UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number

811-23066

Northern Lights Fund Trust IV

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code:

631-490-4300

Date of fiscal year end:	11/30

Date of reporting period:	11/30/24

Item 1. Reports to Stockholders.

(a)

Inspire 100 ETF

(BIBL) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire 100 ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire 100 ETF	$40	0.35%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 31.02%. This strong performance was driven by the upward momentum and security selection in the Information Technology and Industrials sectors. The other sectors that helped achieve this positive performance came from the Health Care and Financials sectors. Although still contributing positive return during the year, the sectors that caused the largest drag to performance were the Consumer Staples, Communication Services and Energy sectors. While there was volatility in the markets during the period due to uncertainty about the next move in interest rates by the Federal Reserve as well as the contentious political environment prior to the election, the Fund performed in line with the broader large cap market even though the Fund had minimal exposure to the Mega Cap Growth stocks that have been the driving force in the large cap markets for the past year. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

	Inspire 100 ETF - NAV	Inspire 100 Index	S&P 500 Index
Oct-2017	$10,000	$10,000	$10,000
Nov-2017	$10,276	$10,274	$10,317
Nov-2018	$10,594	$10,674	$10,964
Nov-2019	$12,144	$12,361	$12,730
Nov-2020	$14,997	$15,489	$14,953
Nov-2021	$18,715	$19,531	$19,128
Nov-2022	$15,966	$16,678	$17,366
Nov-2023	$16,591	$17,393	$19,769
Nov-2024	$21,737	$22,895	$26,469

Average Annual Total Returns

	1 Year	5 Years	Since Inception (October 30, 2017)
Inspire 100 ETF - NAV	31.02%	12.35%	11.58%
Inspire 100 Index	31.63%	13.12%	12.40%
S&P 500 Index	33.89%	15.77%	14.73%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets$353,442,210
Number of Portfolio Holdings100
Advisory Fee (net of waivers)$820,116
Portfolio Turnover26%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.2%
Consumer Staples	1.0%
Consumer Discretionary	1.2%
Utilities	3.2%
Materials	5.0%
Energy	7.2%
Financials	8.2%
Health Care	10.3%
Real Estate	13.3%
Industrials	23.6%
Technology	26.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Intuitive Surgical, Inc.	4.9%
Caterpillar, Inc.	4.7%
Progressive Corporation (The)	4.0%
Arista Networks, Inc.	3.2%
Prologis, Inc.	2.8%
Cintas Corporation	2.3%
Parker-Hannifin Corporation	2.3%
Amphenol Corporation, Class A	2.3%
Synopsys, Inc.	2.2%
KLA Corporation	2.2%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire 100 ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-BIBL

Inspire 500 ETF

(PTL) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire 500 ETF for the period of March 25, 2024 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire 500 ETF	$7	0.09%^{Footnote Reference*}

* Annualized

How did the Fund perform during the reporting period?

The Fund launched on March 25, 2024, and had a return on the NAV since inception of 13.52%. This strong performance was driven by the upward momentum and security selection in the Information Technology, Industrials and Financials sectors. The other sectors that contributed to the positive performance were the Consumer Discretionary and Utilities sectors. The sectors that caused the largest drag to performance were the Healthcare and Consumer Staples sectors. While there was volatility in the markets during the period due to uncertainty about the next move in interest rates by the Federal Reserve as well as the contentious political environment prior to the election, the Fund performed in line with the broader large cap market even though the Fund had minimal exposure to the Mega Cap Growth stocks that have been the driving force in the large cap markets for the past year. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire 500 ETF - NAV	Inspire 500 Index	S&P 500 Index
03/25/24	$10,000	$10,000	$10,000
03/31/24	$10,115	$10,114	$10,071
04/30/24	$9,588	$9,587	$9,659
05/31/24	$9,860	$9,862	$10,138
06/30/24	$9,961	$9,965	$10,502
07/31/24	$10,284	$10,290	$10,630
08/31/24	$10,510	$10,517	$10,888
09/30/24	$10,737	$10,745	$11,120
10/31/24	$10,579	$10,588	$11,020
11/30/24	$11,352	$11,364	$11,666

Average Annual Total Returns

	Since Inception (March 25, 2024)
Inspire 500 ETF - NAV	13.52%
Inspire 500 Index	13.64%
S&P 500 Index	16.66%

Fund Statistics

Net Assets$265,176,789
Number of Portfolio Holdings501
Advisory Fee $98,588
Portfolio Turnover9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.4%
Communications	1.9%
Consumer Staples	2.9%
Utilities	5.3%
Real Estate	6.6%
Materials	7.2%
Financials	7.6%
Health Care	8.2%
Energy	9.2%
Consumer Discretionary	10.4%
Industrials	16.5%
Technology	23.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Broadcom, Inc.	5.0%
Exxon Mobil Corporation	3.5%
Home Depot, Inc. (The)	2.8%
Linde plc	1.5%
Intuitive Surgical, Inc.	1.3%
Caterpillar, Inc.	1.3%
QUALCOMM, Inc.	1.2%
Progressive Corporation (The)	1.1%
NextEra Energy, Inc.	1.1%
Palantir Technologies, Inc., Class A	1.0%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire 500 ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-PTL

Inspire Corporate Bond ETF

(IBD) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire Corporate Bond ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Corporate Bond ETF	$45	0.43%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 7.44%. This strong positive performance was driven by falling interest rates across the yield curve spectrum as the Federal Reserve officially pivoted from raising interest rates to beginning a process of cutting interest rates. The investment grade quality fixed income portfolio of the Fund performed in line with the broader fixed income market even though the Fund had no exposure to US Treasuries or mortgage-backed securities. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire Corporate Bond ETF - NAV	Inspire Corporate Bond Impact Index	Bloomberg Intermediate Corporate Index	Bloomberg U.S. Intermediate Credit Index
07/10/17	$10,000	$10,000	$10,000	$10,000
11/30/17	$10,037	$10,102	$10,094	$10,088
11/30/18	$9,938	$10,045	$9,996	$10,005
11/30/19	$10,824	$11,117	$11,077	$11,035
11/30/20	$11,382	$12,190	$11,895	$11,807
11/30/21	$11,252	$12,120	$11,820	$11,729
11/30/22	$10,166	$10,986	$10,731	$10,681
11/30/23	$10,534	$11,447	$11,188	$11,110
11/30/24	$11,318	$12,376	$12,080	$11,958

Average Annual Total Returns

	1 Year	5 years	Since Inception (July 10, 2017)
Inspire Corporate Bond ETF - NAV	7.44%	0.90%	1.69%
Inspire Corporate Bond Impact Index	8.12%	2.17%	2.93%
Bloomberg Intermediate Corporate Index	7.97%	1.75%	2.59%
Bloomberg U.S. Intermediate Credit Index	7.63%	1.62%	2.45%

Fund Statistics

Net Assets$332,549,864
Number of Portfolio Holdings250
Advisory Fee $881,466
Portfolio Turnover26%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	1.4%
Health Care	2.3%
Consumer Discretionary	5.5%
Consumer Staples	6.6%
Financials	7.6%
Materials	7.7%
Utilities	9.3%
Energy	10.6%
Technology	11.3%
Industrials	18.3%
Real Estate	19.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Trimble, Inc., 4.900%, 06/15/28	1.4%
Alexandria Real Estate Equities, Inc., 4.900%, 12/15/30	1.4%
Camden Property Trust, 4.900%, 01/15/34	1.4%
Amphenol Corporation, 4.350%, 06/01/29	1.4%
Valero Energy Corporation, 4.350%, 06/01/28	1.4%
Arch Capital Finance, LLC, 4.011%, 12/15/26	1.4%
Cboe Global Markets, Inc., 3.650%, 01/12/27	1.4%
AutoZone, Inc., 3.750%, 06/01/27	1.4%
Dollar General Corporation, 3.875%, 04/15/27	1.4%
Republic Services, Inc., 3.950%, 05/15/28	1.4%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire Corporate Bond ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-IBD

Inspire Momentum ETF

(GLRY) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire Momentum ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Momentum ETF	$92	0.80%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 30.00%. This strong performance was driven by the Fund’s focus on the momentum factor that was in favor over the past year as well as security selection in the Industrials, Consumer Discretionary and Financials sectors. The other sectors that helped achieve this positive performance came from the Healthcare, Materials, Consumer Staples and Real Estate sectors. The sector that caused the largest drag to performance was the Information Technology sector with a smaller drag from the Energy sector. Although there was volatility in the markets during the period due to uncertainty about the timing of the next move in interest rates by the Federal Reserve, as well as the momentum factor being out of favor for the past few months, the Fund performed well vs the broader market. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire Momentum ETF - NAV	S&P MidCap 400^®	S&P Composite 1500^® Index
Dec-2020	$10,000	$10,000	$10,000
Nov-2021	$11,735	$12,260	$12,530
Nov-2022	$10,105	$11,857	$11,427
Nov-2023	$10,785	$11,996	$12,869
Nov-2024	$14,020	$15,997	$17,228

Average Annual Total Returns

	1 Year	Since Inception (December 7, 2020)
Inspire Momentum ETF - NAV	30.00%	8.86%
S&P MidCap 400^®	33.36%	12.53%
S&P Composite 1500^® Index	33.87%	14.64%

Fund Statistics

Net Assets$74,503,557
Number of Portfolio Holdings33
Advisory Fee (net of waivers)$298,206
Portfolio Turnover82%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Real Estate	3.0%
Materials	3.5%
Communications	3.5%
Utilities	3.5%
Energy	5.7%
Consumer Staples	6.6%
Health Care	9.2%
Consumer Discretionary	9.3%
Financials	12.8%
Technology	16.8%
Industrials	26.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
EMCOR Group, Inc.	3.8%
BWX Technologies, Inc.	3.7%
Flowserve Corporation	3.6%
NRG Energy, Inc.	3.5%
Trade Desk, Inc. (The), Class A	3.5%
Curtiss-Wright Corporation	3.5%
SEI Investments Company	3.5%
Sylvamo Corporation	3.5%
Group 1 Automotive, Inc.	3.5%
BJ's Wholesale Club Holdings, Inc.	3.4%

Material Fund Changes

This is a summary of certain changes since December 1, 2023 to the Fund. For more information, you may review the Fund's current prospectus dated March 29, 2024, as supplemented, or the Fund's next prospectus, which we expect to be available by March 30, 2025 or by calling 1-877-658-9473. Effective August 9, 2024, the Fund's investment objective changed to the following:

The Fund seeks to outperform the results (before fees and expenses) of the broader stock market when momentum is in favor. Further, the Fund's policy to invest at least 80% of the Fund's net assets plus any borrowings for investment purposes in mid-cap stocks was eliminated, as well as references to Mid-Capitalization Company Risk in the Fund's Prospectus and Summary Prospectus.

Inspire Momentum ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-GLRY

Inspire Fidelis Multi Factor ETF

(FDLS) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire Fidelis Multi Factor ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Fidelis Multi Factor ETF	$78	0.69%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 27.12%. This strong performance was driven by the upward momentum and security selection in the Financials, Industrials and Information Technology sectors. The other sectors that helped achieve this positive performance came from the Consumer Staples and Consumer Discretionary sectors. The sector that caused the largest drag to performance was the Real Estate sector. Although there was volatility in the global markets during the period due to the wars in Ukraine and Gaza and geo-political tensions with Russia and China, the Fund performed in line with the broader global markets even though the Fund had minimal exposure to the Mega Cap US Growth stocks that have been the driving force in the US large cap markets for the past year. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire Fidelis Multi Factor ETF - NAV	WI Fidelis Multi-Cap, Multi-Factor Index	S&P Global 1200 Index	MSCI ACWI Net
08/23/22	$10,000	$10,000	$10,001	$10,000
09/30/22	$8,808	$8,841	$8,738	$8,746
12/31/22	$9,799	$9,899	$9,662	$9,600
03/31/23	$10,120	$10,239	$10,406	$10,301
06/30/23	$10,970	$11,126	$11,119	$10,938
09/30/23	$10,721	$10,896	$10,712	$10,566
12/31/23	$11,897	$12,125	$11,922	$11,731
03/31/24	$12,384	$12,654	$13,003	$12,693
06/30/24	$12,064	$12,336	$13,411	$13,057
09/30/24	$12,846	$13,164	$14,263	$13,921
11/30/24	$13,937	$14,303	$14,523	$14,118

Average Annual Total Returns

	1 Year	Since Inception (August 23, 2022)
Inspire Fidelis Multi Factor ETF - NAV	27.12%	15.74%
WI Fidelis Multi-Cap, Multi-Factor Index	28.26%	17.07%
S&P Global 1200 Index	27.61%	17.86%
MSCI ACWI Net	26.12%	16.40%

Fund Statistics

Net Assets$94,646,930
Number of Portfolio Holdings101
Advisory Fee $373,831
Portfolio Turnover232%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	100.0%
Money Market Funds	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Utilities	3.1%
Materials	4.0%
Consumer Staples	6.0%
Energy	6.7%
Communications	9.1%
Health Care	11.5%
Consumer Discretionary	11.8%
Financials	14.6%
Technology	16.4%
Industrials	16.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Honest Company, Inc. (The)	2.0%
Sprouts Farmers Market, Inc.	1.4%
Telephone and Data Systems, Inc.	1.3%
SimilarWeb Ltd.	1.3%
Interactive Brokers Group, Inc., Class A	1.3%
Powell Industries, Inc.	1.3%
Tactile Systems Technology, Inc.	1.3%
Interface, Inc.	1.3%
DocuSign, Inc.	1.2%
Opera Ltd.	1.2%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire Fidelis Multi Factor ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-FDLS

Inspire Global Hope ETF

(BLES) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire Global Hope ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Global Hope ETF	$64	0.58%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 19.83%. This strong performance was driven by the upward momentum and security selection in the Financials, Industrials and Information Technology sectors. The other sectors that helped achieve this positive performance came from the Industrials and Materials sectors. Although still contributing positive return during the year, the sectors that caused the largest drag to performance were the Consumer Staples, Communication Services and Energy sectors. While there was volatility in the global markets during the period due to the wars in Ukraine and Gaza and geo-political tensions with Russia and China, as well as the contentious US political environment prior to the election, the Fund performed in line with the broader global large cap market even though the Fund had minimal exposure to the Mega Cap Growth stocks that have been the driving force in the US large cap markets for the past year. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire Global Hope ETF - NAV	Inspire Global Hope Index	S&P Global 1200 Index
02/27/17	$10,000	$10,000	$9,999
11/30/17	$11,263	$11,284	$11,560
11/30/18	$10,841	$11,034	$11,620
11/30/19	$12,424	$12,730	$13,360
11/30/20	$13,958	$14,067	$15,282
11/30/21	$17,117	$17,406	$18,582
11/30/22	$15,646	$15,970	$16,838
11/30/23	$16,496	$16,937	$19,007
11/30/24	$19,768	$20,500	$24,259

Average Annual Total Returns

	1 Year	5 Years	Since Inception (February 27, 2017)
Inspire Global Hope ETF - NAV	19.83%	9.73%	9.18%
Inspire Global Hope Index	21.04%	10.00%	9.70%
S&P Global 1200 Index	27.61%	12.67%	12.10%

Fund Statistics

Net Assets	$109,704,092
Number of Portfolio Holdings	402
Advisory Fee	$396,167
Portfolio Turnover	41%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	99.4%
Money Market Funds	0.4%
Preferred Stocks	0.2%
Right	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market Funds	0.4%
Communications	2.4%
Consumer Staples	5.8%
Consumer Discretionary	5.8%
Health Care	7.0%
Utilities	7.2%
Real Estate	7.3%
Energy	8.2%
Materials	11.3%
Financials	13.6%
Technology	14.5%
Industrials	16.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Coinbase Global, Inc., Class A	0.4%
Snowflake, Inc.	0.4%
Fidelity Investments Money Market Government Portfolio, Institutional	0.4%
Sprouts Farmers Market, Inc.	0.4%
Targa Resources Corporation	0.4%
Interactive Brokers Group, Inc., Class A	0.3%
Datadog, Inc., Class A	0.3%
Delta Electronics Thailand PCL	0.3%
Marvell Technology, Inc.	0.3%
Snap-on, Inc.	0.3%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire Global Hope ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-BLES

Inspire International ETF

(WWJD) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire International ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire International ETF	$70	0.66%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 11.20%. This positive performance was driven by the upward momentum and security selection in the Financials and Industrials sectors. The other sectors that helped achieve this positive performance came from the Consumer Discretionary and Healthcare sectors. The sectors that caused the largest drag to performance were the Consumer Staples and Energy sectors. Although there was volatility in the international markets during the period due to the wars in Ukraine and Gaza and geo-political tensions with Russia and China, the Fund performed in line with the broader global large cap market even though the Fund had no exposure to the mainland Chinese markets that have seen upward momentum recently and are a large portion of the international markets. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire International ETF - NAV	Inspire Global Hope Ex-US GTR Index	S&P International 700 TR	Inspire International NTR Index
09/30/19	$10,000	$10,000	$10,000	$10,000
11/30/19	$10,604	$10,590	$10,451	$11,073
11/30/20	$11,908	$11,488	$11,455	$11,964
11/30/21	$13,945	$13,247	$12,730	$13,733
11/30/22	$12,645	$12,031	$11,493	$11,849
11/30/23	$13,657	$13,223	$12,751	$12,923
11/30/24	$15,187	$14,882	$14,631	$14,442

Average Annual Total Returns

	1 Year	5 years	Since Inception (September 30, 2019)
Inspire International ETF - NAV	11.20%	7.45%	8.42%
Inspire Global Hope Ex-US GTR Index	12.55%	7.04%	8.00%
S&P International 700 TR	14.74%	6.96%	7.64%
Inspire International NTR Index	11.75%	5.46%	7.37%

Fund Statistics

Net Assets	$302,084,548
Number of Portfolio Holdings	201
Advisory Fee	$1,256,578
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.5%
Money Market Funds	1.0%
Preferred Stocks	0.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.5%
Money Market Funds	1.0%
Real Estate	3.7%
Communications	4.5%
Health Care	5.4%
Consumer Discretionary	5.5%
Technology	6.5%
Consumer Staples	7.0%
Energy	7.7%
Utilities	9.3%
Materials	14.2%
Industrials	16.1%
Financials	19.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Investments Money Market Government Portfolio, Institutional	1.0%
Delta Electronics Thailand PCL	0.7%
Garmin Ltd.	0.7%
REA Group Ltd.	0.6%
Geely Automobile Holdings Ltd.	0.6%
Advantest Corporation	0.6%
Brookfield Corporation	0.6%
Fairfax Financial Holdings Ltd.	0.6%
Delek Group Ltd.	0.6%
Commonwealth Bank of Australia	0.6%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire International ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-WWJD

Inspire Small/Mid Cap ETF

(ISMD) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire Small/Mid Cap ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Small/Mid Cap ETF	$57	0.49%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 32.53%. This strong performance was driven by the upward momentum and security selection in the Financials, Information Technology, Health Care and Industrials sectors. The other sectors that helped achieve this positive performance came from the Consumer Discretionary and Real Estate sectors. Although still contributing positive return during the year, the sectors that caused the largest drag to performance were the Energy, Utilities and Communication Services sectors. While there was volatility in the markets during the period due to uncertainty about the next move in interest rates by the Federal Reserve as well as the contentious political environment prior to the election, the Fund performed well vs the broader small and mid-cap markets. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire Small/Mid Cap ETF - NAV	Inspire Small/Mid Cap Index	Russell 2000^® Total Return Index	S&P SmallCap 600^® Equal Weight Index
02/27/17	$10,000	$10,000	$10,000	$10,000
11/30/17	$10,775	$10,861	$11,079	$10,916
11/30/18	$10,978	$11,160	$11,143	$11,147
11/30/19	$11,683	$11,872	$11,980	$11,389
11/30/20	$11,931	$12,440	$13,609	$12,444
11/30/21	$15,682	$16,744	$16,606	$17,132
11/30/22	$15,158	$16,264	$14,445	$16,107
11/30/23	$15,009	$16,165	$14,074	$15,087
11/30/24	$19,892	$21,559	$19,202	$19,553

Average Annual Total Returns

	1 Year	5 years	Since Inception (February 27, 2017)
Inspire Small/Mid Cap ETF - NAV	32.53%	11.23%	9.27%
Inspire Small/Mid Cap Index	33.37%	12.67%	10.41%
Russell 2000^® Total Return Index	36.43%	9.90%	8.78%
S&P SmallCap 600^® Equal Weight Index	29.61%	11.42%	9.03%

Fund Statistics

Net Assets$212,862,569
Number of Portfolio Holdings500
Advisory Fee $554,759
Portfolio Turnover46%

Asset Weighting (% of total investments)

Value	Value
Business Development Companies	0.5%
Common Stocks	96.6%
Money Market Funds	2.9%
Right	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.4%
Communications	2.9%
Money Market Funds	3.0%
Energy	3.3%
Utilities	3.7%
Consumer Staples	4.7%
Materials	7.0%
Real Estate	7.9%
Health Care	9.6%
Consumer Discretionary	12.3%
Technology	13.3%
Industrials	15.3%
Financials	19.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Investments Money Market Government Portfolio, Institutional	3.0%
Aris Water Solutions, Inc., Class A	0.3%
Universal Technical Institute, Inc.	0.3%
Natural Grocers by Vitamin Cottage, Inc.	0.3%
Globalstar, Inc.	0.3%
PAR Technology Corporation	0.3%
Chart Industries, Inc.	0.3%
MYR Group, Inc.	0.3%
Paragon 28, Inc.	0.3%
Argan, Inc.	0.3%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire Small/Mid Cap ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-ISMD

Inspire Tactical Balanced ETF

(RISN) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2024

Fund Overview

This annual shareholder report contains important information about Inspire Tactical Balanced ETF for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.inspireetf.com. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Tactical Balanced ETF	$79	0.71%

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the past 12 months of 21.38%. Since the Fund has a current target of 80% to be invested in US Large Cap stocks most of this positive performance was driven by the upward momentum and security selection in the Industrials and Financials sectors. The other sectors that helped achieve this positive performance came from the Information Technology and Consumer Discretionary sectors. The sectors that caused the largest drag to performance were the Healthcare and Communication Services sectors. The Fund is also currently invested at a 20% level in US Treasury exposure so part of the positive performance was driven by falling interest rates across the yield curve spectrum in anticipation of additional rate cuts by the Federal Reserve due to a slowing economy. Although there was volatility in both the equity and fixed income markets during the period the Fund performed in line with the broader large cap market as well as the broader fixed income markets. During the period ended November 30, 2024, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Inspire Tactical Balanced ETF - NAV	S&P Target Risk Moderate Index
07/15/20	$10,000	$10,000
11/30/20	$10,518	$10,559
11/30/21	$12,673	$11,381
11/30/22	$10,819	$10,152
11/30/23	$11,255	$10,669
11/30/24	$13,661	$12,244

Average Annual Total Returns

	1 Year	Since Inception (July 15, 2020)
Inspire Tactical Balanced ETF - NAV	21.38%	7.39%
S&P Target Risk Moderate Index	14.76%	4.73%

Fund Statistics

Net Assets$95,600,560
Number of Portfolio Holdings77
Advisory Fee $448,098
Portfolio Turnover52%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	80.4%
Exchange-Traded Funds	18.7%
Money Market Funds	0.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.5%
Money Market Funds	1.0%
Energy	1.1%
Communications	1.1%
Materials	2.1%
Consumer Staples	3.3%
Real Estate	5.2%
Health Care	7.1%
Consumer Discretionary	11.0%
Technology	12.5%
Financials	15.9%
Fixed Income	18.8%
Industrials	21.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
WisdomTree Floating Rate Treasury Fund	18.8%
NVR, Inc.	1.3%
EPAM Systems, Inc.	1.3%
Civista Bancshares, Inc.	1.3%
Lithia Motors, Inc.	1.2%
Markel Group, Inc.	1.2%
Axos Financial, Inc.	1.2%
Genpact Ltd.	1.2%
Copart, Inc.	1.2%
AMETEK, Inc.	1.2%

Material Fund Changes

No material changes occurred during the year ended November 30, 2024.

Inspire Tactical Balanced ETF

Annual Shareholder Report - November 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( www.inspireetf.com ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 113024-RISN

(b)

Not applicable

Item 2. Code of Ethics.

(a)	The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)	N/A

(c)	During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d)	During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e)	N/A

(f)	See Item 19(a)(1)

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s board of trustees has determined that Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2024 - $124,650

2023 - $104,000

(b)

Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item.

(c)

Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

2024 – $29,700

2023 – $26,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)

All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended November 30, 2023, and 2024 respectively.

(e)(1)

The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)

There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%).

(g)

All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended November 30, 2023, and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.

(h)

Not applicable.

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

Inspire Global Hope ETF (BLES)

Inspire Small/Mid Cap ETF (ISMD)

Inspire Corporate Bond ETF (IBD)

Inspire 100 ETF (BIBL)

Inspire International ETF (WWJD)

Inspire Tactical Balanced ETF (RISN)

Inspire Momentum ETF (GLRY)

Inspire Fidelis Multi Factor ETF (FDLS)

Inspire 500 ETF (PTL)

Annual Financial Statements and Additional Information

November 30, 2024

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1%
		APPAREL & TEXTILE PRODUCTS - 0.7%
	1,721	Deckers Outdoor Corporation^(a)	$	337,247
	111	Hermes International S.A.		242,146
	36,223	PRADA SpA		248,161
				827,554
		ASSET MANAGEMENT - 1.1%
	6,090	3i Group plc		287,413
	5,172	Brookfield Corporation		317,881
	4,499	Julius Baer Group Ltd.		297,714
	184	Partners Group Holding A.G.		267,327
				1,170,335
		AUTOMOTIVE - 1.7%
	7,560	BorgWarner, Inc.		259,459
	4,138	Continental A.G.		271,203
	18,562	Denso Corporation		264,165
	585	Ferrari N.V.		253,984
	181,052	Geely Automobile Holdings Ltd.		322,543
	7,246	Mahindra & Mahindra Ltd. - GDR		255,784
	3,579	Toyota Industries Corporation		266,754
				1,893,892
		BANKING - 5.6%
	592,364	Bank Mandiri Persero Tbk P.T.		229,917
	6,933	Bank Polska Kasa Opieki S.A.		231,624
	85,948	BOC Hong Kong Holdings Ltd.		264,032
	2,984	Commonwealth Bank of Australia		308,597
	17,728	Credit Agricole S.A.		237,285
	9,141	Danske Bank A/S		262,549
	149	First Citizens BancShares, Inc., Class A		341,954
	314,090	First Financial Holding Company Ltd.		262,910
	38,760	Grupo Financiero Banorte SAB de CV		259,977
	21,742	Hang Seng Bank Ltd.		258,362
	63,966	Intesa Sanpaolo SpA		245,093
	16,712	KakaoBank Corporation		267,901
	3,448	KBC Group N.V.		248,565
	10,839	National Australia Bank Ltd.		276,382

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BANKING - 5.6% (Continued)
	5,170	OTP Bank Nyrt	$	280,021
	18,148	Powszechna Kasa Oszczednosci Bank Polski S.A.		249,852
	818,496	PT Bank Rakyat Indonesia (Persero) Tbk		219,540
	11,835	Regions Financial Corporation		322,621
	81,395	SCB X PCL		271,625
	2,843	SouthState Corporation		314,692
	19,165	Standard Bank Group Ltd.		251,987
	10,987	United Overseas Bank Ltd.		298,290
	3,182	Western Alliance Bancorp		297,867
				6,201,643
		BEVERAGES - 0.5%
	210	Coca-Cola Consolidated, Inc.		273,901
	5,237	Monster Beverage Corporation^(a)		288,716
				562,617
		BIOTECH & PHARMA - 2.0%
	1,860	Celltrion, Inc.		249,473
	5,691	Chugai Pharmaceutical Company Ltd.		251,001
	1,404	CSL Ltd.		258,404
	1,139	Genmab A/S^(a),		246,287
	4,141	Incyte Corporation^(a)		308,877
	2,383	Neurocrine Biosciences, Inc.^(a)		302,045
	9,721	Royalty Pharma plc, Class A		259,162
	1,536	UCB S.A.		300,758
				2,176,007
		CABLE & SATELLITE - 0.3%
	3,564	Liberty Broadband Corporation - Series A^(a)		301,764

		CHEMICALS - 3.8%
	3,843	Akzo Nobel N.V.		224,507
	2,882	Albemarle Corporation		310,391
	3,199	CF Industries Holdings, Inc.		286,822
	470,060	Chandra Asri Pacific Tbk P.T.		206,180
	18,094	Clariant A.G.		217,904
	4,513	Covestro A.G.^(a),		275,185

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		CHEMICALS - 3.8% (Continued)
	4,778	Croda International plc	$	209,748
	329	EMS-Chemie Holding A.G.		233,954
	11,690	Evonik Industries A.G.		214,448
	50	Givaudan S.A.		220,256
	2,860	LyondellBasell Industries N.V.		238,352
	5,736	Nutrien Ltd.		267,974
	2,270	RPM International, Inc.		315,031
	7,154	Solvay S.A.		247,208
	2,009	Symrise A.G.		221,784
	1,837	Westlake Corporation		235,871
	8,725	Yara International ASA		245,447
				4,171,062
		COMMERCIAL SUPPORT SERVICES - 2.4%
	27,935	ALS Ltd.		283,832
	8,208	Bureau Veritas S.A.		249,726
	1,335	Cintas Corporation		301,430
	6,884	Edenred S.E.		227,624
	3,942	Intertek Group plc		236,550
	1,370	Republic Services, Inc.		299,071
	5,428	Rollins, Inc.		273,191
	2,443	SGS S.A.		242,575
	1,322	Waste Management, Inc.		301,707
	27,408	Worley Ltd.		247,912
				2,663,618
		CONSTRUCTION MATERIALS - 2.3%
	613	Carlisle Companies, Inc.		279,957
	2,976	Cie de Saint-Gobain S.A.		271,443
	65,896	Grupo Argos S.A./Colombia		297,452
	2,794	Holcim A.G.		284,595
	512	Martin Marietta Materials, Inc.		307,200
	1,573	Owens Corning		323,440
	36,846	Siam Cement PCL (The)		197,058
	825	Sika A.G.		213,596

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		CONSTRUCTION MATERIALS - 2.3% (Continued)
	1,099	Vulcan Materials Co.	$	316,655
				2,491,396
		CONTAINERS & PACKAGING - 1.1%
	1,714	AptarGroup, Inc.		296,453
	6,932	Huhtamaki OYJ		250,155
	5,588	International Paper Company		328,743
	1,274	Packaging Corp of America		317,035
				1,192,386
		DATA CENTER REIT - 0.3%
	1,700	Digital Realty Trust, Inc.		332,673

		DIVERSIFIED INDUSTRIALS - 0.8%
	5,728	Alfa Laval A.B.		244,045
	1,431	Dover Corporation		294,643
	2,521	Emerson Electric Company		334,285
				872,973
		ELECTRIC UTILITIES - 5.5%
	7,655	Avangrid, Inc.		276,346
	9,316	CenterPoint Energy, Inc.		303,888
	30,591	CLP Holdings Ltd.		256,761
	3,881	CMS Energy Corporation		270,545
	1,059	Constellation Energy Corporation		271,697
	18,381	E.ON S.E.		236,607
	60,026	EDP - Energias de Portugal S.A.		216,997
	15,795	EDP Renovaveis S.A.		184,881
	12,521	Endesa S.A.		274,335
	2,729,669	Enel Americas S.A.		250,631
	34,328	Enel SpA		246,961
	2,083	Entergy Corporation		325,301
	4,420	Evergy, Inc.		285,665
	6,061	Fortis, Inc.		270,991
	16,704	Fortum OYJ		251,725
	18,065	Iberdrola S.A.		257,444
	6,695	OGE Energy Corporation		294,312

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		ELECTRIC UTILITIES - 5.5% (Continued)
	7,450	RWE A.G.	$	250,826
	10,800	SSE plc		243,443
	30,479	Terna Rete Elettrica Nazionale SpA		257,845
	114,305	Vector Ltd.		265,338
	3,307	Verbund A.G.		263,763
	2,858	WEC Energy Group, Inc.		288,801
				6,045,103
		ELECTRICAL EQUIPMENT - 2.0%
	3,044	A O Smith Corporation		226,748
	2,554	AAON, Inc.		348,213
	1,609	AMETEK, Inc.		312,757
	4,253	Amphenol Corporation, Class A		308,980
	81,726	Delta Electronics Thailand PCL - GDR		358,478
	1,729	Keysight Technologies, Inc.^(a)		295,382
	4,445	Trimble, Inc.^(a)		324,352
				2,174,910
		ENGINEERING & CONSTRUCTION - 1.0%
	15,267	AFRY A.B.		212,384
	644	EMCOR Group, Inc.		328,517
	6,378	Ferrovial S.E.		262,909
	1,571	WSP Global, Inc.		279,402
				1,083,212
		ENTERTAINMENT CONTENT - 0.2%
	40,161	Bollore S.E.		247,559

		FOOD - 2.2%
	6,866	Ajinomoto Company, Inc.		288,321
	8,441	Conagra Brands, Inc.		232,550
	79,858	Grupo Bimbo S.A.B. de C.V.		238,664
	4,217	Lamb Weston Holdings, Inc.		325,720
	3,308	McCormick & Company, Inc.		259,380
	111,151	Premier Foods PLC		276,640
	30,182	Tate & Lyle PLC		283,040
	5,629	The Campbell’s Company		260,060

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		FOOD - 2.2% (Continued)
	105,340	Wilmar International Ltd.	$	242,259
				2,406,634
		FORESTRY, PAPER & WOOD PRODUCTS - 0.5%
	27,635	Suzano S.A.		285,406
	8,287	UPM-Kymmene OYJ		217,987
				503,393
		GAS & WATER UTILITIES - 1.7%
	1,890	American Water Works Company, Inc.		258,817
	1,980	Atmos Energy Corporation		299,613
	7,139	Essential Utilities, Inc.		285,774
	68,582	Hera SpA		254,303
	325,244	Hong Kong & China Gas Company Ltd.		246,651
	10,553	Naturgy Energy Group S.A.		259,979
	53,924	Snam SpA		251,334
				1,856,471
		HEALTH CARE FACILITIES & SERVICES - 1.4%
	527	Elevance Health, Inc.		214,468
	7,375	Fresenius S.E. & Company KGaA^(a),		259,208
	3,356	HealthEquity, Inc.^(a)		340,769
	969	ICON plc^(a)		203,732
	1,162	IQVIA Holdings, Inc.^(a)		233,376
	797	Molina Healthcare, Inc.^(a)		237,426
				1,488,979
		HEALTH CARE REIT - 0.8%
	12,075	Healthpeak Properties, Inc.		265,529
	4,267	Ventas, Inc.		273,387
	2,155	Welltower, Inc.		297,778
				836,694
		HOME & OFFICE PRODUCTS - 0.2%
	2,364	SEB S.A.		224,263

		HOME CONSTRUCTION - 1.4%
	1,446	DR Horton, Inc.		244,056
	413	Geberit A.G.		248,638

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		HOME CONSTRUCTION - 1.4% (Continued)
	1,474	Lennar Corporation, Class A	$	257,051
	27	NVR, Inc.^(a)		249,361
	1,929	PulteGroup, Inc.		260,936
	3,941	Taylor Morrison Home Corporation^(a)		291,121
				1,551,163
		HOTEL REITS - 0.3%
	15,548	Host Hotels & Resorts, Inc.		286,394

		HOUSEHOLD PRODUCTS - 0.4%
	1,836	Beiersdorf A.G.		237,888
	944	LG H&H Company Ltd.		210,234
				448,122
		INDUSTRIAL REIT - 0.5%
	11,151	Goodman Group		275,684
	2,180	Prologis, Inc.		254,580
				530,264
		INDUSTRIAL SUPPORT SERVICES - 2.0%
	1,236	Applied Industrial Technologies, Inc.		339,554
	3,516	Ashtead Group PLC		281,405
	3,848	Fastenal Company		321,539
	342	United Rentals, Inc.		296,172
	150,752	United Tractors Tbk P.T.		254,742
	561	Watsco, Inc.		309,448
	1,645	WESCO International, Inc.		348,032
				2,150,892
		INSTITUTIONAL FINANCIAL SERVICES - 2.1%
	139,766	B3 S.A. - Brasil Bolsa Balcao		213,209
	1,342	Cboe Global Markets, Inc.		289,671
	1,178	Deutsche Boerse A.G.		275,647
	1,091	Evercore, Inc., Class A		335,919
	6,977	Hong Kong Exchanges & Clearing Ltd.		259,890
	1,979	Interactive Brokers Group, Inc., Class A		378,166
	1,710	Intercontinental Exchange, Inc.		275,242

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 2.1% (Continued)
	2,013	London Stock Exchange Group plc	$	288,669
				2,316,413
		INSURANCE - 4.6%
	31,463	AIA Group Ltd.		235,165
	42,507	BB Seguridade Participacoes S.A.		236,487
	2,669	Brown & Brown, Inc.		301,864
	2,021	Cincinnati Financial Corporation		323,017
	10,528	Dai-ichi Life Holdings, Inc.		285,090
	508	Erie Indemnity Company, Class A		223,804
	222	Fairfax Financial Holdings Ltd.		314,995
	1,429	Intact Financial Corporation		272,215
	89,983	Legal & General Group plc		253,381
	3,482	Loews Corporation		301,994
	176	Markel Group, Inc.^(a)		313,794
	8,820	Power Corp of Canada		297,131
	1,088	Progressive Corporation (The)		292,541
	29,508	Prudential PLC		240,975
	5,880	Sampo OYJ, A Shares		251,823
	327	Swiss Life Holding A.G.		267,904
	11,577	Tryg A/S		266,735
	4,860	W R Berkley Corporation		313,713
				4,992,628
		INTERNET MEDIA & SERVICES - 0.8%
	1,120	Naspers Ltd.		252,895
	6,242	Prosus N.V.		254,204
	2,001	REA Group Ltd.		328,232
				835,331
		MACHINERY - 4.4%
	3,813	ANDRITZ A.G.		213,087
	702	Caterpillar, Inc.		285,089
	840	Curtiss-Wright Corporation		313,849
	1,052	Disco Corporation		285,506
	9,416	FANUC Corporation		244,656
	5,589	GEA Group A.G.		279,391

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		MACHINERY - 4.4% (Continued)
	3,135	Graco, Inc.	$	285,536
	6,693	KION Group A.G.		238,773
	1,905	Krones A.G.		237,471
	1,047	Nordson Corporation		273,257
	437	Parker-Hannifin Corporation		307,167
	1,662	Regal Rexnord Corporation		287,044
	12,215	Sandvik A.B.		226,083
	620	SMC Corporation		263,338
	952	Snap-on, Inc.		351,945
	18,599	TOMRA Systems ASA		262,114
	3,173	Toro Company (The)		276,305
	26,788	WEG S.A.		239,355
				4,869,966
		MEDICAL EQUIPMENT & DEVICES - 3.6%
	1,082	Align Technology, Inc.^(a)		251,857
	7,242	Baxter International, Inc.		244,128
	830	Bio-Rad Laboratories, Inc., Class A^(a)		282,640
	2,099	Coloplast A/S - Series B		264,528
	1,160	EssilorLuxottica S.A.		281,606
	3,385	Hologic, Inc.^(a)		269,108
	546	IDEXX Laboratories, Inc.^(a)		230,276
	1,189	Insulet Corporation^(a)		317,200
	559	Intuitive Surgical, Inc.^(a)		302,978
	185	Mettler-Toledo International, Inc.^(a)		231,472
	1,134	ResMed, Inc.		282,389
	768	Sonova Holding A.G.		262,212
	1,136	STERIS plc		248,852
	1,674	Straumann Holding A.G.		217,843
	910	West Pharmaceutical Services, Inc.		296,369
				3,983,458
		METALS & MINING - 2.5%
	3,368	Agnico Eagle Mines Ltd.		284,041
	7,338	Anglo American Platinum Ltd.		241,845
	10,118	Antofagasta plc		219,187

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		METALS & MINING - 2.5% (Continued)
	8,953	BHP Group Ltd.	$	236,874
	19,931	Fortescue Ltd.		246,830
	2,200	Franco-Nevada Corporation		269,427
	5,496	Freeport-McMoRan, Inc.		242,923
	5,136	Newmont Corporation		215,404
	3,142	Rio Tinto Ltd.		242,279
	2,379	Southern Copper Corporation		238,733
	4,409	Wheaton Precious Metals Corporation		274,387
				2,711,930
		MULTI ASSET CLASS REIT - 0.2%
	4,435	WP Carey, Inc.		253,061

		OFFICE REIT - 0.5%
	2,315	Alexandria Real Estate Equities, Inc.		255,182
	3,423	BXP, Inc.		280,652
				535,834
		OIL & GAS PRODUCERS - 7.3%
	12,946	Aker BP ASA		265,462
	11,192	APA Corporation		253,499
	8,318	Canadian Natural Resources Ltd.		282,359
	16,611	Cenovus Energy, Inc.		263,186
	2,635	ConocoPhillips		285,476
	11,436	Coterra Energy, Inc.		305,570
	2,535	Delek Group Ltd.		340,089
	7,018	Devon Energy Corporation		266,333
	1,602	Diamondback Energy, Inc.		284,499
	49,921	ENEOS Holdings, Inc.		269,897
	18,116	Eni SpA		256,564
	2,243	EOG Resources, Inc.		298,902
	11,053	Equinor ASA		267,490
	3,318	Expand Energy Corporation		328,349
	20,086	Inpex Corporation		265,042
	12,438	Kinder Morgan, Inc.		351,623
	36,649	MOL Hungarian Oil & Gas plc		251,103

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		OIL & GAS PRODUCERS - 7.3% (Continued)
	5,335	Occidental Petroleum Corporation	$	269,844
	6,660	OMV A.G.		266,794
	3,025	ONEOK, Inc.		343,641
	18,608	ORLEN S.A.		233,820
	7,143	Ovintiv, Inc.		324,435
	58,566	Santos Ltd.		252,459
	1,868	Targa Resources Corporation		381,633
	4,185	TotalEnergies S.E.		243,027
	6,082	Tourmaline Oil Corporation		287,093
	2,030	Valero Energy Corporation		282,332
	16,448	Woodside Energy Group Ltd.		262,906
				7,983,427
		OIL & GAS SERVICES & EQUIPMENT - 0.5%
	9,483	Halliburton Company		302,129
	6,543	Schlumberger N.V.		287,499
				589,628
		REAL ESTATE OWNERS & DEVELOPERS - 1.3%
	62,741	CK Asset Holdings Ltd.		256,449
	215,517	New World Development Company Ltd.^(b)		178,121
	463,336	SM Prime Holdings, Inc.		208,738
	8,209	Sumitomo Realty & Development Company Ltd.		254,504
	136,247	Swire Properties Ltd.		271,445
	7,497	Vonovia S.E.		248,686
				1,417,943
		REAL ESTATE SERVICES - 0.2%
	17,270	Savills PLC		236,009

		RENEWABLE ENERGY - 0.4%
	2,425	Enphase Energy, Inc.^(a)		173,024
	1,099	First Solar, Inc.^(a)		218,997
				392,021
		RESIDENTIAL REIT - 2.0%
	2,221	Camden Property Trust		279,402
	3,864	Equity LifeStyle Properties, Inc.		275,619

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		RESIDENTIAL REIT - 2.0% (Continued)
	3,701	Equity Residential	$	283,719
	931	Essex Property Trust, Inc.		289,038
	7,826	Invitation Homes, Inc.		268,041
	1,730	Mid-America Apartment Communities, Inc.		283,997
	2,038	Sun Communities, Inc.		257,461
	6,061	UDR, Inc.		277,957
				2,215,234
		RETAIL - CONSUMER STAPLES - 2.3%
	9,933	Aeon Company Ltd.		238,634
	4,953	Alimentation Couche-Tard, Inc.		289,809
	18,972	BIM Birlesik Magazalar A/S		258,914
	131,570	Cencosud S.A.		276,945
	3,260	Dollar General Corporation		251,900
	3,884	Dollar Tree, Inc.^(a)		276,813
	13,724	Jeronimo Martins SGPS S.A.		267,347
	29,306	President Chain Store Corporation		243,954
	2,488	Sprouts Farmers Market, Inc.^(a)		384,346
				2,488,662
		RETAIL - DISCRETIONARY - 1.2%
	86	AutoZone, Inc.^(a)		272,580
	1,414	Builders FirstSource, Inc.^(a)		263,669
	1,959	Genuine Parts Company		248,264
	238	O’Reilly Automotive, Inc.^(a)		295,887
	15,510	SM Investments Corporation		231,591
				1,311,991
		RETAIL REIT - 0.5%
	3,823	Regency Centers Corporation		288,981
	1,637	Simon Property Group, Inc.		300,553
				589,534
		SELF-STORAGE REIT - 0.5%
	1,539	Extra Space Storage, Inc.		263,107
	758	Public Storage		263,822
				526,929

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		SEMICONDUCTORS - 4.2%
	5,853	Advantest Corporation	$	322,389
	327	ASML Holding N.V.		227,442
	1,600	Broadcom, Inc.		259,328
	2,443	Entegris, Inc.		258,054
	6,787	GLOBALFOUNDRIES, Inc.^(a),(b)		293,538
	7,564	Infineon Technologies A.G.		246,234
	358	KLA Corporation		231,637
	5,170	Lattice Semiconductor Corporation^(a)		293,398
	3,845	Marvell Technology, Inc.		356,392
	3,442	Microchip Technology, Inc.		234,641
	300	Monolithic Power Systems, Inc.		170,292
	1,127	NXP Semiconductors N.V.		258,500
	3,807	ON Semiconductor Corporation^(a)		270,754
	1,624	QUALCOMM, Inc.		257,453
	18,977	Renesas Electronics Corporation		249,076
	2,799	Skyworks Solutions, Inc.		245,164
	9,003	STMicroelectronics N.V.		230,829
	2,074	Teradyne, Inc.		228,140
				4,633,261
		SOFTWARE - 5.2%
	856	ANSYS, Inc.^(a)		300,542
	1,431	Check Point Software Technologies Ltd.^(a)		260,442
	3,428	Cloudflare, Inc., Class A^(a)		342,217
	85	Constellation Software, Inc.		287,454
	6,750	Dassault Systemes S.E.		232,820
	2,398	Datadog, Inc., Class A^(a)		366,295
	3,541	Fortinet, Inc.^(a)		336,572
	9,994	Gen Digital, Inc.		308,315
	975	Manhattan Associates, Inc.^(a)		278,304
	4,643	Nutanix, Inc., Class A^(a)		303,095
	3,701	Okta, Inc.^(a)		287,050
	806	Palo Alto Networks, Inc.^(a)		312,583
	494	Roper Technologies, Inc.		279,821
	2,388	Snowflake, Inc.^(a)		417,421

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		SOFTWARE - 5.2% (Continued)
	3,707	SS&C Technologies Holdings, Inc.	$	286,699
	541	Synopsys, Inc.^(a)		302,143
	474	Tyler Technologies, Inc.^(a)		298,227
	1,310	Veeva Systems, Inc., Class A^(a)		298,484
	2,963	WiseTech Global Ltd.		247,529
				5,746,013
		SPECIALTY FINANCE - 0.2%
	32,052	UWM Holdings Corporation		208,659

		STEEL - 1.0%
	1,832	Nucor Corporation		283,392
	953	Reliance, Inc.		306,142
	2,190	Steel Dynamics, Inc.		318,141
	10,564	voestalpine A.G.		204,450
				1,112,125
		TECHNOLOGY HARDWARE - 2.0%
	717	Arista Networks, Inc.^(a)		290,973
	4,473	Ciena Corporation^(a)		311,858
	1,590	Garmin Ltd.		338,033
	2,300	Jabil, Inc.		312,409
	2,231	NetApp, Inc.		273,610
	943	Samsung SDI Company Ltd.		172,135
	6,560	Super Micro Computer, Inc.^(a)		214,118
	4,003	Western Digital Corporation^(a)		292,179
				2,205,315
		TECHNOLOGY SERVICES - 3.1%
	3,134	Amdocs Ltd.		271,780
	1,531	Coinbase Global, Inc., Class A^(a)		453,482
	3,655	CoStar Group, Inc.^(a)		297,298
	1,387	EPAM Systems, Inc.^(a)		338,317
	937	Equifax, Inc.		245,082
	141	Fair Isaac Corporation^(a)		334,879
	1,557	Jack Henry & Associates, Inc.		274,312
	475	MSCI, Inc.		289,574

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		TECHNOLOGY SERVICES - 3.1% (Continued)
	2,047	Paychex, Inc.	$	299,415
	1,028	Verisk Analytics, Inc.		302,448
	1,599	Wolters Kluwer N.V.		266,810
				3,373,397
		TELECOMMUNICATIONS - 1.1%
	15,380	Hellenic Telecommunications Organization S.A.		242,739
	67,480	Koninklijke KPN N.V.		261,694
	49,552	MTN Group Ltd.		222,071
	110,311	Singapore Telecommunications Ltd.		255,338
	74,954	Taiwan Mobile Company Ltd.		260,649
				1,242,491
		TIMBER REIT - 0.2%
	8,112	Weyerhaeuser Company		261,693

		TRANSPORTATION & LOGISTICS - 3.2%
	1,232	Aena SME S.A.		266,547
	2,378	Canadian National Railway Company		265,576
	7,966	CSX Corporation		291,157
	1,323	DSV A/S		282,511
	13,473	East Japan Railway Company		262,979
	232,967	Eva Airways Corporation		297,885
	2,087	Expeditors International of Washington, Inc.		253,863
	1,590	JB Hunt Transport Services, Inc.		300,685
	1,003	Kuehne + Nagel International A.G.		239,758
	1,385	Old Dominion Freight Line, Inc.		311,819
	19,565	Poste Italiane SpA		274,584
	6,083	Ryanair Holdings plc - ADR		267,895
	30,530	Transurban Group		254,848
				3,570,107
		TRANSPORTATION EQUIPMENT - 0.3%
	2,792	PACCAR, Inc.		326,664

		WHOLESALE - CONSUMER STAPLES - 0.4%
	2,834	Bunge Global S.A.		254,323

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares					Fair Value
		COMMON STOCKS — 99.1% (Continued)
		WHOLESALE - CONSUMER STAPLES - 0.4% (Continued)
	4,945	ITOCHU Corporation			$	244,080
						498,403
		WHOLESALE - DISCRETIONARY - 0.6%
	5,248	Copart, Inc.^(a)				332,671
	733	Pool Corporation				276,407
						609,078

		TOTAL COMMON STOCKS (Cost $94,681,722)				108,729,178

		PREFERRED STOCK — 0.2%
		CHEMICALS — 0.2%
	6,658	Sociedad Quimica y Minera de Chile S.A., Class B^(a) (Cost $318,230)				255,226

			Expiration Date	Exercise Price
		RIGHT — 0.0%^(d)
		MEDICAL EQUIPMENT & DEVICES – 0.0%^(d)
	1,226	ABIOMED, Inc. - CVR^(a)(f)(g)(Cost $0)	12/31/2029	$35		—

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED - 0.4%
		MONEY MARKET FUND - 0.4%
	416,869	Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.55% (Cost $416,869)^(c)(e)	$	416,869

		TOTAL INVESTMENTS - 99.7% (Cost $95,416,821)	$	109,401,273
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%		302,819
		NET ASSETS - 100.0%	$	109,704,092

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

ASA	- Allmennaksjeselskap

A/S	- Anonim Sirketi

CVR	- Contingent Value Right

GDR	- Global Depositary Receipt

KGaA	- Kommanditgesellschaft auf Aktien

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

N.V.	- Naamioze Vennootschap

OYJ	- Julkinen osakeyhtiö

PLC	- Public Limited Company

P.T.	- Perseroan Terbatas

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.A.B. de C.V.	- Sociedad Anonima Bursátil de Capital Variable

S.E.	- Societas Europaea

SpA	- Società per azioni

^(a)	Non-income producing security.

^(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2024 was $406,316.

^(c)	Security was purchased with cash received as collateral for securities on loan at November 30, 2024. Total collateral had a value of $416,869 at November 30, 2024.

^(d)	Percentage rounds to less than 0.1%.

^(e)	Rate disclosed is the seven day effective yield as of November 30, 2024.

^(f)	The fair value of this investment is determined using significant unobservable inputs.

^(g)	Illiquid security. The total fair value of these securities as of November 30, 2024 was $0, representing 0% of net assets.

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4%
		AEROSPACE & DEFENSE - 0.8%
	6,093	AAR Corporation^(a)	$	423,585
	6,049	Ducommun, Inc.^(a)		405,283
	6,441	Hexcel Corporation		408,295
	12,249	Spirit AeroSystems Holdings, Inc., Class A^(a)		396,378
				1,633,541
		APPAREL & TEXTILE PRODUCTS - 0.4%
	54,179	Hanesbrands, Inc.^(a)		471,357
	4,589	Oxford Industries, Inc.		381,667
				853,024
		ASSET MANAGEMENT - 1.0%
	4,150	Cohen & Steers, Inc.		434,339
	17,977	Compass Diversified Holdings		426,055
	2,463	Diamond Hill Investment Group, Inc.		407,257
	7,784	Oppenheimer Holdings, Inc., Class A		480,350
	26,461	SLR Investment Corporation		443,222
				2,191,223
		AUTOMOTIVE - 1.7%
	64,436	American Axle & Manufacturing Holdings, Inc.^(a)		425,922
	37,710	Dana, Inc.		377,100
	13,468	Gentex Corporation		411,582
	8,555	Gentherm, Inc.^(a)		360,166
	44,944	Goodyear Tire & Rubber Company (The)^(a)		482,699
	3,649	Lear Corporation		357,018
	3,003	Modine Manufacturing Company^(a)		407,777
	11,995	Standard Motor Products, Inc.		394,396
	4,182	Visteon Corporation^(a)		390,473
				3,607,133
		BANKING - 13.2%
	6,650	1st Source Corporation		431,519
	17,405	Alerus Financial Corporation		383,606
	6,382	Ameris Bancorp		448,527
	3,784	BancFirst Corporation		477,844
	10,927	BankUnited, Inc.		459,699
	14,876	Byline Bancorp, Inc.		467,404

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		BANKING - 13.2% (Continued)
	9,637	Camden National Corporation	$	453,999
	11,284	Capital City Bank Group, Inc.		444,138
	3,392	City Holding Company		445,437
	6,858	Community Financial System, Inc.		474,779
	8,573	Customers Bancorp, Inc.^(a)		483,946
	17,613	Eagle Bancorp, Inc.		517,118
	26,336	Farmers National Banc Corporation		412,158
	8,485	FB Financial Corporation		478,978
	15,305	First Busey Corporation		408,490
	23,213	First Commonwealth Financial Corporation		437,101
	15,783	First Financial Bancorp		466,072
	10,760	First Financial Bankshares, Inc.		448,477
	25,642	First Horizon Corporation		541,815
	12,980	First Interstate BancSystem, Inc., Class A		453,911
	10,704	First Merchants Corporation		468,300
	13,395	Five Star Bancorp		441,365
	35,445	Flagstar Financial, Inc.		424,277
	28,222	FNB Corporation		484,007
	22,169	Fulton Financial Corporation		478,407
	8,777	Glacier Bancorp, Inc.		508,101
	12,382	Hilltop Holdings, Inc.		391,890
	14,699	Home BancShares, Inc.		466,840
	31,705	Hope Bancorp, Inc.		431,822
	25,887	Horizon Bancorp, Inc.		473,473
	6,776	Independent Bank Group, Inc.		453,450
	6,660	International Bancshares Corporation		487,046
	6,115	Lakeland Financial Corporation		449,208
	8,407	Live Oak Bancshares, Inc.		398,492
	9,108	Mercantile Bank Corporation		455,855
	13,005	Metrocity Bankshares, Inc.		446,592
	9,003	NBT Bancorp, Inc.		451,230
	29,763	Northwest Bancshares, Inc.		436,921
	13,234	Peoples Bancorp, Inc.		464,249
	5,524	Prosperity Bancshares, Inc.		462,525

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		BANKING - 13.2% (Continued)
	12,253	Renasant Corporation	$	460,958
	6,099	Republic Bancorp, Inc., Class A		465,201
	9,488	S&T Bancorp, Inc.		405,992
	12,694	Sandy Spring Bancorp, Inc.		478,310
	4,968	ServisFirst Bancshares, Inc.		475,835
	18,487	Simmons First National Corporation, Class A		452,192
	13,665	SmartFinancial, Inc.		495,493
	11,912	Southside Bancshares, Inc.		418,349
	8,955	Synovus Financial Corporation		511,062
	5,573	Texas Capital Bancshares, Inc.^(a)		492,932
	30,965	TFS Financial Corporation		437,845
	12,045	Towne Bank		441,208
	3,789	UMB Financial Corporation		475,482
	10,734	United Bankshares, Inc.		453,726
	13,695	United Community Banks, Inc.		463,028
	43,880	Valley National Bancorp		466,883
	8,544	Webster Financial Corporation		527,848
	13,373	WesBanco, Inc.		472,602
	8,057	Westamerica BanCorporation		461,102
	3,671	Wintrust Financial Corporation		506,635
	8,434	Zions Bancorporation		510,426
				28,082,177
		BIOTECH & PHARMA - 4.3%
	53,814	89bio, Inc.^(a)		483,788
	20,025	ADMA Biologics, Inc.^(a)		402,703
	8,963	Agios Pharmaceuticals, Inc.^(a)		532,312
	37,160	Amicus Therapeutics, Inc.^(a)		370,857
	42,731	Arcutis Biotherapeutics, Inc.^(a)		557,211
	57,748	Ardelyx, Inc.^(a)		327,431
	52,397	BioCryst Pharmaceuticals, Inc.^(a)		392,978
	7,964	Biohaven Ltd.^(a)		366,424
	7,541	Cytokinetics, Inc.^(a)		391,076
	15,345	Exelixis, Inc.^(a)		559,478
	87,714	Geron Corporation^(a)		361,382

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		BIOTECH & PHARMA - 4.3% (Continued)
	5,443	Intra-Cellular Therapies, Inc.^(a)	$	466,193
	96,655	Ironwood Pharmaceuticals, Inc.^(a)		340,226
	26,461	Pacira BioSciences, Inc.^(a)		447,456
	5,523	Prestige Consumer Healthcare, Inc.^(a)		468,185
	8,850	Protagonist Therapeutics, Inc.^(a)		387,630
	10,734	PTC Therapeutics, Inc.^(a)		471,008
	76,729	Revance Therapeutics, Inc.^(a)		276,992
	55,154	Sage Therapeutics, Inc.^(a)		301,692
	20,687	Syndax Pharmaceuticals, Inc.^(a)		345,887
	6,294	Viking Therapeutics, Inc.^(a)		333,204
	19,803	Xencor, Inc.^(a)		506,956
				9,091,069
		BUSINESS DEVELOPMENT COMPANIES - 0.5%
	20,276	Hercules Capital, Inc.^(b)		383,825
	33,241	New Mountain Finance Corporation		396,897
	74,434	Prospect Capital Corporation^(b)		355,795
				1,136,517
		CABLE & SATELLITE - 0.2%
	1,139	Cable One, Inc.		478,631

		CHEMICALS - 3.9%
	13,108	AdvanSix, Inc.		425,617
	2,262	Balchem Corporation		408,336
	3,563	Cabot Corporation		390,576
	22,348	Calumet, Inc.^(a),(b)		503,724
	19,666	Chemours Company (The)		427,539
	3,125	Hawkins, Inc.		420,344
	5,018	HB Fuller Company		385,834
	10,211	Ingevity Corporation^(a)		495,948
	3,521	Innospec, Inc.		417,626
	3,561	Materion Corporation		411,723
	5,157	Minerals Technologies, Inc.		420,656
	722	NewMarket Corporation		385,230
	22,360	Orion S.A.		411,871

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		CHEMICALS - 3.9% (Continued)
	2,363	Quaker Chemical Corporation	$	372,645
	46,522	Rayonier Advanced Materials, Inc.^(a)		409,859
	3,523	Rogers Corporation^(a)		364,912
	4,964	Sensient Technologies Corporation		385,405
	5,155	Stepan Company		396,420
	9,518	Valvoline, Inc.^(a)		377,960
	1,545	WD-40 Company		428,104
				8,240,329
		COMMERCIAL SUPPORT SERVICES - 2.1%
	7,579	ABM Industries, Inc.		433,291
	116,098	Advantage Solutions, Inc.^(a)		413,309
	5,213	Brady Corporation, Class A		390,402
	3,444	Brink’s Company (The)		333,069
	5,918	CBIZ, Inc.^(a)		488,709
	1,219	CorVel Corporation^(a)		445,423
	10,247	Heidrick & Struggles International, Inc.		472,797
	4,526	Insperity, Inc.		356,875
	6,480	Kforce, Inc.		388,735
	17,420	National Research Corporation		342,477
	2,005	UniFirst Corporation		402,744
				4,467,831
		CONSTRUCTION MATERIALS - 0.6%
	14,529	MDU Resources Group, Inc.		291,161
	2,086	Simpson Manufacturing Company, Inc.		393,002
	10,204	Summit Materials, Inc., Class A^(a)		519,792
				1,203,955
		CONSUMER SERVICES - 1.6%
	50,188	Coursera, Inc.^(a)		398,995
	485	Graham Holdings Co., Class B		451,593
	2,808	Grand Canyon Education, Inc.^(a)		462,169
	23,975	Laureate Education, Inc., Class A^(a)		455,525
	17,166	Matthews International Corporation, Class A		517,727
	24,491	Universal Technical Institute, Inc.^(a)		633,582

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		CONSUMER SERVICES - 1.6% (Continued)
	12,591	Upbound Group, Inc.	$	433,004
				3,352,595
		CONTAINERS & PACKAGING - 0.7%
	28,815	Myers Industries, Inc.		334,254
	7,587	Silgan Holdings, Inc.		436,480
	15,599	TriMas Corporation		412,126
	1,258	UFP Technologies, Inc.^(a)		406,233
				1,589,093
		ELECTRIC UTILITIES - 1.8%
	6,204	ALLETE, Inc.		402,516
	6,516	Black Hills Corporation		417,480
	41,118	Hawaiian Electric Industries, Inc.^(a)		427,216
	3,864	IDACORP, Inc.		457,768
	4,354	MGE Energy, Inc.		454,035
	9,808	OGE Energy Corporation		431,160
	5,176	Ormat Technologies, Inc.		422,465
	9,098	TXNM Energy, Inc.		446,257
	6,573	Unitil Corporation		394,511
				3,853,408
		ELECTRICAL EQUIPMENT - 2.5%
	3,693	AAON, Inc.		503,504
	3,784	Advanced Energy Industries, Inc.		435,311
	7,277	Alarm.com Holdings, Inc.^(a)		474,024
	3,926	Argan, Inc.		612,220
	1,823	Badger Meter, Inc.		395,263
	3,399	Belden, Inc.		416,038
	290,672	ChargePoint Holdings, Inc.^(a),(b)		354,620
	9,831	Cognex Corporation		393,043
	3,728	Itron, Inc.^(a)		441,880
	21,514	Kimball Electronics, Inc.^(a)		421,890
	2,623	OSI Systems, Inc.^(a)		465,320
	1,922	Watts Water Technologies, Inc., Class A		414,748
				5,327,861

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		ENGINEERING & CONSTRUCTION - 1.3%
	3,597	Everus Construction Group, Inc.^(a)	$	228,985
	3,455	Exponent, Inc.		341,043
	1,616	Installed Building Products, Inc.		369,644
	6,114	KBR, Inc.		371,915
	3,896	MYR Group, Inc.^(a)		615,179
	17,036	NV5 Global, Inc.^(a)		370,703
	6,857	Primoris Services Corporation		573,999
				2,871,468
		ENTERTAINMENT CONTENT - 0.2%
	49,102	Reservoir Media, Inc.^(a)		463,523

		FOOD - 2.1%
	5,320	Cal-Maine Foods, Inc.		519,285
	10,724	Darling Ingredients, Inc.^(a)		434,644
	17,260	Flowers Foods, Inc.		390,421
	46,144	Hain Celestial Group, Inc. (The)^(a)		381,611
	55,384	Herbalife Ltd.^(a)		430,334
	2,314	J & J Snack Foods Corporation		402,150
	4,222	John B Sanfilippo & Son, Inc.		364,570
	2,255	Lancaster Colony Corporation		419,069
	15,068	Limoneira Company		418,890
	3,441	Post Holdings, Inc.^(a)		414,572
	11,356	Vital Farms, Inc.^(a)		377,019
				4,552,565
		FORESTRY, PAPER & WOOD PRODUCTS - 0.4%
	3,706	Louisiana-Pacific Corporation		438,049
	5,982	Trex Company, Inc.^(a)		448,830
				886,879
		GAS & WATER UTILITIES - 1.9%
	4,781	American States Water Company		407,867
	23,606	Aris Water Solutions, Inc., Class A		635,002
	3,206	Chesapeake Utilities Corporation		422,391
	6,104	Middlesex Water Company		399,415
	6,574	National Fuel Gas Company		420,539

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		GAS & WATER UTILITIES - 1.9% (Continued)
	8,437	New Jersey Resources Corporation	$	435,180
	5,352	ONE Gas, Inc.		417,295
	5,399	Southwest Gas Holdings, Inc.		421,986
	5,918	Spire, Inc.		433,138
				3,992,813
		HEALTH CARE FACILITIES & SERVICES - 2.6%
	6,279	Acadia Healthcare Company, Inc.^(a)		255,116
	103,573	Accolade, Inc.^(a)		399,792
	2,993	Addus HomeCare Corporation^(a)		367,660
	101,329	agilon health, Inc.^(a)		211,778
	4,126	Amedisys, Inc.^(a)		377,158
	9,215	Concentra Group Holdings Parent, Inc.		201,071
	4,861	HealthEquity, Inc.^(a)		493,586
	3,166	National HealthCare Corporation		396,383
	26,958	NeoGenomics, Inc.^(a)		477,965
	25,380	Owens & Minor, Inc.^(a)		341,869
	19,917	Premier, Inc., Class A		456,099
	5,741	RadNet, Inc.^(a)		469,384
	11,420	Select Medical Holdings Corporation		241,076
	12,352	Surgery Partners, Inc.^(a)		294,472
	43,357	Teladoc Health, Inc.^(a)		519,417
				5,502,826
		HEALTH CARE REIT - 1.0%
	12,904	CareTrust REIT, Inc.		384,410
	22,008	Community Healthcare Trust, Inc.		415,951
	95,040	Diversified Healthcare Trust		247,104
	68,072	Medical Properties Trust, Inc.^(b)		298,836
	4,738	National Health Investors, Inc.		363,168
	21,399	Sabra Health Care REIT, Inc.		400,803
				2,110,272
		HOME & OFFICE PRODUCTS - 0.6%
	72,800	ACCO Brands Corporation		423,696
	7,396	HNI Corporation		418,983

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		HOME & OFFICE PRODUCTS - 0.6% (Continued)
	51,851	Newell Brands, Inc.	$	497,251
				1,339,930
		HOME CONSTRUCTION - 2.4%
	3,031	Armstrong World Industries, Inc.		484,445
	4,768	Green Brick Partners, Inc.^(a)		340,721
	5,689	Griffon Corporation		479,583
	20,992	Interface, Inc.		557,337
	25,189	JELD-WEN Holding, Inc.^(a)		274,308
	4,647	KB Home		384,493
	32,244	Landsea Homes Corporation^(a)		368,549
	3,360	LGI Homes, Inc.^(a)		367,886
	2,324	M/I Homes, Inc.^(a)		383,530
	1,941	Meritage Homes Corporation		370,867
	2,796	Patrick Industries, Inc.		375,754
	5,668	Taylor Morrison Home Corporation^(a)		418,695
	8,788	Tri Pointe Homes, Inc.^(a)		382,542
				5,188,710
		HOTEL REIT - 0.8%
	45,615	DiamondRock Hospitality Company		423,307
	43,379	RLJ Lodging Trust		442,901
	3,713	Ryman Hospitality Properties, Inc.		435,312
	26,961	Xenia Hotels & Resorts, Inc.		414,660
				1,716,180
		HOUSEHOLD PRODUCTS - 1.6%
	10,918	Central Garden & Pet Company^(a)		433,991
	13,953	Clearwater Paper Corporation^(a)		378,405
	10,959	Edgewell Personal Care Company		400,880
	12,539	Energizer Holdings, Inc.		477,861
	6,443	Helen of Troy Ltd.^(a)		472,465
	3,075	Interparfums, Inc.		423,305
	54,033	Nu Skin Enterprises, Inc., Class A		394,441
	14,350	Quanex Building Products Corporation		427,056
				3,408,404

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		INDUSTRIAL INTERMEDIATE PRODUCT - 1.1%
	3,207	Chart Industries, Inc.^(a)	$	619,752
	2,455	Enpro, Inc.		464,241
	5,695	Gibraltar Industries, Inc.^(a)		412,546
	4,725	Timken Company (The)		365,951
	1,373	Valmont Industries, Inc.		477,612
				2,340,102
		INDUSTRIAL REIT - 0.2%
	7,117	First Industrial Realty Trust, Inc.		380,404

		INDUSTRIAL SUPPORT SERVICES - 0.5%
	1,785	Applied Industrial Technologies, Inc.		490,375
	2,370	WESCO International, Inc.		501,421
				991,796
		INFRASTRUCTURE REIT - 0.2%
	70,476	Uniti Group, Inc.		416,513

		INSURANCE - 2.4%
	8,240	AMERISAFE, Inc.		486,325
	8,302	Employers Holdings, Inc.		442,995
	58,135	Genworth Financial, Inc., Class A^(a)		453,453
	11,394	Horace Mann Educators Corporation		477,067
	6,502	Kemper Corporation		464,828
	6,323	Mercury General Corporation		499,264
	9,669	NMI Holdings, Inc., Class A^(a)		386,663
	26,478	ProAssurance Corporation^(a)		442,712
	2,569	RLI Corporation		451,887
	4,869	Safety Insurance Group, Inc.		417,955
	9,486	Trupanion, Inc.^(a),(b)		505,699
				5,028,848
		INTERNET MEDIA & SERVICES - 1.0%
	154,349	Angi, Inc., Class A^(a)		287,089
	23,745	Cars.com, Inc.^(a)		471,813
	40,757	Groupon, Inc.^(a),(b)		382,301
	13,808	HealthStream, Inc.		457,045

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		INTERNET MEDIA & SERVICES - 1.0% (Continued)
	16,287	TechTarget, Inc.^(a)	$	522,975
				2,121,223
		LEISURE FACILITIES & SERVICES - 1.7%
	9,820	Cheesecake Factory, Inc. (The)		497,285
	14,288	Cinemark Holdings, Inc.^(a)		493,222
	8,556	Jack in the Box, Inc.		417,961
	5,426	Marriott Vacations Worldwide Corporation		538,531
	7,386	Papa John’s International, Inc.		368,044
	51,384	Playa Hotels & Resorts N.V.^(a)		503,049
	6,830	St Joe Company (The)		348,876
	7,871	United Parks & Resorts, Inc.^(a)		461,555
				3,628,523
		LEISURE PRODUCTS - 0.7%
	4,751	Brunswick Corporation		382,503
	9,596	Fox Factory Holding Corporation^(a)		311,678
	4,783	Polaris, Inc.		330,027
	3,623	Thor Industries, Inc.		404,327
				1,428,535
		MACHINERY - 3.4%
	4,070	AGCO Corporation		411,925
	4,481	Albany International Corporation, Class A		371,475
	14,122	CECO Environmental Corporation^(a)		452,610
	11,062	Columbus McKinnon Corporation		434,626
	22,900	Energy Recovery, Inc.^(a)		356,324
	3,089	ESCO Technologies, Inc.		458,438
	3,799	Franklin Electric Company, Inc.		411,432
	10,224	Gorman-Rupp Company (The)		435,542
	8,364	Helios Technologies, Inc.		437,604
	14,347	Hillenbrand, Inc.		488,228
	6,244	Hyster-Yale Materials Handling, Inc., Class A		351,163
	4,042	John Bean Technologies Corporation		509,374
	1,179	Kadant, Inc.		486,679
	15,357	Kennametal, Inc.		440,746
	3,194	Lindsay Corporation		424,067

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		MACHINERY - 3.4% (Continued)
	2,179	Standex International Corporation	$	452,992
	4,146	Tennant Company		366,382
				7,289,607
		MEDICAL EQUIPMENT & DEVICES - 2.8%
	13,962	Castle Biosciences, Inc.^(a)		422,769
	28,242	Embecta Corporation		588,281
	3,057	Glaukos Corporation^(a)		439,138
	4,954	Haemonetics Corporation^(a)		433,326
	2,186	ICU Medical, Inc.^(a)		358,417
	21,917	Integra LifeSciences Holdings Corporation^(a)		538,720
	14,540	Myriad Genetics, Inc.^(a)		236,566
	23,689	Neogen Corporation^(a)		335,910
	25,493	Orthofix Medical, Inc.^(a)		497,878
	59,615	Paragon 28, Inc.^(a),(b)		614,630
	22,704	Pulse Biosciences, Inc.^(a),(b)		485,866
	10,268	Surmodics, Inc.^(a)		405,073
	11,699	Veracyte, Inc.^(a)		502,472
				5,859,046
		METALS & MINING - 0.6%
	57,926	Coeur Mining, Inc.^(a)		374,202
	33,130	Compass Minerals International, Inc.		511,196
	59,612	Hecla Mining Company		329,058
				1,214,456
		MORTGAGE FINANCE - 0.9%
	43,331	Apollo Commercial Real Estate Finance, Inc.		400,811
	56,889	Ares Commercial Real Estate Corporation		410,738
	31,306	MFA Financial, Inc.		347,810
	27,925	PennyMac Mortgage Investment Trust		379,501
	51,516	Redwood Trust, Inc.		368,855
				1,907,715
		MULTI ASSET CLASS REIT - 0.7%
	20,740	Alexander & Baldwin, Inc.		408,163
	36,770	Armada Hoffler Properties, Inc.		406,309
	22,638	Elme Communities		383,488

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		MULTI ASSET CLASS REIT - 0.7% (Continued)
	39,623	LXP Industrial Trust	$	370,475
				1,568,435
		OFFICE REIT - 2.1%
	14,903	American Assets Trust, Inc.		423,841
	75,160	Brandywine Realty Trust		420,896
	22,665	Douglas Emmett, Inc.		438,794
	35,940	Empire State Realty Trust, Inc., Class A		393,902
	20,012	Equity Commonwealth^(a)		407,044
	11,885	Highwoods Properties, Inc.		385,787
	83,310	Hudson Pacific Properties, Inc.		320,744
	22,782	JBG SMITH Properties		389,344
	10,289	Kilroy Realty Corporation		427,302
	39,427	Piedmont Office Realty Trust, Inc., Class A		375,345
	22,309	Veris Residential, Inc.		407,139
				4,390,138
		OIL & GAS PRODUCERS - 0.8%
	128,046	Clean Energy Fuels Corporation^(a)		394,382
	22,613	Par Pacific Holdings, Inc.^(a)		394,145
	9,962	SM Energy Company		450,182
	12,883	World Kinect Corporation		372,963
				1,611,672
		OIL & GAS SERVICES & EQUIPMENT - 1.9%
	30,799	DNOW, Inc.^(a)		463,525
	27,127	Innovex International, Inc.^(a)		441,356
	6,166	Nabors Industries Ltd.^(a)		452,769
	16,013	Oceaneering International, Inc.^(a)		480,070
	51,986	ProPetro Holding Corporation^(a)		436,682
	62,613	RPC, Inc.		403,228
	35,779	Select Water Solutions, Inc., Class A		528,456
	128,457	TETRA Technologies, Inc.^(a)		494,559
	5,548	Tidewater, Inc.^(a)		286,943
				3,987,588
		PUBLISHING & BROADCASTING - 0.3%
	248,887	Clear Channel Outdoor Holdings, Inc.^(a)		375,819

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		PUBLISHING & BROADCASTING - 0.3% (Continued)
	12,441	Scholastic Corporation	$	328,194
				704,013
		REAL ESTATE OWNERS & DEVELOPERS - 0.2%
	3,783	McGrath RentCorporation		460,959

		REAL ESTATE SERVICES - 0.2%
	10,048	Marcus & Millichap, Inc.		418,097

		RENEWABLE ENERGY - 0.7%
	10,495	Ameresco, Inc., Class A^(a)		295,644
	3,902	EnerSys		377,167
	29,412	Green Plains, Inc.^(a)		317,650
	109,101	OPAL Fuels, Inc.^(a),(b)		423,857
				1,414,318
		RESIDENTIAL REIT - 0.8%
	44,051	Apartment Investment and Management Company^(a)		389,411
	19,425	Independence Realty Trust, Inc.		424,242
	9,049	NexPoint Residential Trust, Inc.		425,936
	20,246	UMH Properties, Inc.		388,723
				1,628,312
		RETAIL - CONSUMER STAPLES - 0.6%
	13,413	Natural Grocers by Vitamin Cottage, Inc.		631,081
	4,098	Ollie’s Bargain Outlet Holdings, Inc.^(a)		405,497
	17,769	SpartanNash Company		337,256
				1,373,834
		RETAIL - DISCRETIONARY - 2.6%
	1,669	Asbury Automotive Group, Inc.^(a)		433,656
	4,555	Avis Budget Group, Inc.^(b)		496,813
	1,038	Dillard’s, Inc., Class A^(b)		459,959
	12,487	Ethan Allen Interiors, Inc.		383,726
	4,398	GMS, Inc.^(a)		441,339
	14,496	Haverty Furniture Companies, Inc.		342,251
	9,276	La-Z-Boy, Inc.		419,925
	1,254	Lithia Motors, Inc.		485,173

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		RETAIL - DISCRETIONARY - 2.6% (Continued)
	13,799	Monro, Inc.	$	388,028
	36,501	National Vision Holdings, Inc.^(a)		441,662
	7,537	Rush Enterprises, Inc., Class A		466,917
	21,737	Sleep Number Corporation^(a)		326,055
	6,809	Sonic Automotive, Inc., Class A		470,774
				5,556,278
		RETAIL REIT - 1.6%
	16,961	Acadia Realty Trust		438,442
	1,644	Alexander’s, Inc.		367,615
	13,582	Four Corners Property Trust, Inc.		403,521
	15,143	Kite Realty Group Trust		417,493
	21,833	Macerich Company (The)		463,079
	25,316	Retail Opportunity Investments Corporation		440,498
	9,491	Saul Centers, Inc.		390,175
	11,988	Tanger, Inc.		443,197
				3,364,020
		SEMICONDUCTORS - 3.7%
	30,989	Aehr Test Systems^(a),(b)		368,459
	13,017	Amkor Technology, Inc.		344,169
	3,205	Cirrus Logic, Inc.^(a)		334,762
	15,495	Cohu, Inc.^(a)		409,068
	6,214	Diodes, Inc.^(a)		403,910
	8,657	FormFactor, Inc.^(a)		346,799
	1,838	Impinj, Inc.^(a)		353,282
	5,359	IPG Photonics Corporation^(a)		418,216
	7,508	Lattice Semiconductor Corporation^(a)		426,079
	27,500	MaxLinear, Inc., A^(a)		416,075
	3,664	MKS Instruments, Inc.		416,377
	19,008	Penguin Solutions, Inc.^(a)		344,805
	16,083	Photronics, Inc.^(a)		400,628
	6,211	Power Integrations, Inc.		406,883
	8,721	Semtech Corporation^(a)		558,494
	3,446	Silicon Laboratories, Inc.^(a)		381,300
	43,949	SkyWater Technology, Inc.^(a),(b)		348,955

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		SEMICONDUCTORS - 3.7% (Continued)
	12,020	Veeco Instruments, Inc.^(a)	$	334,997
	21,058	Vishay Intertechnology, Inc.		402,208
	41,054	Wolfspeed, Inc.^(a),(b)		393,297
				7,808,763
		SOFTWARE - 4.2%
	7,810	ACI Worldwide, Inc.^(a)		443,764
	44,394	Amplitude, Inc.^(a)		459,034
	4,704	Blackbaud, Inc.^(a)		394,854
	10,266	Calix, Inc.^(a)		333,953
	53,814	Cantaloupe, Inc.^(a)		488,631
	2,589	CommVault Systems, Inc.^(a)		444,247
	14,465	Digi International, Inc.^(a)		480,527
	6,049	Donnelley Financial Solutions, Inc.^(a)		364,452
	48,921	Health Catalyst, Inc.^(a)		431,972
	9,132	Omnicell, Inc.^(a)		425,460
	12,570	PDF Solutions, Inc.^(a)		397,212
	5,460	Pegasystems, Inc.		518,536
	17,472	Phreesia, Inc.^(a)		367,436
	5,911	Progress Software Corporation		404,372
	21,503	PROS Holdings, Inc.^(a)		498,225
	26,781	PubMatic, Inc., Class A^(a)		427,157
	4,992	Q2 Holdings, Inc.^(a)		522,862
	3,099	Qualys, Inc.^(a)		476,006
	44,996	SecureWorks Corporation, Class A^(a)		379,766
	2,050	SPS Commerce, Inc.^(a)		395,794
	7,051	Varonis Systems, Inc.^(a)		352,268
				9,006,528
		SPECIALTY FINANCE - 1.4%
	8,425	Encore Capital Group, Inc.^(a)		414,384
	4,753	Enova International, Inc.^(a)		501,489
	6,195	Essent Group Ltd.		357,947
	2,125	Federal Agricultural Mortgage Corporation, Class C		453,624
	15,555	MGIC Investment Corporation		408,474
	3,515	Nelnet, Inc., Class A		382,854

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		SPECIALTY FINANCE - 1.4% (Continued)
	3,375	World Acceptance Corporation^(a)	$	408,105
				2,926,877
		STEEL - 0.8%
	5,951	ATI, Inc.^(a)		358,072
	7,244	Commercial Metals Company		446,882
	26,852	Metallus, Inc.^(a)		447,623
	8,825	Northwest Pipe Company^(a)		494,774
				1,747,351
		TECHNOLOGY HARDWARE - 4.2%
	67,154	ADTRAN Holdings, Inc.^(a)		570,808
	10,632	Anterix, Inc.^(a)		368,930
	2,997	Arrow Electronics, Inc.^(a)		360,120
	8,985	Benchmark Electronics, Inc.		435,683
	65,175	CommScope Holding Company, Inc.^(a)		310,885
	30,846	Daktronics, Inc.^(a)		475,028
	8,916	Diebold Nixdorf, Inc.^(a)		412,098
	14,814	Digimarc Corporation^(a),(b)		502,046
	27,332	Harmonic, Inc.^(a)		350,396
	58,996	Infinera Corporation^(a),(b)		389,964
	2,821	InterDigital, Inc.		552,803
	22,086	Knowles Corporation^(a)		429,794
	6,284	Lumentum Holdings, Inc.^(a)		546,519
	29,260	NCR Voyix Corporation^(a)		424,563
	18,308	NetScout Systems, Inc.^(a)		400,579
	7,648	PAR Technology Corporation^(a)		620,558
	2,914	Plexus Corporation^(a)		479,062
	79,644	Powerfleet Inc NJ^(a)		560,694
	21,821	TTM Technologies, Inc.^(a)		531,996
	33,352	ViaSat, Inc.^(a)		311,174
				9,033,700
		TECHNOLOGY SERVICES - 1.1%
	8,186	CSG Systems International, Inc.		448,675
	10,439	ExlService Holdings, Inc.^(a)		483,952
	10,156	Genpact Ltd.		468,801

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		TECHNOLOGY SERVICES - 1.1% (Continued)
	2,388	ICF International, Inc.	$	330,905
	4,274	MAXIMUS, Inc.		318,413
	1,898	WEX, Inc.^(a)		358,077
				2,408,823
		TELECOMMUNICATIONS - 1.1%
	16,094	EchoStar Corporation, Class A^(a)		407,017
	321,145	Globalstar, Inc.^(a)		626,233
	13,078	Iridium Communications, Inc.		388,678
	28,222	Shenandoah Telecommunications Company		376,199
	17,127	Telephone and Data Systems, Inc.		585,401
				2,383,528
		TIMBER REIT - 0.2%
	12,374	Rayonier, Inc.		394,359

		TRANSPORTATION & LOGISTICS - 2.8%
	24,597	Air Transport Services Group, Inc.^(a)		540,150
	7,231	Allegiant Travel Company		591,785
	7,536	Covenant Logistics Group, Inc.		437,691
	49,102	CryoPort, Inc.^(a)		347,642
	11,574	Dorian, L.P.G Ltd.		283,216
	11,250	Forward Air Corporation^(b)		412,763
	20,421	Genco Shipping & Trading Ltd.		324,081
	32,428	Heartland Express, Inc.		414,106
	8,756	Hub Group, Inc., Class A		452,160
	7,381	Knight-Swift Transportation Holdings, Inc.		438,136
	2,108	Landstar System, Inc.		391,919
	2,791	Matson, Inc.		427,525
	2,732	Ryder System, Inc.		461,271
	10,359	Werner Enterprises, Inc.		423,476
				5,945,921
		TRANSPORTATION EQUIPMENT - 0.8%
	4,145	Allison Transmission Holdings, Inc.		491,182
	8,304	Blue Bird Corporation^(a)		337,558
	11,428	Trinity Industries, Inc.		430,836

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares					Fair Value
		COMMON STOCKS — 99.4% (Continued)
		TRANSPORTATION EQUIPMENT - 0.8% (Continued)
	20,898	Wabash National Corporation			$	414,407
						1,673,983
		WHOLESALE - CONSUMER STAPLES - 0.3%
	7,971	Andersons, Inc. (The)				380,536
	14,053	Calavo Growers, Inc.				389,408
						769,944
		WHOLESALE - DISCRETIONARY - 0.6%
	4,049	ePlus, Inc.^(a)				327,402
	23,590	OPENLANE, Inc.^(a)				476,518
	8,292	ScanSource, Inc.^(a)				418,000
						1,221,920

		TOTAL COMMON STOCKS (Cost $181,292,944)				211,548,086

			Expiration Date	Exercise Price		Fair Value
		RIGHT — 0.0%^(d)
		BIOTECH & PHARMA - 0.0% ^(d)
	6,384	Bristol-Myers Squibb Company^(a)(f)(g) (Cost $0)				—

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COLLATERAL FOR SECURIT/ES LOANED - 3.0%
		MONEY MARKET FUND - 3.0%
	6,329,498	Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.55% (Cost $6,329,498)^{(c) (e)}	$	6,329,498


		TOTAL INVESTMENTS - 102.4% (Cost $187,622,442)	$	217,877,584
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.4)%		(5,015,015	)
		NET ASSETS - 100.0%	$	212,862,569

LTD	- Limited Company

N.V.	- Naamioze Vennootschap

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 November 30, 2024 was $6,259,268.

^(c)	Security was purchased with cash received as collateral for securities on loan at November 30, 2024. Total collateral had a value of $6,329,498 at November 30, 2024.

^(d)	Percentage rounds to less than 0.1%.

^(e)	Rate disclosed is the seven day effective yield as of November 30, 2024.

^(f)	The fair value of this investment is determined using significant unobservable inputs.

^(g)	Illiquid security. The total fair value of these securities as of November 30, 2024 was $0, representing 0% of net assets.

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6%
		AUTOMOTIVE — 0.6%
	1,000,000	BorgWarner, Inc.	2.6500	07/01/27	$	954,090
	1,000,000	BorgWarner, Inc.	5.4000	08/15/34		1,008,674
						1,962,764
		BANKING — 0.9%
	1,000,000	First-Citizens Bank & Trust Company	6.1250	03/09/28		1,036,702
	1,000,000	Regions Financial Corporation	1.8000	08/12/28		900,546
	1,000,000	Zions Bancorp NA	3.2500	10/29/29		891,070
						2,828,318
		BEVERAGES — 0.3%
	1,000,000	Coca-Cola Consolidated, Inc.	5.4500	06/01/34		1,028,905

		BIOTECH & PHARMA — 0.3%
	1,000,000	Royalty Pharma plc	1.2000	09/02/25		972,080

		CHEMICALS — 1.2%
	1,000,000	Albemarle Corporation	4.6500	06/01/27		995,567
	1,000,000	Albemarle Corporation	5.0500	06/01/32		975,750
	1,000,000	Cabot Corporation	5.0000	06/30/32		997,707
	1,000,000	LYB International Finance III, LLC	1.2500	10/01/25		971,588
						3,940,612
		COMMERCIAL SUPPORT SERVICES — 4.5%
	1,000,000	Cintas Corp No 2	3.4500	05/01/25		994,361
	1,000,000	Cintas Corp No 2	3.7000	04/01/27		982,342
	1,000,000	Cintas Corp No 2 B	4.0000	05/01/32		955,077
	1,000,000	Republic Services, Inc.	3.3750	11/15/27		969,929
	4,800,000	Republic Services, Inc.	3.9500	05/15/28		4,699,439
	1,000,000	Republic Services, Inc.	2.3000	03/01/30		889,283
	1,000,000	Republic Services, Inc.	1.4500	02/15/31		826,350
	1,000,000	Republic Services, Inc.	1.7500	02/15/32		817,878
	1,000,000	Waste Connections, Inc.	4.2500	12/01/28		987,557
	1,000,000	Waste Management, Inc.	0.7500	11/15/25		964,525
	1,000,000	Waste Management, Inc.	3.1500	11/15/27		964,764
	1,000,000	Waste Management, Inc.	4.6250	02/15/33		994,750
						15,046,255

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		CONSTRUCTION MATERIALS — 2.5%
	1,000,000	Carlisle Companies, Inc.	3.7500	12/01/27	$	974,853
	4,800,000	Carlisle Companies, Inc.	2.7500	03/01/30		4,339,081
	1,000,000	Carlisle Companies, Inc.	2.2000	03/01/32		831,765
	1,000,000	Owens Corning	5.7000	06/15/34		1,040,932
	1,000,000	Vulcan Materials Company	3.9000	04/01/27		986,733
						8,173,364
		CONTAINERS & PACKAGING — 1.4%
	1,000,000	Amcor Finance USA, Inc.	3.6250	04/28/26		983,855
	1,000,000	Amcor Finance USA, Inc.	4.5000	05/15/28		989,022
	1,000,000	Amcor Flexibles North America, Inc.	2.6300	06/19/30		891,558
	1,000,000	Amcor Flexibles North America, Inc.	2.6900	05/25/31		875,048
	1,000,000	AptarGroup, Inc.	3.6000	03/15/32		911,680
						4,651,163
		DIVERSIFIED INDUSTRIALS — 3.6%
	1,000,000	Dover Corporation	3.1500	11/15/25		985,816
	1,000,000	Emerson Electric Company	1.8000	10/15/27		931,799
	1,000,000	Emerson Electric Company	2.0000	12/21/28		909,088
	1,000,000	Emerson Electric Company	1.9500	10/15/30		866,976
	1,000,000	Emerson Electric Company	2.2000	12/21/31		855,859
	1,000,000	Parker-Hannifin Corporation	3.2500	03/01/27		972,141
	1,000,000	Parker-Hannifin Corporation	4.2500	09/15/27		994,018
	4,800,000	Parker-Hannifin Corporation	3.2500	06/14/29		4,542,890
	1,000,000	Parker-Hannifin Corporation	4.5000	09/15/29		997,770
						12,056,357
		ELECTRIC UTILITIES — 5.9%
	1,000,000	Avangrid, Inc.	3.8000	06/01/29		958,454
	1,000,000	CenterPoint Energy, Inc.	1.4500	06/01/26		953,805
	1,000,000	CenterPoint Energy, Inc.	2.9500	03/01/30		909,122
	1,000,000	CenterPoint Energy, Inc.	2.6500	06/01/31		876,094
	1,000,000	DTE Energy Company	5.8500	06/01/34		1,051,671
	1,000,000	Emera US Finance, L.P.	3.5500	06/15/26		980,280
	1,000,000	Entergy Arkansas, LLC	3.5000	04/01/26		987,018
	1,000,000	Entergy Corporation	0.9000	09/15/25		969,381
	1,000,000	Entergy Corporation	1.9000	06/15/28		911,609

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		ELECTRIC UTILITIES — 5.9% (Continued)
	1,000,000	Entergy Corporation	2.8000	06/15/30	$	904,760
	1,000,000	Entergy Corporation	2.4000	06/15/31		859,652
	4,800,000	Evergy, Inc.	2.9000	09/15/29		4,416,268
	1,000,000	Eversource Energy	5.9500	07/15/34		1,049,988
	1,000,000	Exelon Corporation	5.1500	03/15/29		1,016,195
	1,000,000	Exelon Corporation	4.0500	04/15/30		963,447
	1,000,000	Exelon Corporation	5.4500	03/15/34		1,025,234
	1,000,000	WEC Energy Group, Inc.	1.3750	10/15/27		916,072
						19,749,050
		ELECTRICAL EQUIPMENT — 4.9%
	4,800,000	Amphenol Corporation	4.3500	06/01/29		4,747,250
	1,000,000	Amphenol Corporation	2.8000	02/15/30		913,806
	1,000,000	Amphenol Corporation	2.2000	09/15/31		847,730
	1,000,000	Amphenol Corporation	5.2500	04/05/34		1,022,611
	1,000,000	Keysight Technologies, Inc.	4.6000	04/06/27		998,964
	1,000,000	Keysight Technologies, Inc.	3.0000	10/30/29		923,190
	1,000,000	Otis Worldwide Corporation	5.2500	08/16/28		1,020,482
	4,800,000	Trimble, Inc.	4.9000	06/15/28		4,812,920
	1,000,000	Trimble, Inc.	6.1000	03/15/33		1,054,748
						16,341,701
		ENGINEERING & CONSTRUCTION — 0.3%
	1,000,000	Quanta Services, Inc.	5.2500	08/09/34		1,000,958

		FOOD — 3.4%
	1,000,000	Campbell Soup Company	4.1500	03/15/28		983,765
	1,000,000	Campbell Soup Company	5.4000	03/21/34		1,018,429
	1,000,000	Conagra Brands, Inc.	4.6000	11/01/25		998,097
	4,800,000	Conagra Brands, Inc.	1.3750	11/01/27		4,374,351
	1,000,000	Conagra Brands, Inc.	4.8500	11/01/28		1,002,289
	1,000,000	McCormick & Co, Inc.	3.4000	08/15/27		972,585
	1,000,000	McCormick & Co, Inc.	2.5000	04/15/30		893,620
	1,000,000	McCormick & Co, Inc.	4.9500	04/15/33		999,462
						11,242,598

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		GAS & WATER UTILITIES — 3.3%
	1,000,000	Atmos Energy Corporation	3.0000	06/15/27	$	966,296
	4,800,000	Atmos Energy Corporation	2.6250	09/15/29		4,422,929
	1,000,000	Atmos Energy Corporation	1.5000	01/15/31		839,303
	1,000,000	Atmos Energy Corporation	5.9000	11/15/33		1,074,689
	1,000,000	CenterPoint Energy Resources Corporation	1.7500	10/01/30		849,240
	1,000,000	Essential Utilities, Inc.	2.7040	04/15/30		899,513
	1,000,000	Essential Utilities, Inc.	5.3750	01/15/34		1,015,590
	1,000,000	NiSource, Inc.	5.4000	06/30/33		1,021,974
						11,089,534
		HEALTH CARE FACILITIES & SERVICES — 0.9%
	1,000,000	Anthem, Inc.	3.6500	12/01/27		974,508
	1,000,000	Elevance Health, Inc.	1.5000	03/15/26		961,298
	1,000,000	Elevance Health, Inc.	5.3750	06/15/34		1,019,703
						2,955,509
		HOME CONSTRUCTION — 2.1%
	1,000,000	DR Horton, Inc.	2.6000	10/15/25		982,364
	1,000,000	DR Horton, Inc.	1.3000	10/15/26		939,827
	1,000,000	Fortune Brands Innovations, Inc.	3.2500	09/15/29		935,341
	1,000,000	Fortune Brands Innovations, Inc.	5.8750	06/01/33		1,045,884
	1,000,000	Mohawk Industries, Inc.	5.8500	09/18/28		1,034,251
	1,000,000	Mohawk Industries, Inc.	3.6250	05/15/30		937,712
	1,000,000	PulteGroup, Inc.	6.3750	05/15/33		1,082,030
						6,957,409
		INSTITUTIONAL FINANCIAL SERVICES — 1.4%
	4,800,000	Cboe Global Markets, Inc.	3.6500	01/12/27		4,719,500

		INSURANCE — 4.0%
	4,800,000	Arch Capital Finance, LLC	4.0110	12/15/26		4,733,855
	1,000,000	Globe Life, Inc.	5.8500	09/15/34		1,029,663
	1,000,000	Loews Corporation	3.7500	04/01/26		988,502
	1,000,000	Loews Corporation	3.2000	05/15/30		928,709
	1,000,000	Primerica, Inc.	2.8000	11/19/31		868,845
	1,000,000	Progressive Corporation (The)	3.2000	03/26/30		931,911
	1,000,000	Progressive Corporation (The)	4.9500	06/15/33		1,013,247

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		INSURANCE — 4.0% (Continued)
	1,000,000	Reinsurance Group of America, Inc.	3.9000	05/15/29	$	963,538
	1,000,000	Reinsurance Group of America, Inc.	3.1500	06/15/30		917,382
	1,000,000	Reinsurance Group of America, Inc.	6.0000	09/15/33		1,056,906
						13,432,558
		LEISURE PRODUCTS — 0.3%
	1,000,000	Brunswick Corporation	4.4000	09/15/32		937,750

		MACHINERY — 3.4%
	1,000,000	AGCO Corporation	5.8000	03/21/34		1,026,898
	1,000,000	Caterpillar Financial Services Corporation	0.8000	11/13/25		966,076
	1,000,000	Caterpillar Financial Services Corporation	0.9000	03/02/26		958,580
	4,800,000	Caterpillar, Inc.	2.6000	09/19/29		4,419,562
	1,000,000	Caterpillar, Inc.	1.9000	03/12/31		864,678
	1,000,000	CNH Industrial Capital, LLC	1.8750	01/15/26		967,998
	1,000,000	Ingersoll Rand, Inc.	5.7000	08/14/33		1,043,328
	1,000,000	Nordson Corporation	5.8000	09/15/33		1,055,260
						11,302,380
		MEDICAL EQUIPMENT & DEVICES — 1.1%
	1,000,000	Baxter International, Inc.	2.2720	12/01/28		907,285
	1,000,000	Baxter International, Inc.	3.9500	04/01/30		954,815
	1,000,000	Baxter International, Inc.	2.5390	02/01/32		852,706
	1,000,000	DENTSPLY SIRONA, Inc.	3.2500	06/01/30		896,919
						3,611,725
		METALS & MINING — 0.5%
	1,000,000	Newmont Corporation	2.2500	10/01/30		875,026
	1,000,000	Newmont Corporation	2.6000	07/15/32		864,543
						1,739,569
		OIL & GAS PRODUCERS — 9.7%
	1,000,000	Cheniere Energy Partners, L.P.	5.9500	06/30/33		1,038,590
	1,000,000	Continental Resources, Inc.	4.3750	01/15/28		979,003
	1,000,000	Devon Energy Corporation	5.8500	12/15/25		1,007,378
	1,000,000	Devon Energy Corporation	4.5000	01/15/30		978,843
	1,000,000	Devon Energy Corporation	7.8750	09/30/31		1,151,385
	1,000,000	Devon Energy Corporation	5.2000	09/15/34		977,521

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		OIL & GAS PRODUCERS — 9.7% (Continued)
	1,000,000	Diamondback Energy, Inc.	3.2500	12/01/26	$	974,704
	1,000,000	Diamondback Energy, Inc.	3.5000	12/01/29		939,449
	4,800,000	Diamondback Energy, Inc.	3.1250	03/24/31		4,316,687
	1,000,000	EOG Resources, Inc.	3.1500	04/01/25		994,281
	1,000,000	EOG Resources, Inc.	4.1500	01/15/26		995,169
	1,000,000	Kinder Morgan, Inc.	4.3000	06/01/25		996,607
	1,000,000	Kinder Morgan, Inc.	4.3000	03/01/28		988,939
	1,000,000	Kinder Morgan, Inc.	7.8000	08/01/31		1,152,620
	1,000,000	Kinder Morgan, Inc.	5.2000	06/01/33		999,957
	1,000,000	ONEOK, Inc.	5.8500	01/15/26		1,009,940
	1,000,000	ONEOK, Inc.	4.0000	07/13/27		982,378
	1,000,000	Ovintiv, Inc.	5.3750	01/01/26		1,003,081
	1,000,000	Targa Resources Corporation	6.1500	03/01/29		1,050,358
	1,000,000	Targa Resources Corporation	6.1250	03/15/33		1,055,585
	1,000,000	Targa Resources Partners, L.P. / Targa Resources	5.0000	01/15/28		995,945
	1,000,000	Tennessee Gas Pipeline Company, LLC	7.0000	10/15/28		1,080,065
	1,000,000	Transcontinental Gas Pipe Line Company, LLC	7.8500	02/01/26		1,027,144
	1,000,000	Valero Energy Corporation	3.4000	09/15/26		977,617
	4,800,000	Valero Energy Corporation	4.3500	06/01/28		4,746,098
						32,419,344
		OIL & GAS SERVICES & EQUIPMENT — 0.9%
	1,000,000	Schlumberger Holdings Corporation^(a)	4.0000	12/21/25		992,987
	1,000,000	Schlumberger Holdings Corporation^(a)	3.9000	05/17/28		979,148
	1,000,000	Schlumberger Holdings Corporation^(a)	4.3000	05/01/29		985,232
						2,957,367
		REAL ESTATE INVESTMENT TRUSTS — 19.4%
	1,000,000	Alexandria Real Estate Equities, Inc.	3.9500	01/15/28		978,704
	1,000,000	Alexandria Real Estate Equities, Inc.	4.7000	07/01/30		989,223
	4,800,000	Alexandria Real Estate Equities, Inc.	4.9000	12/15/30		4,805,784
	1,000,000	Alexandria Real Estate Equities, Inc.	3.3750	08/15/31		913,579
	1,000,000	Alexandria Real Estate Equities, Inc.	2.0000	05/18/32		814,636
	1,000,000	Boston Properties, L.P.	3.6500	02/01/26		985,122
	1,000,000	Boston Properties, L.P.	4.5000	12/01/28		979,860
	1,000,000	Boston Properties, L.P.	3.4000	06/21/29		926,371

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 19.4% (Continued)
	4,800,000	Boston Properties, L.P.	3.2500	01/30/31	$	4,265,609
	1,000,000	Boston Properties, L.P.	2.5500	04/01/32		823,393
	4,800,000	Camden Property Trust	4.9000	01/15/34		4,776,921
	1,000,000	Crown Castle, Inc.	5.8000	03/01/34		1,039,626
	1,000,000	Digital Realty Trust, L.P.	3.7000	08/15/27		975,732
	1,000,000	Digital Realty Trust, L.P.	4.4500	07/15/28		990,808
	1,000,000	Digital Realty Trust, L.P.	3.6000	07/01/29		955,355
	1,000,000	Extra Space Storage, L.P.	3.9000	04/01/29		963,552
	4,800,000	Extra Space Storage, L.P.	2.5500	06/01/31		4,156,172
	1,000,000	Extra Space Storage, L.P.	2.3500	03/15/32		833,219
	1,000,000	Invitation Homes Operating Partnership, L.P.	2.0000	08/15/31		827,876
	1,000,000	Kite Realty Group Trust	4.7500	09/15/30		990,781
	1,000,000	LXP Industrial Trust	2.7000	09/15/30		873,812
	1,000,000	LXP Industrial Trust	2.3750	10/01/31		827,131
	1,000,000	Mid-America Apartments, L.P.	4.0000	11/15/25		993,992
	1,000,000	National Health Investors, Inc.	3.0000	02/01/31		861,844
	1,000,000	NNN REIT, Inc.	2.5000	04/15/30		885,614
	1,000,000	NNN REIT, Inc.	5.6000	10/15/33		1,030,944
	1,000,000	Omega Healthcare Investors, Inc.	4.7500	01/15/28		993,511
	1,000,000	Omega Healthcare Investors, Inc.	3.6250	10/01/29		933,507
	4,800,000	Omega Healthcare Investors, Inc.	3.2500	04/15/33		4,125,352
	1,000,000	Prologis, L.P.	3.8750	09/15/28		977,124
	1,000,000	Prologis, L.P.	2.2500	04/15/30		885,257
	1,000,000	Prologis, L.P.	1.2500	10/15/30		828,704
	1,000,000	Prologis, L.P.	1.6250	03/15/31		832,877
	1,000,000	Public Storage Operating Company	0.8750	02/15/26		958,030
	1,000,000	Public Storage Operating Company	3.0940	09/15/27		964,598
	1,000,000	Simon Property Group, L.P.	3.3000	01/15/26		985,906
	4,800,000	Sun Communities Operating, L.P.	2.3000	11/01/28		4,359,360
	1,000,000	Sun Communities Operating, L.P.	2.7000	07/15/31		857,273
	1,000,000	UDR, Inc.	3.2000	01/15/30		926,131
	1,000,000	UDR, Inc.	2.1000	08/01/32		816,526
	1,000,000	Ventas Realty, L.P.	4.1250	01/15/26		992,730
	1,000,000	Ventas Realty, L.P.	3.2500	10/15/26		972,331

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 19.4% (Continued)
	1,000,000	Ventas Realty, L.P.	4.0000	03/01/28	$	979,148
	1,000,000	Ventas Realty, L.P.	4.4000	01/15/29		985,173
	1,000,000	Ventas Realty, L.P.	4.7500	11/15/30		995,171
	1,000,000	WP Carey, Inc.	2.4000	02/01/31		863,080
	1,000,000	WP Carey, Inc.	2.2500	04/01/33		808,583
						64,506,032
		RETAIL - CONSUMER STAPLES — 2.0%
	1,000,000	Dollar General Corporation	4.1500	11/01/25		992,420
	4,800,000	Dollar General Corporation	3.8750	04/15/27		4,700,481
	1,000,000	Dollar Tree, Inc.	4.2000	05/15/28		977,822
						6,670,723
		RETAIL - DISCRETIONARY — 2.6%
	4,800,000	AutoZone, Inc.	3.7500	06/01/27		4,704,739
	1,000,000	Genuine Parts Company	6.5000	11/01/28		1,059,138
	1,000,000	Genuine Parts Company	1.8750	11/01/30		840,002
	1,000,000	Genuine Parts Company	2.7500	02/01/32		859,008
	1,000,000	Tractor Supply Company B	5.2500	05/15/33		1,014,355
						8,477,242
		SEMICONDUCTORS — 2.9%
	1,000,000	Broadcom, Inc.	3.4590	09/15/26		980,101
	1,000,000	Broadcom, Inc.	4.1100	09/15/28		982,151
	1,000,000	KLA Corporation	4.1000	03/15/29		985,075
	1,000,000	KLA Corporation	4.6500	07/15/32		998,528
	1,000,000	KLA Corporation	4.7000	02/01/34		992,417
	1,000,000	Microchip Technology, Inc.	4.2500	09/01/25		995,657
	1,000,000	QUALCOMM, Inc.	1.3000	05/20/28		900,492
	1,000,000	QUALCOMM, Inc.	2.1500	05/20/30		882,727
	1,000,000	QUALCOMM, Inc.	5.4000	05/20/33		1,046,990
	1,000,000	Skyworks Solutions, Inc.	3.0000	06/01/31		870,803
						9,634,941
		SOFTWARE — 2.3%
	1,000,000	Fortinet, Inc.	1.0000	03/15/26		953,824
	4,800,000	Fortinet, Inc.	2.2000	03/15/31		4,159,573
	1,000,000	Roper Technologies, Inc.	4.2000	09/15/28		986,894

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		SOFTWARE — 2.3% (Continued)
	1,000,000	Roper Technologies, Inc.	2.0000	06/30/30	$	864,621
	1,000,000	Roper Technologies, Inc.	1.7500	02/15/31		833,567
						7,798,479
		SPECIALTY FINANCE — 1.3%
	4,800,000	Air Lease Corporation	2.8750	01/15/32		4,181,163

		STEEL — 2.2%
	1,000,000	Nucor Corporation	2.0000	06/01/25		986,255
	4,800,000	Nucor Corporation	2.7000	06/01/30		4,345,921
	1,000,000	Steel Dynamics, Inc.	3.4500	04/15/30		936,590
	1,000,000	Steel Dynamics, Inc.	3.2500	01/15/31		916,375
						7,185,141
		TECHNOLOGY HARDWARE — 4.0%
	1,000,000	Arrow Electronics, Inc.	3.8750	01/12/28		969,319
	1,000,000	Arrow Electronics, Inc.	2.9500	02/15/32		864,881
	1,000,000	Jabil, Inc.	3.9500	01/12/28		973,879
	1,000,000	Jabil, Inc.	3.6000	01/15/30		933,711
	1,000,000	Jabil, Inc.	3.0000	01/15/31		893,633
	1,000,000	Juniper Networks, Inc.	2.0000	12/10/30		841,595
	1,000,000	NetApp, Inc.	2.3750	06/22/27		947,617
	4,800,000	NetApp, Inc.	2.7000	06/22/30		4,296,691
	1,000,000	Teledyne FLIR, LLC	2.5000	08/01/30		884,016
	1,000,000	Western Digital Corporation	2.8500	02/01/29		896,023
	1,000,000	Western Digital Corporation	3.1000	02/01/32		846,412
						13,347,777
		TECHNOLOGY SERVICES — 2.1%
	1,000,000	Amdocs Ltd.	2.5380	06/15/30		884,194
	1,000,000	Equifax, Inc.	2.6000	12/15/25		977,383
	1,000,000	Equifax, Inc.	5.1000	12/15/27		1,012,079
	1,000,000	MSCI, Inc.^(a)	3.6250	11/01/31		911,980
	1,000,000	Verisk Analytics, Inc.	4.0000	06/15/25		995,510
	1,000,000	Verisk Analytics, Inc.	4.1250	03/15/29		981,157
	1,000,000	Verisk Analytics, Inc.	5.7500	04/01/33		1,054,904
						6,817,207

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.6% (Continued)
		TRANSPORTATION & LOGISTICS — 1.5%
	1,000,000	CSX Corporation	3.3500	11/01/25	$	988,137
	1,000,000	CSX Corporation	3.8000	03/01/28		979,029
	1,000,000	CSX Corporation	4.2500	03/15/29		990,464
	1,000,000	JB Hunt Transport Services, Inc.	3.8750	03/01/26		990,804
	1,000,000	Ryder System, Inc.	5.2500	06/01/28		1,016,660
						4,965,094
		WHOLESALE - CONSUMER STAPLES — 0.9%
	1,000,000	Archer-Daniels-Midland Company	4.5000	08/15/33		977,239
	1,000,000	Sysco Corporation	5.7500	01/17/29		1,038,488
	1,000,000	Sysco Corporation	6.0000	01/17/34		1,072,520
						3,088,247

		TOTAL CORPORATE BONDS (Cost $327,366,744)				327,788,816

		TOTAL INVESTMENTS - 98.6% (Cost $327,366,744)			$	327,788,816
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.4%				4,761,048
		NET ASSETS - 100.0%			$	332,549,864

LLC	- Limited Liability Company

LP	- Limited Partnership

MSCI	- Morgan Stanley Capital International

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

^(a)

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2024 the total market value of 144A securities is $3,869,347 or 1.2% of net assets.

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.8%
		BANKING - 1.1%
	1,364	First Citizens BancShares, Inc., Class A	$	3,130,380
	10,126	Western Alliance Bancorp		947,895
				4,078,275
		BIOTECH & PHARMA - 0.4%
	17,283	Incyte Corporation^(a)		1,289,139

		CHEMICALS - 0.3%
	9,908	Albemarle Corporation		1,067,092

		COMMERCIAL SUPPORT SERVICES - 4.0%
	35,793	Cintas Corporation		8,081,702
	27,967	Republic Services, Inc.		6,105,196
				14,186,898
		CONSTRUCTION MATERIALS - 0.5%
	4,027	Carlisle Companies, Inc.		1,839,131

		DATA CENTER REIT - 1.6%
	29,591	Digital Realty Trust, Inc.		5,790,663

		DIVERSIFIED INDUSTRIALS - 2.6%
	12,219	Dover Corporation		2,515,892
	49,901	Emerson Electric Company		6,616,873
				9,132,765
		ELECTRIC UTILITIES - 2.6%
	34,705	Avangrid, Inc.		1,252,851
	56,148	CenterPoint Energy, Inc.		1,831,548
	26,346	CMS Energy Corporation		1,836,580
	18,523	Entergy Corporation		2,892,736
	20,264	Evergy, Inc.		1,309,662
				9,123,377
		ELECTRICAL EQUIPMENT - 3.7%
	12,224	A O Smith Corporation		910,566
	108,943	Amphenol Corporation, Class A		7,914,709
	15,174	Keysight Technologies, Inc.^(a)		2,592,326

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		ELECTRICAL EQUIPMENT - 3.7% (Continued)
	21,225	Trimble, Inc.^(a)	$	1,548,788
				12,966,389
		ENGINEERING & CONSTRUCTION - 0.6%
	4,085	EMCOR Group, Inc.		2,083,840

		FOOD - 0.6%
	42,996	Conagra Brands, Inc.		1,184,540
	13,163	Lamb Weston Holdings, Inc.		1,016,710
				2,201,250
		GAS & WATER UTILITIES - 0.6%
	13,652	Atmos Energy Corporation		2,065,821

		HEALTH CARE FACILITIES & SERVICES - 1.4%
	17,120	IQVIA Holdings, Inc.^(a)		3,438,381
	5,380	Molina Healthcare, Inc.^(a)		1,602,702
				5,041,083
		HEALTH CARE REIT - 2.8%
	36,179	Ventas, Inc.		2,317,989
	54,091	Welltower, Inc.		7,474,294
				9,792,283
		HOME CONSTRUCTION - 0.2%
	9,541	Taylor Morrison Home Corporation^(a)		704,794

		HOTEL REITS - 0.3%
	65,750	Host Hotels & Resorts, Inc.		1,211,115

		INDUSTRIAL REIT - 2.8%
	85,585	Prologis, Inc.		9,994,616

		INDUSTRIAL SUPPORT SERVICES - 2.0%
	5,853	United Rentals, Inc.		5,068,698
	3,661	Watsco, Inc.		2,019,408
				7,088,106

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 2.3%
	3,477	Evercore, Inc., Class A	$	1,070,568
	36,415	Interactive Brokers Group, Inc., Class A		6,958,543
				8,029,111
		INSURANCE - 4.5%
	19,860	Loews Corporation		1,722,458
	53,119	Progressive Corporation (The)		14,282,636
				16,005,094
		MACHINERY - 7.4%
	40,969	Caterpillar, Inc.		16,637,920
	5,081	Nordson Corporation		1,326,090
	11,488	Parker-Hannifin Corporation		8,074,915
				26,038,925
		MEDICAL EQUIPMENT & DEVICES - 8.6%
	7,679	IDEXX Laboratories, Inc.^(a)		3,238,618
	31,956	Intuitive Surgical, Inc.^(a)		17,320,152
	1,853	Mettler-Toledo International, Inc.^(a)		2,318,474
	13,110	ResMed, Inc.		3,264,652
	8,769	STERIS plc		1,920,937
	6,760	West Pharmaceutical Services, Inc.		2,201,597
				30,264,430
		METALS & MINING - 2.7%
	118,513	Freeport-McMoRan, Inc.		5,238,274
	102,998	Newmont Corporation		4,319,736
				9,558,010
		MULTI ASSET CLASS REIT - 0.3%
	20,139	WP Carey, Inc.		1,149,131

		OFFICE REIT - 0.5%
	16,513	Alexandria Real Estate Equities, Inc.		1,820,228

		OIL & GAS PRODUCERS - 4.8%
	58,889	Devon Energy Corporation		2,234,838
	27,986	Diamondback Energy, Inc.		4,970,034
	195,907	Kinder Morgan, Inc.		5,538,290

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		OIL & GAS PRODUCERS - 4.8% (Continued)
	20,456	Targa Resources Corporation	$	4,179,161
				16,922,323
		OIL & GAS SERVICES & EQUIPMENT - 1.6%
	129,484	Schlumberger N.V.		5,689,527

		RENEWABLE ENERGY - 0.8%
	13,157	Enphase Energy, Inc.^(a)		938,752
	9,407	First Solar, Inc.^(a)		1,874,533
				2,813,285
		RESIDENTIAL REIT - 2.5%
	17,463	Equity LifeStyle Properties, Inc.		1,245,636
	35,404	Equity Residential		2,714,071
	56,535	Invitation Homes, Inc.		1,936,324
	11,934	Sun Communities, Inc.		1,507,622
	30,192	UDR, Inc.		1,384,605
				8,788,258
		RETAIL - CONSUMER STAPLES - 0.4%
	8,552	Sprouts Farmers Market, Inc.^(a)		1,321,113

		RETAIL - DISCRETIONARY - 1.0%
	10,724	Builders FirstSource, Inc.^(a)		1,999,704
	12,451	Genuine Parts Company		1,577,915
				3,577,619
		RETAIL REIT - 1.5%
	29,145	Simon Property Group, Inc.		5,351,022

		SELF-STORAGE REIT - 0.9%
	19,205	Extra Space Storage, Inc.		3,283,287

		SEMICONDUCTORS - 6.1%
	13,849	Entegris, Inc.		1,462,870
	12,133	KLA Corporation		7,850,415
	12,692	Lattice Semiconductor Corporation^(a)		720,271
	48,092	Microchip Technology, Inc.		3,278,432

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		SEMICONDUCTORS - 6.1% (Continued)
	4,272	Monolithic Power Systems, Inc.	$	2,424,958
	39,528	ON Semiconductor Corporation^(a)		2,811,231
	14,466	Skyworks Solutions, Inc.		1,267,077
	14,830	Teradyne, Inc.		1,631,300
				21,446,554
		SOFTWARE - 9.7%
	7,918	ANSYS, Inc.^(a)		2,780,010
	67,153	Fortinet, Inc.^(a)		6,382,893
	54,427	Gen Digital, Inc.		1,679,073
	5,419	Manhattan Associates, Inc.^(a)		1,546,799
	23,482	Nutanix, Inc., Class A^(a)		1,532,905
	15,636	Okta, Inc.^(a)		1,212,728
	9,703	Roper Technologies, Inc.		5,496,167
	14,144	Synopsys, Inc.^(a)		7,899,282
	3,846	Tyler Technologies, Inc.^(a)		2,419,788
	15,085	Veeva Systems, Inc., Class A^(a)		3,437,117
				34,386,762
		SPECIALTY FINANCE - 0.3%
	146,086	UWM Holdings Corporation		951,020

		STEEL - 1.4%
	21,125	Nucor Corporation		3,267,827
	13,146	Steel Dynamics, Inc.		1,909,719
				5,177,546
		TECHNOLOGY HARDWARE - 4.7%
	27,778	Arista Networks, Inc.^(a)		11,272,868
	9,416	Jabil, Inc.		1,278,975
	18,112	NetApp, Inc.		2,221,256
	56,270	Super Micro Computer, Inc.^(a)		1,836,653
				16,609,752
		TECHNOLOGY SERVICES - 6.3%
	39,050	CoStar Group, Inc.^(a)		3,176,327
	5,083	EPAM Systems, Inc.^(a)		1,239,845
	2,197	Fair Isaac Corporation^(a)		5,217,941

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		TECHNOLOGY SERVICES - 6.3% (Continued)
	6,762	MSCI, Inc.	$	4,122,318
	32,112	Paychex, Inc.		4,697,022
	12,718	Verisk Analytics, Inc.		3,741,763
				22,195,216
		TRANSPORTATION & LOGISTICS - 1.8%
	9,282	JB Hunt Transport Services, Inc.		1,755,319
	19,960	Old Dominion Freight Line, Inc.		4,493,794
				6,249,113
		TRANSPORTATION EQUIPMENT - 1.6%
	47,051	PACCAR, Inc.		5,504,967

		TOTAL COMMON STOCKS (Cost $297,055,993)		352,788,930

		TOTAL INVESTMENTS - 99.8% (Cost $297,055,993)	$	352,788,930
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		653,280
		NET ASSETS - 100.0%	$	353,442,210

MSCI	- Morgan Stanley Capital International

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

^(a)	Non-income producing security.

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0%
		APPAREL & TEXTILE PRODUCTS - 1.0%
	653	Hermes International S.A.	$	1,424,514
	213,234	PRADA SpA		1,460,850
				2,885,364
		ASSET MANAGEMENT - 2.3%
	35,927	3i Group plc		1,695,550
	30,473	Brookfield Corporation		1,872,930
	26,531	Julius Baer Group Ltd.		1,755,644
	1,078	Partners Group Holding A.G.		1,566,185
				6,890,309
		AUTOMOTIVE - 3.2%
	24,412	Continental A.G.		1,599,958
	102,929	Denso Corporation		1,464,831
	3,452	Ferrari N.V.		1,498,720
	1,064,973	Geely Automobile Holdings Ltd.		1,897,248
	42,779	Mahindra & Mahindra Ltd. - GDR		1,510,099
	20,953	Toyota Industries Corporation		1,561,692
				9,532,548
		BANKING - 9.6%
	3,493,514	Bank Mandiri Persero Tbk P.T.		1,355,955
	40,927	Bank Polska Kasa Opieki S.A.		1,367,324
	506,364	BOC Hong Kong Holdings Ltd.		1,555,546
	17,568	Commonwealth Bank of Australia		1,816,835
	104,547	Credit Agricole S.A.		1,399,335
	53,859	Danske Bank A/S		1,546,944
	1,852,123	First Financial Holding Company Ltd.		1,550,323
	227,662	Grupo Financiero Banorte S.A.B. de CV		1,527,011
	128,145	Hang Seng Bank Ltd.		1,522,757
	377,018	Intesa Sanpaolo SpA		1,444,585
	98,600	KakaoBank Corporation		1,580,604
	20,315	KBC Group N.V.		1,464,500
	63,799	National Australia Bank Ltd.		1,626,804
	30,496	OTP Bank Nyrt		1,651,743
	107,173	Powszechna Kasa Oszczednosci Bank Polski S.A.		1,475,500
	4,830,453	PT Bank Rakyat Indonesia (Persero) Tbk		1,295,641

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		BANKING - 9.6% (Continued)
	479,736	SCB X PCL	$	1,600,938
	113,056	Standard Bank Group Ltd.		1,486,496
	64,727	United Overseas Bank Ltd.		1,757,294
				29,026,135
		BIOTECH & PHARMA - 2.5%
	10,953	Celltrion, Inc.		1,469,073
	31,625	Chugai Pharmaceutical Company Ltd.		1,394,816
	8,268	CSL Ltd.		1,521,713
	6,708	Genmab A/S^,(a)		1,450,475
	9,042	UCB S.A.		1,770,479
				7,606,556
		CHEMICALS - 5.4%
	22,664	Akzo Nobel N.V.		1,324,022
	2,776,747	Chandra Asri Pacific Tbk P.T.		1,217,948
	106,641	Clariant A.G.		1,284,263
	26,557	Covestro A.G.^,(a)		1,619,343
	28,177	Croda International plc		1,236,934
	1,943	EMS-Chemie Holding A.G.		1,381,682
	68,896	Evonik Industries A.G.		1,263,870
	295	Givaudan S.A.		1,299,511
	33,841	Nutrien Ltd.		1,580,982
	42,105	Solvay S.A.		1,454,949
	11,836	Symrise A.G.		1,306,636
	51,392	Yara International ASA		1,445,732
				16,415,872
		COMMERCIAL SUPPORT SERVICES - 2.9%
	164,483	ALS Ltd.		1,671,218
	48,389	Bureau Veritas S.A.		1,472,220
	40,685	Edenred S.E.		1,345,278
	23,231	Intertek Group plc		1,394,037
	14,398	SGS S.A.		1,429,635
	161,302	Worley Ltd.		1,459,018
				8,771,406

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		CONSTRUCTION MATERIALS - 2.5%
	17,547	Cie de Saint-Gobain S.A.	$	1,600,473
	385,050	Grupo Argos S.A./Colombia		1,738,101
	16,476	Holcim A.G.		1,678,232
	217,161	Siam Cement PCL (The)		1,161,407
	4,867	Sika A.G.		1,260,088
				7,438,301
		CONTAINERS & PACKAGING - 0.5%
	40,888	Huhtamaki OYJ		1,475,527

		DIVERSIFIED INDUSTRIALS - 0.5%
	33,751	Alfa Laval A.B.		1,437,983

		ELECTRIC UTILITIES - 7.3%
	180,385	CLP Holdings Ltd.		1,514,034
	108,333	E.ON S.E.		1,394,504
	353,736	EDP - Energias de Portugal S.A.		1,278,771
	93,045	EDP Renovaveis S.A.		1,089,096
	73,791	Endesa S.A.		1,616,761
	16,071,042	Enel Americas S.A.		1,475,599
	202,295	Enel SpA		1,455,344
	35,658	Fortis, Inc.		1,594,294
	98,432	Fortum OYJ		1,483,343
	106,353	Iberdrola S.A.		1,515,637
	43,934	RWE A.G.		1,479,164
	63,667	SSE plc		1,435,120
	179,607	Terna Rete Elettrica Nazionale SpA		1,519,430
	673,483	Vector Ltd.		1,563,364
	19,493	Verbund A.G.		1,554,745
				21,969,206
		ELECTRICAL EQUIPMENT - 0.7%
	482,061	Delta Electronics Thailand PCL - GDR		2,114,488

		ENGINEERING & CONSTRUCTION - 1.5%
	89,908	AFRY A.B.		1,250,737

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		ENGINEERING & CONSTRUCTION - 1.5% (Continued)
	37,589	Ferrovial S.E.^(b)	$	1,549,464
	9,251	WSP Global, Inc.		1,645,287
				4,445,488
		ENTERTAINMENT CONTENT - 0.5%
	236,989	Bollore S.E.		1,460,840

		FOOD - 2.6%
	40,539	Ajinomoto Company, Inc.		1,702,337
	469,372	Grupo Bimbo S.A.B. de C.V.		1,402,767
	655,131	Premier Foods PLC		1,630,533
	177,792	Tate & Lyle PLC		1,667,295
	620,712	Wilmar International Ltd.		1,427,499
				7,830,431
		FORESTRY, PAPER & WOOD PRODUCTS - 1.0%
	162,782	Suzano S.A.		1,681,163
	48,805	UPM-Kymmene OYJ		1,283,799
				2,964,962
		GAS & WATER UTILITIES - 2.0%
	404,217	Hera SpA		1,498,840
	1,919,090	Hong Kong & China Gas Company Ltd.		1,455,357
	62,203	Naturgy Energy Group S.A.		1,532,403
	317,755	Snam SpA		1,481,022
				5,967,622
		HEALTH CARE FACILITIES & SERVICES - 0.9%
	43,407	Fresenius S.E. & Company KGaA^,(a)		1,525,619
	5,700	ICON plc^(a)		1,198,425
				2,724,044
		HOME & OFFICE PRODUCTS - 0.4%
	13,939	SEB S.A.		1,322,335

		HOME CONSTRUCTION - 0.5%
	2,444	Geberit A.G.		1,471,360

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		HOUSEHOLD PRODUCTS - 0.9%
	10,818	Beiersdorf A.G.	$	1,401,677
	5,564	LG H&H Company Ltd.		1,239,132
				2,640,809
		INDUSTRIAL REIT - 0.5%
	62,880	Goodman Group		1,554,572

		INDUSTRIAL SUPPORT SERVICES - 1.0%
	20,730	Ashtead Group PLC		1,659,138
	889,272	United Tractors Tbk P.T.		1,502,699
				3,161,837
		INSTITUTIONAL FINANCIAL SERVICES - 2.0%
	824,228	B3 S.A. - Brasil Bolsa Balcao		1,257,339
	6,941	Deutsche Boerse A.G.		1,624,162
	38,334	Hong Kong Exchanges & Clearing Ltd.		1,427,922
	11,855	London Stock Exchange Group plc		1,700,036
				6,009,459
		INSURANCE - 5.7%
	185,128	AIA Group Ltd.		1,383,706
	250,437	BB Seguridade Participacoes S.A.		1,393,305
	62,101	Dai-ichi Life Holdings, Inc.		1,681,648
	1,306	Fairfax Financial Holdings Ltd.		1,853,080
	8,413	Intact Financial Corporation		1,602,622
	530,395	Legal & General Group plc		1,493,529
	51,985	Power Corp of Canada		1,751,289
	173,873	Prudential PLC		1,419,922
	34,651	Sampo OYJ, A Shares		1,483,997
	1,927	Swiss Life Holding A.G.		1,578,748
	68,210	Tryg A/S		1,571,561
				17,213,407
		INTERNET MEDIA & SERVICES - 1.6%
	6,603	Naspers Ltd.		1,490,953
	36,789	Prosus N.V.		1,498,221
	11,787	REA Group Ltd.		1,933,470
				4,922,644

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		MACHINERY - 4.8%
	22,490	ANDRITZ A.G.^(b)	$	1,256,836
	6,162	Disco Corporation		1,672,330
	52,261	FANUC Corporation		1,357,896
	32,938	GEA Group AG		1,646,552
	39,532	KION Group A.G.		1,410,306
	11,226	Krones A.G.		1,399,396
	71,999	Sandvik A.B.		1,332,603
	3,448	SMC Corporation		1,464,498
	109,613	TOMRA Systems ASA		1,544,765
	158,101	WEG S.A.		1,412,658
				14,497,840
		MEDICAL EQUIPMENT & DEVICES - 2.0%
	12,369	Coloplast A/S - Series B		1,558,814
	6,836	EssilorLuxottica S.A.		1,659,531
	4,525	Sonova Holding A.G.		1,544,937
	9,866	Straumann Holding A.G.		1,283,895
				6,047,177
		METALS & MINING - 3.9%
	19,891	Agnico Eagle Mines Ltd.		1,677,511
	43,345	Anglo American Platinum Ltd.		1,428,561
	59,641	Antofagasta plc		1,292,007
	50,608	BHP Group Ltd.		1,338,963
	112,473	Fortescue Ltd.		1,392,893
	12,982	Franco-Nevada Corporation		1,589,864
	18,491	Rio Tinto Ltd.		1,425,835
	26,084	Wheaton Precious Metals Corporation		1,623,298
				11,768,932
		OIL & GAS PRODUCERS - 7.7%
	76,246	Aker BP ASA		1,563,451
	49,088	Canadian Natural Resources Ltd.		1,666,318
	98,171	Cenovus Energy, Inc.		1,555,431
	13,725	Delek Group Ltd.		1,841,312
	294,401	ENEOS Holdings, Inc.		1,591,676
	106,728	Eni SpA		1,511,510

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		OIL & GAS PRODUCERS - 7.7% (Continued)
	65,075	Equinor ASA	$	1,574,858
	118,449	Inpex Corporation		1,562,978
	215,981	MOL Hungarian Oil & Gas plc		1,479,806
	37,652	OMV A.G.		1,508,307
	109,742	ORLEN S.A.		1,378,971
	331,329	Santos Ltd.		1,428,254
	24,671	TotalEnergies S.E.		1,432,669
	35,813	Tourmaline Oil Corporation		1,690,507
	92,299	Woodside Energy Group Ltd.		1,475,315
				23,261,363
		REAL ESTATE OWNERS & DEVELOPERS - 2.7%
	369,590	CK Asset Holdings Ltd.		1,510,669
	1,271,708	New World Development Company Ltd.^(b)		1,051,043
	2,734,679	SM Prime Holdings, Inc.		1,232,006
	48,065	Sumitomo Realty & Development Company Ltd.		1,490,163
	801,962	Swire Properties Ltd.		1,597,745
	44,195	Vonovia S.E.		1,466,008
				8,347,634
		REAL ESTATE SERVICES - 0.4%
	101,766	Savills PLC		1,390,720

		RETAIL - CONSUMER STAPLES - 3.1%
	58,586	Aeon Company Ltd.		1,407,493
	29,168	Alimentation Couche-Tard, Inc.		1,706,670
	111,774	BIM Birlesik Magazalar A/S		1,525,396
	776,657	Cencosud S.A.		1,634,807
	80,957	Jeronimo Martins SGPS S.A.		1,577,062
	172,768	President Chain Store Corporation		1,438,183
				9,289,611
		RETAIL - DISCRETIONARY - 0.4%
	91,586	SM Investments Corporation		1,367,538

		SEMICONDUCTORS - 3.0%
	34,268	Advantest Corporation		1,887,514

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		SEMICONDUCTORS - 3.0% (Continued)
	1,928	ASML Holding N.V.	$	1,341,005
	44,661	Infineon Technologies A.G.		1,453,865
	6,653	NXP Semiconductors N.V.		1,525,999
	105,542	Renesas Electronics Corporation		1,385,257
	53,137	STMicroelectronics N.V.		1,362,386
				8,956,026
		SOFTWARE - 2.0%
	8,436	Check Point Software Technologies Ltd.^(a)		1,535,352
	503	Constellation Software, Inc.		1,701,049
	39,831	Dassault Systemes S.E.		1,373,846
	17,438	WiseTech Global Ltd.		1,456,768
				6,067,015
		STEEL - 0.4%
	62,247	voestalpine A.G.^,(b)		1,204,696

		TECHNOLOGY HARDWARE - 1.0%
	9,358	Garmin Ltd.		1,989,511
	5,557	Samsung SDI Company Ltd.		1,014,371
				3,003,882
		TECHNOLOGY SERVICES - 0.5%
	9,429	Wolters Kluwer N.V.		1,573,326

		TELECOMMUNICATIONS - 2.4%
	90,801	Hellenic Telecommunications Organization S.A.		1,433,094
	397,547	Koninklijke KPN N.V.		1,541,723
	292,646	MTN Group Ltd.		1,311,514
	649,557	Singapore Telecommunications Ltd.		1,503,537
	441,953	Taiwan Mobile Company Ltd.		1,536,873
				7,326,741
		TRANSPORTATION & LOGISTICS - 4.7%
	7,262	Aena SME S.A.		1,571,157
	13,986	Canadian National Railway Company		1,561,959
	7,798	DSV A/S		1,665,172
	79,510	East Japan Railway Company		1,551,954

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		TRANSPORTATION & LOGISTICS - 4.7% (Continued)
	1,372,638	Eva Airways Corporation	$	1,755,135
	5,909	Kuehne + Nagel International A.G.		1,412,494
	115,301	Poste Italiane SpA		1,618,185
	35,604	Ryanair Holdings plc - ADR		1,568,000
	179,805	Transurban Group		1,500,916
				14,204,972
		WHOLESALE - CONSUMER STAPLES - 0.5%
	29,203	ITOCHU Corporation		1,441,429

		TOTAL COMMON STOCKS (Cost $279,768,515)		299,002,407

		PREFERRED STOCK — 0.5%
		CHEMICALS — 0.5%
	39,215	Sociedad Quimica y Minera de Chile S.A., Class B^(a) (Cost $2,211,102)		1,503,255

		COLLATERAL FOR SECURITIES LOANED - 1.0%
		MONEY MARKET FUND - 1.0%
	3,126,667	Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.55% (Cost $3,126,667)^{(c) (d)}		3,126,667

		TOTAL INVESTMENTS - 100.5% (Cost $285,106,284)	$	303,632,329
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%		(1,547,781	)
		NET ASSETS - 100.0%	$	302,084,548

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

ASA	- Allmennaksjeselskap

A/S	- Anonim Sirketi

GDR	- Global Depositary Receipt

KGaA	- Kommanditgesellschaft auf Aktien

LTD	- Limited Company

N.V.	- Naamioze Vennootschap

OYJ	- Julkinen osakeyhtiö

PLC	- Public Limited Company

P.T.	- Perseroan Terbatas

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.A.B. de C.V.	- Sociedad Anonima Bursátil de Capital Variable

S.E.	- Societas Europaea

SpA	- Società per azioni

^(a)	Non-income producing security.

^(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2024 was $2,939,572.

^(c)	Security was purchased with cash received as collateral for securities on loan at November 30, 2024. Total collateral had a value of $3,126,667 at November 30, 2024.

^(d)	Rate disclosed is the seven day effective yield as of November 30, 2024.

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 80.7%
		APPAREL & TEXTILE PRODUCTS - 0.8%
	14,580	Carter’s, Inc.	$	795,631

		AUTOMOTIVE - 1.0%
	32,896	Gentex Corporation		1,005,302

		BANKING - 13.6%
	14,297	Axos Financial, Inc.^(a)		1,184,506
	72,820	Bank of the James Financial Group, Inc.		1,122,156
	52,892	Civista Bancshares, Inc.		1,210,170
	35,255	Columbia Banking System, Inc.		1,093,258
	7,830	Cullen/Frost Bankers, Inc.		1,101,055
	406	First Citizens BancShares, Inc., Class A		931,770
	33,861	ICICI Bank Ltd. - ADR		1,034,454
	47,579	MVB Financial Corporation		1,026,755
	35,289	Northeast Community Bancorp, Inc.		1,063,963
	77,334	Northfield Bancorp, Inc.		1,034,729
	59,344	Pathfinder Bancorp, Inc.		1,060,477
	38,859	Premier Financial Corporation		1,076,783
				12,940,076
		BEVERAGES - 2.2%
	810	Coca-Cola Consolidated, Inc.		1,056,475
	18,356	Monster Beverage Corporation^(a)		1,011,966
				2,068,441
		COMMERCIAL SUPPORT SERVICES - 1.0%
	19,830	Rollins, Inc.		998,044

		CONSTRUCTION MATERIALS - 2.1%
	2,026	Carlisle Companies, Inc.		925,274
	1,754	Martin Marietta Materials, Inc.		1,052,400
				1,977,674
		CONSUMER SERVICES - 1.1%
	54,623	Medifast, Inc.^(a)		1,074,434

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 80.7% (Continued)
		ELECTRICAL EQUIPMENT - 2.2%
	5,801	AMETEK, Inc.	$	1,127,598
	3,777	Littelfuse, Inc.		931,673
				2,059,271
		ENGINEERING & CONSTRUCTION - 1.2%
	2,162	EMCOR Group, Inc.		1,102,879

		ENTERTAINMENT CONTENT - 1.1%
	12,265	NetEase, Inc. - ADR		1,072,942

		FOOD - 1.1%
	26,308	Darling Ingredients, Inc.^(a)		1,066,263

		HEALTH CARE FACILITIES & SERVICES - 2.9%
	1,620	Chemed Corporation		927,272
	2,157	Elevance Health, Inc.		877,813
	3,373	Molina Healthcare, Inc.^(a)		1,004,816
				2,809,901
		HOME CONSTRUCTION - 1.3%
	135	NVR, Inc.^(a)		1,246,803

		INDUSTRIAL INTERMEDIATE PRODUCT - 1.0%
	19,288	Omega Flex, Inc.		953,213

		INDUSTRIAL REIT - 1.0%
	5,395	EastGroup Properties, Inc.		929,073

		INDUSTRIAL SUPPORT SERVICES - 1.1%
	12,560	Fastenal Company		1,049,514

		INSURANCE - 2.3%
	9,184	Brown & Brown, Inc.		1,038,710
	674	Markel Group, Inc.^(a)		1,201,688
				2,240,398

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 80.7% (Continued)
		LEISURE FACILITIES & SERVICES - 1.2%
	5,398	Texas Roadhouse, Inc.	$	1,108,047

		MACHINERY - 5.5%
	5,396	Alamo Group, Inc.		1,078,930
	11,337	Graco, Inc.		1,032,574
	4,990	Lincoln Electric Holdings, Inc.		1,090,215
	7,019	Middleby Corporation (The)^(a)		1,006,454
	2,972	Snap-on, Inc.		1,098,719
				5,306,892
		MEDICAL EQUIPMENT & DEVICES - 4.2%
	14,280	Edwards Lifesciences Corporation^(a)		1,018,878
	2,158	IDEXX Laboratories, Inc.^(a)		910,137
	4,052	ResMed, Inc.		1,009,029
	3,371	West Pharmaceutical Services, Inc.		1,097,867
				4,035,911
		OFFICE REIT - 1.0%
	22,970	Kilroy Realty Corporation		953,944

		OIL & GAS PRODUCERS - 1.1%
	7,691	EOG Resources, Inc.		1,024,903

		RESIDENTIAL REIT - 2.2%
	6,344	Mid-America Apartment Communities, Inc.		1,041,431
	22,135	UDR, Inc.		1,015,111
				2,056,542
		RETAIL - DISCRETIONARY - 2.3%
	3,108	Lithia Motors, Inc.		1,202,485
	6,207	Penske Automotive Group, Inc.		1,033,714
				2,236,199
		SELF-STORAGE REIT - 1.0%
	2,836	Public Storage		987,070

		SEMICONDUCTORS - 2.9%
	14,156	ON Semiconductor Corporation^(a)		1,006,775

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 80.7% (Continued)
		SEMICONDUCTORS - 2.9% (Continued)
	9,972	Skyworks Solutions, Inc.	$	873,447
	4,729	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		873,257
				2,753,479
		SOFTWARE - 3.2%
	18,918	ACI Worldwide, Inc.^(a)		1,074,921
	5,531	Nice Ltd. - ADR^{(a) (b)}		1,009,075
	1,754	Roper Technologies, Inc.		993,536
				3,077,532
		TECHNOLOGY SERVICES - 6.4%
	1,891	CACI International, Inc., Class A^(a)		869,633
	12,550	CoStar Group, Inc.^(a)		1,020,817
	4,989	EPAM Systems, Inc.^(a)		1,216,917
	25,525	Genpact Ltd.		1,178,234
	3,380	MarketAxess Holdings, Inc.		874,372
	1,621	MSCI, Inc.		988,210
				6,148,183
		TRANSPORTATION & LOGISTICS - 8.4%
	8,497	Canadian National Railway Company		949,030
	12,006	Canadian Pacific Kansas City LTD.		919,540
	29,539	CSX Corporation		1,079,650
	8,094	Expeditors International of Washington, Inc.		984,554
	3,505	Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		911,791
	5,668	JB Hunt Transport Services, Inc.		1,071,875
	5,262	Landstar System, Inc.		978,311
	4,858	Old Dominion Freight Line, Inc.		1,093,731
				7,988,482
		TRANSPORTATION EQUIPMENT - 1.1%
	9,039	PACCAR, Inc.		1,057,563

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 80.7% (Continued)
		WHOLESALE - DISCRETIONARY - 3.2%
	18,217	Copart, Inc.^(a)	$	1,154,776
	29,865	G-III Apparel Group Ltd.^(a)		884,900
	2,700	Pool Corporation		1,018,143
				3,057,819

		TOTAL COMMON STOCKS (Cost $66,913,733)		77,182,425

		EXCHANGE-TRADED FUND - 18.8%
		FIXED INCOME - 18.8%
	357,633	WisdomTree Floating Rate Treasury Fund (Cost $18,013,181)		17,988,940

		COLLATERAL FOR SECURITIES LOANED – 1.0%
		MONEY MARKET FUND – 1.0%
	899,150	Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.55% (Cost $899,150)^(c)(d)		899,150

		TOTAL INVESTMENTS - 100.5% (Cost $85,826,064)	$	96,070,515
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%		(469,955	)
		NET ASSETS - 100.0%	$	95,600,560

ADR	- American Depositary Receipt

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

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 November 30, 2024 was $893,956.

^(c)	Security was purchased with cash received as collateral for securities on loan at November 30, 2024. Total collateral had a value of $899,150 at November 30, 2024.

^(d)	Rate disclosed is the seven day effective yield as of November 30, 2024.

See accompanying notes to financial statements.

INSPIRE MOMENTUM ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9%
		ADVERTISING & MARKETING - 3.5%
	20,475	Trade Desk, Inc. (The), Class A^(a)	$	2,632,061

		BIOTECH & PHARMA - 3.0%
	6,097	United Therapeutics Corporation^(a)		2,258,878

		COMMERCIAL SUPPORT SERVICES - 5.5%
	29,211	Brady Corporation, Class A		2,187,612
	9,464	FTI Consulting, Inc.^(a)		1,916,649
				4,104,261
		ELECTRIC UTILITIES - 3.5%
	25,935	NRG Energy, Inc.		2,635,255

		ELECTRICAL EQUIPMENT - 6.8%
	31,759	Amphenol Corporation, Class A		2,307,291
	21,112	BWX Technologies, Inc.		2,762,506
				5,069,797
		ENGINEERING & CONSTRUCTION - 3.8%
	5,505	EMCOR Group, Inc.		2,808,211

		FORESTRY, PAPER & WOOD PRODUCTS - 3.5%
	27,846	Sylvamo Corporation		2,569,907

		HEALTH CARE FACILITIES & SERVICES - 6.1%
	3,731	Chemed Corporation		2,135,587
	23,660	Encompass Health Corporation		2,435,560
				4,571,147
		HEALTH CARE REIT - 3.0%
	55,601	Omega Healthcare Investors, Inc.		2,257,957

		HOME CONSTRUCTION - 2.9%
	26,026	KB Home		2,153,391

See accompanying notes to financial statements.

INSPIRE MOMENTUM ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 3.5%
	31,668	SEI Investments Company	$	2,616,727

		INSURANCE - 9.3%
	4,368	Kinsale Capital Group, Inc.		2,220,866
	61,243	Old Republic International Corporation		2,386,639
	10,192	Reinsurance Group of America, Inc.		2,327,853
				6,935,358
		MACHINERY - 10.0%
	7,007	Curtiss-Wright Corporation		2,618,025
	44,317	Flowserve Corporation		2,704,223
	12,012	MSA Safety, Inc.		2,087,806
				7,410,054
		OIL & GAS PRODUCERS - 5.7%
	11,102	Diamondback Energy, Inc.		1,971,604
	4,186	Murphy USA, Inc.		2,293,091
				4,264,695
		RETAIL - CONSUMER STAPLES - 6.6%
	26,208	BJ’s Wholesale Club Holdings, Inc.^(a)		2,523,831
	5,642	Casey’s General Stores, Inc.		2,374,661
				4,898,492
		RETAIL - DISCRETIONARY - 6.4%
	12,194	AutoNation, Inc.^(a)		2,181,385
	6,006	Group 1 Automotive, Inc.		2,557,355
				4,738,740
		SEMICONDUCTORS - 9.4%
	12,649	Broadcom, Inc.		2,050,151
	2,639	KLA Corporation		1,707,512
	2,275	Monolithic Power Systems, Inc.		1,291,381
	12,376	QUALCOMM, Inc.		1,961,967
				7,011,011
		SOFTWARE - 3.2%
	14,105	CommVault Systems, Inc.^(a)		2,420,277

See accompanying notes to financial statements.

INSPIRE MOMENTUM ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		TECHNOLOGY HARDWARE - 4.2%
	16,016	NetApp, Inc.	$	1,964,202
	34,580	Super Micro Computer, Inc.^(a)		1,128,691
				3,092,893

		TOTAL COMMON STOCKS (Cost $61,292,183)		74,449,112

		TOTAL INVESTMENTS - 99.9% (Cost $61,292,183)	$	74,449,112
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		54,445
		NET ASSETS - 100.0%	$	74,503,557

REIT	- Real Estate Investment Trust

^(a)	Non-income producing security.

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9%
		ADVERTISING & MARKETING - 1.0%
	43,079	QuinStreet, Inc.^(a)	$	981,340

		AEROSPACE & DEFENSE - 2.1%
	8,947	Howmet Aerospace, Inc.		1,059,146
	5,192	Woodward, Inc.		936,221
				1,995,367
		APPAREL & TEXTILE PRODUCTS - 1.2%
	5,697	Deckers Outdoor Corporation^(a)		1,116,384

		BANKING - 7.2%
	54,899	First Bank		811,956
	444	First Citizens BancShares, Inc., Class A		1,018,980
	37,667	Northeast Community Bancorp, Inc.		1,135,659
	19,092	OFG Bancorp		867,159
	68,598	Primis Financial Corporation		857,475
	11,156	QCR Holdings, Inc.		1,027,579
	31,039	Third Coast Bancshares, Inc.^(a)		1,101,885
				6,820,693
		BIOTECH & PHARMA - 3.6%
	44,405	ADMA Biologics, Inc.^(a)		892,985
	106,042	BioCryst Pharmaceuticals, Inc.^(a)		795,315
	40,760	Catalyst Pharmaceuticals, Inc.^(a)		899,573
	18,889	Protagonist Therapeutics, Inc.^(a)		827,338
				3,415,211
		CHEMICALS - 0.9%
	7,843	Cabot Corporation		859,750

		COMMERCIAL SUPPORT SERVICES - 2.0%
	4,329	Cintas Corporation		977,445
	21,084	Willdan Group, Inc.^(a)		921,582
				1,899,027
		E-COMMERCE DISCRETIONARY - 3.8%
	27,725	Chewy, Inc.^(a)		926,292
	227,879	Honest Company, Inc. (The)^(a)		1,889,117

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		E-COMMERCE DISCRETIONARY - 3.8% (Continued)
	411	MercadoLibre, Inc.^(a)	$	815,905
				3,631,314
		ELECTRIC UTILITIES - 2.0%
	25,737	Brookfield Infrastructure Partners, L.P.		900,023
	9,720	Pinnacle West Capital Corporation		910,764
				1,810,787
		ELECTRICAL EQUIPMENT - 5.1%
	3,977	Badger Meter, Inc.		862,293
	10,713	Bel Fuse, Inc., Class B		858,968
	8,150	Itron, Inc.^(a)		966,020
	1,404	Lennox International, Inc.		936,651
	4,551	Powell Industries, Inc.		1,216,845
				4,840,777
		ENGINEERING & CONSTRUCTION - 3.1%
	2,280	Comfort Systems USA, Inc.		1,124,655
	1,988	EMCOR Group, Inc.		1,014,119
	80,525	Mistras Group, Inc.^(a)		749,688
				2,888,462
		FOOD - 3.9%
	43,963	Nomad Foods Ltd.		804,963
	20,313	Pilgrim’s Pride Corporation^(a)		1,048,353
	14,097	Tyson Foods, Inc., Class A		909,257
	26,510	Vital Farms, Inc.^(a)		880,132
				3,642,705
		GAS & WATER UTILITIES - 1.1%
	35,237	UGI Corporation		1,070,148

		HEALTH CARE FACILITIES & SERVICES - 4.7%
	5,328	DaVita, Inc.^(a)		885,354
	9,435	Encompass Health Corporation		971,239
	11,100	HealthEquity, Inc.^(a)		1,127,093
	5,217	Tenet Healthcare Corporation^(a)		744,362
	3,663	Universal Health Services, Inc., Class B		750,915
				4,478,963

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		HOME & OFFICE PRODUCTS - 1.0%
	58,830	Virco Mfg. Corporation	$	965,989

		HOME CONSTRUCTION - 4.0%
	4,440	DR Horton, Inc.		749,383
	12,372	Griffon Corporation		1,042,960
	45,399	Interface, Inc.		1,205,343
	5,965	PulteGroup, Inc.		806,886
				3,804,572
		INSTITUTIONAL FINANCIAL SERVICES - 2.4%
	6,517	Interactive Brokers Group, Inc., Class A		1,245,334
	27,395	Virtu Financial, Inc., Class A		1,022,107
				2,267,441
		INSURANCE - 4.0%
	3,441	Progressive Corporation (The)		925,216
	3,996	Reinsurance Group of America, Inc.		912,686
	3,330	RenaissanceRe Holdings Ltd.		952,880
	15,023	W R Berkley Corporation		969,735
				3,760,517
		INTERNET MEDIA & SERVICES - 5.0%
	306,195	Angi, Inc., Class A^(a)		569,523
	38,628	EverQuote, Inc.^(a)		741,271
	29,970	HealthStream, Inc.		992,007
	58,608	Opera Ltd. - ADR		1,172,746
	101,181	SimilarWeb Ltd.^(a)		1,255,655
				4,731,202
		MACHINERY - 1.8%
	2,331	Caterpillar, Inc.		946,642
	13,986	Hyster-Yale Materials Handling, Inc., Class A		786,573
				1,733,215
		MEDICAL EQUIPMENT & DEVICES - 3.1%
	28,194	Castle Biosciences, Inc.^(a)		853,714
	3,535	ResMed, Inc.		880,286
	61,968	Tactile Systems Technology, Inc.^(a)		1,210,855
				2,944,855

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		METALS & MINING - 2.0%
	8,947	CONSOL Energy, Inc.	$	1,169,373
	16,206	Newmont Corporation		679,680
				1,849,053
		OIL & GAS PRODUCERS - 4.9%
	4,773	Diamondback Energy, Inc.		847,637
	19,441	MPLX, L.P.		1,004,322
	5,633	Targa Resources Corporation		1,150,823
	143,819	VAALCO Energy, Inc.		736,353
	22,089	Western Midstream Partners, L.P.		899,243
				4,638,378
		OIL & GAS SERVICES & EQUIPMENT - 1.1%
	23,418	Baker Hughes Company		1,029,221

		RENEWABLE ENERGY - 0.7%
	3,535	First Solar, Inc.^(a)		704,419

		RETAIL - CONSUMER STAPLES - 1.4%
	8,325	Sprouts Farmers Market, Inc.^(a)		1,286,046

		RETAIL - DISCRETIONARY - 1.1%
	26,179	Build-A-Bear Workshop, Inc.		994,540

		SEMICONDUCTORS - 2.6%
	6,882	Cirrus Logic, Inc.^(a)		718,825
	4,995	QUALCOMM, Inc.		791,857
	4,884	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		901,879
				2,412,561
		SOFTWARE - 10.0%
	17,649	ACI Worldwide, Inc.^(a)		1,002,816
	80,304	American Software, Inc., Class A		845,601
	3,756	Appfolio, Inc., Class A^(a)		953,085
	5,633	CommVault Systems, Inc.^(a)		966,566
	14,802	DocuSign, Inc.^(a)		1,179,572
	32,301	Gen Digital, Inc.		996,486

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		SOFTWARE - 10.0% (Continued)
	3,159	Monday.com Ltd.^(a)	$	901,452
	14,802	Nutanix, Inc., Class A^(a)		966,275
	53,242	OneSpan, Inc.^(a)		964,745
	37,115	Oscar Health, Inc. - Class A^(a)		643,203
				9,419,801
		SPECIALTY FINANCE - 1.0%
	16,428	Bread Financial Holdings, Inc.		966,459

		STEEL - 1.1%
	7,290	Steel Dynamics, Inc.		1,059,018

		TECHNOLOGY HARDWARE - 2.1%
	19,869	Diebold Nixdorf, Inc.^(a)		918,345
	4,971	Garmin Ltd.		1,056,835
				1,975,180
		TECHNOLOGY SERVICES - 1.8%
	75,127	Magic Software Enterprises Ltd.^(b)		945,097
	6,407	Science Applications International Corporation		796,070
				1,741,167
		TELECOMMUNICATIONS - 3.0%
	28,949	ATN International, Inc.		572,611
	36,741	Telephone and Data Systems, Inc.		1,255,808
	270,204	Vnet Group, Inc. - ADR^(a)		1,048,392
				2,876,811
		TRANSPORTATION & LOGISTICS - 2.6%
	48,381	Ardmore Shipping Corporation		539,932
	18,315	Delta Air Lines, Inc.		1,168,864
	18,874	Euroseas Ltd.		719,099
				2,427,895
		WHOLESALE - CONSUMER STAPLES - 0.8%
	8,658	Bunge Global S.A.		776,969

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		WHOLESALE - DISCRETIONARY - 0.7%
	8,616	ePlus, Inc.^(a)	$	696,690

		TOTAL COMMON STOCKS (Cost $82,756,394)		94,512,927

		COLLATERAL FOR SECURITIES LOANED - 0.0%^(d)
		MONEY MARKET FUND - 0.0% ^(d)
	42,665	Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.55% (Cost $42,665)^(c)(e)		42,665

		TOTAL INVESTMENTS - 99.9% (Cost $82,799,059)	$	94,555,592
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		91,338
		NET ASSETS - 100.0%	$	94,646,930

ADR	- American Depositary Receipt

L.P.	- Limited Partnership

LTD	- Limited Company

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 November 30, 2024 was $44,030.

^(c)	Security was purchased with cash received as collateral for securities on loan at November 30, 2024. Total collateral had a value of $42,665 at November 30, 2024.

^(d)	Percentage rounds to less than 0.1%.

^(e)	Rate disclosed is the seven day effective yield as of November 30, 2024.

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6%
		ADVERTISING & MARKETING - 0.4%
	8,986	Trade Desk, Inc. (The), Class A^(a)	$	1,155,150

		AEROSPACE & DEFENSE - 0.1%
	4,684	Leonardo DRS, Inc.^(a)		162,863
	1,626	Loar Holdings, Inc.^(a)		149,722
				312,585
		APPAREL & TEXTILE PRODUCTS - 0.2%
	2,722	Deckers Outdoor Corporation^(a)		533,403

		ASSET MANAGEMENT - 0.4%
	24,897	Blue Owl Capital, Inc.		590,806
	933	Hamilton Lane, Inc., Class A		179,509
	1,837	Stifel Financial Corporation		212,725
				983,040
		AUTOMOTIVE - 0.2%
	25,615	Aurora Innovation, Inc.^(a)		165,729
	3,865	BorgWarner, Inc.		132,647
	4,156	Gentex Corporation		127,007
	43,118	Lucid Group, Inc.^(a)		93,997
				519,380
		BANKING - 1.2%
	1,174	BOK Financial Corporation		139,553
	1,183	Cullen/Frost Bankers, Inc.		166,353
	2,514	East West Bancorp, Inc.		275,736
	275	First Citizens BancShares, Inc., Class A		631,125
	10,104	First Horizon Corporation		213,498
	1,418	Pinnacle Financial Partners, Inc.		180,242
	1,759	Prosperity Bancshares, Inc.		147,281
	16,504	Regions Financial Corporation		449,899
	1,443	SouthState Corporation		159,726
	3,182	Webster Financial Corporation		196,584
	2,016	Western Alliance Bancorp		188,718
	1,216	Wintrust Financial Corporation		167,820

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		BANKING - 1.2% (Continued)
	2,727	Zions Bancorporation	$	165,038
				3,081,573
		BEVERAGES - 0.5%
	4,476	Celsius Holdings, Inc.^(a)		127,342
	150	Coca-Cola Consolidated, Inc.		195,644
	17,551	Monster Beverage Corporation^(a)		967,586
				1,290,572
		BIOTECH & PHARMA - 1.8%
	8,353	Elanco Animal Health, Inc.^(a)		110,343
	5,328	Exelixis, Inc.^(a)		194,259
	3,461	Incyte Corporation^(a)		258,156
	3,189	Insmed, Inc.^(a)		239,685
	1,969	Intra-Cellular Therapies, Inc.^(a)		168,645
	1,117	Jazz Pharmaceuticals plc^(a)		135,816
	1,921	Neurocrine Biosciences, Inc.^(a)		243,487
	1,314	Nuvalent, Inc.^(a)		127,038
	2,200	Regeneron Pharmaceuticals, Inc.^(a)		1,650,483
	3,055	REVOLUTION Medicines, Inc.^(a)		176,732
	13,873	Roivant Sciences Ltd.^(a)		176,326
	10,719	Royalty Pharma plc, Class A		285,768
	14,725	Summit Therapeutics, Inc.^(a)		271,824
	771	United Therapeutics Corporation^(a)		285,648
	2,309	Vaxcyte, Inc.^(a)		217,831
	2,133	Viking Therapeutics, Inc.^(a)		112,921
				4,654,962
		CABLE & SATELLITE - 0.1%
	2,109	Liberty Broadband Corporation - Series A^(a)		178,569

		CHEMICALS – 3.0%
	1,995	Albemarle Corporation		214,862
	4,023	Axalta Coating Systems Ltd.^(a)		162,771
	3,154	CF Industries Holdings, Inc.		282,788
	4,559	International Flavors & Fragrances, Inc.		416,510
	8,535	Linde plc		3,934,549

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		CHEMICALS – 3.0% (Continued)
	5,809	LyondellBasell Industries N.V.	$	484,122
	2,383	RPM International, Inc.		330,713
	4,527	Sherwin-Williams Company (The)		1,799,029
	2,255	Westlake Corporation		289,542
				7,914,886
		COMMERCIAL SUPPORT SERVICES - 2.1%
	7,181	Cintas Corporation		1,621,399
	991	Clean Harbors, Inc.^(a)		257,749
	633	FTI Consulting, Inc.^(a)		128,195
	5,621	Republic Services, Inc.		1,227,064
	1,792	Robert Half, Inc.		133,701
	8,641	Rollins, Inc.		434,902
	3,658	UL Solutions, Inc., Class A		196,544
	7,068	Waste Management, Inc.		1,613,059
				5,612,613
		CONSTRUCTION MATERIALS - 1.5%
	1,375	Advanced Drainage Systems, Inc.		186,024
	807	Carlisle Companies, Inc.		368,557
	12,268	CRH plc		1,254,649
	612	Eagle Materials, Inc.		189,059
	1,121	Martin Marietta Materials, Inc.		672,600
	1,595	Owens Corning		327,964
	760	Simpson Manufacturing Company, Inc.		143,184
	3,276	Summit Materials, Inc., Class A^(a)		166,879
	2,386	Vulcan Materials Co.		687,478
				3,996,394
		CONSUMER SERVICES - 0.1%
	1,040	Bright Horizons Family Solutions, Inc.^(a)		120,255
	2,669	Service Corp International		236,447
				356,702
		CONTAINERS & PACKAGING - 0.6%
	1,168	AptarGroup, Inc.		202,017
	2,081	Berry Global Group, Inc.		150,477
	2,131	Crown Holdings, Inc.		196,244

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		CONTAINERS & PACKAGING - 0.6% (Continued)
	5,543	Graphic Packaging Holding Company	$	166,789
	6,423	International Paper Company		377,865
	1,606	Packaging Corporation of America		399,653
				1,493,045
		DATA CENTER REIT - 0.4%
	5,899	Digital Realty Trust, Inc.		1,154,375

		DIVERSIFIED INDUSTRIALS - 0.8%
	2,443	Dover Corporation		503,014
	10,008	Emerson Electric Company		1,327,060
	1,415	ITT, Inc.		220,910
				2,050,984
		E-COMMERCE DISCRETIONARY - 0.4%
	8,569	Chewy, Inc.^(a)		286,290
	32,345	Coupang, Inc.^(a)		820,269
				1,106,559
		ELECTRIC UTILITIES - 4.8%
	4,599	Ameren Corporation		434,100
	6,978	Avangrid, Inc.		251,906
	11,283	CenterPoint Energy, Inc.		368,051
	5,281	CMS Energy Corporation		368,139
	6,104	Consolidated Edison, Inc.		614,001
	4,516	Constellation Energy Corporation		1,158,625
	3,591	DTE Energy Company		451,676
	3,725	Entergy Corporation		581,733
	4,072	Evergy, Inc.		263,173
	6,333	Eversource Energy		408,415
	17,355	Exelon Corporation		686,564
	10,117	FirstEnergy Corporation		430,478
	36,118	NextEra Energy, Inc.		2,841,402
	3,342	NRG Energy, Inc.		339,581
	3,559	OGE Energy Corporation		156,454
	38,347	PG&E Corporation		829,446
	2,045	Pinnacle West Capital Corporation		191,617

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		ELECTRIC UTILITIES - 4.8% (Continued)
	8,399	Public Service Enterprise Group, Inc.	$	792,026
	890	Talen Energy Corporation^(a)		190,825
	4,798	Vistra Corporation		766,912
	5,582	WEC Energy Group, Inc.		564,061
				12,689,185
		ELECTRICAL EQUIPMENT - 3.6%
	2,440	A O Smith Corporation		181,756
	1,361	AAON, Inc.		185,559
	553	Acuity Brands, Inc.		177,342
	4,168	AMETEK, Inc.		810,176
	21,829	Amphenol Corporation, Class A		1,585,878
	5,353	API Group Corporation^(a)		202,236
	1,476	BWX Technologies, Inc.		193,135
	3,029	Cognex Corporation		121,099
	4,687	GE Vernova, LLC^(a)		1,566,020
	993	Generac Holdings, Inc.^(a)		186,883
	947	Hubbell, Inc.		435,705
	3,045	Keysight Technologies, Inc.^(a)		520,208
	657	Lennox International, Inc.		438,304
	6,577	Otis Worldwide Corporation		677,299
	846	SPX Technologies, Inc.^(a)		149,268
	5,420	TE Connectivity plc		819,070
	4,255	Trimble, Inc.^(a)		310,487
	6,261	Vertiv Holdings Company		798,904
	600	Watts Water Technologies, Inc., Class A		129,474
				9,488,803
		ENGINEERING & CONSTRUCTION - 1.1%
	610	Comfort Systems USA, Inc.		300,895
	822	EMCOR Group, Inc.		419,318
	3,027	Fluor Corporation^(a)		169,906
	509	Installed Building Products, Inc.		116,429
	2,196	Jacobs Solutions, Inc.		310,141
	2,308	KBR, Inc.		140,396
	1,409	MasTec, Inc.^(a)		202,981

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		ENGINEERING & CONSTRUCTION - 1.1% (Continued)
	2,541	Quanta Services, Inc.	$	875,424
	4,738	Tetra Tech, Inc.		196,674
	559	TopBuild Corporation^(a)		218,368
				2,950,532
		ENTERTAINMENT CONTENT - 1.1%
	6,044	AppLovin Corporation, Class A^(a)		2,035,317
	8,219	Endeavor Group Holdings, Inc., Class A		249,611
	3,243	Take-Two Interactive Software, Inc.^(a)		610,916
				2,895,844
		FOOD - 0.8%
	2,276	BellRing Brands, Inc.^(a)		178,575
	8,614	Conagra Brands, Inc.		237,316
	2,655	Lamb Weston Holdings, Inc.		205,072
	4,868	McCormick & Company, Inc.		381,700
	3,945	Pilgrim’s Pride Corporation^(a)		203,601
	1,042	Post Holdings, Inc.^(a)		125,540
	5,597	The Campbell’s Company		258,581
	6,634	Tyson Foods, Inc., Class A		427,894
				2,018,279
		FORESTRY, PAPER & WOOD PRODUCTS - 0.2%
	1,226	Louisiana-Pacific Corporation		144,913
	502	Magnera Corporation^(a)		10,281
	2,063	Trex Company, Inc.^(a)		154,787
	1,098	UFP Industries, Inc.		149,218
				459,199
		GAS & WATER UTILITIES - 0.5%
	3,581	American Water Works Company, Inc.		490,383
	2,739	Atmos Energy Corporation		414,465
	4,912	Essential Utilities, Inc.		196,627
	7,837	NiSource, Inc.		298,511
				1,399,986
		HEALTH CARE FACILITIES & SERVICES - 2.2%
	2,127	Acadia Healthcare Company, Inc.^(a)		86,420
	3,561	Cencora, Inc.		895,770

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 2.2% (Continued)
	266	Chemed Corporation	$	152,256
	1,504	DaVita, Inc.^(a)		249,920
	4,335	Elevance Health, Inc.		1,764,172
	1,736	Encompass Health Corporation		178,704
	1,076	Ensign Group, Inc. (The)		157,322
	1,510	HealthEquity, Inc.^(a)		153,325
	3,423	IQVIA Holdings, Inc.^(a)		687,475
	1,533	Labcorp Holdings, Inc.		369,698
	624	Medpace Holdings, Inc.^(a)		212,553
	1,078	Molina Healthcare, Inc.^(a)		321,136
	2,634	Tempus AI, Inc.^(a)		164,862
	1,721	Tenet Healthcare Corporation^(a)		245,552
	1,255	Universal Health Services, Inc., Class B		257,275
				5,896,440
		HEALTH CARE REIT - 1.0%
	6,440	Healthcare Realty Trust, Inc.		117,981
	12,197	Healthpeak Properties, Inc.		268,212
	4,651	Omega Healthcare Investors, Inc.		188,877
	7,226	Ventas, Inc.		462,970
	10,816	Welltower, Inc.		1,494,556
				2,532,596
		HOME & OFFICE PRODUCTS - 0.2%
	2,463	SharkNinja, Inc.^(a)		247,655
	3,107	Tempur Sealy International, Inc.		173,930
				421,585
		HOME CONSTRUCTION - 1.5%
	6,087	DR Horton, Inc.		1,027,363
	2,168	Fortune Brands Innovations, Inc.		169,754
	5,016	Lennar Corporation, Class A		874,740
	3,894	Masco Corporation		313,701
	665	Meritage Homes Corporation		127,062
	1,127	Mohawk Industries, Inc.^(a)		156,461
	53	NVR, Inc.^(a)		489,486
	3,773	PulteGroup, Inc.		510,374

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		HOME CONSTRUCTION - 1.5% (Continued)
	1,910	Taylor Morrison Home Corporation^(a)	$	141,092
	1,807	Toll Brothers, Inc.		298,462
				4,108,495
		HOTEL REIT - 0.1%
	13,267	Host Hotels & Resorts, Inc.		244,378

		HOUSEHOLD PRODUCTS - 0.3%
	34,355	Kenvue, Inc.		827,268

		INDUSTRIAL INTERMEDIATE PRODUCT - 0.1%
	2,002	Mueller Industries, Inc.		161,702
	524	RBC Bearings, Inc.^(a)		175,597
				337,299
		INDUSTRIAL REIT - 1.2%
	5,168	Americold Realty Trust, Inc.		123,308
	898	EastGroup Properties, Inc.		154,645
	2,404	First Industrial Realty Trust, Inc.		128,494
	4,378	Lineage, Inc.		277,653
	17,131	Prologis, Inc.		2,000,559
	4,101	Rexford Industrial Realty, Inc.		172,570
	3,403	STAG Industrial, Inc.		125,196
	1,805	Terreno Realty Corporation		109,437
				3,091,862
		INDUSTRIAL SUPPORT SERVICES - 1.3%
	679	Applied Industrial Technologies, Inc.		186,535
	3,731	Core & Main, Inc.^(a)		181,140
	10,291	Fastenal Company		859,916
	832	SiteOne Landscape Supply, Inc.^(a)		127,504
	3,228	U-Haul Holding Company^(a)		228,123
	1,172	United Rentals, Inc.		1,014,952
	738	Watsco, Inc.		407,081
	914	WESCO International, Inc.		193,375
	3,480	WillScot Holdings Corporation^(a)		133,075
				3,331,701

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		INFRASTRUCTURE REIT - 0.7%
	7,653	Crown Castle, Inc.	$	813,131
	1,911	SBA Communications Corporation, Class A		432,364
	427	Texas Pacific Land Corporation		683,238
				1,928,733
		INSTITUTIONAL FINANCIAL SERVICES - 1.9%
	1,917	Cboe Global Markets, Inc.		413,784
	699	Evercore, Inc., Class A		215,222
	1,262	Houlihan Lokey, Inc.		238,632
	7,324	Interactive Brokers Group, Inc., Class A		1,399,543
	10,268	Intercontinental Exchange, Inc.		1,652,737
	3,759	Jefferies Financial Group, Inc.		297,487
	2,334	SEI Investments Company		192,858
	3,855	Tradeweb Markets, Inc., Class A		522,353
				4,932,616
		INSURANCE - 3.6%
	9,795	Aflac, Inc.		1,116,630
	1,520	American Financial Group, Inc.		223,227
	11,767	American International Group, Inc.		904,647
	5,098	Brown & Brown, Inc.		576,584
	2,796	Cincinnati Financial Corporation		446,885
	10,224	Corebridge Financial, Inc.		330,951
	930	Erie Indemnity Company, Class A		409,721
	1,651	Globe Life, Inc.		183,657
	412	Kinsale Capital Group, Inc.		209,477
	3,971	Loews Corporation		344,405
	235	Markel Group, Inc.^(a)		418,986
	4,666	Old Republic International Corporation		181,834
	599	Primerica, Inc.		181,347
	10,621	Progressive Corporation (The)		2,855,774
	1,198	Reinsurance Group of America, Inc.		273,623
	811	RLI Corporation		142,655
	4,473	Ryan Specialty Group Holdings, Inc., Class A		337,264
	6,965	W R Berkley Corporation		449,591
				9,587,258

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		INTERNET MEDIA & SERVICES - 0.1%
	4,703	Maplebear, Inc.^(a)	$	205,380

		LEISURE FACILITIES & SERVICES - 0.8%
	2,118	Cava Group, Inc.^(a)		298,426
	1,596	Planet Fitness, Inc., A^(a)		158,882
	1,145	Texas Roadhouse, Inc.		235,034
	3,062	TKO Group Holdings, Inc.^(a)		422,434
	720	Vail Resorts, Inc.		129,053
	529	Wingstop, Inc.		173,919
	4,749	Yum! Brands, Inc.		659,826
				2,077,574
		MACHINERY - 3.4%
	1,304	AGCO Corporation		131,978
	8,230	Caterpillar, Inc.		3,342,286
	1,006	Crane Company		183,172
	663	Curtiss-Wright Corporation		247,717
	2,149	Donaldson Company, Inc.		167,729
	2,952	Graco, Inc.		268,868
	1,328	IDEX Corporation		306,277
	7,137	Ingersoll Rand, Inc.		743,461
	990	Lincoln Electric Holdings, Inc.		216,295
	993	Middleby Corporation (The)^(a)		142,386
	747	MSA Safety, Inc.		129,836
	1,025	Nordson Corporation		267,515
	2,284	Parker-Hannifin Corporation		1,605,424
	1,257	Regal Rexnord Corporation		217,096
	938	Snap-on, Inc.		346,769
	1,827	Toro Company (The)		159,095
	4,357	Veralto Corporation		471,384
				8,947,288
		MEDICAL EQUIPMENT & DEVICES - 4.2%
	1,370	Align Technology, Inc.^(a)		318,895
	9,536	Baxter International, Inc.		321,459
	518	Bio-Rad Laboratories, Inc., Class A^(a)		176,395

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 4.2% (Continued)
	2,679	Bruker Corporation	$	155,248
	7,795	DexCom, Inc.^(a)		607,932
	11,193	Edwards Lifesciences Corporation^(a)		798,620
	7,925	GE HealthCare Technologies, Inc.		659,518
	961	Glaukos Corporation^(a)		138,048
	2,389	Globus Medical, Inc., Class A^(a)		204,522
	4,245	Hologic, Inc.^(a)		337,478
	1,537	IDEXX Laboratories, Inc.^(a)		648,230
	1,275	Insulet Corporation^(a)		340,145
	6,381	Intuitive Surgical, Inc.^(a)		3,458,501
	1,253	Lantheus Holdings, Inc.^(a)		111,855
	372	Mettler-Toledo International, Inc.^(a)		465,446
	739	Penumbra, Inc.^(a)		180,405
	1,007	Repligen Corporation^(a)		151,594
	2,638	ResMed, Inc.		656,915
	2,213	Revvity, Inc.		257,018
	3,265	Solventum Corporation^(a)		233,480
	1,762	STERIS plc		385,984
	1,355	West Pharmaceutical Services, Inc.		441,296
				11,048,984
		METALS & MINING - 1.3%
	4,253	Alcoa Corporation		197,467
	23,648	Freeport-McMoRan, Inc.		1,045,242
	20,679	Newmont Corporation		867,277
	1,182	Royal Gold, Inc.		172,879
	12,969	Southern Copper Corporation		1,301,439
				3,584,304
		MORTGAGE FINANCE - 0.2%
	14,478	AGNC Investment Corporation		139,857
	9,435	Annaly Capital Management, Inc.		188,040
	6,280	Starwood Property Trust, Inc.		127,924
				455,821
		MULTI ASSET CLASS REIT - 0.1%
	3,393	Vornado Realty Trust		146,069

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		MULTI ASSET CLASS REIT - 0.1% (Continued)
	4,029	WP Carey, Inc.	$	229,895
				375,964
		OFFICE REIT - 0.2%
	3,288	Alexandria Real Estate Equities, Inc.		362,436
	2,926	BXP, Inc.		239,903
				602,339
		OIL & GAS PRODUCERS - 8.0%
	8,515	Antero Midstream Corporation		135,985
	5,327	Antero Resources Corporation^(a)		174,140
	6,959	APA Corporation		157,621
	4,136	Cheniere Energy, Inc.		926,505
	1,182	Chord Energy Corporation		150,729
	2,647	ConocoPhillips		286,776
	13,147	Coterra Energy, Inc.		351,288
	11,839	Devon Energy Corporation		449,290
	5,624	Diamondback Energy, Inc.		998,766
	1,731	DT Midstream, Inc.		183,694
	10,571	EOG Resources, Inc.		1,408,691
	3,445	Expand Energy Corporation		340,917
	79,966	Exxon Mobil Corporation		9,432,789
	4,312	Hess Midstream, L.P., Class A		163,425
	3,670	HF Sinclair Corporation		150,213
	39,299	Kinder Morgan, Inc.		1,110,983
	2,915	Kinetik Holdings, Inc.		172,043
	370	Murphy USA, Inc.		202,686
	16,808	Occidental Petroleum Corporation		850,149
	10,876	ONEOK, Inc.		1,235,514
	5,051	Ovintiv, Inc.		229,416
	15,149	Permian Resources Corporation		237,233
	4,276	Range Resources Corporation		152,824
	4,105	Targa Resources Corporation		838,652
	5,968	Valero Energy Corporation		830,029
	3,498	Viper Energy, Inc.		189,277
				21,359,635

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 1.0%
	18,056	Baker Hughes Company	$	793,561
	16,350	Halliburton Company		520,911
	26,156	Schlumberger N.V.		1,149,295
	1,456	Weatherford International plc		119,829
				2,583,596
		PUBLISHING & BROADCASTING - 0.1%
	10,473	News Corporation, Class A		307,383

		RENEWABLE ENERGY - 0.2%
	2,621	Enphase Energy, Inc.^(a)		187,008
	1,895	First Solar, Inc.^(a)		377,617
				564,625
		RESIDENTIAL REIT - 1.1%
	6,877	American Homes 4 Rent, Class A		263,320
	1,970	Camden Property Trust		247,826
	3,503	Equity LifeStyle Properties, Inc.		249,869
	7,087	Equity Residential		543,289
	1,223	Essex Property Trust, Inc.		379,693
	11,325	Invitation Homes, Inc.		387,881
	2,178	Mid-America Apartment Communities, Inc.		357,540
	2,401	Sun Communities, Inc.		303,318
	6,056	UDR, Inc.		277,728
				3,010,464
		RETAIL - CONSUMER STAPLES - 0.6%
	10,403	Albertsons Companies, Inc.		206,500
	2,339	BJ’s Wholesale Club Holdings, Inc.^(a)		225,246
	654	Casey’s General Stores, Inc.		275,262
	4,064	Dollar General Corporation		314,024
	4,077	Dollar Tree, Inc.^(a)		290,568
	1,723	Sprouts Farmers Market, Inc.^(a)		266,169
				1,577,769
		RETAIL - DISCRETIONARY - 6.5%
	705	AutoNation, Inc.^(a)		126,117
	296	AutoZone, Inc.^(a)		938,184

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		RETAIL - DISCRETIONARY - 6.5% (Continued)
	2,148	Builders FirstSource, Inc.^(a)	$	400,538
	2,859	CarMax, Inc.^(a)		240,070
	3,520	Carvana Company, Class A^(a)		916,678
	3,801	Ferguson Enterprises, Inc.		820,750
	1,882	Floor & Decor Holdings, Inc., Class A^(a)		211,179
	908	Freshpet, Inc.^(a)		138,969
	6,633	GameStop Corporation, Class A^(a)		192,689
	6,409	Gap, Inc. (The)		155,418
	2,495	Genuine Parts Company		316,191
	17,310	Home Depot, Inc. (The)		7,428,241
	457	Lithia Motors, Inc.		176,813
	9,885	Lowe’s Companies, Inc.		2,692,971
	1,026	O’Reilly Automotive, Inc.^(a)		1,275,544
	1,185	Penske Automotive Group, Inc.		197,350
	1,856	Tractor Supply Company		526,492
	2,207	Williams-Sonoma, Inc.		379,648
				17,133,842
		RETAIL REIT - 0.7%
	1,786	Agree Realty Corporation		137,165
	5,506	Brixmor Property Group, Inc.		165,565
	1,514	Federal Realty Investment Trust		176,608
	3,239	NNN REIT, Inc.		142,451
	3,369	Regency Centers Corporation		254,663
	5,825	Simon Property Group, Inc.		1,069,470
				1,945,922
		SELF-STORAGE REIT - 0.7%
	4,060	CubeSmart		201,214
	3,852	Extra Space Storage, Inc.		658,538
	3,128	Public Storage		1,088,700
				1,948,452
		SEMICONDUCTORS - 9.1%
	4,600	Amkor Technology, Inc.		121,624
	2,573	Astera Labs, Inc.^(a)		265,662
	82,292	Broadcom, Inc.		13,337,886

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		SEMICONDUCTORS - 9.1% (Continued)
	2,674	Coherent Corporation^(a)	$	267,828
	2,779	Entegris, Inc.		293,546
	10,159	GLOBALFOUNDRIES, Inc.^(a)		439,377
	2,419	KLA Corporation		1,565,166
	2,538	Lattice Semiconductor Corporation^(a)		144,032
	1,222	MACOM Technology Solutions Holdings, Inc.^(a)		162,306
	16,238	Marvell Technology, Inc.		1,505,100
	9,640	Microchip Technology, Inc.		657,159
	1,268	MKS Instruments, Inc.		144,096
	861	Monolithic Power Systems, Inc.		488,738
	7,899	ON Semiconductor Corporation^(a)		561,777
	881	Onto Innovation, Inc.^(a)		144,643
	1,710	Qorvo, Inc.^(a)		118,076
	20,608	QUALCOMM, Inc.		3,266,986
	2,916	Skyworks Solutions, Inc.		255,412
	2,978	Teradyne, Inc.		327,580
	865	Universal Display Corporation		142,310
				24,209,304
		SOFTWARE - 8.2%
	1,518	Altair Engineering, Inc., Class A^(a)		160,316
	1,584	ANSYS, Inc.^(a)		556,142
	656	Appfolio, Inc., Class A^(a)		166,460
	1,150	Aspen Technology, Inc.^(a)		287,500
	6,018	Bentley Systems, Inc., Class B		297,891
	11,153	CCC Intelligent Solutions Holdings, Inc.^(a)		140,528
	6,210	Cloudflare, Inc., Class A^(a)		619,944
	6,209	Confluent, Inc., Class A^(a)		191,486
	6,161	Datadog, Inc., Class A^(a)		941,093
	3,438	DocuSign, Inc.^(a)		273,974
	5,275	Dynatrace, Inc.^(a)		296,402
	1,882	Elastic N.V.^(a)		206,004
	13,438	Fortinet, Inc.^(a)		1,277,282
	10,886	Gen Digital, Inc.		335,833
	3,028	Gitlab, Inc.^(a)		193,035

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		SOFTWARE - 8.2% (Continued)
	1,422	Guidewire Software, Inc.^(a)	$	288,510
	3,716	HashiCorp, Inc.^(a)		124,932
	5,640	Informatica, Inc., Class A^(a)		149,573
	4,646	Klaviyo, Inc.^(a)		172,552
	1,080	Manhattan Associates, Inc.^(a)		308,275
	3,154	MicroStrategy, Inc., Class A^(a)		1,222,080
	1,402	MongoDB, Inc.^(a)		452,131
	4,727	Nutanix, Inc., Class A^(a)		308,579
	3,136	Okta, Inc.^(a)		243,228
	40,529	Palantir Technologies, Inc., Class A^(a)		2,718,685
	5,822	Palo Alto Networks, Inc.^(a)		2,257,888
	1,074	Paycom Software, Inc.		249,082
	993	Paylocity Holding Corporation^(a)		206,087
	2,601	Procore Technologies, Inc.^(a)		211,201
	1,943	Roper Technologies, Inc.		1,100,593
	10,071	Samsara, Inc., Class A^(a)		538,698
	6,063	SentinelOne, Inc.^(a)		169,461
	5,958	Snowflake, Inc.^(a)		1,041,458
	688	SPS Commerce, Inc.^(a)		132,832
	4,553	SS&C Technologies Holdings, Inc.		352,129
	2,837	Synopsys, Inc.^(a)		1,584,436
	766	Tyler Technologies, Inc.^(a)		481,944
	9,770	UiPath, Inc., Class A^(a)		138,832
	6,525	Unity Software, Inc.^(a)		157,318
	3,022	Veeva Systems, Inc., Class A^(a)		688,563
	2,789	Zscaler, Inc.^(a)		576,180
				21,819,137
		SPECIALTY FINANCE - 0.4%
	1,912	Essent Group Ltd.		110,475
	1,805	FTAI Aviation Ltd.		304,720
	37,006	Rocket Companies, Inc.^(a)		537,698
	29,298	UWM Holdings Corporation		190,730
				1,143,623

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		SPECIALTY REIT - 0.1%
	1,824	Lamar Advertising Company, Class A	$	244,452

		STEEL - 0.6%
	2,141	ATI, Inc.^(a)		128,824
	866	Carpenter Technology Corporation		168,039
	4,210	Nucor Corporation		651,244
	978	Reliance, Inc.		314,173
	2,629	Steel Dynamics, Inc.		381,915
				1,644,195
		TECHNOLOGY HARDWARE - 2.0%
	5,594	Arista Networks, Inc.^(a)		2,270,157
	950	Arrow Electronics, Inc.^(a)		114,152
	2,444	Ciena Corporation^(a)		170,396
	1,615	Dolby Laboratories, Inc., Class A		126,487
	1,038	F5, Inc.^(a)		259,863
	6,878	Flex Ltd.^(a)		268,036
	1,889	Jabil, Inc.		256,583
	5,932	Juniper Networks, Inc.		213,077
	3,625	NetApp, Inc.		444,570
	11,270	Super Micro Computer, Inc.^(a)		367,853
	1,049	Ubiquiti, Inc.		363,468
	5,964	Western Digital Corporation^(a)		435,312
				5,289,954
		TECHNOLOGY SERVICES - 4.4%
	6,584	Affirm Holdings, Inc.^(a)		460,946
	2,061	Amdocs Ltd.		178,730
	1,862	Amentum Holdings, Inc.^(a)		45,340
	7,392	Automatic Data Processing, Inc.		2,268,826
	386	CACI International, Inc., Class A^(a)		177,514
	2,411	CDW Corporation		424,167
	4,378	Coinbase Global, Inc., Class A^(a)		1,296,763
	1,241	Corpay, Inc.^(a)		473,044
	7,859	CoStar Group, Inc.^(a)		639,251
	1,027	EPAM Systems, Inc.^(a)		250,506

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		TECHNOLOGY SERVICES - 4.4% (Continued)
	2,312	Equifax, Inc.	$	604,727
	436	Fair Isaac Corporation^(a)		1,035,512
	3,141	Genpact Ltd.		144,989
	1,303	Jack Henry & Associates, Inc.		229,563
	694	MarketAxess Holdings, Inc.		179,531
	1,362	MSCI, Inc.		830,316
	6,434	Paychex, Inc.		941,101
	856	Science Applications International Corporation		106,358
	1,597	Shift4 Payments, Inc.^(a)		182,186
	9,629	Toast, Inc., Class A^(a)		419,247
	2,547	Verisk Analytics, Inc.		749,353
	717	WEX, Inc.^(a)		135,269
				11,773,239
		TELECOMMUNICATIONS - 0.1%
	5,310	AST SpaceMobile, Inc.^(a)		126,431
	5,076	EchoStar Corporation, Class A^(a)		128,372
	4,476	Frontier Communications Parent, Inc.^(a)		155,810
				410,613
		TIMBER REIT - 0.2%
	13,074	Weyerhaeuser Company		421,767

		TRANSPORTATION & LOGISTICS - 3.6%
	1,976	CH Robinson Worldwide, Inc.		208,626
	35,063	CSX Corporation		1,281,553
	10,906	Delta Air Lines, Inc.		696,021
	2,430	Expeditors International of Washington, Inc.		295,585
	4,910	FedEx Corporation		1,486,110
	1,868	JB Hunt Transport Services, Inc.		353,257
	1,086	Kirby Corporation^(a)		137,390
	2,897	Knight-Swift Transportation Holdings, Inc.		171,966
	622	Landstar System, Inc.		115,642
	4,140	Norfolk Southern Corporation		1,142,019
	4,000	Old Dominion Freight Line, Inc.		900,560
	510	Saia, Inc.^(a)		290,231

See accompanying notes to financial statements.

INSPIRE 500 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2024

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		TRANSPORTATION & LOGISTICS - 3.6% (Continued)
	15,028	United Parcel Service, Inc.,	$	2,039,601
	2,284	XPO, Inc.^(a)		348,104
				9,466,665
		TRANSPORTATION EQUIPMENT - 0.5%
	1,474	Allison Transmission Holdings, Inc.		174,669
	9,473	PACCAR, Inc.		1,108,341
				1,283,010
		WHOLESALE - CONSUMER STAPLES - 0.7%
	8,897	Archer-Daniels-Midland Company		485,776
	2,593	Bunge Global S.A.		232,696
	2,746	Performance Food Group Co.^(a)		242,307
	8,411	Sysco Corporation		648,573
	4,451	US Foods Holding Corporation^(a)		310,546
				1,919,898
		WHOLESALE - DISCRETIONARY - 0.5%
	17,230	Copart, Inc.^(a)		1,092,210
	678	Pool Corporation		255,667
				1,347,877

		TOTAL COMMON STOCKS (Cost $238,709,380)		264,239,927

		TOTAL INVESTMENTS - 99.6% (Cost $238,709,380)	$	264,239,927
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		936,862
		NET ASSETS - 100.0%	$	265,176,789

LLC	- Limited Liability Company

L.P.	- Limited Partnership

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

N.V.	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

^(a)	Non-income producing security.

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2024

	Inspire Global Hope		Inspire Small/Mid		Inspire Corporate
	ETF		Cap ETF		Bond ETF			Inspire 100 ETF
ASSETS
Investment securities:
At cost	$	95,416,821	$	187,622,442	$	327,366,744		$	297,055,993
At value (includes securities on loan with a market value of $406,316, $6,259,268, $0, $0)	$	109,401,273	$	217,877,584	$	327,788,816		$	352,788,930
Cash		235,254		1,250,745		1,236,003			510,719
Foreign currencies (Cost $84,322, $0, $0 and $0, respectively)		84,213		—		—			—
Dividends and interest receivable		116,017		163,416		3,665,015			248,714
Reclaims receivable		365,314		—		—			2,700
Prepaid expenses		—		4,919		5,991			7,186
TOTAL ASSETS		110,202,071		219,296,664		332,695,825			353,558,249

LIABILITIES
Securities lending collateral payable		416,869		6,329,498		—			—
Investment advisory fees payable		26,603		49,033		80,789			72,626
Custody fees payable		16,376		16,066		7,945			11,634
Audit fees payable		16,917		16,261		16,261			—
Payable to related parties		9,300		13,826		28,434			19,352
Accrued expenses and other liabilities		11,914		9,411		12,532			12,427
TOTAL LIABILITIES		497,979		6,434,095		145,961			116,039
NET ASSETS	$	109,704,092	$	212,862,569	$	332,549,864		$	353,442,210

Net Assets Consist Of:
Paid in capital	$	96,519,307	$	191,403,833	$	351,209,777		$	347,801,721
Accumulated earnings (deficit)		13,184,785		21,458,736		(18,659,913	)		5,640,489
NET ASSETS	$	109,704,092	$	212,862,569	$	332,549,864		$	353,442,210

Net Asset Value Per Share:
Net Assets	$	109,704,092	$	212,862,569	$	332,549,864		$	353,442,210
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,800,000		5,250,000		14,000,000			8,350,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	39.18	$	40.55	$	23.75		$	42.33

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

November 30, 2024

	Inspire International		Inspire Tactical		Inspire		Inspire Fidelis Multi
	ETF		Balanced ETF		Momentum ETF		Factor ETF		Inspire 500 ETF
ASSETS
Investment securities:
At cost	$	285,106,284	$	85,826,064	$	61,292,183	$	82,799,059	$	238,709,380
At value (includes securities on loan with a market value of $2,939,572, $893,956, $0, $44,030, $0)	$	303,632,329	$	96,070,515	$	74,449,112	$	94,555,592	$	264,239,927
Cash		90,636		413,614		94,572		99,034		614,553
Foreign currencies (Cost $280,986, $0, $0, $0 and $0, respectively)		281,758		—		—		—		—
Dividends and interest receivable		365,328		89,084		21,769		89,272		298,739
Reclaims receivable		1,013,577		4,968		528		16,273		1,913
Receivable for fund shares sold		—		—		—		—		5,642,073
Prepaid expenses		4,694		1,432		2,930		291		—
TOTAL ASSETS		305,388,322		96,579,613		74,568,911		94,760,462		270,797,205

LIABILITIES
Securities lending collateral payable		3,126,667		899,150		—		42,665		—
Investment advisory fees payable		111,719		38,243		30,918		33,683		21,919
Custody fees payable		24,701		4,370		3,862		5,959		—
Audit fees payable		16,223		16,262		16,268		16,279		—
Payable to related parties		13,128		5,762		7,108		4,307		—
Payable for investments purchased		—		—		—		—		5,598,497
Accrued expenses and other liabilities		11,336		15,266		7,198		10,639		—
TOTAL LIABILITIES		3,303,774		979,053		65,354		113,532		5,620,416
NET ASSETS	$	302,084,548	$	95,600,560	$	74,503,557	$	94,646,930	$	265,176,789

Net Assets Consist Of:
Paid in capital	$	292,847,893	$	93,717,154	$	66,473,259	$	77,551,552	$	239,521,117
Accumulated earnings		9,236,655		1,883,406		8,030,298		17,095,378		25,655,672
NET ASSETS	$	302,084,548	$	95,600,560	$	74,503,557	$	94,646,930	$	265,176,789

Net Asset Value Per Share:
Net Assets	$	302,084,548	$	95,600,560	$	74,503,557	$	94,646,930	$	265,176,789
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		10,050,000		3,375,000		2,275,000		2,775,000		1,175,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	30.06	$	28.33	$	32.75	$	34.11	$	225.68

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF OPERATIONS

For the Year Ended November 30, 2024

	Inspire Global Hope			Inspire Small/Mid			Inspire Corporate
	ETF			Cap ETF			Bond ETF			Inspire 100 ETF
INVESTMENT INCOME
Dividends	$	3,264,348		$	2,991,735		$	—		$	4,491,510
Interest		17,222			45,231			13,539,606			23,250
Securities lending income		11,634			175,651			2,266			731
Less: Foreign withholding taxes		(325,259	)		(426	)		—			—
TOTAL INVESTMENT INCOME		2,967,945			3,212,191			13,541,872			4,515,491

EXPENSES
Investment advisory fees		396,167			554,759			881,466			1,006,857
Custodian fees		130,788			95,900			22,469			34,183
Administrative services		122,987			127,497			227,106			191,182
Printing and postage expenses		20,704			26,683			38,361			36,955
Audit fees		17,014			17,014			17,000			16,210
Professional fees		16,695			16,039			20,776			23,810
Legal fees		16,077			17,075			19,421			14,999
Trustees fees and expenses		15,455			15,320			15,414			11,598
Transfer agent fees		14,873			14,141			15,175			7,480
Insurance expense		4,202			4,000			5,699			6,192
Other Expenses		13,542			16,213			11,106			12,371
TOTAL EXPENSES		768,504			904,641			1,273,993			1,361,837

Less: Fees waived by the Adviser		—			—			—			(186,741	)
NET EXPENSES		768,504			904,641			1,273,993			1,175,096

NET INVESTMENT INCOME		2,199,441			2,307,550			12,267,879			3,340,395

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions		18,586,155			17,485,220			1,692,524			37,145,801
Investments		8,378,834			1,690,265			(998,219	)		(3,067,075	)
Foreign currency transactions		(20,195	)		—			—			—
		26,944,794			19,175,485			694,305			34,078,726
Net change in unrealized appreciation (depreciation) on:
Investments		(1,766,347	)		30,220,362			8,382,659			53,538,833
Foreign currency translations		(9,335	)		—			—			—
		(1,775,682	)		30,220,362			8,382,659			53,538,833

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		25,169,112			49,395,847			9,076,964			87,617,559

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,368,553		$	51,703,397		$	21,344,843		$	90,957,954

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended November 30, 2024

	Inspire International			Inspire Tactical			Inspire			Inspire Fidelis Multi
	ETF			Balanced ETF			Momentum ETF			Factor ETF			Inspire 500 ETF *
INVESTMENT INCOME
Dividends	$	9,749,608		$	1,866,732		$	843,795		$	1,343,349		$	1,626,536
Interest		40,249			13,464			39,791			—			—
Securities lending income		58,141			981			281			15,551			—
Reclaims receivable		435,328			—			—			—			—
Less: Foreign withholding taxes		(1,740,697	)		(14,567	)		—			(15,374	)		—
TOTAL INVESTMENT INCOME		8,542,629			1,866,610			883,867			1,343,526			1,626,536

EXPENSES
Investment advisory fees		1,256,578			448,098			399,637			373,831			98,588
Administrative services		184,935			71,914			75,874			75,842			—
Custodian fees		244,858			12,474			8,675			24,782			—
Printing and postage expenses		33,301			16,369			18,220			16,940			—
Transfer agent fees		21,618			11,200			10,752			11,832			—
Professional fees		20,330			12,390			9,082			11,708			—
Legal fees		19,104			15,536			25,464			15,178			—
Audit fees		17,014			17,014			17,014			17,014			—
Trustees fees and expenses		14,679			14,904			15,365			15,052			—
Insurance expense		4,798			3,301			2,701			3,001			—
Other Expenses		19,905			9,914			11,151			12,176			—
TOTAL EXPENSES		1,837,120			633,114			593,935			577,356			98,588

Less: Fees waived by the Adviser		—			—			(101,431	)		—			—
NET EXPENSES		1,837,120			633,114			492,504			577,356			98,588

NET INVESTMENT INCOME		6,705,509			1,233,496			391,363			766,170			1,527,948

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions		4,011,655			1,318,317			2,117,242			5,224,171			200,591
Investments		9,403,590			7,230,524			812,081			6,817,939			(352,515	)
Foreign currency transactions		(72,402	)		(87	)		—			(25	)		—
		13,342,843			8,548,754			2,929,323			12,042,085			(151,924	)
Net change in unrealized appreciation (depreciation) on:
Investments		5,325,301			7,521,778			12,066,460			6,853,011			25,530,547
Foreign currency translations		(28,052	)		(97	)		(17	)		(167	)		—
		5,297,249			7,521,681			12,066,443			6,852,844			25,530,547

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		18,640,092			16,070,435			14,995,766			18,894,929			25,378,623

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,345,601		$	17,303,931		$	15,387,129		$	19,661,099		$	26,906,571

The Inspire 500 ETF commenced operations on March 25, 2024.

See accompanying notes to financial statements.

Inspire Global Hope ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	2,199,441		$	2,805,100
Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions		26,944,794			(2,940,962	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(1,775,682	)		8,378,731
Net increase in net assets resulting from operations		27,368,553			8,242,869

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(2,698,930	)		(2,630,640	)
Net decrease in net assets resulting from distributions to shareholders		(2,698,930	)		(2,630,640	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		—			25,848,597
Cost of shares redeemed		(81,741,323	)		(1,594,985	)
Net increase (decrease) in net assets resulting from shares of beneficial interest		(81,741,323	)		24,253,612

TOTAL INCREASE (DECREASE) IN NET ASSETS		(57,071,700	)		29,865,841

NET ASSETS
Beginning of Year		166,775,792			136,909,951
End of Year	$	109,704,092		$	166,775,792

SHARE ACTIVITY
Shares Sold		—			800,000
Shares Redeemed		(2,200,000	)		(50,000	)
Net increase (decrease) in shares of beneficial interest outstanding		(2,200,000	)		750,000

See accompanying notes to financial statements.

100

Inspire Small/Mid Cap ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	2,307,550		$	1,898,514
Net realized gain (loss) on in-kind redemptions and investments		19,175,485			(4,035,381	)
Net change in unrealized appreciation (depreciation) on investments		30,220,362			(1,610,631	)
Net increase (decrease) in net assets resulting from operations		51,703,397			(3,747,498	)

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(2,458,940	)		(1,603,670	)
Net decrease in net assets resulting from distributions to shareholders		(2,458,940	)		(1,603,670	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		63,933,739			80,203,159
Cost of shares redeemed		(69,346,878	)		(30,933,514	)
Net increase (decrease) in net assets resulting from shares of beneficial interest		(5,413,139	)		49,269,645

TOTAL INCREASE IN NET ASSETS		43,831,318			43,918,477

NET ASSETS
Beginning of Year		169,031,251			125,112,774
End of Year	$	212,862,569		$	169,031,251

SHARE ACTIVITY
Shares Sold		1,750,000			2,500,000
Shares Redeemed		(1,950,000	)		(1,000,000	)
Net increase (decrease) in shares of beneficial interest outstanding		(200,000	)		1,500,000

See accompanying notes to financial statements.

101

Inspire Corporate Bond ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	12,267,879		$	8,236,898
Net realized gain (loss) on in-kind redemptions and investments		694,305			(6,487,434	)
Net change in unrealized appreciation on investments		8,382,659			6,281,553
Net increase in net assets resulting from operations		21,344,843			8,031,017

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(12,185,950	)		(8,091,080	)
Net decrease in net assets resulting from distributions to shareholders		(12,185,950	)		(8,091,080	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		166,835,228			85,503,385
Cost of shares redeemed		(76,104,963	)		(75,795,197	)
Net increase in net assets resulting from shares of beneficial interest		90,730,265			9,708,188

TOTAL INCREASE IN NET ASSETS		99,889,158			9,648,125

NET ASSETS
Beginning of Year		232,660,706			223,012,581
End of Year	$	332,549,864		$	232,660,706

SHARE ACTIVITY
Shares Sold		7,100,000			3,700,000
Shares Redeemed		(3,200,000	)		(3,300,000	)
Net increase in shares of beneficial interest outstanding		3,900,000			400,000

See accompanying notes to financial statements.

102

Inspire 100 ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	3,340,395		$	3,062,442
Net realized gain (loss) on in-kind redemptions and investments		34,078,726			(7,515,881	)
Net change in unrealized appreciation on investments		53,538,833			17,186,146
Net increase in net assets resulting from operations		90,957,954			12,732,707

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(3,597,375	)		(2,666,835	)
Net decrease in net assets resulting from distributions to shareholders		(3,597,375	)		(2,666,835	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		116,829,272			90,845,213
Cost of shares redeemed		(159,284,769	)		(69,911,978	)
Net increase (decrease) in net assets resulting from shares of beneficial interest		(42,455,497	)		20,933,235

TOTAL INCREASE IN NET ASSETS		44,905,082			30,999,107

NET ASSETS
Beginning of Year		308,537,128			277,538,021
End of Year	$	353,442,210		$	308,537,128

SHARE ACTIVITY
Shares Sold		3,100,000			2,900,000
Shares Redeemed		(4,200,000	)		(2,200,000	)
Net increase (decrease) in shares of beneficial interest outstanding		(1,100,000	)		700,000

See accompanying notes to financial statements.

103

Inspire International ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	6,705,509		$	4,687,095
Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions		13,342,843			(4,080,697	)
Net change in unrealized appreciation on investments and foreign currency translations		5,297,249			13,215,883
Net increase in net assets resulting from operations		25,345,601			13,822,281

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(7,509,030	)		(4,410,875	)
Net decrease in net assets resulting from distributions to shareholders		(7,509,030	)		(4,410,875	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		76,917,626			95,494,607
Cost of shares redeemed		(20,358,989	)		(18,045,544	)
Net increase in net assets resulting from shares of beneficial interest		56,558,637			77,449,063

TOTAL INCREASE IN NET ASSETS		74,395,208			86,860,469

NET ASSETS
Beginning of Year		227,689,340			140,828,871
End of Year	$	302,084,548		$	227,689,340

SHARE ACTIVITY
Shares Sold		2,550,000			3,500,000
Shares Redeemed		(700,000	)		(650,000	)
Net increase in shares of beneficial interest outstanding		1,850,000			2,850,000

See accompanying notes to financial statements.

104

Inspire Tactical Balanced ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	1,233,496		$	2,301,321
Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions		8,548,754			(786,475	)
Distributions of capital gains from underlying investment companies		—			187
Net change in unrealized appreciation on investments and foreign currency translations		7,521,681			1,719,431
Net increase in net assets resulting from operations		17,303,931			3,234,464

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(1,260,097	)		(2,555,168	)
Net decrease in net assets resulting from distributions to shareholders		(1,260,097	)		(2,555,168	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		6,454,888			3,449,743
Cost of shares redeemed		(10,328,616	)		(26,432,473	)
Net decrease in net assets resulting from shares of beneficial interest		(3,873,728	)		(22,982,730	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		12,170,106			(22,303,434	)

NET ASSETS
Beginning of Year		83,430,454			105,733,888
End of Year	$	95,600,560		$	83,430,454

SHARE ACTIVITY
Shares Sold		250,000			150,000
Shares Redeemed		(400,000	)		(1,150,000	)
Net decrease in shares of beneficial interest outstanding		(150,000	)		(1,000,000	)

See accompanying notes to financial statements.

105

Inspire Momentum ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	391,363		$	513,918
Net realized gain on in-kind redemptions, investments and foreign currency transactions		2,929,323			2,439,617
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		12,066,443			(312,533	)
Net increase in net assets resulting from operations		15,387,129			2,641,002

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(497,272	)		(445,820	)
Net decrease in net assets resulting from distributions to shareholders		(497,272	)		(445,820	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		27,151,965			20,970,873
Cost of shares redeemed		(12,633,966	)		(18,352,614	)
Net increase in net assets resulting from shares of beneficial interest		14,517,999			2,618,259

TOTAL INCREASE IN NET ASSETS		29,407,856			4,813,441

NET ASSETS
Beginning of Year		45,095,701			40,282,260
End of Year	$	74,503,557		$	45,095,701

SHARE ACTIVITY
Shares Sold		925,000			875,000
Shares Redeemed		(425,000	)		(775,000	)
Net increase in shares of beneficial interest outstanding		500,000			100,000

See accompanying notes to financial statements.

106

Inspire Fidelis Multi Factor ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2024			November 30, 2023
FROM OPERATIONS
Net investment income	$	766,170		$	641,466
Net realized gain on in-kind redemptions, investments and foreign currency transactions		12,042,085			1,345,813
Net change in unrealized appreciation on investments and foreign currency translations		6,852,844			1,175,033
Net increase in net assets resulting from operations		19,661,099			3,162,312

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(954,623	)		(464,685	)
Net decrease in net assets resulting from distributions to shareholders		(954,623	)		(464,685	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		45,394,608			23,509,996
Cost of shares redeemed		(40,032,935	)		(2,544,140	)
Net increase in net assets resulting from shares of beneficial interest		5,361,673			20,965,856

TOTAL INCREASE IN NET ASSETS		24,068,149			23,663,483

NET ASSETS
Beginning of Year		70,578,781			46,915,298
End of Year	$	94,646,930		$	70,578,781

SHARE ACTIVITY
Shares Sold		1,475,000			900,000
Shares Redeemed		(1,300,000	)		(100,000	)
Net increase in shares of beneficial interest outstanding		175,000			800,000

See accompanying notes to financial statements.

107

Inspire 500 ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	November 30, 2024 *
FROM OPERATIONS
Net investment income	$	1,527,948
Net realized loss on in-kind redemptions and investments		(151,924	)
Net change in unrealized appreciation on investments		25,530,547
Net increase in net assets resulting from operations		26,906,571

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(1,049,460	)
Net decrease in net assets resulting from distributions to shareholders		(1,049,460	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		249,123,235
Cost of shares redeemed		(9,803,557	)
Net increase in net assets resulting from shares of beneficial interest		239,319,678

TOTAL INCREASE IN NET ASSETS		265,176,789

NET ASSETS
Beginning of Period		—
End of Period	$	265,176,789

SHARE ACTIVITY
Shares Sold		1,225,000
Shares Redeemed		(50,000	)
Net increase in shares of beneficial interest outstanding		1,175,000

The Inspire 500 ETF commenced operations on March 25, 2024.

See accompanying notes to financial statements.

108

Inspire Global Hope ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2024			November 30, 2023			November 30, 2022			November 30, 2021			November 30, 2020
Net asset value, beginning of year	$	33.36		$	32.21		$	38.68		$	32.12		$	29.21

Activity from investment operations:
Net investment income (1)		0.61			0.61			0.57			0.78			0.50
Net realized and unrealized gain (loss) on investments		5.96			1.11			(3.62	)		6.46			2.96
Total from investment operations		6.57			1.72			(3.05	)		7.24			3.46

Less distributions from:
Net investment income		(0.75	)		(0.57	)		(0.52	)		(0.68	)		(0.52	)
Net realized gains		—			—			(2.90	)		—			(0.03	)
Total distributions		(0.75	)		(0.57	)		(3.42	)		(0.68	)		(0.55	)

Net asset value, end of year	$	39.18		$	33.36		$	32.21		$	38.68		$	32.12
Total return (3)		19.83	%		5.43	%		(8.59	)%		22.63	%		12.35	%
Net assets, at end of year (000s)	$	109,704		$	166,776		$	136,910		$	137,329		$	120,453

Ratio of gross expenses to average net assets		0.58	%		0.56	%		0.61	% (5)		0.49	%		0.61	%
Ratio of net expenses to average net assets		0.58	%		0.56	%		0.61	% (4)		0.49	%		0.61	%
Ratio of net investment income to average net assets		1.67	%		1.87	%		1.74	%		2.08	%		1.82	%
Portfolio Turnover Rate (2)		41	%		41	%		51	%		94	%		36	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(3)

Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.

(4)

Represents the ratio of net expenses to average net assets after adviser recapture of waived/reimbursed fees from prior years.

(5)

Represents the ratio of gross expenses to average net assets before adviser recapture of waived/reimbursed fees from prior years.

See accompanying notes to financial statements.

109

Inspire Small/Mid Cap ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2024			November 30, 2023			November 30, 2022			November 30, 2021			November 30, 2020
Net asset value, beginning of year	$	31.01		$	31.67		$	36.13		$	27.74		$	27.56

Activity from investment operations:
Net investment income (1)		0.45			0.40			0.38			0.38			0.37
Net realized and unrealized gain (loss) on investments		9.57			(0.72	)		(1.46	)		8.32			0.13	(4)
Total from investment operations		10.02			(0.32	)		(1.08	)		8.70			0.50

Less distributions from:
Net investment income		(0.48	)		(0.34	)		(0.32	)		(0.31	)		(0.31	)
Net realized gains		—			—			(3.00	)		—			(0.01	)
Return of capital		—			—			(0.06	)		—			—
Total distributions		(0.48	)		(0.34	)		(3.38	)		(0.31	)		(0.32	)

Net asset value, end of year	$	40.55		$	31.01		$	31.67		$	36.13		$	27.74
Total return (3)		32.53	%		(0.98	)%		(3.34	)%		31.44	%		2.12	%
Net assets, at end of year (000s)	$	212,863		$	169,031		$	125,113		$	124,658		$	85,988

Ratio of gross expenses to average net assets		0.49	%		0.53	%		0.54	%		0.48	% (6)		0.57	% (6)
Ratio of net expenses to average net assets		0.49	%		0.53	%		0.54	%		0.52	% (5)		0.60	% (5)
Ratio of net investment income to average net assets		1.25	%		1.30	%		1.21	%		1.08	%		1.53	%
Portfolio Turnover Rate (2)		46	%		44	%		43	%		168	%		92	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(3)

(4)

The amount of net realized and unrealized gain (loss) on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder subscriptions and redemptions relative to fluctuating net asset values during the year.

(5)

Represents the ratio of net expenses to average net assets after adviser recapture of waived/reimbursed fees from prior years.

(6)

Represents the ratio of gross expenses to average net assets before adviser recapture of waived/reimbursed fees from prior years

See accompanying notes to financial statements.

110

Inspire Corporate Bond ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2024			November 30, 2023			November 30, 2022			November 30, 2021			November 30, 2020
Net asset value, beginning of year	$	23.04		$	22.99		$	25.89		$	26.48		$	25.69

Activity from investment operations:
Net investment income (1)		0.98			0.79			0.37			0.27			0.45
Net realized and unrealized gain (loss) on investments		0.71			0.03	(4)		(2.85	)		(0.57	)		0.86
Total from investment operations		1.69			0.82			(2.48	)		(0.30	)		1.31

Less distributions from:
Net investment income		(0.98	)		(0.77	)		(0.35	)		(0.29	)		(0.44	)
Net realized gains		—			—			(0.07	)		—			(0.08	)
Total distributions		(0.98	)		(0.77	)		(0.42	)		(0.29	)		(0.52	)

Net asset value, end of year	$	23.75		$	23.04		$	22.99		$	25.89		$	26.48
Total return (3)		7.44	%		3.62	%		(9.64	)%		(1.15	)%		5.16	%
Net assets, at end of year (000s)	$	332,550		$	232,661		$	223,013		$	238,225		$	166,829

Ratio of gross expenses to average net assets		0.43	%		0.44	%		0.45	%		0.44	%		0.49	%
Ratio of net expenses to average net assets		0.43	%		0.44	%		0.45	%		0.44	%		0.49	%
Ratio of net investment income to average net assets		4.17	%		3.43	%		1.56	%		1.04	%		1.75	%
Portfolio Turnover Rate (2)		26	%		45	%		47	%		126	%		35	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(3)

(4)

Net realized and unrealized gain (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

See accompanying notes to financial statements.

111

Inspire 100 ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2024			November 30, 2023			November 30, 2022			November 30, 2021			November 30, 2020
Net asset value, beginning of year	$	32.65		$	31.72		$	44.17		$	35.98		$	29.52

Activity from investment operations:
Net investment income (1)		0.38			0.34			0.35			0.43			0.41
Net realized and unrealized gain (loss) on investments		9.70			0.89			(5.81	)		8.39			6.43
Total from investment operations		10.08			1.23			(5.46	)		8.82			6.84

Less distributions from:
Net investment income		(0.40	)		(0.30	)		(0.33	)		(0.43	)		(0.38	)
Net realized gains		—			—			(6.66	)		(0.20	)		—
Total distributions		(0.40	)		(0.30	)		(6.99	)		(0.63	)		(0.38	)

Net asset value, end of year	$	42.33		$	32.65		$	31.72		$	44.17		$	35.98
Total return (3)		31.02	%		3.91	%		(14.69	)%		24.79	%		23.50	%
Net assets, at end of year (000s)	$	353,442		$	308,537		$	277,538		$	295,962		$	149,320

Ratio of gross expenses to average net assets (4)		0.41	%		0.43	%		0.45	%		0.42	%		0.48	%
Ratio of net expenses to average net assets		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assets		0.99	%		1.06	%		1.05	%		1.04	%		1.31	%
Portfolio Turnover Rate (2)		26	%		33	%		28	%		100	%		60	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(3)

(4)

Represents the ratio of gross expenses to average net assets absent of fee waivers and/or expense reimbursements by the adviser.

See accompanying notes to financial statements.

112

Inspire International ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2024			November 30, 2023			November 30, 2022			November 30, 2021			November 30, 2020
Net asset value, beginning of year	$	27.77		$	26.32		$	33.64		$	29.40		$	26.51

Activity from investment operations:
Net investment income (1)		0.72			0.70			0.61			0.81			0.36
Net realized and unrealized gain (loss) on investments		2.38			1.38			(3.36	)		4.22			2.81
Total from investment operations		3.10			2.08			(2.75	)		5.03			3.17

Less distributions from:
Net investment income		(0.81	)		(0.63	)		(0.60	)		(0.79	)		(0.28	)
Net realized gains		—			—			(3.97	)		—			—
Total distributions		(0.81	)		(0.63	)		(4.57	)		(0.79	)		(0.28	)

Net asset value, end of year	$	30.06		$	27.77		$	26.32		$	33.64		$	29.40
Total return (3)		11.20	%		8.01	%		(9.32	)%		17.11	%		12.29	%
Net assets, at end of year (000s)	$	302,085		$	227,689		$	140,829		$	111,009		$	77,902

Ratio of net expenses to average net assets		0.66	%		0.73	%		0.80	%		0.69	%		0.94	%
Ratio of net investment income to average net assets		2.40	%		2.55	%		2.29	%		2.38	%		1.44	%
Portfolio Turnover Rate (2)		34	%		37	%		61	%		106	%		27	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(3)

See accompanying notes to financial statements.

113

Inspire Tactical Balanced ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	November 30, 2024			November 30, 2023			November 30, 2022			November 30, 2021			November 30, 2020 (1)
Net asset value, beginning of period	$	23.67		$	23.37		$	30.09		$	26.26		$	25.00

Activity from investment operations:
Net investment income (2)		0.36			0.57			0.21			0.20			0.08
Net realized and unrealized gain (loss) on investments		4.66			0.34			(4.22	)		4.93			1.21
Total from investment operations		5.02			0.91			(4.01	)		5.13			1.29

Less distributions from:
Net investment income		(0.36	)		(0.61	)		(0.11	)		(0.25	)		(0.03	)
Net realized gains		—			—			(2.60	)		(1.05	)		—
Total distributions		(0.36	)		(0.61	)		(2.71	)		(1.30	)		(0.03	)

Net asset value, end of period	$	28.33		$	23.67		$	23.37		$	30.09		$	26.26
Total return (4)		21.38	%		4.03	%		(14.63	)%		20.49	%		5.18	% (6)
Net assets, at end of period (000s)	$	95,601		$	83,430		$	105,734		$	109,824		$	71,552

Ratio of net expenses to average net assets (5)		0.71	%		0.71	%		0.69	%		0.69	%		0.80	%
Ratio of net investment income to average net assets (5)		1.38	%		2.46	%		0.84	%		0.70	%		0.81	%
Portfolio Turnover Rate (3)		52	%		314	%		469	%		114	%		282	% (6)

(1)

The Inspire Tactical Balanced ETF commenced operations on July 15, 2020.

(2)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

114

Inspire Momentum ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

	Year Ended			Year Ended			Year Ended			Period Ended
	November 30, 2024			November 30, 2023			November 30, 2022			November 30, 2021 (1)
Net asset value, beginning of period	$	25.41		$	24.05		$	29.30		$	25.00

Activity from investment operations:
Net investment income (2)		0.19			0.27			0.28			0.08
Net realized and unrealized gain (loss) on investments		7.40			1.33			(4.21	)		4.26
Total from investment operations		7.59			1.60			(3.93	)		4.34

Less distributions from:
Net investment income		(0.25	)		(0.24	)		(0.24	)		(0.04	)
Net realized gains		—			—			(1.08	)		—
Total distributions		(0.25	)		(0.24	)		(1.32	)		(0.04	)

Net asset value, end of period	$	32.75		$	25.41		$	24.05		$	29.30
Total return (4)		30.00	%		6.72	%		(13.89	)%		17.35	% (6)
Net assets, at end of period (000s)	$	74,504		$	45,096		$	40,282		$	43,944

Ratio of gross expenses to average net assets (5)		0.96	%		1.03	%		1.28	%		1.02	%
Ratio of net expenses to average net assets (5)		0.80	%		0.80	%		0.95	%		1.02	%
Ratio of net investment income to average net assets (5)		0.64	%		1.11	%		1.18	%		0.27	%
Portfolio Turnover Rate (3)		82	%		11	%		95	%		270	% (6)

(1)

The Inspire Momentum ETF commenced operations on December 7, 2020.

(2)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

115

Inspire Fidelis Multi Factor ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

	Year Ended			Year Ended			Period Ended
	November 30, 2024			November 30, 2023			November 30, 2022 (1)
Net asset value, beginning of period	$	27.15		$	26.06		$	25.00

Activity from investment operations:
Net investment income (2)		0.28			0.30			0.03
Net realized and unrealized gain on investments		7.03			1.01			1.05
Total from investment operations		7.31			1.31			1.08

Less distributions from:
Net investment income		(0.35	)		(0.22	)		(0.02	)
Total distributions		(0.35	)		(0.22	)		(0.02	)

Net asset value, end of period	$	34.11		$	27.15		$	26.06
Total return (4)		27.12	%		5.09	%		4.33	% (6)
Net assets, at end of period (000s)	$	94,647		$	70,579		$	46,915

Ratio of net expenses to average net assets (5)		0.69	%		0.76	%		1.09	%
Ratio of net investment income to average net assets (5)		0.92	%		1.13	%		0.48	%
Portfolio Turnover Rate (3)		232	%		235	%		61	% (6)

(1)

The Inspire Fidelis Multi Factor ETF commenced operations on August 23, 2022.

(2)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

116

Inspire 500 ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Period Ended
	November 30, 2024 (1)
Net asset value, beginning of period	$	200.00

Activity from investment operations:
Net investment income (2)		1.96
Net realized and unrealized gain on investments		24.95
Total from investment operations		26.91

Less distributions from:
Net investment income		(1.23	)
Total distributions		(1.23	)

Net asset value, end of period	$	225.68
Total return (4)		13.52	% (6)
Net assets, at end of period (000s)	$	265,177

Ratio of net expenses to average net assets (5)		0.09	%
Ratio of net investment income to average net assets (5)		1.38	%
Portfolio Turnover Rate (3)		9	% (6)

(1)

The Inspire 500 ETF commenced operations on March 25, 2024.

(2)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

117

The Inspire ETFs
NOTES TO FINANCIAL STATEMENTS
November 30, 2024

1.	ORGANIZATION

The Inspire Global Hope ETF (“BLES”), Inspire Small/Mid Cap ETF (“ISMD”), Inspire Corporate Bond ETF (“IBD”), Inspire 100 ETF (“BIBL”), Inspire International ETF (“WWJD”), Inspire Tactical Balanced ETF (“RISN”), Inspire Momentum ETF (“GLRY”), Inspire Fidelis Multi Factor ETF (“FDLS”), and Inspire 500 ETF (“PTL”) (each a “Fund” and collectively the “Funds”) are each a diversified series of Northern Lights Fund Trust IV (the “Trust”), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. BLES’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope Index. ISMD’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Small/Mid Cap Index. IBD’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Corporate Bond Index. BIBL’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 100 Index. WWJD’s investment objective seeks to replicate the investment results that generally correspond, before fees and expenses, to the performance of the Inspire International Index. RISN’s investment objective seeks to provide capital appreciation with lower volatility than the U.S. large cap stock market over the long term. GLRY’s investment objective seeks to outperform the results, before fees and expenses, of the broader U.S. midcap stock market when momentum is in favor. Effective August 9, 2024, GLRY’s investment objective seeks to outperform the results, before fees and expenses, of the broader U.S. stock market when momentum is in favor. FDLS’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the WI Fidelis Multi-Cap, Multi-Factor Index. PTL’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 500 Index. The investment objectives are non-fundamental. BLES and ISMD commenced operations on February 27, 2017. IBD commenced operations on July 10, 2017. BIBL commenced operations on October 30, 2017. WWJD commenced operations on September 30, 2019. RISN commenced operations on July 15, 2020. GLRY commenced operations on December 7, 2020. FDLS commenced operations on August 23, 2022. PTL commenced operations on March 25, 2024.

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the Adviser is deemed to be the Chief Operating Decision Maker.

2.	SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements requires management

118

The Inspire ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standards Update (“ASU”) 2013-08.

Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value (“NAV”).

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the “fair value” procedures approved by the Board. The Board has designated the adviser as its valuation designee (the “Valuation Designee”) to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be

119

The Inspire ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non -traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Securities Lending Risk – Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees a Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return a Fund’s securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.

Fixed Income Risk – When a Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by a Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by a Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments) . These risks could affect the value of a particular investment by each Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Foreign Securities Risk – Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. There is no context in this report for Inspire Impact scores. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

120

The Inspire ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.

The inputs used to measure value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2024 for the Funds’ assets measured at value:

BLES
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	108,729,178	$	—	$	—		$	108,729,178
Collateral For Securities Loaned		416,869		—		—			416,869
Preferred Stock		255,226		—		—			255,226
Right		—		—		—	^		—
Total	$	109,401,273	$	—	$	—		$	109,401,273

ISMD
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	211,548,086	$	—	$	—		$	211,548,086
Collateral For Securities Loaned		6,329,498		—		—			6,329,498
Right		—		—		—	^		—
Total	$	217,877,584	$	—	$	—		$	217,877,584

121

The Inspire ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

IBD
Assets *	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	327,788,816	$	—	$	327,788,816
Total	$	—	$	327,788,816	$	—	$	327,788,816

BIBL
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	352,788,930	$	—	$	—	$	352,788,930
Total	$	352,788,930	$	—	$	—	$	352,788,930

WWJD
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	299,002,407	$	—	$	—	$	299,002,407
Collateral For Securities Loaned		3,126,667		—		—		3,126,667
Preferred Stock		1,503,255		—		—		1,503,255
Total	$	303,632,329	$	—	$	—	$	303,632,329

RISN
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	77,182,425	$	—	$	—	$	77,182,425
Collateral For Securities Loaned		899,150		—		—		899,150
Exchange Traded Fund		17,988,940		—		—		17,988,940
Total	$	96,070,515	$	—	$	—	$	96,070,515

GLRY
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	74,449,112	$	—	$	—	$	74,449,112
Total	$	74,449,112	$	—	$	—	$	74,449,112

FDLS
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	94,512,927	$	—	$	—	$	94,512,927
Collateral For Securities Loaned		42,665		—		—		42,665
Total	$	94,555,592	$	—	$	—	$	94,555,592

PTL
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	264,239,927	$	—	$	—	$	264,239,927
Total	$	264,239,927	$	—	$	—	$	264,239,927

*	See Schedule of Investments for industry classification.

^	Includes securities valued at $0.

BLES and ISMD held Level 3 securities at the end of the year. The securities classified as Level 3 for BLES and ISMD are deemed immaterial.

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November 30, 2024

Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims, as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for BLES, ISMD, BIBL, WWJD, RISN, GLRY, FDLS, PTL and monthly for IBD. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

Federal Income Taxes – The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years November 30, 2021 - November 30, 2023 or expected to be taken in the Funds’ November 30, 2024, year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Exchange Traded Funds (“ETFs”) – The Funds may invest in ETFs. ETFs are generally a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities

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they hold, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Expenses – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

Cash – The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

Foreign Currency – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

3.	INVESTMENT TRANSACTIONS

For the year ended November 30, 2024, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

Ticker	Purchases		Sales
BLES	$	54,754,451	$	58,887,798
ISMD	$	85,054,580	$	87,544,678
IBD	$	87,388,143	$	74,596,054
BIBL	$	87,022,220	$	90,793,957
WWJD	$	101,425,351	$	94,390,827
RISN	$	46,180,374	$	46,414,891
GLRY	$	50,654,058	$	49,758,398
FDLS	$	224,481,551	$	192,379,928
PTL	$	14,973,991	$	13,604,660

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November 30, 2024

For the year ended November 30, 2024, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

Ticker	Purchases		Sales
BLES	$	—	$	77,928,480
ISMD	$	62,613,570	$	64,906,412
IBD	$	151,090,528	$	75,231,613
BIBL	$	116,662,278	$	155,365,439
WWJD	$	66,563,209	$	18,404,973
RISN	$	6,366,080	$	10,217,408
GLRY	$	26,363,658	$	12,337,492
FDLS	$	13,972,137	$	40,003,270
PTL	$	247,270,530	$	9,734,583

4.	INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The business activities of the Funds are overseen by the Board. Inspire Investing, LLC (the “Adviser”) serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust (the “Advisory Agreement”). The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Foreside Financial Services, LLC (the “Distributor”) to serve as the principal underwriter and distributor for the Funds.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund’s average daily net assets. For the year ended November 30, 2024, each Fund incurred the following in advisory fees:

Ticker	ANNUAL RATE	TOTAL ADVISORY FEE
BLES	0.30%	$	396,167
ISMD	0.30%	$	554,759
IBD	0.30%	$	881,466
BIBL	0.30%	$	1,006,857
WWJD	0.45%	$	1,256,578
RISN	0.50%	$	448,098
GLRY	0.65%	$	399,637
FDLS	0.45%	$	373,831
PTL	0.09%	$	98,588

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed for BIBL and GLRY, at least until March 31, 2025, to waive a portion of its advisory fee and has agreed to reimburse the BIBL and GLRY for other expenses to the extent necessary so that total expenses incurred (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees

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November 30, 2024

and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.35% and 0.80% of average daily net assets for BIBL and GLRY, respectively.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and BIBL’s and GLRY’s operating expenses are subsequently lower than its expense limitation, or limitation in place at time of waiver, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that Fund’s 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. If a Fund’s operating expenses subsequently exceeds the expense limitation, the reimbursements for the Fund shall be suspended. For the year ended November 30, 2024, the Adviser waived fees and/or reimbursed expenses in the amount of $186,741 and $101,431 for BIBL and GLRY, respectively, pursuant to the Waiver Agreement.

The following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:

	11/30/2025		11/30/2026		11/30/2027
BLES	$	3,420	$	—	$	—
BIBL	$	279,811	$	103,906	$	186,741
GLRY	$	88,117	$	52,197	$	101,431

The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement).

The Board may terminate this expense reimbursement arrangement at any time on 60 days’ notice to the Adviser.

PTL’s unitary management fee is designed to pay PTL’s expenses and to compensate the Adviser for providing services for PTL. Out of the unitary management fee, the Adviser pays substantially all expenses of PTL, including the costs of transfer agency, custody, fund administration, legal, audit and other services and independent Trustees’ fees, but not any front-end or contingent deferred loads; brokerage fees and commissions; any Rule 12b- l fees; acquired advisory fees, fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of PTL officers and Trustees, contractual indemnification of PTL service providers (other than the Adviser)). The Adviser, and not PTLs shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

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November 30, 2024

The Trust, with respect to the Funds, has adopted a distribution and service plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

Ultimus Fund Solutions, LLC (“UFS”) – UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

5.	CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Funds at the NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 50,000 shares for BLES, ISMD, BIBL, and WWJD, 100,000 shares for IBD, and 25,000 for RISN, GLRY, FDLS and PTL. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions

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November 30, 2024

(“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). For the year ended November 30, 2024, the fixed and variable fees were as follows:

	FIXED FEES		VARIABLE FEES
BLES	$	4,500	$	—
ISMD	$	8,000	$	—
IBD	$	10,500	$	—
BIBL	$	14,500	$	—
WWJD	$	12,500	$	—
RISN	$	4,250	$	—
GLRY	$	6,750	$	—
FDLS	$	4,750	$	—
PTL	$	27,195	$	—

The Transaction Fees for the Funds are listed in the table below:

Ticker	Fee for In-Kind and Cash Purchases	Maximum Additional Variable Charge for Cash Purchases*
BLES	$500	0.50%
ISMD	$250	0.00%
IBD	$250	0.00%
BIBL	$250	0.00%
WWJD	$500	0.50%
RISN	$250	0.00%
GLRY	$250	0.00%
FDLS	$250	0.00%
PTL	$777	0.00%

*	The maximum Transaction Fee may be up to 0.50% as a percentage of the amount invested.

6.	DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended November 30, 2024, and November 30, 2023, was as follows:

For the period ended November 30, 2024:

	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Inspire Global Hope ETF	$	2,698,930	$	—	$	—	$	2,698,930
Inspire Small/Mid Cap ETF		2,458,940		—		—		2,458,940
Inspire Corporate Bond ETF		12,185,950		—		—		12,185,950
Inspire 100 ETF		3,597,375		—		—		3,597,375
Inspire International ETF		7,509,030		—		—		7,509,030
Inspire Tactical Balanced ETF		1,260,097		—		—		1,260,097
Inspire Momentum ETF		497,272		—		—		497,272
Inspire Fidelis Multi Factor ETF		954,623		—		—		954,623
Inspire 500 ETF		1,049,460		—		—		1,049,460

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November 30, 2024

For the period ended November 30, 2023:

	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Inspire Global Hope ETF	$	2,630,640	$	—	$	—	$	2,630,640
Inspire Small/Mid Cap ETF		1,603,670		—		—		1,603,670
Inspire Corporate Bond ETF		8,091,080		—		—		8,091,080
Inspire 100 ETF		2,666,835		—		—		2,666,835
Inspire International ETF		4,410,875		—		—		4,410,875
Inspire Tactical Balanced ETF		2,555,168		—		—		2,555,168
Inspire Momentum ETF		445,820		—		—		445,820
Inspire Fidelis Multi Factor ETF		464,685		—		—		464,685
Inspire 500 ETF		—		—		—		—

As of November 30, 2024, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized		Total
	Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/		Accumulated
Portfolio	Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Inspire Global Hope ETF	$	125,908	$	—	$	—		$	(270,831	)	$	—	$	13,329,708	$	13,184,785
Inspire Small/Mid Cap ETF		118,957		—		—			(6,359,971	)		—		27,699,750		21,458,736
Inspire Corporate Bond ETF		395,679		—		(17,399	)		(19,295,056	)		—		256,863		(18,659,913	)
Inspire 100 ETF		191,127		—		—			(50,121,176	)		—		55,570,538		5,640,489
Inspire International ETF		1,822,655		—		—			(8,265,988	)		—		15,679,988		9,236,655
Inspire Tactical Balanced ETF		314,205		—		—			(8,649,357	)		—		10,218,558		1,883,406
Inspire Momentum ETF		—		—		—			(5,126,569	)		—		13,156,867		8,030,298
Inspire Fidelis Multi Factor ETF		1,440,360		3,830,589		—			—			—		11,824,429		17,095,378
Inspire 500 ETF		469,215		—		—			(348,593	)		—		25,535,050		25,655,672

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark to market on passive foreign investment companies, and adjustments on partnerships, passive foreign investment companies and C-Corporation return of capital distributions.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Inspire Corporate Bond ETF incurred and elected to defer such capital losses of $17,399.

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

At November 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carry forwards utilized were as follows:

Portfolio	Short-Term		Long-Term		Total		Utilized
Inspire Global Hope ETF	$	—	$	270,831	$	270,831	$	8,009,402
Inspire Small/Mid Cap ETF		—		6,359,971		6,359,971		4,194,860
Inspire Corporate Bond ETF		5,115,998		14,179,058		19,295,056		—
Inspire 100 ETF		16,179,194		33,941,982		50,121,176		—
Inspire International ETF		1,769,309		6,496,679		8,265,988		9,422,565
Inspire Tactical Balanced ETF		8,649,357		—		8,649,357		7,216,149
Inspire Momentum ETF		3,966,565		1,160,004		5,126,569		821,820
Inspire Fidelis Multi Factor ETF		—		—		—		1,507,497
Inspire 500 ETF		348,593		—		348,593		—

Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions, adjustments for prior year tax returns, non-deductible expenses and distributions in excess, resulted in reclassifications for the Funds for the year ended November 30, 2024, as follows:

	Paid In		Accumulated
Portfolio	Capital		Earnings (Losses)
Inspire Global Hope ETF	$	18,214,827	$	(18,214,827	)
Inspire Small/Mid Cap ETF		17,356,209		(17,356,209	)
Inspire Corporate Bond ETF		1,692,524		(1,692,524	)
Inspire 100 ETF		36,964,800		(36,964,800	)
Inspire International ETF		3,842,323		(3,842,323	)
Inspire Tactical Balanced ETF		1,305,624		(1,305,624	)
Inspire Momentum ETF		2,120,225		(2,120,225	)
Inspire Fidelis Multi Factor ETF		5,229,093		(5,229,093	)
Inspire 500 ETF		201,439		(201,439	)

7.	AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

At November 30, 2024, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (deprecation) of securities, are as follows:

			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation/
Portfolio	Tax Cost		Appreciation		Depreciation			(Depreciation)
Inspire Global Hope ETF	$	96,058,042	$	21,497,209	$	(8,153,978	)	$	13,343,231
Inspire Small/Mid Cap ETF		190,177,834		40,680,448		(12,980,698	)		27,699,750
Inspire Corporate Bond ETF		327,531,953		4,189,600		(3,932,737	)		256,863
Inspire 100 ETF		297,218,392		72,455,126		(16,884,588	)		55,570,538
Inspire International ETF		287,925,444		38,667,547		(22,960,662	)		15,706,885
Inspire Tactical Balanced ETF		85,851,850		11,826,194		(1,607,529	)		10,218,665
Inspire Momentum ETF		61,292,183		15,898,710		(2,741,781	)		13,156,929
Inspire Fidelis Multi Factor ETF		82,730,986		14,930,636		(3,106,030	)		11,824,606
Inspire 500 ETF		238,704,877		32,050,984		(6,515,934	)		25,535,050

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The Inspire ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

8.	SECURITIES LENDING

Each Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Custodian. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is held by the Custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.

As of November 30, 2024, the below table shows the securities on loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities. All individual open security loan transactions were overcollateralized. The remaining contractual maturity of those transactions are overnight and continuous. This cash is invested in the Fidelity Investments Money Market Government Portfolio – Institutional Class.

	Fair Value of		Collateral Value of
Ticker	Securities on Loan		Securities on Loan
BLES	$	406,316	$	416,869
ISMD		6,259,268		6,329,498
WWJD		2,939,572		3,126,667
RISN		893,956		899,150
FDLS		44,030		42,665

It is each Fund’s policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. As of November 30, 2024 the collateral consisted of institutional government money market funds.

The following table breaks out the Funds’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of November 30, 2024:

		Overnight and		Up to				Greater than
Ticker	Collateral	Continuous		30 Days		30-90 days		90 days		Total
BLES	Fidelity Investments Money Market Government Portfolio - Institutional Class	$	416,869	$	—	$	—	$	—	$	416,869
ISMD	Fidelity Investments Money Market Government Portfolio - Institutional Class		6,329,498		—		—		—		6,329,498
WWJD	Fidelity Investments Money Market Government Portfolio - Institutional Class		3,126,667		—		—		—		3,126,667
RISN	Fidelity Investments Money Market Government Portfolio - Institutional Class		899,150		—		—		—		899,150
FDLS	Fidelity Investments Money Market Government Portfolio - Institutional Class		42,665		—		—		—		42,665

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November 30, 2024

9.	SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following.

The Board declared the following distributions after November 30, 2024:

Ticker	Income Dividend		Short Term Capital Gain		Long Term Capital Gain		Ex Date	Record Date	Payable Date
BLES	$	0.0794	$	—	$	—	12/16/2024	12/16/2024	12/23/2024
ISMD	$	0.0769	$	—	$	—	12/16/2024	12/16/2024	12/23/2024
IBD	$	0.1181	$	—	$	—	12/16/2024	12/16/2024	12/23/2024
BIBL	$	0.0779	$	—	$	—	12/16/2024	12/16/2024	12/23/2024
WWJD	$	0.2023	$	—	$	—	12/16/2024	12/16/2024	12/23/2024
RISN	$	0.1308	$	—	$	—	12/16/2024	12/16/2024	12/23/2024
GLRY	$	0.0093	$	—	$	—	12/16/2024	12/16/2024	12/23/2024
FDLS	$	0.0088	$	0.5191	$	1.3804	12/16/2024	12/16/2024	12/23/2024
PTL	$	0.7245	$	—	$	—	12/16/2024	12/16/2024	12/23/2024

132

(COHEM LOGO)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Inspire ETFs and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Northern Lights Fund Trust IV comprising the funds listed below (the “Funds”), as of November 30, 2024, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial highlights for the years/periods ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial statements and financial highlights.

		Statements of
	Statements of	Changes in Net	Financial
Fund Name	Operations	Assets	Highlights
Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Tactical Balanced ETF, Inspire Momentum ETF, and Inspire Fidelis Multi-Factor ETF	For the year ended November 30, 2024	For the years ended November 30, 2024 and 2023
Inspire 500 ETF	For the period from March 25, 2024 (commencement of operations) through November 30, 2024

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

COHEN & COMPANY, LTD.

Registered with the Public Company Accounting Oversight Board

800.229.1099 I 866.818.4538 fax I cohenco.com

133

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2023.

(SIGNATURE)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2025

134

The Inspire ETFs
Additional Information (Unaudited)
November 30, 2024

FOREIGN TAX CREDIT (Unaudited)

The following funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended November 30, 2024 and November 30, 2023, were as follows:

For fiscal year ended 11/30/2024		Foreign Taxes Paid				Foreign Source Income
Inspire International ETF		$	0.10			$	0.78

For fiscal year ended 11/30/2023	Foreign Taxes Paid		Foreign Source Income
Inspire Global Hope ETF	$	0.06	$	0.41
Inspire International ETF		0.07		0.59

135

The Inspire ETFs
Additional Information (Unaudited)
November 30, 2024

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the period covered by this report.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.

136

PROXY VOTING POLICY

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-877 -658-9473 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

PREMIUM/DISCOUNT INFORMATION

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at www.inspireetf.com.

INVESTMENT ADVISER
Inspire Investing, LLC
3597 E Monarch Sky Lane, Suite 330
Meridian, ID 83646

ADMINISTRATOR
Ultimus Fund Solutions, LLC
4221 North 203rd Street, Suite 100
Elkhorn, NE 68022-3474

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable

Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. Included under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

(a)

The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19. Exhibits.

(a)(1)

Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE

(a)(2)

Not applicable

(a)(3)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT

(a)(4)

Not applicable.

(b)

Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northern Lights Fund Trust IV

By (Signature and Title)
/s/ Wendy Wang
Wendy Wang, Principal Executive Officer/President

Date	02/07/25

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)
/s/ Wendy Wang
Wendy Wang, Principal Executive Officer/President

Date	02/07/25

By (Signature and Title)
/s/ Sam Singh
Sam Singh, Principal Financial Officer/Treasurer

Date

02/07/25

Northern Lights Fund Trust IV N-CSRCertified annual shareholder report (management investment company)

Inspire 100 ETF

(BIBL) NYSE Arca, Inc.

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Average Annual Total Returns

Fund Statistics

Asset Weighting (% of total investments)

What did the Fund invest in?

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Material Fund Changes

Inspire 100 ETF

Where can I find additional information about the Fund?

Inspire 500 ETF

(PTL) NYSE Arca, Inc.

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Average Annual Total Returns

Fund Statistics

Asset Weighting (% of total investments)

What did the Fund invest in?

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Material Fund Changes

Inspire 500 ETF

Where can I find additional information about the Fund?

Inspire Corporate Bond ETF

(IBD) NYSE Arca, Inc.

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Average Annual Total Returns

Fund Statistics

Asset Weighting (% of total investments)

What did the Fund invest in?

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Material Fund Changes

Inspire Corporate Bond ETF

Where can I find additional information about the Fund?

Inspire Momentum ETF

(GLRY) NYSE Arca, Inc.

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Average Annual Total Returns

Fund Statistics

Asset Weighting (% of total investments)

What did the Fund invest in?

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Material Fund Changes

Inspire Momentum ETF

Where can I find additional information about the Fund?

Inspire Fidelis Multi Factor ETF

(FDLS) NYSE Arca, Inc.

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Average Annual Total Returns

Fund Statistics

Asset Weighting (% of total investments)

What did the Fund invest in?

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Material Fund Changes

Inspire Fidelis Multi Factor ETF