERVICES - 0.9% | ||||||||
20,148 | HealthStream, Inc. | 463,807 | ||||||
LEISURE FACILITIES & SERVICES - 0.9% | ||||||||
8,677 | Yum China Holdings, Inc. | 489,903 | ||||||
MACHINERY - 1.0% | ||||||||
1,688 | Parker-Hannifin Corporation | 540,903 | ||||||
MEDICAL EQUIPMENT & DEVICES - 4.9% | ||||||||
7,211 | Bruker Corporation | 498,280 | ||||||
47,528 | EDAP TMS S.A. - ADR(a) | 472,904 | ||||||
8,039 | Exact Sciences Corporation(a) | 655,822 | ||||||
6,728 | Lantheus Holdings, Inc.(a) | 582,578 | ||||||
81,279 | OraSure Technologies, Inc.(a) | 408,833 | ||||||
2,618,417 | ||||||||
METALS & MINING - 1.8% | ||||||||
3,565 | Alpha Metallurgical Resources, Inc. | 481,168 |
See accompanying notes to financial statements.
83
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
METALS & MINING - 1.8% (Continued) | ||||||||
2,987 | Encore Wire Corporation | $ | 488,882 | |||||
970,050 | ||||||||
OIL & GAS PRODUCERS - 5.7% | ||||||||
33,303 | Cenovus Energy, Inc. | 532,182 | ||||||
11,568 | Imperial Oil Ltd. | 525,534 | ||||||
19,898 | Par Pacific Holdings, Inc.(a) | 424,225 | ||||||
13,056 | PBF Energy, Inc., Class A | 480,591 | ||||||
55,821 | Petroleo Brasileiro S.A. - ADR | 644,174 | ||||||
4,170 | Valero Energy Corporation | 446,357 | ||||||
3,053,063 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.8% | ||||||||
17,145 | Halliburton Company | 491,205 | ||||||
11,468 | Schlumberger Ltd | 491,174 | ||||||
982,379 | ||||||||
RETAIL - DISCRETIONARY - 5.0% | ||||||||
2,614 | Asbury Automotive Group, Inc.(a) | 546,614 | ||||||
6,447 | Builders FirstSource, Inc.(a) | 747,530 | ||||||
1,620 | Dillard’s, Inc., Class A | 446,002 | ||||||
3,232 | Genuine Parts Company | 481,342 | ||||||
18,054 | La-Z-Boy, Inc. | 482,403 | ||||||
2,703,891 | ||||||||
SEMICONDUCTORS - 10.0% | ||||||||
69,078 | ASE Technology Holding Company Ltd. - ADR | 526,374 | ||||||
834 | Broadcom, Inc. | 673,838 | ||||||
1,360 | KLA Corporation | 602,466 | ||||||
9,869 | Kulicke & Soffa Industries, Inc. | 521,873 | ||||||
5,663 | Lattice Semiconductor Corporation(a) | 460,459 | ||||||
6,460 | Microchip Technology, Inc. | 486,180 | ||||||
2,953 | NXP Semiconductors N.V. | 528,882 | ||||||
31,759 | Photronics, Inc.(a) | 674,243 | ||||||
25,517 | Richardson Electronics Ltd. | 423,327 | ||||||
10,927 | STMicroelectronics N.V. | 474,669 | ||||||
5,372,311 |
See accompanying notes to financial statements.
84
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
SOFTWARE - 1.1% | ||||||||
16,203 | Digi International, Inc.(a) | $ | 582,498 | |||||
SPECIALTY FINANCE - 1.1% | ||||||||
12,161 | Enova International, Inc.(a) | 565,730 | ||||||
STEEL - 3.5% | ||||||||
3,644 | Nucor Corporation | 481,227 | ||||||
2,152 | Reliance Steel & Aluminum Company | 505,031 | ||||||
5,001 | Steel Dynamics, Inc. | 459,592 | ||||||
18,385 | Tenaris S.A. - ADR | 455,213 | ||||||
1,901,063 | ||||||||
TECHNOLOGY HARDWARE - 8.1% | ||||||||
44,387 | Celestica, Inc.(a) | 565,047 | ||||||
29,966 | Extreme Networks, Inc.(a) | 617,300 | ||||||
41,969 | Harmonic, Inc.(a) | 739,074 | ||||||
7,142 | InterDigital, Inc. | 593,072 | ||||||
6,730 | Jabil, Inc. | 602,470 | ||||||
5,451 | Super Micro Computer, Inc.(a) | 1,220,750 | ||||||
4,337,713 | ||||||||
TECHNOLOGY SERVICES - 0.8% | ||||||||
11,332 | Cass Information Systems, Inc. | 437,642 | ||||||
TELECOMMUNICATIONS - 0.8% | ||||||||
28,413 | EchoStar Corporation, Class A(a) | 448,073 | ||||||
TRANSPORTATION & LOGISTICS - 2.7% | ||||||||
34,977 | Ardmore Shipping Corporation | 409,581 | ||||||
1,570 | Old Dominion Freight Line, Inc. | 487,391 | ||||||
92,387 | Pangaea Logistics Solutions Ltd. | 530,301 | ||||||
1,427,273 |
See accompanying notes to financial statements.
85
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2023 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
TRANSPORTATION EQUIPMENT - 1.0% | ||||||||
7,510 | PACCAR, Inc. | $ | 516,538 | |||||
TOTAL COMMON STOCKS (Cost $51,429,981) | 53,445,539 | |||||||
COLLATERAL FOR SECURITIES LOANED — 1.0% | ||||||||
MONEY MARKET FUND - 1.0% | ||||||||
527,850 | Fidelity Government Portfolio - Institutional Class, 5.02% (Cost $527,850)(c)(d) | 527,850 | ||||||
TOTAL INVESTMENTS - 100.6% (Cost $51,957,831) | $ | 53,973,389 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)% | (347,265 | ) | ||||||
NET ASSETS - 100.0% | $ | 53,626,124 |
ADR | - American Depositary Receipt |
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, 2023 was $516,948. |
(c) | - Security was purchased with cash received as collateral for securities on loan at May 31, 2023. Total collateral had a value of $527,850 at May 31, 2023. |
(d) | - Rate disclosed is the seven day effective yield as of May 31, 2023. |
See accompanying notes to financial statements.
86
The Inspire ETFs |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) |
May 31, 2023 |
Inspire Global Hope | Inspire Small/Mid | Inspire Corporate | ||||||||||||||
ETF | Cap ETF | Bond ETF | Inspire 100 ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investment securities: | ||||||||||||||||
At cost | $ | 141,808,990 | $ | 143,135,716 | $ | 256,611,606 | $ | 307,449,019 | ||||||||
At value (includes securities on loan with a market value of $1,715,092, $1,272,299, $81,712, $0) | $ | 146,637,307 | $ | 134,220,253 | $ | 244,715,741 | $ | 279,287,287 | ||||||||
Cash | 519,122 | 272,914 | 3,834,696 | 349,373 | ||||||||||||
Foreign currencies (Cost $136,995, $0, $0 and $0, respectively) | 136,476 | — | — | — | ||||||||||||
Dividends and interest receivable | 610,016 | 158,505 | 2,402,354 | 243,786 | ||||||||||||
Prepaid expenses | 100 | 16,796 | 19,028 | 20,790 | ||||||||||||
TOTAL ASSETS | 147,903,021 | 134,668,468 | 250,971,819 | 279,901,236 | ||||||||||||
LIABILITIES | ||||||||||||||||
Securities lending collateral payable | 1,823,101 | 1,303,455 | 83,650 | — | ||||||||||||
Payable for Fund shares repurchased | — | — | 716,040 | — | ||||||||||||
Investment advisory fees payable | 41,249 | 31,869 | 63,433 | 54,632 | ||||||||||||
Payable to related parties | 8,185 | 8,367 | 6,836 | 12,140 | ||||||||||||
Accrued expenses and other liabilities | 13,594 | 6,643 | 9,093 | 12,459 | ||||||||||||
TOTAL LIABILITIES | 1,886,129 | 1,350,334 | 879,052 | 79,231 | ||||||||||||
NET ASSETS | $ | 146,016,892 | $ | 133,318,134 | $ | 250,092,767 | $ | 279,822,005 | ||||||||
Net Assets Consist Of: | ||||||||||||||||
Paid in capital | $ | 147,057,020 | $ | 143,637,941 | $ | 274,647,505 | $ | 331,958,789 | ||||||||
Accumulated deficit | (1,040,128 | ) | (10,319,807 | ) | (24,554,738 | ) | (52,136,784 | ) | ||||||||
NET ASSETS | $ | 146,016,892 | $ | 133,318,134 | $ | 250,092,767 | $ | 279,822,005 | ||||||||
Net Asset Value Per Share: | ||||||||||||||||
Net Assets | $ | 146,016,892 | $ | 133,318,134 | $ | 250,092,767 | $ | 279,822,005 | ||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 4,600,000 | 4,500,000 | 10,800,000 | 9,150,000 | ||||||||||||
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $ | 31.74 | $ | 29.63 | $ | 23.16 | $ | 30.58 | ||||||||
See accompanying notes to financial statements.
87
The Inspire ETFs |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued) |
May 31, 2023 |
Inspire Faithward Mid | ||||||||||||||||
Inspire International | Inspire Tactical | Cap | Inspire Fidelis Multi | |||||||||||||
ETF | Balanced ETF | Momentum ETF | Factor ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investment securities: | ||||||||||||||||
At cost | $ | 189,914,746 | $ | 53,476,996 | $ | 47,332,509 | $ | 51,957,831 | ||||||||
At value (includes securities on loan with a market value of $2,871,090, $0, $0, $516,948) | $ | 190,034,341 | $ | 52,578,494 | $ | 45,599,364 | $ | 53,973,389 | ||||||||
Cash | 611,029 | 35,540,265 | 777,073 | 94,673 | ||||||||||||
Foreign currencies (Cost $296,176, $0, $0, and $0, respectively) | 295,603 | — | — | — | ||||||||||||
Dividends and interest receivable | 998,012 | 95,303 | 66,693 | 120,016 | ||||||||||||
Prepaid expenses | 22,220 | 704 | 15,238 | — | ||||||||||||
TOTAL ASSETS | 191,961,205 | 88,214,766 | 46,458,368 | 54,188,078 | ||||||||||||
LIABILITIES | ||||||||||||||||
Securities lending collateral payable | 3,065,720 | — | — | 527,850 | ||||||||||||
Investment advisory fees payable | 73,551 | 38,249 | 16,042 | 20,111 | ||||||||||||
Payable to related parties | 10,999 | 6,867 | 1,042 | 7,019 | ||||||||||||
Accrued expenses and other liabilities | 10,847 | 8,286 | 7,738 | 6,974 | ||||||||||||
TOTAL LIABILITIES | 3,161,117 | 53,402 | 24,822 | 561,954 | ||||||||||||
NET ASSETS | $ | 188,800,088 | $ | 88,161,364 | $ | 46,433,546 | $ | 53,626,124 | ||||||||
Net Assets Consist Of: | ||||||||||||||||
Paid in capital | $ | 197,769,949 | $ | 104,631,239 | $ | 53,830,846 | $ | 55,471,516 | ||||||||
Accumulated deficit | (8,969,861 | ) | (16,469,875 | ) | (7,397,300 | ) | (1,845,392 | ) | ||||||||
NET ASSETS | $ | 188,800,088 | $ | 88,161,364 | $ | 46,433,546 | $ | 53,626,124 | ||||||||
Net Asset Value Per Share: | ||||||||||||||||
Net Assets | $ | 188,800,088 | $ | 88,161,364 | $ | 46,433,546 | $ | 53,626,124 | ||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 7,000,000 | 3,925,000 | 2,000,000 | 2,175,000 | ||||||||||||
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $ | 26.97 | $ | 22.46 | $ | 23.22 | $ | 24.66 | ||||||||
See accompanying notes to financial statements.
88
The Inspire ETFs |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended May 31, 2023 |
Inspire Global Hope | Inspire Small/Mid | Inspire Corporate | ||||||||||||||
ETF | Cap ETF | Bond ETF | Inspire 100 ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 2,299,364 | $ | 1,176,930 | $ | — | $ | 2,198,159 | ||||||||
Interest | 10,373 | 10,680 | 3,980,481 | 7,775 | ||||||||||||
Securities lending income | 5,874 | 76,902 | 8,773 | 1,118 | ||||||||||||
Less: Foreign withholding taxes | (267,043 | ) | — | — | (2,043 | ) | ||||||||||
TOTAL INVESTMENT INCOME | 2,048,568 | 1,264,512 | 3,989,254 | 2,205,009 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 220,071 | 197,814 | 335,654 | 426,736 | ||||||||||||
Custodian fees | 71,803 | 35,901 | 14,959 | 29,917 | ||||||||||||
Administrative services | 59,722 | 47,935 | 75,503 | 79,495 | ||||||||||||
Printing and postage expenses | 9,473 | 8,976 | 12,465 | 14,959 | ||||||||||||
Audit fees | 7,730 | 7,730 | 7,730 | 7,730 | ||||||||||||
Professional fees | 7,578 | 7,380 | 12,765 | 11,768 | ||||||||||||
Trustees fees and expenses | 7,480 | 7,480 | 7,480 | 7,480 | ||||||||||||
Legal fees | 7,480 | 5,984 | 6,483 | 4,488 | ||||||||||||
Transfer agent fees | 6,581 | 5,984 | 5,984 | 5,385 | ||||||||||||
Insurance expense | 2,002 | 2,002 | 2,843 | 3,242 | ||||||||||||
Other Expenses | 3,989 | 3,990 | 3,989 | 3,989 | ||||||||||||
TOTAL EXPENSES | 403,909 | 331,176 | 485,855 | 595,189 | ||||||||||||
Plus: Recapture of fees previously waived/expenses reimbursed by the Adviser | 3,240 | — | — | — | ||||||||||||
Less: Fees waived by the Adviser | — | — | — | (97,288 | ) | |||||||||||
NET EXPENSES | 407,149 | 331,176 | 485,855 | 497,901 | ||||||||||||
NET INVESTMENT INCOME | 1,641,419 | 933,336 | 3,503,399 | 1,707,108 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
In-kind redemptions | 315,098 | 1,366,967 | 248,539 | 6,474,093 | ||||||||||||
Investments | (1,156,151 | ) | (1,758,965 | ) | (853,350 | ) | (2,910,498 | ) | ||||||||
Foreign currency transactions | (7,674 | ) | — | — | — | |||||||||||
(848,727 | ) | (391,998 | ) | (604,811 | ) | 3,563,595 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (2,521,717 | ) | (10,510,003 | ) | 2,346,275 | (13,032,560 | ) | |||||||||
Foreign currency translations | (7,037 | ) | — | — | — | |||||||||||
(2,528,754 | ) | (10,510,003 | ) | 2,346,275 | (13,032,560 | ) | ||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | (3,377,481 | ) | (10,902,001 | ) | 1,741,464 | (9,468,965 | ) | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,736,062 | ) | $ | (9,968,665 | ) | $ | 5,244,863 | $ | (7,761,857 | ) | |||||
See accompanying notes to financial statements.
89
The Inspire ETFs |
STATEMENTS OF OPERATIONS (Unaudited)(Continued) |
For the Six Months Ended May 31, 2023 |
Inspire Faithward | ||||||||||||||||
Inspire International | Inspire Tactical | Mid Cap | Inspire Fidelis Multi | |||||||||||||
ETF | Balanced ETF | Momentum ETF | Factor ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 3,903,548 | $ | 1,879,316 | $ | 438,728 | $ | 510,038 | ||||||||
Interest | 14,296 | 32,758 | 13,768 | — | ||||||||||||
Securities lending income | 13,346 | 636 | — | 2,370 | ||||||||||||
Less: Foreign withholding taxes | (516,468 | ) | (1,940 | ) | — | (32,195 | ) | |||||||||
TOTAL INVESTMENT INCOME | 3,414,722 | 1,910,770 | 452,496 | 480,213 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 372,026 | 246,753 | 142,613 | 112,919 | ||||||||||||
Custodian fees | 71,803 | 17,951 | 8,976 | 17,951 | ||||||||||||
Administrative services | 66,243 | 33,047 | 27,300 | 27,300 | ||||||||||||
Printing and postage expenses | 8,976 | 5,485 | 6,370 | 5,460 | ||||||||||||
Professional fees | 7,779 | 7,380 | 4,588 | 5,185 | ||||||||||||
Audit fees | 7,730 | 7,730 | 7,730 | 7,730 | ||||||||||||
Trustees fees and expenses | 7,480 | 7,480 | 7,480 | 7,480 | ||||||||||||
Transfer agent fees | 6,581 | 5,331 | 5,331 | 5,331 | ||||||||||||
Legal fees | 5,984 | 5,984 | 6,370 | 11,967 | ||||||||||||
Insurance expense | 1,995 | 1,995 | 1,047 | 1,046 | ||||||||||||
Other Expenses | 3,989 | 3,990 | 3,989 | 3,989 | ||||||||||||
TOTAL EXPENSES | 560,586 | 343,126 | 221,794 | 206,358 | ||||||||||||
Less: Fees waived by the Adviser | — | — | (46,135 | ) | — | |||||||||||
NET EXPENSES | 560,586 | 343,126 | 175,659 | 206,358 | ||||||||||||
NET INVESTMENT INCOME | 2,854,136 | 1,567,644 | 276,837 | 273,855 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
In-kind redemptions | 1,628,744 | 734,111 | 876,305 | 45,796 | ||||||||||||
Investments | (1,743,210 | ) | (2,716,572 | ) | — | (1,355,027 | ) | |||||||||
Distributions of capital gains from underlying investment companies | — | 187 | — | — | ||||||||||||
Foreign currency transactions | (18,193 | ) | — | 9 | 29 | |||||||||||
(132,659 | ) | (1,982,274 | ) | 876,314 | (1,309,202 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 124,173 | (1,901,734 | ) | (3,135,985 | ) | (1,712,437 | ) | |||||||||
Foreign currency translations | (10,701 | ) | — | (13 | ) | (1 | ) | |||||||||
113,472 | (1,901,734 | ) | (3,135,998 | ) | (1,712,438 | ) | ||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS | (19,187 | ) | (3,884,008 | ) | (2,259,684 | ) | (3,021,640 | ) | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,834,949 | $ | (2,316,364 | ) | $ | (1,982,847 | ) | $ | (2,747,785 | ) | |||||
See accompanying notes to financial statements.
90
Inspire Global Hope ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Year Ended | |||||||
(Unaudited) | November 30, 2022 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,641,419 | $ | 2,334,308 | ||||
Net realized loss on investments and foreign currency transactions | (848,727 | ) | (6,093,691 | ) | ||||
Net change in unrealized depreciation on investments and foreign currency translations | (2,528,754 | ) | (8,769,531 | ) | ||||
Net decrease in net assets resulting from operations | (1,736,062 | ) | (12,528,914 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (729,460 | ) | (12,383,320 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (729,460 | ) | (12,383,320 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 13,164,450 | 24,488,819 | ||||||
Cost of shares redeemed | (1,594,987 | ) | — | |||||
Transaction fees (Note 5) | 3,000 | 4,500 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 11,572,463 | 24,493,319 | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 9,106,941 | (418,915 | ) | |||||
NET ASSETS | ||||||||
Beginning of Period | 136,909,951 | 137,328,866 | ||||||
End of Period | $ | 146,016,892 | $ | 136,909,951 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 400,000 | 700,000 | ||||||
Shares Redeemed | (50,000 | ) | — | |||||
Net increase in shares of beneficial interest outstanding | 350,000 | 700,000 | ||||||
See accompanying notes to financial statements.
91
Inspire Small/Mid Cap ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Year Ended | |||||||
(Unaudited) | November 30, 2022 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 933,336 | $ | 1,400,881 | ||||
Net realized gain (loss) on investments and foreign currency transactions | (391,998 | ) | 1,236,445 | |||||
Net change in unrealized depreciation on investments and foreign currency translations | (10,510,003 | ) | (5,788,104 | ) | ||||
Net decrease in net assets resulting from operations | (9,968,665 | ) | (3,150,778 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From return of capital | — | (226,508 | ) | |||||
From distributable earnings: | (578,405 | ) | (11,493,232 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (578,405 | ) | (11,719,740 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 27,744,264 | 41,691,699 | ||||||
Cost of shares redeemed | (8,995,584 | ) | (26,373,245 | ) | ||||
Transaction fees (Note 5) | 3,750 | 7,000 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 18,752,430 | 15,325,454 | ||||||
TOTAL INCREASE IN NET ASSETS | 8,205,360 | 454,936 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 125,112,774 | 124,657,838 | ||||||
End of Period | $ | 133,318,134 | $ | 125,112,774 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 850,000 | 1,350,000 | ||||||
Shares Redeemed | (300,000 | ) | (850,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 550,000 | 500,000 | ||||||
See accompanying notes to financial statements.
92
Inspire Corporate Bond ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Year Ended | |||||||
(Unaudited) | November 30, 2022 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 3,503,399 | $ | 3,692,253 | ||||
Net realized loss on investments | (604,811 | ) | (15,966,437 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | 2,346,275 | (11,760,519 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 5,244,863 | (24,034,703 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (3,513,360 | ) | (4,205,140 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (3,513,360 | ) | (4,205,140 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 60,214,774 | 81,092,592 | ||||||
Cost of shares redeemed | (34,869,341 | ) | (68,069,358 | ) | ||||
Transaction fees (Note 5) | 3,250 | 4,500 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 25,348,683 | 13,027,734 | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 27,080,186 | (15,212,109 | ) | |||||
NET ASSETS | ||||||||
Beginning of Period | 223,012,581 | 238,224,690 | ||||||
End of Period | $ | 250,092,767 | $ | 223,012,581 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 2,600,000 | 3,400,000 | ||||||
Shares Redeemed | (1,500,000 | ) | (2,900,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 1,100,000 | 500,000 | ||||||
See accompanying notes to financial statements.
93
Inspire 100 ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Year Ended | |||||||
(Unaudited) | November 30, 2022 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,707,108 | $ | 2,977,673 | ||||
Net realized gain (loss) on investments | 3,563,595 | (19,522,688 | ) | |||||
Net change in unrealized depreciation on investments | (13,032,560 | ) | (32,276,314 | ) | ||||
Net decrease in net assets resulting from operations | (7,761,857 | ) | (48,821,329 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (1,241,400 | ) | (47,948,095 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (1,241,400 | ) | (47,948,095 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 44,483,287 | 135,768,391 | ||||||
Cost of shares redeemed | (33,202,796 | ) | (57,439,730 | ) | ||||
Transaction fees (Note 5) | 6,750 | 17,250 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 11,287,241 | 78,345,911 | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 2,283,984 | (18,423,513 | ) | |||||
NET ASSETS | ||||||||
Beginning of Period | 277,538,021 | 295,961,534 | ||||||
End of Period | $ | 279,822,005 | $ | 277,538,021 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 1,450,000 | 3,850,000 | ||||||
Shares Redeemed | (1,050,000 | ) | (1,800,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 400,000 | 2,050,000 | ||||||
See accompanying notes to financial statements.
94
Inspire International ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Year Ended | |||||||
(Unaudited) | November 30, 2022 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 2,854,136 | $ | 2,717,173 | ||||
Net realized loss on investments and foreign currency transactions | (132,659 | ) | (10,435,271 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 113,472 | (3,241,447 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 2,834,949 | (10,959,545 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (756,155 | ) | (15,197,630 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (756,155 | ) | (15,197,630 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 55,383,713 | 61,144,967 | ||||||
Cost of shares redeemed | (9,501,290 | ) | (5,175,616 | ) | ||||
Transaction fees (Note 5) | 10,000 | 8,000 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 45,892,423 | 55,977,351 | ||||||
TOTAL INCREASE IN NET ASSETS | 47,971,217 | 29,820,176 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 140,828,871 | 111,008,695 | ||||||
End of Period | $ | 188,800,088 | $ | 140,828,871 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 2,000,000 | 2,200,000 | ||||||
Shares Redeemed | (350,000 | ) | (150,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 1,650,000 | 2,050,000 | ||||||
See accompanying notes to financial statements.
95
Inspire Tactical Balanced ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Year Ended | |||||||
(Unaudited) | November 30, 2022 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,567,644 | $ | 929,342 | ||||
Net realized loss on investments | (1,982,461 | ) | (13,821,072 | ) | ||||
Distributions of capital gains from underlying investment companies | 187 | — | ||||||
Net change in unrealized depreciation on investments | (1,901,734 | ) | (5,117,127 | ) | ||||
Net decrease in net assets resulting from operations | (2,316,364 | ) | (18,008,857 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (1,580,022 | ) | (10,101,833 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (1,580,022 | ) | (10,101,833 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 2,276,484 | 32,986,481 | ||||||
Cost of shares redeemed | (15,957,622 | ) | (8,975,358 | ) | ||||
Transaction fees (Note 5) | 5,000 | 9,250 | ||||||
Net increase (decrease) in net assets resulting from shares of beneficial interest | (13,676,138 | ) | 24,020,373 | |||||
TOTAL DECREASE IN NET ASSETS | (17,572,524 | ) | (4,090,317 | ) | ||||
NET ASSETS | ||||||||
Beginning of Period | 105,733,888 | 109,824,205 | ||||||
End of Period | $ | 88,161,364 | $ | 105,733,888 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 100,000 | 1,250,000 | ||||||
Shares Redeemed | (700,000 | ) | (375,000 | ) | ||||
Net increase (decrease) in shares of beneficial interest outstanding | (600,000 | ) | 875,000 | |||||
See accompanying notes to financial statements.
96
Inspire Faithward Mid Cap Momentum ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Year Ended | |||||||
(Unaudited) | November 30, 2022 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 276,837 | $ | 315,535 | ||||
Net realized gain (loss) on investments and foreign currency transactions | 876,314 | (5,421,262 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (3,135,998 | ) | 1,738,256 | |||||
Net decrease in net assets resulting from operations | (1,982,847 | ) | (3,367,471 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (207,797 | ) | (1,890,822 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (207,797 | ) | (1,890,822 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 20,970,872 | 25,843,038 | ||||||
Cost of shares redeemed | (12,632,442 | ) | (24,250,314 | ) | ||||
Transaction fees (Note 5) | 3,500 | 4,000 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 8,341,930 | 1,596,724 | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 6,151,286 | (3,661,569 | ) | |||||
NET ASSETS | ||||||||
Beginning of Period | 40,282,260 | 43,943,829 | ||||||
End of Period | $ | 46,433,546 | $ | 40,282,260 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 875,000 | 1,100,000 | ||||||
Shares Redeemed | (550,000 | ) | (925,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 325,000 | 175,000 | ||||||
See accompanying notes to financial statements.
97
Inspire Fidelis Multi Factor ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2023 | Period Ended | |||||||
(Unaudited) | November 30, 2022 (a) | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 273,855 | $ | 52,438 | ||||
Net realized loss on investments and foreign currency transactions | (1,309,202 | ) | (2,607,288 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (1,712,438 | ) | 3,727,994 | |||||
Net increase (decrease) in net assets resulting from operations | (2,747,785 | ) | 1,173,144 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (203,517 | ) | (33,425 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (203,517 | ) | (33,425 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 10,869,300 | 46,975,373 | ||||||
Cost of shares redeemed | (1,210,922 | ) | (1,202,044 | ) | ||||
Transaction fees (Note 5) | 3,750 | 2,250 | ||||||
Net increase in net assets resulting from shares of beneficial interest | 9,662,128 | 45,775,579 | ||||||
TOTAL INCREASE IN NET ASSETS | 6,710,826 | 46,915,298 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 46,915,298 | — | ||||||
End of Period | $ | 53,626,124 | $ | 46,915,298 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 425,000 | 1,850,000 | ||||||
Shares Redeemed | (50,000 | ) | (50,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 375,000 | 1,800,000 | ||||||
(a) | The Inspire Fidelis Multi Factor ETF commenced operations on August 23, 2022. |
See accompanying notes to financial statements.
98
Inspire Global Hope ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2023 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | |||||||||||||||||||
Net asset value, beginning of period | $ | 32.21 | $ | 38.68 | $ | 32.12 | $ | 29.21 | $ | 26.20 | $ | 27.86 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.36 | 0.57 | 0.78 | 0.50 | 0.67 | 0.48 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.67 | ) | (3.62 | ) | 6.46 | 2.96 | 3.08 | (1.49 | ) | |||||||||||||||
Total from investment operations | (0.31 | ) | (3.05 | ) | 7.24 | 3.46 | 3.75 | (1.01 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.52 | ) | (0.68 | ) | (0.52 | ) | (0.58 | ) | (0.49 | ) | ||||||||||||
Net realized gains | — | (2.90 | ) | — | (0.03 | ) | (0.16 | ) | (0.16 | ) | ||||||||||||||
Total distributions | (0.16 | ) | (3.42 | ) | (0.68 | ) | (0.55 | ) | (0.74 | ) | (0.65 | ) | ||||||||||||
Net asset value, end of period | $ | 31.74 | $ | 32.21 | $ | 38.68 | $ | 32.12 | $ | 29.21 | $ | 26.20 | ||||||||||||
Total return (3) | (0.96 | )% (7) | (8.59 | )% | 22.63 | % | 12.35 | % | 14.60 | % | (3.74 | )% | ||||||||||||
Net assets, at end of period (000s) | $ | 146,017 | $ | 136,910 | $ | 137,329 | $ | 120,453 | $ | 160,673 | $ | 87,770 | ||||||||||||
Ratio of gross expenses to average net assets | 0.55 | % (5)(6) | 0.61 | % (5) | 0.49 | % | 0.61 | % | 0.52 | % (5) | 0.62 | % | ||||||||||||
Ratio of net expenses to average net assets | 0.55 | % (4)(6) | 0.61 | % (4) | 0.49 | % | 0.61 | % | 0.54 | % (4) | 0.62 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.23 | % (6) | 1.74 | % | 2.08 | % | 1.82 | % | 2.42 | % | 1.71 | % | ||||||||||||
Portfolio Turnover Rate (2) | 13 | % (7) | 51 | % | 94 | % | 36 | % | 22 | % | 22 | % | ||||||||||||
(1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(2) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(4) | Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods. |
(5) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods. |
(6) | Annualized for periods less than one year. |
(7) | Not annualized. |
See accompanying notes to financial statements.
99
Inspire Small/Mid Cap ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2023 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | |||||||||||||||||||
Net asset value, beginning of period | $ | 31.67 | $ | 36.13 | $ | 27.74 | $ | 27.56 | $ | 26.73 | $ | 26.82 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.22 | 0.38 | 0.38 | 0.37 | 0.32 | 0.30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.13 | ) | (1.46 | ) | 8.32 | 0.13 | (4) | 1.29 | 0.20 | (4) | ||||||||||||||
Total from investment operations | (1.91 | ) | (1.08 | ) | 8.70 | 0.50 | 1.61 | 0.50 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.32 | ) | (0.31 | ) | (0.31 | ) | (0.22 | ) | (0.21 | ) | ||||||||||||
Net realized gains | — | (3.00 | ) | — | (0.01 | ) | (0.56 | ) | (0.38 | ) | ||||||||||||||
Return of capital | — | (0.06 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.13 | ) | (3.38 | ) | (0.31 | ) | (0.32 | ) | (0.78 | ) | (0.59 | ) | ||||||||||||
Net asset value, end of period | $ | 29.63 | $ | 31.67 | $ | 36.13 | $ | 27.74 | $ | 27.56 | $ | 26.73 | ||||||||||||
Total return (3) | (6.03 | )%(8) | (3.34 | )% | 31.44 | % | 2.12 | % | 6.42 | % | 1.89 | % | ||||||||||||
Net assets, at end of period (000s) | $ | 133,318 | $ | 125,113 | $ | 124,658 | $ | 85,988 | $ | 99,226 | $ | 50,788 | ||||||||||||
Ratio of gross expenses to average net assets | 0.50 | % (7) | 0.54 | % | 0.48 | % (6) | 0.57 | % (6) | 0.64 | % | 0.71 | % | ||||||||||||
Ratio of net expenses to average net assets | 0.50 | % (7) | 0.54 | % | 0.52 | % (5) | 0.60 | % (5) | 0.60 | % | 0.62 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.41 | % (7) | 1.21 | % | 1.08 | % | 1.53 | % | 1.24 | % | 1.07 | % | ||||||||||||
Portfolio Turnover Rate (2) | 13 | % (8) | 43 | % | 168 | % | 92 | % | 42 | % | 24 | % | ||||||||||||
(1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(2) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(4) | The amount of net realized and unrealized gain (loss) on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder subscriptions and redemptions relative to fluctuating net asset values during the year. |
(5) | Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods. |
(6) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods. |
(7) | Annualized for periods less than one year. |
(8) | Not annualized. |
See accompanying notes to financial statements.
100
Inspire Corporate Bond ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2023 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | |||||||||||||||||||
Net asset value, beginning of period | $ | 22.99 | $ | 25.89 | $ | 26.48 | $ | 25.69 | $ | 24.18 | $ | 24.95 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.36 | 0.37 | 0.27 | 0.45 | 0.64 | 0.56 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.17 | (2.85 | ) | (0.57 | ) | 0.86 | 1.49 | (0.81 | ) | |||||||||||||||
Total from investment operations | 0.53 | (2.48 | ) | (0.30 | ) | 1.31 | 2.13 | (0.25 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.35 | ) | (0.29 | ) | (0.44 | ) | (0.62 | ) | (0.52 | ) | ||||||||||||
Net realized gains | — | (0.07 | ) | — | (0.08 | ) | — | (0.00 | ) (6) | |||||||||||||||
Total distributions | (0.36 | ) | (0.42 | ) | (0.29 | ) | (0.52 | ) | (0.62 | ) | (0.52 | ) | ||||||||||||
Net asset value, end of period | $ | 23.16 | $ | 22.99 | $ | 25.89 | $ | 26.48 | $ | 25.69 | $ | 24.18 | ||||||||||||
Total return (3) | 2.30 | % (8) | (9.64 | )% | (1.15 | )% | 5.16 | % | 8.91 | % | (0.99 | )% | ||||||||||||
Net assets, at end of period (000s) | $ | 250,093 | $ | 223,013 | $ | 238,225 | $ | 166,829 | $ | 138,723 | $ | 58,031 | ||||||||||||
Ratio of gross expenses to average net assets | 0.43 | % (7) | 0.45 | % | 0.44 | % | 0.49 | % | 0.50 | % (5) | 0.68 | % | ||||||||||||
Ratio of net expenses to average net assets | 0.43 | % (7) | 0.45 | % | 0.44 | % | 0.49 | % | 0.58 | % (4) | 0.62 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.11 | % (7) | 1.56 | % | 1.04 | % | 1.75 | % | 2.52 | % | 2.27 | % | ||||||||||||
Portfolio Turnover Rate (2) | 3 | % (8) | 47 | % | 126 | % | 35 | % | 18 | % | 5 | % | ||||||||||||
(1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(2) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(4) | Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods. |
(5) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods. |
(6) | Represents less than $0.005. |
(7) | Annualized for periods less than one year. |
(8) | Not annualized. |
See accompanying notes to financial statements.
101
Inspire 100 ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||||||
May 31, 2023 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | November 30, 2018 | |||||||||||||||||||
Net asset value, beginning of period | $ | 31.72 | $ | 44.17 | $ | 35.98 | $ | 29.52 | $ | 26.06 | $ | 25.69 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.19 | 0.35 | 0.43 | 0.41 | 0.43 | 0.61 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.19 | ) | (5.81 | ) | 8.39 | 6.43 | 3.35 | 0.19 | (4) | |||||||||||||||
Total from investment operations | (1.00 | ) | (5.46 | ) | 8.82 | 6.84 | 3.78 | 0.80 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.33 | ) | (0.43 | ) | (0.38 | ) | (0.31 | ) | (0.42 | ) | ||||||||||||
Net realized gains | — | (6.66 | ) | (0.20 | ) | — | (0.01 | ) | — | |||||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | (0.14 | ) | (6.99 | ) | (0.63 | ) | (0.38 | ) | (0.32 | ) | (0.43 | ) | ||||||||||||
Net asset value, end of period | $ | 30.58 | $ | 31.72 | $ | 44.17 | $ | 35.98 | $ | 29.52 | $ | 26.06 | ||||||||||||
Total return (3) | (3.16 | )% (7) | (14.69 | )% | 24.79 | % | 23.50 | % | 14.64 | % | 3.09 | % | ||||||||||||
Net assets, at end of period (000s) | $ | 279,822 | $ | 277,538 | $ | 295,962 | $ | 149,320 | $ | 92,986 | $ | 39,085 | ||||||||||||
Ratio of gross expenses to average net assets (5) | 0.42 | % (6) | 0.45 | % | 0.42 | % | 0.48 | % | 0.57 | % | 0.84 | % | ||||||||||||
Ratio of net expenses to average net assets | 0.35 | % (6) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.20 | % (6) | 1.05 | % | 1.04 | % | 1.31 | % | 1.59 | % | 2.27 | % | ||||||||||||
Portfolio Turnover Rate (2) | 4 | % (7) | 28 | % | 100 | % | 60 | % | 23 | % | 8 | % | ||||||||||||
(1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(2) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(4) | The amount of net realized and unrealized gain (loss) on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder subscriptions and redemptions relative to fluctuating net asset values during the year. |
(5) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
(6) | Annualized for periods less than one year. |
(7) | Not annualized. |
See accompanying notes to financial statements.
102
Inspire International ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||||||
May 31, 2023 | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
(Unaudited) | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 (1) | ||||||||||||||||
Net asset value, beginning of period | $ | 26.32 | $ | 33.64 | $ | 29.40 | $ | 26.51 | $ | 25.00 | ||||||||||
Activity from investment operations: | ||||||||||||||||||||
Net investment income (loss) (2) | 0.47 | 0.61 | 0.81 | 0.36 | (0.05 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.31 | (3.36 | ) | 4.22 | 2.81 | 1.56 | ||||||||||||||
Total from investment operations | 0.78 | (2.75 | ) | 5.03 | 3.17 | 1.51 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.13 | ) | (0.60 | ) | (0.79 | ) | (0.28 | ) | — | |||||||||||
Net realized gains | — | (3.97 | ) | — | — | — | ||||||||||||||
Total distributions | (0.13 | ) | (4.57 | ) | (0.79 | ) | (0.28 | ) | — | |||||||||||
Net asset value, end of period | $ | 26.97 | $ | 26.32 | $ | 33.64 | $ | 29.40 | $ | 26.51 | ||||||||||
Total return (4) | 2.96 | % (6) | (9.32 | )% | 17.11 | % | 12.29 | % | 6.04 | % | ||||||||||
Net assets, at end of period (000s) | $ | 188,800 | $ | 140,829 | $ | 111,009 | $ | 77,902 | $ | 11,930 | ||||||||||
Ratio of net expenses to average net assets (5) | 0.67 | % | 0.80 | % | 0.69 | % | 0.94 | % | 2.44 | % | ||||||||||
Ratio of net investment income (loss) to average net assets (5) | 3.43 | % | 2.29 | % | 2.38 | % | 1.44 | % | (1.16 | )% | ||||||||||
Portfolio Turnover Rate (3) | 13 | % (6) | 61 | % | 106 | % | 27 | % | 0 | % | ||||||||||
(1) | The Inspire International ETF commenced operations on September 30, 2019. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(5) | Annualized for periods less than one year. |
(6) | Not annualized. |
See accompanying notes to financial statements.
103
Inspire Tactical Balanced ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||||||
May 31, 2023 | Year Ended | Year Ended | Period Ended | |||||||||||||
(Unaudited) | November 30, 2022 | November 30, 2021 | November 30, 2020 (1) | |||||||||||||
Net asset value, beginning of period | $ | 23.37 | $ | 30.09 | $ | 26.26 | $ | 25.00 | ||||||||
Activity from investment operations: | ||||||||||||||||
Net investment income (2) | 0.36 | 0.21 | 0.20 | 0.08 | ||||||||||||
Net realized and unrealized gain (loss) on investments | (0.91 | ) | (4.22 | ) | 4.93 | 1.21 | ||||||||||
Total from investment operations | (0.55 | ) | (4.01 | ) | 5.13 | 1.29 | ||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.36 | ) | (0.11 | ) | (0.25 | ) | (0.03 | ) | ||||||||
Net realized gains | — | (2.60 | ) | (1.05 | ) | — | ||||||||||
Total distributions | (0.36 | ) | (2.71 | ) | (1.30 | ) | (0.03 | ) | ||||||||
Net asset value, end of period | $ | 22.46 | $ | 23.37 | $ | 30.09 | $ | 26.26 | ||||||||
Total return (4) | (2.38 | )% (6) | (14.63 | )% | 20.49 | % | 5.18 | % | ||||||||
Net assets, at end of period (000s) | $ | 88,161 | $ | 105,734 | $ | 109,824 | $ | 71,552 | ||||||||
Ratio of net expenses to average net assets (5) | 0.69 | % | 0.69 | % | 0.69 | % | 0.80 | % | ||||||||
Ratio of net investment income to average net assets (5) | 3.16 | % | 0.84 | % | 0.70 | % | 0.81 | % | ||||||||
Portfolio Turnover Rate (3) | 186 | % (6) | 469 | % | 114 | % | 282 | % | ||||||||
(1) | The Inspire Tactical Balanced ETF commenced operations on July 15, 2020. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(5) | Annualized for periods less than one year. |
(6) | Not annualized. |
See accompanying notes to financial statements.
104
Inspire Faithward Mid Cap Momentum ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |
Six Months Ended | ||||||||||||
May 31, 2023 | Year Ended | Period Ended | ||||||||||
(Unaudited) | November 30, 2022 | November 30, 2021 (1) | ||||||||||
Net asset value, beginning of period | $ | 24.05 | $ | 29.30 | $ | 25.00 | ||||||
Activity from investment operations: | ||||||||||||
Net investment income (2) | 0.15 | 0.28 | 0.08 | |||||||||
Net realized and unrealized gain (loss) on investments | (0.86 | ) | (4.21 | ) | 4.26 | |||||||
Total from investment operations | (0.71 | ) | (3.93 | ) | 4.34 | |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.12 | ) | (0.24 | ) | (0.04 | ) | ||||||
Net realized gains | — | (1.08 | ) | — | ||||||||
Total distributions | (0.12 | ) | (1.32 | ) | (0.04 | ) | ||||||
Net asset value, end of period | $ | 23.22 | $ | 24.05 | $ | 29.30 | ||||||
Total return (4) | (2.96 | )% (6) | (13.89 | )% | 17.35 | % | ||||||
Net assets, at end of period (000s) | $ | 46,434 | $ | 40,282 | $ | 43,944 | ||||||
Ratio of gross expenses to average net assets (5) | 1.01 | % | 1.28 | % | 1.02 | % | ||||||
Ratio of net expenses to average net assets (5) | 0.80 | % | 0.95 | % | 1.02 | % | ||||||
Ratio of net investment income to average net assets (5) | 1.26 | % | 1.18 | % | 0.27 | % | ||||||
Portfolio Turnover Rate (3) | 0 | % (6) | 95 | % | 270 | % | ||||||
(1) | The Inspire Faithward Mid Cap Momentum ETF commenced operations on December 7, 2020. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(5) | Annualized for periods less than one year. |
(6) | Not annualized. |
See accompanying notes to financial statements.
105
Inspire Fidelis Multi Factor ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year and Period Presented |
Six Months Ended | ||||||||
May 31, 2023 | Period Ended | |||||||
(Unaudited) | November 30, 2022 (1) | |||||||
Net asset value, beginning of period | $ | 26.06 | $ | 25.00 | ||||
Activity from investment operations: | ||||||||
Net investment income (2) | 0.14 | 0.03 | ||||||
Net realized and unrealized gain (loss) on investments | (1.43 | ) | 1.05 | |||||
Total from investment operations | (1.29 | ) | 1.08 | |||||
Less distributions from: | ||||||||
Net investment income | (0.11 | ) | (0.02 | ) | ||||
Total distributions | (0.11 | ) | (0.02 | ) | ||||
Net asset value, end of period | $ | 24.66 | $ | 26.06 | ||||
Total return (4) | (4.97 | )% (6) | 4.33 | % | ||||
Net assets, at end of period (000s) | $ | 53,626 | $ | 46,915 | ||||
Ratio of net expenses to average net assets (5) | 0.82 | % | 1.09 | % | ||||
Ratio of net investment income to average net assets (5) | 1.08 | % | 0.48 | % | ||||
Portfolio Turnover Rate (3) | 125 | % (6) | 61 | % | ||||
(1) | The Inspire Fidelis Multi Factor ETF commenced operations on August 23, 2022. |
(2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
(3) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
(5) | Annualized for periods less than one year. |
(6) | Not annualized. |
See accompanying notes to financial statements.
106
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
May 31, 2023 |
1. | ORGANIZATION |
The Inspire Global Hope ETF (“BLES”), Inspire Small/Mid Cap ETF (“ISMD”), Inspire Corporate Bond ETF (“IBD”), Inspire 100 ETF (“BIBL”), Inspire International ETF (“WWJD”), Inspire Tactical Balanced ETF (“RISN”), Inspire Faithward Mid Cap Momentum ETF (“GLRY”), and Inspire Fidelis Multi Factor ETF (“FDLS”) (each a “Fund” and collectively the “Funds”) are each a diversified series of Northern Lights Fund Trust IV (the “Trust”), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. BLES’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope Large Cap Equal Weight Index. ISMD’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Small/Mid Cap Impact Equal Weight Index. IBD’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Corporate Bond Impact Equal Weight Index. BIBL’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 100 Index. WWJD’s investment objective seeks to replicate the investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope ex-US Index. RISN’s investment objective seeks to provide capital appreciation with lower volatility than the US large cap stock market over the long term. GLRY’s investment objective seeks to outperform the results (before fees and expenses) of the broader U.S. midcap stock market when momentum is in favor. FDLS’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the WI Fidelis Multi-Cap, Multi-Factor Index. The investment objectives are non-fundamental. BLES and ISMD commenced operations on February 27, 2017. IBD commenced operations on July 10, 2017. BIBL commenced operations on October 30, 2017. WWJD commenced operations on September 30, 2019. RISN commenced operations on July 15, 2020. GLRY commenced operations on December 7, 2020. FDLS commenced operations on August 23, 2022.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standards Update (“ASU”) 2013-08.
Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid
107
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2023 |
and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value (“NAV”).
The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the “fair value” procedures approved by the Board. The Board has designated the adviser as its valuation designee (the “Valuation Designee”) to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.
Fair Valuation Process – Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of
108
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2023 |
purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
Securities Lending Risk – Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees a Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return a Fund’s securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.
Fixed Income Risk – When a Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments) . These risks could affect the value of a particular investment by each Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.
Foreign Securities Risk – Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. The lack of readily available public information may lead to inaccurate Inspire Impact Scores. Not all countries and jurisdictions monitor or regulate Inspire Impact Score factors so that there may be no relevant information available for certain factors. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.
The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.
109
The Inspire ETFs |
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Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.
The inputs used to measure value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2023 for the Funds’ assets measured at value:
BLES | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 144,506,139 | $ | — | $ | — | $ | 144,506,139 | ||||||||
Collateral For Securities Loaned | 1,823,101 | — | — | 1,823,101 | ||||||||||||
Preferred Stock | 308,067 | — | — | 308,067 | ||||||||||||
Right | — | — | — | — | ||||||||||||
Total | $ | 146,637,307 | $ | — | $ | — | $ | 146,637,307 | ||||||||
ISMD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 132,916,798 | $ | — | $ | — | $ | 132,916,798 | ||||||||
Collateral For Securities Loaned | 1,303,455 | — | — | 1,303,455 | ||||||||||||
Total | $ | 134,220,253 | $ | — | $ | — | $ | 134,220,253 | ||||||||
IBD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 244,632,091 | $ | — | $ | 244,632,091 | ||||||||
Collateral For Securities Loaned | 83,650 | — | — | 83,650 | ||||||||||||
Total | $ | 83,650 | $ | 244,632,091 | $ | — | $ | 244,715,741 |
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May 31, 2023 |
BIBL | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 279,287,287 | $ | — | $ | — | $ | 279,287,287 | ||||||||
Total | $ | 279,287,287 | $ | — | $ | — | $ | 279,287,287 | ||||||||
WWJD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 186,176,503 | $ | — | $ | — | $ | 186,176,503 | ||||||||
Collateral For Securities Loaned | 3,065,720 | — | — | 3,065,720 | ||||||||||||
Preferred Stock | 792,118 | — | — | 792,118 | ||||||||||||
Total | $ | 190,034,341 | $ | — | $ | — | $ | 190,034,341 | ||||||||
RISN | ||||||||||||||||
Common Stocks | $ | 52,578,494 | $ | — | $ | — | $ | 52,578,494 | ||||||||
Total | $ | 52,578,494 | $ | — | $ | — | $ | 52,578,494 | ||||||||
GLRY | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 45,599,364 | $ | — | $ | — | $ | 45,599,364 | ||||||||
Total | $ | 45,599,364 | $ | — | $ | — | $ | 45,599,364 | ||||||||
FDLS | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 53,445,539 | $ | — | $ | — | $ | 53,445,539 | ||||||||
Collateral For Securities Loaned | 527,850 | — | — | 527,850 | ||||||||||||
Total | $ | 53,973,389 | $ | — | $ | — | $ | 53,973,389 |
The Funds did not hold any Level 3 securities during the period.
* | See Schedule of Investments for industry classification. |
Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for BLES, ISMD, BIBL, WWJD, RISN, GLRY and FDLS and monthly for IBD. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
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Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims, as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.
Federal Income Taxes – The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required.
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in each Fund’s November 30, 2023 year-end tax return. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
Exchange Traded Funds (“ETFs”) – The Funds may invest in ETFs. ETFs are generally a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they hold, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.
Expenses – Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust.
Cash – The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.
Foreign Currency – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency
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May 31, 2023 |
rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.
Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.
3. | INVESTMENT TRANSACTIONS |
For the six months ended May 31, 2023, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:
Ticker | Purchases | Sales | ||||||
BLES | $ | 20,449,891 | $ | 18,580,614 | ||||
ISMD | $ | 18,329,156 | $ | 17,276,648 | ||||
IBD | $ | 8,736,917 | $ | 7,648,298 | ||||
BIBL | $ | 10,461,863 | $ | 10,134,901 | ||||
WWJD | $ | 27,062,867 | $ | 20,597,146 | ||||
RISN | $ | 174,209,578 | $ | 208,560,754 | ||||
GLRY | $ | — | $ | — | ||||
FDLS | $ | 63,345,357 | $ | 62,432,473 |
For the six months ended May 31, 2023, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:
Ticker | Purchases | Sales | ||||||
BLES | $ | 12,446,742 | $ | 1,487,638 | ||||
ISMD | $ | 27,644,227 | $ | 8,944,811 | ||||
IBD | $ | 57,043,279 | $ | 34,035,501 | ||||
BIBL | $ | 44,403,245 | $ | 33,131,981 | ||||
WWJD | $ | 48,557,726 | $ | 8,272,586 | ||||
RISN | $ | 1,694,638 | $ | 15,721,617 | ||||
GLRY | $ | 20,630,933 | $ | 12,405,603 | ||||
FDLS | $ | 10,777,710 | $ | 1,197,772 |
4. | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
The business activities of the Funds are overseen by the Board. Inspire Investing, LLC (the “Adviser”) serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust
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May 31, 2023 |
(the “Advisory Agreement”). The Adviser has engaged SevenOneSeven Capital Management, LTD as the sub-adviser (the “Sub-Adviser”) to manage the assets of GLRY. The Sub-Advisor is paid by the Advisor, not the Funds. The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Foreside Financial Services, LLC (the “Distributor”) to serve as the principal underwriter and distributor for the Funds.
Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund’s average daily net assets. For the six months ended May 31, 2023, each Fund incurred the following in advisory fees:
Ticker | ANNUAL RATE | TOTAL ADVISORY FEE | ||||||
BLES | 0.30% | $ | 220,071 | |||||
ISMD | 0.30% | $ | 197,814 | |||||
IBD | 0.30% | $ | 335,654 | |||||
BIBL | 0.30% | $ | 426,736 | |||||
WWJD | 0.45% | $ | 372,026 | |||||
RISN | 0.50% | $ | 246,753 | |||||
GLRY | 0.65% | $ | 142,613 | |||||
FDLS | 0.45% | $ | 112,919 |
Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed for BIBL and GLRY, at least until March 31, 2024, to waive a portion of its advisory fee and has agreed to reimburse the BIBL and GLRY for other expenses to the extent necessary so that total expenses incurred (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including, for example, option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.35% and 0.80% of average daily net assets for BIBL and GLRY, respectively. BLES, ISMD, IBD, WWJD, RISN and FDLS currently do not have a Waiver Agreement in place. BLES waiver agreement ended March 31, 2022.
If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and BIBL’s and GLRY’s operating expenses are subsequently lower than its expense limitation, or limitation in place at time of waiver, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that Fund’s operating expense to exceed the expense limitation. If a Fund’s operating expenses subsequently exceed the expense limitation, the reimbursements for the Fund shall be suspended. For the six months ended May 31, 2023, the Adviser waived fees and/or reimbursed expenses in the amount of $97,288 and $46,135 for BIBL and GLRY, respectively, pursuant to the Waiver Agreement. For the six months ended May 31, 2023, the Adviser recaptured $3,420 of previously waived fees for BLES.
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May 31, 2023 |
The following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:
11/30/2023 | 11/30/2024 | 11/30/2025 | ||||||||||
BIBL | $ | 133,196 | $ | 168,196 | $ | 279,811 | ||||||
GLRY | $ | — | $ | — | $ | 88,117 |
The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement).
The Board may terminate this expense reimbursement arrangement at any time on 60 days’ notice to the Adviser.
The Trust, with respect to the Funds, has adopted a distribution and service plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.
No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.
Ultimus Fund Solutions, LLC (“UFS”) – UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.
Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.
Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.
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May 31, 2023 |
5. | CAPITAL SHARE TRANSACTIONS |
Shares are not individually redeemable and may be redeemed by the Funds at the NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 50,000 shares for BLES, ISMD, BIBL, and WWJD, 100,000 shares for IBD, and 25,000 for RISN, GLRY and FDLS. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”).
The Transaction Fees for the Funds are listed in the table below:
Fee for In-Kind and Cash | Maximum Additional Variable | ||||||
Ticker | Purchases | Charge for Cash Purchases* | |||||
BLES | $500 | 0.00% | |||||
ISMD | $250 | 0.00% | |||||
IBD | $250 | 0.00% | |||||
BIBL | $250 | 0.00% | |||||
WWJD | $500 | 0.00% | |||||
RISN | $250 | 0.00% | |||||
GLRY | $250 | 2.00% | |||||
FDLS | $250 | 0.00% |
* | The maximum Transaction Fee may be up to 2.00% as a percentage of the amount invested. |
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May 31, 2023 |
6. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of fund distributions paid for the years ended November 30, 2022, and November 30, 2021, was as follows:
For the period ended November 30, 2022: | ||||||||||||||||
Ordinary | Long-Term | Return | ||||||||||||||
Portfolio | Income | Capital Gains | Of Capital | Total | ||||||||||||
BLES | $ | 4,957,965 | $ | 7,425,355 | $ | — | $ | 12,383,320 | ||||||||
ISMD | 11,493,232 | — | 226,508 | 11,719,740 | ||||||||||||
IBD | 3,574,103 | 631,037 | — | 4,205,140 | ||||||||||||
BIBL | 13,552,964 | 34,395,131 | — | 47,948,095 | ||||||||||||
WWJD | 5,448,753 | 9,748,877 | — | 15,197,630 | ||||||||||||
RISN | 9,905,373 | 196,460 | — | 10,101,833 | ||||||||||||
GLRY | 1,890,822 | — | — | 1,890,822 | ||||||||||||
FDLS | 33,425 | — | — | 33,425 | ||||||||||||
For the period ended November 30, 2021: | ||||||||||||||||
Ordinary | Long-Term | Return | ||||||||||||||
Portfolio | Income | Capital Gains | Of Capital | Total | ||||||||||||
BLES | $ | 2,405,165 | $ | — | $ | — | $ | 2,405,165 | ||||||||
ISMD | 1,008,145 | — | — | 1,008,145 | ||||||||||||
IBD | 2,091,010 | — | — | 2,091,010 | ||||||||||||
BIBL | 3,163,725 | — | — | 3,163,725 | ||||||||||||
WWJD | 2,505,170 | — | — | 2,505,170 | ||||||||||||
RISN | 3,640,613 | 1,362 | — | 3,641,975 | ||||||||||||
GLRY | 58,050 | — | — | 58,050 | ||||||||||||
FDLS | — | — | — | — |
* | The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $192,710 for fiscal year ended November 30, 2021, for Inspire International ETF, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes. |
As of November 30, 2022, the components of accumulated earnings/ (deficit) on a tax basis were as follows:
Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total | ||||||||||||||||||||||
Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated | ||||||||||||||||||||||
Portfolio | Income | Capital Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) | |||||||||||||||||||||
BLES | $ | 114,250 | $ | — | $ | — | $ | (5,858,856 | ) | $ | — | $ | 7,170,000 | $ | 1,425,394 | |||||||||||||
ISMD | — | — | — | (961,753 | ) | — | 1,189,016 | 227,263 | ||||||||||||||||||||
IBD | 167,932 | — | — | (12,139,799 | ) | — | (14,314,374 | ) | (26,286,241 | ) | ||||||||||||||||||
BIBL | — | — | — | (26,493,350 | ) | — | (16,640,177 | ) | (43,133,527 | ) | ||||||||||||||||||
WWJD | 79,979 | — | — | (10,793,991 | ) | — | (334,643 | ) | (11,048,655 | ) | ||||||||||||||||||
RISN | 585,694 | — | — | (13,982,031 | ) | — | 822,848 | (12,573,489 | ) | |||||||||||||||||||
GLRY | 49,609 | — | (546,233 | ) | (6,113,422 | ) | — | 1,403,390 | (5,206,656 | ) | ||||||||||||||||||
FDLS | 46,146 | — | — | (2,651,006 | ) | — | 3,710,770 | 1,105,910 |
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May 31, 2023 |
The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for real estate investment trusts, passive foreign investment companies, and C-Corporation return of capital distributions.
Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following funds incurred and elected to defer such capital losses as follows:
Post October | ||||
Portfolio | Losses | |||
BLES | — | |||
ISMD | — | |||
IBD | — | |||
BIBL | — | |||
WWJD | — | |||
RISN | — | |||
GLRY | 546,233 | |||
FDLS | — |
At November 30, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:
Non-Expiring | ||||||||||||
Portfolio | Short-Term | Long-Term | Total | |||||||||
BLES | $ | 3,909,697 | $ | 1,949,159 | $ | 5,858,856.00 | ||||||
ISMD | — | 961,753 | 961,753 | |||||||||
IBD | 4,223,831 | 7,915,968 | 12,139,799 | |||||||||
BIBL | 16,563,119 | 9,930,231 | 26,493,350 | |||||||||
WWJD | 6,646,268 | 4,147,723 | 10,793,991 | |||||||||
RISN | 13,982,031 | — | 13,982,031 | |||||||||
GLRY | 4,724,490 | 1,388,932 | 6,113,422 | |||||||||
FDLS | 2,651,006 | — | 2,651,006 |
Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions, adjustments for prior year tax returns, non-deductible expenses and distributions in excess, resulted in reclassifications for the Funds for the year ended November 30, 2022, as follows:
Paid | ||||||||
In | Accumulated | |||||||
Portfolio | Capital | Earnings (Losses) | ||||||
BLES | $ | 181 | $ | (181 | ) | |||
ISMD | 2,904,386 | (2,904,386 | ) | |||||
IBD | (3,768,328 | ) | 3,768,328 | |||||
BIBL | 8,988,019 | (8,988,019 | ) | |||||
WWJD | 687,774 | (687,774 | ) | |||||
RISN | 62,415 | (62,415 | ) | |||||
GLRY | 1,257,767 | (1,257,767 | ) | |||||
FDLS | 33,809 | (33,809 | ) |
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May 31, 2023 |
7. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
Gross | Gross | Net Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation/ | ||||||||||||||
Portfolio | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
BLES | $ | 143,803,145 | $ | 18,025,439 | $ | (15,191,277 | ) | $ | 2,834,162 | |||||||
ISMD | 144,033,647 | 12,821,469 | (22,634,863 | ) | (9,813,394 | ) | ||||||||||
IBD | 256,539,372 | 937,304 | (12,760,935 | ) | (11,823,631 | ) | ||||||||||
BIBL | 308,960,024 | 17,959,595 | (47,632,332 | ) | (29,672,737 | ) | ||||||||||
WWJD | 193,301,125 | 11,846,815 | (15,113,599 | ) | (3,266,784 | ) | ||||||||||
RISN | 53,657,380 | 1,353,109 | (2,431,995 | ) | (1,078,886 | ) | ||||||||||
GLRY | 47,331,926 | 1,939,433 | (3,671,995 | ) | (1,732,562 | ) | ||||||||||
FDLS | 51,975,055 | 4,579,340 | (2,581,006 | ) | 1,998,334 |
8. | SECURITIES LENDING |
Each Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Custodian. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is held by the Custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.
As of May 31, 2023, the below table shows the securities loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities. All individual open security loan transactions were overcollateralized. The remaining contractual maturity of those transactions are overnight and continuous. This cash is invested in the Fidelity Government Portfolio – Institutional Class.
Collateral | ||||||||
Fair Value of | Value of | |||||||
Securities on | Securities on | |||||||
Ticker | Loan | Loan | ||||||
BLES | $ | 1,715,092 | $ | 1,823,101 | ||||
ISMD | 1,272,299 | 1,303,455 | ||||||
IBD | 81,712 | 83,650 | ||||||
WWJD | 2,871,090 | 3,065,720 | ||||||
FDLS | 516,948 | 527,850 |
119
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2023 |
The following table is a summary of the Funds’ securities loaned and related collateral, which are subject to a netting agreement as of May 31, 2023:
Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Statement of Assets | ||||||||||||||||||||||||
& Liabilities | ||||||||||||||||||||||||
Gross | Net Amounts | |||||||||||||||||||||||
Amounts | of Assets | |||||||||||||||||||||||
Gross | Offset in the | Presented in | ||||||||||||||||||||||
Amounts of | Statement of | the Statement | ||||||||||||||||||||||
Recognized | Assets & | of Assets & | Financial | Collateral | Net | |||||||||||||||||||
ETF | Assets | Liabilities | Liabilities | Instruments | Received | Amount | ||||||||||||||||||
BLES Securities Lending | $ | 1,823,101 | $ | — | $ | 1,823,101 | $ | — | $ | 1,823,101 | $ | — | ||||||||||||
ISMD Securities Lending | $ | 1,303,455 | $ | — | $ | 1,303,455 | $ | — | $ | 1,303,455 | $ | — | ||||||||||||
IBD Securities Lending | $ | 83,650 | $ | — | $ | 83,650 | $ | — | $ | 83,650 | $ | — | ||||||||||||
WWJD Securities Lending | $ | 3,065,720 | $ | — | $ | 3,065,720 | $ | — | $ | 3,065,720 | $ | — | ||||||||||||
FDLS Securities Lending | $ | 527,850 | $ | — | $ | 527,850 | $ | — | $ | 527,850 | $ | — |
It is each Fund’s policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. As of May 31, 2023 the collateral consisted of institutional government money market funds.
9. | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.
Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following.
The Board declared the following distributions after May 31, 2023:
Ticker | Dividend Per Share | Record Date | Payable Date | |||||||
BLES | $ | 0.2675 | 6/23/2023 | 7/3/2023 | ||||||
ISMD | $ | 0.0979 | 6/23/2023 | 7/3/2023 | ||||||
IBD | $ | 0.0576 | 6/23/2023 | 7/3/2023 | ||||||
BIBL | $ | 0.0829 | 6/23/2023 | 7/3/2023 | ||||||
WWJD | $ | 0.3528 | 6/23/2023 | 7/3/2023 | ||||||
RISN | $ | 0.1513 | 6/23/2023 | 7/3/2023 | ||||||
GLRY | $ | 0.0795 | 6/23/2023 | 7/3/2023 | ||||||
FDLS | $ | 0.0813 | 6/23/2023 | 7/3/2023 |
120
The Inspire ETFs |
EXPENSE EXAMPLES (Unaudited) |
May 31, 2023 |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2022 through May 31, 2023.
Actual Expenses
The “Actual” lines in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $ 1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The “Hypothetical” lines in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses Paid | Expenses Paid | |||||||
Account Value | Account Value | During Period* | During Period** | |||||||
Actual | 12/1/2022 | 5/31/2023 | 12/1/22 - 5/31/2023 | 12/1/22 - 5/31/2023 | ||||||
BLES | $ | 1,000.00 | $973.10 | $2.69 | 0.55% | |||||
ISMD | $ | 1,000.00 | $939.70 | $2.42 | 0.50% | |||||
IBD | $ | 1,000.00 | $1,023.00 | $2.18 | 0.43% | |||||
BIBL | $ | 1,000.00 | $968.40 | $1.72 | 0.35% | |||||
WWJD | $ | 1,000.00 | $1,029.60 | $3.41 | 0.67% | |||||
RISN | $ | 1,000.00 | $976.20 | $3.41 | 0.69% | |||||
GLRY | $ | 1,000.00 | $970.40 | $3.93 | 0.80% | |||||
FDLS | $ | 1,000.00 | $950.30 | $2.16 | 0.82% |
121
The Inspire ETFs |
EXPENSE EXAMPLES (Unaudited)(Continued) |
May 31, 2023 |
Beginning | Ending | Expenses Paid | Expenses Paid | |||||||
Hypothetical | Account Value | Account Value | During Period* | During Period** | ||||||
(5% return before expenses) | 12/1/2022 | 5/31/2023 | 12/1/22 - 5/31/2023 | 12/1/22 - 5/31/2023 | ||||||
BLES | $ | 1,000.00 | $1,022.20 | $2.76 | 0.55% | |||||
ISMD | $ | 1,000.00 | $1,022.44 | $2.52 | 0.50% | |||||
IBD | $ | 1,000.00 | $1,022.78 | $2.18 | 0.43% | |||||
BIBL | $ | 1,000.00 | $1,023.19 | $1.77 | 0.35% | |||||
WWJD | $ | 1,000.00 | $1,021.57 | $3.40 | 0.67% | |||||
RISN | $ | 1,000.00 | $1,021.48 | $3.49 | 0.69% | |||||
GLRY | $ | 1,000.00 | $1,020.94 | $4.03 | 0.80% | |||||
FDLS | $ | 1,000.00 | $1,011.34 | $2.23 | 0.82% |
* | Expenses are equal to the average account value over the period, multiplied by each Fund’s annualized expense ratio net of waived/reimbursed fees, multiplied by the number of days in the period (182) divided by the number of days in the fiscal year (365). “Hypothetical” expense information is presented on the basis of the full one-half year period to enable a comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period but is multiplied by 182/365 (to reflect the full half-year period). |
** | Annualized. |
122
The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited) |
May 31, 2023 |
Renewal of the Investment Advisory Agreement with Inspire Investing, LLC
In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on January 20, 2023, (the “Meeting”), the Board, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the “Inspire Advisory Agreement”) between Inspire Investing, LLC (“Inspire”) and the Trust, with respect to the Inspire 100 ETF (“Inspire 100”), Inspire Corporate Bond ETF (“Inspire CB”), Inspire Global Hope ETF (“Inspire GH”), Inspire Faithward Mid Cap Momentum ETF (“Faithward MCM”), Inspire International ETF (“Inspire Int’l”), Inspire Small/Mid Cap ETF (“Inspire SMC”) and Inspire Tactical Balanced ETF (“Inspire TB”) (collectively the “Inspire ETFs”). In considering the renewal of the Inspire Advisory Agreement, the Board received materials specifically relating to the Inspire Advisory Agreement.
Nature, Extent and Quality of Services. The Board reviewed the responsibilities and business experience of the key professionals at Inspire that were providing advisory services to the Inspire ETFs. The Board noted that a portfolio manager was eliminated from Inspire’s team as a cost-cutting measure during the past year. The Board recalled that Inspire provided the Inspire ETFs with portfolio design and trade order management among other services. The Board noted that Inspire executed the Trust’s valuation policies and procedures with respect to the Inspire ETFs. The Board observed that Inspire hired an additional contractor to assist with strengthening Inspire’s cybersecurity policies, including enhancing its phishing simulations and employee trainings. The Board commented that Inspire selected broker-dealers on the basis of best execution and that it evaluated brokers on a semi-annual basis. The Board discussed that Inspire reviewed pre-trade compliance checklists before executing any trades to ensure those trade would not cause any Inspire ETF to violate its investment restrictions or policies. The Board reviewed Inspire’s assessment of the Inspire ETFs as exchange-traded products and noted Inspire’s opinion that each Inspire ETF was performing as Inspire expected. The Board remarked that Inspire reported no data security incidents or compliance issues since the last recent renewal of the advisory agreement, and that a lawsuit brought against one of Inspire’s affiliates was settled out of court. The Board observed that Inspire reported a pending SEC examination and that Inspire had provided responses to all SEC requests. The Board concluded that it could expect Inspire to continue providing quality services to the Inspire ETFs and its shareholders.
Performance.
Inspire 100—The Board noted that Inspire 100 had underperformed its peer group, Morningstar category and the S&P 500 Total Return Index across all periods, but had outperformed its benchmark index across all periods. The Board observed that Inspire 100 was designed to fully replicate the benchmark, and that Inspire attributed Inspire 100’s bottom quartile ranking against its peer group and Morningstar category to its tilt to the smaller side of the large capitalization universe. The Board remarked that Inspire expected this tilt to help Inspire 100’s relative performance as the market recovered over the next two years. The Board concluded that Inspire 100’s returns were satisfactory.
123
The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2023 |
Inspire CB—The Board observed that Inspire CB had outperformed its peer group, Morningstar category and the Bloomberg US Aggregate Bond Index over the 1-year and 3-year periods, and the Bloomberg US Aggregate Bond Index over the 5 -year and since inception periods. The Board concluded that Inspire had provided reasonable returns for Inspire CB’s shareholders.
Faithward MCM—The Board commented that Faithward MCM underperformed its peer group, Morningstar category and the S&P Mid Cap 400 Total Return Index over the 1-year and since inception periods. The Board observed that Inspire expected the momentum factors used to manage Faithward MCM to outperform the broader market as the economy recovered. The Board determined that Inspire should be afforded the chance to manage Faithward MCM over a full market cycle.
Inspire GH—The Board discussed that Inspire GH had outperformed or was on par with its peer group across all periods and had outperformed its Morningstar category across all periods. The Board noted that inspire GH had outperformed the S&P 500 Global 1200 Total Return Index over the 3-year, 5-year and since inception periods. The Board concluded that Inspire had provided reasonable returns for Inspire GH’s shareholders.
Inspire Int’l—The Board recognized that Inspire Int’l had outperformed its peer group, Morningstar category and the S&P International 700 Net Return Index across all periods. The Board concluded that Inspire had provided reasonable returns for the shareholders of Inspire Int’l.
Inspire SMC—The Board remarked that Inspire SMC had outperformed its peer group over the 1-year and 3-year periods, and was on par with its peer group over the since inception period. The Board observed that Inspire SMC had outperformed its Morningstar category over the 1-year period and slightly trailed the category over the 3-year period. The Board concluded that Inspire SMC’s returns were satisfactory.
Inspire TB—The Board noted that Inspire TB was on par with its peer group, Morningstar category and the S&P Target Risk Moderate Total Return index over the 1-year period and had outperformed the index over the since inception period. The Board concluded that Inspire TB’s returns were satisfactory.
Fees and Expenses. The Board compared each Inspire ETF’s advisory fee and net expense ratio with its peer group and Morningstar category. The Board concluded in each case that Inspire’s advisory fee was not unreasonable.
Inspire 100—The Board noted that Inspire 100’s advisory fee was on par with the peer group median and Morningstar category average. The Board observed that Inspire 100’s expense ratio was below the peer group average.
Inspire CB—The Board observed that Inspire CB’s advisory fee and expense ratio was the high of its peer group and Morningstar category. The Board considered Inspire’s explanation that Inspire CB was comparatively smaller than the other funds in its peer group and had a biblically responsible investing mandate.
124
The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2023 |
Faithward MCM—The Board remarked that Faithward MCM’s advisory fee was the lowest of its peer group and the low of the Morningstar category. The Board noted that Faithward MCM’s net expense ratio was on par with the averages of its peer group and Morningstar category.
Inspire GH—The Board discussed that Inspire GH’s advisory fee was below the averages and medians of the Morningstar category and peer group and Inspire GH’s net expense ratio was on par with the peer group median.
Inspire Int’l—The Board noted that the advisory fee for Inspire Int’l was on par with its peer group average. The Board discussed that its net expense ratio was the high of the peer group but well below the high of the Morningstar category. The Board considered that Inspire expected the net expense ratio to decrease as the assets of Inspire Int’l continued to grow.
Inspire SMC—The Board recognized that Inspire SMC’s advisory fee was on par with the peer group average and that its net expense ratio, although higher than the peer group and Morningstar category averages and medians, was below the highs of each.
Inspire TB—The Board discussed that Inspire TB’s advisory fee was equal to the peer group and Morningstar category medians, but that its net expense ratio was the high of the peer group and Morningstar category. The Board considered that Inspire expected the net expense ratio to decrease as the assets of Inspire TB continued to grow.
Economies of Scale. The Board considered whether economies of scale had been reached with respect to the management of the Inspire ETFs. The Board noted that Inspire had indicated a willingness to continue to evaluate the appropriateness of breakpoints when an Inspire ETF reached higher asset levels. The Board agreed to monitor and revisit the issue at the appropriate time.
Profitability. The Board reviewed the profitability analysis provided by Inspire for each of the Inspire ETFs. The Board observed that Inspire was operating at a loss with respect to Faithward MCM, but was otherwise earning a reasonable profit with respect to the all other Inspire ETFs. The Board determined that excessive profitability was not an issue for Inspire with respect to any Inspire ETF as this time.
Conclusion. Having requested such information from Inspire as the Board believed to be reasonably necessary to evaluate the terms of the Inspire Advisory Agreement, and with the advice of independent counsel, the Board determined that renewal of the Inspire Advisory Agreement with Inspire was in the best interests of the Inspire ETFs and their shareholders.
125
The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2023 |
Renewal of Investment Sub-Advisory Agreement between Inspire Investing, LLC and SevenOneSeven Capital Management, Ltd.
In connection with the Meeting, the Board, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment sub-advisory agreement between Inspire and SevenOneSeven Capital Management, Ltd. (“SevenOneSeven”) with respect to Faithward MCM (the “SevenOneSeven Sub-Advisory Agreement”). In considering the renewal of the SevenOneSeven Sub-Advisory Agreement, the Board received materials specifically relating to the SevenOneSeven Sub-Advisory Agreement.
Nature, Extent and Quality of Services. The Board reviewed the responsibilities and experience of the key personnel at SevenOneSeven who were servicing Faithward MCM. The Board acknowledged that SevenOneSeven conducted research through its proprietary screening methodology that assessed a company’s financial health, earnings growth, valuation and relative strength and that SevenOneSeven used Bloomberg analytics to construct strategic and tactical portfolio allocations at the sector, industry and company level. The Board recognized that SevenOneSeven conducted regular cybersecurity testing and reported no material cybersecurity incidents. The Board discussed that SevenOneSeven monitored compliance with Faithward MCM on a routine basis and had no material compliance issues to report. The Board observed that SevenOneSeven was undergoing an SEC examination, but was not a party to any litigation or administrative action. The Board concluded that it could expect SevenOneSeven to continue providing satisfactory service to Faithward MCM and its shareholders.
Performance. The Board commented that Faithward MCM underperformed its peer group, Morningstar category and the S&P Mid Cap 400 Total Return Index over the 1-year and since inception periods. The Board observed that the adviser expected the momentum factors used to manage Faithward MCM to outperform the broader market as the economy recovered. The Board determined that SevenOneseven should be afforded the chance to manage Faithward MCM over a full market cycle.
Fees and Expenses. The Board observed that SevenOneSeven’s sub-advisory fee for Faithward MCM was lower than the average fee for its other accounts. The Board concluded that the sub-advisory fee was not unreasonable.
Economies of Scale. The Board considered whether SevenOneSeven had realized economies of scale with respect to the sub-advisory services provided to Faithward MCM. The Board agreed that this was primarily an advisor-level issue and should be considered with respect to the overall management agreement taking into consideration the impact of the sub-advisory expense. The Board concluded that, based on the current size of Faithward MCM, it was unlikely that SevenOneSeven was benefitting from any material economies of scale.
Profitability. The Board reviewed a profitability analysis provided by SevenOneSeven and observed that SevenOneSeven was sub- advising Faithward MCM at a loss. The Board determined that excessive profitability was therefore not an issue for SevenOneSeven at this time.
126
The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2023 |
Conclusion. Having requested such information from SevenOneSeven as the Board believed to be reasonably necessary to evaluate the terms of the SevenOneSeven Sub-Advisory Agreement, and with the advice of independent counsel, the Board determined that renewal of the SevenOneSeven Sub-Advisory Agreement between Inspire and SevenOneSeven was in the best interests of Faithward MCM and its shareholders.
127
PRIVACY NOTICE
Northern Lights Fund Trust IV
Rev. April 2021
FACTS | WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depends on the product or service that you have with us. This information can include:
● Social Security number and wire transfer instructions
● account transactions and transaction history
● investment experience and purchase history
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust IV chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information: | Does Northern Lights Fund Trust IV share information? | Can you limit this sharing? |
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | YES | NO |
For our marketing purposes - to offer our products and services to you. | NO | We don’t share |
For joint marketing with other financial companies. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your transactions and records. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your credit worthiness. | NO | We don’t share |
For nonaffiliates to market to you | NO | We don’t share |
QUESTIONS? | Call 1-631-490-4300 |
128
PRIVACY NOTICE
Northern Lights Fund Trust IV
Page 2 |
What we do: | |
How does Northern Lights Fund Trust IV protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
How does Northern Lights Fund Trust IV collect my personal information? | We collect your personal information, for example, when you ● open an account or deposit money
● direct us to buy securities or direct us to sell your securities
● seek advice about your investments
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: ● sharing for affiliates’ everyday business purposes – information about your creditworthiness.
● affiliates from using your information to market to you.
● sharing for nonaffiliates to market to you.
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
● Northern Lights Fund Trust IV has no affiliates. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● Northern Lights Fund Trust IV does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
● Northern Lights Fund Trust IV does not jointly market. |
129
PROXY VOTING POLICY
Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-877 -658-9473 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
PORTFOLIO HOLDINGS
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.
PREMIUM/DISCOUNT INFORMATION
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at www.inspireetf.com.
INVESTMENT ADVISER |
Inspire Investing, LLC |
3597 E Monarch Sky Lane, Suite 330 |
Meridian, ID 83646 |
INVESTMENT SUB-ADVISER |
Seven One Seven Capital Management LTD |
1755 Oregon Pike |
Lancaster, PA 17601 |
ADMINISTRATOR |
Ultimus Fund Solutions, LLC |
4221 North 203rd Street, Suite 100 |
Elkhorn, NE 68022-3474 |
INSPIRE-SA23 |
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.
Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders. None
Item 11. Controls and Procedures.
(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. - Not applicable to open-end investment companies.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable for open-end investment companies.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Northern Lights Fund Trust IV
By (Signature and Title)
/s/ Wendy Wang
Wendy Wang, Principal Executive Officer/President
Date 9/7/23
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Wendy Wang
Wendy Wang, Principal Executive Officer/President
Date 9/7/23
By (Signature and Title)
/s/ Sam Singh
Sam Singh, Principal Financial Officer/Treasurer
Date 9/7/23