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: 5/31/24
Item 1. Reports to Stockholders.
Inspire Global Hope ETF | |
(BLES) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire Global Hope ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire Global Hope ETF | $26 | 0.52% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of the fiscal year of 12.41%. This strong performance was driven by the upward momentum and security selection in the Information Technology and Financials sectors. The other sectors that helped achieve this positive performance came from the Industrials and Materials sectors. The sectors that caused the largest drag to performance were the Consumer Staples and Communication Services sectors. During the period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
How has the Fund performed since inception? |
Inspire Global Hope ETF | Inspire Global Hope Index | S&P Global 1200 Index | |
27-02-2017 | 10000 | 10000 | 10000 |
31-05-2017 | 10408 | 10461 | 10494 |
31-05-2018 | 11488 | 11565 | 11793 |
31-05-2019 | 11150 | 11448 | 11815 |
31-05-2020 | 10979 | 11135 | 12626 |
31-05-2021 | 17169 | 17304 | 17870 |
31-05-2022 | 16061 | 16310 | 17127 |
31-05-2023 | 15496 | 15880 | 17530 |
31-05-2024 | 18542 | 19132 | 21911 |
Average Annual Total Returns |
6 months | 1 Year | 5 years | Since Inception (2/27/2017) | |
Inspire Global Hope ETF - NAV | 12.41% | 19.66% | 10.71% | 8.88% |
Inspire Global Hope ETF - Market Price | 12.63% | 19.81% | 10.68% | 8.93% |
Inspire Global Hope Index | 12.96% | 20.48% | 10.82% | 9.36% |
S&P Global 1200® Index | 15.25% | 24.99% | 13.15% | 11.42% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $107,944,767 |
Number of Portfolio Holdings | 405 |
Advisory Fee | $232,654 |
Portfolio Turnover | 24% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Industrials | 14.5% |
Technology | 14.4% |
Financials | 14.2% |
Materials | 10.9% |
Energy | 8.2% |
Utilities | 7.8% |
Real Estate | 7.1% |
Health Care | 6.8% |
Consumer Discretionary | 6.1% |
Consumer Staples | 5.7% |
Communications | 3.0% |
Money Market Funds | 1.2% |
Other Assets in Excess of Liabilities | 0.1% |
Asset Weighting (% of total investments) |
Common Stocks | 92.9% |
Money Market Funds | 1.2% |
Preferred Stocks | 0.2% |
REIT | 5.7% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
Fidelity Government Portfolio - Institutional Class, Institutional | 1.2% |
Corpay, Inc. | 0.6% |
First Solar, Inc. | 0.4% |
Chandra Asri Petrochemical Tbk P.T. | 0.4% |
BIM Birlesik Magazalar A/S | 0.3% |
Solvay S.A. | 0.3% |
Mahindra & Mahindra Ltd. | 0.3% |
Hang Seng Bank Ltd. | 0.3% |
Teradyne, Inc. | 0.3% |
Sprouts Farmers Market, Inc. | 0.3% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire Global Hope ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-BLES |
Inspire Small/Mid Cap ETF | |
(ISMD) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire Small/Mid Cap ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire Small/Mid Cap ETF | $25 | 0.49% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of the fiscal year of 14.56%. This strong performance was driven by the upward momentum and security selection in the Information Technology, Health Care and Industrials sectors. The other sectors that helped achieve this positive performance came from the Consumer Discretionary and Financials sectors. The sectors that caused the largest drag to performance were the Consumer Staples, Utilities and Communication Services sectors.. During the period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
How has the Fund performed since inception? |
Inspire Small/Mid Cap ETF - NAV | Inspire Small/MidCap Impact Index | Russell 2000® Total Return Index | S&P SmallCap 600® Equal Weight Index | |
27-02-2017 | 10,000 | 10,000 | 10000 | 10000 |
31-05-2017 | 9,728 | 9,734 | 9,767 | 9,579 |
31-05-2018 | 11,504 | 11,689 | 11,796 | 11,782 |
31-05-2019 | 10,492 | 10,580 | 10,729 | 10,196 |
31-05-2020 | 9,549 | 9,694 | 10,360 | 9,131 |
31-05-2021 | 15,997 | 16,937 | 17,048 | 17,639 |
31-05-2022 | 14,856 | 15,892 | 14,165 | 15,993 |
31-05-2023 | 14,244 | 15,301 | 13,502 | 14,536 |
31-05-2024 | 17,194 | 18,579 | 16218 | 16929 |
6 months | 1 Year | 5 years | Since Inception (2/27/2017) | |
Inspire Small/Mid Cap ETF - NAV | 14.56% | 20.71% | 10.38% | 7.76% |
Inspire Small/Mid Cap ETF - Market Price | 15.23% | 21.13% | 10.47% | 7.82% |
Inspire Small/MidCap Impact Index | 14.93% | 21.42% | 11.92% | 8.91% |
Russell 2000® Total Return Index | 15.23% | 20.12% | 8.61% | 6.89% |
S&P SmallCap 600® Equal Weight Index | 12.20% | 16.44% | 10.67% | 7.52% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $185,400,938 |
Number of Portfolio Holdings | 503 |
Advisory Fee | $267,408 |
Portfolio Turnover | 19% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Financials | 18.7% |
Industrials | 15.3% |
Technology | 14.1% |
Consumer Discretionary | 11.5% |
Health Care | 9.7% |
Real Estate | 8.3% |
Materials | 7.5% |
Consumer Staples | 4.9% |
Utilities | 3.5% |
Energy | 3.5% |
Money Market Funds | 2.1% |
Communications | 2.1% |
Information Technology | 0.0% |
Liabilities in Excess of Other Assets | -1.2% |
Asset Weighting (% of total investments) |
Business Development Companies | 0.6% |
Common Stocks | 88.3% |
Money Market Funds | 2.0% |
REIT | 9.1% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
Fidelity Government Portfolio - Institutional Class | 2.1% |
Deciphera Pharmaceuticals, Inc. | 0.3% |
Coeur Mining, Inc. | 0.3% |
Ameresco, Inc. | 0.3% |
Blue Bird Corporation | 0.3% |
ADMA Biologics, Inc. | 0.3% |
Benchmark Electronics, Inc. | 0.3% |
Semtech Corporation | 0.3% |
EchoStar Corporation | 0.3% |
Pulse Biosciences, Inc. | 0.3% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire Small/Mid Cap ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-ISMD |
Inspire Corporate Bond ETF | |
(IBD) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire Corporate Bond ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire Corporate Bond ETF | $23 | 0.45% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of the fiscal year of 2.80%. This positive performance was driven by falling interest rates across the yield curve spectrum in anticipation that the next move in interest rates by the Federal Reserve may be a rate cut or two. The investment grade quality fixed income portfolio of the Fund performed in line with the broader fixed income market even though the Fund had no exposure to US Treasuries or mortgage-backed securities. During the period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
How has the Fund performed since inception? |
Inspire Corporate Bond ETF - NAV | Inspire Corp. Bond Impact Index | Bloomberg Intermediate Corporate Index | Bloomberg U.S. Intermediate Credit Index | |
10-07-2017 | 10000 | 10000 | 10000 | 10000 |
31-05-2018 | 9,925 | 10,011 | 9,983 | 9,982 |
31-05-2019 | 10,490 | 10,680 | 10,644 | 10,629 |
31-05-2020 | 11,022 | 11,588 | 11,410 | 11,377 |
31-05-2021 | 11,301 | 12,151 | 11,849 | 11,759 |
31-05-2022 | 10,428 | 11,237 | 10,989 | 10,937 |
31-05-2023 | 10,400 | 11,245 | 10,992 | 10,936 |
31-05-2024 | 10830 | 11827 | 11540 | 11438 |
Average Annual Total Returns |
6 months | 1 Year | 5 years | Since Inception (7/10/2017) | |
Inspire Corporate Bond ETF - NAV | 2.80% | 4.13% | 0.64% | 1.16% |
Inspire Corporate Bond ETF - Market Price | 3.38% | 4.62% | 0.71% | 1.22% |
Bloomberg Intermediate Corporate Index | 3.15% | 4.99% | 1.63% | 2.10% |
Bloomberg U.S. Aggregate Bond Index | 2.12% | 1.31% | -0.17% | 0.77% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $308,731,416 |
Number of Portfolio Holdings | 251 |
Advisory Fee | $388,228 |
Portfolio Turnover | 15% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Industrials | 19.2% |
Real Estate | 19.0% |
Energy | 11.9% |
Technology | 11.8% |
Utilities | 8.4% |
Materials | 7.7% |
Financials | 7.2% |
Consumer Discretionary | 6.2% |
Consumer Staples | 5.4% |
Health Care | 2.1% |
Other Assets in Excess of Liabilities | 1.1% |
Asset Weighting (% of total investments) |
Corporate Bonds | 100.0% |
Money Market Funds | 0.0% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
Devon Energy Corporation | 1.4% |
Trimble, Inc. | 1.3% |
Alexandria Real Estate Equities, Inc. | 1.3% |
Loews Corporation | 1.3% |
Valero Energy Corporation | 1.3% |
Arch Capital Finance, LLC | 1.3% |
Amphenol Corporation | 1.3% |
Cboe Global Markets, Inc. | 1.3% |
Dollar General Corporation | 1.3% |
AutoZone, Inc. | 1.3% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire Corporate Bond ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-IBD |
Inspire 100 ETF | |
(BIBL) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire 100 ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire 100 ETF | $18 | 0.35% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of the fiscal year of 15.99%. This strong performance was driven by the upward momentum and security selection in the Information Technology and Industrials sectors. The other sectors that helped achieve this positive performance came from the Health Care and Financials sectors. The sectors that caused the largest drag to performance were the Consumer Staples and Consumer Discretionary sectors. During the period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
How has the Fund performed since inception? |
Inspire 100 ETF - NAV | Inspire 100 Index | S&P 500® Index | |
30-10-2017 | 10000 | 10000 | 10000 |
31-05-2018 | 10,707 | 10,758 | 10,642 |
31-05-2019 | 10,626 | 10,742 | 11,045 |
31-05-2020 | 12,398 | 12,477 | 12,463 |
31-05-2021 | 17,602 | 18,230 | 17,488 |
31-05-2022 | 16,200 | 16,872 | 17,435 |
31-05-2023 | 15,461 | 16,178 | 17,945 |
31-05-2024 | 19243 | 20230 | 23003 |
Average Annual Total Returns |
6 months | 1 Year | 5 years | Since Inception (10/30/2017) | |
Inspire 100 ETF - NAV | 15.99% | 24.46% | 12.61% | 10.45% |
Inspire 100 ETF - Market Price | 15.93% | 24.24% | 12.57% | 10.44% |
Inspire 100 Index | 16.31% | 25.05% | 13.50% | 11.30% |
S&P 500® Index | 16.35% | 28.19% | 15.80% | 13.49% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $318,208,934 |
Number of Portfolio Holdings | 101 |
Advisory Fee (net of waivers) | $404,227 |
Portfolio Turnover | 18% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Technology | 30.5% |
Industrials | 22.2% |
Real Estate | 11.3% |
Health Care | 10.5% |
Energy | 7.0% |
Financials | 6.2% |
Materials | 6.1% |
Utilities | 3.0% |
Consumer Discretionary | 1.9% |
Consumer Staples | 1.0% |
Other Assets in Excess of Liabilities | 0.3% |
Asset Weighting (% of total investments) |
Common Stocks | 88.7% |
REIT | 11.3% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
Caterpillar, Inc. | 4.7% |
Intuitive Surgical, Inc. | 4.0% |
Progressive Corporation (The) | 3.5% |
Prologis, Inc. | 3.1% |
KLA Corporation | 3.0% |
Arista Networks, Inc. | 2.7% |
Synopsys, Inc. | 2.5% |
Amphenol Corporation | 2.2% |
Freeport-McMoRan, Inc. | 2.1% |
Parker-Hannifin Corporation | 2.0% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire 100 ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-BIBL |
Inspire International ETF | |
(WWJD) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire International ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire International ETF | $32 | 0.63% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of the fiscal year of 10.38%. This positive performance was driven by the upward momentum and security selection in the Financials and Materials sectors. The other sectors that helped achieve this positive performance came from the Consumer Discretionary and Industrials sectors. The sectors that caused the largest drag to performance were the Consumer Staples and Utilities sectors. During the period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
Inspire International ETF - NAV | Inspire Global Hope Ex-US GTR Index | S&P International 700 TR | |
30-09-2019 | 10000 | 10000 | 10000 |
31-05-2020 | 9,215 | 8,789 | 9,323 |
31-05-2021 | 14,592 | 13,823 | 13,393 |
31-05-2022 | 13,202 | 12,609 | 11,981 |
31-05-2023 | 13,019 | 12,570 | 12,132 |
31-05-2024 | 15072 | 14670 | 14,422 |
Average Annual Total Returns |
6 months | 1 Year | Since Inception (9/30/2019) | |
Inspire International ETF - NAV | 10.36% | 15.77% | 9.19% |
Inspire International ETF - Market Price | 10.89% | 16.19% | 9.32% |
Inspire Global Hope Ex- US GTR Index | 10.94% | 16.70% | 8.55% |
S&P International 700 TR | 13.10% | 18.88% | 8.16% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $294,633,838 |
Number of Portfolio Holdings | 203 |
Advisory Fee | $581,383 |
Portfolio Turnover | 17% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Financials | 20.6% |
Industrials | 15.3% |
Materials | 13.5% |
Utilities | 10.3% |
Energy | 7.6% |
Consumer Staples | 6.4% |
Technology | 6.3% |
Consumer Discretionary | 5.3% |
Health Care | 5.2% |
Communications | 5.0% |
Real Estate | 3.2% |
Money Market Funds | 2.8% |
Liabilities in Excess of Other Assets | -1.5% |
Asset Weighting (% of total investments) |
Common Stocks | 96.2% |
Money Market Funds | 2.8% |
Preferred Stocks | 0.5% |
REIT | 0.5% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
Fidelity Government Portfolio - Institutional Class, Institutional | 2.8% |
Chandra Asri Petrochemical Tbk P.T. | 0.8% |
BIM Birlesik Magazalar A/S | 0.7% |
Solvay S.A. | 0.7% |
Mahindra & Mahindra Ltd. | 0.6% |
Hang Seng Bank Ltd. | 0.6% |
Naturgy Energy Group SA | 0.6% |
Fortum OYJ | 0.6% |
Wheaton Precious Metals Corporation | 0.6% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire International ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-WWJD |
Inspire Tactical Balanced ETF | |
(RISN) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire Tactical Balanced ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire Tactical Balanced ETF | $37 | 0.73% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of the fiscal year of 9.44%. Since the Fund has a current target of 80% to be invested in US Large Cap stock, most of this positive performance was driven by the upward momentum and security selection in the Consumer Discretionary and Industrials sectors. The other sectors that helped achieve this positive performance came from the Information Technology and Financials sectors. The sectors that caused the largest drag to performance were the Consumer Staples and Communication Services sectors. The Fund is also currently invested at a 20% level in US Treasury exposure so part of the positive performance was driven by falling interest rates across the yield curve spectrum in anticipation that the next move in interest rates by the Federal Reserve may be a rate cut or two. During the period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
Inspire Tactical Balanced ETF - NAV | S&P Target Risk Moderate Index | |
15-07-2020 | 10000 | 10000 |
30-09-2020 | 10,213 | 10,138 |
31-12-2020 | 10,746 | 10,790 |
31-03-2021 | 11,259 | 10,877 |
30-06-2021 | 12,207 | 11,296 |
30-09-2021 | 12,172 | 11,247 |
31-12-2021 | 13,126 | 11,558 |
31-03-2022 | 11,718 | 10,918 |
30-06-2022 | 11,080 | 9,938 |
30-09-2022 | 10,694 | 9,408 |
31-12-2022 | 10,819 | 9,892 |
31-03-2023 | 10,674 | 10,366 |
30-06-2023 | 11,255 | 10,588 |
30-09-2023 | 10,855 | 10,257 |
31-12-2023 | 11,910 | 11,119 |
31-03-2024 | 12,849 | 11,461 |
31-05-2024 | 12317 | 11462 |
Average Annual Total Returns |
6 months | 1 Year | Since Inception (7/15/2020) | |
Inspire Tactical Balanced ETF - NAV | 9.44% | 16.63% | 5.52% |
Inspire Tactical Balanced ETF - Market Price | 9.40% | 16.85% | 5.50% |
S&P Target Risk Moderate Index | 7.43% | 10.77% | 3.58% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $88,021,163 |
Number of Portfolio Holdings | 76 |
Advisory Fee | $223,288 |
Portfolio Turnover | 22% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Industrials | 29.0% |
Fixed Income | 19.9% |
Consumer Discretionary | 12.8% |
Technology | 12.5% |
Health Care | 9.4% |
Financials | 5.4% |
Real Estate | 3.3% |
Materials | 3.3% |
Consumer Staples | 2.0% |
Communications | 1.0% |
Energy | 1.0% |
Other Assets in Excess of Liabilities | 0.4% |
Asset Weighting (% of total investments) |
Common Stocks | 76.8% |
Exchange-Traded Funds | 19.9% |
REIT | 3.3% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
WisdomTree Floating Rate Treasury Fund | 19.9% |
Fair Isaac Corporation | 1.2% |
NVR, Inc. | 1.2% |
ICON plc | 1.2% |
Littelfuse, Inc. | 1.2% |
Brown & Brown, Inc. | 1.2% |
MSCI, Inc. | 1.2% |
TJX Companies, Inc. (The) | 1.2% |
Cognex Corporation | 1.2% |
Amphenol Corporation, Class A | 1.2% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire Tactical Balanced ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Additional information is available on the Fund’s website ( www.inspireetf.com ), |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-RISN |
Inspire Momentum ETF | |
(GLRY) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire Momentum ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. This report describes changes to the Fund that occurred during the reporting period. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire Momentum ETF | $40 | 0.80% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of its fiscal year of 19.55%. This strong performance was driven by the Fund’s focus on the momentum factor that was in favor over the past year as well as security selection in the Industrials sector. The other sectors that helped achieve this positive performance came from the Materials, Consumer Staples and Financials sectors. The sector that caused the largest drag to performance was the Utilities sector. During the six-month period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
Inspire Momentum ETF - NAV | S&P MidCap 400® Index | S&P Composite 1500® Index | |
07-12-2020 | 10000 | 10000 | 10000 |
31-05-2021 | 11,788 | 12,269 | 11,548 |
31-05-2022 | 9,660 | 11,469 | 11,443 |
31-05-2023 | 9,806 | 11,168 | 11,712 |
31-05-2024 | 12893 | 14068 | 14975 |
Average Annual Total Returns |
6 months | 1 Year | Since Inception (12/7/2020) | |
Inspire Momentum ETF - NAV | 19.55% | 31.48% | 7.58% |
Inspire Momentum ETF - Market Price | 19.63% | 31.62% | 7.60% |
S&P Composite 1500® Index | 16.36% | 27.86% | 12.31% |
S&P MidCap 400® Index | 17.27% | 25.97% | 10.31% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund
Fund Statistics | |
Net Assets | $63,509,467 |
Number of Portfolio Holdings | 34 |
Advisory Fee (net of waivers) | $120,043 |
Portfolio Turnover | 41% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Industrials | 27.8% |
Financials | 11.8% |
Consumer Discretionary | 10.7% |
Materials | 9.1% |
Health Care | 9.0% |
Energy | 8.5% |
Technology | 7.2% |
Consumer Staples | 6.5% |
Real Estate | 5.6% |
Utilities | 2.7% |
Other Assets in Excess of Liabilities | 1.1% |
Asset Weighting (% of total investments) |
Common Stocks | 94.3% |
REIT | 5.7% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
EMCOR Group, Inc. | 4.6% |
Encore Wire Corporation | 3.4% |
Reinsurance Group of America, Inc. | 3.4% |
BJ’s Wholesale Club Holdings, Inc. | 3.4% |
United Therapeutics Corporation | 3.3% |
Encompass Health Corporation | 3.3% |
Kyndryl Holdings, Inc. | 3.3% |
Curtiss-Wright Corporation | 3.3% |
Murphy USA, Inc. | 3.2% |
Casey’s General Stores, Inc. | 3.1% |
Material Fund Changes |
SevenOneSeven Capital ManagementLTD no longer serves as sub-advisor to the Fund. The Fund changed its name from “Inspire Faithward Mid-Cap Momentum ETF” to its current name on March 29, 2024. |
Inspire Momentum ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-GLRY |
Inspire Fidelis Multi Factor ETF | |
(FDLS) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire Fidelis Multi Factor ETF for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. | |
What were the Fund’s costs for the last six months? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire Fidelis Multi Factor ETF | $35 | 0.69% |
How did the Fund perform during the reporting period? |
The Fund had a return on the NAV for the first 6 months of the fiscal year of 13.14%. This strong performance was driven by the upward momentum and security selection in the Information Technology, Industrials and Financials sectors. The other sector that helped achieve this positive performance came from the Consumer Discretionary sector. The sectors that caused the largest drag to performance were the Communication Services, Health Care and Real Estate sectors. During the period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
How has the Fund performed since inception? |
Inspire Fidelis Multi Factor ETF - NAV | WI Fidelis Multi-Cap, Multi-Factor Index | S&P Global 1200® Index | MSCI ACWI Net | |
23-08-2022 | 10,000 | 10,000 | 10,000 | 10,000 |
30-09-2022 | 8,808 | 8,841 | 8,738 | 8,746 |
31-12-2022 | 9,799 | 9,899 | 9,662 | 9,600 |
31-03-2023 | 10,120 | 10,239 | 10,406 | 10,301 |
30-06-2023 | 10,970 | 11,126 | 11,119 | 10,938 |
30-09-2023 | 10,721 | 10,896 | 10,712 | 10,566 |
31-12-2023 | 11,897 | 12,125 | 11,922 | 11,731 |
31-03-2024 | 12,384 | 12,654 | 13,003 | 12,693 |
31-05-2024 | 12,404 | 12,676 | 13,117 | 12,773 |
Average Annual Total Returns |
6 months | 1 Year | Since Inception (8/23/2022) | |
Inspire Fidelis Multi Factor ETF - NAV | 13.14% | 25.11% | 12.94% |
Inspire Fidelis Multi Factor ETF - Market Price | 13.02% | 25.08% | 12.88% |
MSCI ACWI Net | 14.10% | 23.56% | 14.83% |
S&P Global 1200® Index | 15.25% | 24.99% | 16.57% |
WI Fidelis Multi-Cap, Multi- Factor Index | 13.67% | 26.19% | 14.34% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $83,179,073 |
Number of Portfolio Holdings | 100 |
Advisory Fee | $183,024 |
Portfolio Turnover | 150% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Technology | 20.4% |
Industrials | 15.1% |
Financials | 13.5% |
Health Care | 12.5% |
Consumer Discretionary | 11.0% |
Energy | 7.6% |
Consumer Staples | 7.2% |
Materials | 5.7% |
Communications | 3.0% |
Utilities | 1.4% |
Collateral for Securities Loaned | 0.9% |
Real Estate | 0.5% |
Other Assets in Excess of Liabilities | 1.2% |
Asset Weighting (% of total investments) |
Common Stocks | 98.6% |
Money Market Funds | 0.9% |
REIT | 0.5% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
Vital Farms, Inc. | 2.0% |
ADMA Biologics, Inc. | 1.4% |
Vistra Corporation | 1.4% |
Powell Industries, Inc. | 1.3% |
Perdoceo Education Corporation | 1.3% |
Telephone and Data Systems, Inc. | 1.2% |
Vertiv Holdings Company | 1.2% |
Victory Capital Holdings, Inc. | 1.2% |
Primo Water Corporation | 1.2% |
Sprouts Farmers Market, Inc. | 1.2% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire Fidelis Multi Factor ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-FDLS |
Inspire 500 ETF | |
(PTL) NYSE Arca, Inc. | |
- May 31, 2024 | |
Fund Overview | |
This semi-annual shareholder report contains important information about Inspire 500 ETF for the period of March 25, 2024 to May 31, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. | |
What were the Fund’s costs for the reporting period? | |
(based on a hypothetical $10,000 investment) | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Inspire 500 ETF | $2 | 0.09% |
How did the Fund perform during the reporting period? |
The Fund was launched on March 25, 2024 had a return on the NAV of -1.40% for the since inception period. This negative performance was driven by pullback over the past couple of months in the broader US Large Cap markets and particularly in the Health Care and Industrials sectors. The other sectors that caused the largest drag to performance were the Consumer Discretionary and Information Technology. During the last couple of months, we have seen a minor correction in the broader US Large Cap market due to uncertainty about the next move in interest rates by the Federal Reserve. During the six-month period ended May 31, 2024, the Fund’s use of the current investment strategies did not cause the Fund’s performance to materially deviate from the manager’s expectations considering the uncertainty of the markets. |
How has the Fund performed since inception? |
Inspire 500 ETF - NAV | Inspire 500 Index | S&P 500® Index | |
25-03-2024 | 10000 | 10000 | 10000 |
31-03-2024 | 10,115 | 10,114 | 10,071 |
30-04-2024 | 9,588 | 9,587 | 9,659 |
31-05-2024 | 9860 | 9862 | 10138 |
Average Annual Total Returns |
Since Inception (3/25/2024) | |
Inspire 500 ETF - NAV | -1.40% |
Inspire 500 ETF - Market Price | -1.36% |
Inspire 500 Index | -1.38% |
S&P 500® Index | 1.38% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics | |
Net Assets | $123,248,470 |
Number of Portfolio Holdings | 499 |
Advisory Fee | $15,832 |
Portfolio Turnover | 0% |
What did the Fund invest in? | |
Sector Weighting (% of net assets) |
Technology | 23.5% |
Industrials | 15.9% |
Consumer Discretionary | 10.0% |
Energy | 9.8% |
Health Care | 8.9% |
Materials | 7.5% |
Financials | 7.2% |
Real Estate | 6.2% |
Utilities | 5.6% |
Consumer Staples | 3.1% |
Communications | 1.3% |
Other Assets in Excess of Liabilities | 1.1% |
Asset Weighting (% of total investments) |
Business Development Companies | 0.1% |
Common Stocks | 93.4% |
REIT | 6.5% |
Top 10 Holdings (% of net assets) |
Holding Name | % of Net Assets |
Broadcom, Inc. | 4.9% |
Exxon Mobil Corporation | 3.7% |
Home Depot, Inc. (The) | 2.6% |
QUALCOMM, Inc. | 1.8% |
Linde plc | 1.6% |
Caterpillar, Inc. | 1.3% |
NextEra Energy, Inc. | 1.3% |
Intuitive Surgical, Inc. | 1.1% |
Elevance Health, Inc. | 1.0% |
Progressive Corporation (The) | 1.0% |
Material Fund Changes |
No material changes occurred during the period ended May 31, 2024. |
Inspire 500 ETF |
Semi-Annual Shareholder Report - May 31, 2024 |
Where can I find additional information about the Fund? |
Additional information is available on the Fund’s website (www.inspireetf.com ), including its: |
● | Prospectus |
● | Financial information |
● | Holdings |
● | Proxy voting information |
TSR-SAR 053124-PTL |
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. The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a)
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 Momentum ETF (GLRY)
Inspire Fidelis Multi Factor ETF (FDLS)
Inspire 500 ETF (PTL)
Semi-Annual
May 31, 2024
1-877-658-9473
www.inspireetf.com
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% | ||||||||
APPAREL & TEXTILE PRODUCTS - 1.5% | ||||||||
1,783 | Cie Financiere Richemont S.A. | $ | 284,674 | |||||
285 | Deckers Outdoor Corporation(a) | 311,768 | ||||||
97 | Hermes International SCA | 228,978 | ||||||
32,122 | PRADA SpA | 264,935 | ||||||
1,940 | PVH Corporation | 232,819 | ||||||
1,430 | Ralph Lauren Corporation | 267,238 | ||||||
1,590,412 | ||||||||
ASSET MANAGEMENT - 1.3% | ||||||||
7,597 | 3i Group plc | 277,196 | ||||||
6,537 | Brookfield Corporation | 284,733 | ||||||
415 | Charles Schwab Corporation (The) | 30,411 | ||||||
10,465 | Investor A.B. | 282,796 | ||||||
4,670 | Julius Baer Group Ltd. | 279,922 | ||||||
201 | Partners Group Holding A.G. | 268,674 | ||||||
1,423,732 | ||||||||
AUTOMOTIVE – 2.0% | ||||||||
7,740 | BorgWarner, Inc. | 276,008 | ||||||
3,667 | Continental A.G. | 247,596 | ||||||
13,570 | Denso Corporation | 219,423 | ||||||
599 | Ferrari N.V. | 246,189 | ||||||
232,016 | Geely Automobile Holdings Ltd. | 280,961 | ||||||
7,443 | Gentex Corporation | 260,505 | ||||||
11,933 | Mahindra & Mahindra Ltd. | 357,990 | ||||||
2,571 | Toyota Industries Corporation | 241,947 | ||||||
2,130,619 | ||||||||
BANKING - 6.1% | ||||||||
598,267 | Bank Mandiri Persero Tbk P.T. | 217,270 | ||||||
6,080 | Bank Polska Kasa Opieki S.A. | 246,929 | ||||||
667,719 | Bank Rakyat Indonesia Persero Tbk PT | 178,376 | ||||||
99,396 | BOC Hong Kong Holdings Ltd. | 311,395 | ||||||
3,420 | Commonwealth Bank of Australia | 271,989 | ||||||
18,437 | Credit Agricole S.A.,(b) | 298,516 | ||||||
8,925 | Danske Bank A/S | 273,568 | ||||||
158 | First Citizens BancShares, Inc., Class A | 268,352 |
See accompanying notes to financial statements.
1
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
BANKING - 6.1% (Continued) | ||||||||
309,254 | First Financial Holding Company Ltd. | $ | 261,725 | |||||
25,170 | Grupo Financiero Banorte SAB de CV | 239,109 | ||||||
24,553 | Hang Seng Bank Ltd. | 340,966 | ||||||
10,457 | ICICI Bank Ltd. - ADR | 279,620 | ||||||
74,142 | Intesa Sanpaolo SpA | 290,037 | ||||||
12,839 | KakaoBank Corporation | 206,697 | ||||||
3,543 | KBC Group N.V. | 256,981 | ||||||
11,814 | National Australia Bank Ltd. | 266,524 | ||||||
5,929 | OTP Bank Nyrt | 285,809 | ||||||
18,491 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 278,614 | ||||||
12,867 | Regions Financial Corporation | 248,976 | ||||||
18,215 | Skandinaviska Enskilda Banken A.B. | 264,112 | ||||||
27,403 | Standard Bank Group Ltd. | 261,394 | ||||||
1,583 | SVB Financial Group(a) | 79 | ||||||
26,105 | Svenska Handelsbanken A.B., A Shares | 244,670 | ||||||
13,575 | Swedbank A.B., A Shares | 281,319 | ||||||
12,072 | United Overseas Bank Ltd. | 275,095 | ||||||
4,244 | Western Alliance Bancorp | 267,499 | ||||||
6,615,621 | ||||||||
BEVERAGES - 0.2% | ||||||||
4,517 | Monster Beverage Corporation(a) | 234,523 | ||||||
BIOTECH & PHARMA - 1.9% | ||||||||
1,982 | Celltrion, Inc. | 252,687 | ||||||
6,730 | Chugai Pharmaceutical Company Ltd. | 204,593 | ||||||
1,439 | CSL Ltd. | 268,155 | ||||||
869 | Genmab A/S,(a) | 244,873 | ||||||
4,757 | Incyte Corporation(a) | 274,907 | ||||||
1,952 | Neurocrine Biosciences, Inc.(a) | 264,320 | ||||||
8,810 | Royalty Pharma plc, Class A | 241,482 | ||||||
2,182 | UCB S.A. | 304,529 | ||||||
2,055,546 |
See accompanying notes to financial statements.
2
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
CABLE & SATELLITE - 0.2% | ||||||||
4,733 | Liberty Broadband Corporation - Series A(a) | $ | 256,718 | |||||
CHEMICALS - 3.7% | ||||||||
3,491 | Akzo Nobel N.V. | 242,908 | ||||||
2,034 | Albemarle Corporation | 249,348 | ||||||
3,252 | CF Industries Holdings, Inc. | 259,282 | ||||||
753,052 | Chandra Asri Petrochemical Tbk P.T. | 425,289 | ||||||
360 | EMS-Chemie Holding A.G. | 296,864 | ||||||
13,359 | Evonik Industries A.G. | 292,310 | ||||||
63 | Givaudan S.A. | 295,857 | ||||||
2,624 | LyondellBasell Industries N.V., Class A | 260,878 | ||||||
5,086 | Nutrien Ltd. | 298,125 | ||||||
2,265 | RPM International, Inc. | 253,907 | ||||||
9,982 | Solvay S.A. | 364,173 | ||||||
2,279 | Symrise A.G. | 270,350 | ||||||
1,753 | Westlake Corporation | 281,462 | ||||||
8,429 | Yara International ASA | 260,953 | ||||||
4,051,706 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.2% | ||||||||
31,622 | ALS Ltd. | 296,843 | ||||||
8,775 | Bureau Veritas SA | 262,736 | ||||||
389 | Cintas Corporation | 263,730 | ||||||
5,036 | Edenred | 235,192 | ||||||
1,426 | Republic Services, Inc. | 264,081 | ||||||
5,845 | Rollins, Inc. | 267,058 | ||||||
2,802 | SGS S.A. | 260,874 | ||||||
1,272 | Waste Management, Inc. | 268,049 | ||||||
24,800 | Worley Ltd. | 241,714 | ||||||
2,360,277 | ||||||||
CONSTRUCTION MATERIALS - 1.7% | ||||||||
685 | Carlisle Companies, Inc. | 286,529 | ||||||
3,435 | Cie de Saint-Gobain | 300,273 | ||||||
3,022 | Holcim A.G. | 263,872 | ||||||
426 | Martin Marietta Materials, Inc. | 243,706 |
See accompanying notes to financial statements.
3
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
CONSTRUCTION MATERIALS - 1.7% (Continued) | ||||||||
37,291 | Siam Cement PCL (The) | $ | 238,915 | |||||
905 | Sika A.G. | 273,738 | ||||||
991 | Vulcan Materials Company | 253,468 | ||||||
1,860,501 | ||||||||
CONTAINERS & PACKAGING - 1.0% | ||||||||
29,404 | Amcor plc | 290,304 | ||||||
6,348 | Huhtamaki OYJ | 255,766 | ||||||
6,968 | International Paper Company | 314,187 | ||||||
1,409 | Packaging Corp of America | 258,537 | ||||||
1,118,794 | ||||||||
DATA CENTER REIT - 0.3% | ||||||||
1,871 | Digital Realty Trust, Inc. | 271,931 | ||||||
DIVERSIFIED INDUSTRIALS - 0.8% | ||||||||
6,653 | Alfa Laval A.B. | 306,720 | ||||||
1,530 | Dover Corporation | 281,245 | ||||||
2,394 | Emerson Electric Company | 268,511 | ||||||
856,476 | ||||||||
ELECTRIC UTILITIES - 6.3% | ||||||||
7,388 | Avangrid, Inc. | 266,042 | ||||||
9,485 | CenterPoint Energy, Inc. | 289,387 | ||||||
33,484 | CLP Holdings Ltd. | 264,822 | ||||||
4,479 | CMS Energy Corporation | 281,863 | ||||||
1,474 | Constellation Energy Corporation | 320,226 | ||||||
19,294 | E.ON S.E. | 257,030 | ||||||
68,238 | EDP - Energias de Portugal S.A. | 276,194 | ||||||
18,825 | EDP Renovaveis S.A. | 300,612 | ||||||
14,535 | Endesa S.A. | 288,556 | ||||||
2,772,044 | Enel Americas S.A. | 274,173 | ||||||
39,902 | Enel SpA | 288,119 | ||||||
2,567 | Entergy Corporation | 288,762 | ||||||
5,021 | Evergy, Inc. | 274,448 | ||||||
6,857 | Fortis, Inc. | 274,314 | ||||||
21,345 | Fortum OYJ | 324,527 |
See accompanying notes to financial statements.
4
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
ELECTRIC UTILITIES - 6.3% (Continued) | ||||||||
225,040 | Gulf Energy Development PCL | $ | 247,424 | |||||
21,169 | Iberdrola S.A. | 277,875 | ||||||
7,816 | OGE Energy Corporation | 283,721 | ||||||
7,855 | RWE A.G. | 296,885 | ||||||
12,768 | SSE plc | 285,578 | ||||||
31,849 | Terna Rete Elettrica Nazionale SpA | 266,802 | ||||||
122,461 | Vector Ltd. | 282,973 | ||||||
3,539 | Verbund A.G.,(b) | 291,013 | ||||||
3,303 | WEC Energy Group, Inc. | 267,642 | ||||||
6,768,988 | ||||||||
ELECTRICAL EQUIPMENT - 1.7% | ||||||||
3,049 | A O Smith Corporation | 255,018 | ||||||
1,455 | AMETEK, Inc. | 246,739 | ||||||
2,318 | Amphenol Corporation, Class A | 306,835 | ||||||
9,121 | Assa Abloy A.B., Class B | 266,236 | ||||||
131,202 | Delta Electronics Thailand PCL | 262,682 | ||||||
1,721 | Keysight Technologies, Inc.(a) | 238,324 | ||||||
4,193 | Trimble, Inc.(a) | 233,466 | ||||||
1,809,300 | ||||||||
ENGINEERING & CONSTRUCTION - 0.7% | ||||||||
786 | EMCOR Group, Inc. | 305,486 | ||||||
6,635 | Ferrovial S.E. | 260,995 | ||||||
1,580 | WSP Global, Inc. | 237,711 | ||||||
804,192 | ||||||||
ENTERTAINMENT CONTENT - 0.2% | ||||||||
39,524 | Bollore S.E. | 264,551 | ||||||
FOOD - 2.0% | ||||||||
7,130 | Ajinomoto Company, Inc. | 254,110 | ||||||
6,059 | Campbell Soup Company | 268,898 | ||||||
121,529 | China Mengniu Dairy Company Ltd. | 223,157 | ||||||
9,146 | Conagra Brands, Inc. | 273,283 | ||||||
5,759 | Darling Ingredients, Inc.(a) | 232,664 | ||||||
56,571 | Grupo Bimbo S.A.B. de C.V. | 212,737 |
See accompanying notes to financial statements.
5
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
FOOD - 2.0% (Continued) | ||||||||
2,543 | Lamb Weston Holdings, Inc. | $ | 224,521 | |||||
3,504 | McCormick & Company, Inc. | 253,059 | ||||||
104,376 | Wilmar International Ltd. | 238,700 | ||||||
2,181,129 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.5% | ||||||||
20,850 | Suzano S.A. | 193,859 | ||||||
7,882 | UPM-Kymmene OYJ | 300,556 | ||||||
494,415 | ||||||||
GAS & WATER UTILITIES - 1.6% | ||||||||
2,229 | American Water Works Company, Inc. | 291,486 | ||||||
2,290 | Atmos Energy Corporation | 265,457 | ||||||
74,961 | Hera SpA | 275,676 | ||||||
333,942 | Hong Kong & China Gas Company Ltd. | 259,201 | ||||||
12,274 | Naturgy Energy Group SA | 328,620 | ||||||
55,784 | Snam SpA | 263,186 | ||||||
1,683,626 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 1.2% | ||||||||
519 | Elevance Health, Inc. | 279,471 | ||||||
9,921 | Fresenius S.E. & Company KGaA | 315,130 | ||||||
822 | ICON plc(a) | 267,002 | ||||||
1,044 | IQVIA Holdings, Inc.(a) | 228,730 | ||||||
674 | Molina Healthcare, Inc.(a) | 212,027 | ||||||
1,302,360 | ||||||||
HEALTH CARE REIT - 0.8% | ||||||||
14,472 | Healthpeak Properties, Inc. | 287,993 | ||||||
6,172 | Ventas, Inc. | 310,204 | ||||||
2,895 | Welltower, Inc. | 300,125 | ||||||
898,322 | ||||||||
HOME CONSTRUCTION - 1.1% | ||||||||
1,656 | DR Horton, Inc. | 244,757 | ||||||
455 | Geberit A.G. | 277,570 | ||||||
1,581 | Lennar Corporation, Class A | 253,513 | ||||||
18 | NVR, Inc.(a) | 138,253 |
See accompanying notes to financial statements.
6
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
HOME CONSTRUCTION - 1.1% (Continued) | ||||||||
2,238 | PulteGroup, Inc. | $ | 262,562 | |||||
1,176,655 | ||||||||
HOTEL REITS - 0.2% | ||||||||
13,230 | Host Hotels & Resorts, Inc. | 237,346 | ||||||
HOUSEHOLD PRODUCTS - 0.5% | ||||||||
1,825 | Beiersdorf A.G. | 285,788 | ||||||
930 | LG Household & Health Care Ltd. | 280,939 | ||||||
566,727 | ||||||||
INDUSTRIAL REIT - 0.5% | ||||||||
12,523 | Goodman Group | 279,270 | ||||||
2,072 | Prologis, Inc. | 228,935 | ||||||
508,205 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 1.7% | ||||||||
1,359 | Applied Industrial Technologies, Inc. | 262,287 | ||||||
3,843 | Ashtead Group PLC | 278,583 | ||||||
3,479 | Fastenal Company | 229,544 | ||||||
392 | United Rentals, Inc. | 262,409 | ||||||
171,371 | United Tractors Tbk P.T. | 232,858 | ||||||
613 | Watsco, Inc. | 291,113 | ||||||
1,587 | WESCO International, Inc. | 284,851 | ||||||
1,841,645 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.0% | ||||||||
111,055 | B3 S.A. - Brasil Bolsa Balcao | 228,426 | ||||||
1,460 | Cboe Global Markets, Inc. | 252,565 | ||||||
1,317 | Deutsche Boerse A.G. | 261,314 | ||||||
1,414 | Evercore Partners, Inc., Class A | 286,957 | ||||||
9,145 | Hong Kong Exchanges & Clearing Ltd. | 307,316 | ||||||
2,383 | Interactive Brokers Group, Inc., Class A | 299,591 | ||||||
1,961 | Intercontinental Exchange, Inc. | 262,578 | ||||||
2,203 | London Stock Exchange Group plc | 257,234 | ||||||
2,155,981 | ||||||||
INSURANCE - 4.5% | ||||||||
39,926 | AIA Group Ltd. | 308,622 |
See accompanying notes to financial statements.
7
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
INSURANCE - 4.5% (Continued) | ||||||||
40,432 | BB Seguridade Participacoes S.A. | $ | 247,565 | |||||
3,062 | Brown & Brown, Inc. | 274,080 | ||||||
2,167 | Cincinnati Financial Corporation | 254,796 | ||||||
9,995 | Dai-ichi Life Holdings, Inc. | 267,370 | ||||||
642 | Erie Indemnity Company, Class A | 232,680 | ||||||
260 | Fairfax Financial Holdings Ltd. | 292,768 | ||||||
1,653 | Intact Financial Corporation | 276,644 | ||||||
82,893 | Legal & General Group plc | 264,108 | ||||||
3,422 | Loews Corporation | 262,810 | ||||||
181 | Markel Group, Inc.(a) | 297,127 | ||||||
9,693 | Power Corp of Canada | 281,490 | ||||||
1,288 | Progressive Corporation (The) | 272,000 | ||||||
27,771 | Prudential PLC | 264,385 | ||||||
6,062 | Sampo OYJ, A Shares | 259,368 | ||||||
374 | Swiss Life Holding A.G. | 260,241 | ||||||
12,971 | Tryg A/S | 266,441 | ||||||
3,029 | W R Berkley Corporation | 245,440 | ||||||
4,827,935 | ||||||||
INTERNET MEDIA & SERVICES - 0.8% | ||||||||
1,566 | Naspers Ltd. | 310,823 | ||||||
8,718 | Prosus N.V. | 315,694 | ||||||
2,197 | REA Group Ltd. | 272,904 | ||||||
899,421 | ||||||||
MACHINERY - 4.0% | ||||||||
4,373 | ANDRITZ A.G. | 260,682 | ||||||
15,505 | Atlas Copco A.B. | 295,829 | ||||||
729 | Caterpillar, Inc. | 246,781 | ||||||
20,948 | CNH Industrial N.V.(a),(b) | 217,616 | ||||||
728 | Disco Corporation | 284,638 | ||||||
9,564 | FANUC Corporation | 267,516 | ||||||
2,872 | Graco, Inc. | 231,914 | ||||||
5,001 | KION Group A.G. | 233,611 | ||||||
2,023 | Krones A.G. | 276,522 | ||||||
984 | Nordson Corporation | 230,964 |
See accompanying notes to financial statements.
8
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
MACHINERY - 4.0% (Continued) | ||||||||
501 | Parker-Hannifin Corporation | $ | 266,292 | |||||
1,510 | Regal Rexnord Corporation | 225,805 | ||||||
11,674 | Sandvik A.B. | 255,679 | ||||||
489 | SMC Corporation | 245,046 | ||||||
902 | Snap-on, Inc. | 246,120 | ||||||
2,991 | Toro Company (The) | 239,848 | ||||||
34,364 | WEG S.A. | 247,191 | ||||||
4,272,054 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 3.7% | ||||||||
830 | Align Technology, Inc.(a) | 213,484 | ||||||
6,282 | Baxter International, Inc. | 214,153 | ||||||
756 | Bio-Rad Laboratories, Inc., Class A(a) | 216,866 | ||||||
1,970 | Coloplast A/S - Series B | 236,378 | ||||||
1,159 | EssilorLuxottica S.A. | 258,128 | ||||||
3,459 | Hologic, Inc.(a) | 255,205 | ||||||
485 | IDEXX Laboratories, Inc.(a) | 241,021 | ||||||
1,582 | Insulet Corporation(a) | 280,315 | ||||||
668 | Intuitive Surgical, Inc.(a) | 268,616 | ||||||
182 | Mettler-Toledo International, Inc.(a) | 255,544 | ||||||
1,346 | ResMed, Inc. | 277,720 | ||||||
2,525 | Revvity, Inc. | 275,882 | ||||||
929 | Sonova Holding A.G. | 293,250 | ||||||
1,193 | STERIS plc | 265,896 | ||||||
1,685 | Straumann Holding A.G. | 218,509 | ||||||
672 | West Pharmaceutical Services, Inc. | 222,708 | ||||||
3,993,675 | ||||||||
METALS & MINING – 3.0% | ||||||||
4,740 | Agnico Eagle Mines Ltd.(b) | 323,346 | ||||||
6,767 | Anglo American Platinum Ltd. | 219,950 | ||||||
10,884 | Antofagasta plc | 305,581 | ||||||
9,500 | BHP Group Ltd. | 281,315 | ||||||
16,507 | Fortescue Metals Group Ltd. | 271,694 | ||||||
2,339 | Franco-Nevada Corporation | 287,856 | ||||||
5,713 | Freeport-McMoRan, Inc. | 301,246 |
See accompanying notes to financial statements.
9
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
METALS & MINING – 3.0% (Continued) | ||||||||
7,442 | Newmont Corporation | $ | 312,117 | |||||
3,414 | Rio Tinto Ltd. | 292,908 | ||||||
2,548 | Southern Copper Corporation | 302,285 | ||||||
5,873 | Wheaton Precious Metals Corporation | 321,757 | ||||||
3,220,055 | ||||||||
MULTI ASSET CLASS REIT - 0.3% | ||||||||
4,819 | WP Carey, Inc. | 271,792 | ||||||
OFFICE REIT - 0.5% | ||||||||
2,101 | Alexandria Real Estate Equities, Inc. | 250,019 | ||||||
4,139 | Boston Properties, Inc. | 251,113 | ||||||
501,132 | ||||||||
OIL & GAS PRODUCERS - 7.1% | ||||||||
10,716 | Aker BP ASA | 274,574 | ||||||
7,818 | APA Corporation | 238,684 | ||||||
3,603 | Canadian Natural Resources Ltd. | 276,853 | ||||||
13,566 | Cenovus Energy, Inc. | 282,853 | ||||||
3,014 | Chesapeake Energy Corporation(b) | 274,063 | ||||||
9,641 | Coterra Energy, Inc. | 274,961 | ||||||
5,395 | Devon Energy Corporation | 264,787 | ||||||
1,349 | Diamondback Energy, Inc. | 268,802 | ||||||
55,779 | ENEOS Holdings, Inc. | 287,427 | ||||||
17,061 | Eni SpA | 268,297 | ||||||
2,089 | EOG Resources, Inc. | 260,185 | ||||||
10,062 | Equinor ASA | 290,367 | ||||||
18,064 | Inpex Corporation | 278,364 | ||||||
14,629 | Kinder Morgan, Inc. | 285,119 | ||||||
9,553 | Marathon Oil Corporation | 276,655 | ||||||
33,772 | MOL Hungarian Oil & Gas plc | 262,396 | ||||||
4,145 | Occidental Petroleum Corporation | 259,063 | ||||||
5,849 | OMV A.G. | 293,402 | ||||||
3,365 | ONEOK, Inc. | 272,565 | ||||||
17,010 | ORLEN S.A. | 274,476 | ||||||
5,202 | Ovintiv, Inc. | 268,787 |
See accompanying notes to financial statements.
10
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
OIL & GAS PRODUCERS - 7.1% (Continued) | ||||||||
64,019 | PTT Exploration & Production PCL | $ | 267,644 | |||||
53,596 | Santos Ltd. | 272,063 | ||||||
2,401 | Targa Resources Corporation | 283,870 | ||||||
3,958 | TotalEnergies S.E. | 287,726 | ||||||
5,950 | Tourmaline Oil Corporation | 295,233 | ||||||
1,600 | Valero Energy Corporation | 251,424 | ||||||
13,597 | Woodside Energy Group Ltd. | 250,573 | ||||||
7,641,213 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.4% | ||||||||
6,810 | Halliburton Company | 249,927 | ||||||
4,920 | Schlumberger Ltd | 225,779 | ||||||
475,706 | ||||||||
PUBLISHING & BROADCASTING - 0.3% | ||||||||
4,482 | Liberty Media Corp-Liberty Formula One(a) | 306,614 | ||||||
REAL ESTATE OWNERS & DEVELOPERS - 1.4% | ||||||||
64,832 | CK Asset Holdings Ltd. | 255,753 | ||||||
251,518 | New World Development Company Ltd. | 272,092 | ||||||
525,816 | SM Prime Holdings, Inc. | 242,193 | ||||||
7,490 | Sumitomo Realty & Development Company Ltd. | 233,507 | ||||||
127,628 | Swire Properties Ltd. | 234,030 | ||||||
9,132 | Vonovia S.E. | 285,314 | ||||||
1,522,889 | ||||||||
RENEWABLE ENERGY - 0.7% | ||||||||
2,247 | Enphase Energy, Inc.(a) | 287,391 | ||||||
1,585 | First Solar, Inc.(a) | 430,740 | ||||||
718,131 | ||||||||
RESIDENTIAL REIT - 2.0% | ||||||||
2,723 | Camden Property Trust | 279,516 | ||||||
4,147 | Equity LifeStyle Properties, Inc. | 260,307 | ||||||
4,269 | Equity Residential | 277,613 | ||||||
1,109 | Essex Property Trust, Inc. | 288,107 | ||||||
7,586 | Invitation Homes, Inc. | 263,917 | ||||||
2,026 | Mid-America Apartment Communities, Inc. | 270,896 |
See accompanying notes to financial statements.
11
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
RESIDENTIAL REIT - 2.0% (Continued) | ||||||||
2,097 | Sun Communities, Inc. | $ | 247,425 | |||||
7,198 | UDR, Inc. | 277,987 | ||||||
2,165,768 | ||||||||
RETAIL - CONSUMER STAPLES - 2.4% | ||||||||
11,169 | Aeon Company Ltd. | 240,539 | ||||||
4,737 | Alimentation Couche-Tard, Inc. | 276,555 | ||||||
24,816 | BIM Birlesik Magazalar A/S | 369,654 | ||||||
156,979 | Cencosud S.A. | 294,776 | ||||||
1,732 | Dollar General Corporation | 237,128 | ||||||
2,019 | Dollar Tree, Inc.(a) | 238,141 | ||||||
13,498 | Jeronimo Martins SGPS S.A. | 301,355 | ||||||
31,746 | President Chain Store Corporation | 263,785 | ||||||
4,169 | Sprouts Farmers Market, Inc.(a) | 329,268 | ||||||
2,551,201 | ||||||||
RETAIL - DISCRETIONARY - 1.2% | ||||||||
103 | AutoZone, Inc.(a) | 285,303 | ||||||
1,306 | Builders FirstSource, Inc.(a) | 209,992 | ||||||
1,747 | Genuine Parts Company | 251,813 | ||||||
243 | O’Reilly Automotive, Inc.(a) | 234,072 | ||||||
17,686 | SM Investments Corporation | 262,978 | ||||||
1,244,158 | ||||||||
RETAIL REIT - 0.5% | ||||||||
4,472 | Regency Centers Corporation | 274,581 | ||||||
1,738 | Simon Property Group, Inc. | 262,977 | ||||||
537,558 | ||||||||
SELF-STORAGE REIT - 0.5% | ||||||||
1,828 | Extra Space Storage, Inc. | 264,640 | ||||||
935 | Public Storage | 256,031 | ||||||
520,671 | ||||||||
SEMICONDUCTORS - 4.5% | ||||||||
5,903 | Advantest Corporation | 199,420 | ||||||
271 | ASML Holding N.V. | 256,007 | ||||||
187 | Broadcom, Inc. | 248,439 | ||||||
1,939 | Entegris, Inc. | 244,993 |
See accompanying notes to financial statements.
12
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
SEMICONDUCTORS - 4.5% (Continued) | ||||||||
5,170 | GLOBALFOUNDRIES, Inc.(a) | $ | 253,330 | |||||
7,861 | Infineon Technologies A.G. | 314,039 | ||||||
378 | KLA Corporation | 287,102 | ||||||
3,432 | Lattice Semiconductor Corporation(a) | 254,792 | ||||||
3,798 | Marvell Technology, Inc. | 261,340 | ||||||
3,028 | Microchip Technology, Inc. | 294,412 | ||||||
399 | Monolithic Power Systems, Inc. | 293,516 | ||||||
1,096 | NXP Semiconductors N.V. | 298,222 | ||||||
3,651 | ON Semiconductor Corporation(a) | 266,669 | ||||||
1,585 | QUALCOMM, Inc. | 323,419 | ||||||
15,325 | Renesas Electronics Corporation | 286,097 | ||||||
2,519 | Skyworks Solutions, Inc. | 233,411 | ||||||
6,062 | STMicroelectronics NV | 248,944 | ||||||
2,378 | Teradyne, Inc. | 335,156 | ||||||
4,899,308 | ||||||||
SOFTWARE – 4.9% | ||||||||
794 | ANSYS, Inc.(a) | 252,055 | ||||||
1,617 | Check Point Software Technologies Ltd.(a) | 243,359 | ||||||
2,787 | Cloudflare, Inc., Class A(a) | 188,652 | ||||||
8,860 | Confluent, Inc., Class A(a) | 230,094 | ||||||
86 | Constellation Software, Inc. | 239,276 | ||||||
5,979 | Dassault Systemes S.E. | 240,444 | ||||||
2,161 | Datadog, Inc., Class A(a) | 238,099 | ||||||
3,926 | Fortinet, Inc.(a) | 232,890 | ||||||
12,026 | Gen Digital, Inc. | 298,606 | ||||||
454 | HubSpot, Inc.(a) | 277,417 | ||||||
1,071 | Manhattan Associates, Inc.(a) | 235,127 | ||||||
4,372 | Nutanix, Inc., Class A(a) | 241,837 | ||||||
2,553 | Okta, Inc.(a) | 226,400 | ||||||
973 | Palo Alto Networks, Inc.(a) | 286,947 | ||||||
496 | Roper Technologies, Inc. | 264,249 | ||||||
1,656 | Snowflake, Inc.(a) | 225,514 | ||||||
4,158 | SS&C Technologies Holdings, Inc. | 258,004 | ||||||
478 | Synopsys, Inc.(a) | 268,062 |
See accompanying notes to financial statements.
13
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
SOFTWARE – 4.9% (Continued) | ||||||||
639 | Tyler Technologies, Inc.(a) | $ | 306,951 | |||||
1,165 | Veeva Systems, Inc., Class A(a) | 203,001 | ||||||
4,406 | WiseTech Global Ltd. | 283,366 | ||||||
5,240,350 | ||||||||
SPECIALTY FINANCE - 0.3% | ||||||||
1 | Isracard Ltd. | 3 | ||||||
37,368 | UWM Holdings Corporation | 275,402 | ||||||
275,405 | ||||||||
STEEL - 0.7% | ||||||||
1,352 | Nucor Corporation | 228,285 | ||||||
807 | Reliance, Inc. | 242,730 | ||||||
1,807 | Steel Dynamics, Inc. | 241,903 | ||||||
712,918 | ||||||||
TECHNOLOGY HARDWARE - 1.9% | ||||||||
936 | Arista Networks, Inc.(a) | 278,600 | ||||||
5,414 | Ciena Corporation(a) | 260,792 | ||||||
1,837 | Garmin Ltd. | 300,993 | ||||||
2,009 | Jabil, Inc. | 238,870 | ||||||
2,552 | NetApp, Inc. | 307,338 | ||||||
761 | Samsung SDI Company Ltd. | 206,210 | ||||||
253 | Super Micro Computer, Inc.(a) | 198,481 | ||||||
3,910 | Western Digital Corporation(a) | 294,384 | ||||||
2,085,668 | ||||||||
TECHNOLOGY SERVICES - 3.1% | ||||||||
2,968 | Amdocs Ltd. | 234,472 | ||||||
1,010 | Coinbase Global, Inc., Class A(a) | 228,179 | ||||||
2,377 | Corpay, Inc.(a) | 636,252 | ||||||
2,764 | CoStar Group, Inc.(a) | 216,062 | ||||||
975 | EPAM Systems, Inc.(a) | 173,482 | ||||||
995 | Equifax, Inc. | 230,233 | ||||||
204 | Fair Isaac Corporation(a) | 263,146 | ||||||
1,555 | Jack Henry & Associates, Inc. | 256,077 | ||||||
492 | MSCI, Inc. | 243,629 | ||||||
2,207 | Paychex, Inc. | 265,193 |
See accompanying notes to financial statements.
14
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||
TECHNOLOGY SERVICES - 3.1% (Continued) | ||||||||
1,139 | Verisk Analytics, Inc. | $ | 287,916 | |||||
1,698 | Wolters Kluwer N.V. | 269,031 | ||||||
3,303,672 | ||||||||
TELECOMMUNICATIONS - 1.4% | ||||||||
18,400 | Hellenic Telecommunications Organization S.A. | 268,275 | ||||||
72,288 | Koninklijke KPN N.V. | 270,080 | ||||||
53,791 | MTN Group Ltd. | 234,989 | ||||||
141,943 | Singapore Telecommunications Ltd. | 260,531 | ||||||
84,168 | Taiwan Mobile Company Ltd. | 273,273 | ||||||
110,151 | Telstra Group Ltd. | 254,290 | ||||||
1,561,438 | ||||||||
TIMBER REIT - 0.2% | ||||||||
7,496 | Weyerhaeuser Company | 225,105 | ||||||
TRANSPORTATION & LOGISTICS - 3.0% | ||||||||
1,355 | Aena SME S.A. | 264,003 | ||||||
2,030 | Canadian National Railway Company | 258,484 | ||||||
7,298 | CSX Corporation | 246,308 | ||||||
1,640 | DSV A/S | 251,465 | ||||||
13,071 | East Japan Railway Company | 226,855 | ||||||
270,313 | Eva Airways Corporation | 297,814 | ||||||
2,189 | Expeditors International of Washington, Inc. | 264,650 | ||||||
1,339 | JB Hunt Transport Services, Inc. | 215,244 | ||||||
969 | Kuehne + Nagel International A.G. | 274,408 | ||||||
1,242 | Old Dominion Freight Line, Inc. | 217,661 | ||||||
21,454 | Poste Italiane SpA | 293,253 | ||||||
1,841 | Ryanair Holdings plc - ADR | 223,939 | ||||||
31,409 | Transurban Group | 261,411 | ||||||
3,295,495 | ||||||||
TRANSPORTATION EQUIPMENT - 0.4% | ||||||||
2,170 | PACCAR, Inc. | 233,275 | ||||||
8,324 | Volvo A.B., A Shares | 225,256 | ||||||
458,531 |
See accompanying notes to financial statements.
15
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||||||
COMMON STOCKS — 98.5% (Continued) | ||||||||||||
WHOLESALE - CONSUMER STAPLES - 0.5% | ||||||||||||
2,588 | Bunge Global S.A. | $ | 278,443 | |||||||||
6,031 | ITOCHU Corporation | 284,161 | ||||||||||
562,604 | ||||||||||||
WHOLESALE - DISCRETIONARY - 0.4% | ||||||||||||
4,664 | Copart, Inc.(a) | 247,472 | ||||||||||
651 | Pool Corporation | 236,671 | ||||||||||
484,143 | ||||||||||||
TOTAL COMMON STOCKS (Cost $96,731,174) | 106,294,908 | |||||||||||
Expiration Date | Exercise Price | |||||||||||
RIGHT — 0.0%(d) | ||||||||||||
MEDICAL EQUIPMENT & DEVICES – 0.0%(d) | ||||||||||||
1,226 | ABIOMED, Inc. - CVR(a)(g) (Cost $0) | 12/31/2029 | $35 | — | (f) | |||||||
PREFERRED STOCKS — 0.2% | ||||||||||||
CHEMICALS — 0.2% | ||||||||||||
5,550 | Sociedad Quimica y Minera de Chile S.A., Class B (Cost $274,629) | 259,968 | ||||||||||
See accompanying notes to financial statements.
16
INSPIRE GLOBAL HOPE ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 1.2% | ||||||||
MONEY MARKET FUND - 1.2% | ||||||||
1,314,780 | Fidelity Government Portfolio - Institutional Class, 5.24% (Cost $1,314,780)(c)(e) | $ | 1,314,780 | |||||
TOTAL INVESTMENTS - 99.9% (Cost $98,320,583) | $ | 107,869,656 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | 75,111 | |||||||
NET ASSETS - 100.0% | $ | 107,944,767 | ||||||
A.B. | - Aktiebolag |
ADR | - American Depositary Receipt |
A.G. | - Aktiengesellschaft |
A/S | - Anonim Sirketi |
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
NV | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
PLC | - Public Limited Company |
PT | - Perseroan Terbatas |
REIT | - Real Estate Investment Trust |
S.A. | - Société Anonyme |
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, 2024 was $1,310,516. |
(c) | Security was purchased with cash received as collateral for securities on loan at May 31, 2024. Total collateral had a value of $1,314,780 at May 31, 2024. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of May 31, 2024. |
(f) | Amount represents less than $1. |
(g) | The fair value of this investment is determined using significant unobservable inputs. |
See accompanying notes to financial statements.
17
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
AEROSPACE & DEFENSE - 0.8% | ||||||||
6,257 | AAR Corporation(a) | $ | 444,184 | |||||
7,354 | Ducommun, Inc.(a) | 427,856 | ||||||
5,144 | Hexcel Corporation | 354,267 | ||||||
10,546 | Spirit AeroSystems Holdings, Inc., Class A(a) | 319,755 | ||||||
1,546,062 | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.4% | ||||||||
65,161 | Hanesbrands, Inc.(a) | 333,624 | ||||||
3,351 | Oxford Industries, Inc. | 370,923 | ||||||
704,547 | ||||||||
ASSET MANAGEMENT - 1.2% | ||||||||
17,886 | B Riley Financial, Inc. | 428,548 | ||||||
4,914 | Cohen & Steers, Inc. | 345,405 | ||||||
15,662 | Compass Diversified Holdings | 356,467 | ||||||
2,469 | Diamond Hill Investment Group, Inc. | 370,449 | ||||||
24,496 | SLR Investment Corporation | 402,714 | ||||||
4,825 | Stifel Financial Corporation | 390,584 | ||||||
2,294,167 | ||||||||
AUTOMOTIVE - 1.4% | ||||||||
29,589 | Dana, Inc. | 416,021 | ||||||
10,391 | Gentex Corporation | 363,685 | ||||||
6,574 | Gentherm, Inc.(a) | 354,602 | ||||||
27,300 | Goodyear Tire & Rubber Company (The)(a) | 336,063 | ||||||
2,589 | Lear Corporation | 324,531 | ||||||
3,973 | Modine Manufacturing Company(a) | 400,955 | ||||||
3,194 | Visteon Corporation(a) | 355,716 | ||||||
2,551,573 | ||||||||
BANKING - 11.2% | ||||||||
7,201 | 1st Source Corporation | 370,275 | ||||||
7,758 | Ameris Bancorp | 387,512 | ||||||
4,275 | BancFirst Corporation | 368,291 | ||||||
13,277 | BankUnited, Inc. | 380,917 | ||||||
17,400 | Byline Bancorp, Inc. | 401,939 | ||||||
3,606 | City Holding Company | 368,605 | ||||||
7,817 | Community Bank System, Inc. | 355,361 |
See accompanying notes to financial statements.
18
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
BANKING - 11.2% (Continued) | ||||||||
7,086 | Customers Bancorp, Inc.(a) | $ | 320,996 | |||||
4,739 | East West Bancorp, Inc. | 351,586 | ||||||
28,289 | Farmers National Banc Corporation | 345,692 | ||||||
9,934 | FB Financial Corporation | 367,558 | ||||||
15,719 | First Busey Corporation | 355,407 | ||||||
27,070 | First Commonwealth Financial Corporation | 365,716 | ||||||
16,705 | First Financial Bancorp | 372,522 | ||||||
11,440 | First Financial Bankshares, Inc. | 342,971 | ||||||
24,348 | First Horizon Corporation | 385,672 | ||||||
13,717 | First Interstate BancSystem, Inc., Class A | 364,049 | ||||||
10,801 | First Merchants Corporation | 356,973 | ||||||
26,643 | FNB Corporation | 366,874 | ||||||
23,621 | Fulton Financial Corporation | 397,777 | ||||||
9,324 | Glacier Bancorp, Inc. | 348,531 | ||||||
12,027 | Hilltop Holdings, Inc. | 367,906 | ||||||
15,284 | Home BancShares, Inc. | 359,480 | ||||||
32,755 | Hope Bancorp, Inc. | 344,910 | ||||||
7,698 | Independent Bank Group, Inc. | 354,416 | ||||||
6,703 | International Bancshares Corporation | 380,931 | ||||||
5,672 | Lakeland Financial Corporation | 351,834 | ||||||
9,097 | Live Oak Bancshares, Inc. | 313,665 | ||||||
9,825 | Mercantile Bank Corporation | 376,396 | ||||||
15,198 | Metrocity Bankshares, Inc. | 374,631 | ||||||
10,249 | NBT Bancorp, Inc. | 381,058 | ||||||
117,044 | New York Community Bancorp, Inc. | 385,075 | ||||||
32,266 | Northwest Bancshares, Inc. | 353,313 | ||||||
12,778 | Peoples Bancorp, Inc. | 372,479 | ||||||
5,686 | Prosperity Bancshares, Inc. | 354,238 | ||||||
25,957 | Provident Financial Services, Inc. | 373,781 | ||||||
11,950 | Renasant Corporation | 359,934 | ||||||
7,431 | Republic Bancorp, Inc., Class A | 384,851 | ||||||
11,761 | S&T Bancorp, Inc. | 375,294 | ||||||
16,282 | Sandy Spring Bancorp, Inc. | 381,650 | ||||||
5,617 | ServisFirst Bancshares, Inc. | 347,131 |
See accompanying notes to financial statements.
19
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
BANKING - 11.2% (Continued) | ||||||||
19,366 | Simmons First National Corporation, Class A | $ | 336,581 | |||||
12,892 | Southside Bancshares, Inc. | 345,635 | ||||||
9,380 | Synovus Financial Corporation | 372,292 | ||||||
6,138 | Texas Capital Bancshares, Inc.(a) | 369,999 | ||||||
29,896 | TFS Financial Corporation | 394,029 | ||||||
13,362 | Towne Bank | 363,313 | ||||||
4,324 | UMB Financial Corporation | 356,471 | ||||||
10,481 | United Bankshares, Inc. | 340,004 | ||||||
14,231 | United Community Banks, Inc. | 365,167 | ||||||
47,068 | Valley National Bancorp | 335,595 | ||||||
7,388 | Webster Financial Corporation | 326,697 | ||||||
12,675 | WesBanco, Inc. | 349,830 | ||||||
7,699 | Westamerica BanCorporation | 375,865 | ||||||
5,888 | Western Alliance Bancorp | 371,121 | ||||||
3,598 | Wintrust Financial Corporation | 354,799 | ||||||
8,692 | Zions Bancorp NA | 375,407 | ||||||
20,701,002 | ||||||||
BEVERAGES - 0.2% | ||||||||
446 | Coca-Cola Consolidated, Inc. | 437,544 | ||||||
BIOTECH & PHARMA - 4.5% | ||||||||
56,976 | ADMA Biologics, Inc.(a) | 544,121 | ||||||
12,817 | Agios Pharmaceuticals, Inc.(a) | 465,770 | ||||||
34,771 | ALX Oncology Holdings, Inc.(a) | 369,616 | ||||||
32,029 | Amicus Therapeutics, Inc.(a) | 313,884 | ||||||
50,880 | Ardelyx, Inc.(a) | 349,037 | ||||||
73,011 | BioCryst Pharmaceuticals, Inc.(a) | 471,651 | ||||||
6,774 | Biohaven Ltd.(a) | 237,767 | ||||||
5,342 | Cytokinetics, Inc.(a) | 259,140 | ||||||
23,546 | Deciphera Pharmaceuticals, Inc.(a) | 601,366 | ||||||
15,766 | Exelixis, Inc.(a) | 341,965 | ||||||
113,379 | Geron Corporation(a) | 402,495 | ||||||
5,414 | Intra-Cellular Therapies, Inc.(a) | 364,037 | ||||||
42,839 | Ironwood Pharmaceuticals, Inc.(a) | 269,886 |
See accompanying notes to financial statements.
20
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
BIOTECH & PHARMA - 4.5% (Continued) | ||||||||
2,721 | Neurocrine Biosciences, Inc.(a) | $ | 368,451 | |||||
12,746 | Pacira BioSciences, Inc.(a) | 386,586 | ||||||
5,178 | Prestige Consumer Healthcare, Inc.(a) | 332,997 | ||||||
12,965 | Protagonist Therapeutics, Inc.(a) | 364,965 | ||||||
12,834 | PTC Therapeutics, Inc.(a) | 466,644 | ||||||
76,820 | Revance Therapeutics, Inc.(a) | 218,169 | ||||||
20,194 | Sage Therapeutics, Inc.(a) | 224,355 | ||||||
15,787 | Syndax Pharmaceuticals, Inc.(a) | 304,215 | ||||||
4,596 | Viking Therapeutics, Inc.(a) | 286,147 | ||||||
16,894 | Xencor, Inc.(a) | 401,401 | ||||||
8,344,665 | ||||||||
BUSINESS DEVELOPMENT COMPANIES - 0.6% | ||||||||
20,392 | Hercules Capital, Inc.(b) | 402,539 | ||||||
29,689 | New Mountain Finance Corporation(b) | 374,081 | ||||||
68,310 | Prospect Capital Corporation(b) | 383,902 | ||||||
1,160,522 | ||||||||
CABLE & SATELLITE - 0.2% | ||||||||
895 | Cable One, Inc. | 345,389 | ||||||
CHEMICALS - 3.8% | ||||||||
13,126 | AdvanSix, Inc. | 311,086 | ||||||
2,424 | Balchem Corporation | 372,326 | ||||||
4,092 | Cabot Corporation | 418,612 | ||||||
14,308 | Chemours Company (The) | 355,125 | ||||||
4,875 | Hawkins, Inc. | 425,685 | ||||||
4,683 | HB Fuller Company | 372,907 | ||||||
7,791 | Ingevity Corporation(a) | 380,590 | ||||||
2,901 | Innospec, Inc. | 379,451 | ||||||
2,856 | Materion Corporation | 326,669 | ||||||
4,955 | Minerals Technologies, Inc. | 429,846 | ||||||
596 | NewMarket Corporation | 318,902 | ||||||
16,067 | Orion S.A. | 399,586 | ||||||
1,814 | Quaker Chemical Corporation | 328,969 | ||||||
3,160 | Rogers Corporation(a) | 372,880 |
See accompanying notes to financial statements.
21
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
CHEMICALS - 3.8% (Continued) | ||||||||
3,147 | RPM International, Inc. | $ | 352,779 | |||||
5,432 | Sensient Technologies Corporation | 421,903 | ||||||
4,187 | Stepan Company | 364,981 | ||||||
8,444 | Valvoline, Inc.(a) | 342,826 | ||||||
1,479 | WD-40 Company | 332,317 | ||||||
7,007,440 | ||||||||
COMMERCIAL SUPPORT SERVICES - 1.6% | ||||||||
8,457 | ABM Industries, Inc. | 399,762 | ||||||
6,324 | Brady Corporation, Class A | 431,740 | ||||||
4,062 | Brink’s Company (The) | 419,361 | ||||||
4,797 | CBIZ, Inc.(a) | 363,709 | ||||||
1,437 | CorVel Corporation(a) | 344,664 | ||||||
3,404 | Insperity, Inc. | 322,427 | ||||||
5,300 | Kforce, Inc. | 327,593 | ||||||
2,154 | UniFirst Corporation | 341,624 | ||||||
2,950,880 | ||||||||
CONSTRUCTION MATERIALS - 0.7% | ||||||||
1,386 | Eagle Materials, Inc. | 322,093 | ||||||
15,008 | MDU Resources Group, Inc. | 378,802 | ||||||
1,850 | Simpson Manufacturing Company, Inc. | 306,952 | ||||||
8,452 | Summit Materials, Inc., Class A(a) | 326,585 | ||||||
1,334,432 | ||||||||
CONSUMER SERVICES - 1.5% | ||||||||
495 | Graham Holdings Company, Class B | 372,453 | ||||||
2,755 | Grand Canyon Education, Inc.(a) | 392,476 | ||||||
25,722 | Laureate Education, Inc., Class A | 402,806 | ||||||
12,150 | Matthews International Corporation, Class A | 344,210 | ||||||
9,741 | Medifast, Inc. | 250,733 | ||||||
5,066 | Service Corp International | 363,030 | ||||||
23,701 | Universal Technical Institute, Inc.(a) | 374,713 | ||||||
10,625 | Upbound Group, Inc. | 348,713 | ||||||
2,849,134 | ||||||||
CONTAINERS & PACKAGING - 0.8% | ||||||||
2,607 | AptarGroup, Inc. | 385,028 |
See accompanying notes to financial statements.
22
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
CONTAINERS & PACKAGING - 0.8% (Continued) | ||||||||
7,754 | Silgan Holdings, Inc. | $ | 366,377 | |||||
14,084 | TriMas Corporation | 374,916 | ||||||
1,500 | UFP Technologies, Inc.(a) | 390,539 | ||||||
1,516,860 | ||||||||
ELECTRIC UTILITIES - 1.7% | ||||||||
6,323 | ALLETE, Inc. | 399,298 | ||||||
6,929 | Black Hills Corporation | 391,142 | ||||||
33,259 | Hawaiian Electric Industries, Inc. | 365,516 | ||||||
4,054 | IDACORP, Inc. | 387,035 | ||||||
4,788 | MGE Energy, Inc. | 383,662 | ||||||
10,925 | OGE Energy Corporation | 396,578 | ||||||
5,643 | Ormat Technologies, Inc. | 425,483 | ||||||
10,010 | PNM Resources, Inc. | 383,783 | ||||||
3,132,497 | ||||||||
ELECTRICAL EQUIPMENT - 2.0% | ||||||||
4,300 | AAON, Inc. | 322,715 | ||||||
3,691 | Advanced Energy Industries, Inc. | 396,524 | ||||||
5,184 | Alarm.com Holdings, Inc.(a) | 339,085 | ||||||
2,323 | Badger Meter, Inc. | 448,246 | ||||||
4,067 | Belden, Inc. | 389,171 | ||||||
8,811 | Cognex Corporation | 401,077 | ||||||
4,090 | Itron, Inc.(a) | 439,880 | ||||||
2,629 | OSI Systems, Inc.(a) | 377,892 | ||||||
14,231 | SMART Global Holdings, Inc.(a) | 292,874 | ||||||
1,768 | Watts Water Technologies, Inc., Class A | 352,062 | ||||||
3,759,526 | ||||||||
ENGINEERING & CONSTRUCTION - 2.3% | ||||||||
1,181 | Comfort Systems USA, Inc. | 386,589 | ||||||
1,074 | EMCOR Group, Inc. | 417,421 | ||||||
4,552 | Exponent, Inc. | 432,986 | ||||||
1,460 | Installed Building Products, Inc. | 309,286 | ||||||
5,905 | KBR, Inc. | 387,722 | ||||||
4,018 | MasTec, Inc.(a) | 451,021 | ||||||
2,125 | MYR Group, Inc.(a) | 329,503 |
See accompanying notes to financial statements.
23
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
ENGINEERING & CONSTRUCTION - 2.3% (Continued) | ||||||||
3,826 | NV5 Global, Inc.(a) | $ | 359,567 | |||||
8,762 | Primoris Services Corporation | 479,807 | ||||||
2,028 | Tetra Tech, Inc. | 424,846 | ||||||
854 | TopBuild Corporation(a) | 356,929 | ||||||
4,335,677 | ||||||||
FOOD - 1.8% | ||||||||
6,391 | Cal-Maine Foods, Inc. | 394,132 | ||||||
8,057 | Darling Ingredients, Inc.(a) | 325,503 | ||||||
15,842 | Flowers Foods, Inc. | 367,851 | ||||||
47,404 | Hain Celestial Group, Inc. (The)(a),(b) | 363,115 | ||||||
37,642 | Herbalife Ltd.(a) | 387,712 | ||||||
2,607 | J & J Snack Foods Corporation | 424,184 | ||||||
3,531 | John B Sanfilippo & Son, Inc. | 356,031 | ||||||
1,807 | Lancaster Colony Corporation | 335,199 | ||||||
3,533 | Post Holdings, Inc.(a) | 376,512 | ||||||
3,330,239 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.4% | ||||||||
4,491 | Louisiana-Pacific Corporation | 411,735 | ||||||
3,775 | Trex Company, Inc.(a) | 326,462 | ||||||
738,197 | ||||||||
GAS & WATER UTILITIES - 1.9% | ||||||||
5,195 | American States Water Company | 382,300 | ||||||
26,647 | Aris Water Solution, Inc., Class A | 409,564 | ||||||
3,497 | Chesapeake Utilities Corporation | 391,699 | ||||||
7,145 | Middlesex Water Company | 384,973 | ||||||
7,007 | National Fuel Gas Company | 400,520 | ||||||
8,769 | New Jersey Resources Corporation | 381,101 | ||||||
5,842 | ONE Gas, Inc. | 360,042 | ||||||
4,958 | Southwest Gas Holdings, Inc. | 384,691 | ||||||
6,121 | Spire, Inc. | 375,156 | ||||||
3,470,046 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 3.1% | ||||||||
4,704 | Acadia Healthcare Company, Inc.(a) | 324,059 | ||||||
36,053 | Accolade, Inc.(a) | 255,255 |
See accompanying notes to financial statements.
24
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
HEALTH CARE FACILITIES & SERVICES - 3.1% (Continued) | ||||||||
3,632 | Addus HomeCare Corporation(a) | $ | 416,990 | |||||
4,069 | Amedisys, Inc.(a) | 370,889 | ||||||
587 | Chemed Corporation | 325,415 | ||||||
3,021 | Ensign Group, Inc. (The) | 366,266 | ||||||
4,584 | HealthEquity, Inc.(a) | 374,421 | ||||||
927 | Medpace Holdings, Inc.(a) | 358,137 | ||||||
3,979 | National HealthCare Corporation | 420,779 | ||||||
23,802 | NeoGenomics, Inc.(a) | 326,325 | ||||||
13,454 | Owens & Minor, Inc.(a) | 234,503 | ||||||
17,039 | Premier, Inc., Class A | 322,378 | ||||||
7,746 | RadNet, Inc.(a) | 454,225 | ||||||
12,481 | Select Medical Holdings Corporation | 431,219 | ||||||
12,626 | Surgery Partners, Inc.(a) | 348,478 | ||||||
3,568 | Tenet Healthcare Corporation(a) | 482,466 | ||||||
5,811,805 | ||||||||
HEALTH CARE REIT - 1.4% | ||||||||
15,426 | CareTrust REIT, Inc. | 394,443 | ||||||
14,211 | Community Healthcare Trust, Inc. | 333,390 | ||||||
17,363 | Healthpeak Properties, Inc. | 345,524 | ||||||
79,871 | Medical Properties Trust, Inc.(b) | 428,108 | ||||||
6,027 | National Health Investors, Inc. | 398,264 | ||||||
11,931 | Omega Healthcare Investors, Inc. | 385,729 | ||||||
25,598 | Sabra Health Care REIT, Inc. | 373,219 | ||||||
2,658,677 | ||||||||
HOME & OFFICE PRODUCTS - 0.7% | ||||||||
67,094 | ACCO Brands Corporation | 341,508 | ||||||
8,346 | HNI Corporation | 392,680 | ||||||
47,132 | Newell Brands, Inc. | 363,859 | ||||||
6,618 | Tempur Sealy International, Inc. | 339,900 | ||||||
1,437,947 | ||||||||
HOME CONSTRUCTION - 2.4% | ||||||||
3,020 | Armstrong World Industries, Inc. | 349,716 | ||||||
4,456 | Fortune Brands Innovations, Inc. | 312,187 | ||||||
6,185 | Green Brick Partners, Inc.(a) | 337,701 |
See accompanying notes to financial statements.
25
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
HOME CONSTRUCTION - 2.4% (Continued) | ||||||||
5,150 | Griffon Corporation | $ | 347,831 | |||||
17,757 | JELD-WEN Holding, Inc.(a) | 275,411 | ||||||
5,312 | KB Home | 375,027 | ||||||
3,192 | LGI Homes, Inc.(a) | 306,432 | ||||||
2,767 | M/I Homes, Inc.(a) | 345,654 | ||||||
2,138 | Meritage Homes Corporation | 377,036 | ||||||
3,176 | Patrick Industries, Inc. | 363,970 | ||||||
6,042 | Taylor Morrison Home Corporation(a) | 349,409 | ||||||
2,898 | Toll Brothers, Inc. | 352,513 | ||||||
9,743 | Tri Pointe Homes, Inc.(a) | 377,346 | ||||||
4,470,233 | ||||||||
HOTEL REIT - 0.8% | ||||||||
39,218 | DiamondRock Hospitality Company | 332,176 | ||||||
31,959 | RLJ Lodging Trust | 318,951 | ||||||
3,242 | Ryman Hospitality Properties, Inc. | 340,637 | ||||||
25,050 | Xenia Hotels & Resorts, Inc. | 362,975 | ||||||
1,354,739 | ||||||||
HOUSEHOLD PRODUCTS - 1.4% | ||||||||
8,806 | Central Garden & Pet Company(a) | 382,621 | ||||||
1,797 | Central Garden & Pet Company, Class A(a) | 67,118 | ||||||
9,709 | Edgewell Personal Care Company | 374,573 | ||||||
12,766 | Energizer Holdings, Inc. | 365,363 | ||||||
3,239 | Helen of Troy Ltd.(a) | 346,184 | ||||||
2,678 | Inter Parfums, Inc. | 320,771 | ||||||
27,173 | Nu Skin Enterprises, Inc., Class A | 362,760 | ||||||
9,825 | Quanex Building Products Corporation | 323,832 | ||||||
2,543,222 | ||||||||
INDUSTRIAL INTERMEDIATE PROD - 1.0% | ||||||||
2,262 | Chart Industries, Inc.(a) | 355,202 | ||||||
2,222 | Enpro, Inc. | 340,544 | ||||||
4,692 | Gibraltar Industries, Inc.(a) | 354,058 | ||||||
4,293 | Timken Company (The) | 373,019 | ||||||
1,656 | Valmont Industries, Inc. | 416,318 | ||||||
1,839,141 |
See accompanying notes to financial statements.
26
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
INDUSTRIAL REIT - 0.6% | ||||||||
2,089 | EastGroup Properties, Inc. | $ | 345,061 | |||||
7,165 | First Industrial Realty Trust, Inc. | 337,615 | ||||||
7,486 | Rexford Industrial Realty, Inc. | 339,565 | ||||||
1,022,241 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.4% | ||||||||
1,905 | Applied Industrial Technologies, Inc. | 367,665 | ||||||
2,194 | WESCO International, Inc. | 393,801 | ||||||
761,466 | ||||||||
INFRASTRUCTURE REIT - 0.1% | ||||||||
64,052 | Uniti Group, Inc. | 202,404 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 0.4% | ||||||||
1,957 | Evercore Partners, Inc., Class A | 397,154 | ||||||
5,226 | SEI Investments Company | 353,852 | ||||||
751,006 | ||||||||
INSURANCE – 3.0% | ||||||||
7,522 | AMERISAFE, Inc. | 329,689 | ||||||
8,284 | Employers Holdings, Inc. | 349,419 | ||||||
58,394 | Genworth Financial, Inc., Class A(a) | 367,298 | ||||||
10,175 | Horace Mann Educators Corporation | 347,680 | ||||||
6,056 | Kemper Corporation | 362,391 | ||||||
715 | Kinsale Capital Group, Inc. | 274,288 | ||||||
7,251 | Mercury General Corporation | 404,823 | ||||||
763 | National Western Life Group, Inc., Class A | 374,252 | ||||||
11,665 | NMI Holdings, Inc., Class A(a) | 387,045 | ||||||
1,477 | Primerica, Inc. | 333,640 | ||||||
29,154 | ProAssurance Corporation(a) | 418,943 | ||||||
1,949 | Reinsurance Group of America, Inc. | 408,900 | ||||||
2,530 | RLI Corporation | 369,329 | ||||||
4,559 | Safety Insurance Group, Inc. | 352,639 | ||||||
13,432 | Trupanion, Inc.(a),(b) | 401,214 | ||||||
5,481,550 | ||||||||
INTERNET MEDIA & SERVICES - 0.6% | ||||||||
145,270 | Angi, Inc., Class A(a) | 293,445 |
See accompanying notes to financial statements.
27
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
INTERNET MEDIA & SERVICES - 0.6% (Continued) | ||||||||
21,849 | Cars.com, Inc.(a) | $ | 442,006 | |||||
11,455 | TechTarget, Inc.(a) | 346,170 | ||||||
1,081,621 | ||||||||
LEISURE FACILITIES & SERVICES - 1.5% | ||||||||
10,364 | Cheesecake Factory, Inc. (The) | 398,807 | ||||||
21,137 | Cinemark Holdings, Inc.(a) | 365,036 | ||||||
5,491 | Jack in the Box, Inc. | 303,982 | ||||||
3,496 | Marriott Vacations Worldwide Corporation | 315,584 | ||||||
5,636 | Papa John’s International, Inc. | 261,849 | ||||||
6,514 | St Joe Company (The) | 368,692 | ||||||
2,430 | Texas Roadhouse, Inc. | 419,588 | ||||||
6,680 | United Parks & Resorts, Inc.(a) | 349,297 | ||||||
2,782,835 | ||||||||
LEISURE PRODUCTS - 0.9% | ||||||||
3,907 | Brunswick Corporation | 322,445 | ||||||
7,130 | Fox Factory Holding Corporation(a) | 332,401 | ||||||
3,754 | Polaris, Inc. | 313,834 | ||||||
3,216 | Thor Industries, Inc. | 319,156 | ||||||
11,487 | Vista Outdoor, Inc.(a) | 400,666 | ||||||
1,688,502 | ||||||||
MACHINERY - 3.8% | ||||||||
3,061 | AGCO Corporation | 328,537 | ||||||
4,048 | Albany International Corporation, Class A | 355,091 | ||||||
8,436 | Columbus McKinnon Corporation | 329,848 | ||||||
2,788 | Crane Company | 415,634 | ||||||
1,469 | Curtiss-Wright Corporation | 415,463 | ||||||
5,043 | Donaldson Company, Inc. | 371,568 | ||||||
23,740 | Energy Recovery, Inc.(a) | 320,490 | ||||||
3,532 | ESCO Technologies, Inc. | 385,447 | ||||||
3,521 | Franklin Electric Company, Inc. | 350,269 | ||||||
4,006 | Graco, Inc. | 323,485 | ||||||
8,536 | Helios Technologies, Inc. | 427,482 | ||||||
7,498 | Hillenbrand, Inc. | 348,582 | ||||||
3,600 | John Bean Technologies Corporation | 343,908 |
See accompanying notes to financial statements.
28
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
MACHINERY - 3.8% (Continued) | ||||||||
1,155 | Kadant, Inc. | $ | 330,342 | |||||
15,116 | Kennametal, Inc. | 389,237 | ||||||
1,461 | Lincoln Electric Holdings, Inc. | 286,882 | ||||||
3,185 | Lindsay Corporation | 365,702 | ||||||
2,050 | Standex International Corporation | 344,831 | ||||||
3,092 | Tennant Company | 317,425 | ||||||
4,128 | Toro Company (The) | 331,024 | ||||||
7,081,247 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 2.0% | ||||||||
3,999 | Glaukos Corporation(a) | 450,767 | ||||||
6,976 | Globus Medical, Inc., Class A(a) | 468,159 | ||||||
4,428 | Haemonetics Corporation(a) | 372,306 | ||||||
3,494 | ICU Medical, Inc.(a) | 371,552 | ||||||
10,653 | Integra LifeSciences Holdings Corporation(a) | 329,178 | ||||||
17,500 | Myriad Genetics, Inc.(a) | 398,300 | ||||||
23,640 | Neogen Corporation(a) | 310,866 | ||||||
30,664 | Paragon 28, Inc.(a),(b) | 235,806 | ||||||
43,428 | Pulse Biosciences, Inc.(a),(b) | 501,594 | ||||||
16,937 | Veracyte, Inc.(a) | 351,443 | ||||||
3,789,971 | ||||||||
METALS & MINING - 1.2% | ||||||||
99,926 | Coeur Mining, Inc.(a) | 574,574 | ||||||
23,888 | Compass Minerals International, Inc. | 309,588 | ||||||
1,438 | Encore Wire Corporation | 415,194 | ||||||
77,967 | Hecla Mining Company | 459,226 | ||||||
3,088 | Royal Gold, Inc. | 395,851 | ||||||
2,154,433 | ||||||||
MORTGAGE FINANCE - 1.0% | ||||||||
33,758 | Apollo Commercial Real Estate Finance, Inc. | 340,956 | ||||||
50,961 | Ares Commercial Real Estate Corporation | 354,689 | ||||||
33,072 | MFA Financial, Inc. | 353,870 | ||||||
25,645 | PennyMac Mortgage Investment Trust | 350,824 | ||||||
59,347 | Redwood Trust, Inc. | 376,259 | ||||||
1,776,598 |
See accompanying notes to financial statements.
29
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
MULTI ASSET CLASS REIT - 0.6% | ||||||||
36,300 | Armada Hoffler Properties, Inc. | $ | 411,642 | |||||
27,032 | Elme Communities | 416,563 | ||||||
41,750 | LXP Industrial Trust | 354,875 | ||||||
1,183,080 | ||||||||
OFFICE REIT – 1.9% | ||||||||
17,133 | American Assets Trust, Inc. | 372,643 | ||||||
79,150 | Brandywine Realty Trust | 364,882 | ||||||
26,908 | Douglas Emmett, Inc. | 375,367 | ||||||
37,201 | Empire State Realty Trust, Inc., Class A | 354,526 | ||||||
19,884 | Equity Commonwealth(a) | 383,960 | ||||||
14,402 | Highwoods Properties, Inc. | 374,020 | ||||||
58,346 | Hudson Pacific Properties, Inc. | 286,479 | ||||||
23,429 | JBG SMITH Properties | 337,378 | ||||||
10,302 | Kilroy Realty Corporation | 345,426 | ||||||
24,830 | Veris Residential, Inc. | 379,651 | ||||||
3,574,332 | ||||||||
OIL & GAS PRODUCERS - 1.0% | ||||||||
10,159 | Par Pacific Holdings, Inc.(a) | 275,715 | ||||||
11,012 | SilverBow Resources, Inc.(a) | 431,671 | ||||||
7,577 | SM Energy Company | 382,108 | ||||||
49,540 | Southwestern Energy Company(a) | 373,036 | ||||||
14,221 | World Kinect Corporation | 374,581 | ||||||
1,837,111 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.4% | ||||||||
16,525 | Dril-Quip, Inc.(a) | 319,594 | ||||||
16,013 | Oceaneering International, Inc.(a) | 379,188 | ||||||
48,551 | RPC, Inc. | 331,603 | ||||||
41,070 | Select Water Solutions, Inc., Class A | 448,895 | ||||||
83,920 | TETRA Technologies, Inc.(a) | 311,343 | ||||||
4,083 | Tidewater, Inc.(a) | 421,896 | ||||||
30,231 | US Silica Holdings, Inc.(a) | 468,278 | ||||||
2,680,797 |
See accompanying notes to financial statements.
30
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
PUBLISHING & BROADCASTING - 0.2% | ||||||||
9,887 | Scholastic Corporation | $ | 358,700 | |||||
REAL ESTATE OWNERS & DEVELOPERS - 0.2% | ||||||||
3,059 | McGrath RentCorporation | 333,370 | ||||||
RENEWABLE ENERGY - 1.1% | ||||||||
15,651 | Ameresco, Inc., Class A(a) | 571,575 | ||||||
3,977 | EnerSys | 428,880 | ||||||
312,028 | FuelCell Energy, Inc.(a) | 280,201 | ||||||
16,174 | Green Plains, Inc.(a) | 277,708 | ||||||
125,454 | SunPower Corporation(a),(b) | 419,016 | ||||||
1,977,380 | ||||||||
RESIDENTIAL REIT - 0.6% | ||||||||
23,198 | Independence Realty Trust, Inc. | 387,407 | ||||||
11,726 | NexPoint Residential Trust, Inc. | 429,991 | ||||||
23,275 | UMH Properties, Inc. | 351,918 | ||||||
1,169,316 | ||||||||
RETAIL - CONSUMER STAPLES - 1.3% | ||||||||
1,180 | Casey’s General Stores, Inc. | 391,500 | ||||||
4,900 | Ingles Markets, Inc., Class A | 358,386 | ||||||
4,755 | Ollie’s Bargain Outlet Holdings, Inc.(a) | 391,955 | ||||||
18,600 | SpartanNash Company | 365,490 | ||||||
5,833 | Sprouts Farmers Market, Inc.(a) | 460,690 | ||||||
5,843 | Weis Markets, Inc. | 383,009 | ||||||
2,351,030 | ||||||||
RETAIL - DISCRETIONARY - 2.2% | ||||||||
1,597 | Asbury Automotive Group, Inc.(a) | 375,407 | ||||||
3,077 | Avis Budget Group, Inc. | 349,947 | ||||||
1,626 | Burlington Stores, Inc.(a) | 390,321 | ||||||
818 | Dillard’s, Inc., Class A | 365,932 | ||||||
10,878 | Ethan Allen Interiors, Inc. | 316,659 | ||||||
3,849 | GMS, Inc.(a) | 361,652 | ||||||
10,020 | La-Z-Boy, Inc. | 375,950 | ||||||
1,243 | Lithia Motors, Inc. | 314,653 |
See accompanying notes to financial statements.
31
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
RETAIL - DISCRETIONARY - 2.2% (Continued) | ||||||||
11,852 | Monro, Inc. | $ | 280,300 | |||||
16,800 | National Vision Holdings, Inc.(a) | 253,512 | ||||||
7,044 | Rush Enterprises, Inc., Class A | 317,896 | ||||||
6,579 | Sonic Automotive, Inc., Class A | 372,832 | ||||||
4,075,061 | ||||||||
RETAIL REIT - 1.8% | ||||||||
22,285 | Acadia Realty Trust | 384,193 | ||||||
1,728 | Alexander’s, Inc. | 366,682 | ||||||
15,367 | Four Corners Property Trust, Inc. | 375,108 | ||||||
17,370 | Kite Realty Group Trust | 380,750 | ||||||
21,942 | Macerich Company (The) | 331,763 | ||||||
8,796 | NNN REIT, Inc. | 367,409 | ||||||
29,475 | Retail Opportunity Investments Corporation | 369,027 | ||||||
9,828 | Saul Centers, Inc. | 357,641 | ||||||
12,713 | Tanger, Inc. | 352,786 | ||||||
3,285,359 | ||||||||
SEMICONDUCTORS - 4.0% | ||||||||
30,423 | Aehr Test Systems(a),(b) | 350,169 | ||||||
11,712 | Amkor Technology, Inc. | 381,694 | ||||||
4,067 | Cirrus Logic, Inc.(a) | 466,485 | ||||||
11,274 | Cohu, Inc.(a) | 363,474 | ||||||
5,373 | Diodes, Inc.(a) | 398,300 | ||||||
8,249 | FormFactor, Inc.(a) | 451,385 | ||||||
2,932 | Impinj, Inc.(a) | 479,880 | ||||||
4,122 | IPG Photonics Corporation(a) | 357,501 | ||||||
4,794 | Lattice Semiconductor Corporation(a) | 355,907 | ||||||
20,045 | MaxLinear, Inc.(a) | 356,200 | ||||||
2,847 | MKS Instruments, Inc. | 360,402 | ||||||
13,294 | Photronics, Inc.(a) | 363,591 | ||||||
5,252 | Power Integrations, Inc. | 399,205 | ||||||
13,579 | Semtech Corporation(a) | 528,087 | ||||||
2,641 | Silicon Laboratories, Inc.(a) | 333,215 | ||||||
2,212 | Universal Display Corporation | 388,648 | ||||||
10,702 | Veeco Instruments, Inc.(a) | 435,036 |
See accompanying notes to financial statements.
32
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
SEMICONDUCTORS - 4.0% (Continued) | ||||||||
16,625 | Vishay Intertechnology, Inc. | $ | 392,849 | |||||
12,799 | Wolfspeed, Inc.(a) | 328,934 | ||||||
7,490,962 | ||||||||
SOFTWARE - 4.3% | ||||||||
11,330 | ACI Worldwide, Inc.(a) | 407,993 | ||||||
34,536 | Amplitude, Inc.(a) | 308,061 | ||||||
5,092 | Blackbaud, Inc.(a) | 396,870 | ||||||
11,285 | Calix, Inc.(a) | 402,875 | ||||||
3,722 | CommVault Systems, Inc.(a) | 400,431 | ||||||
11,808 | Digi International, Inc.(a) | 287,643 | ||||||
6,153 | Donnelley Financial Solutions, Inc.(a) | 375,087 | ||||||
3,223 | Guidewire Software, Inc.(a) | 367,164 | ||||||
49,592 | Health Catalyst, Inc.(a) | 328,795 | ||||||
1,501 | Manhattan Associates, Inc.(a) | 329,530 | ||||||
215 | MicroStrategy, Inc., Class A(a),(b) | 327,765 | ||||||
13,219 | Model N, Inc.(a) | 395,116 | ||||||
12,726 | Omnicell, Inc.(a) | 414,740 | ||||||
11,192 | PDF Solutions, Inc.(a) | 391,944 | ||||||
5,815 | Pegasystems, Inc. | 334,130 | ||||||
7,103 | Progress Software Corporation | 359,767 | ||||||
10,410 | PROS Holdings, Inc.(a) | 306,887 | ||||||
15,760 | PubMatic, Inc., Class A(a) | 345,144 | ||||||
7,127 | Q2 Holdings, Inc.(a) | 433,464 | ||||||
2,255 | Qualys, Inc.(a) | 317,098 | ||||||
2,029 | SPS Commerce, Inc.(a) | 381,635 | ||||||
7,864 | Varonis Systems, Inc.(a) | 337,837 | ||||||
7,949,976 | ||||||||
SPECIALTY FINANCE - 1.4% | ||||||||
8,172 | Encore Capital Group, Inc.(a) | 361,529 | ||||||
5,976 | Enova International, Inc.(a) | 368,420 | ||||||
6,331 | Essent Group Ltd. | 358,968 | ||||||
1,926 | Federal Agricultural Mortgage Corporation, Class C | 336,414 | ||||||
16,808 | MGIC Investment Corporation | 352,968 | ||||||
3,977 | Nelnet, Inc., Class A | 412,257 |
See accompanying notes to financial statements.
33
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
SPECIALTY FINANCE - 1.4% (Continued) | ||||||||
2,621 | World Acceptance Corporation(a) | $ | 336,772 | |||||
2,527,328 | ||||||||
SPECIALTY REIT - 0.2% | ||||||||
3,156 | Lamar Advertising Company, Class A | 372,755 | ||||||
STEEL - 0.7% | ||||||||
7,354 | ATI, Inc.(a) | 451,095 | ||||||
6,403 | Commercial Metals Company | 360,617 | ||||||
17,042 | Metallus, Inc.(a) | 409,178 | ||||||
1,220,890 | ||||||||
TECHNOLOGY HARDWARE - 3.5% | ||||||||
68,712 | ADTRAN Holdings, Inc. | 381,352 | ||||||
2,888 | Arrow Electronics, Inc.(a) | 379,223 | ||||||
12,581 | Benchmark Electronics, Inc. | 541,865 | ||||||
13,949 | Digimarc Corporation(a),(b) | 374,391 | ||||||
1,980 | F5, Inc.(a) | 334,561 | ||||||
27,939 | Harmonic, Inc.(a) | 341,694 | ||||||
63,421 | Infinera Corporation(a) | 362,768 | ||||||
3,522 | InterDigital, Inc. | 401,050 | ||||||
23,479 | Knowles Corporation(a) | 411,352 | ||||||
7,874 | Lumentum Holdings, Inc.(a) | 342,519 | ||||||
29,706 | NCR Voyix Corporation(a) | 391,525 | ||||||
17,176 | NetScout Systems, Inc.(a) | 352,795 | ||||||
8,336 | PAR Technology Corporation(a) | 371,952 | ||||||
3,993 | Plexus Corporation(a) | 439,789 | ||||||
373 | Super Micro Computer, Inc.(a) | 292,622 | ||||||
24,009 | TTM Technologies, Inc.(a) | 446,567 | ||||||
20,727 | ViaSat, Inc.(a) | 350,079 | ||||||
6,516,104 | ||||||||
TECHNOLOGY SERVICES - 2.2% | ||||||||
993 | CACI International, Inc., Class A(a) | 421,509 | ||||||
7,289 | CSG Systems International, Inc. | 314,520 | ||||||
11,794 | ExlService Holdings, Inc.(a) | 352,169 | ||||||
11,337 | Genpact Ltd. | 374,801 |
See accompanying notes to financial statements.
34
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
TECHNOLOGY SERVICES - 2.2% (Continued) | ||||||||
2,497 | ICF International, Inc. | $ | 356,447 | |||||
2,168 | Jack Henry & Associates, Inc. | 357,026 | ||||||
1,710 | MarketAxess Holdings, Inc. | 340,170 | ||||||
4,458 | MAXIMUS, Inc. | 383,834 | ||||||
6,715 | Perficient, Inc.(a) | 497,918 | ||||||
149,367 | Thoughtworks Holding, Inc.(a) | 412,253 | ||||||
1,579 | WEX, Inc.(a) | 295,778 | ||||||
4,106,425 | ||||||||
TELECOMMUNICATIONS - 1.1% | ||||||||
26,530 | EchoStar Corporation, Class A(a) | 509,377 | ||||||
260,693 | Globalstar, Inc.(a) | 284,155 | ||||||
14,339 | Iridium Communications, Inc. | 431,747 | ||||||
21,478 | Shenandoah Telecommunications Company | 404,001 | ||||||
23,359 | Telephone and Data Systems, Inc. | 464,611 | ||||||
2,093,891 | ||||||||
TIMBER REIT - 0.2% | ||||||||
11,267 | Rayonier, Inc. | 338,235 | ||||||
TRANSPORTATION & LOGISTICS - 2.4% | ||||||||
27,178 | Air Transport Services Group, Inc.(a) | 366,903 | ||||||
4,960 | Allegiant Travel Company | 263,872 | ||||||
21,243 | CryoPort, Inc.(a) | 218,378 | ||||||
9,828 | Dorian, L.P.G Ltd. | 497,395 | ||||||
12,241 | Forward Air Corporation | 205,649 | ||||||
31,598 | Heartland Express, Inc. | 357,689 | ||||||
8,683 | Hub Group, Inc., Class A | 374,671 | ||||||
6,825 | Knight-Swift Transportation Holdings, Inc. | 329,306 | ||||||
1,963 | Landstar System, Inc. | 357,325 | ||||||
3,341 | Matson, Inc. | 428,316 | ||||||
3,125 | Ryder System, Inc. | 379,594 | ||||||
645 | Saia, Inc.(a) | 264,115 | ||||||
9,624 | Werner Enterprises, Inc. | 361,574 | ||||||
4,404,787 |
See accompanying notes to financial statements.
35
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.1% (Continued) | ||||||||
TRANSPORTATION EQUIPMENT - 0.9% | ||||||||
4,628 | Allison Transmission Holdings, Inc. | $ | 350,849 | |||||
9,825 | Blue Bird Corporation(a) | 560,123 | ||||||
13,486 | Trinity Industries, Inc. | 424,135 | ||||||
12,764 | Wabash National Corporation | 288,594 | ||||||
1,623,701 | ||||||||
WHOLESALE - CONSUMER STAPLES - 0.2% | ||||||||
6,564 | Andersons, Inc. (The) | 343,560 | ||||||
WHOLESALE - DISCRETIONARY - 0.4% | ||||||||
4,832 | ePlus, Inc.(a) | 361,627 | ||||||
21,755 | OPENLANE, Inc.(a) | 375,274 | ||||||
736,901 | ||||||||
TOTAL COMMON STOCKS (Cost $171,983,134) | 183,751,088 |
See accompanying notes to financial statements.
36
INSPIRE SMALL/MID CAP ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Expiration Date | Exercise Price | Fair Value | |||||||||
RIGHT — 0.0%(d) | ||||||||||||
BIOTECH & PHARMA - 0.0% (d) | ||||||||||||
6,384 | Bristol-Myers Squibb Company – CVR (f) | 1/23/2031 | $12.00 | $ | — | |||||||
MEDICAL EQUIPMENT & DEVICES - 0.0% (d) | ||||||||||||
43,428 | Pulse Biosciences, Inc. (f) | 6/14/2024 | $10.00 | 7,313 | ||||||||
TOTAL RIGHT (Cost $0) | 7,313 | |||||||||||
COLLATERAL FOR SECURITIES LOANED — 2.1% | ||||||||||||
MONEY MARKET FUND - 2.1% | ||||||||||||
3,802,512 | Fidelity Government Portfolio - Institutional Class, 5.24% (Cost $3,802,512)(c)(e) | 3,802,512 | ||||||||||
TOTAL INVESTMENTS - 101.2% (Cost $175,785,646) | $ | 187,560,913 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)% | (2,159,975 | ) | ||||||||||
NET ASSETS - 100.0% | $ | 185,400,938 |
CVR | - Contingent Value Right |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2024 was $3,734,528. |
(c) | Security was purchased with cash received as collateral for securities on loan at May 31, 2024. Total collateral had a value of $3,802,512 at May 31, 2024. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of May 31, 2024. |
(f) | The fair value of this investment is determined using significant unobservable inputs. |
See accompanying notes to financial statements.
37
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% | ||||||||||||
APPAREL & TEXTILE PRODUCTS — 0.3% | ||||||||||||
1,000,000 | Ralph Lauren Corporation | 2.9500 | 06/15/30 | $ | 884,878 | |||||||
AUTOMOTIVE — 0.3% | ||||||||||||
1,000,000 | BorgWarner, Inc. | 2.6500 | 07/01/27 | 923,225 | ||||||||
BANKING — 0.9% | ||||||||||||
1,000,000 | CIT Group, Inc. | 6.1250 | 03/09/28 | 1,021,891 | ||||||||
1,000,000 | Regions Financial Corporation | 1.8000 | 08/12/28 | 861,278 | ||||||||
1,000,000 | Zions Bancorp NA | 3.2500 | 10/29/29 | 828,671 | ||||||||
2,711,840 | ||||||||||||
BIOTECH & PHARMA — 0.3% | ||||||||||||
1,000,000 | Royalty Pharma plc | 1.2000 | 09/02/25 | 946,784 | ||||||||
CHEMICALS — 1.3% | ||||||||||||
1,000,000 | Albemarle Corporation | 4.6500 | 06/01/27 | 978,632 | ||||||||
1,000,000 | Albemarle Corporation | 5.0500 | 06/01/32 | 960,868 | ||||||||
1,000,000 | Cabot Corporation | 5.0000 | 06/30/32 | 981,393 | ||||||||
1,000,000 | LYB International Finance III, LLC | 1.2500 | 10/01/25 | 942,859 | ||||||||
3,863,752 | ||||||||||||
COMMERCIAL SUPPORT SERVICES — 5.2% | ||||||||||||
1,000,000 | Cintas Corp No 2 | 3.4500 | 05/01/25 | 982,305 | ||||||||
1,000,000 | Cintas Corp No 2 | 3.7000 | 04/01/27 | 966,161 | ||||||||
1,000,000 | Cintas Corp No 2 | 4.0000 | 05/01/32 | 930,962 | ||||||||
1,000,000 | Republic Services, Inc. | 3.2000 | 03/15/25 | 982,706 | ||||||||
1,000,000 | Republic Services, Inc. | 3.3750 | 11/15/27 | 946,522 | ||||||||
4,200,000 | Republic Services, Inc. | 3.9500 | 05/15/28 | 4,025,123 | ||||||||
1,000,000 | Republic Services, Inc. | 2.3000 | 03/01/30 | 858,981 | ||||||||
1,000,000 | Republic Services, Inc. | 1.4500 | 02/15/31 | 788,836 | ||||||||
1,000,000 | Republic Services, Inc. | 1.7500 | 02/15/32 | 781,363 | ||||||||
1,000,000 | Waste Connections, Inc. | 4.2500 | 12/01/28 | 965,956 | ||||||||
1,000,000 | Waste Management, Inc. | 3.1250 | 03/01/25 | 982,898 | ||||||||
1,000,000 | Waste Management, Inc. | 0.7500 | 11/15/25 | 937,226 | ||||||||
1,000,000 | Waste Management, Inc. | 3.1500 | 11/15/27 | 942,525 | ||||||||
See accompanying notes to financial statements.
38
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
COMMERCIAL SUPPORT SERVICES — 5.2% (Continued) | ||||||||||||
1,000,000 | Waste Management, Inc. | 4.6250 | 02/15/33 | $ | 960,671 | |||||||
16,052,235 | ||||||||||||
CONSTRUCTION MATERIALS — 2.1% | ||||||||||||
1,000,000 | Carlisle Companies, Inc. | 3.7500 | 12/01/27 | 948,426 | ||||||||
4,200,000 | Carlisle Companies, Inc. | 2.7500 | 03/01/30 | 3,654,162 | ||||||||
1,000,000 | Carlisle Companies, Inc. | 2.2000 | 03/01/32 | 795,604 | ||||||||
1,000,000 | Vulcan Materials Company | 3.9000 | 04/01/27 | 968,311 | ||||||||
6,366,503 | ||||||||||||
CONTAINERS & PACKAGING — 1.5% | ||||||||||||
1,000,000 | Amcor Finance USA, Inc. | 3.6250 | 04/28/26 | 962,391 | ||||||||
1,000,000 | Amcor Finance USA, Inc. | 4.5000 | 05/15/28 | 966,544 | ||||||||
1,000,000 | Amcor Flexibles North America, Inc. | 2.6900 | 05/25/31 | 835,117 | ||||||||
1,000,000 | AptarGroup, Inc. | 3.6000 | 03/15/32 | 867,611 | ||||||||
1,000,000 | Bemis Company, Inc. | 2.6300 | 06/19/30 | 849,544 | ||||||||
4,481,207 | ||||||||||||
DIVERSIFIED INDUSTRIALS — 3.6% | ||||||||||||
1,000,000 | Dover Corporation | 3.1500 | 11/15/25 | 968,481 | ||||||||
1,000,000 | Emerson Electric Company | 2.0000 | 12/21/28 | 881,716 | ||||||||
1,000,000 | Emerson Electric Company | 1.9500 | 10/15/30 | 841,847 | ||||||||
1,000,000 | Emerson Electric Company | 2.2000 | 12/21/31 | 828,661 | ||||||||
1,000,000 | Parker-Hannifin Corporation | 3.3000 | 11/21/24 | 989,235 | ||||||||
1,000,000 | Parker-Hannifin Corporation | 3.2500 | 03/01/27 | 952,119 | ||||||||
1,000,000 | Parker-Hannifin Corporation | 4.2500 | 09/15/27 | 971,513 | ||||||||
4,200,000 | Parker-Hannifin Corporation | 3.2500 | 06/14/29 | 3,838,452 | ||||||||
1,000,000 | Parker-Hannifin Corporation | 4.5000 | 09/15/29 | 969,694 | ||||||||
11,241,718 | ||||||||||||
ELECTRIC UTILITIES — 5.4% | ||||||||||||
1,000,000 | Avangrid, Inc. | 3.1500 | 12/01/24 | 986,578 | ||||||||
1,000,000 | Avangrid, Inc. | 3.8000 | 06/01/29 | 922,207 | ||||||||
1,000,000 | CenterPoint Energy, Inc. | 1.4500 | 06/01/26 | 925,531 | ||||||||
1,000,000 | CenterPoint Energy, Inc. | 2.9500 | 03/01/30 | 881,456 | ||||||||
1,000,000 | CenterPoint Energy, Inc. | 2.6500 | 06/01/31 | 840,355 | ||||||||
1,000,000 | Emera US Finance, L.P. | 3.5500 | 06/15/26 | 956,568 | ||||||||
1,000,000 | Entergy Arkansas, LLC | 3.5000 | 04/01/26 | 970,495 |
See accompanying notes to financial statements.
39
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
ELECTRIC UTILITIES — 5.4% (Continued) | ||||||||||||
1,000,000 | Entergy Corporation | 0.9000 | 09/15/25 | $ | 942,091 | |||||||
1,000,000 | Entergy Corporation | 1.9000 | 06/15/28 | 874,548 | ||||||||
1,000,000 | Entergy Corporation | 2.8000 | 06/15/30 | 866,351 | ||||||||
1,000,000 | Entergy Corporation | 2.4000 | 06/15/31 | 821,120 | ||||||||
4,200,000 | Evergy, Inc. | 2.9000 | 09/15/29 | 3,728,646 | ||||||||
1,000,000 | Exelon Corporation | 5.1500 | 03/15/29 | 994,048 | ||||||||
1,000,000 | Exelon Corporation | 5.4500 | 03/15/34 | 990,056 | ||||||||
1,000,000 | WEC Energy Group, Inc. | 1.3750 | 10/15/27 | 880,598 | ||||||||
16,580,648 | ||||||||||||
ELECTRICAL EQUIPMENT — 5.4% | ||||||||||||
1,000,000 | Amphenol Corporation | 2.0500 | 03/01/25 | 973,607 | ||||||||
4,200,000 | Amphenol Corporation | 4.3500 | 06/01/29 | 4,055,428 | ||||||||
1,000,000 | Amphenol Corporation | 2.8000 | 02/15/30 | 884,595 | ||||||||
1,000,000 | Amphenol Corporation | 2.2000 | 09/15/31 | 816,811 | ||||||||
1,000,000 | Keysight Technologies, Inc. | 4.5500 | 10/30/24 | 995,546 | ||||||||
1,000,000 | Keysight Technologies, Inc. | 4.6000 | 04/06/27 | 980,034 | ||||||||
1,000,000 | Keysight Technologies, Inc. | 3.0000 | 10/30/29 | 889,667 | ||||||||
1,000,000 | Otis Worldwide Corporation | 5.2500 | 08/16/28 | 1,003,342 | ||||||||
1,000,000 | Trimble, Inc. | 4.7500 | 12/01/24 | 995,201 | ||||||||
4,200,000 | Trimble, Inc. | 4.9000 | 06/15/28 | 4,117,963 | ||||||||
1,000,000 | Trimble, Inc. | 6.1000 | 03/15/33 | 1,027,538 | ||||||||
16,739,732 | ||||||||||||
ENGINEERING & CONSTRUCTION — 0.3% | ||||||||||||
1,000,000 | Fluor Corporation | 4.2500 | 09/15/28 | 944,730 | ||||||||
FOOD — 2.8% | ||||||||||||
1,000,000 | Campbell Soup Company | 4.1500 | 03/15/28 | 963,469 | ||||||||
1,000,000 | Conagra Brands, Inc. | 4.6000 | 11/01/25 | 986,601 | ||||||||
4,200,000 | Conagra Brands, Inc. | 1.3750 | 11/01/27 | 3,674,002 | ||||||||
1,000,000 | Conagra Brands, Inc. | 4.8500 | 11/01/28 | 977,322 | ||||||||
1,000,000 | McCormick & Co, Inc. | 3.4000 | 08/15/27 | 947,052 | ||||||||
1,000,000 | McCormick & Co, Inc. | 4.9500 | 04/15/33 | 969,460 | ||||||||
8,517,906 | ||||||||||||
See accompanying notes to financial statements.
40
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
GAS & WATER UTILITIES — 3.0% | ||||||||||||
1,000,000 | Atmos Energy Corporation | 3.0000 | 06/15/27 | $ | 940,834 | |||||||
4,200,000 | Atmos Energy Corporation | 2.6250 | 09/15/29 | 3,734,466 | ||||||||
1,000,000 | Atmos Energy Corporation | 1.5000 | 01/15/31 | 796,721 | ||||||||
1,000,000 | Atmos Energy Corporation | 5.9000 | 11/15/33 | 1,041,748 | ||||||||
1,000,000 | CenterPoint Energy Resources Corporation | 1.7500 | 10/01/30 | 809,331 | ||||||||
1,000,000 | Essential Utilities, Inc. | 5.3750 | 01/15/34 | 974,492 | ||||||||
1,000,000 | NiSource, Inc. | 5.4000 | 06/30/33 | 985,568 | ||||||||
9,283,160 | ||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.6% | ||||||||||||
1,000,000 | Anthem, Inc. | 1.5000 | 03/15/26 | 934,015 | ||||||||
1,000,000 | Anthem, Inc. | 3.6500 | 12/01/27 | 950,946 | ||||||||
1,884,961 | ||||||||||||
HOME CONSTRUCTION — 3.1% | ||||||||||||
1,000,000 | DR Horton, Inc. | 2.5000 | 10/15/24 | 989,073 | ||||||||
1,000,000 | DR Horton, Inc. | 2.6000 | 10/15/25 | 961,306 | ||||||||
4,200,000 | DR Horton, Inc. | 1.3000 | 10/15/26 | 3,822,683 | ||||||||
1,000,000 | Fortune Brands Home & Security, Inc. | 3.2500 | 09/15/29 | 899,923 | ||||||||
1,000,000 | Fortune Brands Innovations, Inc. | 5.8750 | 06/01/33 | 1,006,256 | ||||||||
1,000,000 | Mohawk Industries, Inc. | 5.8500 | 09/18/28 | 1,017,940 | ||||||||
1,000,000 | PulteGroup, Inc. | 6.3750 | 05/15/33 | 1,045,949 | ||||||||
9,743,130 | ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.3% | ||||||||||||
4,200,000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 4,055,069 | ||||||||
INSURANCE — 4.7% | ||||||||||||
4,200,000 | Arch Capital Finance, LLC | 4.0110 | 12/15/26 | 4,056,875 | ||||||||
4,200,000 | Loews Corporation | 3.7500 | 04/01/26 | 4,083,722 | ||||||||
1,000,000 | Loews Corporation | 3.2000 | 05/15/30 | 898,876 | ||||||||
1,000,000 | Primerica, Inc. | 2.8000 | 11/19/31 | 826,800 | ||||||||
1,000,000 | Progressive Corporation (The) | 3.2000 | 03/26/30 | 904,841 | ||||||||
1,000,000 | Progressive Corporation (The) | 4.9500 | 06/15/33 | 987,189 | ||||||||
1,000,000 | Reinsurance Group of America, Inc. | 3.9000 | 05/15/29 | 933,262 | ||||||||
1,000,000 | Reinsurance Group of America, Inc. | 3.1500 | 06/15/30 | 881,913 | ||||||||
See accompanying notes to financial statements.
41
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
INSURANCE — 4.7% (Continued) | ||||||||||||
1,000,000 | Reinsurance Group of America, Inc. | 6.0000 | 09/15/33 | $ | 1,013,530 | |||||||
14,587,008 | ||||||||||||
LEISURE PRODUCTS — 0.3% | ||||||||||||
1,000,000 | Brunswick Corporation | 4.4000 | 09/15/32 | 890,939 | ||||||||
MACHINERY — 3.1% | ||||||||||||
1,000,000 | Caterpillar Financial Services Corporation | 0.8000 | 11/13/25 | 940,085 | ||||||||
1,000,000 | Caterpillar Financial Services Corporation | 0.9000 | 03/02/26 | 929,782 | ||||||||
4,200,000 | Caterpillar, Inc. | 2.6000 | 09/19/29 | 3,744,051 | ||||||||
1,000,000 | Caterpillar, Inc. | 1.9000 | 03/12/31 | 836,367 | ||||||||
1,000,000 | CNH Industrial Capital, LLC | 1.8750 | 01/15/26 | 943,282 | ||||||||
1,000,000 | Ingersoll Rand, Inc. | 5.7000 | 08/14/33 | 1,017,972 | ||||||||
1,000,000 | Nordson Corporation | 5.8000 | 09/15/33 | 1,022,360 | ||||||||
9,433,899 | ||||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.1% | ||||||||||||
1,000,000 | Baxter International, Inc. | 2.2720 | 12/01/28 | 874,565 | ||||||||
1,000,000 | Baxter International, Inc. | 3.9500 | 04/01/30 | 923,187 | ||||||||
1,000,000 | Baxter International, Inc. | 2.5390 | 02/01/32 | 811,319 | ||||||||
1,000,000 | DENTSPLY SIRONA, Inc. | 3.2500 | 06/01/30 | 870,391 | ||||||||
3,479,462 | ||||||||||||
METALS & MINING — 0.5% | ||||||||||||
1,000,000 | Newmont Corporation | 2.2500 | 10/01/30 | 842,967 | ||||||||
1,000,000 | Newmont Corporation | 2.6000 | 07/15/32 | 824,974 | ||||||||
1,667,941 | ||||||||||||
OIL & GAS PRODUCERS — 11.0% | ||||||||||||
1,000,000 | Cheniere Energy Partners, L.P. | 5.9500 | 06/30/33 | 1,009,145 | ||||||||
1,000,000 | Continental Resources, Inc. | 4.3750 | 01/15/28 | 959,916 | ||||||||
4,200,000 | Devon Energy Corporation | 5.8500 | 12/15/25 | 4,219,406 | ||||||||
1,000,000 | Devon Energy Corporation | 4.5000 | 01/15/30 | 956,305 | ||||||||
1,000,000 | Devon Energy Corporation | 7.8750 | 09/30/31 | 1,132,943 | ||||||||
1,000,000 | Diamondback Energy, Inc. | 3.2500 | 12/01/26 | 954,297 | ||||||||
1,000,000 | Diamondback Energy, Inc. | 3.5000 | 12/01/29 | 916,507 | ||||||||
4,200,000 | Diamondback Energy, Inc. | 3.1250 | 03/24/31 | 3,674,796 | ||||||||
1,000,000 | EOG Resources, Inc. | 3.1500 | 04/01/25 | 981,564 |
See accompanying notes to financial statements.
42
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
OIL & GAS PRODUCERS — 11.0% (Continued) | ||||||||||||
1,000,000 | EOG Resources, Inc. | 4.1500 | 01/15/26 | $ | 983,243 | |||||||
1,000,000 | Kinder Morgan, Inc. | 4.3000 | 06/01/25 | 986,718 | ||||||||
1,000,000 | Kinder Morgan, Inc. | 4.3000 | 03/01/28 | 968,997 | ||||||||
1,000,000 | Kinder Morgan, Inc. | 7.8000 | 08/01/31 | 1,131,033 | ||||||||
1,000,000 | Kinder Morgan, Inc. | 5.2000 | 06/01/33 | 964,173 | ||||||||
1,000,000 | Newfield Exploration Company | 5.3750 | 01/01/26 | 994,944 | ||||||||
1,000,000 | ONEOK Partners, L.P. | 4.9000 | 03/15/25 | 993,523 | ||||||||
1,000,000 | ONEOK, Inc. | 5.8500 | 01/15/26 | 1,004,216 | ||||||||
1,000,000 | ONEOK, Inc. | 4.0000 | 07/13/27 | 962,873 | ||||||||
1,000,000 | Targa Resources Corporation | 6.1500 | 03/01/29 | 1,029,424 | ||||||||
1,000,000 | Targa Resources Corporation | 6.1250 | 03/15/33 | 1,025,446 | ||||||||
1,000,000 | Targa Resources Partners, L.P. / Targa Resources | 5.0000 | 01/15/28 | 976,001 | ||||||||
1,000,000 | Tennessee Gas Pipeline Company, LLC | 7.0000 | 10/15/28 | 1,056,537 | ||||||||
1,000,000 | Transcontinental Gas Pipe Line Company, LLC | 7.8500 | 02/01/26 | 1,030,130 | ||||||||
1,000,000 | Valero Energy Corporation | 3.4000 | 09/15/26 | 957,706 | ||||||||
4,200,000 | Valero Energy Corporation | 4.3500 | 06/01/28 | 4,064,758 | ||||||||
33,934,601 | ||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.9% | ||||||||||||
1,000,000 | Schlumberger Holdings Corporation(a) | 4.0000 | 12/21/25 | 978,131 | ||||||||
1,000,000 | Schlumberger Holdings Corporation(a) | 3.9000 | 05/17/28 | 953,621 | ||||||||
1,000,000 | Schlumberger Holdings Corporation(a) | 4.3000 | 05/01/29 | 962,677 | ||||||||
2,894,429 | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 19.0% | ||||||||||||
1,000,000 | Alexandria Real Estate Equities, Inc. | 3.9500 | 01/15/28 | 954,992 | ||||||||
4,200,000 | Alexandria Real Estate Equities, Inc. | 2.7500 | 12/15/29 | 3,674,810 | ||||||||
1,000,000 | Alexandria Real Estate Equities, Inc. | 4.7000 | 07/01/30 | 959,522 | ||||||||
4,200,000 | Alexandria Real Estate Equities, Inc. | 4.9000 | 12/15/30 | 4,088,498 | ||||||||
1,000,000 | Alexandria Real Estate Equities, Inc. | 3.3750 | 08/15/31 | 878,070 | ||||||||
1,000,000 | Alexandria Real Estate Equities, Inc. | 2.0000 | 05/18/32 | 778,644 | ||||||||
1,000,000 | Boston Properties, L.P. | 3.6500 | 02/01/26 | 963,009 | ||||||||
1,000,000 | Boston Properties, L.P. | 4.5000 | 12/01/28 | 940,471 | ||||||||
1,000,000 | Boston Properties, L.P. | 3.4000 | 06/21/29 | 883,454 | ||||||||
1,000,000 | Boston Properties, L.P. | 2.9000 | 03/15/30 | 845,459 | ||||||||
1,000,000 | Boston Properties, L.P. | 3.2500 | 01/30/31 | 842,203 |
See accompanying notes to financial statements.
43
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 19.0% (Continued) | ||||||||||||
1,000,000 | Boston Properties, L.P. | 2.5500 | 04/01/32 | $ | 778,482 | |||||||
1,000,000 | Camden Property Trust | 4.9000 | 01/15/34 | 951,270 | ||||||||
1,000,000 | Crown Castle, Inc. | 5.8000 | 03/01/34 | 1,005,101 | ||||||||
1,000,000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 951,617 | ||||||||
1,000,000 | Digital Realty Trust, L.P. | 4.4500 | 07/15/28 | 965,564 | ||||||||
1,000,000 | Digital Realty Trust, L.P. | 3.6000 | 07/01/29 | 919,974 | ||||||||
1,000,000 | Extra Space Storage, L.P. | 3.9000 | 04/01/29 | 936,910 | ||||||||
4,200,000 | Extra Space Storage, L.P. | 2.5500 | 06/01/31 | 3,464,881 | ||||||||
1,000,000 | Extra Space Storage, L.P. | 2.3500 | 03/15/32 | 791,648 | ||||||||
1,000,000 | Invitation Homes Operating Partnership, L.P. | 2.0000 | 08/15/31 | 784,817 | ||||||||
1,000,000 | Lexington Realty Trust | 2.7000 | 09/15/30 | 831,936 | ||||||||
1,000,000 | LXP Industrial Trust | 2.3750 | 10/01/31 | 788,703 | ||||||||
1,000,000 | Mid-America Apartments, L.P. | 4.0000 | 11/15/25 | 979,315 | ||||||||
1,000,000 | National Health Investors, Inc. | 3.0000 | 02/01/31 | 813,726 | ||||||||
1,000,000 | National Retail Properties, Inc. | 2.5000 | 04/15/30 | 848,999 | ||||||||
1,000,000 | NNN REIT, Inc. | 5.6000 | 10/15/33 | 993,885 | ||||||||
1,000,000 | Omega Healthcare Investors, Inc. | 4.7500 | 01/15/28 | 961,554 | ||||||||
1,000,000 | Omega Healthcare Investors, Inc. | 3.6250 | 10/01/29 | 888,533 | ||||||||
1,000,000 | Omega Healthcare Investors, Inc. | 3.2500 | 04/15/33 | 801,524 | ||||||||
1,000,000 | Prologis, L.P. | 3.8750 | 09/15/28 | 954,520 | ||||||||
1,000,000 | Prologis, L.P. | 2.2500 | 04/15/30 | 852,186 | ||||||||
1,000,000 | Prologis, L.P. | 1.2500 | 10/15/30 | 791,509 | ||||||||
1,000,000 | Prologis, L.P. | 1.6250 | 03/15/31 | 793,604 | ||||||||
1,000,000 | Public Storage | 0.8750 | 02/15/26 | 929,539 | ||||||||
1,000,000 | Public Storage | 3.0940 | 09/15/27 | 939,750 | ||||||||
1,000,000 | Retail Properties of America, Inc. | 4.7500 | 09/15/30 | 948,709 | ||||||||
1,000,000 | Simon Property Group, L.P. | 3.3000 | 01/15/26 | 967,619 | ||||||||
4,200,000 | Sun Communities Operating, L.P. | 2.3000 | 11/01/28 | 3,664,970 | ||||||||
1,000,000 | Sun Communities Operating, L.P. | 2.7000 | 07/15/31 | 820,756 | ||||||||
1,000,000 | UDR, Inc. | 3.2000 | 01/15/30 | 894,838 | ||||||||
1,000,000 | UDR, Inc. | 2.1000 | 08/01/32 | 774,299 | ||||||||
1,000,000 | Ventas Realty, L.P. | 3.5000 | 02/01/25 | 984,263 | ||||||||
1,000,000 | Ventas Realty, L.P. | 4.1250 | 01/15/26 | 975,333 | ||||||||
1,000,000 | Ventas Realty, L.P. | 3.2500 | 10/15/26 | 944,959 |
See accompanying notes to financial statements.
44
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 19.0% (Continued) | ||||||||||||
1,000,000 | Ventas Realty, L.P. | 4.0000 | 03/01/28 | $ | 949,701 | |||||||
1,000,000 | Ventas Realty, L.P. | 4.4000 | 01/15/29 | 955,707 | ||||||||
1,000,000 | Ventas Realty, L.P. | 3.0000 | 01/15/30 | 874,383 | ||||||||
1,000,000 | Ventas Realty, L.P. | 4.7500 | 11/15/30 | 952,658 | ||||||||
1,000,000 | Ventas Realty, L.P. | 2.5000 | 09/01/31 | 814,867 | ||||||||
1,000,000 | WP Carey, Inc. | 4.0000 | 02/01/25 | 987,266 | ||||||||
1,000,000 | WP Carey, Inc. | 2.4000 | 02/01/31 | 831,460 | ||||||||
1,000,000 | WP Carey, Inc. | 2.2500 | 04/01/33 | 761,592 | ||||||||
58,632,059 | ||||||||||||
RETAIL - CONSUMER STAPLES — 1.9% | ||||||||||||
1,000,000 | Dollar General Corporation | 4.1500 | 11/01/25 | 980,145 | ||||||||
4,200,000 | Dollar General Corporation | 3.8750 | 04/15/27 | 4,042,297 | ||||||||
1,000,000 | Dollar Tree, Inc. | 4.2000 | 05/15/28 | 957,722 | ||||||||
5,980,164 | ||||||||||||
RETAIL - DISCRETIONARY — 2.2% | ||||||||||||
4,200,000 | AutoZone, Inc. | 3.7500 | 06/01/27 | 4,031,427 | ||||||||
1,000,000 | Genuine Parts Company | 6.5000 | 11/01/28 | 1,045,138 | ||||||||
1,000,000 | Genuine Parts Company | 1.8750 | 11/01/30 | 808,616 | ||||||||
1,000,000 | Genuine Parts Company | 2.7500 | 02/01/32 | 826,726 | ||||||||
6,711,907 | ||||||||||||
SEMICONDUCTORS — 3.4% | ||||||||||||
1,000,000 | Broadcom, Inc. | 3.4590 | 09/15/26 | 959,649 | ||||||||
1,000,000 | Broadcom, Inc. | 4.1100 | 09/15/28 | 957,849 | ||||||||
1,000,000 | KLA Corporation | 4.6500 | 11/01/24 | 996,447 | ||||||||
1,000,000 | KLA Corporation | 4.1000 | 03/15/29 | 965,695 | ||||||||
1,000,000 | KLA Corporation | 4.6500 | 07/15/32 | 967,822 | ||||||||
1,000,000 | KLA Corporation | 4.7000 | 02/01/34 | 963,455 | ||||||||
1,000,000 | Microchip Technology, Inc. | 4.2500 | 09/01/25 | 984,221 | ||||||||
1,000,000 | QUALCOMM, Inc. | 1.3000 | 05/20/28 | 871,569 | ||||||||
1,000,000 | QUALCOMM, Inc. | 2.1500 | 05/20/30 | 856,882 | ||||||||
1,000,000 | QUALCOMM, Inc.(b) | 5.4000 | 05/20/33 | 1,030,547 | ||||||||
1,000,000 | Skyworks Solutions, Inc. | 3.0000 | 06/01/31 | 835,892 | ||||||||
10,390,028 | ||||||||||||
See accompanying notes to financial statements.
45
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
SOFTWARE — 2.3% | ||||||||||||
1,000,000 | Fortinet, Inc. | 1.0000 | 03/15/26 | $ | 922,170 | |||||||
4,200,000 | Fortinet, Inc. | 2.2000 | 03/15/31 | 3,440,173 | ||||||||
1,000,000 | Roper Technologies, Inc. | 4.2000 | 09/15/28 | 962,200 | ||||||||
1,000,000 | Roper Technologies, Inc. | 2.0000 | 06/30/30 | 830,615 | ||||||||
1,000,000 | Roper Technologies, Inc. | 1.7500 | 02/15/31 | 799,424 | ||||||||
6,954,582 | ||||||||||||
SPECIALTY FINANCE — 0.3% | ||||||||||||
1,000,000 | Air Lease Corporation | 2.8750 | 01/15/32 | 834,240 | ||||||||
STEEL — 2.4% | ||||||||||||
1,000,000 | Nucor Corporation | 2.0000 | 06/01/25 | 966,508 | ||||||||
4,200,000 | Nucor Corporation | 2.7000 | 06/01/30 | 3,688,398 | ||||||||
1,000,000 | Steel Dynamics, Inc. | 2.8000 | 12/15/24 | 984,679 | ||||||||
1,000,000 | Steel Dynamics, Inc. | 3.4500 | 04/15/30 | 907,142 | ||||||||
1,000,000 | Steel Dynamics, Inc. | 3.2500 | 01/15/31 | 881,584 | ||||||||
7,428,311 | ||||||||||||
TECHNOLOGY HARDWARE — 3.7% | ||||||||||||
1,000,000 | Arrow Electronics, Inc. | 3.8750 | 01/12/28 | 947,172 | ||||||||
1,000,000 | Arrow Electronics, Inc. | 2.9500 | 02/15/32 | 834,801 | ||||||||
1,000,000 | FLIR Systems, Inc. | 2.5000 | 08/01/30 | 842,196 | ||||||||
1,000,000 | Jabil, Inc. | 3.9500 | 01/12/28 | 946,029 | ||||||||
1,000,000 | Jabil, Inc. | 3.6000 | 01/15/30 | 896,665 | ||||||||
1,000,000 | Jabil, Inc. | 3.0000 | 01/15/31 | 850,564 | ||||||||
1,000,000 | NetApp, Inc. | 2.3750 | 06/22/27 | 915,847 | ||||||||
4,200,000 | NetApp, Inc. | 2.7000 | 06/22/30 | 3,623,770 | ||||||||
1,000,000 | Western Digital Corporation | 2.8500 | 02/01/29 | 863,244 | ||||||||
1,000,000 | Western Digital Corporation | 3.1000 | 02/01/32 | 812,284 | ||||||||
11,532,572 | ||||||||||||
TECHNOLOGY SERVICES — 2.4% | ||||||||||||
1,000,000 | Amdocs Ltd. | 2.5380 | 06/15/30 | 840,613 | ||||||||
1,000,000 | Equifax, Inc. | 2.6000 | 12/01/24 | 984,971 | ||||||||
1,000,000 | Equifax, Inc. | 2.6000 | 12/15/25 | 956,072 | ||||||||
1,000,000 | Equifax, Inc. | 5.1000 | 12/15/27 | 991,098 | ||||||||
1,000,000 | MSCI, Inc.(a) | 3.6250 | 11/01/31 | 871,430 |
See accompanying notes to financial statements.
46
INSPIRE CORPORATE BOND ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS — 98.9% (Continued) | ||||||||||||
TECHNOLOGY SERVICES — 2.4% (Continued) | ||||||||||||
1,000,000 | Verisk Analytics, Inc. | 4.0000 | 06/15/25 | $ | 982,713 | |||||||
1,000,000 | Verisk Analytics, Inc. | 4.1250 | 03/15/29 | 952,266 | ||||||||
1,000,000 | Verisk Analytics, Inc. | 5.7500 | 04/01/33 | 1,018,767 | ||||||||
7,597,930 | ||||||||||||
TRANSPORTATION & LOGISTICS — 1.6% | ||||||||||||
1,000,000 | CSX Corporation | 3.3500 | 11/01/25 | 972,723 | ||||||||
1,000,000 | CSX Corporation | 3.8000 | 03/01/28 | 960,251 | ||||||||
1,000,000 | CSX Corporation | 4.2500 | 03/15/29 | 968,069 | ||||||||
1,000,000 | JB Hunt Transport Services, Inc. | 3.8750 | 03/01/26 | 975,053 | ||||||||
1,000,000 | Ryder System, Inc. | 5.2500 | 06/01/28 | 1,001,140 | ||||||||
4,877,236 | ||||||||||||
WHOLESALE - CONSUMER STAPLES — 0.7% | ||||||||||||
1,000,000 | Sysco Corporation | 5.7500 | 01/17/29 | 1,018,985 | ||||||||
1,000,000 | Sysco Corporation | 6.0000 | 01/17/34 | 1,044,558 | ||||||||
2,063,543 | ||||||||||||
TOTAL CORPORATE BONDS (Cost $310,245,934) | 305,112,329 | |||||||||||
Shares | Fair Value | |||||||||||
COLLATERAL FOR SECURITIES LOANED - 0.0% (d) | ||||||||||||
MONEY MARKET FUND - 0.0% (d) | ||||||||||||
136,500 | Fidelity Government Portfolio - Institutional Class, 5.24% (Cost $136,500) (c)(e) | 136,500 | ||||||||||
TOTAL INVESTMENTS - 98.9% (Cost $310,382,434) | $ | 305,248,829 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1% | 3,482,587 | |||||||||||
NET ASSETS - 100.0% | $ | 308,731,416 |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
(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, 2024 the total market value of 144A securities was $3,765,859 or 1.2% 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, 2024 was $133,971. |
(c) | Security was purchased with cash received as collateral for securities on loan at May 31, 2024. Total collateral had a value of $136,500 at May 31, 2024. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of May 31, 2024. |
See accompanying notes to financial statements.
47
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
APPAREL & TEXTILE PRODUCTS - 0.5% | ||||||||
5,293 | PVH Corporation | $ | 635,213 | |||||
5,856 | Ralph Lauren Corporation | 1,094,369 | ||||||
1,729,582 | ||||||||
AUTOMOTIVE - 0.2% | ||||||||
21,700 | Gentex Corporation | 759,500 | ||||||
BANKING - 0.7% | ||||||||
1,276 | First Citizens BancShares, Inc., Class A | 2,167,196 | ||||||
5,831 | SVB Financial Group(a) | 292 | ||||||
2,167,488 | ||||||||
BIOTECH & PHARMA - 0.4% | ||||||||
21,907 | Incyte Corporation(a) | 1,266,006 | ||||||
CHEMICALS - 0.4% | ||||||||
10,597 | Albemarle Corporation | 1,299,086 | ||||||
COMMERCIAL SUPPORT SERVICES - 3.5% | ||||||||
8,693 | Cintas Corporation | 5,893,594 | ||||||
28,744 | Republic Services, Inc. | 5,323,101 | ||||||
11,216,695 | ||||||||
CONSTRUCTION MATERIALS - 0.5% | ||||||||
4,159 | Carlisle Companies, Inc. | 1,739,668 | ||||||
DATA CENTER REIT - 1.4% | ||||||||
30,200 | Digital Realty Trust, Inc. | 4,389,268 | ||||||
DIVERSIFIED INDUSTRIALS - 2.6% | ||||||||
13,112 | Dover Corporation | 2,410,248 | ||||||
52,378 | Emerson Electric Company | 5,874,716 | ||||||
8,284,964 | ||||||||
ELECTRIC UTILITIES - 2.5% | ||||||||
35,524 | Avangrid, Inc. | 1,279,219 | ||||||
58,246 | CenterPoint Energy, Inc. | 1,777,085 | ||||||
26,862 | CMS Energy Corporation | 1,690,426 |
See accompanying notes to financial statements.
48
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
ELECTRIC UTILITIES - 2.5% (Continued) | ||||||||
19,534 | Entergy Corporation | $ | 2,197,380 | |||||
20,760 | Evergy, Inc. | 1,134,742 | ||||||
8,078,852 | ||||||||
ELECTRICAL EQUIPMENT - 3.7% | ||||||||
13,398 | A O Smith Corporation | 1,120,609 | ||||||
54,035 | Amphenol Corporation, Class A | 7,152,613 | ||||||
15,882 | Keysight Technologies, Inc.(a) | 2,199,339 | ||||||
22,762 | Trimble, Inc.(a) | 1,267,388 | ||||||
11,739,949 | ||||||||
ENGINEERING & CONSTRUCTION - 0.5% | ||||||||
4,100 | EMCOR Group, Inc. | 1,593,506 | ||||||
FOOD - 1.0% | ||||||||
43,189 | Conagra Brands, Inc. | 1,290,488 | ||||||
14,586 | Darling Ingredients, Inc.(a) | 589,274 | ||||||
13,152 | Lamb Weston Holdings, Inc. | 1,161,190 | ||||||
3,040,952 | ||||||||
GAS & WATER UTILITIES - 0.5% | ||||||||
13,889 | Atmos Energy Corporation | 1,610,013 | ||||||
HEALTH CARE FACILITIES & SERVICES - 1.7% | ||||||||
17,303 | IQVIA Holdings, Inc.(a) | 3,790,914 | ||||||
5,451 | Molina Healthcare, Inc.(a) | 1,714,776 | ||||||
5,505,690 | ||||||||
HEALTH CARE REIT - 0.6% | ||||||||
37,753 | Ventas, Inc. | 1,897,466 | ||||||
HOTEL REITS - 0.4% | ||||||||
67,297 | Host Hotels & Resorts, Inc. | 1,207,308 | ||||||
INDUSTRIAL REIT - 3.1% | ||||||||
89,230 | Prologis, Inc. | 9,859,022 | ||||||
See accompanying notes to financial statements.
49
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
INDUSTRIAL SUPPORT SERVICES - 1.7% | ||||||||
5,845 | United Rentals, Inc. | $ | 3,912,701 | |||||
3,421 | Watsco, Inc. | 1,624,633 | ||||||
5,537,334 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.5% | ||||||||
38,486 | Interactive Brokers Group, Inc., Class A | 4,838,460 | ||||||
INSURANCE - 4.0% | ||||||||
20,283 | Loews Corporation | 1,557,734 | ||||||
53,171 | Progressive Corporation (The) | 11,228,652 | ||||||
12,786,386 | ||||||||
MACHINERY - 7.0% | ||||||||
43,778 | Caterpillar, Inc. | 14,819,729 | ||||||
5,188 | Nordson Corporation | 1,217,727 | ||||||
11,731 | Parker-Hannifin Corporation | 6,235,261 | ||||||
22,272,717 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 8.4% | ||||||||
7,771 | IDEXX Laboratories, Inc.(a) | 3,861,798 | ||||||
31,946 | Intuitive Surgical, Inc.(a) | 12,846,125 | ||||||
1,964 | Mettler-Toledo International, Inc.(a) | 2,757,633 | ||||||
13,409 | ResMed, Inc. | 2,766,679 | ||||||
9,662 | STERIS plc | 2,153,467 | ||||||
6,705 | West Pharmaceutical Services, Inc. | 2,222,104 | ||||||
26,607,806 | ||||||||
METALS & MINING - 3.4% | ||||||||
124,292 | Freeport-McMoRan, Inc. | 6,553,917 | ||||||
103,153 | Newmont Corporation | 4,326,237 | ||||||
10,880,154 | ||||||||
MULTI ASSET CLASS REIT - 0.4% | ||||||||
20,739 | WP Carey, Inc. | 1,169,680 | ||||||
OFFICE REIT - 0.6% | ||||||||
15,982 | Alexandria Real Estate Equities, Inc. | 1,901,858 | ||||||
See accompanying notes to financial statements.
50
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
OIL & GAS PRODUCERS - 3.9% | ||||||||
56,457 | Devon Energy Corporation | $ | 2,770,910 | |||||
15,928 | Diamondback Energy, Inc. | 3,173,813 | ||||||
202,915 | Kinder Morgan, Inc. | 3,954,814 | ||||||
19,939 | Targa Resources Corporation | 2,357,388 | ||||||
12,256,925 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.9% | ||||||||
129,197 | Schlumberger Ltd | 5,928,850 | ||||||
RENEWABLE ENERGY - 1.3% | ||||||||
12,592 | Enphase Energy, Inc.(a) | 1,610,517 | ||||||
9,461 | First Solar, Inc.(a) | 2,571,121 | ||||||
4,181,638 | ||||||||
RESIDENTIAL REIT - 2.5% | ||||||||
18,204 | Equity LifeStyle Properties, Inc. | 1,142,665 | ||||||
35,722 | Equity Residential | 2,323,002 | ||||||
57,159 | Invitation Homes, Inc. | 1,988,562 | ||||||
12,114 | Sun Communities, Inc. | 1,429,331 | ||||||
30,922 | UDR, Inc. | 1,194,208 | ||||||
8,077,768 | ||||||||
RETAIL - DISCRETIONARY - 1.2% | ||||||||
11,056 | Builders FirstSource, Inc.(a) | 1,777,694 | ||||||
12,998 | Genuine Parts Company | 1,873,532 | ||||||
3,651,226 | ||||||||
RETAIL REIT - 1.4% | ||||||||
29,836 | Simon Property Group, Inc. | 4,514,484 | ||||||
SELF-STORAGE REIT - 0.9% | ||||||||
20,050 | Extra Space Storage, Inc. | 2,902,639 | ||||||
SEMICONDUCTORS - 8.6% | ||||||||
14,131 | Entegris, Inc. | 1,785,452 | ||||||
12,612 | KLA Corporation | 9,579,192 | ||||||
12,908 | Lattice Semiconductor Corporation(a) | 958,290 | ||||||
51,531 | Microchip Technology, Inc. | 5,010,359 |
See accompanying notes to financial statements.
51
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
SEMICONDUCTORS - 8.6% (Continued) | ||||||||
4,807 | Monolithic Power Systems, Inc. | $ | 3,536,173 | |||||
43,691 | ON Semiconductor Corporation(a) | 3,191,191 | ||||||
15,012 | Skyworks Solutions, Inc. | 1,391,012 | ||||||
13,497 | Teradyne, Inc. | 1,902,267 | ||||||
27,353,936 | ||||||||
SOFTWARE - 9.7% | ||||||||
7,758 | ANSYS, Inc.(a) | 2,462,777 | ||||||
30,539 | Confluent, Inc., Class A(a) | 793,098 | ||||||
73,557 | Fortinet, Inc.(a) | 4,363,401 | ||||||
59,155 | Gen Digital, Inc. | 1,468,819 | ||||||
5,837 | Manhattan Associates, Inc.(a) | 1,281,455 | ||||||
24,195 | Nutanix, Inc., Class A(a) | 1,338,346 | ||||||
16,504 | Okta, Inc.(a) | 1,463,575 | ||||||
9,891 | Roper Technologies, Inc. | 5,269,529 | ||||||
14,048 | Synopsys, Inc.(a) | 7,878,118 | ||||||
3,952 | Tyler Technologies, Inc.(a) | 1,898,383 | ||||||
15,312 | Veeva Systems, Inc., Class A(a) | 2,668,116 | ||||||
30,885,617 | ||||||||
STEEL - 1.7% | ||||||||
21,082 | Nucor Corporation | 3,559,696 | ||||||
13,428 | Steel Dynamics, Inc. | 1,797,606 | ||||||
5,357,302 | ||||||||
TECHNOLOGY HARDWARE - 5.4% | ||||||||
28,486 | Arista Networks, Inc.(a) | 8,478,858 | ||||||
13,342 | Jabil, Inc. | 1,586,364 | ||||||
19,088 | NetApp, Inc. | 2,298,768 | ||||||
6,199 | Super Micro Computer, Inc.(a) | 4,863,177 | ||||||
17,227,167 | ||||||||
TECHNOLOGY SERVICES - 6.8% | ||||||||
13,576 | Corpay, Inc.(a) | 3,633,888 | ||||||
34,936 | CoStar Group, Inc.(a) | 2,730,947 | ||||||
5,942 | EPAM Systems, Inc.(a) | 1,057,260 | ||||||
2,317 | Fair Isaac Corporation(a) | 2,988,768 | ||||||
7,389 | MSCI, Inc. | 3,658,885 |
See accompanying notes to financial statements.
52
INSPIRE 100 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
TECHNOLOGY SERVICES - 6.8% (Continued) | ||||||||
33,731 | Paychex, Inc. | $ | 4,053,116 | |||||
13,511 | Verisk Analytics, Inc. | 3,415,311 | ||||||
21,538,175 | ||||||||
TRANSPORTATION & LOGISTICS - 1.6% | ||||||||
9,841 | JB Hunt Transport Services, Inc. | 1,581,941 | ||||||
20,247 | Old Dominion Freight Line, Inc. | 3,548,287 | ||||||
5,130,228 | ||||||||
TRANSPORTATION EQUIPMENT - 1.6% | ||||||||
46,136 | PACCAR, Inc. | 4,959,620 | ||||||
TOTAL COMMON STOCKS (Cost $294,215,824) | 317,344,985 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $294,215,824) | $ | 317,344,985 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% | 863,949 | |||||||
NET ASSETS - 100.0% | $ | 318,208,934 | ||||||
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
See accompanying notes to financial statements.
53
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
APPAREL & TEXTILE PRODUCTS - 1.5% | ||||||||
9,570 | Cie Financiere Richemont S.A. | $ | 1,527,945 | |||||
562 | Hermes International SCA | 1,326,657 | ||||||
175,348 | PRADA SpA | 1,446,229 | ||||||
4,300,831 | ||||||||
ASSET MANAGEMENT - 2.5% | ||||||||
40,798 | 3i Group plc | 1,488,621 | ||||||
34,847 | Brookfield Corporation | 1,517,833 | ||||||
56,929 | Investor A.B. | 1,538,393 | ||||||
25,063 | Julius Baer Group Ltd. | 1,502,285 | ||||||
1,014 | Partners Group Holding A.G. | 1,355,402 | ||||||
7,402,534 | ||||||||
AUTOMOTIVE - 2.9% | ||||||||
19,867 | Continental A.G. | 1,341,421 | ||||||
74,330 | Denso Corporation | 1,201,897 | ||||||
3,289 | Ferrari N.V. | 1,351,779 | ||||||
1,224,429 | Geely Automobile Holdings Ltd. | 1,482,725 | ||||||
63,182 | Mahindra & Mahindra Ltd. | 1,895,460 | ||||||
13,862 | Toyota Industries Corporation | 1,304,501 | ||||||
8,577,783 | ||||||||
BANKING - 10.7% | ||||||||
3,224,689 | Bank Mandiri Persero Tbk P.T. | 1,171,098 | ||||||
32,275 | Bank Polska Kasa Opieki S.A. | 1,310,793 | ||||||
3,722,486 | Bank Rakyat Indonesia Persero Tbk PT | 994,435 | ||||||
531,527 | BOC Hong Kong Holdings Ltd. | 1,665,206 | ||||||
18,438 | Commonwealth Bank of Australia | 1,466,355 | ||||||
98,114 | Credit Agricole S.A.,(a) | 1,588,578 | ||||||
48,188 | Danske Bank A/S | 1,477,052 | ||||||
1,669,599 | First Financial Holding Company Ltd. | 1,412,998 | ||||||
135,393 | Grupo Financiero Banorte SAB de CV | 1,286,200 | ||||||
130,695 | Hang Seng Bank Ltd. | 1,814,953 | ||||||
55,494 | ICICI Bank Ltd. - ADR | 1,483,910 | ||||||
398,563 | Intesa Sanpaolo SpA | 1,559,143 | ||||||
69,224 | KakaoBank Corporation | 1,114,448 | ||||||
19,206 | KBC Group N.V. | 1,393,050 |
See accompanying notes to financial statements.
54
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
BANKING - 10.7% (Continued) | ||||||||
63,814 | National Australia Bank Ltd. | $ | 1,439,647 | |||||
31,687 | OTP Bank Nyrt | 1,527,478 | ||||||
98,398 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 1,482,614 | ||||||
99,884 | Skandinaviska Enskilda Banken A.B. | 1,448,286 | ||||||
147,572 | Standard Bank Group Ltd. | 1,407,670 | ||||||
141,550 | Svenska Handelsbanken A.B., A Shares | 1,326,682 | ||||||
72,932 | Swedbank A.B., A Shares | 1,511,394 | ||||||
65,709 | United Overseas Bank Ltd. | 1,497,365 | ||||||
31,379,355 | ||||||||
BIOTECH & PHARMA - 2.3% | ||||||||
10,602 | Celltrion, Inc. | 1,351,658 | ||||||
37,017 | Chugai Pharmaceutical Company Ltd. | 1,125,322 | ||||||
7,731 | CSL Ltd. | 1,440,658 | ||||||
4,784 | Genmab A/S, | 1,348,072 | ||||||
11,720 | UCB S.A. | 1,635,689 | ||||||
6,901,399 | ||||||||
CHEMICALS - 5.0% | ||||||||
19,079 | Akzo Nobel N.V. | 1,327,541 | ||||||
4,037,925 | Chandra Asri Petrochemical Tbk P.T. | 2,280,436 | ||||||
1,906 | EMS-Chemie Holding A.G. | 1,571,732 | ||||||
72,440 | Evonik Industries A.G. | 1,585,067 | ||||||
333 | Givaudan S.A. | 1,563,815 | ||||||
26,946 | Nutrien Ltd. | 1,579,487 | ||||||
53,384 | Solvay S.A.,(a) | 1,947,607 | ||||||
12,153 | Symrise A.G. | 1,441,669 | ||||||
45,499 | Yara International ASA | 1,408,599 | ||||||
14,705,953 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.4% | ||||||||
169,489 | ALS Ltd. | 1,591,038 | ||||||
47,322 | Bureau Veritas SA | 1,416,888 | ||||||
27,117 | Edenred,(a) | 1,266,421 | ||||||
14,964 | SGS S.A. | 1,393,188 | ||||||
132,920 | Worley Ltd. | 1,295,508 | ||||||
6,963,043 |
See accompanying notes to financial statements.
55
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
CONSTRUCTION MATERIALS – 2.0% | ||||||||
18,506 | Cie de Saint-Gobain | $ | 1,617,719 | |||||
16,139 | Holcim A.G. | 1,409,209 | ||||||
205,427 | Siam Cement PCL (The) | 1,316,125 | ||||||
4,890 | Sika A.G. | 1,479,092 | ||||||
5,822,145 | ||||||||
CONTAINERS & PACKAGING - 1.0% | ||||||||
156,053 | Amcor plc | 1,540,699 | ||||||
34,331 | Huhtamaki OYJ | 1,383,221 | ||||||
2,923,920 | ||||||||
DIVERSIFIED INDUSTRIALS - 0.6% | ||||||||
36,232 | Alfa Laval A.B. | 1,670,387 | ||||||
ELECTRIC UTILITIES - 8.3% | ||||||||
178,849 | CLP Holdings Ltd. | 1,414,500 | ||||||
103,863 | E.ON S.E. | 1,383,638 | ||||||
368,922 | EDP - Energias de Portugal S.A. | 1,493,218 | ||||||
103,818 | EDP Renovaveis S.A. | 1,657,843 | ||||||
78,112 | Endesa S.A. | 1,550,716 | ||||||
14,867,946 | Enel Americas S.A. (c) | 1,470,535 | ||||||
216,665 | Enel SpA | 1,564,463 | ||||||
36,773 | Fortis, Inc. | 1,471,104 | ||||||
115,818 | Fortum OYJ | 1,760,890 | ||||||
1,219,764 | Gulf Energy Development PCL | 1,341,091 | ||||||
115,134 | Iberdrola S.A. | 1,511,305 | ||||||
42,412 | RWE A.G. | 1,602,988 | ||||||
69,020 | SSE plc | 1,543,747 | ||||||
172,988 | Terna Rete Elettrica Nazionale SpA | 1,449,136 | ||||||
642,940 | Vector Ltd. | 1,485,653 | ||||||
19,368 | Verbund A.G.,(a) | 1,592,639 | ||||||
24,293,466 | ||||||||
ELECTRICAL EQUIPMENT - 1.0% | ||||||||
49,646 | Assa Abloy A.B., Class B | 1,449,137 | ||||||
724,013 | Delta Electronics Thailand PCL | 1,449,559 | ||||||
2,898,696 |
See accompanying notes to financial statements.
56
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
ENGINEERING & CONSTRUCTION - 0.9% | ||||||||
36,028 | Ferrovial S.E. | $ | 1,417,200 | |||||
8,575 | WSP Global, Inc. | 1,290,108 | ||||||
2,707,308 | ||||||||
ENTERTAINMENT CONTENT - 0.5% | ||||||||
214,316 | Bollore S.E. | 1,434,508 | ||||||
FOOD - 1.7% | ||||||||
38,582 | Ajinomoto Company, Inc. | 1,375,046 | ||||||
655,927 | China Mengniu Dairy Company Ltd. | 1,204,444 | ||||||
304,311 | Grupo Bimbo S.A.B. de C.V. | 1,144,370 | ||||||
564,899 | Wilmar International Ltd. | 1,291,881 | ||||||
5,015,741 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.9% | ||||||||
112,550 | Suzano S.A. | 1,046,468 | ||||||
42,900 | UPM-Kymmene OYJ | 1,635,859 | ||||||
2,682,327 | ||||||||
GAS & WATER UTILITIES - 2.1% | ||||||||
406,377 | Hera SpA | 1,494,487 | ||||||
1,828,347 | Hong Kong & China Gas Company Ltd. | 1,419,136 | ||||||
66,314 | Naturgy Energy Group SA | 1,775,471 | ||||||
302,830 | Snam SpA | 1,428,735 | ||||||
6,117,829 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 1.1% | ||||||||
53,491 | Fresenius S.E. & Company KGaA | 1,699,085 | ||||||
4,369 | ICON plc | 1,419,139 | ||||||
3,118,224 | ||||||||
HOME CONSTRUCTION - 0.5% | ||||||||
2,462 | Geberit A.G. | 1,501,928 | ||||||
HOUSEHOLD PRODUCTS - 1.0% | ||||||||
9,844 | Beiersdorf A.G. | 1,541,529 | ||||||
4,986 | LG Household & Health Care Ltd. | 1,506,197 | ||||||
3,047,726 |
See accompanying notes to financial statements.
57
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
INDUSTRIAL REIT - 0.5% | ||||||||
66,574 | Goodman Group | $ | 1,484,639 | |||||
INDUSTRIAL SUPPORT SERVICES - 0.9% | ||||||||
20,528 | Ashtead Group PLC | 1,488,093 | ||||||
943,886 | United Tractors Tbk P.T. | 1,282,549 | ||||||
2,770,642 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.9% | ||||||||
598,866 | B3 S.A. - Brasil Bolsa Balcao | 1,231,789 | ||||||
7,076 | Deutsche Boerse A.G. | 1,403,993 | ||||||
48,897 | Hong Kong Exchanges & Clearing Ltd. | 1,643,176 | ||||||
11,933 | London Stock Exchange Group plc | 1,393,362 | ||||||
5,672,320 | ||||||||
INSURANCE - 5.5% | ||||||||
212,797 | AIA Group Ltd. | 1,644,897 | ||||||
219,685 | BB Seguridade Participacoes S.A. | 1,345,130 | ||||||
55,163 | Dai-ichi Life Holdings, Inc. | 1,475,629 | ||||||
1,338 | Fairfax Financial Holdings Ltd. | 1,506,632 | ||||||
8,909 | Intact Financial Corporation | 1,491,001 | ||||||
447,835 | Legal & General Group plc | 1,426,862 | ||||||
51,883 | Power Corp of Canada | 1,506,708 | ||||||
151,630 | Prudential PLC | 1,443,543 | ||||||
33,223 | Sampo OYJ, A Shares | 1,421,474 | ||||||
2,078 | Swiss Life Holding A.G. | 1,445,938 | ||||||
70,017 | Tryg A/S | 1,438,237 | ||||||
16,146,051 | ||||||||
INTERNET MEDIA & SERVICES - 1.6% | ||||||||
8,250 | Naspers Ltd. | 1,637,478 | ||||||
46,486 | Prosus N.V. | 1,683,341 | ||||||
11,917 | REA Group Ltd. | 1,480,289 | ||||||
4,801,108 | ||||||||
MACHINERY - 4.7% | ||||||||
23,359 | ANDRITZ A.G.(a) | 1,392,468 | ||||||
84,362 | Atlas Copco A.B. | 1,609,586 | ||||||
100,641 | CNH Industrial N.V.(a) | 1,045,496 |
See accompanying notes to financial statements.
58
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
MACHINERY - 4.7% (Continued) | ||||||||
10,925 | CNH Industrial N.V. | $ | 115,368 | |||||
3,945 | Disco Corporation | 1,542,440 | ||||||
51,616 | FANUC Corporation | 1,443,761 | ||||||
27,168 | KION Group A.G. | 1,269,098 | ||||||
10,851 | Krones A.G. | 1,483,213 | ||||||
63,847 | Sandvik A.B. | 1,398,348 | ||||||
2,561 | SMC Corporation | 1,283,358 | ||||||
186,948 | WEG S.A. | 1,344,778 | ||||||
13,927,914 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 1.8% | ||||||||
10,673 | Coloplast A/S - Series B | 1,280,641 | ||||||
6,337 | EssilorLuxottica S.A. | 1,411,354 | ||||||
4,980 | Sonova Holding A.G. | 1,571,998 | ||||||
9,029 | Straumann Holding A.G. | 1,170,869 | ||||||
5,434,862 | ||||||||
METALS & MINING - 4.1% | ||||||||
24,973 | Agnico Eagle Mines Ltd.(a) | 1,703,563 | ||||||
35,996 | Anglo American Platinum Ltd. | 1,169,992 | ||||||
57,442 | Antofagasta plc | 1,612,754 | ||||||
50,586 | BHP Group Ltd. | 1,497,959 | ||||||
87,662 | Fortescue Metals Group Ltd. | 1,442,857 | ||||||
12,337 | Franco-Nevada Corporation | 1,518,290 | ||||||
18,290 | Rio Tinto Ltd. | 1,569,209 | ||||||
31,200 | Wheaton Precious Metals Corporation | 1,709,316 | ||||||
12,223,940 | ||||||||
OIL & GAS PRODUCERS - 7.6% | ||||||||
57,827 | Aker BP ASA | 1,481,690 | ||||||
19,104 | Canadian Natural Resources Ltd. | 1,467,942 | ||||||
72,590 | Cenovus Energy, Inc. | 1,513,513 | ||||||
300,533 | ENEOS Holdings, Inc. | 1,548,633 | ||||||
91,585 | Eni SpA | 1,440,243 | ||||||
54,462 | Equinor ASA | 1,571,654 | ||||||
96,192 | Inpex Corporation | 1,482,309 | ||||||
180,093 | MOL Hungarian Oil & Gas plc | 1,399,258 |
See accompanying notes to financial statements.
59
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
OIL & GAS PRODUCERS - 7.6% (Continued) | ||||||||
31,022 | OMV A.G. | $ | 1,556,148 | |||||
90,133 | ORLEN S.A. | 1,454,400 | ||||||
352,236 | PTT Exploration & Production PCL | 1,472,591 | ||||||
287,223 | Santos Ltd. | 1,457,994 | ||||||
21,165 | TotalEnergies S.E. | 1,538,584 | ||||||
31,418 | Tourmaline Oil Corporation | 1,558,933 | ||||||
72,973 | Woodside Energy Group Ltd. | 1,344,789 | ||||||
22,288,681 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 2.7% | ||||||||
346,335 | CK Asset Holdings Ltd. | 1,366,244 | ||||||
1,346,583 | New World Development Company Ltd. | 1,456,733 | ||||||
2,482,873 | SM Prime Holdings, Inc. | 1,143,624 | ||||||
39,643 | Sumitomo Realty & Development Company Ltd. | 1,235,906 | ||||||
680,219 | Swire Properties Ltd. | 1,247,310 | ||||||
48,960 | Vonovia S.E. | 1,529,668 | ||||||
7,979,485 | ||||||||
RETAIL - CONSUMER STAPLES - 3.2% | ||||||||
60,545 | Aeon Company Ltd. | 1,303,918 | ||||||
25,409 | Alimentation Couche-Tard, Inc. | 1,483,426 | ||||||
134,622 | BIM Birlesik Magazalar A/S | 2,005,305 | ||||||
838,914 | Cencosud S.A. | 1,575,317 | ||||||
72,712 | Jeronimo Martins SGPS S.A. | 1,623,360 | ||||||
172,407 | President Chain Store Corporation | 1,432,569 | ||||||
9,423,895 | ||||||||
RETAIL - DISCRETIONARY - 0.4% | ||||||||
83,530 | SM Investments Corporation | 1,242,029 | ||||||
SEMICONDUCTORS - 3.0% | ||||||||
32,201 | Advantest Corporation | 1,087,843 | ||||||
1,498 | ASML Holding N.V. | 1,415,121 | ||||||
42,407 | Infineon Technologies A.G. | 1,694,117 | ||||||
5,876 | NXP Semiconductors N.V. | 1,598,860 | ||||||
81,973 | Renesas Electronics Corporation | 1,530,325 |
See accompanying notes to financial statements.
60
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
SEMICONDUCTORS - 3.0% (Continued) | ||||||||
33,072 | STMicroelectronics NV | $ | 1,358,148 | |||||
8,684,414 | ||||||||
SOFTWARE - 1.9% | ||||||||
8,788 | Check Point Software Technologies Ltd.(c) | 1,322,594 | ||||||
531 | Constellation Software, Inc. | 1,477,387 | ||||||
32,396 | Dassault Systemes S.E. | 1,302,799 | ||||||
23,715 | WiseTech Global Ltd. | 1,525,200 | ||||||
5,627,980 | ||||||||
SPECIALTY FINANCE - 0.0%(d) | ||||||||
1 | Isracard Ltd. | 2 | ||||||
TECHNOLOGY HARDWARE - 0.9% | ||||||||
9,751 | Garmin Ltd. | 1,597,701 | ||||||
4,062 | Samsung SDI Company Ltd. | 1,100,690 | ||||||
2,698,391 | ||||||||
TECHNOLOGY SERVICES - 0.5% | ||||||||
9,196 | Wolters Kluwer N.V. | 1,457,014 | ||||||
TELECOMMUNICATIONS - 2.9% | ||||||||
98,549 | Hellenic Telecommunications Organization S.A. | 1,436,861 | ||||||
387,764 | Koninklijke KPN N.V. | 1,448,752 | ||||||
290,524 | MTN Group Ltd. | 1,269,173 | ||||||
767,119 | Singapore Telecommunications Ltd. | 1,408,016 | ||||||
453,227 | Taiwan Mobile Company Ltd. | 1,471,517 | ||||||
584,104 | Telstra Group Ltd. | 1,348,440 | ||||||
8,382,759 | ||||||||
TRANSPORTATION & LOGISTICS - 4.3% | ||||||||
7,337 | Aena SME S.A. | 1,429,513 | ||||||
10,993 | Canadian National Railway Company | 1,399,760 | ||||||
8,877 | DSV A/S | 1,361,129 | ||||||
74,092 | East Japan Railway Company | 1,285,912 | ||||||
1,458,854 | Eva Airways Corporation | 1,607,280 | ||||||
5,227 | Kuehne + Nagel International A.G. | 1,480,220 | ||||||
115,390 | Poste Italiane SpA | 1,577,255 |
See accompanying notes to financial statements.
61
INSPIRE INTERNATIONAL ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.2% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 4.3% (Continued) | ||||||||
9,889 | Ryanair Holdings plc - ADR | $ | 1,202,898 | |||||
167,828 | Transurban Group | 1,396,799 | ||||||
12,740,766 | ||||||||
TRANSPORTATION EQUIPMENT - 0.4% | ||||||||
48,325 | Volvo A.B., A Shares | 1,307,723 | ||||||
WHOLESALE - CONSUMER STAPLES - 0.5% | ||||||||
32,085 | ITOCHU Corporation | 1,511,740 | ||||||
TOTAL COMMON STOCKS (Cost $261,931,522) | 289,271,458 | |||||||
PREFERRED STOCK — 0.5% | ||||||||
CHEMICALS — 0.5% | ||||||||
29,748 | Sociedad Quimica y Minera de Chile S.A., Class B (c) (Cost $1,902,106) | 1,393,429 | ||||||
COLLATERAL FOR SECURITIES LOANED — 2.8% | ||||||||
MONEY MARKET FUND - 2.8% | ||||||||
8,414,377 | Fidelity Government Portfolio - Institutional Class, 5.24% (Cost $8,414,377) (b)(e) | 8,414,377 | ||||||
TOTAL INVESTMENTS - 101.5% (Cost $272,248,005) | $ | 299,079,264 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)% | (4,445,426 | ) | ||||||
NET ASSETS - 100.0% | $ | 294,633,838 | ||||||
A.B. | - Aktiebolag |
ADR | - American Depositary Receipt |
A.G. | - Aktiengesellschaft |
A/S | - Anonim Sirketi |
LTD | - Limited Company |
NV | - 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) | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2024 was $6,476,568. |
(b) | Security was purchased with cash received as collateral for securities on loan at May 31, 2024. Total collateral had a value of $8,414,377 at May 31, 2024. |
(c) | Non-income producing security. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of May 31, 2024. |
See accompanying notes to financial statements.
62
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 79.7% | ||||||||
AEROSPACE & DEFENSE - 2.2% | ||||||||
4,521 | HEICO Corporation | $ | 1,002,622 | |||||
685 | TransDigm Group, Inc. | 920,113 | ||||||
1,922,735 | ||||||||
APPAREL & TEXTILE PRODUCTS - 1.1% | ||||||||
11,645 | Columbia Sportswear Company | 997,045 | ||||||
AUTOMOTIVE - 1.1% | ||||||||
27,126 | Gentex Corporation | 949,410 | ||||||
BANKING - 3.1% | ||||||||
8,905 | Cullen/Frost Bankers, Inc. | 904,570 | ||||||
548 | First Citizens BancShares, Inc., Class A | 930,740 | ||||||
33,839 | ICICI Bank Ltd. - ADR | 904,855 | ||||||
2,740,165 | ||||||||
BEVERAGES - 1.0% | ||||||||
17,399 | Monster Beverage Corporation(a) | 903,356 | ||||||
BIOTECH & PHARMA - 1.0% | ||||||||
12,741 | Dr Reddy’s Laboratories Ltd. - ADR | 875,052 | ||||||
CHEMICALS - 1.1% | ||||||||
6,302 | Westlake Corporation | 1,011,849 | ||||||
COMMERCIAL SUPPORT SERVICES - 2.1% | ||||||||
1,370 | Cintas Corporation | 928,819 | ||||||
20,961 | Rollins, Inc. | 957,708 | ||||||
1,886,527 | ||||||||
CONSTRUCTION MATERIALS - 2.2% | ||||||||
2,329 | Carlisle Companies, Inc. | 974,197 | ||||||
1,644 | Martin Marietta Materials, Inc. | 940,500 | ||||||
1,914,697 | ||||||||
ELECTRICAL EQUIPMENT - 4.5% | ||||||||
5,343 | AMETEK, Inc. | 906,066 | ||||||
7,672 | Amphenol Corporation, Class A | 1,015,543 |
See accompanying notes to financial statements.
63
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 79.7% (Continued) | ||||||||
ELECTRICAL EQUIPMENT - 4.5% (Continued) | ||||||||
22,331 | Cognex Corporation | $ | 1,016,507 | |||||
3,973 | Littelfuse, Inc. | 1,019,472 | ||||||
3,957,588 | ||||||||
ENGINEERING & CONSTRUCTION - 2.3% | ||||||||
2,603 | EMCOR Group, Inc. | 1,011,682 | ||||||
4,795 | Tetra Tech, Inc. | 1,004,505 | ||||||
2,016,187 | ||||||||
ENTERTAINMENT CONTENT - 1.0% | ||||||||
10,001 | NetEase, Inc. - ADR | 890,389 | ||||||
FOOD - 1.0% | ||||||||
21,920 | Darling Ingredients, Inc.(a) | 885,568 | ||||||
HEALTH CARE FACILITIES & SERVICES - 4.3% | ||||||||
1,644 | Chemed Corporation | 911,384 | ||||||
1,781 | Elevance Health, Inc. | 959,033 | ||||||
3,151 | ICON plc(a) | 1,023,509 | ||||||
2,740 | Molina Healthcare, Inc.(a) | 861,949 | ||||||
3,755,875 | ||||||||
HOME CONSTRUCTION - 1.2% | ||||||||
137 | NVR, Inc.(a) | 1,052,260 | ||||||
INDUSTRIAL REIT - 1.1% | ||||||||
6,028 | EastGroup Properties, Inc. | 995,706 | ||||||
INDUSTRIAL SUPPORT SERVICES - 3.2% | ||||||||
13,700 | Fastenal Company | 903,926 | ||||||
13,015 | RB Global, Inc. | 945,930 | ||||||
2,055 | Watsco, Inc. | 975,920 | ||||||
2,825,776 | ||||||||
INSURANCE - 2.3% | ||||||||
11,371 | Brown & Brown, Inc. | 1,017,818 | ||||||
12,193 | W R Berkley Corporation | 987,999 | ||||||
2,005,817 |
See accompanying notes to financial statements.
64
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 79.7% (Continued) | ||||||||
LEISURE FACILITIES & SERVICES - 1.1% | ||||||||
5,754 | Texas Roadhouse, Inc. | $ | 993,543 | |||||
MACHINERY - 5.0% | ||||||||
11,645 | Graco, Inc. | 940,333 | ||||||
4,247 | Lincoln Electric Holdings, Inc. | 833,941 | ||||||
6,713 | Middleby Corporation (The)(a) | 865,373 | ||||||
3,425 | Snap-on, Inc. | 934,545 | ||||||
10,686 | Toro Company (The) | 856,910 | ||||||
4,431,102 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 4.2% | ||||||||
11,097 | Edwards Lifesciences Corporation(a) | 964,218 | ||||||
1,918 | IDEXX Laboratories, Inc.(a) | 953,150 | ||||||
4,384 | ResMed, Inc. | 904,551 | ||||||
2,603 | West Pharmaceutical Services, Inc. | 862,660 | ||||||
3,684,579 | ||||||||
OIL & GAS PRODUCERS - 1.0% | ||||||||
6,987 | EOG Resources, Inc. | 870,231 | ||||||
RESIDENTIAL REIT - 1.1% | ||||||||
7,124 | Mid-America Apartment Communities, Inc. | 952,550 | ||||||
RETAIL - DISCRETIONARY - 6.2% | ||||||||
274 | AutoZone, Inc.(a) | 758,964 | ||||||
5,891 | Genuine Parts Company | 849,129 | ||||||
3,699 | Lithia Motors, Inc. | 936,365 | ||||||
959 | O’Reilly Automotive, Inc.(a) | 923,766 | ||||||
6,028 | Penske Automotive Group, Inc. | 916,859 | ||||||
9,864 | TJX Companies, Inc. (The) | 1,016,977 | ||||||
5,402,060 | ||||||||
SELF-STORAGE REIT - 1.1% | ||||||||
3,562 | Public Storage | 975,382 | ||||||
SEMICONDUCTORS - 2.1% | ||||||||
8,768 | Skyworks Solutions, Inc. | 812,443 |
See accompanying notes to financial statements.
65
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 79.7% (Continued) | ||||||||
SEMICONDUCTORS - 2.1% (Continued) | ||||||||
6,713 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | $ | 1,013,931 | |||||
1,826,374 | ||||||||
SOFTWARE - 3.0% | ||||||||
6,302 | Check Point Software Technologies Ltd.(a) | 948,451 | ||||||
4,247 | Nice Ltd. - ADR(a) | 779,622 | ||||||
1,781 | Roper Technologies, Inc. | 948,846 | ||||||
2,676,919 | ||||||||
TECHNOLOGY SERVICES - 7.3% | ||||||||
2,329 | CACI International, Inc., Class A(a) | 988,614 | ||||||
10,275 | CoStar Group, Inc.(a) | 803,197 | ||||||
3,973 | EPAM Systems, Inc.(a) | 706,916 | ||||||
822 | Fair Isaac Corporation(a) | 1,060,321 | ||||||
4,658 | MarketAxess Holdings, Inc. | 926,616 | ||||||
2,055 | MSCI, Inc. | 1,017,595 | ||||||
7,809 | Paychex, Inc. | 938,329 | ||||||
6,441,588 | ||||||||
TRANSPORTATION & LOGISTICS - 8.6% | ||||||||
7,672 | Canadian National Railway Company | 976,875 | ||||||
11,782 | Canadian Pacific Kansas City Ltd. | 935,020 | ||||||
28,085 | CSX Corporation | 947,869 | ||||||
8,357 | Expeditors International of Washington, Inc. | 1,010,360 | ||||||
2,603 | Grupo Aeroportuario del Sureste SAB de CV - ADR | 873,541 | ||||||
5,754 | JB Hunt Transport Services, Inc. | 924,956 | ||||||
5,343 | Landstar System, Inc. | 972,586 | ||||||
5,069 | Old Dominion Freight Line, Inc. | 888,342 | ||||||
7,529,549 | ||||||||
TRANSPORTATION EQUIPMENT - 1.1% | ||||||||
8,905 | PACCAR, Inc. | 957,288 | ||||||
See accompanying notes to financial statements.
66
INSPIRE TACTICAL BALANCED ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 79.7% (Continued) | ||||||||
WHOLESALE - DISCRETIONARY - 2.1% | ||||||||
17,125 | Copart, Inc.(a) | $ | 908,653 | |||||
2,603 | Pool Corporation | 946,320 | ||||||
1,854,973 | ||||||||
TOTAL COMMON STOCKS (Cost $62,685,974) | 70,182,140 | |||||||
EXCHANGE-TRADED FUND — 19.9% | ||||||||
FIXED INCOME - 19.9% | ||||||||
347,021 | WisdomTree Floating Rate Treasury Fund (Cost $17,476,844) | 17,475,978 | ||||||
TOTAL INVESTMENTS - 99.6% (Cost $80,162,818) | $ | 87,658,118 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% | 363,045 | |||||||
NET ASSETS - 100.0% | $ | 88,021,163 | ||||||
ADR | - American Depositary Receipt |
LTD | - Limited Company |
MSCI | - Morgan Stanley Capital International |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
See accompanying notes to financial statements.
67
INSPIRE MOMENTUM ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
BIOTECH & PHARMA - 3.3% | ||||||||
7,644 | United Therapeutics Corporation(a) | $ | 2,103,094 | |||||
COMMERCIAL SUPPORT SERVICES - 5.8% | ||||||||
27,636 | Brady Corporation, Class A | 1,886,709 | ||||||
8,232 | FTI Consulting, Inc.(a) | 1,768,234 | ||||||
3,654,943 | ||||||||
CONTAINERS & PACKAGING - 3.0% | ||||||||
13,020 | AptarGroup, Inc. | 1,922,924 | ||||||
ELECTRIC UTILITIES - 2.7% | ||||||||
47,040 | OGE Energy Corporation | 1,707,552 | ||||||
ELECTRICAL EQUIPMENT - 6.1% | ||||||||
21,336 | BWX Technologies, Inc. | 1,965,687 | ||||||
47,376 | Vontier Corporation | 1,894,092 | ||||||
3,859,779 | ||||||||
ENGINEERING & CONSTRUCTION - 4.6% | ||||||||
7,560 | EMCOR Group, Inc. | 2,938,270 | ||||||
HEALTH CARE FACILITIES & SERVICES - 5.7% | ||||||||
2,772 | Chemed Corporation | 1,536,714 | ||||||
24,276 | Encompass Health Corporation | 2,097,203 | ||||||
3,633,917 | ||||||||
HEALTH CARE REIT - 2.7% | ||||||||
53,676 | Omega Healthcare Investors, Inc. | 1,735,345 | ||||||
HOME CONSTRUCTION - 2.9% | ||||||||
26,124 | KB Home | 1,844,354 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.7% | ||||||||
25,620 | SEI Investments Company | 1,734,730 | ||||||
INSURANCE - 9.1% | ||||||||
4,872 | Kinsale Capital Group, Inc. | 1,868,997 |
See accompanying notes to financial statements.
68
INSPIRE MOMENTUM ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.9% (Continued) | ||||||||
INSURANCE - 9.1% (Continued) | ||||||||
56,280 | Old Republic International Corporation | $ | 1,788,578 | |||||
10,164 | Reinsurance Group of America, Inc. | 2,132,407 | ||||||
5,789,982 | ||||||||
LEISURE PRODUCTS - 2.2% | ||||||||
17,052 | Polaris, Inc. | 1,425,547 | ||||||
MACHINERY - 9.1% | ||||||||
7,392 | Curtiss-Wright Corporation | 2,090,606 | ||||||
39,228 | Flowserve Corporation | 1,949,632 | ||||||
9,744 | MSA Safety, Inc. | 1,753,920 | ||||||
5,794,158 | ||||||||
METALS & MINING - 3.5% | ||||||||
7,560 | Encore Wire Corporation | 2,182,799 | ||||||
OIL & GAS PRODUCERS - 8.5% | ||||||||
9,576 | Chord Energy Corporation | 1,775,486 | ||||||
28,896 | HF Sinclair Corporation | 1,595,926 | ||||||
4,620 | Murphy USA, Inc. | 2,027,025 | ||||||
5,398,437 | ||||||||
RETAIL - CONSUMER STAPLES - 6.5% | ||||||||
24,192 | BJ’s Wholesale Club Holdings, Inc.(a) | 2,130,589 | ||||||
5,964 | Casey’s General Stores, Inc. | 1,978,736 | ||||||
4,109,325 | ||||||||
RETAIL - DISCRETIONARY - 5.6% | ||||||||
10,836 | AutoNation, Inc.(a) | 1,844,830 | ||||||
5,376 | Group 1 Automotive, Inc. | 1,671,828 | ||||||
3,516,658 | ||||||||
SEMICONDUCTORS - 2.1% | ||||||||
12,096 | Axcelis Technologies, Inc.(a) | 1,360,679 | ||||||
SOFTWARE - 1.8% | ||||||||
8,064 | Qualys, Inc.(a) | 1,133,960 |
See accompanying notes to financial statements.
69
INSPIRE MOMENTUM ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.9% (Continued) | ||||||||
SPECIALTY REIT - 2.9% | ||||||||
15,288 | Lamar Advertising Company, Class A | $ | 1,805,666 | |||||
STEEL - 2.6% | ||||||||
38,136 | Ternium S.A. - ADR | 1,646,712 | ||||||
TECHNOLOGY SERVICES - 3.3% | ||||||||
78,624 | Kyndryl Holdings, Inc.(a) | 2,092,184 | ||||||
TRANSPORTATION & LOGISTICS - 2.2% | ||||||||
13,272 | ArcBest Corporation | 1,400,461 | ||||||
TOTAL COMMON STOCKS (Cost $54,930,617) | 62,791,476 | |||||||
TOTAL INVESTMENTS - 98.9% (Cost $54,930,617) | $ | 62,791,476 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1% | 717,991 | |||||||
NET ASSETS - 100.0% | $ | 63,509,467 | ||||||
ADR | - American Depositary Receipt |
REIT | - Real Estate Investment Trust |
S.A. | - Société Anonyme |
(a) | - Non-income producing security. |
See accompanying notes to financial statements.
70
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.9% | ||||||||
APPAREL & TEXTILE PRODUCTS - 2.2% | ||||||||
872 | Deckers Outdoor Corporation(a) | $ | 953,898 | |||||
4,468 | Ralph Lauren Corporation | 834,980 | ||||||
1,788,878 | ||||||||
ASSET MANAGEMENT - 3.2% | ||||||||
6,701 | Brookfield Asset Management Ltd. | 262,947 | ||||||
23,000 | Federated Hermes, Inc. | 762,910 | ||||||
19,405 | Victory Capital Holdings, Inc. | 1,009,643 | ||||||
32,373 | XP, Inc., Class A | 614,763 | ||||||
2,650,263 | ||||||||
BANKING - 5.0% | ||||||||
27,787 | Banco Latinoamericano de Comercio Exterior S.A., E | 833,888 | ||||||
4,787 | Credicorp Ltd. | 791,387 | ||||||
10,583 | East West Bancorp, Inc. | 785,153 | ||||||
545 | First Citizens BancShares, Inc., Class A | 925,644 | ||||||
29,902 | Unity Bancorp, Inc. | 836,658 | ||||||
4,172,730 | ||||||||
BEVERAGES - 1.2% | ||||||||
44,661 | Primo Water Corporation | 1,007,552 | ||||||
BIOTECH & PHARMA - 5.7% | ||||||||
126,089 | ADMA Biologics, Inc.(a) | 1,204,151 | ||||||
11,656 | ANI Pharmaceuticals, Inc.(a) | 756,474 | ||||||
82,269 | Bausch Health Companies, Inc.(a) | 539,685 | ||||||
20,401 | Collegium Pharmaceutical, Inc.(a) | 676,089 | ||||||
6,001 | Neurocrine Biosciences, Inc.(a) | 812,595 | ||||||
27,032 | Royalty Pharma plc, Class A | 740,947 | ||||||
4,729,941 | ||||||||
CONSTRUCTION MATERIALS - 1.9% | ||||||||
2,071 | Carlisle Companies, Inc. | 866,278 | ||||||
1,308 | Martin Marietta Materials, Inc. | 748,281 | ||||||
1,614,559 | ||||||||
CONSUMER SERVICES - 1.3% | ||||||||
46,327 | Perdoceo Education Corporation | 1,042,358 | ||||||
See accompanying notes to financial statements.
71
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.9% (Continued) | ||||||||
E-COMMERCE DISCRETIONARY - 1.0% | ||||||||
50,496 | Vipshop Holdings Ltd. - ADR | $ | 811,471 | |||||
ELECTRIC UTILITIES - 1.4% | ||||||||
12,089 | Vistra Corporation | 1,197,778 | ||||||
ELECTRICAL EQUIPMENT - 5.3% | ||||||||
7,194 | Amphenol Corporation, Class A | 952,270 | ||||||
8,065 | BWX Technologies, Inc. | 743,028 | ||||||
5,884 | Powell Industries, Inc. | 1,058,296 | ||||||
31,052 | SMART Global Holdings, Inc.(a) | 639,050 | ||||||
10,359 | Vertiv Holdings Company | 1,015,907 | ||||||
4,408,551 | ||||||||
ENGINEERING & CONSTRUCTION - 2.1% | ||||||||
2,615 | Comfort Systems USA, Inc. | 855,994 | ||||||
2,290 | EMCOR Group, Inc. | 890,032 | ||||||
1,746,026 | ||||||||
FOOD - 4.8% | ||||||||
75,441 | Adecoagro S.A. | 742,339 | ||||||
7,741 | Lamb Weston Holdings, Inc. | 683,453 | ||||||
23,650 | Pilgrim’s Pride Corporation(a) | 849,745 | ||||||
40,519 | Vital Farms, Inc.(a) | 1,676,676 | ||||||
3,952,213 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 1.1% | ||||||||
13,408 | Sylvamo Corporation | 956,259 | ||||||
HEALTH CARE FACILITIES & SERVICES - 4.9% | ||||||||
5,996 | DaVita, Inc.(a) | 882,132 | ||||||
10,574 | Encompass Health Corporation | 913,487 | ||||||
10,354 | HealthEquity, Inc.(a) | 845,715 | ||||||
30,578 | Owens & Minor, Inc.(a) | 532,975 | ||||||
4,578 | Universal Health Services, Inc., Class B | 868,904 | ||||||
4,043,213 |
See accompanying notes to financial statements.
72
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.9% (Continued) | ||||||||
HOME & OFFICE PRODUCTS - 1.0% | ||||||||
18,089 | HNI Corporation | $ | 851,087 | |||||
HOME CONSTRUCTION - 4.6% | ||||||||
21,868 | Forestar Group, Inc.(a) | 743,731 | ||||||
11,112 | Griffon Corporation | 750,504 | ||||||
47,516 | Interface, Inc. | 765,483 | ||||||
6,976 | PulteGroup, Inc. | 818,424 | ||||||
6,423 | Toll Brothers, Inc. | 781,294 | ||||||
3,859,436 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 1.8% | ||||||||
14,369 | Core & Main Inc. - Class A(a) | 827,080 | ||||||
10,680 | Fastenal Company | 704,666 | ||||||
1,531,746 | ||||||||
INFRASTRUCTURE REIT - 0.5% | ||||||||
139,763 | Uniti Group, Inc. | 441,651 | ||||||
INSURANCE - 4.2% | ||||||||
8,939 | Arch Capital Group Ltd.(a) | 917,409 | ||||||
4,032 | Progressive Corporation (The) | 851,478 | ||||||
4,252 | Reinsurance Group of America, Inc. | 892,069 | ||||||
3,489 | RenaissanceRe Holdings Ltd. | 795,004 | ||||||
3,455,960 | ||||||||
INTERNET MEDIA & SERVICES - 1.8% | ||||||||
309,635 | Angi, Inc., Class A(a) | 625,463 | ||||||
31,024 | HealthStream, Inc. | 846,645 | ||||||
1,472,108 | ||||||||
MACHINERY - 3.6% | ||||||||
2,289 | Caterpillar, Inc. | 774,872 | ||||||
8,719 | Ingersoll Rand, Inc. | 811,303 | ||||||
2,718 | Snap-on, Inc. | 741,633 | ||||||
6,750 | Tennant Company | 692,955 | ||||||
3,020,763 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 2.0% | ||||||||
16,603 | RxSight, Inc.(a) | 970,777 |
See accompanying notes to financial statements.
73
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.9% (Continued) | ||||||||
MEDICAL EQUIPMENT & DEVICES - 2.0% (Continued) | ||||||||
52,104 | Tactile Systems Technology, Inc.(a) | $ | 663,284 | |||||
1,634,061 | ||||||||
OIL & GAS PRODUCERS - 5.6% | ||||||||
29,535 | Coterra Energy, Inc. | 842,338 | ||||||
13,490 | HF Sinclair Corporation | 745,053 | ||||||
1,962 | Murphy USA, Inc. | 860,828 | ||||||
14,597 | PBF Energy, Inc., Class A | 676,279 | ||||||
47,626 | Permian Resources Corporation | 780,590 | ||||||
4,904 | Valero Energy Corporation | 770,615 | ||||||
4,675,703 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.9% | ||||||||
21,139 | Halliburton Company | 775,801 | ||||||
6,968 | Weatherford International plc(a) | 838,529 | ||||||
1,614,330 | ||||||||
RETAIL - CONSUMER STAPLES - 1.2% | ||||||||
12,746 | Sprouts Farmers Market, Inc.(a) | 1,006,679 | ||||||
RETAIL - DISCRETIONARY - 0.9% | ||||||||
2,616 | Williams-Sonoma, Inc. | 767,064 | ||||||
SEMICONDUCTORS - 1.1% | ||||||||
3,379 | NXP Semiconductors N.V. | 919,426 | ||||||
SOFTWARE - 9.4% | ||||||||
70,573 | American Software, Inc., Class A | 724,079 | ||||||
72,527 | Cellebrite DI Ltd.(a),(b) | 772,413 | ||||||
8,283 | CommVault Systems, Inc.(a) | 891,126 | ||||||
26,407 | Digi International, Inc.(a) | 643,275 | ||||||
13,399 | Donnelley Financial Solutions, Inc.(a) | 816,803 | ||||||
12,527 | Pegasystems, Inc. | 719,801 | ||||||
35,074 | PubMatic, Inc., Class A(a) | 768,121 | ||||||
15,922 | Q2 Holdings, Inc.(a) | 968,375 | ||||||
26,507 | Sapiens International Corp N.V. | 888,515 |
See accompanying notes to financial statements.
74
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 97.9% (Continued) | ||||||||
SOFTWARE - 9.4% (Continued) | ||||||||
3,489 | Veeva Systems, Inc., Class A(a) | $ | 607,958 | |||||
7,800,466 | ||||||||
SPECIALTY FINANCE - 1.1% | ||||||||
22,391 | Bread Financial Holdings, Inc. | 935,048 | ||||||
STEEL - 2.7% | ||||||||
4,143 | Nucor Corporation | 699,546 | ||||||
2,391 | Reliance, Inc. | 719,165 | ||||||
5,552 | Steel Dynamics, Inc. | 743,246 | ||||||
2,161,957 | ||||||||
TECHNOLOGY HARDWARE - 6.1% | ||||||||
64,330 | Arlo Technologies, Inc.(a) | 914,129 | ||||||
257,550 | Ceragon Networks Ltd.(a),(b) | 677,357 | ||||||
5,559 | Garmin Ltd. | 910,842 | ||||||
7,740 | InterDigital, Inc. | 881,354 | ||||||
7,848 | NetApp, Inc. | 945,134 | ||||||
47,280 | Turtle Beach Corporation(a) | 783,902 | ||||||
5,112,718 | ||||||||
TECHNOLOGY SERVICES - 3.8% | ||||||||
6,323 | Science Applications International Corporation | 851,392 | ||||||
49,972 | StoneCompany Ltd.(a) | 691,612 | ||||||
205,434 | Telos Corporation(a) | 930,617 | ||||||
161,656 | Unisys Corporation(a) | 693,504 | ||||||
3,167,125 | ||||||||
TELECOMMUNICATIONS - 1.2% | ||||||||
51,637 | Telephone and Data Systems, Inc. | 1,027,060 | ||||||
TRANSPORTATION & LOGISTICS - 2.3% | ||||||||
17,677 | Delta Air Lines, Inc. | 901,881 | ||||||
15,462 | International Seaways, Inc. | 996,062 | ||||||
1,897,943 | ||||||||
TOTAL COMMON STOCKS (Cost $78,226,552) | 81,474,123 | |||||||
See accompanying notes to financial statements.
75
INSPIRE FIDELIS MULTI FACTOR ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COLLATERAL FOR SECURITIES LOANED — 0.9% | ||||||||
MONEY MARKET FUND - 0.9% | ||||||||
720,391 | Fidelity Government Portfolio - Institutional Class, 5.24% (Cost $720,391)(c)(d) | $ | 720,391 | |||||
TOTAL INVESTMENTS - 98.8% (Cost $78,946,943) | $ | 82,194,514 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2% | 984,559 | |||||||
NET ASSETS - 100.0% | $ | 83,179,073 | ||||||
ADR | - American Depositary Receipt |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2024 was $713,579. |
(c) | Security was purchased with cash received as collateral for securities on loan at May 31, 2024. Total collateral had a value of $720,391 at May 31, 2024. |
(d) | Rate disclosed is the seven day effective yield as of May 31, 2024. |
See accompanying notes to financial statements.
76
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
ADVERTISING & MARKETING - 0.4% | ||||||||
4,750 | Trade Desk, Inc. (The), Class A(a) | $ | 440,705 | |||||
AEROSPACE & DEFENSE - 0.0%(b) | ||||||||
800 | Hexcel Corporation | 55,096 | ||||||
APPAREL & TEXTILE PRODUCTS - 0.4% | ||||||||
250 | Deckers Outdoor Corporation(a) | 273,480 | ||||||
600 | PVH Corporation | 72,006 | ||||||
625 | Ralph Lauren Corporation | 116,800 | ||||||
462,286 | ||||||||
ASSET MANAGEMENT - 0.4% | ||||||||
14,225 | Blue Owl Capital, Inc. | 255,908 | ||||||
525 | Hamilton Lane, Inc., Class A | 65,882 | ||||||
4,425 | Invesco Ltd. | 69,517 | ||||||
1,000 | Stifel Financial Corporation | 80,950 | ||||||
472,257 | ||||||||
AUTOMOTIVE - 0.3% | ||||||||
15,075 | Aurora Innovation, Inc.(a) | 36,029 | ||||||
2,250 | BorgWarner, Inc. | 80,235 | ||||||
2,275 | Gentex Corporation | 79,625 | ||||||
550 | Lear Corporation | 68,943 | ||||||
23,175 | Lucid Group, Inc.(a) | 65,817 | ||||||
330,649 | ||||||||
BANKING - 0.8% | ||||||||
625 | Cullen/Frost Bankers, Inc. | 63,488 | ||||||
1,375 | East West Bancorp, Inc. | 102,011 | ||||||
125 | First Citizens BancShares, Inc., Class A | 212,303 | ||||||
5,550 | First Horizon Corporation | 87,912 | ||||||
8,250 | New York Community Bancorp, Inc. | 27,143 | ||||||
775 | Pinnacle Financial Partners, Inc. | 61,620 | ||||||
900 | Prosperity Bancshares, Inc. | 56,070 | ||||||
9,050 | Regions Financial Corporation | 175,117 | ||||||
750 | SouthState Corporation | 57,983 | ||||||
1,725 | Webster Financial Corporation | 76,280 |
See accompanying notes to financial statements.
77
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
BANKING - 0.8% (Continued) | ||||||||
1,075 | Western Alliance Bancorp | $ | 67,757 | |||||
1,450 | Zions Bancorp NA | 62,626 | ||||||
1,050,310 | ||||||||
BEVERAGES - 0.6% | ||||||||
2,225 | Celsius Holdings, Inc.(a) | 177,956 | ||||||
75 | Coca-Cola Consolidated, Inc. | 73,578 | ||||||
10,125 | Monster Beverage Corporation(a) | 525,690 | ||||||
777,224 | ||||||||
BIOTECH & PHARMA - 1.9% | ||||||||
1,175 | Apellis Pharmaceuticals, Inc.(a) | 46,119 | ||||||
1,750 | Bridgebio Pharma, Inc.(a) | 49,018 | ||||||
1,750 | Cerevel Therapeutics Holdings, Inc.(a) | 71,295 | ||||||
4,900 | Elanco Animal Health, Inc.(a) | 86,632 | ||||||
2,950 | Exelixis, Inc.(a) | 63,986 | ||||||
2,200 | Incyte Corporation(a) | 127,138 | ||||||
925 | Intra-Cellular Therapies, Inc.(a) | 62,197 | ||||||
1,400 | Ionis Pharmaceuticals, Inc.(a) | 52,598 | ||||||
600 | Jazz Pharmaceuticals plc(a) | 63,150 | ||||||
975 | Neurocrine Biosciences, Inc.(a) | 132,024 | ||||||
1,050 | Regeneron Pharmaceuticals, Inc.(a) | 1,029,167 | ||||||
7,900 | Roivant Sciences Ltd.(a) | 81,844 | ||||||
5,850 | Royalty Pharma plc, Class A | 160,348 | ||||||
450 | United Therapeutics Corporation(a) | 123,809 | ||||||
1,050 | Vaxcyte, Inc.(a) | 73,784 | ||||||
1,100 | Viking Therapeutics, Inc.(a) | 68,486 | ||||||
2,291,595 | ||||||||
BUSINESS DEVELOPMENT COMPANIES - 0.1% | ||||||||
5,900 | Ares Capital Corporation | 127,263 | ||||||
CABLE & SATELLITE - 0.1% | ||||||||
1,425 | Liberty Broadband Corporation - Series A(a) | 77,292 | ||||||
CHEMICALS - 3.3% | ||||||||
1,175 | Albemarle Corporation | 144,043 |
See accompanying notes to financial statements.
78
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
CHEMICALS - 3.3% (Continued) | ||||||||
2,150 | Axalta Coating Systems Ltd.(a) | $ | 76,519 | |||||
1,900 | CF Industries Holdings, Inc. | 151,487 | ||||||
2,500 | International Flavors & Fragrances, Inc. | 240,450 | ||||||
4,650 | Linde plc | 2,025,167 | ||||||
3,175 | LyondellBasell Industries N.V., Class A | 315,659 | ||||||
1,250 | RPM International, Inc. | 140,125 | ||||||
2,500 | Sherwin-Williams Company (The) | 759,500 | ||||||
1,225 | Westlake Corporation | 196,686 | ||||||
4,049,636 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.1% | ||||||||
9,875 | ADT, Inc. | 70,211 | ||||||
975 | Cintas Corporation | 661,021 | ||||||
525 | Clean Harbors, Inc.(a) | 113,710 | ||||||
350 | FTI Consulting, Inc.(a) | 75,180 | ||||||
3,025 | Republic Services, Inc. | 560,200 | ||||||
1,050 | Robert Half, Inc. | 67,442 | ||||||
4,675 | Rollins, Inc. | 213,601 | ||||||
3,900 | Waste Management, Inc. | 821,846 | ||||||
2,583,211 | ||||||||
CONSTRUCTION MATERIALS - 1.1% | ||||||||
750 | Advanced Drainage Systems, Inc. | 130,118 | ||||||
450 | Carlisle Companies, Inc. | 188,231 | ||||||
325 | Eagle Materials, Inc. | 75,527 | ||||||
600 | Martin Marietta Materials, Inc. | 343,247 | ||||||
850 | Owens Corning | 153,910 | ||||||
425 | Simpson Manufacturing Company, Inc. | 70,516 | ||||||
1,725 | Summit Materials, Inc., Class A(a) | 66,654 | ||||||
1,300 | Vulcan Materials Company | 332,500 | ||||||
1,360,703 | ||||||||
CONSUMER SERVICES - 0.1% | ||||||||
1,425 | Service Corp International | 102,116 | ||||||
CONTAINERS & PACKAGING - 0.5% | ||||||||
625 | AptarGroup, Inc. | 92,306 |
See accompanying notes to financial statements.
79
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
CONTAINERS & PACKAGING - 0.5% (Continued) | ||||||||
1,125 | Berry Global Group, Inc. | $ | 67,365 | |||||
1,175 | Crown Holdings, Inc. | 98,923 | ||||||
2,975 | Graphic Packaging Holding Company | 84,252 | ||||||
3,325 | International Paper Company | 149,924 | ||||||
875 | Packaging Corporation of America | 160,555 | ||||||
653,325 | ||||||||
DATA CENTER REIT - 0.4% | ||||||||
3,100 | Digital Realty Trust, Inc. | 450,554 | ||||||
DIVERSIFIED INDUSTRIALS - 0.8% | ||||||||
1,375 | Dover Corporation | 252,753 | ||||||
5,525 | Emerson Electric Company | 619,684 | ||||||
800 | ITT, Inc. | 106,304 | ||||||
978,741 | ||||||||
E-COMMERCE DISCRETIONARY - 0.5% | ||||||||
4,125 | Chewy, Inc.(a) | 87,491 | ||||||
18,250 | Coupang, Inc.(a) | 415,005 | ||||||
1,200 | Wayfair, Inc., Class A(a) | 71,388 | ||||||
573,884 | ||||||||
ELECTRIC UTILITIES - 5.1% | ||||||||
2,550 | Ameren Corporation | 187,094 | ||||||
3,750 | Avangrid, Inc. | 135,038 | ||||||
6,125 | CenterPoint Energy, Inc. | 186,874 | ||||||
2,825 | CMS Energy Corporation | 177,777 | ||||||
3,325 | Consolidated Edison, Inc. | 314,379 | ||||||
3,025 | Constellation Energy Corporation | 657,180 | ||||||
2,000 | DTE Energy Company | 233,060 | ||||||
2,050 | Entergy Corporation | 230,605 | ||||||
2,225 | Evergy, Inc. | 121,619 | ||||||
3,400 | Eversource Energy | 201,382 | ||||||
9,725 | Exelon Corporation | 365,173 | ||||||
5,600 | FirstEnergy Corporation | 225,456 | ||||||
19,325 | NextEra Energy, Inc. | 1,546,386 | ||||||
2,000 | NRG Energy, Inc. | 162,000 |
See accompanying notes to financial statements.
80
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
ELECTRIC UTILITIES - 5.1% (Continued) | ||||||||
1,925 | OGE Energy Corporation | $ | 69,878 | |||||
20,700 | PG&E Corporation | 383,777 | ||||||
1,175 | Pinnacle West Capital Corporation | 92,661 | ||||||
4,750 | Public Service Enterprise Group, Inc. | 359,859 | ||||||
3,350 | Vistra Corporation | 331,918 | ||||||
3,050 | WEC Energy Group, Inc. | 247,142 | ||||||
6,229,258 | ||||||||
ELECTRICAL EQUIPMENT - 3.1% | ||||||||
1,450 | A O Smith Corporation | 121,278 | ||||||
300 | Acuity Brands, Inc. | 77,883 | ||||||
2,275 | AMETEK, Inc. | 385,795 | ||||||
5,825 | Amphenol Corporation, Class A | 771,055 | ||||||
2,375 | API Group Corporation(a) | 84,645 | ||||||
875 | BWX Technologies, Inc. | 80,614 | ||||||
1,650 | Cognex Corporation | 75,108 | ||||||
600 | Generac Holdings, Inc.(a) | 88,326 | ||||||
525 | Hubbell, Inc. | 204,167 | ||||||
1,675 | Keysight Technologies, Inc.(a) | 231,954 | ||||||
350 | Lennox International, Inc. | 175,910 | ||||||
225 | Littelfuse, Inc. | 57,735 | ||||||
1,400 | NEXTracker, Inc.(a) | 77,238 | ||||||
3,975 | Otis Worldwide Corporation | 394,320 | ||||||
3,000 | TE Connectivity Ltd. | 449,100 | ||||||
2,400 | Trimble, Inc.(a) | 133,632 | ||||||
3,725 | Vertiv Holdings Company | 365,311 | ||||||
325 | Watts Water Technologies, Inc., Class A | 64,717 | ||||||
3,838,788 | ||||||||
ENGINEERING & CONSTRUCTION - 1.1% | ||||||||
350 | Comfort Systems USA, Inc. | 114,569 | ||||||
450 | EMCOR Group, Inc. | 174,897 | ||||||
1,650 | Fluor Corporation(a) | 71,610 | ||||||
275 | Installed Building Products, Inc. | 58,256 | ||||||
1,225 | Jacobs Solutions, Inc. | 170,692 | ||||||
1,325 | KBR, Inc. | 87,000 |
See accompanying notes to financial statements.
81
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
ENGINEERING & CONSTRUCTION - 1.1% (Continued) | ||||||||
1,400 | Quanta Services, Inc. | $ | 386,315 | |||||
525 | Tetra Tech, Inc. | 109,982 | ||||||
300 | TopBuild Corporation(a) | 125,385 | ||||||
1,850 | WillScot Mobile Mini Holdings Corporation(a) | 72,946 | ||||||
1,371,652 | ||||||||
ENTERTAINMENT CONTENT - 0.7% | ||||||||
3,250 | AppLovin Corporation, Class A(a) | 264,809 | ||||||
4,525 | Endeavor Group Holdings, Inc., Class A | 121,406 | ||||||
6,225 | ROBLOX Corporation, Class A(a) | 209,285 | ||||||
1,650 | Take-Two Interactive Software, Inc.(a) | 264,594 | ||||||
860,094 | ||||||||
FOOD - 0.8% | ||||||||
1,275 | BellRing Brands, Inc.(a) | 74,167 | ||||||
2,875 | Campbell Soup Company | 127,593 | ||||||
4,650 | Conagra Brands, Inc. | 138,942 | ||||||
1,550 | Darling Ingredients, Inc.(a) | 62,620 | ||||||
1,375 | Lamb Weston Holdings, Inc. | 121,399 | ||||||
2,575 | McCormick & Company, Inc. | 185,966 | ||||||
2,300 | Pilgrim’s Pride Corporation(a) | 82,639 | ||||||
3,425 | Tyson Foods, Inc., Class A | 196,080 | ||||||
989,406 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.1% | ||||||||
1,050 | Trex Company, Inc.(a) | 90,804 | ||||||
600 | UFP Industries, Inc. | 71,688 | ||||||
162,492 | ||||||||
GAS & WATER UTILITIES - 0.5% | ||||||||
1,900 | American Water Works Company, Inc. | 248,463 | ||||||
1,475 | Atmos Energy Corporation | 170,982 | ||||||
2,650 | Essential Utilities, Inc. | 99,985 | ||||||
4,350 | NiSource, Inc. | 126,411 | ||||||
645,841 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.6% | ||||||||
875 | Acadia Healthcare Company, Inc.(a) | 60,279 | ||||||
1,925 | Cencora, Inc. | 436,147 |
See accompanying notes to financial statements.
82
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.6% (Continued) | ||||||||
150 | Chemed Corporation | $ | 83,156 | |||||
850 | DaVita, Inc.(a) | 125,052 | ||||||
2,250 | Elevance Health, Inc. | 1,211,579 | ||||||
975 | Encompass Health Corporation | 84,230 | ||||||
550 | Ensign Group, Inc. (The) | 66,682 | ||||||
850 | HealthEquity, Inc.(a) | 69,428 | ||||||
1,775 | IQVIA Holdings, Inc.(a) | 388,885 | ||||||
800 | Labcorp Holdings, Inc. | 155,928 | ||||||
300 | Medpace Holdings, Inc.(a) | 115,902 | ||||||
575 | Molina Healthcare, Inc.(a) | 180,884 | ||||||
1,000 | Tenet Healthcare Corporation(a) | 135,220 | ||||||
650 | Universal Health Services, Inc., Class B | 123,370 | ||||||
3,236,742 | ||||||||
HEALTH CARE REIT - 0.8% | ||||||||
3,725 | Healthcare Realty Trust, Inc. | 60,457 | ||||||
6,900 | Healthpeak Properties, Inc. | 137,310 | ||||||
2,400 | Omega Healthcare Investors, Inc. | 77,592 | ||||||
3,925 | Ventas, Inc. | 197,271 | ||||||
5,600 | Welltower, Inc. | 580,551 | ||||||
1,053,181 | ||||||||
HOME & OFFICE PRODUCTS - 0.1% | ||||||||
1,325 | SharkNinja, Inc. | 101,522 | ||||||
1,725 | Tempur Sealy International, Inc. | 88,596 | ||||||
190,118 | ||||||||
HOME CONSTRUCTION - 1.5% | ||||||||
1,425 | AZEK Company, Inc. (The)(a) | 68,343 | ||||||
3,225 | DR Horton, Inc. | 476,655 | ||||||
1,250 | Fortune Brands Innovations, Inc. | 87,575 | ||||||
2,675 | Lennar Corporation, Class A | 428,936 | ||||||
2,150 | Masco Corporation | 150,328 | ||||||
350 | Meritage Homes Corporation | 61,723 | ||||||
625 | Mohawk Industries, Inc.(a) | 76,206 | ||||||
25 | NVR, Inc.(a) | 192,018 | ||||||
2,050 | PulteGroup, Inc. | 240,506 |
See accompanying notes to financial statements.
83
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
HOME CONSTRUCTION - 1.5% (Continued) | ||||||||
1,000 | Toll Brothers, Inc. | $ | 121,640 | |||||
1,903,930 | ||||||||
HOTEL REIT - 0.1% | ||||||||
6,900 | Host Hotels & Resorts, Inc. | 123,786 | ||||||
575 | Ryman Hospitality Properties, Inc. | 60,415 | ||||||
184,201 | ||||||||
HOUSEHOLD PRODUCTS - 0.3% | ||||||||
18,625 | Kenvue, Inc. | 359,463 | ||||||
INDUSTRIAL INTERMEDIATE PROD - 0.1% | ||||||||
275 | RBC Bearings, Inc.(a) | 81,202 | ||||||
INDUSTRIAL REIT - 1.1% | ||||||||
2,800 | Americold Realty Trust, Inc. | 74,676 | ||||||
475 | EastGroup Properties, Inc. | 78,461 | ||||||
1,300 | First Industrial Realty Trust, Inc. | 61,256 | ||||||
9,000 | Prologis, Inc. | 994,409 | ||||||
2,100 | Rexford Industrial Realty, Inc. | 95,256 | ||||||
1,800 | STAG Industrial, Inc. | 63,108 | ||||||
1,367,166 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 1.2% | ||||||||
375 | Applied Industrial Technologies, Inc. | 72,375 | ||||||
1,975 | Core & Main Inc. - Class A(a) | 113,681 | ||||||
5,600 | Fastenal Company | 369,487 | ||||||
425 | SiteOne Landscape Supply, Inc.(a) | 65,799 | ||||||
1,925 | U-Haul Holding Company (a) | 121,718 | ||||||
650 | United Rentals, Inc. | 435,116 | ||||||
375 | Watsco, Inc. | 178,088 | ||||||
500 | WESCO International, Inc. | 89,745 | ||||||
1,446,009 | ||||||||
INFRASTRUCTURE REIT - 0.6% | ||||||||
4,250 | Crown Castle, Inc. | 435,625 | ||||||
1,050 | SBA Communications Corporation | 206,514 |
See accompanying notes to financial statements.
84
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
INFRASTRUCTURE REIT - 0.6% (Continued) | ||||||||
225 | Texas Pacific Land Corporation | $ | 138,220 | |||||
780,359 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.7% | ||||||||
1,025 | Cboe Global Markets, Inc. | 177,315 | ||||||
375 | Evercore Partners, Inc., Class A | 76,103 | ||||||
675 | Houlihan Lokey, Inc. | 91,361 | ||||||
4,175 | Interactive Brokers Group, Inc., Class A | 524,881 | ||||||
5,650 | Intercontinental Exchange, Inc. | 756,535 | ||||||
2,100 | Jefferies Financial Group, Inc. | 97,692 | ||||||
1,300 | SEI Investments Company | 88,023 | ||||||
2,300 | Tradeweb Markets, Inc., Class A | 250,723 | ||||||
2,062,633 | ||||||||
INSURANCE - 3.5% | ||||||||
5,650 | Aflac, Inc. | 507,765 | ||||||
825 | American Financial Group, Inc. | 107,176 | ||||||
6,650 | American International Group, Inc. | 524,152 | ||||||
2,775 | Brown & Brown, Inc. | 248,390 | ||||||
1,550 | Cincinnati Financial Corporation | 182,249 | ||||||
6,050 | Corebridge Financial, Inc. | 176,479 | ||||||
500 | Erie Indemnity Company, Class A | 181,215 | ||||||
900 | Globe Life, Inc. | 74,484 | ||||||
225 | Kinsale Capital Group, Inc. | 86,315 | ||||||
2,175 | Loews Corporation | 167,040 | ||||||
125 | Markel Group, Inc.(a) | 205,199 | ||||||
2,725 | Old Republic International Corporation | 86,601 | ||||||
325 | Primerica, Inc. | 73,414 | ||||||
5,700 | Progressive Corporation (The) | 1,203,725 | ||||||
625 | Reinsurance Group of America, Inc. | 131,125 | ||||||
450 | RLI Corporation | 65,691 | ||||||
2,525 | Ryan Specialty Holdings, Inc., Class A | 140,213 | ||||||
2,450 | W R Berkley Corporation | 198,524 | ||||||
4,359,757 |
See accompanying notes to financial statements.
85
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
INTERNET MEDIA & SERVICES - 0.1% | ||||||||
2,675 | Maplebear, Inc.(a) | $ | 81,534 | |||||
LEISURE FACILITIES & SERVICES - 0.8% | ||||||||
1,100 | Cava Group, Inc.(a) | 101,805 | ||||||
850 | Planet Fitness, Inc., A(a) | 54,094 | ||||||
650 | Texas Roadhouse, Inc. | 112,236 | ||||||
1,650 | TKO Group Holdings, Inc. | 179,966 | ||||||
375 | Vail Resorts, Inc. | 70,770 | ||||||
275 | Wingstop, Inc. | 101,379 | ||||||
775 | Wyndham Hotels & Resorts, Inc. | 54,839 | ||||||
2,725 | Yum! Brands, Inc. | 374,496 | ||||||
1,049,585 | ||||||||
LEISURE PRODUCTS - 0.2% | ||||||||
650 | Brunswick Corporation | 53,645 | ||||||
1,375 | Hasbro, Inc. | 82,197 | ||||||
525 | Thor Industries, Inc. | 52,101 | ||||||
187,943 | ||||||||
MACHINERY - 3.5% | ||||||||
725 | AGCO Corporation | 77,814 | ||||||
4,900 | Caterpillar, Inc. | 1,658,747 | ||||||
550 | Crane Company | 81,994 | ||||||
350 | Curtiss-Wright Corporation | 98,987 | ||||||
1,175 | Donaldson Company, Inc. | 86,574 | ||||||
1,650 | Graco, Inc. | 133,238 | ||||||
750 | IDEX Corporation | 156,480 | ||||||
3,925 | Ingersoll Rand, Inc. | 365,221 | ||||||
550 | Lincoln Electric Holdings, Inc. | 107,998 | ||||||
525 | Middleby Corporation (The)(a) | 67,678 | ||||||
375 | MSA Safety, Inc. | 67,500 | ||||||
550 | Nordson Corporation | 129,096 | ||||||
1,250 | Parker-Hannifin Corporation | 664,399 | ||||||
650 | Regal Rexnord Corporation | 97,201 | ||||||
525 | Snap-on, Inc. | 143,252 | ||||||
1,025 | Toro Company (The) | 82,195 |
See accompanying notes to financial statements.
86
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
MACHINERY - 3.5% (Continued) | ||||||||
2,425 | Veralto Corporation | $ | 239,057 | |||||
4,257,431 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 4.4% | ||||||||
1,200 | 10X Genomics, Inc., Class A(a) | 26,904 | ||||||
725 | Align Technology, Inc.(a) | 186,477 | ||||||
4,925 | Baxter International, Inc. | 167,893 | ||||||
275 | Bio-Rad Laboratories, Inc., Class A(a) | 78,887 | ||||||
1,350 | Bruker Corporation | 88,439 | ||||||
2,050 | DENTSPLY SIRONA, Inc. | 57,421 | ||||||
3,725 | DexCom, Inc.(a) | 442,418 | ||||||
5,900 | Edwards Lifesciences Corporation(a) | 512,651 | ||||||
4,450 | GE HealthCare Technologies, Inc. | 347,100 | ||||||
1,325 | Globus Medical, Inc., Class A(a) | 88,921 | ||||||
2,250 | Hologic, Inc.(a) | 166,005 | ||||||
800 | IDEXX Laboratories, Inc.(a) | 397,560 | ||||||
675 | Insulet Corporation(a) | 119,603 | ||||||
3,400 | Intuitive Surgical, Inc.(a) | 1,367,207 | ||||||
500 | Masimo Corporation(a) | 62,250 | ||||||
200 | Mettler-Toledo International, Inc.(a) | 280,818 | ||||||
375 | Penumbra, Inc.(a) | 71,051 | ||||||
550 | Repligen Corporation(a) | 82,000 | ||||||
1,425 | ResMed, Inc. | 294,020 | ||||||
1,225 | Revvity, Inc. | 133,844 | ||||||
950 | STERIS plc | 211,736 | ||||||
700 | West Pharmaceutical Services, Inc. | 231,987 | ||||||
5,415,192 | ||||||||
METALS & MINING - 1.9% | ||||||||
4,875 | Cleveland-Cliffs, Inc.(a) | 84,240 | ||||||
14,325 | Freeport-McMoRan, Inc. | 755,357 | ||||||
11,400 | Newmont Corporation | 478,116 | ||||||
650 | Royal Gold, Inc. | 83,324 | ||||||
7,521 | Southern Copper Corporation | 892,216 | ||||||
2,293,253 |
See accompanying notes to financial statements.
87
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
MORTGAGE FINANCE - 0.2% | ||||||||
6,825 | AGNC Investment Corporation | $ | 65,452 | |||||
4,875 | Annaly Capital Management, Inc. | 96,037 | ||||||
3,075 | Starwood Property Trust, Inc. | 59,778 | ||||||
221,267 | ||||||||
MULTI ASSET CLASS REIT - 0.1% | ||||||||
2,150 | WP Carey, Inc. | 121,260 | ||||||
OFFICE REIT - 0.2% | ||||||||
1,725 | Alexandria Real Estate Equities, Inc. | 205,275 | ||||||
1,575 | Boston Properties, Inc. | 95,555 | ||||||
300,830 | ||||||||
OIL & GAS PRODUCERS - 8.2% | ||||||||
2,925 | Antero Resources Corporation(a) | 104,218 | ||||||
2,950 | APA Corporation | 90,064 | ||||||
2,250 | Cheniere Energy, Inc. | 355,028 | ||||||
1,275 | Chesapeake Energy Corporation | 115,936 | ||||||
400 | Chord Energy Corporation | 74,164 | ||||||
975 | Civitas Resources, Inc. | 71,721 | ||||||
7,325 | Coterra Energy, Inc. | 208,909 | ||||||
6,175 | Devon Energy Corporation | 303,069 | ||||||
1,700 | Diamondback Energy, Inc. | 338,742 | ||||||
5,700 | EOG Resources, Inc. | 709,934 | ||||||
38,475 | Exxon Mobil Corporation | 4,511,578 | ||||||
2,250 | Hess Midstream, L.P., Class A | 78,188 | ||||||
1,925 | HF Sinclair Corporation | 106,318 | ||||||
21,625 | Kinder Morgan, Inc. | 421,471 | ||||||
5,575 | Marathon Oil Corporation | 161,452 | ||||||
1,150 | Matador Resources Company | 72,968 | ||||||
1,475 | Murphy Oil Corporation | 63,115 | ||||||
200 | Murphy USA, Inc. | 87,750 | ||||||
1,975 | New Fortress Energy, Inc. | 50,066 | ||||||
8,500 | Occidental Petroleum Corporation | 531,249 | ||||||
5,725 | ONEOK, Inc. | 463,725 | ||||||
2,625 | Ovintiv, Inc. | 135,634 |
See accompanying notes to financial statements.
88
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
OIL & GAS PRODUCERS - 8.2% (Continued) | ||||||||
7,500 | Permian Resources Corporation | $ | 122,925 | |||||
2,325 | Range Resources Corporation | 85,816 | ||||||
10,675 | Southwestern Energy Company(a) | 80,383 | ||||||
2,175 | Targa Resources Corporation | 257,150 | ||||||
3,275 | Valero Energy Corporation | 514,634 | ||||||
10,116,207 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.2% | ||||||||
9,775 | Baker Hughes Company | 327,267 | ||||||
8,650 | Halliburton Company | 317,455 | ||||||
1,400 | Noble Corp plc | 65,044 | ||||||
3,900 | NOV, Inc. | 73,398 | ||||||
14,100 | Schlumberger Ltd. | 647,049 | ||||||
700 | Weatherford International plc(a) | 84,238 | ||||||
1,514,451 | ||||||||
PUBLISHING & BROADCASTING - 0.1% | ||||||||
5,725 | News Corporation, Class A | 155,663 | ||||||
RENEWABLE ENERGY - 0.4% | ||||||||
1,300 | Enphase Energy, Inc.(a) | 166,270 | ||||||
1,025 | First Solar, Inc.(a) | 278,554 | ||||||
444,824 | ||||||||
RESIDENTIAL REIT - 1.1% | ||||||||
3,550 | American Homes 4 Rent, Class A | 127,942 | ||||||
1,050 | Camden Property Trust | 107,783 | ||||||
1,825 | Equity LifeStyle Properties, Inc. | 114,555 | ||||||
3,725 | Equity Residential | 242,237 | ||||||
625 | Essex Property Trust, Inc. | 162,369 | ||||||
6,000 | Invitation Homes, Inc. | 208,740 | ||||||
1,150 | Mid-America Apartment Communities, Inc. | 153,767 | ||||||
1,225 | Sun Communities, Inc. | 144,538 | ||||||
3,200 | UDR, Inc. | 123,584 | ||||||
1,385,515 | ||||||||
RETAIL - CONSUMER STAPLES - 0.8% | ||||||||
5,600 | Albertsons Companies, Inc., Class A | 115,584 |
See accompanying notes to financial statements.
89
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
RETAIL - CONSUMER STAPLES - 0.8% (Continued) | ||||||||
1,300 | BJ’s Wholesale Club Holdings, Inc.(a) | $ | 114,491 | |||||
350 | Casey’s General Stores, Inc. | 116,123 | ||||||
2,175 | Dollar General Corporation | 297,778 | ||||||
2,125 | Dollar Tree, Inc.(a) | 250,644 | ||||||
550 | Five Below, Inc.(a) | 75,972 | ||||||
970,592 | ||||||||
RETAIL - DISCRETIONARY - 5.6% | ||||||||
400 | AutoNation, Inc.(a) | 68,100 | ||||||
150 | AutoZone, Inc.(a) | 415,490 | ||||||
350 | Avis Budget Group, Inc. | 39,806 | ||||||
1,175 | Builders FirstSource, Inc.(a) | 188,928 | ||||||
625 | Burlington Stores, Inc.(a) | 150,031 | ||||||
1,525 | CarMax, Inc.(a) | 107,147 | ||||||
1,900 | Carvana Company(a) | 189,962 | ||||||
150 | Dillard’s, Inc., Class A | 67,103 | ||||||
1,050 | Floor & Decor Holdings, Inc., Class A(a) | 122,703 | ||||||
1,375 | Genuine Parts Company | 198,193 | ||||||
9,750 | Home Depot, Inc. (The) | 3,264,982 | ||||||
275 | Lithia Motors, Inc. | 69,614 | ||||||
575 | O’Reilly Automotive, Inc.(a) | 553,874 | ||||||
650 | Penske Automotive Group, Inc. | 98,865 | ||||||
11,000 | TJX Companies, Inc. (The) | 1,134,099 | ||||||
600 | Williams-Sonoma, Inc. | 175,932 | ||||||
6,844,829 | ||||||||
RETAIL REIT - 0.7% | ||||||||
975 | Agree Realty Corporation | 59,241 | ||||||
2,950 | Brixmor Property Group, Inc. | 66,405 | ||||||
825 | Federal Realty Investment Trust | 83,284 | ||||||
1,775 | NNN REIT, Inc. | 74,142 | ||||||
1,875 | Regency Centers Corporation | 115,125 | ||||||
3,225 | Simon Property Group, Inc. | 487,974 | ||||||
886,171 | ||||||||
SELF-STORAGE REIT - 0.7% | ||||||||
2,200 | CubeSmart | 93,082 |
See accompanying notes to financial statements.
90
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
SELF-STORAGE REIT - 0.7% (Continued) | ||||||||
2,050 | Extra Space Storage, Inc. | $ | 296,779 | |||||
1,700 | Public Storage | 465,510 | ||||||
855,371 | ||||||||
SEMICONDUCTORS - 10.2% | ||||||||
2,375 | Amkor Technology, Inc. | 77,401 | ||||||
4,500 | Broadcom, Inc. | 5,978,474 | ||||||
1,475 | Coherent Corporation(a) | 84,164 | ||||||
1,450 | Entegris, Inc. | 183,208 | ||||||
5,400 | GLOBALFOUNDRIES, Inc.(a) | 264,600 | ||||||
1,325 | KLA Corporation | 1,006,376 | ||||||
1,325 | Lattice Semiconductor Corporation(a) | 98,368 | ||||||
700 | MACOM Technology Solutions Holdings, Inc.(a) | 70,798 | ||||||
8,475 | Marvell Technology, Inc. | 583,164 | ||||||
5,325 | Microchip Technology, Inc. | 517,750 | ||||||
650 | MKS Instruments, Inc. | 82,284 | ||||||
475 | Monolithic Power Systems, Inc. | 349,424 | ||||||
4,225 | ON Semiconductor Corporation(a) | 308,594 | ||||||
475 | Onto Innovation, Inc.(a) | 102,933 | ||||||
950 | Qorvo, Inc.(a) | 93,471 | ||||||
10,900 | QUALCOMM, Inc. | 2,224,144 | ||||||
1,075 | Rambus, Inc.(a) | 59,405 | ||||||
1,575 | Skyworks Solutions, Inc. | 145,940 | ||||||
1,500 | Teradyne, Inc. | 211,410 | ||||||
450 | Universal Display Corporation | 79,065 | ||||||
12,520,973 | ||||||||
SOFTWARE - 7.2% | ||||||||
825 | Altair Engineering, Inc., Class A(a) | 72,047 | ||||||
825 | ANSYS, Inc.(a) | 261,896 | ||||||
350 | Appfolio, Inc., Class A(a) | 79,912 | ||||||
600 | Aspen Technology, Inc.(a) | 126,390 | ||||||
3,150 | Bentley Systems, Inc., Class B | 158,256 | ||||||
975 | BILL Holdings, Inc.(a) | 50,749 | ||||||
5,875 | CCC Intelligent Solutions Holdings, Inc.(a) | 65,683 | ||||||
3,275 | Cloudflare, Inc., Class A(a) | 221,685 |
See accompanying notes to financial statements.
91
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
SOFTWARE - 7.2% (Continued) | ||||||||
650 | Concentrix Corporation | $ | 39,865 | |||||
3,100 | Confluent, Inc., Class A(a) | 80,507 | ||||||
3,225 | Datadog, Inc., Class A(a) | 355,331 | ||||||
1,550 | Dayforce, Inc.(a) | 76,663 | ||||||
2,000 | DocuSign, Inc.(a) | 109,480 | ||||||
1,675 | DoubleVerify Holdings, Inc.(a) | 30,485 | ||||||
2,900 | Dynatrace, Inc.(a) | 132,617 | ||||||
975 | Elastic N.V.(a) | 101,449 | ||||||
7,450 | Fortinet, Inc.(a) | 441,933 | ||||||
2,925 | Freshworks, Inc.(a) | 37,674 | ||||||
6,225 | Gen Digital, Inc. | 154,567 | ||||||
1,550 | Gitlab, Inc.(a) | 73,145 | ||||||
800 | Guidewire Software, Inc.(a) | 91,136 | ||||||
500 | HubSpot, Inc.(a) | 305,525 | ||||||
2,800 | Informatica, Inc., Class A(a) | 80,780 | ||||||
2,625 | Klaviyo, Inc.(a) | 59,430 | ||||||
600 | Manhattan Associates, Inc.(a) | 131,724 | ||||||
175 | MicroStrategy, Inc., Class A(a) | 266,786 | ||||||
725 | MongoDB, Inc.(a) | 171,144 | ||||||
2,300 | Nutanix, Inc., Class A(a) | 127,225 | ||||||
1,600 | Okta, Inc.(a) | 141,888 | ||||||
21,925 | Palantir Technologies, Inc., Class A(a) | 475,333 | ||||||
3,150 | Palo Alto Networks, Inc.(a) | 928,966 | ||||||
550 | Paycom Software, Inc. | 79,926 | ||||||
525 | Paylocity Holding Corporation(a) | 74,639 | ||||||
1,375 | Procore Technologies, Inc.(a) | 92,304 | ||||||
350 | Qualys, Inc.(a) | 49,217 | ||||||
1,025 | Roper Technologies, Inc. | 546,078 | ||||||
5,100 | Samsara, Inc., Class A(a) | 173,043 | ||||||
2,975 | SentinelOne, Inc.(a) | 50,069 | ||||||
3,200 | Snowflake, Inc.(a) | 435,775 | ||||||
350 | SPS Commerce, Inc.(a) | 65,832 | ||||||
2,425 | SS&C Technologies Holdings, Inc. | 150,471 | ||||||
1,500 | Synopsys, Inc.(a) | 841,199 |
See accompanying notes to financial statements.
92
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
SOFTWARE - 7.2% (Continued) | ||||||||
400 | Tyler Technologies, Inc.(a) | $ | 192,144 | |||||
5,625 | UiPath, Inc., Class A(a) | 68,963 | ||||||
3,800 | Unity Software, Inc.(a) | 69,426 | ||||||
1,550 | Veeva Systems, Inc., Class A(a) | 270,088 | ||||||
3,725 | ZoomInfo Technologies, Inc., Class A(a) | 45,743 | ||||||
1,475 | Zscaler, Inc.(a) | 250,691 | ||||||
8,905,879 | ||||||||
SPECIALTY FINANCE - 0.4% | ||||||||
125 | Credit Acceptance Corporation(a) | 61,354 | ||||||
57,550 | Federal National Mortgage Association(a) | 89,203 | ||||||
19,250 | Rocket Companies, Inc.(a) | 267,574 | ||||||
15,400 | UWM Holdings Corporation | 113,498 | ||||||
531,629 | ||||||||
SPECIALTY REIT - 0.1% | ||||||||
1,000 | Lamar Advertising Company, Class A | 118,110 | ||||||
STEEL - 0.6% | ||||||||
2,350 | Nucor Corporation | 396,797 | ||||||
550 | Reliance, Inc. | 165,429 | ||||||
1,525 | Steel Dynamics, Inc. | 204,152 | ||||||
766,378 | ||||||||
TECHNOLOGY HARDWARE - 2.1% | ||||||||
3,025 | Arista Networks, Inc.(a) | 900,391 | ||||||
525 | Arrow Electronics, Inc.(a) | 68,938 | ||||||
1,400 | Ciena Corporation(a) | 67,438 | ||||||
925 | Dolby Laboratories, Inc., Class A | 74,934 | ||||||
575 | F5, Inc.(a) | 97,158 | ||||||
4,025 | Flex Ltd.(a) | 133,348 | ||||||
1,200 | Jabil, Inc. | 142,680 | ||||||
3,150 | Juniper Networks, Inc. | 112,361 | ||||||
2,000 | NetApp, Inc. | 240,860 | ||||||
575 | Super Micro Computer, Inc.(a) | 451,093 | ||||||
575 | Ubiquiti, Inc. | 82,317 |
See accompanying notes to financial statements.
93
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
TECHNOLOGY HARDWARE - 2.1% (Continued) | ||||||||
3,150 | Western Digital Corporation(a) | $ | 237,164 | |||||
2,608,682 | ||||||||
TECHNOLOGY SERVICES - 4.1% | ||||||||
3,100 | Affirm Holdings, Inc.(a) | 90,737 | ||||||
1,150 | Amdocs Ltd. | 90,850 | ||||||
3,975 | Automatic Data Processing, Inc. | 973,556 | ||||||
200 | CACI International, Inc., Class A(a) | 84,896 | ||||||
1,300 | CDW Corporation | 290,706 | ||||||
2,400 | Coinbase Global, Inc., Class A(a) | 542,208 | ||||||
700 | Corpay, Inc.(a) | 187,369 | ||||||
4,025 | CoStar Group, Inc.(a) | 314,634 | ||||||
575 | EPAM Systems, Inc.(a) | 102,310 | ||||||
1,200 | Equifax, Inc. | 277,668 | ||||||
225 | Fair Isaac Corporation(a) | 290,234 | ||||||
1,775 | Genpact Ltd. | 58,682 | ||||||
725 | Jack Henry & Associates, Inc. | 119,393 | ||||||
375 | MarketAxess Holdings, Inc. | 74,599 | ||||||
775 | MSCI, Inc. | 383,765 | ||||||
3,525 | Paychex, Inc. | 423,564 | ||||||
500 | Science Applications International Corporation | 67,325 | ||||||
900 | Shift4 Payments, Inc.(a) | 60,552 | ||||||
5,425 | Toast, Inc., Class A(a) | 131,448 | ||||||
1,400 | Verisk Analytics, Inc. | 353,892 | ||||||
400 | WEX, Inc.(a) | 74,928 | ||||||
4,993,316 | ||||||||
TIMBER REIT - 0.2% | ||||||||
7,075 | Weyerhaeuser Company | 212,462 | ||||||
TRANSPORTATION & LOGISTICS - 3.6% | ||||||||
1,125 | CH Robinson Worldwide, Inc. | 97,166 | ||||||
19,325 | CSX Corporation | 652,218 | ||||||
6,275 | Delta Air Lines, Inc. | 320,151 | ||||||
1,375 | Expeditors International of Washington, Inc. | 166,238 | ||||||
2,250 | FedEx Corporation | 571,409 |
See accompanying notes to financial statements.
94
INSPIRE 500 ETF |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
May 31, 2024 |
Shares | Fair Value | |||||||
COMMON STOCKS — 99.0% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 3.6% (Continued) | ||||||||
1,175 | GXO Logistics, Inc.(a) | $ | 59,020 | |||||
1,025 | JB Hunt Transport Services, Inc. | 164,769 | ||||||
1,600 | Knight-Swift Transportation Holdings, Inc. | 77,200 | ||||||
350 | Landstar System, Inc. | 63,711 | ||||||
2,225 | Norfolk Southern Corporation | 500,180 | ||||||
2,100 | Old Dominion Freight Line, Inc. | 368,025 | ||||||
250 | Saia, Inc.(a) | 102,370 | ||||||
8,250 | United Parcel Service, Inc. | 1,146,172 | ||||||
1,125 | XPO, Inc.(a) | 120,353 | ||||||
4,408,982 | ||||||||
TRANSPORTATION EQUIPMENT - 0.4% | ||||||||
5,125 | PACCAR, Inc. | 550,938 | ||||||
WHOLESALE - CONSUMER STAPLES - 0.6% | ||||||||
1,400 | Bunge Global S.A. | 150,626 | ||||||
1,525 | Performance Food Group Company(a) | 106,140 | ||||||
4,800 | Sysco Corporation | 349,536 | ||||||
2,400 | US Foods Holding Corporation(a) | 126,792 | ||||||
733,094 | ||||||||
WHOLESALE - DISCRETIONARY - 0.5% | ||||||||
9,350 | Copart, Inc.(a) | 496,111 | ||||||
375 | Pool Corporation | 136,331 | ||||||
632,442 | ||||||||
TOTAL COMMON STOCKS (Cost $123,794,237) | 122,043,942 | |||||||
TOTAL INVESTMENTS - 99.0% (Cost $123,794,237) | $ | 122,043,942 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0% | 1,204,528 | |||||||
NET ASSETS - 100.0% | $ | 123,248,470 | ||||||
(a) | Non-income producing security. |
(b) | Percentage rounds to less than 0.1%. |
See accompanying notes to financial statements.
95
The Inspire ETFs |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) |
May 31, 2024 |
Inspire Global Hope ETF | Inspire Small/Mid Cap ETF | Inspire Corporate Bond ETF | Inspire 100 ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investment securities: | ||||||||||||||||
At cost | $ | 98,320,583 | $ | 175,785,646 | $ | 310,382,434 | $ | 294,215,824 | ||||||||
At value (includes securities on loan with a market value of $1,310,516, $3,734,528, $133,971, $0) | $ | 107,869,656 | $ | 187,560,913 | $ | 305,248,829 | $ | 317,344,985 | ||||||||
Cash | 867,704 | 1,596,572 | 10,585,392 | 790,631 | ||||||||||||
Foreign currencies (Cost $64,837, $0, $0 and $0, respectively) | 64,948 | — | — | — | ||||||||||||
Receivable for investments sold | — | — | 82 | — | ||||||||||||
Dividends and interest receivable | 205,260 | 164,787 | 3,427,406 | 211,890 | ||||||||||||
Reclaims receivable | 369,622 | — | — | 2,700 | ||||||||||||
Receivable for fund shares sold | — | — | — | 6,508,947 | ||||||||||||
Prepaid expenses | — | 3,008 | 3,468 | 4,794 | ||||||||||||
TOTAL ASSETS | 109,377,190 | 189,325,280 | 319,265,177 | 324,863,947 | ||||||||||||
LIABILITIES | ||||||||||||||||
Payable for investments purchased | — | — | 10,155,328 | 6,508,947 | ||||||||||||
Securities lending collateral payable | 1,314,780 | 3,802,512 | 136,500 | — | ||||||||||||
Payable for Fund shares repurchased | — | — | 15,705 | — | ||||||||||||
Investment advisory fees payable | 27,927 | 45,119 | 75,520 | 67,502 | ||||||||||||
Payable to related parties | 6,194 | 17,506 | 28,851 | 22,250 | ||||||||||||
Accrued expenses and other liabilities | 83,522 | 59,205 | 121,857 | 56,314 | ||||||||||||
TOTAL LIABILITIES | 1,432,423 | 3,916,866 | 10,533,761 | 6,655,013 | ||||||||||||
NET ASSETS | $ | 107,944,767 | $ | 185,400,938 | $ | 308,731,416 | $ | 318,208,934 | ||||||||
Net Assets Consist Of: | ||||||||||||||||
Paid in capital | $ | 82,223,930 | $ | 172,962,968 | $ | 333,083,149 | $ | 315,247,925 | ||||||||
Accumulated earnings (deficit) | 25,720,837 | 12,437,970 | (24,351,733 | ) | 2,961,009 | |||||||||||
NET ASSETS | $ | 107,944,767 | $ | 185,400,938 | $ | 308,731,416 | $ | 318,208,934 | ||||||||
Net Asset Value Per Share: | ||||||||||||||||
Net Assets | $ | 107,944,767 | $ | 185,400,938 | $ | 308,731,416 | $ | 318,208,934 | ||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2,900,000 | 5,250,000 | 13,300,000 | 8,450,000 | ||||||||||||
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $ | 37.22 | $ | 35.31 | $ | 23.21 | $ | 37.66 |
See accompanying notes to financial statements.
96
The Inspire ETFs |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued) |
May 31, 2024 |
Inspire International ETF | Inspire Tactical Balanced ETF | Inspire Momentum ETF | Inspire Fidelis Multi Factor ETF | Inspire 500 ETF | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
At cost | $ | 272,248,005 | $ | 80,162,818 | $ | 54,930,617 | $ | 78,946,943 | $ | 123,794,237 | ||||||||||
At value (includes securities on loan with a market value of $6,476,568, $0, $0, $713,579, $0) | $ | 299,079,264 | $ | 87,658,118 | $ | 62,791,476 | $ | 82,194,514 | $ | 122,043,942 | ||||||||||
Cash | 2,226,900 | 364,202 | 703,821 | 1,658,550 | 1,061,138 | |||||||||||||||
Foreign currencies (Cost $331,262, $0, $0, $0 and $0, respectively) | 331,903 | — | — | — | — | |||||||||||||||
Dividends and interest receivable | 712,148 | 74,907 | 58,661 | 99,275 | 155,663 | |||||||||||||||
Reclaims receivable | 904,338 | 3,811 | 543 | 12,474 | — | |||||||||||||||
Prepaid expenses | 1,888 | 324 | 1,812 | — | — | |||||||||||||||
TOTAL ASSETS | 303,256,441 | 88,101,362 | 63,556,313 | 83,964,813 | 123,260,743 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Securities lending collateral payable | 8,414,377 | — | — | 720,391 | — | |||||||||||||||
Investment advisory fees payable | 112,608 | 37,953 | 24,534 | 31,773 | 12,273 | |||||||||||||||
Payable to related parties | 20,207 | 6,185 | 1,646 | 3,187 | — | |||||||||||||||
Accrued expenses and other liabilities | 75,411 | 36,061 | 20,666 | 30,389 | — | |||||||||||||||
TOTAL LIABILITIES | 8,622,603 | 80,199 | 46,846 | 785,740 | 12,273 | |||||||||||||||
NET ASSETS | $ | 294,633,838 | $ | 88,021,163 | $ | 63,509,467 | $ | 83,179,073 | $ | 123,248,470 | ||||||||||
Net Assets Consist Of: | ||||||||||||||||||||
Paid in capital | $ | 277,203,164 | $ | 93,673,108 | $ | 59,146,906 | $ | 70,543,794 | $ | 124,543,471 | ||||||||||
Accumulated earnings (deficit) | 17,430,674 | (5,651,945 | ) | 4,362,561 | 12,635,279 | (1,295,001 | ) | |||||||||||||
NET ASSETS | $ | 294,633,838 | $ | 88,021,163 | $ | 63,509,467 | $ | 83,179,073 | $ | 123,248,470 | ||||||||||
Net Asset Value Per Share: | ||||||||||||||||||||
Net Assets | $ | 294,633,838 | $ | 88,021,163 | $ | 63,509,467 | $ | 83,179,073 | $ | 123,248,470 | ||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 9,700,000 | 3,425,000 | 2,100,000 | 2,725,000 | 625,000 | |||||||||||||||
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $ | 30.37 | $ | 25.70 | $ | 30.24 | $ | 30.52 | $ | 197.20 |
See accompanying notes to financial statements.
97
The Inspire ETFs |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended May 31, 2024 |
Inspire Global Hope ETF | Inspire Small/Mid Cap ETF | Inspire Corporate Bond ETF | Inspire 100 ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 2,083,316 | $ | 1,620,384 | $ | — | $ | 2,501,498 | ||||||||
Interest | 8,812 | 26,699 | 5,901,474 | 13,420 | ||||||||||||
Securities lending income | 6,196 | 77,781 | 138 | 4 | ||||||||||||
Less: Foreign withholding taxes | (218,876 | ) | (426 | ) | — | — | ||||||||||
TOTAL INVESTMENT INCOME | 1,879,448 | 1,724,438 | 5,901,612 | 2,514,922 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 232,654 | 267,408 | 388,228 | 508,133 | ||||||||||||
Administrative services | 59,154 | 66,413 | 111,030 | 101,173 | ||||||||||||
Custodian fees | 53,568 | 48,231 | 13,800 | 22,203 | ||||||||||||
Printing and postage expenses | 11,479 | 12,283 | 20,000 | 18,755 | ||||||||||||
Professional fees | 8,463 | 7,324 | 10,801 | 12,014 | ||||||||||||
Audit fees | 8,230 | 8,230 | 7,750 | 7,975 | ||||||||||||
Legal fees | 8,025 | 8,096 | 8,001 | 7,499 | ||||||||||||
Transfer agent fees | 7,340 | 6,680 | 6,601 | 4,252 | ||||||||||||
Trustees fees and expenses | 7,337 | 7,337 | 6,400 | 6,147 | ||||||||||||
Insurance expense | 2,101 | 2,000 | 2,849 | 3,100 | ||||||||||||
Other Expenses | 6,150 | 6,745 | 4,500 | 5,555 | ||||||||||||
TOTAL EXPENSES | 404,501 | 440,747 | 579,960 | 696,806 | ||||||||||||
Less: Fees waived by the Adviser | — | — | — | (103,906 | ) | |||||||||||
NET EXPENSES | 404,501 | 440,747 | 579,960 | 592,900 | ||||||||||||
NET INVESTMENT INCOME | 1,474,947 | 1,283,691 | 5,321,652 | 1,922,022 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
In-kind redemptions | 17,652,566 | 5,146,682 | — | 24,248,186 | ||||||||||||
Investments | 7,400,470 | 5,801,492 | (1,056,215 | ) | 2,541,234 | |||||||||||
Foreign currency transactions | (10,672 | ) | — | — | — | |||||||||||
25,042,364 | 10,948,174 | (1,056,215 | ) | 26,789,420 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (6,201,726 | ) | 11,740,487 | 2,826,982 | 20,935,057 | |||||||||||
Foreign currency translations | (3,887 | ) | — | — | — | |||||||||||
(6,205,613 | ) | 11,740,487 | 2,826,982 | 20,935,057 | ||||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | 18,836,751 | 22,688,661 | 1,770,767 | 47,724,477 | ||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 20,311,698 | $ | 23,972,352 | $ | 7,092,419 | $ | 49,646,499 |
See accompanying notes to financial statements.
98
The Inspire ETFs |
STATEMENTS OF OPERATIONS (Unaudited)(Continued) |
For the Six Months Ended May 31, 2024 |
Inspire International ETF | Inspire Tactical Balanced ETF | Inspire Momentum ETF | Inspire Fidelis Multi Factor ETF | Inspire 500 ETF * | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends | $ | 5,378,458 | $ | 892,331 | $ | 461,469 | $ | 742,159 | $ | 266,540 | ||||||||||
Interest | 16,914 | 7,676 | 12,453 | — | — | |||||||||||||||
Securities lending income | 24,330 | 762 | — | 12,400 | — | |||||||||||||||
Reclaims receivable | 405,292 | — | — | — | — | |||||||||||||||
Less: Foreign withholding taxes | (1,123,578 | ) | (7,561 | ) | — | (11,261 | ) | — | ||||||||||||
TOTAL INVESTMENT INCOME | 4,701,416 | 893,208 | 473,922 | 743,298 | 266,540 | |||||||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory fees | 581,383 | 223,288 | 172,240 | 183,024 | 15,832 | |||||||||||||||
Administrative services | 85,021 | 34,298 | 34,001 | 35,973 | — | |||||||||||||||
Custodian fees | 83,914 | 11,755 | 7,795 | 12,272 | — | |||||||||||||||
Printing and postage expenses | 13,260 | 7,633 | 9,070 | 7,319 | — | |||||||||||||||
Professional fees | 9,746 | 6,510 | 5,442 | 5,996 | — | |||||||||||||||
Transfer agent fees | 8,295 | 5,527 | 5,442 | 5,442 | — | |||||||||||||||
Audit fees | 8,230 | 8,230 | 8,230 | 8,230 | — | |||||||||||||||
Legal fees | 7,926 | 7,658 | 8,534 | 7,573 | — | |||||||||||||||
Trustees fees and expenses | 7,167 | 7,167 | 7,337 | 7,252 | — | |||||||||||||||
Insurance expense | 2,399 | 1,651 | 1,350 | 1,501 | — | |||||||||||||||
Other Expenses | 7,935 | 4,790 | 5,130 | 5,555 | — | |||||||||||||||
TOTAL EXPENSES | 815,276 | 318,507 | 264,571 | 280,137 | 15,832 | |||||||||||||||
Less: Fees waived by the Adviser | — | — | (52,197 | ) | — | — | ||||||||||||||
NET EXPENSES | 815,276 | 318,507 | 212,374 | 280,137 | 15,832 | |||||||||||||||
NET INVESTMENT INCOME | 3,886,140 | 574,701 | 261,548 | 463,161 | 250,708 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
In-kind redemptions | 1,105,674 | 813,982 | 902,152 | 24,614 | 200,591 | |||||||||||||||
Investments | 5,849,932 | 1,755,429 | 1,393,918 | 10,704,654 | 3,995 | |||||||||||||||
Foreign currency transactions | (26,037 | ) | (69 | ) | — | (25 | ) | — | ||||||||||||
6,929,569 | 2,569,342 | 2,296,070 | 10,729,243 | 204,586 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | 13,630,515 | 4,772,627 | 6,770,390 | (1,655,951 | ) | (1,750,295 | ) | |||||||||||||
Foreign currency translations | (10,047 | ) | (14 | ) | (3 | ) | (24 | ) | — | |||||||||||
13,620,468 | 4,772,613 | 6,770,387 | (1,655,975 | ) | (1,750,295 | ) | ||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 20,550,037 | 7,341,955 | 9,066,457 | 9,073,268 | (1,545,709 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 24,436,177 | $ | 7,916,656 | $ | 9,328,005 | $ | 9,536,429 | $ | (1,295,001 | ) |
* | The Inspire 500 ETF commenced operations on March 25, 2024. |
See accompanying notes to financial statements.
99
Inspire Global Hope ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,474,947 | $ | 2,805,100 | ||||
Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions | 25,042,364 | (2,940,962 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (6,205,613 | ) | 8,378,731 | |||||
Net increase in net assets resulting from operations | 20,311,698 | 8,242,869 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (1,320,850 | ) | (2,630,640 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (1,320,850 | ) | (2,630,640 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | — | 25,848,597 | ||||||
Cost of shares redeemed | (77,821,873 | ) | (1,594,985 | ) | ||||
Net increase (decrease) in net assets resulting from shares of beneficial interest | (77,821,873 | ) | 24,253,612 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (58,831,025 | ) | 29,865,841 | |||||
NET ASSETS | ||||||||
Beginning of Period | 166,775,792 | 136,909,951 | ||||||
End of Period | $ | 107,944,767 | $ | 166,775,792 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | — | 800,000 | ||||||
Shares Redeemed | (2,100,000 | ) | (50,000 | ) | ||||
Net increase (decrease) in shares of beneficial interest outstanding | (2,100,000 | ) | 750,000 |
See accompanying notes to financial statements.
100
Inspire Small/Mid Cap ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,283,691 | $ | 1,898,514 | ||||
Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions | 10,948,174 | (4,035,381 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 11,740,487 | (1,610,631 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 23,972,352 | (3,747,498 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (1,104,870 | ) | (1,603,670 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (1,104,870 | ) | (1,603,670 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 17,236,206 | 80,203,159 | ||||||
Cost of shares redeemed | (23,734,001 | ) | (30,933,514 | ) | ||||
Net increase (decrease) in net assets resulting from shares of beneficial interest | (6,497,795 | ) | 49,269,645 | |||||
TOTAL INCREASE IN NET ASSETS | 16,369,687 | 43,918,477 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 169,031,251 | 125,112,774 | ||||||
End of Period | $ | 185,400,938 | $ | 169,031,251 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 500,000 | 2,500,000 | ||||||
Shares Redeemed | (700,000 | ) | (1,000,000 | ) | ||||
Net increase (decrease) in shares of beneficial interest outstanding | (200,000 | ) | 1,500,000 |
See accompanying notes to financial statements.
101
Inspire Corporate Bond ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 5,321,652 | $ | 8,236,898 | ||||
Net realized loss on in-kind redemptions and investments | (1,056,215 | ) | (6,487,434 | ) | ||||
Net change in unrealized appreciation on investments | 2,826,982 | 6,281,553 | ||||||
Net increase in net assets resulting from operations | 7,092,419 | 8,031,017 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (5,317,870 | ) | (8,091,080 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (5,317,870 | ) | (8,091,080 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 74,296,161 | 85,503,385 | ||||||
Cost of shares redeemed | — | (75,795,197 | ) | |||||
Net increase in net assets resulting from shares of beneficial interest | 74,296,161 | 9,708,188 | ||||||
TOTAL INCREASE IN NET ASSETS | 76,070,710 | 9,648,125 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 232,660,706 | 223,012,581 | ||||||
End of Period | $ | 308,731,416 | $ | 232,660,706 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 3,200,000 | 3,700,000 | ||||||
Shares Redeemed | — | (3,300,000 | ) | |||||
Net increase in shares of beneficial interest outstanding | 3,200,000 | 400,000 |
See accompanying notes to financial statements.
102
Inspire 100 ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 1,922,022 | $ | 3,062,442 | ||||
Net realized gain (loss) on in-kind redemptions and investments | 26,789,420 | (7,515,881 | ) | |||||
Net change in unrealized appreciation on investments | 20,935,057 | 17,186,146 | ||||||
Net increase in net assets resulting from operations | 49,646,499 | 12,732,707 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (1,930,200 | ) | (2,666,835 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (1,930,200 | ) | (2,666,835 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 67,627,094 | 90,845,213 | ||||||
Cost of shares redeemed | (105,671,587 | ) | (69,911,978 | ) | ||||
Net increase (decrease) in net assets resulting from shares of beneficial interest | (38,044,493 | ) | 20,933,235 | |||||
TOTAL INCREASE IN NET ASSETS | 9,671,806 | 30,999,107 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 308,537,128 | 277,538,021 | ||||||
End of Period | $ | 318,208,934 | $ | 308,537,128 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 1,850,000 | 2,900,000 | ||||||
Shares Redeemed | (2,850,000 | ) | (2,200,000 | ) | ||||
Net increase (decrease) in shares of beneficial interest outstanding | (1,000,000 | ) | 700,000 |
See accompanying notes to financial statements.
103
Inspire International ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 3,886,140 | $ | 4,687,095 | ||||
Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions | 6,929,569 | (4,080,697 | ) | |||||
Net change in unrealized appreciation on investments and foreign currency translations | 13,620,468 | 13,215,883 | ||||||
Net increase in net assets resulting from operations | 24,436,177 | 13,822,281 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (2,247,910 | ) | (4,410,875 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (2,247,910 | ) | (4,410,875 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 50,527,062 | 95,494,607 | ||||||
Cost of shares redeemed | (5,770,831 | ) | (18,045,544 | ) | ||||
Net increase in net assets resulting from shares of beneficial interest | 44,756,231 | 77,449,063 | ||||||
TOTAL INCREASE IN NET ASSETS | 66,944,498 | 86,860,469 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 227,689,340 | 140,828,871 | ||||||
End of Period | $ | 294,633,838 | $ | 227,689,340 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 1,700,000 | 3,500,000 | ||||||
Shares Redeemed | (200,000 | ) | (650,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 1,500,000 | 2,850,000 |
See accompanying notes to financial statements.
104
Inspire Tactical Balanced ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 574,701 | $ | 2,301,321 | ||||
Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions | 2,569,342 | (786,475 | ) | |||||
Distributions of capital gains from underlying investment companies | — | 187 | ||||||
Net change in unrealized appreciation on investments | 4,772,613 | 1,719,431 | ||||||
Net increase in net assets resulting from operations | 7,916,656 | 3,234,464 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (713,797 | ) | (2,555,168 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (713,797 | ) | (2,555,168 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 3,100,638 | 3,449,743 | ||||||
Cost of shares redeemed | (5,712,788 | ) | (26,432,473 | ) | ||||
Net decrease in net assets resulting from shares of beneficial interest | (2,612,150 | ) | (22,982,730 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 4,590,709 | (22,303,434 | ) | |||||
NET ASSETS | ||||||||
Beginning of Period | 83,430,454 | 105,733,888 | ||||||
End of Period | $ | 88,021,163 | $ | 83,430,454 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 125,000 | 150,000 | ||||||
Shares Redeemed | (225,000 | ) | (1,150,000 | ) | ||||
Net decrease in shares of beneficial interest outstanding | (100,000 | ) | (1,000,000 | ) |
See accompanying notes to financial statements.
105
Inspire Momentum ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 261,548 | $ | 513,918 | ||||
Net realized gain on in-kind redemptions, investments and foreign currency transactions | 2,296,070 | 2,439,617 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 6,770,387 | (312,533 | ) | |||||
Net increase in net assets resulting from operations | 9,328,005 | 2,641,002 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (226,110 | ) | (445,820 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (226,110 | ) | (445,820 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 14,891,212 | 20,970,873 | ||||||
Cost of shares redeemed | (5,579,341 | ) | (18,352,614 | ) | ||||
Net increase in net assets resulting from shares of beneficial interest | 9,311,871 | 2,618,259 | ||||||
TOTAL INCREASE IN NET ASSETS | 18,413,766 | 4,813,441 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 45,095,701 | 40,282,260 | ||||||
End of Period | $ | 63,509,467 | $ | 45,095,701 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 525,000 | 875,000 | ||||||
Shares Redeemed | (200,000 | ) | (775,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 325,000 | 100,000 |
See accompanying notes to financial statements.
106
Inspire Fidelis Multi Factor ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended | ||||||||
May 31, 2024 | Year Ended | |||||||
(Unaudited) | November 30, 2023 | |||||||
FROM OPERATIONS | ||||||||
Net investment income | $ | 463,161 | $ | 641,466 | ||||
Net realized gain on in-kind redemptions, investments and foreign currency transactions | 10,729,243 | 1,345,813 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (1,655,975 | ) | 1,175,033 | |||||
Net increase in net assets resulting from operations | 9,536,429 | 3,162,312 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From distributable earnings: | (519,145 | ) | (464,685 | ) | ||||
Net decrease in net assets resulting from distributions to shareholders | (519,145 | ) | (464,685 | ) | ||||
FROM SHARES OF BENEFICIAL INTEREST | ||||||||
Proceeds from shares sold | 9,385,620 | 23,509,996 | ||||||
Cost of shares redeemed | (5,802,612 | ) | (2,544,140 | ) | ||||
Net increase in net assets resulting from shares of beneficial interest | 3,583,008 | 20,965,856 | ||||||
TOTAL INCREASE IN NET ASSETS | 12,600,292 | 23,663,483 | ||||||
NET ASSETS | ||||||||
Beginning of Period | 70,578,781 | 46,915,298 | ||||||
End of Period | $ | 83,179,073 | $ | 70,578,781 | ||||
SHARE ACTIVITY | ||||||||
Shares Sold | 325,000 | 900,000 | ||||||
Shares Redeemed | (200,000 | ) | (100,000 | ) | ||||
Net increase in shares of beneficial interest outstanding | 125,000 | 800,000 |
See accompanying notes to financial statements.
107
Inspire 500 ETF |
STATEMENTS OF CHANGES IN NET ASSETS |
Period Ended | ||||
May 31, 2024 (a) | ||||
FROM OPERATIONS | ||||
Net investment income | $ | 250,708 | ||
Net realized gain on in-kind redemptions, investments and foreign currency transactions | 204,586 | |||
Net change in unrealized depreciation on investments and foreign currency translations | (1,750,295 | ) | ||
Net decrease in net assets resulting from operations | (1,295,001 | ) | ||
DISTRIBUTIONS TO SHAREHOLDERS | ||||
From distributable earnings: | — | |||
Net decrease in net assets resulting from distributions to shareholders | — | |||
FROM SHARES OF BENEFICIAL INTEREST | ||||
Proceeds from shares sold | 134,347,028 | |||
Cost of shares redeemed | (9,803,557 | ) | ||
Net increase in net assets resulting from shares of beneficial interest | 124,543,471 | |||
TOTAL INCREASE IN NET ASSETS | 123,248,470 | |||
NET ASSETS | ||||
Beginning of Period | — | |||
End of Period | $ | 123,248,470 | ||
SHARE ACTIVITY | ||||
Shares Sold | 675,000 | |||
Shares Redeemed | (50,000 | ) | ||
Net increase in shares of beneficial interest outstanding | 625,000 |
(a) | The Inspire 500 ETF commenced operations on March 25, 2024. |
See accompanying notes to financial statements.
108
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, 2024 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | |||||||||||||||||||
Net asset value, beginning of period | $ | 33.36 | $ | 32.21 | $ | 38.68 | $ | 32.12 | $ | 29.21 | $ | 26.20 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.34 | 0.61 | 0.57 | 0.78 | 0.50 | 0.67 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.79 | 1.11 | (3.62 | ) | 6.46 | 2.96 | 3.08 | |||||||||||||||||
Total from investment operations | 4.13 | 1.72 | (3.05 | ) | 7.24 | 3.46 | 3.75 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.57 | ) | (0.52 | ) | (0.68 | ) | (0.52 | ) | (0.58 | ) | ||||||||||||
Net realized gains | — | — | (2.90 | ) | — | (0.03 | ) | (0.16 | ) | |||||||||||||||
Total distributions | (0.27 | ) | (0.57 | ) | (3.42 | ) | (0.68 | ) | (0.55 | ) | (0.74 | ) | ||||||||||||
Net asset value, end of period | $ | 37.22 | $ | 33.36 | $ | 32.21 | $ | 38.68 | $ | 32.12 | $ | 29.21 | ||||||||||||
Total return (3) | 12.41 | % (7) | 5.43 | % | (8.59 | )% | 22.63 | % | 12.35 | % | 14.60 | % | ||||||||||||
Net assets, at end of period (000s) | $ | 107,945 | $ | 166,776 | $ | 136,910 | $ | 137,329 | $ | 120,453 | $ | 160,673 | ||||||||||||
Ratio of gross expenses to average net assets | 0.52 | % (6) | 0.56 | % | 0.61 | % (5) | 0.49 | % | 0.61 | % | 0.52 | % (5) | ||||||||||||
Ratio of net expenses to average net assets | 0.52 | % (6) | 0.56 | % | 0.61 | % (4) | 0.49 | % | 0.61 | % | 0.54 | % (4) | ||||||||||||
Ratio of net investment income to average net assets | 1.91 | % (6) | 1.87 | % | 1.74 | % | 2.08 | % | 1.82 | % | 2.42 | % | ||||||||||||
Portfolio Turnover Rate (2) | 24 | % (7) | 41 | % | 51 | % | 94 | % | 36 | % | 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.
109
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, 2024 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | |||||||||||||||||||
Net asset value, beginning of period | $ | 31.01 | $ | 31.67 | $ | 36.13 | $ | 27.74 | $ | 27.56 | $ | 26.73 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.24 | 0.40 | 0.38 | 0.38 | 0.37 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.27 | (0.72 | ) | (1.46 | ) | 8.32 | 0.13 | (4) | 1.29 | |||||||||||||||
Total from investment operations | 4.51 | (0.32 | ) | (1.08 | ) | 8.70 | 0.50 | 1.61 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.34 | ) | (0.32 | ) | (0.31 | ) | (0.31 | ) | (0.22 | ) | ||||||||||||
Net realized gains | — | — | (3.00 | ) | — | (0.01 | ) | (0.56 | ) | |||||||||||||||
Return of capital | — | — | (0.06 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.21 | ) | (0.34 | ) | (3.38 | ) | (0.31 | ) | (0.32 | ) | (0.78 | ) | ||||||||||||
Net asset value, end of period | $ | 35.31 | $ | 31.01 | $ | 31.67 | $ | 36.13 | $ | 27.74 | $ | 27.56 | ||||||||||||
Total return (3) | 14.56 | % (8) | (0.98 | )% | (3.34 | )% | 31.44 | % | 2.12 | % | 6.42 | % | ||||||||||||
Net assets, at end of period (000s) | $ | 185,401 | $ | 169,031 | $ | 125,113 | $ | 124,658 | $ | 85,988 | $ | 99,226 | ||||||||||||
Ratio of gross expenses to average net assets | 0.49 | % (7) | 0.53 | % | 0.54 | % | 0.48 | % (6) | 0.57 | % (6) | 0.64 | % | ||||||||||||
Ratio of net expenses to average net assets | 0.49 | % (7) | 0.53 | % | 0.54 | % | 0.52 | % (5) | 0.60 | % (5) | 0.60 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.44 | % (7) | 1.30 | % | 1.21 | % | 1.08 | % | 1.53 | % | 1.24 | % | ||||||||||||
Portfolio Turnover Rate (2) | 19 | % (8) | 44 | % | 43 | % | 168 | % | 92 | % | 42 | % | ||||||||||||
(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.
110
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, 2024 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | |||||||||||||||||||
Net asset value, beginning of period | $ | 23.04 | $ | 22.99 | $ | 25.89 | $ | 26.48 | $ | 25.69 | $ | 24.18 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.47 | 0.79 | 0.37 | 0.27 | 0.45 | 0.64 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.17 | 0.03 | (6) | (2.85 | ) | (0.57 | ) | 0.86 | 1.49 | |||||||||||||||
Total from investment operations | 0.64 | 0.82 | (2.48 | ) | (0.30 | ) | 1.31 | 2.13 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.47 | ) | (0.77 | ) | (0.35 | ) | (0.29 | ) | (0.44 | ) | (0.62 | ) | ||||||||||||
Net realized gains | — | — | (0.07 | ) | — | (0.08 | ) | — | ||||||||||||||||
Total distributions | (0.47 | ) | (0.77 | ) | (0.42 | ) | (0.29 | ) | (0.52 | ) | (0.62 | ) | ||||||||||||
Net asset value, end of period | $ | 23.21 | $ | 23.04 | $ | 22.99 | $ | 25.89 | $ | 26.48 | $ | 25.69 | ||||||||||||
Total return (3) | 2.80 | % (8) | 3.62 | % | (9.64 | )% | (1.15 | )% | 5.16 | % | 8.91 | % | ||||||||||||
Net assets, at end of period (000s) | $ | 308,731 | $ | 232,661 | $ | 223,013 | $ | 238,225 | $ | 166,829 | $ | 138,723 | ||||||||||||
Ratio of gross expenses to average net assets | 0.45 | % (7) | 0.44 | % | 0.45 | % | 0.44 | % | 0.49 | % | 0.50 | % (5) | ||||||||||||
Ratio of net expenses to average net assets | 0.45 | % (7) | 0.44 | % | 0.45 | % | 0.44 | % | 0.49 | % | 0.58 | % (4) | ||||||||||||
Ratio of net investment income to average net assets | 4.11 | % (7) | 3.43 | % | 1.56 | % | 1.04 | % | 1.75 | % | 2.52 | % | ||||||||||||
Portfolio Turnover Rate (2) | 15 | % (8) | 45 | % | 47 | % | 126 | % | 35 | % | 18 | % | ||||||||||||
(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) | Net realized and unrealized gain (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
(7) | Annualized for periods less than one year. |
(8) | Not annualized. |
See accompanying notes to financial statements.
111
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, 2024 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 | |||||||||||||||||||
Net asset value, beginning of period | $ | 32.65 | $ | 31.72 | $ | 44.17 | $ | 35.98 | $ | 29.52 | $ | 26.06 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (1) | 0.21 | 0.34 | 0.35 | 0.43 | 0.41 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.01 | 0.89 | (5.81 | ) | 8.39 | 6.43 | 3.35 | |||||||||||||||||
Total from investment operations | 5.22 | 1.23 | (5.46 | ) | 8.82 | 6.84 | 3.78 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.30 | ) | (0.33 | ) | (0.43 | ) | (0.38 | ) | (0.31 | ) | ||||||||||||
Net realized gains | — | — | (6.66 | ) | (0.20 | ) | — | (0.01 | ) | |||||||||||||||
Total distributions | (0.21 | ) | (0.30 | ) | (6.99 | ) | (0.63 | ) | (0.38 | ) | (0.32 | ) | ||||||||||||
Net asset value, end of period | $ | 37.66 | $ | 32.65 | $ | 31.72 | $ | 44.17 | $ | 35.98 | $ | 29.52 | ||||||||||||
Total return (3) | 15.99 | % (7) | 3.91 | % | (14.69 | )% | 24.79 | % | 23.50 | % | 14.64 | % | ||||||||||||
Net assets, at end of period (000s) | $ | 318,209 | $ | 308,537 | $ | 277,538 | $ | 295,962 | $ | 149,320 | $ | 92,986 | ||||||||||||
Ratio of gross expenses to average net assets (4) | 0.41 | % (6) | 0.43 | % | 0.45 | % | 0.42 | % | 0.48 | % | 0.57 | % | ||||||||||||
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 | 1.13 | % (6) | 1.06 | % | 1.05 | % | 1.04 | % | 1.31 | % | 1.59 | % | ||||||||||||
Portfolio Turnover Rate (2) | 18 | % (7) | 33 | % | 28 | % | 100 | % | 60 | % | 23 | % | ||||||||||||
(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 absent of 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.
112
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, 2024 | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 | November 30, 2021 | November 30, 2020 | November 30, 2019 (1) | |||||||||||||||||||
Net asset value, beginning of period | $ | 27.77 | $ | 26.32 | $ | 33.64 | $ | 29.40 | $ | 26.51 | $ | 25.00 | ||||||||||||
Activity from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (2) | 0.44 | 0.70 | 0.61 | 0.81 | 0.36 | (0.05 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.43 | 1.38 | (3.36 | ) | 4.22 | 2.81 | 1.56 | |||||||||||||||||
Total from investment operations | 2.87 | 2.08 | (2.75 | ) | 5.03 | 3.17 | 1.51 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.63 | ) | (0.60 | ) | (0.79 | ) | (0.28 | ) | — | |||||||||||||
Net realized gains | — | — | (3.97 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.27 | ) | (0.63 | ) | (4.57 | ) | (0.79 | ) | (0.28 | ) | — | |||||||||||||
Net asset value, end of period | $ | 30.37 | $ | 27.77 | $ | 26.32 | $ | 33.64 | $ | 29.40 | $ | 26.51 | ||||||||||||
Total return (4) | 10.36 | % (6) | 8.01 | % | (9.32 | )% | 17.11 | % | 12.29 | % | 6.04 | % (6) | ||||||||||||
Net assets, at end of period (000s) | $ | 294,634 | $ | 227,689 | $ | 140,829 | $ | 111,009 | $ | 77,902 | $ | 11,930 | ||||||||||||
Ratio of net expenses to average net assets (5) | 0.63 | % (5) | 0.73 | % | 0.80 | % | 0.69 | % | 0.94 | % | 2.44 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5) | 3.00 | % (5) | 2.55 | % | 2.29 | % | 2.38 | % | 1.44 | % | (1.16 | )% | ||||||||||||
Portfolio Turnover Rate (3) | 17 | % (6) | 37 | % | 61 | % | 106 | % | 27 | % | 0 | % (6) | ||||||||||||
(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.
113
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, 2024 | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 | November 30, 2021 | November 30, 2020 (1) | ||||||||||||||||
Net asset value, beginning of period | $ | 23.67 | $ | 23.37 | $ | 30.09 | $ | 26.26 | $ | 25.00 | ||||||||||
Activity from investment operations: | ||||||||||||||||||||
Net investment income (2) | 0.16 | 0.57 | 0.21 | 0.20 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.07 | 0.34 | (4.22 | ) | 4.93 | 1.21 | ||||||||||||||
Total from investment operations | 2.23 | 0.91 | (4.01 | ) | 5.13 | 1.29 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.61 | ) | (0.11 | ) | (0.25 | ) | (0.03 | ) | ||||||||||
Net realized gains | — | — | (2.60 | ) | (1.05 | ) | — | |||||||||||||
Total distributions | (0.20 | ) | (0.61 | ) | (2.71 | ) | (1.30 | ) | (0.03 | ) | ||||||||||
Net asset value, end of period | $ | 25.70 | $ | 23.67 | $ | 23.37 | $ | 30.09 | $ | 26.26 | ||||||||||
Total return (4) | 9.44 | % (6) | 4.03 | % | (14.63 | )% | 20.49 | % | 5.18 | % (6) | ||||||||||
Net assets, at end of period (000s) | $ | 88,021 | $ | 83,430 | $ | 105,734 | $ | 109,824 | $ | 71,552 | ||||||||||
Ratio of net expenses to average net assets (5) | 0.71 | % (5) | 0.71 | % | 0.69 | % | 0.69 | % | 0.80 | % | ||||||||||
Ratio of net investment income to average net assets (5) | 1.29 | % (5) | 2.46 | % | 0.84 | % | 0.70 | % | 0.81 | % | ||||||||||
Portfolio Turnover Rate (3) | 22 | % (6) | 314 | % | 469 | % | 114 | % | 282 | % (6) | ||||||||||
(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.
114
Inspire 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, 2024 | Year Ended | Year Ended | Period Ended | |||||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 | November 30, 2021 (1) | |||||||||||||
Net asset value, beginning of period | $ | 25.41 | $ | 24.05 | $ | 29.30 | $ | 25.00 | ||||||||
Activity from investment operations: | ||||||||||||||||
Net investment income (2) | 0.13 | 0.27 | 0.28 | 0.08 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 4.82 | 1.33 | (4.21 | ) | 4.26 | |||||||||||
Total from investment operations | 4.95 | 1.60 | (3.93 | ) | 4.34 | |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.12 | ) | (0.24 | ) | (0.24 | ) | (0.04 | ) | ||||||||
Net realized gains | — | — | (1.08 | ) | — | |||||||||||
Total distributions | (0.12 | ) | (0.24 | ) | (1.32 | ) | (0.04 | ) | ||||||||
Net asset value, end of period | $ | 30.24 | $ | 25.41 | $ | 24.05 | $ | 29.30 | ||||||||
Total return (4) | 19.55 | % (6) | 6.72 | % | (13.89 | )% | 17.35 | % (6) | ||||||||
Net assets, at end of period (000s) | $ | 63,509 | $ | 45,096 | $ | 40,282 | $ | 43,944 | ||||||||
Ratio of gross expenses to average net assets (5) | 1.00 | % (5) | 1.03 | % | 1.28 | % | 1.02 | % | ||||||||
Ratio of net expenses to average net assets (5) | 0.80 | % (5) | 0.80 | % | 0.95 | % | 1.02 | % | ||||||||
Ratio of net investment income to average net assets (5) | 0.99 | % (5) | 1.11 | % | 1.18 | % | 0.27 | % | ||||||||
Portfolio Turnover Rate (3) | 41 | % (6) | 11 | % | 95 | % | 270 | % (6) | ||||||||
(1) | The Inspire 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.
115
Inspire Fidelis Multi Factor 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, 2024 | Year Ended | Period Ended | ||||||||||
(Unaudited) | November 30, 2023 | November 30, 2022 (1) | ||||||||||
Net asset value, beginning of period | $ | 27.15 | $ | 26.06 | $ | 25.00 | ||||||
Activity from investment operations: | ||||||||||||
Net investment income (2) | 0.17 | 0.30 | 0.03 | |||||||||
Net realized and unrealized gain on investments | 3.39 | 1.01 | 1.05 | |||||||||
Total from investment operations | 3.56 | 1.31 | 1.08 | |||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.19 | ) | (0.22 | ) | (0.02 | ) | ||||||
Total distributions | (0.19 | ) | (0.22 | ) | (0.02 | ) | ||||||
Net asset value, end of period | $ | 30.52 | $ | 27.15 | $ | 26.06 | ||||||
Total return (4) | 13.14 | % (6) | 5.09 | % | 4.33 | % (6) | ||||||
Net assets, at end of period (000s) | $ | 83,179 | $ | 70,579 | $ | 46,915 | ||||||
Ratio of net expenses to average net assets (5) | 0.69 | % (5) | 0.76 | % | 1.09 | % | ||||||
Ratio of net investment income to average net assets (5) | 1.14 | % (5) | 1.13 | % | 0.48 | % | ||||||
Portfolio Turnover Rate (3) | 150 | % (6) | 235 | % | 61 | % (6) | ||||||
(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.
116
Inspire 500 ETF |
FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented |
Six Months Ended | ||||
May 31, 2024 (1) | ||||
(Unaudited) | ||||
Net asset value, beginning of period | $ | 200.00 | ||
Activity from investment operations: | ||||
Net investment income (2) | 0.51 | |||
Net realized and unrealized loss on investments | (3.31 | ) | ||
Total from investment operations | (2.80 | ) | ||
Net asset value, end of period | $ | 197.20 | ||
Total return (4) | (1.40 | )% (6) | ||
Net assets, at end of period (000s) | $ | 123,248 | ||
Ratio of net expenses to average net assets (5) | 0.09 | % (5) | ||
Ratio of net investment income to average net assets (5) | 1.38 | % (5) | ||
Portfolio Turnover Rate (3) | 0 | % (6) | ||
(1) | The Inspire 500 ETF commenced operations on March 25, 2024. |
(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.
117
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
May 31, 2024 |
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 Momentum ETF (“GLRY”), Inspire Fidelis Multi Factor ETF (“FDLS”), and Inspire 500 ETF (“PTL”) (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 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 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 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 International 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. Effective August 9, 2024, GLRY’s investment objective seeks to outperform the results (before fees and expenses) of th broader U.S. 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. PTL’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 500 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. PTL commenced operations on March 25, 2024.
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.
118
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2024 |
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 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 investments, 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 investments, 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
119
The Inspire ETFs |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
May 31, 2024 |
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 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. There is no context in this report for Inspire Impact scores. 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.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the
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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, 2024 for the Funds’ assets measured at value:
BLES | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 106,294,908 | $ | — | $ | — | $ | 106,294,908 | ||||||||
Collateral For Securities Loaned | 1,314,780 | — | — | 1,314,780 | ||||||||||||
Preferred Stock | 259,968 | — | — | 259,968 | ||||||||||||
Right | — | — | — | ^ | — | |||||||||||
Total | $ | 107,869,656 | $ | — | $ | — | $ | 107,869,656 | ||||||||
ISMD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 183,751,088 | $ | — | $ | — | $ | 183,751,088 | ||||||||
Rights | — | — | 7,313 | 7,313 | ||||||||||||
Money Market Fund | 3,802,512 | — | — | 3,802,512 | ||||||||||||
Total | $ | 187,553,600 | $ | — | $ | 7,313 | $ | 187,560,913 | ||||||||
IBD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 305,112,329 | $ | — | $ | 305,112,329 | ||||||||
Collateral For Securities Loaned | 136,500 | — | — | 136,500 | ||||||||||||
Total | $ | 136,500 | $ | 305,112,329 | $ | — | $ | 305,248,829 | ||||||||
BIBL | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 317,344,985 | $ | — | $ | — | $ | 317,344,985 | ||||||||
Total | $ | 317,344,985 | $ | — | $ | — | $ | 317,344,985 |
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WWJD | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 289,271,458 | $ | — | $ | — | $ | 289,271,458 | ||||||||
Collateral For Securities Loaned | 8,414,377 | — | — | 8,414,377 | ||||||||||||
Preferred Stock | 1,393,429 | — | — | 1,393,429 | ||||||||||||
Total | $ | 299,079,264 | $ | — | $ | — | $ | 299,079,264 | ||||||||
RISN | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 70,182,140 | $ | — | $ | — | $ | 70,182,140 | ||||||||
Exchange Traded Fund | 17,475,978 | — | — | 17,475,978 | ||||||||||||
Total | $ | 87,658,118 | $ | — | $ | — | $ | 87,658,118 | ||||||||
GLRY | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 62,791,476 | $ | — | $ | — | $ | 62,791,476 | ||||||||
Total | $ | 62,791,476 | $ | — | $ | — | $ | 62,791,476 | ||||||||
FDLS | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 81,474,123 | $ | — | $ | — | $ | 81,474,123 | ||||||||
Collateral For Securities Loaned | 720,391 | — | — | 720,391 | ||||||||||||
Total | $ | 82,194,514 | $ | — | $ | — | $ | 82,194,514 | ||||||||
PTL | ||||||||||||||||
Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 122,043,942 | $ | — | $ | — | $ | 122,043,942 | ||||||||
Total | $ | 122,043,942 | $ | — | $ | — | $ | 122,043,942 |
* | See Schedule of Investments for industry classification. |
^ | Includes securities valued at $0. |
BLES and ISMD held Level 3 securities at the end of the year. The securities classified as Level 3 for BLES are deemed immaterial.
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.
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Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for BLES, ISMD, BIBL, WWJD, RISN, GLRY, FDLS, PTL 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.
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 the Funds tax positions 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 November 30, 2021 – November 30, 2023 or expected to be taken in the Funds’ November 30, 2024, year-end tax returns. 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.
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Cash – The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.
Foreign Currency – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.
Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.
3. | INVESTMENT TRANSACTIONS |
For the six months ended May 31, 2024, 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 | $ | 37,127,793 | $ | 41,186,709 | ||||
ISMD | $ | 33,101,282 | $ | 32,766,138 | ||||
IBD | $ | 53,427,230 | $ | 38,071,345 | ||||
BIBL | $ | 60,997,107 | $ | 60,963,013 | ||||
WWJD | $ | 46,992,884 | $ | 42,307,957 | ||||
RISN | $ | 19,739,613 | $ | 20,017,488 | ||||
GLRY | $ | 21,910,875 | $ | 21,771,349 | ||||
FDLS | $ | 120,293,101 | $ | 121,063,541 | ||||
PTL | $ | — | $ | 117,250 |
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For the six months ended May 31, 2024, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:
Ticker | Purchases | Sales | ||||||
BLES | $ | — | $ | 74,140,555 | ||||
ISMD | $ | 17,146,540 | $ | 23,642,221 | ||||
IBD | $ | 59,486,268 | $ | — | ||||
BIBL | $ | 67,515,656 | $ | 105,848,921 | ||||
WWJD | $ | 43,859,648 | $ | 5,014,428 | ||||
RISN | $ | 3,093,965 | $ | 5,688,234 | ||||
GLRY | $ | 14,745,219 | $ | 5,528,852 | ||||
FDLS | $ | 9,319,903 | $ | 5,765,421 | ||||
PTL | $ | 133,441,484 | $ | 9,734,583 |
4. | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
The business activities of the Funds are overseen by the Board. Inspire Investing, LLC (the “Adviser”) serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust (the “Advisory Agreement”). The Adviser had engaged SevenOneSeven Capital Management, LTD as the sub-adviser (the “Sub-Adviser”) to manage the assets of GLRY. The Sub-Advisor was paid by the Adviser, not GLRY. SevenOneSeven Capital Management, LTD is no longer the Sub-Advisor of GLRY. 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, 2024, each Fund incurred the following in advisory fees:
Ticker | ANNUAL RATE | TOTAL ADVISORY FEE | ||||
BLES | 0.30% | $ | 232,654 | |||
ISMD | 0.30% | $ | 267,408 | |||
IBD | 0.30% | $ | 388,228 | |||
BIBL | 0.30% | $ | 508,133 | |||
WWJD | 0.45% | $ | 581,383 | |||
RISN | 0.50% | $ | 223,288 | |||
GLRY | 0.65% | $ | 172,240 | |||
FDLS | 0.45% | $ | 183,024 | |||
PTL | 0.09% | $ | 15,832 |
Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed for BIBL and GLRY, at least until March 31, 2025, 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 (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees
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May 31, 2024 |
and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.35% and 0.80% of average daily net assets for BIBL and GLRY, respectively.
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, 2025, the Adviser waived fees and/or reimbursed expenses in the amount of $103,906 and $52,197 for BIBL and GLRY, respectively, pursuant to the Waiver Agreement.
The following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:
11/30/2024 | 11/30/2025 | 11/30/2026 | ||||||||||
BLES | $ | — | $ | 3,420 | $ | — | ||||||
BIBL | $ | 168,196 | $ | 279,811 | $ | 103,906 | ||||||
GLRY | $ | — | $ | 88,117 | $ | 52,197 |
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.
PTL’s unitary management fee is designed to pay PTL’s expenses and to compensate the Adviser for providing services for PTL. Out of the unitary management fee, the Adviser pays substantially all expenses of PTL, including the costs of transfer agency, custody, fund administration, legal, audit and other services and independent Trustees’ fees, but not any front-end or contingent deferred loads; brokerage fees and commissions; any Rule 12b-l fees; acquired advisory fees, 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); borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of PTL officers and Trustees, contractual indemnification of PTL service providers (other than the Adviser)). The Adviser, and not PTLs shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.
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
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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.
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, FDLS and PTL. 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”). For the six months ended May 31, 2024, the fixed and variable fees were as follows:
FIXED FEES | VARIABLE FEES | |||||||
BLES | $ | 4,000 | $ | — | ||||
ISMD | $ | 2,750 | $ | — | ||||
IBD | $ | 4,250 | $ | — | ||||
BIBL | $ | 8,500 | $ | — | ||||
WWJD | $ | 6,000 | $ | — | ||||
RISN | $ | 2,250 | $ | — | ||||
GLRY | $ | 2,750 | $ | — | ||||
FDLS | $ | 2,750 | $ | — | ||||
PTL | $ | 12,432 | $ | — |
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May 31, 2024 |
The Transaction Fees for the Funds are listed in the table below:
Ticker | Fee for In-Kind and Cash Purchases | Maximum Additional Variable 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% |
PTL | $777 | 0.00% |
* | The maximum Transaction Fee may be up to 2.00% as a percentage of the amount invested. |
6. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of fund distributions paid for the years ended November 30, 2023, and November 30, 2022, was as follows:
For the period ended November 30, 2023: | ||||||||||||||||
Ordinary | Long-Term | Return | ||||||||||||||
Portfolio | Income | Capital Gains | Of Capital | Total | ||||||||||||
Inspire Global Hope ETF | $ | 2,630,640 | $ | — | $ | — | $ | 2,630,640 | ||||||||
Inspire Small/Mid Cap Impact ETF | 1,603,670 | — | — | 1,603,670 | ||||||||||||
Inspire Corporate Bond Impact ETF | 8,091,080 | — | — | 8,091,080 | ||||||||||||
Inspire 100 ETF | 2,666,835 | — | — | 2,666,835 | ||||||||||||
Inspire International ETF | 4,410,875 | — | — | 4,410,875 | ||||||||||||
Inspire Tactical Balanced ETF | 2,555,168 | — | — | 2,555,168 | ||||||||||||
Inspire Momentum ETF | 445,820 | — | — | 445,820 | ||||||||||||
Inspire Fidelis Multi Factor ETF | 464,685 | — | — | 464,685 |
For the period ended November 30, 2022: | ||||||||||||||||
Ordinary | Long-Term | Return | ||||||||||||||
Portfolio | Income | Capital Gains | Of Capital | Total | ||||||||||||
Inspire Global Hope ETF | $ | 4,957,965 | $ | 7,425,355 | $ | — | $ | 12,383,320 | ||||||||
Inspire Small/Mid Cap Impact ETF | 11,493,232 | — | 226,508 | 11,719,740 | ||||||||||||
Inspire Corporate Bond Impact ETF | 3,574,103 | 631,037 | — | 4,205,140 | ||||||||||||
Inspire 100 ETF | 13,552,964 | 34,395,131 | — | 47,948,095 | ||||||||||||
Inspire International ETF | 5,448,753 | 9,748,877 | — | 15,197,630 | ||||||||||||
Inspire Tactical Balanced ETF | 9,905,373 | 196,460 | — | 10,101,833 | ||||||||||||
Inspire Momentum ETF | 1,890,822 | — | — | 1,890,822 | ||||||||||||
Inspire Fidelis Multi Factor ETF | 33,425 | — | — | 33,425 |
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As of November 30, 2023, 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) | |||||||||||||||||||||
Inspire Global Hope ETF | $ | 589,859 | $ | — | $ | (90,377 | ) | $ | (8,286,727 | ) | $ | — | $ | 14,517,234 | $ | 6,729,989 | ||||||||||||
Inspire Small/Mid Cap Impact ETF | 290,541 | — | — | (10,537,302 | ) | — | (182,751 | ) | (10,429,512 | ) | ||||||||||||||||||
Inspire Corporate Bond Impact ETF | 313,750 | — | — | (18,252,958 | ) | — | (8,187,074 | ) | (26,126,282 | ) | ||||||||||||||||||
Inspire 100 ETF | 536,667 | — | (294,492 | ) | (46,631,267 | ) | — | 1,633,802 | (44,755,290 | ) | ||||||||||||||||||
Inspire International ETF | 1,219,706 | — | (9,516 | ) | (17,688,553 | ) | — | 11,720,770 | (4,757,593 | ) | ||||||||||||||||||
Inspire Tactical Balanced ETF | 340,893 | — | — | (15,865,529 | ) | — | 2,669,832 | (12,854,804 | ) | |||||||||||||||||||
Inspire Momentum ETF | 116,606 | — | — | (5,946,364 | ) | — | 1,090,424 | (4,739,334 | ) | |||||||||||||||||||
Inspire Fidelis Multi Factor ETF | 222,963 | — | — | (1,508,480 | ) | — | 4,903,512 | 3,617,995 |
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, the mark to market on 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 | |||
Inspire Global Hope ETF | $ | 90,377 | ||
Inspire Small/Mid Cap Impact ETF | — | |||
Inspire Corporate Bond Impact ETF | — | |||
Inspire 100 ETF | 294,492 | |||
Inspire International ETF | 9,516 | |||
Inspire Tactical Balanced ETF | — | |||
Inspire Momentum ETF | — | |||
Inspire Fidelis Multi Factor ETF | — |
At November 30, 2023, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carry forwards utilized were as follows:
Portfolio | Short-Term | Long-Term | Total | CLCF Utilized | ||||||||||||
Inspire Global Hope ETF | $ | 3,782,381 | $ | 4,504,346 | $ | 8,286,727 | $ | — | ||||||||
Inspire Small/Mid Cap Impact ETF | 1,860,513 | 8,676,789 | 10,537,302 | — | ||||||||||||
Inspire Corporate Bond Impact ETF | 5,570,574 | 12,682,384 | 18,252,958 | — | ||||||||||||
Inspire 100 ETF | 19,005,319 | 27,625,948 | 46,631,267 | — | ||||||||||||
Inspire International ETF | 9,035,555 | 8,652,998 | 17,688,553 | — | ||||||||||||
Inspire Tactical Balanced ETF | 15,865,529 | — | 15,865,529 | — | ||||||||||||
Inspire Momentum ETF | 3,829,360 | 2,117,004 | 5,946,364 | 164,163 | ||||||||||||
Inspire Fidelis Multi Factor ETF | 1,508,480 | — | 1,508,480 | 1,143,092 |
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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, 2023, as follows:
Paid | ||||||||
In | Accumulated | |||||||
Portfolio | Capital | Earnings (Losses) | ||||||
Inspire Global Hope ETF | $ | 307,634 | $ | (307,634 | ) | |||
Inspire Small/Mid Cap Impact ETF | 5,305,607 | (5,305,607 | ) | |||||
Inspire Corporate Bond Impact ETF | (220,022 | ) | 220,022 | |||||
Inspire 100 ETF | 11,687,635 | (11,687,635 | ) | |||||
Inspire International ETF | 3,120,344 | (3,120,344 | ) | |||||
Inspire Tactical Balanced ETF | 960,611 | (960,611 | ) | |||||
Inspire Momentum ETF | 1,727,860 | (1,727,860 | ) | |||||
Inspire Fidelis Multi Factor ETF | 185,528 | (185,528 | ) |
7. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
At May 31, 2024, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:
Gross | Gross | Net Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation/ | ||||||||||||||
Portfolio | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
BLES | $ | 100,864,740 | $ | 17,711,267 | $ | (10,706,351 | ) | $ | 7,004,916 | |||||||
ISMD | 179,370,627 | 27,454,038 | (19,263,752 | ) | 8,190,286 | |||||||||||
IBD | 310,158,947 | 1,420,187 | (6,330,305 | ) | (4,910,118 | ) | ||||||||||
BIBL | 294,776,126 | 45,373,303 | (22,804,444 | ) | 22,568,859 | |||||||||||
WWJD | 282,143,511 | 38,449,792 | (21,514,039 | ) | 16,935,753 | |||||||||||
RISN | 80,215,649 | 9,290,382 | (1,847,913 | ) | 7,442,469 | |||||||||||
GLRY | 54,930,659 | 8,710,799 | (849,982 | ) | 7,860,817 | |||||||||||
FDLS | 79,667,334 | 7,696,333 | (5,169,153 | ) | 2,527,180 | |||||||||||
PTL | 123,794,237 | 3,563,612 | (5,313,907 | ) | (1,750,295 | ) |
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
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May 31, 2024 |
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, 2024, 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.
Fair Value of Securities on | Collateral Value of | |||||||
Ticker | Loan | Securities on Loan | ||||||
BLES | $ | 1,310,516 | $ | 1,314,780 | ||||
ISMD | 3,734,528 | 3,802,512 | ||||||
IBD | 133,971 | 136,500 | ||||||
WWJD | 6,476,568 | 8,414,377 | ||||||
FDLS | 713,579 | 720,391 |
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, 2024 the collateral consisted of institutional government money market funds.
The following table breaks out the Funds’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of May 31, 2024:
Overnight and | Up to | Greater than | ||||||||||||||||||||
Ticker | Collateral | Continuous | 30 Days | 30-90 days | 90 days | Total | ||||||||||||||||
BLES | Fidelity Government Portfolio | $ | 1,314,780 | $ | — | $ | — | $ | — | $ | 1,314,780 | |||||||||||
ISMD | Fidelity Government Portfolio | 3,802,512 | — | — | — | 3,802,512 | ||||||||||||||||
IBD | Fidelity Government Portfolio | 136,500 | — | — | — | 136,500 | ||||||||||||||||
WWJD | Fidelity Government Portfolio | 8,414,377 | — | — | — | 8,414,377 | ||||||||||||||||
FDLS | Fidelity Government Portfolio | 720,391 | — | — | — | 720,391 |
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.
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The Board declared the following distributions after May 31, 2024:
Ticker | Dividend Per Share | Record Date | Payable Date | |||||
BLES | $ | 0.3050 | 6/25/2024 | 7/2/2024 | ||||
ISMD | $ | 0.1405 | 6/25/2024 | 7/2/2024 | ||||
IBD | $ | 0.0809 | 6/25/2024 | 7/2/2024 | ||||
BIBL | $ | 0.0946 | 6/25/2024 | 7/2/2024 | ||||
WWJD | $ | 0.3504 | 6/25/2024 | 7/2/2024 | ||||
RISN | $ | 0.0632 | 6/25/2024 | 7/2/2024 | ||||
GLRY | $ | 0.0875 | 6/25/2024 | 7/2/2024 | ||||
FDLS | $ | 0.0823 | 6/25/2024 | 7/2/2024 | ||||
PTL | $ | 0.5172 | 6/25/2024 | 7/2/2024 |
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May 31, 2024 |
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 25, 2024, (the “Meeting”), the Board 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 Fidelis Multi-Factor ETF (“Inspire FMF”), Inspire Global Hope ETF (“Inspire GH”), Inspire Momentum ETF (“Inspire Momentum”) (formerly, Inspire Faithward Mid Cap Momentum ETF), Inspire International ETF (“Inspire Int’l”), Inspire Small/Mid Cap ETF (“Inspire SMC”) and Inspire Tactical Balanced ETF (“Inspire TB,” and, collectively, the “Existing Inspire ETFs”). In considering the renewal of the Inspire Advisory Agreement, the Board received materials specifically relating to the Inspire Advisory Agreement.
The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Inspire Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Inspire Advisory Agreement on behalf of the Existing Inspire ETFs and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of 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 Existing Inspire ETFs. The Board noted that Inspire, among other things, provided research, portfolio design, trade order management and distribution efforts for the Existing Inspire ETFs. The Board noted that Inspire had cybersecurity policies and procedures in place and that there have been no material data security incidents reported. The Board acknowledged that Inspire utilized checklists to monitor its compliance with the Existing Inspire ETFs’ prospectus disclosure, investment limitations and exchange listing requirements. The Board reviewed Inspire’s policies with respect to the selection of broker-dealers for portfolio transactions, noting that Inspire selected broker-dealers who could provide clients with the best execution, including price, service and settlement. The Board noted that Inspire evaluated the brokers on a semi-annual basis for best execution. The Board concluded that it could expect Inspire to continue providing quality services to each of the Existing Inspire ETFs and its shareholders.
Performance.
Inspire 100 ETF (“Inspire 100”)— The Board was provided with reports regarding the past performance of Inspire 100, including a report prepared by an independent third party, comparing Inspire 100’s performance with the performance of a group of peer funds, as well as a report comparing Inspire 100’s performance with the performance of its underlying index, the Inspire 100 Index, for various time periods. The Board noted that the index-based investment objective of the Inspire 100 made analysis of investment performance, in absolute terms, less of a priority for the Inspire 100 than that which normally attaches to the performance of actively managed funds. Instead, the Board focused on the extent to which the Inspire 100 achieved its investment objective as a passively managed fund.
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In that regard, the Board reviewed information regarding factors impacting the performance of the Inspire 100, including the construction of its underlying index and the addition or deletion of securities from the underlying index. The Board reviewed information regarding the Inspire 100’s index tracking, noting, as applicable, various factors which contributed to the Inspire 100’s tracking error over certain periods of time. The Board noted that while the Inspire 100 had underperformed its underlying index over certain periods, such underperformance was to be expected as it generally was the result of costs incurred by the Inspire 100 that were not incurred by its underlying index. The Board also noted that the Inspire 100’s performance was nonetheless generally in line with that of its underlying index and believed that the extent of the underperformance therefore did not necessitate significant additional review. The Board further noted that it received regular reports regarding the Inspire 100’s performance at its quarterly meetings.
Inspire Corporate Bond ETF (“Inspire CB”)—The Board was provided with reports regarding the past performance of the Inspire CB, including a report prepared by an independent third party, comparing the Inspire CB’s performance with the performance of a group of peer funds, as well as a report comparing the Inspire CB’s performance with the performance of its underlying index, the Inspire Corporate Bond Impact Index, for various time periods. The Board noted that the index-based investment objective of the Inspire CB made analysis of investment performance, in absolute terms, less of a priority for the Inspire CB than that which normally attaches to the performance of actively managed funds. Instead, the Board focused on the extent to which the Inspire CB achieved its investment objective as a passively managed fund. In that regard, the Board reviewed information regarding factors impacting the performance of the Inspire CB, including the construction of its underlying index and the addition or deletion of securities from the underlying index. The Board reviewed information regarding the Inspire CB’s index tracking, noting, as applicable, various factors which contributed to the Inspire CB’s tracking error over certain periods of time. The Board noted that while the Inspire CB had underperformed its underlying index over certain periods, such underperformance was to be expected as it generally was the result of costs incurred by the Inspire CB that were not incurred by its underlying index. The Board also noted that the Inspire CB’s performance was nonetheless generally in line with that of its underlying index and believed that the extent of the underperformance therefore did not necessitate significant additional review. The Board further noted that it received regular reports regarding the Inspire CB’s performance at its quarterly meetings.
Inspire Fidelis Multi-Factor ETF (“Inspire FMF”)—The Board was provided with reports regarding the past performance of the Inspire FMF, including a report prepared by an independent third party, comparing the Inspire FMF’s performance with the performance of a group of peer funds, as well as a report comparing the Inspire FMF’s performance with the performance of its underlying index, the WI Fidelis Multi-Cap, Multi-Factor Index, for various time periods. The Board noted that the index-based investment objective of the Inspire FMF made analysis of investment performance, in absolute terms, less of a priority for the Inspire FMF than that which normally attaches to the performance of actively managed funds. Instead, the Board focused on the extent to which the Inspire FMF achieved its investment objective as a passively managed fund. In that regard, the Board reviewed information regarding factors impacting the performance of the Inspire FMF, including the construction of its underlying index and the addition or deletion of securities from the underlying index. The Board reviewed information regarding the Inspire FMF’s index tracking, noting, as applicable, various factors
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which contributed to the Inspire FMF’s tracking error over certain periods of time. The Board noted that while the Inspire FMF had underperformed its underlying index over certain periods, such underperformance was to be expected as it generally was the result of costs incurred by the Inspire FMF that were not incurred by its underlying index. The Board also noted that the Inspire FMF’s performance was nonetheless generally in line with that of its underlying index and believed that the extent of the underperformance therefore did not necessitate significant additional review. The Board further noted that it received regular reports regarding the Inspire FMF’s performance at its quarterly meetings.
Inspire Momentum ETF (“Inspire Momentum”)—The Board was provided with reports regarding the past performance of the Inspire Momentum, an actively managed fund, including a report prepared by an independent third party, comparing the Inspire Momentum’s performance with the performance of a group of peer funds. The Board noted that Inspire Momentum was sub-advised, and the sub-advisory services provided by the sub-adviser were supervised by Inspire. The Board took into consideration that Inspire Momentum ranked 2 out of 8 of its peer funds and 2 out of 16 of its Morningstar category for the 1-year period ended October 31, 2023 and ranked 3 out of 5 of its peer group and 10 out of 13 of its Morningstar category since inception. The Board commented that Inspire Momentum outperformed the S&P Mid Cap 400 Total Return Index over the 1-year period ended October 31, 2023 with net returns of 8.12%. The Board concluded that Inspire Momentum had reasonable returns.
Inspire Global Hope ETF (“Inspire GH”)—The Board was provided with reports regarding the past performance of the Inspire GH, including a report prepared by an independent third party, comparing the Inspire GH’s performance with the performance of a group of peer funds, as well as a report comparing the Inspire GH’s performance with the performance of its underlying index, the Inspire Global Hope Large Cap Equal Weight Index, for various time periods. The Board noted that the index-based investment objective of the Inspire GH made analysis of investment performance, in absolute terms, less of a priority for the Inspire GH than that which normally attaches to the performance of actively managed funds. Instead, the Board focused on the extent to which the Inspire GH achieved its investment objective as a passively managed fund. In that regard, the Board reviewed information regarding factors impacting the performance of the Inspire GH, including the construction of its underlying index and the addition or deletion of securities from the underlying index. The Board reviewed information regarding the Inspire GH’s index tracking, noting, as applicable, various factors which contributed to the Inspire GH’s tracking error over certain periods of time. The Board noted that while the Inspire GH had underperformed its underlying index over certain periods, such underperformance was to be expected as it generally was the result of costs incurred by the Inspire GH that were not incurred by its underlying index. The Board also noted that the Inspire GH’s performance was nonetheless generally in line with that of its underlying index and believed that the extent of the underperformance therefore did not necessitate significant additional review. The Board further noted that it received regular reports regarding the Inspire GH’s performance at its quarterly meetings.
Inspire International ETF (“Inspire Int’l”)—The Board was provided with reports regarding the past performance of the Inspire Int’l, including a report prepared by an independent third party, comparing the Inspire Int’l’s performance with the performance of a group of peer funds, as well as a report comparing the Inspire Int’l’s performance with the performance of its underlying index, the Inspire
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Global Hope ex-US Index, for various time periods. The Board noted that the index-based investment objective of the Inspire Int’l made analysis of investment performance, in absolute terms, less of a priority for the Inspire Int’l than that which normally attaches to the performance of actively managed funds. Instead, the Board focused on the extent to which the Inspire Int’l achieved its investment objective as a passively managed fund. In that regard, the Board reviewed information regarding factors impacting the performance of the Inspire Int’l, including the construction of its underlying index and the addition or deletion of securities from the underlying index. The Board reviewed information regarding the Inspire Int’l’s index tracking, noting, as applicable, various factors which contributed to the Inspire Int’l’s tracking error over certain periods of time. The Board noted that while the Inspire Int’l had underperformed its underlying index over certain periods, such underperformance was to be expected as it generally was the result of costs incurred by the Inspire Int’l that were not incurred by its underlying index. The Board also noted that the Inspire Int’l’s performance was nonetheless generally in line with that of its underlying index and believed that the extent of the underperformance therefore did not necessitate significant additional review. The Board further noted that it received regular reports regarding the Inspire Int’l’s performance at its quarterly meetings.
Inspire Small/Mid Cap ETF (“Inspire SMC”)—The Board was provided with reports regarding the past performance of the Inspire SMC, including a report prepared by an independent third party, comparing the Inspire SMC’s performance with the performance of a group of peer funds, as well as a report comparing the Inspire SMC’s performance with the performance of its underlying index, the Inspire Small/Mid Cap Impact Equal Weight Index, for various time periods. The Board noted that the index-based investment objective of the Inspire SMC made analysis of investment performance, in absolute terms, less of a priority for the Inspire SMC than that which normally attaches to the performance of actively managed funds. Instead, the Board focused on the extent to which the Inspire SMC achieved its investment objective as a passively managed fund. In that regard, the Board reviewed information regarding factors impacting the performance of the Inspire SMC, including the construction of its underlying index and the addition or deletion of securities from the underlying index. The Board reviewed information regarding the Inspire SMC’s index tracking, noting, as applicable, various factors which contributed to the Inspire SMC’s tracking error over certain periods of time. The Board noted that while the Inspire SMC had underperformed its underlying index over certain periods, such underperformance was to be expected as it generally was the result of costs incurred by the Inspire SMC that were not incurred by its underlying index. The Board also noted that the Inspire SMC’s performance was nonetheless generally in line with that of its underlying index and believed that the extent of the underperformance therefore did not necessitate significant additional review. The Board further noted that it received regular reports regarding the Inspire SMC’s performance at its quarterly meetings.
Inspire Tactical Balanced ETF (“Inspire TB”)—The Board was provided with reports regarding the past performance of the Inspire TB, an actively managed fund, including a report prepared by an independent third party, comparing the Inspire TB’s performance with the performance of a group of peer funds. The Board commented that Inspire TB ranked 6 out of 8 of its peer funds and 12 out of 17 of its Morningstar category for the 1-year period ended October 31, 2023 and ranked 4 out of 4 of its peer group and 5 out of 6 of its Morningstar category since inception. The Board noted that Inspire TB underperformed the S&P Target Risk Moderate Total Return Index over the 1-year period
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ended October 31, 2023 but outperformed the index since inception. The Board noted the Inspire TB’s relatively short performance history, as it commenced on July 15, 2020. 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 ETF—The Board noted that Inspire 100’s advisory fee of 0.30% was lower than the peer group average and higher than the Morningstar category average, but below the high. The Board observed that Inspire 100’s net expense ratio of 0.35% was below the peer group average. The Board noted that Inspire intended to renew its expense limitation agreement with respect to Inspire 100.
Inspire Corporate Bond ETF—The Board observed that Inspire CB’s advisory fee of 0.30% and net expense ratio of 0.43% was the high of its peer group and below the high of the 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.
Inspire Fidelis Multi-Factor ETF—The noted that Inspire FMF’s advisory fee of 0.45% was higher than the Morningstar category and peer group averages and medians but lower than the high of each, The Board commented that Inspire FMF’s net expense ratio of 0.82% was on par with the high of the Morningstar category and higher than the peer group. The Board considered Inspire’s assertion that higher expenses were involved in managing Inspire FMF in relation to a fund that was from an outside index provider and noted the global diversification of Inspire FMF’s holdings.
Inspire Momentum ETF—The Board remarked that Inspire Momentum’s advisory fee of 0.65% was lower than its Morningstar category and peer group averages. The Board note that Inspire Momentum’s net expense ratio of 0.80% was lower than its peer group median and Morningstar category high. The Board noted that Inspire intended to renew its expense limitation agreement with respect to Inspire Momentum.
Inspire Global Hope ETF—The Board discussed that Inspire GH’s advisory fee of 0.30% was below the averages and medians of the Morningstar category and peer group. The Board noted that Inspire GH’s net expense ratio of 0.55% was higher than the averages and medians of the Morningstar category and peer group, but lower than the highs of each.
Inspire International ETF—The Board noted that the advisory fee of 0.45% for Inspire Int’l was higher than its peer group and Morningstar category averages and medians but lower than the highs of each. The Board observed Inspire Int’l’s net expense ratio of 0.67% was the high of the peer group but below the high of the Morningstar category. The Board considered the added costs associated with managing and trading international and emerging markets stocks in multiple markets and multiple currencies.
Inspire Small/Mid Cap ETF—The Board recognized that Inspire SMC’s advisory fee of 0.30% was on par with the peer group median and well below the high of the Morningstar category. The Board noted
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that Inspire SMC’s net expense ratio of 0.50%, although higher than the peer group and Morningstar category averages and medians, was below the highs of each.
Inspire Tactical Balanced ETF—The Board discussed that Inspire TB’s advisory fee of 0.50% was lower than its Morningstar category and peer group averages and medians, and that its net expense ratio of 0.69% was the higher than each but below the highs of each. The Board considered that Inspire expected the net expense ratio to decrease as the assets of Inspire TB continued to grow.
Profitability. The Board reviewed the profitability analysis provided by Inspire for each of the Existing Inspire ETFs. The Board observed that Inspire was operating at a loss with respect to Inspire Momentum, but was otherwise earning a reasonable profit with respect to all the other Existing Inspire ETFs. The Board determined that excessive profitability was not an issue for Inspire with respect to any Existing Inspire ETF at this time.
Economies of Scale. The Board considered whether economies of scale had been reached with respect to the management of the Existing 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.
Conclusion. Having requested such information from Inspire as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that renewal of the advisory agreement with Inspire was in the best interests of the Existing Inspire ETFs and their shareholders.
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Approval 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 25, 2024 (the “Meeting”), the Board discussed the approval of an investment advisory agreement (the “Inspire Advisory Agreement”) between Inspire Investing, LLC (“Inspire”) and the Trust, with respect to the Inspire 500 ETF (the “New Inspire ETF”). In considering the approval of the Inspire Advisory Agreement, the Board received materials specifically relating to the Inspire Advisory Agreement.
The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the Inspire Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Inspire Advisory Agreement on behalf of the New Inspire ETF and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Inspire Advisory Agreement.
Nature, Extent and Quality of Services. The Board noted its experience and familiarity with Inspire as the adviser to eight other series of the Trust and acknowledged the credentials and years of experience of the key personnel at Inspire that would be servicing the New Inspire ETF. The Board noted that Inspire, in addition to portfolio management services, would provide research, portfolio design, trade order management and distribution efforts for the New Inspire ETF. The Board noted that Inspire had cybersecurity policies and procedures in place and that there have been no material data security incidents reported. The Board acknowledged that Inspire would utilize checklists to monitor its compliance with the New Inspire ETF prospectus disclosure, investment limitations and exchange listing requirements. The Board reviewed Inspire’s policies with respect to the selection of broker-dealers for portfolio transactions, noting that Inspire selected broker-dealers that could provide clients with the best execution, including price, service and settlement. The Board noted that Inspire would evaluate the brokers on a semi-annual basis for best execution. The Board concluded that Inspire had sufficient quality and depth of personnel and resources to perform its duties under the proposed advisory agreement in a manner and at a level that was consistent with the Board’s expectations.
Performance. The Board noted that there was no prior performance for any of the New Inspire ETF for the Board to evaluate. The Board recalled its experience with Inspire as adviser to eight other series of the Trust and recognized that Inspire had the potential to provide satisfactory returns.
Fees and Expenses. The Board discussed that the proposed unitary advisory fee and net expense ratio of 0.09% for the New Inspire ETF was among the lowest of the funds that comprised its peer group and Morningstar category. The Board concluded that the advisory fee for each of the New Inspire ETF was not unreasonable.
Profitability. The Board discussed that Inspire anticipated that it would operate a loss in the first year and earn a reasonable profit from its relationship with the New Inspire ETF during later years.
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The Inspire ETFs |
SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
May 31, 2024 |
The Board determined that excessive profitability was not an issue for the New Inspire ETF at this time.
Economies of Scale. The Board considered whether Inspire would realize economies of scale during the initial period of the advisory agreement. The Board noted that the proposed fee schedule did not currently provide breakpoints because of the low unitary advisory fee. The Board concluded that absence of breakpoints was acceptable at this time.
Conclusion. Having requested such information from Inspire as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that approval of the advisory agreement with Inspire was in the best interests of the New Inspire ETF and its future shareholders.
140
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 |
141
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. |
142
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-SA24 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. Included under Item 7 of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7 of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
None
Item 16. Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
(a)(4) Not applicable.
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 | 08/08/24 |
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 | 08/08/24 | |
By | (Signature and Title) | |
/s/ Sam Singh | ||
Sam Singh Principal Financial Officer/Treasurer | ||
Date | 08/08/24 |