(INSPIRE LOGO)

 

Inspire Global Hope ESG ETF (BLES)

(formerly known as Inspire Global Hope ETF)

 

Inspire Small/Mid Cap ESG ETF (ISMD)

(formerly known as Inspire Small/Mid Cap Impact ETF)

 

Inspire Corporate Bond ESG ETF (IBD)

(formerly known as Inspire Corporate Bond Impact ETF)

 

Inspire 100 ESG ETF (BIBL)

(formerly known as Inspire 100 ETF)

 

Inspire International ESG ETF (WWJD)

 

Inspire Tactical Balanced ESG ETF (RISN)

 

Inspire Faithward Mid Cap Momentum ESG ETF

(GLRY)

 

Inspire Faithward Large Cap Momentum ESG ETF

(FEVR)

 

 

 

 

Semi-Annual Report

May 31, 2022

 

 

 

 

 

1-877-658-9473

www.inspireetf.com

 

 

INSPIRE ETF SEMI-ANNUAL REPORT

 

SHAREHOLDER LETTER (unaudited)

 

Dear Shareholders:

 

We are honored to present you with the Semi-Annual Report for the Inspire Investing suite of Exchange Traded Funds (ETFs) as of May 31,2022.

 

We believe the past 6 months ended May 31, 2022 is the correction process that we have been expecting and although we can’t say when it will end, we do have confidence that it will end and the markets will enter the next bull phase. Even if some want to classify this correction as a “bear market” this too will end as all bear markets do and we believe long-term investors will be rewarded for holding steady in the face of all the recent bad news and volatility. We have faced several headwinds in the past 6 months that not only brought on the correction but have exacerbated the volatility. These headwinds include inflation running at levels not seen since the early 80s, a Federal Reserve that is trying to play catch up by raising interest rates at an accelerated pace, the unprovoked invasion of Ukraine by Russia, and a slowing economy that is probably already in a recession. These challenges are not a surprise to our Heavenly Father and our faith is steadfast in him.

 

We are thankful that the Lord has been faithful during the past 6 months and provided for our needs in amazing ways for His Glory. In the past 6 months, God continued to bless Inspire and has opened many opportunities to expand the biblically responsible investing (BRI) movement. We remain thankful as well for you, our shareholders, for being part of the BRI movement through the Inspire ETFs. We could not do what we do without you, and we sincerely appreciate the trust you have placed in Inspire by investing in one or more of the Inspire ETFs.

 

BLES – Inspire Global Hope ETF

 

The market correction that we have been in for the past 6 months has provided a bumpy but sustained decline in the stock market. This is the first negative 6-month period for the fund since inception. BLES is down for the past 6 months ended May 31, 2022, -6.40% on a market price basis and -6.16% on the NAV.

 

ISMD – Inspire Small/Mid Cap Impact ETF

 

The small-cap and mid-cap markets slightly outperformed the US large-cap markets over the past 6 months ended May 31, 2022 with ISMD being down only -5.47% on a market price basis and -5.26% on the NAV.

 

IBD – Inspire Corporate Bond Impact ETF

 

The high inflation that has become evident over the past 6 months as well as the interest rate increases that the Federal Reserve has announced has caused interest rates to rise across the yield curve and bond values to fall. This caused negative total returns for IBD over the past 6 months. For the 6 months ended May 31, 2022, IBD is down -7.18% on a market price basis and down -7.32% on the NAV.

1

 

BIBL – Inspire 100 ETF

 

BIBL participated in the steep correction in the US large cap markets to finish the past 6 months ended May 31,2022 with a negative return of -13.50% on a market price basis and -13.44% on the NAV.

 

WWJD – Inspire International ESG ETF

 

The correction we saw in the US domestic markets over the past 6 months was also experienced across both the international developed countries as well as emerging markets. International and emerging markets had negative performance in line with the negative moves in the US markets. For the 6 months ended May 31, 2022, WWJD was down -6.12% on a market price basis and down -5.32% on the NAV.

 

RISN – Inspire Tactical Balanced ESG

 

RISN holds an 80% exposure to US large cap stocks and 20% to US fixed income during normal market conditions but the last 6 months have not been normal markets. The Fund adjusted to a defensive allocation over the past several months ending the quarter with an allocation of 10% US large cap stocks/80% US fixed income/10% Gold. Even with moving to a more conservative stance the fund still experienced negative performance in the 6 months ended May 31, 2022. RISN was down -11.70% on a market price basis and down -11.58% on the NAV.

 

GLRY – Inspire Faithward Mid Cap Momentum ESG

 

GLRY is focused on US mid cap stocks that the manager believes have the potential of outperformance over a market cycle when momentum factors are in favor. Momentum factors seemed to suffer more than the broader market in the 6 months ended May 31, 2022, as GLRY was down -17.79% on a market price basis and -17.68% on the NAV.

 

FEVR – Inspire Faithward Large Cap Momentum ESG

 

FEVR is focused on US large cap stocks that the manager believes have the potential of outperformance over a market cycle when momentum factors are in favor. Momentum factors seemed to suffer more than the broader market in the 6 months ended May 31, 2022, as FEVR was down -20.28% on a market price basis and -20.25% on the NAV.

 

Note: None of the Inspire ETFs use derivatives and all continue to be invested in ways that are consistent with the stated objectives and investment strategy detailed in each fund’s prospectus. Although Inspire doesn’t have a policy or practice of maintaining a specified level of distributions or yield payout to shareholders, we payout income monthly from the Fixed Income fund and quarterly from the Equity funds.

2

 

Closing Comments

 

Although the first 6 months of the fiscal year have been full of challenges as well as a deep correction in the capital markets bringing sustained negative performance for several months in a row, we know that our God is still on the throne as our Provider. We are grateful to God our Father, for His provision and wisdom in good times as well as these present challenging times. We cannot be certain of what the future holds but we remain confident in the one that holds the future. Even with all of the bad news in the media we remain thankful to be a part of the mission of making a positive impact in the world through our ETFs alongside you, our brothers and sisters in Christ and fellow shareholders.

 

Thank you again for being shareholders, but more importantly thank you for being co-workers with us in making a positive impact in the world by inspiring transformation for God’s Glory.

 

May the Grace and Peace of Jesus Christ our Lord be with you in the remainder of 2022.

 

Sincerely,

 

Darrell Jayroe, CIO

 

The views in this report were those of the Author as of May 31, 2022 and may not reflect their views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

 

There is no guarantee that the Funds will achieve their objectives, generate positive returns, or avoid losses.

 

Biblically Responsible Investment Risk. The Funds utilize related biblical values screening criteria in selecting its component securities. As a result of its strategy, a Fund’s exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not screen favorably.

 

ETF shares are not redeemable with the issuing fund other than in large Creation Unit aggregations. Instead, investors must buy or sell ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. Certain Funds track an underlying index and may focus their investments in securities of a particular industry to the extent the underlying index does. This may cause those Funds’ net asset value to fluctuate more than that of a fund that does not focus in a particular industry.

3

 

Certain of the Funds are not actively managed, and the Adviser will not sell shares of an equity security of those Funds due to current or projected underperformance of a security, industry or sector, unless that security is removed from the underlying index or the selling of shares of that security is otherwise required upon a rebalancing of the underlying index as addressed in its methodology. Tracking error may occur because of imperfect correlation between a Fund’s holdings of portfolio securities and those in the underlying index. Certain Funds’ use of a representative sampling approach, if used, could result in its holding a smaller number of securities than are in the underlying index. To the extent the assets in the Funds are smaller, these risks will be greater.

 

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information visit www.inspireetf.com. Read it carefully. The Inspire ETFs are distributed by Foreside Financial Services LLC, Member FINRA. Inspire Investing, LLC and Foreside Financial Services LLC are not affiliated.

 

Advisory Services are offered through Inspire Investing, LLC, a Registered Investment Adviser with the SEC.

4

 

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

 

The Fund’s performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:

 

          Annualized
      Annualized Annualized Since Inception** -
  Six Month One Year Three Year Five Year May 31, 2022
Inspire Global Hope ETF - NAV (6.16)% (6.45)% 12.94% 9.06% 9.44%
Inspire Global Hope ETF - Market Price (6.40)% (6.73)% 12.76% 8.92% 9.43%
Inspire Global Hope Large Cap Equal Weight Index *** (6.29)% (5.74)% 12.52% 9.29% 9.76%
S&P Global 1200 Total Return Index **** (7.84)% (4.15)% 13.18% 10.29% 10.78%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) would not exceed 0.52% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.49% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on February 27, 2017.

 

*** Inspire Global Hope Large Cap Equal Weight Index (BLESI) tracks the stock performance of 400 of the most inspiring large cap companies from around the globe, as determined by the adviser’s revolutionary Inspire Impact Score4 methodology which measures a company’s positive impact on the world. Under normal circumstances, the index will be comprised of 50% US large cap companies, 40% international developed large cap companies and 10% emerging market large cap companies. Inspire defines “large cap” as a market capitalization of $5B or greater. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in United States Dollars. Investors cannot invest directly in an index.

 

**** The S&P Global 1200 Total Return Index provides efficient exposure to the global equity market. Capturing approximately 70% of global market capitalization, it is constructed as a composite of 7 headline indices, many of which are accepted leaders in their regions. These include the S&P 500® (US), S&P Europe 350, S&P TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50 and S&P Latin America 40. Investors cannot invest directly in an index.

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

5

 

Inspire Global Hope ESG ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
May 31, 2022

 

The Fund’s Top Sectors and Industries are as follows:

 

Sectors/Industries   % of Net Assets  
Banking     5.6 %
Electric Utilities     5.3 %
Chemicals     5.2 %
Medical Equipment & Devices     5.2 %
Oil & Gas Producers     4.7 %
Technology Services     4.0 %
Semiconductors     3.8 %
Software     3.7 %
Transportation & Logistics     3.2 %
Insurance     3.0 %
Collateral For Securities Loaned     1.4 %
Other Sectors     54.7 %
Other Assets Less Liabilities     0.2 %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

6

 

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

 

The Fund’s performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:

 

          Annualized
      Annualized Annualized Since Inception** -
  Six Month One Year Three Year Five Year May 31, 2022
Inspire Small/Mid Cap Impact ETF - NAV (5.26)% (7.13)% 12.29% 8.84% 7.82%
Inspire Small/Mid Cap Impact ETF - Market Price (5.47)% (7.41)% 12.22% 8.81% 7.79%
Inspire Small/Mid Cap Impact Equal Weight Index *** (5.09)% (6.17)% 14.52% 10.30% 9.22%
S&P SmallCap 600 Equal Weight Total Return Index **** (6.65)% (9.34)% 16.19% 10.79% 9.35%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) would not exceed 0.60% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.48% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on February 27, 2017.

 

*** Inspire Small/Mid Cap Impact Equal Weight Index (ISMDI) tracks the stock performance of 500 of the most inspiring small and mid cap companies in the U.S., as determined by the adviser’s revolutionary Inspire Impact Score4 methodology which measures a company’s positive impact on the world. Under normal circumstances the index will be comprised of 50% U.S. mid cap companies with market cap between $2B-3.5B, and 50% U.S. small cap companies with market cap between $1B-2B. The adviser believes that companies in this “smid cap” capitalization range have the potential to deliver above average growth. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in United States Dollars. Investors cannot invest directly in an index.

 

**** The S&P SmallCap 600 Equal Weight Total Return Index (EWI) is the equal-weight version of the S&P SmallCap 600. The index has the same constituents as the capitalization weighted S&P SmallCap 600, but each company in the S&P SmallCap 600 EWI is allocated a fixed weight. Investors cannot invest directly in an index.

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

7

 

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

 

The Fund’s Top Sectors and Industries are as follows:

 

Sectors/Industries   % of Net Assets  
Banking     9.9 %
Chemicals     4.3 %
Machinery     4.2 %
Technology Hardware     3.7 %
Software     3.6 %
Semiconductors     3.4 %
Biotech & Pharma     3.3 %
Insurance     3.1 %
Home Construction     2.9 %
Food     2.9 %
Collateral For Securities Loaned     0.7 %
Other Sectors     57.8 %
Other Assets Less Liabilities     0.2 %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

8

 

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

 

The Fund’s performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:

 

        Annualized
      Annualized Since Inception** -
  Six Month One Year Three Year May 31, 2022
Inspire Corporate Bond Impact ETF - NAV (7.32)% (7.73)% (0.20)% 0.86%
Inspire Corporate Bond Impact ETF - Market Price (7.18)% (7.77)% (0.23)% 0.85%
Inspire Corporate Bond Impact Equal Weight Index *** (7.29)% (7.52)% 1.71% 2.41%
Bloomberg U.S. Intermediate Credit Total Return Index **** (6.76)% (7.00)% 0.95% 1.85%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.44% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on July 10, 2017.

 

*** Inspire Corporate Bond Impact Equal Weight Index (INSP BOND) is comprised of 250 investment grade, intermediate term corporate bonds issued by some of the most inspiring large cap “blue chip” companies in the United States, as determined by Inspire’s revolutionary Inspire Impact Score methodology which measures a company’s positive impact on the world. The adviser defines “large cap” as a market capitalization of $5B or greater and “investment grade” as BBB-/Baa3 or higher. The index is equally weighted, rebalanced quarterly and calculated on a total return basis in US Dollars. Investors cannot invest directly in an index.

 

**** The Bloomberg U.S. Intermediate Credit Total Return Index (LUICTRUU) measures the investment grade, fixed-rate, taxable corporate bond market whose maturity ranges between 1 to 9.9999 years. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Investors cannot invest directly in an index.

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

9

 

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

 

The Fund’s Top Sectors and Industries are as follows:

 

Sectors/Industries   % of Net Assets  
Real Estate Investment Trusts     15.0 %
Oil & Gas Producers     6.4 %
Semiconductors     5.4 %
Electrical Equipment     4.8 %
Electric Utilities     4.5 %
Home Construction     4.4 %
Technology Services     4.4 %
Commercial Support Services     4.0 %
Diversified Industrials     3.8 %
Food     3.4 %
Other Sectors     41.0 %
Other Assets Less Liabilities     2.9 %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

10

 

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

 

The Fund’s performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:

 

        Annualized
      Annualized Since Inception** -
  Six Month One Year Three Year May 31, 2022
Inspire 100 ETF - NAV (13.44)% (7.97)% 15.09% 11.10%
Inspire 100 ETF - Market Price (13.50)% (8.02)% 15.07% 11.10%
Inspire 100 Index *** (13.62)% (7.45)% 16.24% 12.09%
S&P 500 Total Return Index **** (8.85)% (0.30)% 16.44% 12.89%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.35% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated on by the Trust’s Board of Trustees only 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.42% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on October 30, 2017.

 

*** The Inspire 100 Index (INSP100) is a rules based, passive index which tracks the stock performance of the one-hundred highest Inspire Impact Scoring companies in the United States with market capitalizations above $20B. The index is market-cap weighted, rebalanced annually and calculated on a total return basis in U.S. Dollars. Investors cannot invest directly in an index.

 

**** The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

11

 

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

 

The Fund’s Top Sectors and Industries are as follows:

 

Sectors/Industries   % of Net Assets  
Technology Services     10.9 %
Semiconductors     10.1 %
Medical Equipment & Devices     10.0 %
Software     9.3 %
Industrial Reit     4.0 %
Metals & Mining     4.0 %
Health Care Facilities & Services     3.8 %
Residential Reit     3.5 %
Commercial Support Services     2.9 %
Electrical Equipment     2.9 %
Other Sectors     38.3 %
Other Assets Less Liabilities     0.3 %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

12

 

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

 

The Fund’s performance figures* for the periods ended May 31, 2022, as compared to its benchmarks:

 

      Annualized
      Since Inception** -
  Six Month One Year May 31, 2022
Inspire International ESG ETF - NAV (5.32)% (9.53)% 10.97%
Inspire International ESG ETF - Market Price (6.12)% (9.69)% 10.95%
Inspire Global Hope Ex-US Index *** (4.81)% (8.79)% 9.08%
S&P International 700 Total Return Index **** (5.88)% (10.54)% 7.01%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) would not exceed 0.80% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.69% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on September 30, 2019.

 

*** The Inspire Global Hope Ex-US Index (IGHXUSG) intends to track the price movements of a portfolio of 150 of the most inspiring, biblically aligned large cap companies outside of the United States. The index is comprised of 80% international developed large cap companies and 20% emerging markets large cap companies. The adviser defines “large cap” as a market capitalization of $5B USD or greater. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in USD. Investors cannot invest directly in an index.

 

**** The S&P International 700 Total Return Index measures the non-U.S. component of the global equity market through an index that is designed to be highly liquid and efficient to replicate. The index covers all regions included in the S&P Global 1200 except for the U.S., which is represented by the S&P 500. Investors cannot invest directly in an index.

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

13

 

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

 

The Fund’s Top Sectors and Industries are as follows:

 

Sectors/Industries   % of Net Assets  
Banking     9.5 %
Chemicals     7.2 %
Electric Utilities     6.6 %
Transportation & Logistics     4.2 %
Automotive     4.1 %
Metals & Mining     4.1 %
Oil & Gas Producers     3.9 %
Asset Management     3.7 %
Telecommunications     3.6 %
Construction Materials     3.2 %
Collateral For Securities Loaned     4.6 %
Other Sectors     47.7 %
Liabilities in Excess of Other Assets     (2.4) %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

14

 

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

 

The Fund’s performance figures* for the periods ended November 30, 2021, as compared to its benchmark:

 

      Since Inception** -
  Six Month One Year May 31, 2022
Inspire Tactical Balanced ESG ETF - NAV (11.58)% (6.01)% 6.25%
Inspire Tactical Balanced ESG ETF - Market Price (11.70)% (6.20)% 6.17%
S&P Target Risk Moderate Index *** (8.66)% (7.20)% 2.09%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.71% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on July 15, 2020.

 

*** The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities. Investors cannot invest directly in an index.

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

15

 

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

 

The Fund’s Top Asset Types are as follows:

 

Asset Type   % of Net Assets  
Exchange Traded Fund        
Fixed Income     79.2 %
Closed-End Fund        
Commodity     10.0 %
Common Stock        
Technology Services     1.2 %
Medical Equipment & Devices     1.1 %
Semiconductors     1.0 %
Software     0.9 %
Industrial Reit     0.4 %
Metals & Mining     0.4 %
Health Care Facilities & Services     0.4 %
Residential Reit     0.3 %
Oil & Gas Producers     0.3 %
Transportation & Logistics     0.3 %
Other Sectors     4.0 %
Other Assets Less Liabilities     0.5 %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

16

 

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

 

The Fund’s performance figures* for the period ended November 30, 2021, as compared to its benchmark:

 

      Since Inception** -
  Six Month One Year May 31, 2022
Inspire Faithward Mid Cap Momentum ESG ETF - NAV (17.68)% (18.05)% (2.31)%
Inspire Faithward Mid Cap Momentum ESG ETF - Market Price (17.79)% (18.02)% (2.31)%
S&P MidCap 400 Index® *** (6.46)% (6.52)% 9.71%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.80% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated on by the Trust’s Board of Trustees only 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 1.02% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on December 7, 2020.

 

*** The S&P MidCap 400 Index® provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500®, is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment. Investors cannot invest directly in an

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

17

 

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

 

The Fund’s Top Sectors and Industries are as follows:

 

Sectors/Industries   % of Net Assets  
Insurance     11.3 %
Semiconductors     10.8 %
Software     7.4 %
Steel     5.5 %
Banking     5.5 %
Technology Hardware     5.5 %
Leisure Products     5.1 %
Biotech & Pharma     3.3 %
Chemicals     3.3 %
Electrical Equipment     3.3 %
Other Sectors     38.1 %
Other Assets Less Liabilities     0.9 %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

18

 

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

 

The Fund’s performance figures* for the period ended November 30, 2021, as compared to its benchmark:

 

      Since Inception** -
  Six Month One Year May 31, 2022
Inspire Faithward Large Cap Momentum ESG ETF - NAV (20.25)% (9.18)% (2.88)%
Inspire Faithward Large Cap Momentum ESG ETF - Market Price (20.28)% (9.25)% (2.91)%
S&P 500 Total Return Index *** (8.85)% (0.30)% 9.48%

 

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of the Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.inspireetf.com or by calling 1-877-658-9473.

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.80% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated on by the Trust’s Board of Trustees only 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 1.09% per the March 30, 2022 prospectus.

 

** As of the commencement of operations on December 7, 2020.

 

*** The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

 

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

19

 

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

 

The Fund’s Top Sectors and Industries are as follows:

 

Sectors/Industries   % of Net Assets  
Software     16.4 %
Technology Hardware     8.1 %
Banking     6.3 %
Insurance     5.7 %
Semiconductors     5.6 %
Chemicals     5.4 %
Entertainment Content     4.9 %
Medical Equipment & Devices     4.1 %
Real Estate Investment Trusts     3.4 %
Oil & Gas Producers     3.3 %
Other Sectors     36.1 %
Other Assets Less Liabilities     0.7 %
      100.0 %

 

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

20

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3%        
        AEROSPACE & DEFENSE - 1.4%        
  270,436     Rolls-Royce Holdings plc(a)   $ 295,433  
  3,038     Safran S.A.     313,843  
  775     Teledyne Technologies, Inc.(a)     313,991  
  4,870     Textron, Inc.     317,962  
  2,872     Thales S.A.     350,177  
  547     TransDigm Group, Inc.(a)     331,137  
              1,922,543  
        APPAREL & TEXTILE PRODUCTS - 0.4%        
  2,790     Cie Financiere Richemont S.A.     309,270  
  252     Hermes International(a)     300,225  
              609,495  
        ASSET MANAGEMENT - 2.1%        
  20,182     3i Group plc     322,866  
  3,437     Groupe Bruxelles Lambert S.A.     317,103  
  12,347     Industrivarden A.B.     319,840  
  12,596     Industrivarden A.B., C Shares     326,419  
  16,250     Investor A.B.     304,511  
  6,945     L E Lundbergforetagen A.B.     341,821  
  296     Partners Group Holding A.G.     317,624  
  3,283     Raymond James Financial, Inc.     323,343  
  8,544     Schroders plc     318,913  
              2,892,440  
        AUTOMOTIVE - 1.9%        
  4,089     Bayerische Motoren Werke A.G.     353,865  
  2,663     Cie Generale des Etablissements Michelin SCA     346,559  
  4,868     Continental A.G.     372,428  
  5,616     Denso Corporation     343,665  
  1,662     Ferrari N.V.     324,040  
  226,356     Geely Automobile Holdings Ltd.     432,681  
  5,222     Toyota Industries Corporation     336,715  
              2,509,953  
        BANKING - 5.6%        
  4,551     Commonwealth Bank of Australia     340,778  
  29,471     Credit Agricole S.A. (b)     326,247  

 

See accompanying notes to financial statements.

21

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        BANKING - 5.6% (Continued)        
  20,786     Danske Bank A/S   $ 340,135  
  2,214     First Republic Bank     343,236  
  48,323     Grupo Financiero Banorte S.A.B. de C.V.     312,380  
  153,793     Intesa Sanpaolo SpA     335,169  
  8,704     KakaoBank Corporation(a)     284,827  
  4,937     KBC Group N.V.     307,867  
  2,140     M&T Bank Corporation     385,135  
  2,353     Macquarie Group Ltd.     313,992  
  171,228     Malayan Banking Bhd     355,829  
  15,055     National Australia Bank Ltd.     337,676  
  9,541     OTP Bank Nyrt     227,373  
  37,417     Powszechna Kasa Oszczednosci Bank Polski S.A.(a)     279,370  
  326,991     Public Bank Bhd     353,201  
  16,232     Regions Financial Corporation     358,565  
  1,201     Signature Bank     259,740  
  32,361     Skandinaviska Enskilda Banken A.B.     357,184  
  28,970     Standard Bank Group Ltd.     330,963  
  649     SVB Financial Group(a)     317,082  
  38,284     Svenska Handelsbanken A.B., A Shares     376,618  
  21,208     Swedbank A.B., A Shares     320,398  
  15,330     United Overseas Bank Ltd.     330,182  
              7,493,947  
        BEVERAGES - 0.3%        
  4,585     Monster Beverage Corporation(a)     408,615  
                 
        BIOTECH & PHARMA - 1.9%        
  2,209     Alnylam Pharmaceuticals, Inc.(a)     277,892  
  2,516     Celltrion, Inc.     325,078  
  10,655     Chugai Pharmaceutical Company Ltd.     292,031  
  1,804     CSL Ltd.     351,856  
  19,884     Grifols S.A. (b)     418,082  
  4,611     Incyte Corporation(a)     349,929  
  529     Regeneron Pharmaceuticals, Inc.(a)     351,647  

 

See accompanying notes to financial statements.

22

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        BIOTECH & PHARMA - 1.9% (Continued)        
  3,055     UCB S.A.   $ 269,399  
              2,635,914  
        CABLE & SATELLITE - 0.2%        
  2,686     Liberty Broadband Corporation - Series A(a)     327,719  
                 
        CHEMICALS - 5.2%        
  2,059     Air Liquide S.A. (b)     359,866  
  4,155     Akzo Nobel N.V.     362,565  
  1,648     Albemarle Corporation     429,172  
  8,895     Asian Paints Ltd.     327,485  
  2,077     Avery Dennison Corporation     358,407  
  4,438     Brenntag S.E.     342,770  
  2,535     Celanese Corporation     396,778  
  524,680     Chandra Asri Petrochemical Tbk P.T.     368,997  
  3,526     Croda International plc     307,034  
  3,208     Eastman Chemical Company     353,393  
  375     EMS-Chemie Holding A.G.     320,900  
  12,730     Evonik Industries A.G.     340,623  
  88     Givaudan S.A.     323,049  
  2,016     Koninklijke DSM N.V.     340,364  
  54,512     Mitsubishi Chemical Holdings Corporation     324,475  
  5,330     Novozymes A/S, Class B     338,336  
  2,760     PPG Industries, Inc.     349,112  
  4,239     Sociedad Quimica y Minera de Chile S.A., Class B(a)     452,763  
  3,528     Solvay S.A.     344,962  
  3,015     Symrise A.G.     332,501  
              7,073,552  
        COMMERCIAL SUPPORT SERVICES - 2.3%        
  12,274     Bureau Veritas S.A.     353,979  
  848     Cintas Corporation     337,784  
  16,660     Compass Group plc     373,174  
  7,277     Edenred     358,656  
  3,572     Eurofins Scientific S.E.     332,855  
  2,729     Republic Services, Inc.     365,249  

 

See accompanying notes to financial statements.

23

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        COMMERCIAL SUPPORT SERVICES - 2.3% (Continued)        
  10,360     Rollins, Inc.   $ 367,366  
  125     SGS S.A.     310,086  
  2,302     Waste Management, Inc.     364,890  
              3,164,039  
        CONSTRUCTION MATERIALS - 2.3%        
  5,919     Cie de Saint-Gobain     350,045  
  7,004     CRH plc     288,924  
  6,142     HeidelbergCement A.G.     356,641  
  7,408     Holcim Ltd.     366,613  
  11,576     James Hardie Industries plc - ADR     299,845  
  939     Martin Marietta Materials, Inc.     318,678  
  31,958     Siam Cement PCL (The) - ADR     346,417  
  1,106     Sika A.G.     306,066  
  1,960     Vulcan Materials Company     323,145  
              2,956,374  
        CONTAINERS & PACKAGING - 1.1%        
  31,852     Amcor plc - ADR     418,919  
  2,865     Crown Holdings, Inc.     299,221  
  7,893     International Paper Company     382,416  
  2,336     Packaging Corporation of America     367,406  
              1,467,962  
        DATA CENTER REIT - 0.3%        
  2,540     Digital Realty Trust, Inc.     354,559  
                 
        DIVERSIFIED INDUSTRIALS - 1.0%        
  10,665     Alfa Laval A.B.     287,844  
  2,285     Dover Corporation     305,984  
  1,870     Honeywell International, Inc.     362,070  
  1,713     Illinois Tool Works, Inc.     356,424  
              1,312,322  
        E-COMMERCE DISCRETIONARY - 0.5%        
  2,725     Etsy, Inc.(a)     221,052  
  3,029     Wayfair, Inc., Class A(a)     179,892  

 

See accompanying notes to financial statements.

24

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        E-COMMERCE DISCRETIONARY - 0.5% (Continued)        
  6,664     Zalando S.E.(a),   $ 270,723  
              671,667  
        ELECTRIC UTILITIES - 5.3%        
  14,408     AES Corporation (The)     317,552  
  5,836     Alliant Energy Corporation     372,454  
  7,837     Avangrid, Inc.     372,963  
  11,910     CenterPoint Energy, Inc.     381,716  
  3,877     Consolidated Edison, Inc.     384,831  
  30,729     E.ON S.E.     312,798  
  74,420     EDP - Energias de Portugal S.A.     373,178  
  16,987     Endesa S.A.     376,132  
  2,984,447     Enel Americas S.A. (a)     323,055  
  53,829     Enel SpA     349,192  
  27,191     Engie S.A. (a)     364,687  
  3,131     Entergy Corporation     376,722  
  5,372     Evergy, Inc.     375,718  
  19,448     Fortum OYJ     359,027  
  238,200     Gulf Energy Development PCL - ADR     336,637  
  33,030     Iberdrola S.A.     391,205  
  15,922     SSE plc     355,539  
  168,384     Tenaga Nasional Bhd     351,841  
  43,562     Terna Rete Elettrica Nazionale SpA     368,900  
  3,657     WEC Energy Group, Inc.     384,241  
              7,228,388  
        ELECTRICAL EQUIPMENT - 2.4%        
  2,703     AMETEK, Inc.     328,333  
  4,783     Amphenol Corporation, Class A     338,923  
  13,209     Assa Abloy A.B., Class B     324,858  
  4,700     Cognex Corporation     227,574  
  30,906     Delta Electronics Thailand PCL     311,600  
  25,571     Hexagon A.B.     311,301  
  2,286     Keysight Technologies, Inc.(a)     332,842  
  767     Roper Technologies, Inc.     339,351  
  1,675     Schindler Holding A.G.     343,325  

 

See accompanying notes to financial statements.

25

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        ELECTRICAL EQUIPMENT - 2.4% (Continued)        
  5,043     Trimble, Inc.(a)   $ 343,177  
              3,201,284  
        ENGINEERING & CONSTRUCTION - 1.0%        
  10,263     Bouygues S.A. (b)     353,923  
  13,629     Ferrovial S.A.     351,221  
  2,795     Quanta Services, Inc.     332,605  
  3,501     Vinci S.A.     336,986  
              1,374,735  
        ENTERTAINMENT CONTENT - 1.4%        
  4,557     Activision Blizzard, Inc.     354,899  
  6,620     AppLovin Corporation(a)     252,288  
  69,209     Bollore S.E.     368,441  
  9,135     Fox Corporation, Class A     324,384  
  2,352     Take-Two Interactive Software, Inc.(a)     292,895  
  14,254     Warner Bros Discovery, Inc.(a)     262,986  
              1,855,893  
        FOOD - 1.7%        
  12,546     Ajinomoto Company, Inc.     305,458  
  155     Barry Callebaut A.G.     339,594  
  3     Chocoladefabriken Lindt & Spruengli A.G.(a)     310,816  
  10,990     Conagra Brands, Inc.     361,461  
  121,200     Grupo Bimbo S.A.B. de C.V.     397,440  
  7,130     Hormel Foods Corporation     347,017  
  102,338     Wilmar International Ltd.     311,469  
              2,373,255  
        FORESTRY, PAPER & WOOD PRODUCTS - 0.8%        
  18,102     Stora Enso OYJ, R Shares     350,013  
  30,268     Suzano S.A.     338,710  
  10,856     UPM-Kymmene OYJ     384,394  
              1,073,117  
        GAS & WATER UTILITIES - 0.5%        
  12,048     Naturgy Energy Group S.A.     363,884  
  63,677     Snam SpA     369,746  
              733,630  

 

See accompanying notes to financial statements.

26

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        HEALTH CARE FACILITIES & SERVICES - 2.0%        
  3,315     Catalent, Inc.(a)   $ 341,644  
  5,470     Fresenius Medical Care A.G. & Company KGaA     332,533  
  10,037     Fresenius S.E. & Company KGaA     343,436  
  1,441     HCA Healthcare, Inc.     303,186  
  246,836     IHH Healthcare Bhd     377,667  
  1,584     IQVIA Holdings, Inc.(a)     340,956  
  1,074     Molina Healthcare, Inc.(a)     311,696  
  13,617     Sonic Healthcare Ltd.     358,183  
              2,709,301  
        HEALTH CARE REIT - 0.4%        
  17,119     Medical Properties Trust, Inc.     318,071  
  5,848     Ventas, Inc.     331,816  
              649,887  
        HOME CONSTRUCTION - 1.0%        
  4,670     DR Horton, Inc.     350,951  
  584     Geberit A.G.     320,058  
  4,377     Lennar Corporation, Class A     351,254  
  79     NVR, Inc.(a)     351,599  
              1,373,862  
        HOUSEHOLD PRODUCTS - 0.8%        
  3,418     Beiersdorf A.G.     354,090  
  5,434     Henkel A.G. & Company KGaA     365,980  
  507     LG Household & Health Care Ltd.(a)     299,575  
              1,019,645  
        INDUSTRIAL REIT - 0.6%        
  6,203     Duke Realty Corporation     327,704  
  21,134     Goodman Group     311,619  
  2,240     Prologis, Inc.     285,555  
              924,878  
        INDUSTRIAL SUPPORT SERVICES - 0.9%        
  5,753     Ashtead Group plc     301,080  
  6,155     Fastenal Company     329,662  
  1,022     United Rentals, Inc.(a)     304,740  

 

See accompanying notes to financial statements.

27

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        INDUSTRIAL SUPPORT SERVICES - 0.9% (Continued)        
  705     WW Grainger, Inc.   $ 343,384  
              1,278,866  
        INFRASTRUCTURE REIT - 1.0%        
  1,462     American Tower Corporation, A     374,462  
  1,989     Crown Castle International Corporation     377,214  
  1,069     SBA Communications Corporation     359,836  
              1,111,512  
        INSTITUTIONAL FINANCIAL SERVICES - 1.4%        
  110,308     B3 S.A. - Brasil Bolsa Balcao     294,962  
  3,210     Cboe Global Markets, Inc.     360,515  
  1,988     Deutsche Boerse A.G.     333,396  
  5,448     Interactive Brokers Group, Inc., Class A     335,270  
  2,735     Intercontinental Exchange, Inc.     280,037  
  3,522     London Stock Exchange Group plc     328,522  
              1,932,702  
        INSURANCE - 3.0%        
  10,832     Admiral Group plc     303,441  
  5,054     Brown & Brown, Inc.     300,056  
  2,660     Cincinnati Financial Corporation     340,108  
  17,443     Dai-ichi Life Holdings, Inc.     356,863  
  102,055     Legal & General Group plc     333,989  
  5,609     Loews Corporation     367,332  
  246     Markel Corporation(a)     336,880  
  24,807     Prudential plc     324,331  
  7,383     Sampo OYJ, A Shares     333,451  
  24,435     SBI Life Insurance Company Ltd.     369,375  
  566     Swiss Life Holding A.G.     320,341  
  14,931     Tryg A/S     348,067  
              4,034,234  
        INTERNET MEDIA & SERVICES - 1.2%        
  158     Booking Holdings, Inc.(a)     354,482  
  3,110     Naspers Ltd., N Shares     340,830  
  6,564     Prosus N.V.     340,142  
  3,569     REA Group Ltd.     288,373  

 

See accompanying notes to financial statements.

28

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        INTERNET MEDIA & SERVICES - 1.2% (Continued)        
  1,654     VeriSign, Inc.(a)   $ 288,706  
              1,612,533  
        LEISURE FACILITIES & SERVICES - 0.2%        
  3,116     Live Nation Entertainment, Inc.(a)     296,176  
                 
        MACHINERY - 2.2%        
  27,828     Atlas Copco A.B.     311,539  
  6,957     Atlas Copco A.B.(a)     5,684  
  1,647     Caterpillar, Inc.     355,505  
  22,603     CNH Industrial N.V.     336,486  
  2,042     FANUC Corporation     334,802  
  1,595     Nordson Corporation     347,519  
  1,254     Parker-Hannifin Corporation     341,301  
  16,608     Sandvik A.B.     340,094  
  644     SMC Corporation     333,252  
  50,547     WEG S.A.     269,792  
              2,975,974  
        MEDICAL EQUIPMENT & DEVICES - 5.2%        
  1,117     ABIOMED, Inc.(a)     294,553  
  830     Align Technology, Inc.(a)     230,441  
  634     Bio-Rad Laboratories, Inc., Class A(a)     340,959  
  2,423     Coloplast A/S - Series B     288,173  
  8,060     Demant A/S(a),     354,849  
  7,406     DENTSPLY SIRONA, Inc.     292,981  
  707     DexCom, Inc.(a)     210,644  
  3,138     Edwards Lifesciences Corporation(a)     316,467  
  1,921     EssilorLuxottica S.A. (b)     309,376  
  5,153     Exact Sciences Corporation(a)     256,671  
  4,796     Hologic, Inc.(a)     360,995  
  668     IDEXX Laboratories, Inc.(a)     261,602  
  1,390     Insulet Corporation(a)     296,737  
  1,204     Intuitive Surgical, Inc.(a)     274,079  
  2,358     Masimo Corporation(a)     331,134  
  262     Mettler-Toledo International, Inc.(a)     336,963  

 

See accompanying notes to financial statements.

29

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        MEDICAL EQUIPMENT & DEVICES - 5.2% (Continued)        
  1,473     ResMed, Inc.   $ 299,697  
  883     Sonova Holding A.G.     312,001  
  1,493     STERIS plc     340,703  
  1,366     Stryker Corporation     320,327  
  1,051     Teleflex, Inc.     302,415  
  1,142     Waters Corporation(a)     374,519  
  880     West Pharmaceutical Services, Inc.     273,134  
              6,979,420  
        METALS & MINING - 2.5%        
  2,576     Anglo American Platinum Ltd.     282,140  
  16,333     Antofagasta plc     304,102  
  9,635     BHP Group Ltd.     308,400  
  24,613     Fortescue Metals Group Ltd.     355,146  
  7,222     Freeport-McMoRan, Inc.     282,236  
  18,130     Newcrest Mining Ltd.     325,734  
  4,590     Newmont Corporation     311,432  
  35,424     Norsk Hydro ASA     284,002  
  4,168     Rio Tinto Ltd.     342,274  
  4,587     Rio Tinto plc     332,370  
  4,768     Southern Copper Corporation     294,567  
              3,422,403  
        MULTI ASSET CLASS REIT - 0.6%        
  20,486     Segro plc     286,037  
  4,464     WP Carey, Inc.     375,601  
              661,638  
        OFFICE REIT - 0.4%        
  1,814     Alexandria Real Estate Equities, Inc.     301,033  
  2,808     Boston Properties, Inc.     312,193  
              613,226  
        OIL & GAS PRODUCERS - 4.7%        
  5,845     Continental Resources, Inc.     397,869  
  6,077     Devon Energy Corporation     455,167  
  2,643     Diamondback Energy, Inc.     401,789  
  19,440     Ecopetrol S.A. - ADR(b)     328,536  

 

See accompanying notes to financial statements.

30

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        OIL & GAS PRODUCERS - 4.7% (Continued)        
  96,521     ENEOS Holdings, Inc.   $ 390,817  
  24,525     Eni SpA     373,732  
  3,031     EOG Resources, Inc.     415,126  
  30,549     Inpex Corporation     398,469  
  19,233     Kinder Morgan, Inc.     378,698  
  6,397     Occidental Petroleum Corporation     443,376  
  7,529     OMV A.G.     439,602  
  5,123     ONEOK, Inc.     337,350  
  82,484     PTT Exploration & Production PCL - ADR     407,397  
  3,657     Valero Energy Corporation     473,947  
  10,937     Williams Companies, Inc. (The)     405,325  
  16,718     Woodside Energy Group Ltd.     356,985  
              6,404,185  
        OIL & GAS SERVICES & EQUIPMENT - 0.6%        
  9,539     Halliburton Company     386,330  
  8,715     Schlumberger N.V.     400,541  
              786,871  
        PUBLISHING & BROADCASTING - 0.5%        
  5,801     Liberty Media Corp-Liberty Formula One - Series A(a)     330,773  
  16,142     News Corporation, CLASS A - NON-VOTING     280,871  
              611,644  
        REAL ESTATE INVESTMENT TRUSTS - 0.2%        
  8,969     Invitation Homes, Inc.     338,311  
                 
        REAL ESTATE OWNERS & DEVELOPERS - 1.5%        
  119,902     China Overseas Land & Investment Ltd.     348,375  
  72,290     Hongkong Land Holdings Ltd.     335,426  
  495,662     SM Prime Holdings, Inc.     348,579  
  12,992     Sumitomo Realty & Development Company Ltd.     350,734  
  143,714     Swire Properties Ltd.     351,629  
  7,582     Vonovia S.E.     288,485  
              2,023,228  
        RESIDENTIAL REIT - 1.5%        
  2,168     Camden Property Trust     311,086  

 

See accompanying notes to financial statements.

31

 

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        RESIDENTIAL REIT - 1.5% (Continued)        
  4,730     Equity LifeStyle Properties, Inc.   $ 358,061  
  4,014     Equity Residential     308,396  
  1,051     Essex Property Trust, Inc.     298,326  
  1,723     Mid-America Apartment Communities, Inc.     311,863  
  2,059     Sun Communities, Inc.     337,944  
  6,322     UDR, Inc.     302,192  
              2,227,868  
        RETAIL - CONSUMER STAPLES - 1.5%        
  16,914     Aeon Company Ltd.     309,774  
  6,899     Avenue Supermarts Ltd.(a)     352,870  
  637     Costco Wholesale Corporation     296,982  
  1,611     Dollar General Corporation     354,968  
  2,287     Dollar Tree, Inc.(a)     366,675  
  15,111     Jeronimo Martins SGPS S.A.     309,291  
              1,990,560  
        RETAIL - DISCRETIONARY - 2.8%        
  177     AutoZone, Inc.(a)     364,558  
  1,928     Burlington Stores, Inc.(a)     324,482  
  3,616     CarMax, Inc.(a)     358,960  
  4,212     Floor & Decor Holdings, Inc., Class A(a)     317,753  
  2,853     Genuine Parts Company     390,091  
  4,442     Next plc     362,615  
  527     O’Reilly Automotive, Inc.(a)     335,789  
  3,719     Pandora A/S     300,311  
  3,955     Ross Stores, Inc.     336,254  
  20,919     SM Investments Corporation     342,072  
  1,581     Tractor Supply Company     296,216  
              3,729,101  
        RETAIL REIT - 0.8%        
  14,685     Kimco Realty Corporation     347,300  
  5,210     Realty Income Corporation     355,426  
  2,723     Simon Property Group, Inc.     312,192  
              1,014,918  

 

See accompanying notes to financial statements.

32

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        SELF-STORAGE REIT - 0.4%        
  1,754     Extra Space Storage, Inc.   $ 312,563  
  926     Public Storage     306,173  
              618,736  
        SEMICONDUCTORS - 3.8%        
  2,205     Analog Devices, Inc.     371,322  
  528     ASML Holding N.V.     303,754  
  582     Broadcom, Inc.     337,636  
  2,706     Entegris, Inc.     300,258  
  10,390     Infineon Technologies A.G.     322,729  
  980     KLA Corporation     357,553  
  5,019     Marvell Technology, Inc.     296,874  
  4,802     Microchip Technology, Inc.     348,865  
  751     Monolithic Power Systems, Inc.     338,243  
  1,326     NVIDIA Corporation     247,591  
  1,961     NXP Semiconductors N.V.     372,118  
  5,693     ON Semiconductor Corporation(a)     345,451  
  2,878     Qorvo, Inc.(a)     321,617  
  2,687     Skyworks Solutions, Inc.     292,534  
  8,172     STMicroelectronics N.V. - ADR     327,534  
  3,034     Teradyne, Inc.     331,495  
              5,215,574  
        SOFTWARE - 3.7%        
  1,146     ANSYS, Inc.(a)     298,373  
  2,253     Cadence Design Systems, Inc.(a)     346,354  
  5,285     Ceridian HCM Holding, Inc.(a)     297,546  
  3,911     Cerner Corporation     370,958  
  2,651     Check Point Software Technologies Ltd.(a)     331,587  
  7,192     Dassault Systemes S.E.     302,478  
  3,404     DocuSign, Inc.(a)     285,630  
  1,073     Fortinet, Inc.(a)     315,612  
  16     Nice Ltd.(a)     3,232  
  18     Nice Ltd. - ADR(a)     3,577  
  1,058     Paycom Software, Inc.(a)     300,832  
  3,357     PTC, Inc.(a)     391,190  

 

See accompanying notes to financial statements.

33

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        SOFTWARE - 3.7% (Continued)        
  3,008     RingCentral, Inc., Class A(a)   $ 189,925  
  639     ServiceNow, Inc.(a)     298,713  
  4,825     SS&C Technologies Holdings, Inc.     308,752  
  1,105     Synopsys, Inc.(a)     352,716  
  827     Tyler Technologies, Inc.(a)     294,263  
  1,711     Veeva Systems, Inc., Class A(a)     291,315  
              4,983,053  
        STEEL - 0.2%        
  2,457     Nucor Corporation     325,454  
                 
        TECHNOLOGY HARDWARE - 1.4%        
  2,661     Arista Networks, Inc.(a)     272,167  
  3,057     Garmin Ltd.     322,880  
  4,243     NetApp, Inc.     305,284  
  36,876     Panasonic Holdings Corporation     339,190  
  780     Samsung SDI Company Ltd.     361,048  
  855     Zebra Technologies Corporation, Class A(a)     289,152  
              1,889,721  
        TECHNOLOGY SERVICES - 4.0%        
  4,013     Cognizant Technology Solutions Corporation, Class A     299,771  
  5,403     CoStar Group, Inc.(a)     329,259  
  1,250     EPAM Systems, Inc.(a)     423,150  
  1,538     Equifax, Inc.     311,568  
  3,629     Fidelity National Information Services, Inc.     379,231  
  1,469     FleetCor Technologies, Inc.(a)     365,502  
  1,218     Gartner, Inc.(a)     319,603  
  2,673     Global Payments, Inc.     350,270  
  1,504     Globant S.A.(a)     285,023  
  1,059     MarketAxess Holdings, Inc.     298,299  
  721     MSCI, Inc.     318,934  
  8,512     NEC Corporation     344,522  
  18,280     NTT Data Corporation     287,431  
  2,682     Paychex, Inc.     332,112  
  7,346     Tata Consultancy Services Ltd.     318,188  

 

See accompanying notes to financial statements.

34

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
        TECHNOLOGY SERVICES - 4.0% (Continued)        
  1,690     Verisk Analytics, Inc.   $ 295,615  
  3,409     Wolters Kluwer N.V.     337,131  
              5,595,609  
        TELECOMMUNICATIONS - 1.8%        
  350,744     America Movil S.A.B. de C.V.     377,981  
  104,620     Koninklijke KPN N.V.     380,998  
  27,642     MTN Group Ltd.     298,263  
  186,210     Singapore Telecommunications Ltd.     352,001  
  32,508     Telefonica Brasil S.A.     349,072  
  89,918     Telia Company A.B.     368,447  
  124,960     Telstra Corp Ltd.     347,883  
              2,474,645  
        TIMBER REIT - 0.4%        
  9,557     Weyerhaeuser Company     377,693  
                 
        TRANSPORTATION & LOGISTICS - 3.2%        
  2,162     Aena SME S.A.(a),     329,858  
  17,337     Atlantia SpA     419,980  
  9,710     CSX Corporation     308,681  
  1,843     DSV A/S     302,513  
  6,181     East Japan Railway Company     317,592  
  3,491     Expeditors International of Washington, Inc.     379,959  
  1,776     JB Hunt Transport Services, Inc.     306,502  
  1,251     Kuehne + Nagel International A.G.     329,633  
  1,178     Old Dominion Freight Line, Inc.     304,207  
  31,035     Poste Italiane SpA     335,599  
  4,354     Ryanair Holdings plc - ADR(a)     379,669  
  36,615     Transurban Group     377,526  
  1,326     Union Pacific Corporation     291,428  
              4,383,147  
        TRANSPORTATION EQUIPMENT - 1.3%        
  15,041     Alstom S.A.     410,047  
  52,094     Iveco Group N.V.(a)     331,284  
  4,117     PACCAR, Inc.     357,520  

 

See accompanying notes to financial statements.

35

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.3% (Continued)        
                 
        TRANSPORTATION EQUIPMENT - 1.3% (Continued)        
  18,343     Volvo A.B.   $ 335,807  
  3,703     Westinghouse Air Brake Technologies Corporation     349,785  
              1,784,443  
                 
        WHOLESALE - CONSUMER STAPLES - 0.2%        
  10,597     ITOCHU Corporation     304,190  
                 
        WHOLESALE - DISCRETIONARY - 0.8%        
  2,877     Copart, Inc.(a)     329,503  
  7,860     LKQ Corporation     403,925  
  819     Pool Corporation     326,471  
              1,059,899  
                 
        TOTAL COMMON STOCKS (Cost $132,419,235)     133,376,510  
                             
Shares         Expiration
Date
  Exercise
Price
    Fair Value  
        WARRANT — 0.1%                    
                             
        OIL & GAS PRODUCERS - 0.1%                    
  2,243     Occidental Petroleum Corporation(a) (b)   08/03/2027   $ 22.00       106,206  
                             
        TOTAL WARRANT (Cost $0)                 106,206  

 

See accompanying notes to financial statements.

36

 

INSPIRE GLOBAL HOPE ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COLLATERAL FOR SECURITIES LOANED — 1.4%        
                 
        MONEY MARKET FUND - 1.4%        
  1,836,655     Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $1,836,655)(c)(d)   $ 1,836,655  
                 
        TOTAL INVESTMENTS - 99.8% (Cost $134,255,890)   $ 135,319,371  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%     307,339  
        NET ASSETS - 100.0%   $ 135,626,710  
                 
ADR - American Depositary Receipt
     
A/S - Anonim Sirketi
     
LTD - Limited Company
     
MSCI - Morgan Stanley Capital International
     
NV - Naamioze Vennootschap
     
OYJ - Julkinen osakeyhtiö
     
PLC - Public Limited Company
     
PT - Perseroan Terbatas
     
REIT - Real Estate Investment Trust
     
S/A - Société Anonyme
     
(a) - Non-income producing security.
     
(b) - All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2022 was $1,729,965.
     
(c) - Security was purchased with cash received as collateral for securities on loan at May 31, 2022. Total collateral had a value of $1,836,655 at May 31, 2022.
     
(d) - Rate disclosed is the seven day effective yield as of May 31, 2022.

 

See accompanying notes to financial statements.

37

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1%        
        ADVERTISING & MARKETING - 0.2%        
  20,897     QuinStreet, Inc.(a)   $ 229,867  
                 
        AEROSPACE & DEFENSE - 1.0%        
  4,998     AAR Corporation(a)     241,004  
  6,279     Aerojet Rocketdyne Holdings, Inc.(a)     255,806  
  2,582     AeroVironment, Inc.(a)     237,441  
  6,074     Barnes Group, Inc.     218,846  
  1,930     Woodward, Inc.     196,107  
              1,149,204  
        APPAREL & TEXTILE PRODUCTS - 0.6%        
  2,600     Carter’s, Inc.     200,330  
  2,702     Oxford Industries, Inc.     246,314  
  5,937     Skechers USA, Inc., Class A(a)     233,918  
              680,562  
        ASSET MANAGEMENT - 0.6%        
  6,149     Artisan Partners Asset Management, Inc., Class A     236,184  
  2,826     Cohen & Steers, Inc.     215,369  
  3,530     Stifel Financial Corporation     226,520  
              678,073  
        AUTOMOTIVE - 1.5%        
  13,723     Dana, Inc.     227,253  
  2,567     Dorman Products, Inc.(a)     259,395  
  8,340     Gentex Corporation     259,207  
  3,325     Gentherm, Inc.(a)     229,226  
  5,600     Standard Motor Products, Inc.     223,720  
  13,303     Tenneco, Inc., Class A(a)     230,275  
  2,201     Visteon Corporation(a)     246,974  
              1,676,050  
        BANKING - 9.9%        
  5,548     Ameris Bancorp     252,932  
  10,558     Associated Banc-Corporation     218,551  
  15,303     Brookline Bancorp, Inc.     216,844  
  9,102     Byline Bancorp, Inc.     227,368  
  5,411     Cathay General Bancorp     222,446  

 

See accompanying notes to financial statements.

38

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        BANKING - 9.9% (Continued)        
  3,095     City Holding Company   $ 254,068  
  3,391     Commerce Bancshares, Inc.     234,589  
  3,474     Community Bank System, Inc.     229,284  
  1,744     Cullen/Frost Bankers, Inc.     217,965  
  4,622     Customers Bancorp, Inc.(a)     190,889  
  4,259     Eagle Bancorp, Inc.     211,076  
  3,044     East West Bancorp, Inc.     223,856  
  15,985     First Commonwealth Financial Corporation     223,950  
  10,490     First Financial Bancorp     220,080  
  5,483     First Financial Bankshares, Inc.     226,119  
  10,341     First Horizon Corporation     236,085  
  6,641     First Interstate BancSystem, Inc., Class A     252,822  
  5,713     Flagstar Bancorp, Inc.     220,122  
  19,337     FNB Corporation     234,945  
  14,570     Fulton Financial Corporation     230,935  
  4,799     Glacier Bancorp, Inc.     232,320  
  8,253     Hilltop Holdings, Inc.(b)     247,673  
  10,778     Home BancShares, Inc.     243,475  
  15,103     Hope Bancorp, Inc.     220,202  
  5,701     International Bancshares Corporation     239,043  
  14,509     Lakeland Bancorp, Inc.     225,180  
  6,763     NBT Bancorp, Inc.     250,096  
  22,563     New York Community Bancorp, Inc.     225,179  
  18,014     Northwest Bancshares, Inc.     232,200  
  2,632     Pinnacle Financial Partners, Inc.     214,297  
  3,498     Prosperity Bancshares, Inc.     253,604  
  7,308     Renasant Corporation     226,110  
  8,236     S&T Bancorp, Inc.     242,221  
  2,535     ServisFirst Bancshares, Inc.     211,318  
  9,281     Simmons First National Corporation, Class A     238,615  
  5,958     Southside Bancshares, Inc.     240,286  
  4,902     Synovus Financial Corporation     209,070  
  4,253     Texas Capital Bancshares, Inc.(a)     240,422  
  8,125     Towne Bank     239,525  

 

See accompanying notes to financial statements.

39

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        BANKING - 9.9% (Continued)        
  8,022     Trustmark Corporation   $ 233,360  
  2,496     UMB Financial Corporation     230,506  
  12,949     Umpqua Holdings Corporation     228,550  
  6,977     United Bankshares, Inc.     262,055  
  6,961     United Community Banks, Inc.     218,784  
  18,640     Valley National Bancorp     236,914  
  4,292     Webster Financial Corporation     210,694  
  7,033     WesBanco, Inc.     239,544  
  4,039     Westamerica BanCorporation     243,188  
  2,586     Wintrust Financial Corporation     225,991  
              11,305,348  
        BEVERAGES - 0.2%        
  492     Coca-Cola Consolidated, Inc.     277,965  
                 
        BIOTECH & PHARMA - 3.3%        
  2,033     Biohaven Pharmaceutical Holding Company Ltd.(a)     292,202  
  50,093     Bluebird Bio, Inc.(a)     160,298  
  18,640     Coherus Biosciences, Inc.(a)     136,818  
  6,540     Cytokinetics, Inc.(a)     260,946  
  5,861     Emergent BioSolutions, Inc.(a)     193,179  
  3,358     Enanta Pharmaceuticals, Inc.(a)     134,085  
  6,083     Halozyme Therapeutics, Inc.(a)     279,696  
  1,744     Heska Corporation(a)     174,034  
  12,485     Innoviva, Inc.(a)     189,397  
  19,330     Ironwood Pharmaceuticals, Inc.(a)     217,849  
  45,168     Nektar Therapeutics(a)     157,185  
  3,191     Pacira BioSciences, Inc.(a)     201,831  
  4,570     Prestige Consumer Healthcare, Inc.(a)     255,097  
  12,568     Revance Therapeutics, Inc.(a)     171,930  
  7,233     Sage Therapeutics, Inc.(a)     226,176  
  3,085     Sarepta Therapeutics, Inc.(a)     224,650  
  7,550     Supernus Pharmaceuticals, Inc.(a)     210,419  
  1,359     United Therapeutics Corporation(a)     313,031  
              3,798,823  


See accompanying notes to financial statements.

40

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        CABLE & SATELLITE - 0.2%        
  163     Cable One, Inc.   $ 212,405  
                 
        CHEMICALS - 4.3%        
  4,696     AdvanSix, Inc.     217,566  
  1,767     Balchem Corporation     219,868  
  3,518     Cabot Corporation     265,996  
  7,633     Chemours Company (The)     328,905  
  11,671     Codexis, Inc.(a)     124,646  
  7,746     GCP Applied Technologies, Inc.(a)     241,056  
  3,630     HB Fuller Company     258,020  
  3,745     Ingevity Corporation(a)     260,952  
  2,621     Innospec, Inc.     267,421  
  2,842     Materion Corporation     232,987  
  3,653     Minerals Technologies, Inc.     242,048  
  747     NewMarket Corporation     246,151  
  4,610     Olin Corporation     303,292  
  1,390     Quaker Houghton     217,396  
  895     Rogers Corporation(a)     237,515  
  2,959     RPM International, Inc.     260,688  
  2,888     Sensient Technologies Corporation     252,527  
  5,070     Trinseo plc     239,760  
  7,633     Valvoline, Inc.     255,400  
  1,326     WD-40 Company     250,336  
              4,922,530  
        COMMERCIAL SUPPORT SERVICES - 2.6%        
  5,286     ABM Industries, Inc.     255,578  
  5,222     Brady Corporation, Class A     253,319  
  3,561     Brink’s Company (The)     216,616  
  1,425     CorVel Corporation(a)     212,553  
  7,984     Deluxe Corporation     191,057  
  4,312     Forrester Research, Inc.(a)     225,647  
  1,544     FTI Consulting, Inc.(a)     259,392  
  19,988     Harsco Corporation(a)     165,900  
  2,402     Insperity, Inc.     240,368  

 

See accompanying notes to financial statements.

41

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        COMMERCIAL SUPPORT SERVICES - 2.6% (Continued)        
  3,719     Korn Ferry   $ 228,570  
  2,454     TriNet Group, Inc.(a)     192,737  
  8,384     TrueBlue, Inc.(a)     184,616  
  1,314     UniFirst Corporation     214,760  
  6,791     Viad Corporation(a)     204,545  
              3,045,658  
        CONSTRUCTION MATERIALS - 1.0%        
  973     Carlisle Companies, Inc.     247,560  
  1,864     Eagle Materials, Inc.     243,364  
  9,105     MDU Resources Group, Inc.     249,295  
  2,204     Simpson Manufacturing Company, Inc.     238,803  
  7,738     Summit Materials, Inc., Class A(a)     211,325  
              1,190,347  
        CONSUMER SERVICES - 1.5%        
  394     Graham Holdings Company, Class B     241,530  
  2,487     Grand Canyon Education, Inc.(a)     221,766  
  7,548     Matthews International Corporation, Class A     244,253  
  1,427     Medifast, Inc.     237,952  
  9,713     Rent-A-Center, Inc.     267,496  
  3,670     Service Corporation International     257,010  
  3,628     Strategic Education, Inc.     238,795  
              1,708,802  
        CONTAINERS & PACKAGING - 0.8%        
  2,045     AptarGroup, Inc.     218,999  
  3,718     Greif, Inc., Class A     221,109  
  5,222     Silgan Holdings, Inc.     228,777  
  3,860     Sonoco Products Company     225,694  
              894,579  
        ELECTRIC UTILITIES - 1.9%        
  3,606     ALLETE, Inc.     223,644  
  3,153     Black Hills Corporation     241,709  
  5,720     Hawaiian Electric Industries, Inc.     246,932  
  2,095     IDACORP, Inc.     228,397  
  3,040     MGE Energy, Inc.     241,285  

 

See accompanying notes to financial statements.

42

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        ELECTRIC UTILITIES - 1.9% (Continued)        
  4,019     NorthWestern Corporation   $ 246,244  
  5,983     OGE Energy Corporation     247,098  
  2,994     Ormat Technologies, Inc.     251,377  
  5,091     PNM Resources, Inc.     241,975  
              2,168,661  
        ELECTRICAL EQUIPMENT - 2.0%        
  4,381     AAON, Inc.     234,734  
  2,824     Advanced Energy Industries, Inc.     230,043  
  2,422     Badger Meter, Inc.     191,677  
  4,371     Belden, Inc.     251,682  
  4,671     FARO Technologies, Inc.(a)     150,500  
  4,596     Itron, Inc.(a)     237,200  
  967     Littelfuse, Inc.     261,283  
  5,972     National Instruments Corporation     210,931  
  2,839     OSI Systems, Inc.(a)     238,249  
  1,721     Watts Water Technologies, Inc., Class A     225,158  
              2,231,457  
        ENGINEERING & CONSTRUCTION - 2.0%        
  3,129     AECOM     218,561  
  2,707     Comfort Systems USA, Inc.     242,872  
  2,148     EMCOR Group, Inc.     226,893  
  2,258     Exponent, Inc.     204,101  
  2,844     Installed Building Products, Inc.     271,716  
  4,426     KBR, Inc.     220,238  
  2,786     MasTec, Inc.(a)     232,882  
  2,568     MYR Group, Inc.(a)     235,254  
  1,461     Tetra Tech, Inc.     197,191  
  1,328     TopBuild Corporation(a)     261,961  
              2,311,669  
        ENTERTAINMENT CONTENT - 0.2%        
  5,941     AMC Networks, Inc., Class A(a)     233,244  
                 
        FOOD - 2.9%        
  10,440     BellRing Brands, Inc.(a)     273,006  

 

See accompanying notes to financial statements.

43

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        FOOD - 2.9% (Continued)        
  4,400     Cal-Maine Foods, Inc.   $ 210,012  
  2,989     Darling Ingredients, Inc.(a)     239,329  
  9,455     Flowers Foods, Inc.     260,958  
  9,439     Fresh Del Monte Produce, Inc.     241,072  
  7,010     Hain Celestial Group, Inc. (The)(a)     184,714  
  2,769     Ingredion, Inc.     262,197  
  1,577     J & J Snack Foods Corporation     202,203  
  2,923     John B Sanfilippo & Son, Inc.     223,259  
  4,018     Lamb Weston Holdings, Inc.     271,536  
  1,647     Lancaster Colony Corporation     200,769  
  12,089     Phibro Animal Health Corporation, Class A     232,230  
  3,502     Post Holdings, Inc.(a)     287,969  
  1,304     Sanderson Farms, Inc.     260,148  
              3,349,402  
        FORESTRY, PAPER & WOOD PRODUCTS - 0.4%        
  3,856     Louisiana-Pacific Corporation     266,296  
  3,635     Trex Company, Inc.(a)     231,622  
              497,918  
        GAS & WATER UTILITIES - 2.0%        
  2,718     American States Water Company     215,402  
  2,024     Atmos Energy Corporation     235,411  
  3,507     National Fuel Gas Company     257,870  
  5,279     New Jersey Resources Corporation     242,412  
  2,742     ONE Gas, Inc.     238,609  
  7,075     South Jersey Industries, Inc.     246,564  
  3,107     Southwest Gas Holdings, Inc.     289,354  
  3,386     Spire, Inc.     265,124  
  6,675     UGI Corporation     285,289  
              2,276,035  
        HEALTH CARE FACILITIES & SERVICES - 2.5%        
  3,685     Acadia Healthcare Company, Inc.(a)     262,261  
  1,405     Amedisys, Inc.(a)     162,854  
  481     Chemed Corporation     232,996  
  20,684     Community Health Systems, Inc.(a)     108,384  

 

See accompanying notes to financial statements.

44

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        HEALTH CARE FACILITIES & SERVICES - 2.5% (Continued)        
  2,699     Ensign Group, Inc. (The)   $ 219,078  
  3,548     HealthEquity, Inc.(a)     222,034  
  1,441     LHC Group, Inc.(a)     240,157  
  3,455     National HealthCare Corporation     242,852  
  5,424     Owens & Minor, Inc.     189,189  
  6,772     Premier, Inc., Class A     253,341  
  10,200     Select Medical Holdings Corporation     248,370  
  2,807     Tenet Healthcare Corporation(a)     181,641  
  7,532     Tivity Health, Inc.(a)     244,037  
              2,807,194  
        HEALTH CARE REIT - 0.8%        
  12,497     CareTrust REIT, Inc.     231,569  
  11,344     Medical Properties Trust, Inc.     210,772  
  13,701     Physicians Realty Trust     254,154  
  16,230     Sabra Health Care REIT, Inc.     227,869  
              924,364  
        HOME & OFFICE PRODUCTS - 0.7%        
  6,516     HNI Corporation     248,455  
  11,220     Newell Brands, Inc.     240,557  
  8,692     Tempur Sealy International, Inc.     229,208  
  12,408     Tupperware Brands Corporation(a)     82,265  
              800,485  
        HOME CONSTRUCTION - 2.9%        
  4,953     American Woodmark Corporation(a)     257,952  
  2,673     Armstrong World Industries, Inc.     223,196  
  12,112     Griffon Corporation     388,432  
  17,967     Interface, Inc.     258,545  
  7,382     KB Home     254,605  
  2,462     LGI Homes, Inc.(a)     241,251  
  5,418     M/I Homes, Inc.(a)     253,292  
  3,061     Meritage Homes Corporation(a)     261,134  
  3,982     Patrick Industries, Inc.     239,358  
  13,421     PGT Innovations, Inc.(a)     269,762  
  8,742     Taylor Morrison Home Corporation(a)     253,256  

 

See accompanying notes to financial statements.

45

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        HOME CONSTRUCTION - 2.9% (Continued)        
  5,096     Toll Brothers, Inc.   $ 257,195  
  11,975     Tri Pointe Homes, Inc.(a)     252,313  
              3,410,291  
        HOTEL REIT - 1.0%        
  23,706     DiamondRock Hospitality Company(a)     243,935  
  17,036     RLJ Lodging Trust     228,793  
  2,587     Ryman Hospitality Properties, Inc.(a)     230,993  
  24,201     Summit Hotel Properties, Inc.(a)     211,517  
  12,510     Xenia Hotels & Resorts, Inc.(a)     230,059  
              1,145,297  
        HOUSEHOLD PRODUCTS - 1.2%        
  5,505     Central Garden & Pet Company(a)     248,716  
  6,650     Edgewell Personal Care Company     242,060  
  7,948     Energizer Holdings, Inc.     238,361  
  1,237     Helen of Troy Ltd.(a)     229,080  
  2,764     Inter Parfums, Inc.     203,983  
  5,091     Nu Skin Enterprises, Inc., Class A     237,495  
              1,399,695  
        INDUSTRIAL INTERMEDIATE PROD - 1.3%        
  1,411     Chart Industries, Inc.(a)     248,167  
  5,630     Gibraltar Industries, Inc.(a)     235,109  
  4,611     Proto Labs, Inc.(a)     222,204  
  1,258     RBC Bearings, Inc.(a)     234,479  
  3,949     Timken Company (The)     241,165  
  1,013     Valmont Industries, Inc.     260,087  
              1,441,211  
        INDUSTRIAL REIT - 0.9%        
  1,184     EastGroup Properties, Inc.     191,275  
  3,882     First Industrial Realty Trust, Inc.     206,328  
  1,432     PS Business Parks, Inc.     268,686  
  3,216     Rexford Industrial Realty, Inc.     205,406  
  5,810     STAG Industrial, Inc.     193,473  
              1,065,168  

 

See accompanying notes to financial statements.

46

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        INDUSTRIAL SUPPORT SERVICES - 0.8%        
  2,376     Applied Industrial Technologies, Inc.   $ 245,703  
  6,348     Textainer Group Holdings Ltd.     205,929  
  791     Watsco, Inc.     202,203  
  1,852     WESCO International, Inc.(a)     232,574  
              886,409  
        INFRASTRUCTURE REIT - 0.2%        
  17,680     Uniti Group, Inc.     200,491  
                 
        INSTITUTIONAL FINANCIAL SERVICES - 0.6%        
  2,170     Evercore, Inc., Class A     247,814  
  2,772     Houlihan Lokey, Inc.     238,226  
  4,000     SEI Investments Company     233,720  
              719,760  
        INSURANCE - 3.1%        
  288     Alleghany Corporation(a)     240,129  
  1,658     American Financial Group, Inc.     234,275  
  4,859     AMERISAFE, Inc.     244,894  
  9,616     CNO Financial Group, Inc.     197,801  
  5,913     Employers Holdings, Inc.     244,857  
  64,663     Genworth Financial, Inc., Class A(a)     261,885  
  1,610     Hanover Insurance Group, Inc. (The)     236,026  
  5,852     Horace Mann Educators Corporation     236,772  
  4,260     Kemper Corporation     225,056  
  4,389     Mercury General Corporation     214,842  
  1,757     Primerica, Inc.     221,382  
  9,128     ProAssurance Corporation     202,733  
  2,211     Reinsurance Group of America, Inc.     278,254  
  2,186     RLI Corporation     264,768  
  2,691     Safety Insurance Group, Inc.     249,886  
              3,553,560  
        INTERNET MEDIA & SERVICES - 0.2%        
  12,124     HealthStream, Inc.(a)     246,966  
                 

See accompanying notes to financial statements.

47

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        LEISURE FACILITIES & SERVICES - 2.1%        
  8,609     BJ’s Restaurants, Inc.(a)   $ 226,158  
  6,061     Cheesecake Factory, Inc. (The)     197,952  
  14,047     Cinemark Holdings, Inc.(a)     238,519  
  2,605     Jack in the Box, Inc.     177,922  
  1,517     Marriott Vacations Worldwide Corporation     224,091  
  2,314     Papa John’s International, Inc.     203,655  
  3,223     SeaWorld Entertainment, Inc.(a)     174,622  
  3,584     Shake Shack, Inc., Class A(a)     174,362  
  4,090     St Joe Company (The)     206,504  
  2,895     Texas Roadhouse, Inc.     225,723  
  10,980     Wendy’s Company (The)     204,667  
  2,026     Wingstop, Inc.     161,391  
              2,415,566  
        LEISURE PRODUCTS - 1.6%        
  2,968     Brunswick Corporation     223,283  
  10,260     Callaway Golf Company(a)     222,745  
  2,454     Fox Factory Holding Corporation(a)     201,277  
  2,279     Polaris, Inc.     242,827  
  3,505     Sturm Ruger & Company, Inc.     237,954  
  3,059     Thor Industries, Inc.     232,392  
  6,666     Vista Outdoor, Inc.(a)     256,908  
  4,466     Winnebago Industries, Inc.     220,844  
              1,838,230  
        MACHINERY - 4.2%        
  1,651     AGCO Corporation     211,543  
  1,679     Alamo Group, Inc.     197,501  
  2,882     Albany International Corporation, Class A     243,241  
  2,220     Crane Holdings Company     212,365  
  1,602     Curtiss-Wright Corporation     227,452  
  4,645     Donaldson Company, Inc.     242,841  
  3,466     ESCO Technologies, Inc.     228,097  
  2,907     Franklin Electric Company, Inc.     214,304  
  3,444     Graco, Inc.     218,005  
  5,473     Hillenbrand, Inc.     228,990  

 

See accompanying notes to financial statements.

48

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        MACHINERY - 4.2% (Continued)        
  2,036     John Bean Technologies Corporation   $ 247,883  
  8,426     Kennametal, Inc.     233,737  
  1,754     Lincoln Electric Holdings, Inc.     238,228  
  1,533     Lindsay Corporation     193,158  
  1,815     MSA Safety, Inc.     231,394  
  2,385     Oshkosh Corporation     221,590  
  1,622     Regal Rexnord Corporation     202,669  
  2,405     Standex International Corporation     223,906  
  3,070     Tennant Company     191,077  
  6,756     Terex Corporation     239,095  
  2,830     Toro Company (The)     233,447  
  6,718     Zurn Water Solutions Corporation     193,613  
              4,874,136  
        MEDICAL EQUIPMENT & DEVICES - 1.7%        
  11,371     Artivion, Inc.(a)     222,417  
  3,282     Globus Medical, Inc., Class A(a)     218,581  
  3,857     Haemonetics Corporation(a)     243,994  
  1,076     ICU Medical, Inc.(a)     195,445  
  3,740     Integra LifeSciences Holdings Corporation(a)     234,274  
  3,627     Merit Medical Systems, Inc.(a)     222,662  
  9,642     Myriad Genetics, Inc.(a)     185,512  
  7,854     Neogen Corporation(a)     207,817  
  4,283     NuVasive, Inc.(a)     245,886  
              1,976,588  
        METALS & MINING - 0.9%        
  54,525     Coeur Mining, Inc.(a)     212,102  
  3,858     Compass Minerals International, Inc.     173,340  
  2,117     Encore Wire Corporation     264,667  
  36,720     Hecla Mining Company     173,318  
  1,707     Royal Gold, Inc.     193,028  
              1,016,455  
        MORTGAGE FINANCE - 0.5%        
  17,515     Apollo Commercial Real Estate Finance, Inc.     222,966  
  107,012     Invesco Mortgage Capital, Inc.(b)     190,481  

 

See accompanying notes to financial statements.

49

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        MORTGAGE FINANCE - 0.5% (Continued)        
  15,121     MFA Financial, Inc.   $ 204,436  
              617,883  
        MULTI ASSET CLASS REIT - 0.4%        
  15,359     LXP Industrial Trust     177,550  
  9,481     Washington Real Estate Investment Trust     230,293  
              407,843  
        OFFICE REIT - 1.8%        
  6,343     American Assets Trust, Inc.     216,296  
  16,990     Brandywine Realty Trust     189,439  
  8,418     Corporate Office Properties Trust     232,674  
  5,953     Cousins Properties, Inc.     205,676  
  7,182     Douglas Emmett, Inc.     203,035  
  5,221     Highwoods Properties, Inc.     205,133  
  3,139     Kilroy Realty Corporation     190,537  
  13,936     Mack-Cali Realty Corporation(a)     224,230  
  13,947     Piedmont Office Realty Trust, Inc., Class A     205,579  
              1,872,599  
        OIL & GAS PRODUCERS - 1.2%        
  6,144     HF Sinclair Corporation     301,670  
  1,651     Oasis Petroleum, Inc.     262,063  
  6,153     SM Energy Company     297,005  
  33,580     Southwestern Energy Company(a)     306,251  
  9,018     World Fuel Services Corporation     223,556  
              1,390,545  
        OIL & GAS SERVICES & EQUIPMENT - 0.2%        
  15,840     Oceaneering International, Inc.(a)     201,485  
                 
        PUBLISHING & BROADCASTING - 1.1%        
  11,655     EW Scripps Company (The), Class A(a)     184,965  
  53,447     Gannett Company, Inc.(a)     210,047  
  5,265     New York Times Company (The), Class A     181,590  
  1,276     Nexstar Media Group, Inc., Class A     223,581  
  6,044     Scholastic Corporation     226,831  

 

See accompanying notes to financial statements.

50

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        PUBLISHING & BROADCASTING - 1.1% (Continued)        
  3,874     World Wrestling Entertainment, Inc., Class A   $ 258,666  
              1,285,680  
        REAL ESTATE INVESTMENT TRUSTS - 0.2%        
  7,743     Omega Healthcare Investors, Inc.     230,509  
                 
        RENEWABLE ENERGY - 0.6%        
  3,244     EnerSys     219,684  
  2,885     First Solar, Inc.(a)     203,710  
  7,837     Green Plains, Inc.(a)     255,329  
              678,723  
        RESIDENTIAL REIT - 0.3%        
  4,287     American Campus Communities, Inc.     278,656  
  9,086     Independence Realty Trust, Inc.     213,612  
              492,268  
        RETAIL - CONSUMER STAPLES - 1.2%        
  7,016     Big Lots, Inc.     171,822  
  1,222     Casey’s General Stores, Inc.     256,058  
  1,512     Five Below, Inc.(a)     197,452  
  5,630     Ollie’s Bargain Outlet Holdings, Inc.(a)     264,441  
  7,589     Sprouts Farmers Market, Inc.(a)     205,586  
  3,393     Weis Markets, Inc.     249,453  
              1,344,812  
        RETAIL - DISCRETIONARY - 2.9%        
  1,455     Asbury Automotive Group, Inc.(a)     263,573  
  924     Avis Budget Group, Inc.(a)     175,819  
  3,704     Builders FirstSource, Inc.(a)     241,093  
  2,413     Dick’s Sporting Goods, Inc.(b)     196,008  
  898     Dillard’s, Inc., Class A     270,729  
  19,095     EVgo, Inc.(a)(b)     182,930  
  5,601     Hibbett, Inc.     284,251  
  9,187     La-Z-Boy, Inc.     234,544  
  797     Lithia Motors, Inc.     242,663  
  5,966     MarineMax, Inc.(a)     247,052  
  5,505     Monro, Inc.     261,047  

 

See accompanying notes to financial statements.

51

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        RETAIL - DISCRETIONARY - 2.9% (Continued)        
  15,726     Sally Beauty Holdings, Inc.(a)   $ 238,406  
  4,862     Sleep Number Corporation(a)     223,312  
  5,670     Sonic Automotive, Inc., Class A     258,609  
              3,320,036  
        RETAIL REIT - 1.6%        
  11,143     Acadia Realty Trust     219,071  
  3,643     Agree Realty Corporation     253,444  
  8,924     Four Corners Property Trust, Inc.     246,035  
  10,585     Kite Realty Group Trust     221,862  
  5,328     National Retail Properties, Inc.     236,030  
  12,488     Retail Opportunity Investments Corporation     225,658  
  4,590     Saul Centers, Inc.     225,185  
  14,031     Tanger Factory Outlet Centers, Inc.     245,683  
              1,872,968  
        SEMICONDUCTORS - 3.4%        
  11,026     Amkor Technology, Inc.     225,371  
  2,857     Azenta, Inc.     218,960  
  6,012     CEVA, Inc.(a)     216,853  
  2,858     Cirrus Logic, Inc.(a)     233,041  
  887     Coherent, Inc.(a)     240,342  
  8,207     Cohu, Inc.(a)     249,739  
  2,770     Diodes, Inc.(a)     213,318  
  3,320     II-VI, Inc.(a)     207,500  
  2,212     IPG Photonics Corporation(a)     233,344  
  4,103     MaxLinear, Inc., A(a)     162,438  
  1,600     MKS Instruments, Inc.     197,600  
  2,593     Power Integrations, Inc.     218,797  
  3,464     Semtech Corporation(a)     222,008  
  1,609     Silicon Laboratories, Inc.(a)     239,998  
  1,230     Synaptics, Inc.(a)     182,188  
  8,883     Veeco Instruments, Inc.(a)     190,363  
  12,259     Vishay Intertechnology, Inc.     250,574  
  2,104     Wolfspeed, Inc.(a)     158,284  
              3,860,718  

 

See accompanying notes to financial statements.

52

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        SOFTWARE - 3.6%        
  7,607     ACI Worldwide, Inc.(a)   $ 202,650  
  21,507     Alignment Healthcare, Inc.(a)     229,695  
  10,711     Allscripts Healthcare Solutions, Inc.(a)     183,051  
  4,039     Blackbaud, Inc.(a)     257,083  
  4,967     CDK Global, Inc.     270,504  
  3,646     CommVault Systems, Inc.(a)     222,442  
  7,340     Donnelley Financial Solutions, Inc.(a)     228,347  
  3,202     Envestnet, Inc.(a)     213,317  
  10,048     LivePerson, Inc.(a)     168,605  
  10,888     Mandiant, Inc.(a)     240,080  
  1,734     Manhattan Associates, Inc.(a)     209,693  
  498     MicroStrategy, Inc., Class A(a)(b)     131,816  
  3,589     New Relic, Inc.(a)     168,181  
  1,884     Omnicell, Inc.(a)     209,425  
  3,007     Pegasystems, Inc.     148,967  
  5,208     Progress Software Corporation     251,599  
  1,677     Qualys, Inc.(a)     219,150  
  1,824     SPS Commerce, Inc.(a)     195,241  
  4,683     Verint Systems, Inc.(a)     239,020  
  2,516     Ziff Davis, Inc.(a)     192,071  
              4,180,937  
        SPECIALTY FINANCE - 1.9%        
  3,874     Encore Capital Group, Inc.(a)     236,740  
  6,356     Enova International, Inc.(a)     200,722  
  3,707     First American Financial Corporation     224,607  
  2,022     LendingTree, Inc.(a)     127,608  
  17,835     MGIC Investment Corporation     248,442  
  2,858     Nelnet, Inc., Class A     242,044  
  13,299     SLM Corporation     260,528  
  4,019     Stewart Information Services Corporation     223,014  
  1,876     Walker & Dunlop, Inc.     199,438  
  1,269     World Acceptance Corporation(a)     187,901  
              2,151,044  

 

See accompanying notes to financial statements.

53

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        SPECIALTY REIT - 0.2%        
  2,068     Lamar Advertising Company, Class A   $ 202,561  
                 
        STEEL - 1.2%        
  8,945     Allegheny Technologies, Inc.(a)     245,988  
  5,812     Commercial Metals Company     230,911  
  1,313     Reliance Steel & Aluminum Company     255,246  
  2,878     Steel Dynamics, Inc.     245,724  
  6,470     United States Steel Corporation     162,203  
  4,699     Worthington Industries, Inc.     219,161  
              1,359,233  
        TECHNOLOGY HARDWARE - 3.7%        
  14,551     3D Systems Corporation(a)     157,296  
  13,118     ADTRAN, Inc.     243,077  
  2,030     Arrow Electronics, Inc.(a)     244,920  
  9,793     Benchmark Electronics, Inc.     249,624  
  28,357     GoPro, Inc., Class A(a)     195,947  
  26,149     Harmonic, Inc.(a)     251,815  
  3,808     InterDigital, Inc.     248,624  
  3,912     Jabil, Inc.     240,666  
  11,140     Knowles Corporation(a)     214,111  
  2,464     Lumentum Holdings, Inc.(a)     212,101  
  6,015     NCR Corporation(a)     208,660  
  7,559     NetScout Systems, Inc.(a)     259,500  
  2,962     Plexus Corporation(a)     251,178  
  5,985     Sanmina Corporation(a)     262,682  
  6,348     Super Micro Computer, Inc.(a)     317,780  
  16,438     TTM Technologies, Inc.(a)     234,899  
  4,941     ViaSat, Inc.(a)     195,120  
  3,466     Vicor Corporation(a)     233,262  
              4,221,262  
        TECHNOLOGY SERVICES - 2.4%        
  801     CACI International, Inc., Class A(a)     224,576  
  3,803     CSG Systems International, Inc.     236,509  
  1,703     ExlService Holdings, Inc.(a)     242,150  

 

See accompanying notes to financial statements.

54

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        TECHNOLOGY SERVICES - 2.4% (Continued)        
  518     Fair Isaac Corporation(a)   $ 212,147  
  8,852     Green Dot Corporation, Class A(a)     255,292  
  1,225     Jack Henry & Associates, Inc.     230,447  
  2,797     ManTech International Corporation, Class A     267,532  
  3,208     MAXIMUS, Inc.     208,167  
  2,189     Perficient, Inc.(a)     214,325  
  21,143     Sabre Corporation(a)     158,784  
  2,611     Science Applications International Corporation     226,008  
  1,353     WEX, Inc.(a)     230,389  
              2,706,326  
        TELECOMMUNICATIONS - 1.4%        
  19,414     8x8, Inc.(a)     140,752  
  3,713     Cogent Communications Holdings, Inc.     224,228  
  41,333     Consolidated Communications Holdings, Inc.(a)     273,623  
  5,996     Iridium Communications, Inc.(a)     222,512  
  10,360     Shenandoah Telecommunications Company     237,866  
  12,978     Telephone and Data Systems, Inc.     230,100  
  12,032     Vonage Holdings Corporation(a)     233,060  
              1,562,141  
        TIMBER REIT - 0.4%        
  4,577     PotlatchDeltic Corporation     240,109  
  5,823     Rayonier, Inc.     240,024  
              480,133  
        TRANSPORTATION & LOGISTICS - 2.0%        
  1,486     Allegiant Travel Company(a)     222,083  
  2,493     Forward Air Corporation     232,323  
  17,180     Heartland Express, Inc.     245,329  
  3,143     Hub Group, Inc., Class A(a)     229,376  
  4,790     Knight-Swift Transportation Holdings, Inc.     232,986  
  1,602     Landstar System, Inc.     242,591  
  1,991     Matson, Inc.     178,951  
  978     Saia, Inc.(a)     193,243  
  8,429     SkyWest, Inc.(a)     227,246  

 

See accompanying notes to financial statements.

55

 

INSPIRE SMALL/MID CAP ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        TRANSPORTATION & LOGISTICS - 2.0% (Continued)        
  5,898     Werner Enterprises, Inc.   $ 239,282  
              2,243,410  
        TRANSPORTATION EQUIPMENT - 0.2%        
  7,028     Trinity Industries, Inc.     174,716  
                 
        WHOLESALE - CONSUMER STAPLES - 0.2%        
  4,775     Andersons, Inc. (The)     179,588  
                 
        WHOLESALE - DISCRETIONARY - 0.7%        
  4,315     ePlus, Inc.(a)     244,833  
  6,953     ScanSource, Inc.(a)     269,359  
  1,808     Veritiv Corporation(a)     262,794  
              776,986  
                 
        TOTAL COMMON STOCKS (Cost $116,668,129)     113,374,871  
                 
Shares         Fair Value  
        COLLATERAL FOR SECURITIES LOANED — 0.7%        
        MONEY MARKET FUND - 0.7%        
  746,849     Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $746,849) (c)(d)     746,849  
                 
        TOTAL INVESTMENTS - 99.8% (Cost $117,414,978)   $ 114,121,720  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%     206,600  
        NET ASSETS - 100.0%   $ 114,328,320  

 

LTD - Limited Company

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

(a) - Non-income producing security.

 

(b) - All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2022 was $710,419.

 

(c) - Security was purchased with cash received as collateral for securities on loan at May 31, 2022. Total collateral had a value of $746,849 at May 31, 2022.

 

(d) - Rate disclosed is the seven day effective yield as of May 31, 2022.

 

See accompanying notes to financial statements.

56

 

INSPIRE CORPORATE BOND ESG ETF
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2022

 

Principal         Coupon Rate          
Amount ($)         (%)   Maturity   Fair Value  
        CORPORATE BONDS — 97.1%                
        AEROSPACE & DEFENSE — 1.4%                
  800,000     Teledyne Technologies, Inc.   0.9500