Inspire Global Hope ETF (BLES)

Inspire Small/Mid Cap ETF (ISMD)

Inspire Corporate Bond ETF (IBD)

Inspire 100 ETF (BIBL)

Inspire International ETF (WWJD)

(formerly known as Inspire International ESG ETF)

Inspire Tactical Balanced ETF (RISN)

(formerly known as Inspire Tactical Balanced ESG ETF)

Inspire Faithward Mid Cap Momentum ETF (GLRY)

(formerly known as Inspire Faithward Mid Cap Momentum ESG ETF)

Inspire Fidelis Multi Factor ETF (FDLS)

Annual Report

November 30, 2022

1-877-658-9473

www.inspireetf.com

INSPIRE ETF ANNUAL REPORT

SHAREHOLDER LETTER (unaudited)

Dear Shareholders:

We are honored and privileged to present you with the Annual Report for the Inspire Investing suite of Exchange Traded Funds (ETFs) as of November 30, 2022.

With a slowing economy, the highest inflation numbers in four decades and the Federal Reserve raising interest rates at an accelerated rate over the past year we have seen the much anticipated correction in the equity markets turn into a true bear market. Not all the headwinds are resolved, but we are exceedingly grateful to look back at 2022 and see the protection and provision that God gave us at Inspire, as well as our advisors and clients. We could not do what we do without you and we sincerely appreciate the trust you have placed in Inspire by investing in one or more of the ETFs.

BLES – Inspire Global Hope ETF

As the global economy slowed down due to high inflation and increased interest rates, BLES participated in the market correction with negative returns over the past twelve months ended November 30, 2022. BLES has a target weight of 50% US Large Cap stocks, 40% international developed markets stocks and 10% emerging markets stocks. The US markets along with the international and emerging markets all slipped into bear market territory during the year but rallied to finish the fiscal year just outside the “correction” threshold of down -10% or more. For the twelve months ended November 30, 2022, BLES was down -8.54% on a market price basis and -8.59% on the NAV. Since inception (2-27-2017) BLES has an annualized return of 8.14% on a market price basis and 8.09 on the NAV.

ISMD – Inspire Small/Mid Cap ETF

The small cap and mid cap markets actually outperformed the large cap market for the year by being down less. Even with the small cap and mid cap markets outperforming the large cap markets they fell short of positive returns. For the twelve months ended November 30, 2022, ISMD returned -4.07% on a market price basis and -3.34% on the NAV. Since inception (2-27-2017), ISMD has an annualized return of 7.36% on a market price basis and 7.49% on the NAV.

IBD – Inspire Corporate Bond ETF

The Federal Reserve jumped off the sidelines and initiated the most aggressive interest rate increase path over the past year that we have seen in quite some time as well as trimming their balance sheet at the same time. Due to rising inflation and a slowing economy, interest rates rose dramatically during the year across the yield curve manifesting in negative total returns for IBD over the past fiscal year. We believe interest rates will continue to move upward for the next 6 months but should peak in early 2023. For the twelve months ended November 30, 2022, IBD returned -9.20% on a market price basis and -9.64% on the NAV. Since inception (7-10-2017), IBD has an annualized return of 0.36% on a market price basis and 0.31% on the NAV.

BIBL – Inspire 100 ETF

BIBL has 100 US Large Cap positions that are capitalization weighted and is designed to give advisors and investors a biblically responsible alternative to the popular market cap weighted

funds that are so prevalent in the marketplace (i.e. SPY or VOO). BIBL suffered along with the correction in the US and global markets and suffered double-digit negative returns this year. For the twelve months ended November 30, 2022, BIBL was down -14.85% on a market price basis and -14.69% on the NAV. Since inception (10-30-2017) BIBL has an annualized return of 9.61% on a market price basis and 9.64% on the NAV.

WWJD – Inspire International ETF

WWJD reached its 3^rd anniversary on 9-30-2022 and holds approximately 200 stocks with an 80% exposure to international developed markets and 20% to emerging markets. Although the international and emerging markets participated in the global market correction along with the US large cap markets, the performance has been in line with expectations given the global market pullback. We believe the global economy will recover in the coming couple of years and the international and emerging markets should play a more positive role in portfolios in 2023. For the twelve months ended November 30, 2022, WWJD was down -9.34% on a market price basis and -9.32% on the NAV. Since inception (9-30-2019), WWJD has an annualized return of 7.95% on a market price basis and 7.69% on the NAV.

RISN – Inspire Tactical Balanced ETF

RISN was launched in the middle of the pandemic on 7-15-2020 and now has more than two full years of history. RISN holds an 80% exposure to US large cap stocks and 20% to US fixed income during normal market condition but is adjusted to a neutral allocation of 50% US large cap stocks/50% US fixed income or a conservative allocation of 20% US large cap stocks/80% US fixed income when deemed appropriate by the portfolio managers. RISN has been in a very defensive/conservative allocation most of the fiscal year due to the risk metrics seen during the market correction/bear market. It is possible for the fund to transition toward the normal market allocation targets in 2023 but that will depend on how the market and economy move in the next few months. For the twelve months ended November 30, 2022, RISN was down -14.56% on a market price basis and -14.63% on the NAV. Since inception (7-15-2020), RISN has an annualized return of 3.40% on a market price basis and 3.36% on the NAV.

GLRY – Inspire Faithward Mid Cap Momentum ETF

GLRY was launched as an active fund in the mid cap momentum space. GLRY will hold between 35 and 45 stocks that have a market capitalization between $3 billion and $13 billion and that the portfolio managers believe have the best opportunity for outperformance in the near term. GLRY utilizes a dual screening approach that overlays a quantitative investment screening process, called FEVRR, on top of the Inspire Impact Score methodology, which identifies some of the most inspiring, biblically aligned companies in the world. The FEVRR process screens companies based on financial health, earnings trends, valuation, relative strength, and risk to find high-quality stocks with strong earning potential. For the twelve months ended November 30, 2022, GLRY was down -14.07% on a market price basis and -13.89% on the NAV. Since inception (12-07-2020), GLRY has an annualized return of 0.49% on a market price basis and 0.53% on the NAV.

FDLS – Inspire Fidelis Multi Factor ETF

FDLS was launched on 8-23-2022 as a globally diversified fund with exposure to companies across the large cap, mid cap, small cap and micro space as well as international developed and emerging markets. FDLS holds 100 positions to replicate the holdings and weights of the WI Fidelis Multi-Cap, Multi-Factor Index. In addition to using the Inspire Impact Score as one of the factors, the index also incorporates fundamental and quantitative factor analysis to select the constituents on a quarterly rebalancing

schedule. Since FDLS has less than twelve months of history as of November 30, 2022, the performance since inception (8-23-2022), is 4.69% on a market price basis and 4.33% on the NAV.

Closing Comments

2022 has been another challenging year as the world saw a slowing economy, rising interest rates, high inflation and continued geo-political tensions that have brought on a global correction in the capital markets. Some believe this is a bear market that isn’t ready to go into hibernation yet. We have all been subject to some difficulties this year but we are thankful to God our Father for His provision and protection. We pray the Lord has protected and provided for you and your family and will keep you safe and healthy in the coming year. We are also grateful to be part of the mission of making a positive impact in the world through these ETFs alongside you, our brothers and sisters in Christ and fellow shareholders.

Even with the many challenges mentioned above we hope that we can return to a more normal year in 2023. The bottom line is that - God is Sovereign, and our trust is in Him, not in politicians or the markets.

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

May the Grace and Peace of Jesus Christ our Lord be with you in 2023.

Sincerely,

Darrell Jayroe

Senior Portfolio Manager

Inspire Investing

The views in this report were those of the Author as of November 30, 2022 and may not reflect their views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

Inspire, the Adviser, provides certain indices that the Inspire ETFs track. The indices use software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies, and practices when assigning Inspire Impact Scores to a company. The securities with the highest Inspire Impact Scores are included in the indices and are equally weighted. As an ETF may not fully replicate its index, it is subject to the risk that investment management strategy may not produce the intended results. There is no guarantee that the Funds will achieve their objective, generate positive returns, or avoid losses.

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

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

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

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information, call 877.658.9473, or visit http://www.inspireetf.com. Read it carefully. The Inspire ETFs are distributed by Foreside Distributors, LLC.

Inspire and Foreside Distributors, LLC are not affiliated.

Inspire Global Hope ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire Global Hope ETF - NAV	(8.59)%	7.99%	6.80%	8.09%
Inspire Global Hope ETF - Market Price	(8.54)%	7.67%	6.92%	8.14%
Inspire Global Hope Large Cap Equal Weight Index ***	(8.25)%	7.85%	7.19%	8.47%
S&P Global 1200 Total Return Index ****	(9.40)%	8.01%	7.81%	9.47%

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

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) did not exceed 0.52% of average daily net assets. Effective April 1, 2022 the Fund does not have a waiver agreement in place. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.49% per the March 30, 2022 prospectus.

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

***

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

****

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

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

Inspire Global Hope ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Oil & Gas Producers		7.9	%
Banking		7.0	%
Electric Utilities		6.2	%
Medical Equipment & Devices		4.3	%
Chemicals		4.1	%
Semiconductors		3.6	%
Metals & Mining		3.5	%
Insurance		3.5	%
Software		3.4	%
Technology Services		3.3	%
Collateral For Securities Loaned		0.7	%
Other Sectors		52.0	%
Other Assets in Excess of Liabilities		0.5	%
		100.0	%

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

Inspire Small/Mid Cap ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire Small/Mid Cap Impact ETF - NAV	(3.34)%	9.07%	7.06%	7.49%
Inspire Small/Mid Cap Impact ETF - Market Price	(4.07)%	8.80%	6.91%	7.36%
Inspire Small/Mid Cap Impact Equal Weight Index ***	(2.87)%	11.06%	8.41%	8.82%
S&P SmallCap 600 Equal Weight Total Return Index ****	(5.98)%	12.25%	8.09%	8.63%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) did not exceed 0.60% of average daily net assets. Effective April 1, 2022 the Fund does not have a waiver agreement in place. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.48% per the March 30, 2022 prospectus.

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

***

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

****

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

Inspire Small/Mid Cap ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Banking		10.1	%
Machinery		4.4	%
Semiconductors		4.1	%
Biotech & Pharma		3.9	%
Software		3.9	%
Chemicals		3.8	%
Technology Hardware		3.8	%
Insurance		3.4	%
Retail - Discretionary		3.1	%
Home Construction		3.0	%
Collateral For Securities Loaned		0.8	%
Other Sectors		55.6	%
Other Assets in Excess of Liabilities		0.1	%
		100.0	%

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

Inspire Corporate Bond ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire Corporate Bond Impact ETF - NAV	(9.64)%	(2.07)%	0.26%	0.31%
Inspire Corporate Bond Impact ETF - Market Price	(9.20)%	(2.05)%	0.20%	0.36%
Inspire Corporate Bond Impact Equal Weight Index ***	(9.36)%	(0.39)%	1.69%	1.76%
Bloomberg U.S. Intermediate Credit Total Return Index ****	(8.93)%	(1.08)%	1.15%	1.23%

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

***

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

****

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

Inspire Corporate Bond ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Real Estate Investment Trusts		20.0	%
Oil & Gas Producers		11.0	%
Electric Utilities		6.5	%
Commercial Support Services		6.3	%
Technology Services		6.2	%
Electrical Equipment		4.2	%
Semiconductors		3.5	%
Oil & Gas Services & Equipment		3.4	%
Food		2.9	%
Medical Equipment & Devices		2.8	%
Other Sectors		32.0	%
Other Assets in Excess of Liabilities		1.2	%
		100.0	%

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

Inspire 100 ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire 100 ETF - NAV	(14.69)%	9.55%	9.21%	9.64%
Inspire 100 ETF - Market Price	(14.85)%	9.50%	9.18%	9.61%
Inspire 100 Index ***	(14.61)%	10.50%	10.17%	10.58%
S&P 500 Total Return Index ****	(9.21)%	10.91%	10.98%	11.47%

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

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

***

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

****

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

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

Inspire 100 ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Technology Services		10.9	%
Semiconductors		10.0	%
Medical Equipment & Devices		10.0	%
Software		8.2	%
Commercial Support Services		4.7	%
Electrical Equipment		4.6	%
Residential Reit		3.7	%
Metals & Mining		3.5	%
Industrial Reit		3.2	%
Oil & Gas Producers		3.0	%
Other Sectors		38.1	%
Other Assets in Excess of Liabilities		0.1	%
		100.0	%

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

Inspire International ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

			Annualized
		Annualized	Since Inception** -
	One Year	Three Year	November 30, 2022
Inspire International ETF - NAV	(9.32)%	6.04%	7.69%
Inspire International ETF - Market Price	(9.34)%	6.04%	7.95%
Inspire Global Hope Ex-US Index ***	(9.18)%	4.34%	6.01%
S&P International 700 Total Return Index ****	(9.72)%	3.22%	4.49%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) did not exceed 0.80% of average daily net assets. Effective April 1, 2022 the Fund does not have a aiver agreement in place. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.69% per the March 30, 2022 prospectus.

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

***

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

****

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

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

Inspire International ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Banking		11.4	%
Electric Utilities		8.8	%
Oil & Gas Producers		7.9	%
Metals & Mining		5.9	%
Chemicals		4.7	%
Insurance		4.4	%
Transportation & Logistics		4.1	%
Telecommunications		3.2	%
Real Estate Owners & Developers		3.1	%
Machinery		3.1	%
Collateral For Securities Loaned		0.4	%
Other Sectors		43.0	%
Other Assets in Excess of Liabilities		0.0	% *
		100.0	%

Amount Less than 0.1%

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

Inspire Tactical Balanced ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmark:

		Since Inception** -
	One Year	November 30, 2022
Inspire Tactical Balanced ETF - NAV	(14.63)%	3.36%
Inspire Tactical Balanced ETF - Market Price	(14.56)%	3.40%
S&P Target Risk Moderate Index ***	(10.80)%	0.64%

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

***

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

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

Inspire Tactical Balanced ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

The Fund’s Top Asset Types are as follows:

Asset Type	% of Net Assets
Exchange Traded Fund
Fixed Income		93.6	%
Common Stock
Technology Services		0.6	%
Medical Equipment & Devices		0.6	%
Semiconductors		0.6	%
Software		0.5	%
Commercial Support Services		0.3	%
Electrical Equipment		0.3	%
Residential Reit		0.2	%
Metals & Mining		0.2	%
Industrial Reit		0.2	%
Oil & Gas Producers		0.2	%
Other Sectors		1.9	%
Other Assets in Excess of Liabilities		0.8	%
		100.0	%

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

Inspire Faithward Mid Cap Momentum ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmark:

		Since Inception** -
	One Year	November 30, 2022
Inspire Faithward Mid Cap Momentum ETF - NAV	(13.89)%	0.53%
Inspire Faithward Mid Cap Momentum ETF - Market Price	(14.07)%	0.49%
S&P MidCap 400 Index® ***	(3.29)%	8.98%

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

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

***

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

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

Inspire Faithward Mid Cap Momentum ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Insurance		10.3	%
Oil & Gas Producers		7.6	%
Retail - Discretionary		5.9	%
Health Care Facilities & Services		5.5	%
Chemicals		5.3	%
Retail - Consumer Staples		5.3	%
Steel		5.3	%
Gas & Water Utilities		5.2	%
Semiconductors		3.6	%
Construction Materials		3.0	%
Other Sectors		41.4	%
Other Assets in Excess of Liabilities		1.6	%
		100.0	%

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

Inspire Fidelis Multi Factor ETF

PORTFOLIO REVIEW (Unaudited)

November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmark:

	Since Inception** -
	November 30, 2022
Inspire Fidelis Multi Factor ETF - NAV	4.33%
Inspire Fidelis Multi Factor ETF - Market Price	4.69%
WI Fidelis Multi-Cap, Multi-Factor Index ***	4.92%

As of the commencement of operations on August 23, 2022.

***

The WI Fidelis Multi-Cap, Multi-Factor Index tracks the performance of the 100 stocks which rank the highest within their market cap and sector based on WI Fidelis Index’s factor-based methodology. This methodology is designed to provide access to high quality companies (i.e. faith-based social impact, profitability, financial health, and growth) with market caps greater than $250M that also have value (including low volatility and higher dividend yield) and momentum (including positive earnings per share trend) characteristics.

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

Inspire Fidelis Multi Factor ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Banking		8.7	%
Technology Hardware		8.2	%
Semiconductors		7.1	%
Biotech & Pharma		6.9	%
Oil & Gas Producers		6.6	%
Retail - Discretionary		6.6	%
Electrical Equipment		5.0	%
Steel		4.6	%
Commercial Support Services		4.2	%
Software		3.8	%
Other Sectors		36.3	%
Other Assets in Excess of Liabilities		2.0	%
		100.0	%

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

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8%
		AEROSPACE & DEFENSE - 1.6%
	2,035	HEICO Corporation	$	330,301
	3,216	Safran S.A.		393,438
	865	Teledyne Technologies, Inc.^(a)		363,387
	5,002	Textron, Inc.		357,043
	2,684	Thales S.A.		341,582
	557	TransDigm Group, Inc.		350,075
				2,135,826
		APPAREL & TEXTILE PRODUCTS - 0.8%
	3,115	Cie Financiere Richemont S.A.		408,344
	252	Hermes International		404,991
	63,286	PRADA SpA		346,378
				1,159,713
		ASSET MANAGEMENT - 2.0%
	24,406	3i Group plc		396,777
	7,082	Brookfield Asset Management, Inc., Class A		333,894
	4,048	Charles Schwab Corporation (The)		334,122
	4,202	Groupe Bruxelles Lambert S.A.		335,442
	20,439	Investor A.B.		375,742
	6,500	KKR & Company, Inc.		337,480
	1,347	LPL Financial Holdings, Inc.		318,848
	367	Partners Group Holding A.G.		358,739
				2,791,044
		AUTOMOTIVE - 1.5%
	13,072	Cie Generale des Etablissements Michelin SCA		363,981
	6,631	Continental A.G.		395,732
	6,033	Denso Corporation		328,293
	1,577	Ferrari N.V.		351,750
	209,741	Geely Automobile Holdings Ltd.		305,585
	5,894	Toyota Industries Corporation		333,363
				2,078,704
		BANKING - 7.0%
	480,916	Bank Mandiri Persero Tbk P.T.		323,696
	992,962	Bank Rakyat Indonesia Persero Tbk P.T.		316,234
	6,681	Canadian Imperial Bank of Commerce		321,792

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		BANKING - 7.0% (Continued)
	4,847	Commonwealth Bank of Australia	$	354,872
	36,170	Credit Agricole S.A.		362,152
	23,471	Danske Bank A/S		418,723
	4,348	East West Bancorp, Inc.		305,273
	12,733	First Horizon Corporation		316,415
	2,226	First Republic Bank		284,060
	45,470	Grupo Financiero Banorte S.A.B. de C.V.		365,007
	13,949	ICICI Bank Ltd. - ADR		330,870
	177,775	Intesa Sanpaolo SpA		393,039
	20,327	KakaoBank Corporation^(a)		390,484
	6,207	KBC Group N.V.		341,068
	1,660	M&T Bank Corporation		282,233
	2,829	Macquarie Group Ltd.		343,179
	158,781	Malayan Banking Bhd		308,240
	15,419	National Australia Bank Ltd.		330,108
	15,841	OTP Bank Nyrt		433,179
	66,575	Powszechna Kasa Oszczednosci Bank Polski S.A.		420,666
	323,612	Public Bank Bhd		327,579
	14,572	Regions Financial Corporation		338,216
	29,200	Skandinaviska Enskilda Banken A.B.		354,344
	36,971	Standard Bank Group Ltd.		385,492
	866	SVB Financial Group^(a)		200,721
	35,791	Svenska Handelsbanken A.B., A Shares		360,177
	22,342	Swedbank A.B., A Shares		360,076
	16,094	United Overseas Bank Ltd.		369,006
				9,636,901
		BEVERAGES - 0.5%
	6,887	Coca-Cola Europacific Partners plc		365,631
	3,351	Monster Beverage Corporation^(a)		344,684
				710,315
		BIOTECH & PHARMA - 1.8%
	1,442	Alnylam Pharmaceuticals, Inc.^(a)		318,091
	969	Biohaven Ltd.^(a)		15,330
	2,449	Celltrion, Inc.		330,540

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		BIOTECH & PHARMA - 1.8% (Continued)
	11,658	Chugai Pharmaceutical Company Ltd.	$	305,963
	1,574	CSL Ltd.		320,644
	4,708	Horizon Therapeutics plc^(a)		472,165
	4,401	Incyte Corporation^(a)		350,628
	4,225	UCB S.A.		337,982
				2,451,343
		CABLE & SATELLITE - 0.3%
	3,890	Liberty Broadband Corporation - Series A^(a)		350,878

		CHEMICALS - 4.1%
	2,573	Air Liquide S.A.		370,535
	5,178	Akzo Nobel N.V.		368,037
	1,108	Albemarle Corporation		308,013
	3,044	CF Industries Holdings, Inc.		329,330
	1,845,839	Chandra Asri Petrochemical Tbk P.T.		282,123
	460	EMS-Chemie Holding A.G.		316,940
	96	Givaudan S.A.		321,184
	2,590	Koninklijke DSM N.V.		330,024
	3,905	LyondellBasell Industries N.V., Class A		331,964
	6,058	Mosaic Company (The)		310,775
	5,867	Novozymes A/S, Class B		336,906
	3,484	Nutrien Ltd.		280,008
	2,636	PPG Industries, Inc.		356,440
	3,501	RPM International, Inc.		362,774
	3,106	Sociedad Quimica y Minera de Chile S.A., Class B		307,356
	2,998	Symrise A.G.		340,313
	3,386	Westlake Corporation		364,503
				5,617,225
		COMMERCIAL SUPPORT SERVICES - 1.9%
	753	Cintas Corporation		347,721
	6,354	Edenred		347,424
	4,983	Eurofins Scientific S.E.		344,833
	2,151	Republic Services, Inc.		299,613
	8,435	Rollins, Inc.		341,111

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		COMMERCIAL SUPPORT SERVICES - 1.9% (Continued)
	137	SGS S.A.	$	318,504
	2,157	Waste Connections, Inc.^(b)		311,309
	1,827	Waste Management, Inc.		306,424
				2,616,939
		CONSTRUCTION MATERIALS - 2.2%
	2,343	Advanced Drainage Systems, Inc.		227,880
	1,042	Carlisle Companies, Inc.		274,161
	8,183	Cie de Saint-Gobain		372,958
	9,149	CRH plc		363,161
	7,075	Holcim Ltd.		364,554
	901	Martin Marietta Materials, Inc.		330,198
	34,148	Siam Cement PCL (The) - ADR		326,561
	1,456	Sika A.G.		364,654
	1,849	Vulcan Materials Company		338,977
				2,963,104
		CONTAINERS & PACKAGING - 0.8%
	27,298	Amcor plc - ADR		332,980
	9,228	International Paper Company		342,543
	2,616	Packaging Corp of America		355,489
				1,031,012
		DATA CENTER REIT - 0.2%
	2,963	Digital Realty Trust, Inc.		333,219

		DIVERSIFIED INDUSTRIALS - 0.8%
	12,013	Alfa Laval A.B.		340,645
	2,506	Dover Corporation		355,727
	1,614	Illinois Tool Works, Inc.		367,137
				1,063,509
		ELECTRIC UTILITIES - 6.2%
	3,010,534	AC Energy Corporation		379,452
	12,969	AES Corporation (The)		375,063
	5,533	Alliant Energy Corporation		311,508
	6,991	Avangrid, Inc.		299,005
	10,431	CenterPoint Energy, Inc.		324,508

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		ELECTRIC UTILITIES - 6.2% (Continued)
	38,929	CLP Holdings Ltd.	$	282,096
	38,087	E.ON S.E.		362,061
	67,605	EDP - Energias de Portugal S.A.		318,303
	14,180	EDP Renovaveis S.A.		325,765
	7,169	Emera, Inc.		279,105
	19,397	Endesa S.A.		357,707
	2,765,202	Enel Americas S.A.		365,256
	71,397	Enel SpA		381,905
	25,456	Engie S.A.		385,102
	2,908	Entergy Corporation		338,113
	4,930	Evergy, Inc.		291,905
	7,650	Fortis, Inc.^(b)		307,897
	22,324	Fortum OYJ		353,886
	213,058	Gulf Energy Development PCL - ADR		321,391
	31,431	Iberdrola S.A.		353,017
	17,430	SSE plc		359,014
	164,748	Tenaga Nasional Bhd		349,100
	47,754	Terna Rete Elettrica Nazionale SpA		363,703
	3,470	Verbund A.G.		311,100
	3,276	WEC Energy Group, Inc.		324,783
				8,420,745
		ELECTRICAL EQUIPMENT - 2.1%
	2,569	AMETEK, Inc.		365,877
	4,354	Amphenol Corporation, Class A		350,192
	15,810	Assa Abloy A.B., Class B		358,863
	16,867	Delta Electronics Thailand PCL		322,602
	1,652	Generac Holdings, Inc.^(a)		174,319
	1,846	Keysight Technologies, Inc.^(a)		333,923
	810	Roper Technologies, Inc.		355,501
	1,864	Schindler Holding A.G.		348,946
	5,347	Trimble, Inc.^(a)		319,483
				2,929,706
		ENGINEERING & CONSTRUCTION - 0.7%
	12,970	Ferrovial S.A.		345,939

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		ENGINEERING & CONSTRUCTION - 0.7% (Continued)
	2,294	Quanta Services, Inc.	$	343,825
	15,589	Sitios Latinoamerica S.A.B. de C.V.^(a)		6,950
	2,654	WSP Global, Inc.		318,343
				1,015,057
		ENTERTAINMENT CONTENT - 0.3%
	63,404	Bollore S.E.		354,079

		FOOD - 2.6%
	10,676	Ajinomoto Company, Inc.		335,162
	154	Barry Callebaut A.G.		312,947
	6,241	Campbell Soup Company		334,954
	74,635	China Mengniu Dairy Company Ltd.		332,528
	30	Chocoladefabriken Lindt & Spruengli A.G.		314,488
	8,946	Conagra Brands, Inc.		339,769
	4,457	Darling Ingredients, Inc.^(a)		320,146
	82,496	Grupo Bimbo S.A.B. de C.V.		350,126
	6,453	Hormel Foods Corporation		303,291
	3,780	Lamb Weston Holdings, Inc.		328,482
	108,945	Wilmar International Ltd.		328,251
				3,600,144
		FORESTRY, PAPER & WOOD PRODUCTS - 0.8%
	23,409	Stora Enso OYJ, R Shares		340,843
	35,806	Suzano S.A.		364,460
	9,338	UPM-Kymmene OYJ		340,227
				1,045,530
		GAS & WATER UTILITIES - 1.0%
	2,872	Atmos Energy Corporation		345,214
	334,122	Hong Kong & China Gas Company Ltd.		284,040
	12,729	Naturgy Energy Group S.A.		355,160
	71,797	Snam SpA		364,147
				1,348,561
		HEALTH CARE FACILITIES & SERVICES - 1.6%
	4,042	Catalent, Inc.^(a)		202,625
	643	Elevance Health, Inc.		342,668

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 1.6% (Continued)
	13,640	Fresenius S.E. & Company KGaA	$	377,452
	1,586	ICON plc^(a)		341,688
	229,589	IHH Healthcare Bhd		299,543
	1,610	IQVIA Holdings, Inc.^(a)		351,012
	887	Molina Healthcare, Inc.^(a)		298,715
				2,213,703
		HEALTH CARE REIT - 0.5%
	12,749	Healthpeak Properties, Inc.		334,789
	7,279	Ventas, Inc.		338,692
				673,481
		HOME CONSTRUCTION - 1.0%
	4,328	DR Horton, Inc.		372,208
	683	Geberit A.G.		322,482
	3,903	Lennar Corporation, Class A		342,800
	73	NVR, Inc.^(a)		338,648
				1,376,138
		HOUSEHOLD PRODUCTS - 1.0%
	2,982	Beiersdorf A.G.		322,962
	4,093	Church & Dwight Company, Inc.		335,094
	14,885	Essity A.B. - Series B		362,395
	643	LG Household & Health Care Ltd.		323,472
				1,343,923
		INDUSTRIAL REIT - 0.8%
	27,807	Goodman Group		360,895
	5,739	Prologis, Inc.		675,996
				1,036,891
		INDUSTRIAL SUPPORT SERVICES - 1.0%
	6,654	Ashtead Group plc		399,095
	6,357	Fastenal Company		327,449
	1,078	United Rentals, Inc.^(a)		380,566
	1,133	Watsco, Inc.		304,754
				1,411,864
		INSTITUTIONAL FINANCIAL SERVICES - 1.7%
	121,780	B3 S.A. - Brasil Bolsa Balcao		299,336

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 1.7% (Continued)
	2,490	Cboe Global Markets, Inc.	$	315,832
	1,788	Deutsche Boerse A.G.		327,682
	8,527	Hong Kong Exchanges & Clearing Ltd.		334,060
	4,542	Interactive Brokers Group, Inc., Class A		364,722
	3,216	Intercontinental Exchange, Inc.		348,325
	3,491	London Stock Exchange Group plc		347,135
				2,337,092
		INSURANCE - 3.5%
	4,846	Brown & Brown, Inc.		288,773
	3,265	Cincinnati Financial Corporation		362,284
	18,163	Dai-ichi Life Holdings, Inc.		334,562
	636	Fairfax Financial Holdings Ltd.		364,903
	2,038	Intact Financial Corporation		304,921
	123,275	Legal & General Group plc		373,926
	5,860	Loews Corporation		340,759
	268	Markel Corporation^(a)		355,057
	12,872	Power Corp of Canada		323,819
	30,067	Prudential plc		355,017
	6,881	Sampo OYJ, A Shares		347,993
	660	Swiss Life Holding A.G.		349,843
	14,291	Tryg A/S		330,937
	4,533	W R Berkley Corporation		345,777
				4,778,571
		INTERNET MEDIA & SERVICES - 1.4%
	177	Booking Holdings, Inc.^(a)		368,064
	17,793,885	GoTo Gojek Tokopedia Tbk P.T.^(a)		171,828
	2,356	Naspers Ltd., N Shares		359,763
	5,613	Prosus N.V.		365,447
	3,817	REA Group Ltd.		319,491
	29,201	Snap, Inc., Class A^(a)		301,062
				1,885,655
		MACHINERY – 2.9%
	32,177	Atlas Copco A.B.		395,864
	1,788	Caterpillar, Inc.		422,700

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		MACHINERY – 2.9% (Continued)
	25,941	CNH Industrial N.V.	$	412,709
	2,049	FANUC Corporation		302,192
	4,857	Graco, Inc.		339,844
	1,377	Nordson Corporation		325,647
	1,200	Parker-Hannifin Corporation		358,728
	21,946	Sandvik A.B.		399,265
	707	SMC Corporation		316,216
	1,451	Snap-on, Inc.		349,111
	49,903	WEG S.A.		373,850
				3,996,126
		MEDICAL EQUIPMENT & DEVICES - 4.3%
	1,184	ABIOMED, Inc.^(a)		447,302
	1,402	Align Technology, Inc.^(a)		275,717
	701	Bio-Rad Laboratories, Inc., Class A^(a)		290,712
	2,900	Coloplast A/S - Series B		338,253
	3,523	Edwards Lifesciences Corporation^(a)		272,152
	2,150	EssilorLuxottica S.A.		397,161
	4,521	Hologic, Inc.^(a)		344,319
	889	IDEXX Laboratories, Inc.^(a)		378,598
	1,271	Insulet Corporation^(a)		380,499
	1,561	Intuitive Surgical, Inc.^(a)		422,079
	267	Mettler-Toledo International, Inc.^(a)		392,373
	1,551	Repligen Corporation^(a)		277,381
	1,343	ResMed, Inc.		309,159
	1,332	Sonova Holding A.G.		340,636
	1,436	Stryker Corporation		335,866
	1,082	Waters Corporation^(a)		375,021
	1,183	West Pharmaceutical Services, Inc.		277,603
				5,854,831
		METALS & MINING - 3.5%
	6,844	Agnico Eagle Mines Ltd.		344,703
	4,123	Anglo American Platinum Ltd.		410,200
	22,554	Antofagasta plc		382,983
	11,824	BHP Group Ltd.		365,347

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		METALS & MINING - 3.5% (Continued)
	26,896	Fortescue Metals Group Ltd.	$	353,818
	2,430	Franco-Nevada Corporation		354,955
	10,662	Freeport-McMoRan, Inc.		424,347
	6,978	Newmont Corporation		331,246
	55,077	Norsk Hydro ASA		405,950
	4,964	Rio Tinto Ltd.		369,369
	118,700	South32 Ltd.		323,903
	6,506	Southern Copper Corporation		396,996
	8,900	Wheaton Precious Metals Corporation		347,356
				4,811,173
		MULTI ASSET CLASS REIT - 0.5%
	35,937	Segro plc		342,616
	4,202	WP Carey, Inc.		331,118
				673,734
		OFFICE REIT - 0.4%
	2,078	Alexandria Real Estate Equities, Inc.		323,358
	3,883	Boston Properties, Inc.		279,887
				603,245
		OIL & GAS PRODUCERS - 7.9%
	10,233	Aker BP ASA		355,086
	9,628	Antero Resources Corporation^(a)		351,903
	8,631	APA Corporation		404,362
	6,271	Canadian Natural Resources Ltd.		374,397
	19,074	Cenovus Energy, Inc.		379,308
	3,124	Chesapeake Energy Corporation		323,334
	11,211	Coterra Energy, Inc.		312,899
	4,886	Devon Energy Corporation		334,789
	2,445	Diamondback Energy, Inc.		361,909
	89,319	ENEOS Holdings, Inc.		301,430
	27,553	Eni SpA		411,199
	2,636	EOG Resources, Inc.		374,127
	7,322	EQT Corporation		310,526
	8,974	Equinor ASA		345,482
	30,980	Inpex Corporation		343,938

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		OIL & GAS PRODUCERS - 7.9% (Continued)
	17,593	Kinder Morgan, Inc.	$	336,378
	52,467	MOL Hungarian Oil & Gas plc		376,366
	4,776	Occidental Petroleum Corporation		331,884
	8,054	OMV A.G.		420,910
	5,720	ONEOK, Inc.		382,782
	6,410	Ovintiv, Inc.		357,422
	27,359	Polski Koncern Naftowy ORLEN S.A.		398,186
	69,145	PTT Exploration & Production PCL - ADR		369,980
	64,290	Santos Ltd.		322,934
	4,846	Targa Resources Corporation - Series MLP		360,494
	6,256	TotalEnergies S.E.^,(b)		393,102
	5,622	Tourmaline Oil Corporation		342,170
	2,737	Valero Energy Corporation		365,718
	10,249	Williams Companies, Inc. (The)		355,640
	14,242	Woodside Energy Group Ltd.		360,497
				10,759,152
		OIL & GAS SERVICES & EQUIPMENT - 0.6%
	11,936	Halliburton Company		452,255
	8,199	Schlumberger N.V.		422,658
				874,913
		PUBLISHING & BROADCASTING - 0.2%
	5,583	Liberty Media Corp-Liberty Formula One - Series A^(a)		306,898

		REAL ESTATE OWNERS & DEVELOPERS - 1.6%
	48,703	CK Asset Holdings Ltd.		290,257
	65,806	Hongkong Land Holdings Ltd.		263,882
	234,807	Sino Land Company Ltd.		291,902
	537,932	SM Prime Holdings, Inc.		347,114
	12,997	Sumitomo Realty & Development Company Ltd.		349,764
	137,322	Swire Properties Ltd.		307,318
	13,765	Vonovia S.E.		336,883
				2,187,120
		RENEWABLE ENERGY - 0.7%
	1,054	Enphase Energy, Inc.^(a)		337,902

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		RENEWABLE ENERGY - 0.7% (Continued)
	2,211	First Solar, Inc.^(a)	$	381,464
	13,804	Plug Power, Inc.^(a)		220,312
				939,678
		RESIDENTIAL REIT - 1.7%
	2,455	Camden Property Trust		295,410
	4,633	Equity LifeStyle Properties, Inc.		307,724
	4,346	Equity Residential		281,882
	1,208	Essex Property Trust, Inc.		266,219
	8,651	Invitation Homes, Inc.		282,282
	1,880	Mid-America Apartment Communities, Inc.		309,974
	2,158	Sun Communities, Inc.		317,010
	7,019	UDR, Inc.		291,078
				2,351,579
		RETAIL - CONSUMER STAPLES - 1.2%
	15,682	Aeon Company Ltd.		320,604
	228,864	Cencosud S.A.		339,198
	1,218	Dollar General Corporation		311,418
	2,165	Dollar Tree, Inc.^(a)		325,378
	15,598	Jeronimo Martins SGPS S.A.		344,528
				1,641,126
		RETAIL - DISCRETIONARY - 1.3%
	136	AutoZone, Inc.^(a)		350,744
	4,409	CarMax, Inc.^(a)		305,808
	1,962	Genuine Parts Company		359,693
	22,579	SM Investments Corporation		375,850
	1,583	Tractor Supply Company		358,249
				1,750,344
		RETAIL REIT – 0.8%
	15,897	Kimco Realty Corporation		364,359
	5,034	Realty Income Corporation		317,494
	3,252	Simon Property Group, Inc.		388,418
				1,070,271
		SELF-STORAGE REIT - 0.4%
	1,701	Extra Space Storage, Inc.		273,334

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		SELF-STORAGE REIT - 0.4% (Continued)
	1,001	Public Storage	$	298,258
				571,592
		SEMICONDUCTORS - 3.6%
	2,093	Analog Devices, Inc.		359,808
	705	ASML Holding N.V.		412,143
	657	Broadcom, Inc.		362,027
	3,487	Entegris, Inc.		269,510
	13,622	Infineon Technologies A.G.		447,348
	966	KLA Corporation		379,782
	4,763	Microchip Technology, Inc.		377,182
	808	Monolithic Power Systems, Inc.		308,624
	1,970	NXP Semiconductors N.V.		346,405
	4,676	ON Semiconductor Corporation^(a)		351,635
	3,409	Skyworks Solutions, Inc.		325,969
	9,525	STMicroelectronics N.V.		357,808
	3,884	Teradyne, Inc.		362,960
	2,801	Wolfspeed, Inc.^(a)		254,667
				4,915,868
		SOFTWARE - 3.4%
	1,313	ANSYS, Inc.^(a)		333,896
	1,786	Cadence Design Systems, Inc.^(a)		307,263
	2,606	Check Point Software Technologies Ltd.^(a)		346,156
	5,207	Cloudflare, Inc., Class A^(a)		255,872
	8,706	Dassault Systemes S.E.		318,243
	3,540	Datadog, Inc.^(a)		268,261
	5,389	DocuSign, Inc.^(a)		253,660
	5,937	Fortinet, Inc.^(a)		315,611
	1,077	HubSpot, Inc.^(a)		326,363
	1,540	Nice Ltd.^(a)		292,065
	767	ServiceNow, Inc.^(a)		319,302
	6,118	SS&C Technologies Holdings, Inc.		328,904
	958	Synopsys, Inc.^(a)		325,279
	841	Tyler Technologies, Inc.^(a)		288,244

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		SOFTWARE - 3.4% (Continued)
	1,772	Veeva Systems, Inc., Class A^(a)	$	337,319
				4,616,438
		STEEL - 0.9%
	2,729	Nucor Corporation		409,214
	1,671	Reliance Steel & Aluminum Company		353,066
	4,123	Steel Dynamics, Inc.		428,503
				1,190,783
		TECHNOLOGY HARDWARE - 1.3%
	2,584	Arista Networks, Inc.^(a)		359,951
	3,619	Garmin Ltd.		336,531
	4,690	NetApp, Inc.		317,091
	740	Samsung SDI Company Ltd.		413,696
	1,103	Zebra Technologies Corporation, Class A^(a)		298,119
				1,725,388
		TECHNOLOGY SERVICES - 3.3%
	5,083	Cognizant Technology Solutions Corporation, Class A		316,213
	4,181	CoStar Group, Inc.^(a)		338,828
	808	EPAM Systems, Inc.^(a)		297,813
	1,710	Equifax, Inc.		337,503
	3,865	Fidelity National Information Services, Inc.		280,522
	1,658	FleetCor Technologies, Inc.^(a)		325,300
	1,053	Gartner, Inc.^(a)		368,939
	2,706	Global Payments, Inc.		280,829
	1,604	Jack Henry & Associates, Inc.		303,717
	689	MSCI, Inc.		349,895
	2,594	Paychex, Inc.		321,734
	1,711	Verisk Analytics, Inc.		314,328
	3,596	WNS Holdings Ltd. - ADR^(a)		303,215
	3,034	Wolters Kluwer N.V.		332,545
				4,471,381
		TELECOMMUNICATIONS - 1.6%
	353,441	America Movil S.A.B. de C.V.		343,544
	108,916	Koninklijke KPN N.V.		333,852
	44,446	MTN Group Ltd.		362,558

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		TELECOMMUNICATIONS - 1.6% (Continued)
	157,501	Singapore Telecommunications Ltd.	$	314,824
	39,060	Telefonica Brasil S.A.		285,772
	102,181	Telia Company A.B.		278,556
	116,318	Telstra Group Ltd.		314,245
				2,233,351
		TIMBER REIT - 0.2%
	10,238	Weyerhaeuser Company		334,885

		TRANSPORTATION & LOGISTICS - 3.1%
	2,785	Aena SME S.A.^,(a)		357,773
	13,262	Atlantia SpA		316,834
	11,001	CSX Corporation		359,623
	2,532	DSV A/S		396,441
	5,604	East Japan Railway Company		317,002
	3,307	Expeditors International of Washington, Inc.		383,810
	1,853	JB Hunt Transport Services, Inc.		340,748
	1,419	Kuehne + Nagel International A.G.		342,791
	1,173	Old Dominion Freight Line, Inc.		354,962
	39,066	Poste Italiane SpA		382,031
	4,994	Ryanair Holdings plc - ADR^(a)		377,996
	34,717	Transurban Group		336,754
				4,266,765
		TRANSPORTATION EQUIPMENT - 0.5%
	3,486	PACCAR, Inc.		369,202
	20,123	Volvo A.B.		382,967
				752,169
		WHOLESALE - CONSUMER STAPLES - 0.5%
	3,554	Bunge Ltd.		372,602
	11,795	ITOCHU Corporation		366,191
				738,793
		WHOLESALE - DISCRETIONARY - 0.7%
	5,462	Copart, Inc.^(a)		363,550
	6,175	LKQ Corporation		335,488

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		WHOLESALE - DISCRETIONARY - 0.7% (Continued)
	914	Pool Corporation	$	301,081
				1,000,119

		TOTAL COMMON STOCKS (Cost $127,998,560)		135,348,594

		COLLATERAL FOR SECURITIES LOANED — 0.7%
		MONEY MARKET FUND - 0.7%
	944,652	Fidelity Government Portfolio - Institutional Class, 3.60% (Cost $944,652)^(c)(d)		944,652

		TOTAL INVESTMENTS - 99.5% (Cost $128,943,212)	$	136,293,246
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%		616,705
		NET ASSETS - 100.0%	$	136,909,951

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

A/S	- Anonim Sirketi

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, 2022 was $883,352.

^(c)

- Security was purchased with cash received as collateral for securities on loan at November 30, 2022. Total collateral had a value of $944,652 at November 30, 2022.

^(d)

- Rate disclosed is the seven day effective yield as of November 30, 2022.

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1%
		ADVERTISING & MARKETING - 0.2%
	20,540	QuinStreet, Inc.^(a)	$	292,284

		AEROSPACE & DEFENSE - 1.4%
	6,018	AAR Corporation^(a)		280,198
	5,396	Aerojet Rocketdyne Holdings, Inc.^(a)		280,592
	2,587	AeroVironment, Inc.^(a)		237,978
	4,170	Hexcel Corporation		249,992
	974	Huntington Ingalls Industries, Inc.		225,929
	9,839	Spirit AeroSystems Holdings, Inc., Class A		257,880
	2,686	Woodward, Inc.		257,319
				1,789,888
		APPAREL & TEXTILE PRODUCTS - 0.8%
	30,967	Hanesbrands, Inc.		208,098
	6,411	Kontoor Brands, Inc.		278,558
	2,402	Oxford Industries, Inc.		271,090
	6,799	Skechers USA, Inc., Class A^(a)		286,714
				1,044,460
		ASSET MANAGEMENT - 0.6%
	4,844	B Riley Financial, Inc.		212,748
	3,444	Cohen & Steers, Inc.		228,165
	4,155	Stifel Financial Corporation		266,959
				707,872
		AUTOMOTIVE - 1.8%
	18,861	Dana, Inc.		332,142
	2,626	Dorman Products, Inc.^(a)		235,395
	9,059	Gentex Corporation		261,805
	4,337	Gentherm, Inc.^(a)		310,486
	21,374	Goodyear Tire & Rubber Company (The)^(a)		239,816
	1,802	Lear Corporation		259,920
	6,636	Standard Motor Products, Inc.		254,889
	2,032	Visteon Corporation^(a)		298,298
				2,192,751
		BANKING - 10.1%
	4,824	Ameris Bancorp		255,093

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BANKING - 10.1% (Continued)
	2,411	BancFirst Corporation	$	245,777
	6,308	BankUnited, Inc.		231,630
	18,512	Brookline Bancorp, Inc.		263,241
	10,645	Byline Bancorp, Inc.		242,600
	2,432	City Holding Company		247,869
	3,258	Commerce Bancshares, Inc.		244,089
	3,591	Community Bank System, Inc.		233,918
	7,316	Customers Bancorp, Inc.^(a)		236,087
	4,812	Eagle Bancorp, Inc.		226,934
	3,212	East West Bancorp, Inc.		225,515
	5,644	FB Financial Corporation		241,620
	9,806	First Busey Corporation		255,642
	16,797	First Commonwealth Financial Corporation		247,252
	10,231	First Financial Bancorp		270,405
	5,155	First Financial Bankshares, Inc.		190,477
	9,426	First Horizon Corporation		234,236
	5,345	First Interstate BancSystem, Inc., Class A		233,149
	6,457	Flagstar Bancorp, Inc.		242,396
	18,577	FNB Corporation		261,936
	13,646	Fulton Financial Corporation		253,679
	4,390	Glacier Bancorp, Inc.		254,181
	8,679	Hilltop Holdings, Inc.		258,634
	9,585	Home BancShares, Inc.		243,938
	17,056	Hope Bancorp, Inc.		232,303
	3,513	Independent Bank Group, Inc.		231,647
	5,075	International Bancshares Corporation		267,351
	13,439	Lakeland Bancorp, Inc.		251,041
	5,683	NBT Bancorp, Inc.		262,327
	25,283	New York Community Bancorp, Inc.^(b)		236,396
	15,929	Northwest Bancshares, Inc.		243,554
	3,234	Prosperity Bancshares, Inc.		244,393
	6,895	Renasant Corporation		281,110
	7,358	S&T Bancorp, Inc.		275,337
	6,117	Sandy Spring Bancorp, Inc.		212,994

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BANKING - 10.1% (Continued)
	2,696	ServisFirst Bancshares, Inc.	$	204,411
	6,099	Southside Bancshares, Inc.		221,638
	5,742	Synovus Financial Corporation		241,910
	3,654	Texas Capital Bancshares, Inc.^(a)		219,203
	16,590	TFS Financial Corporation		226,454
	8,038	Towne Bank		259,627
	2,559	UMB Financial Corporation		218,846
	12,620	Umpqua Holdings Corporation		255,807
	6,033	United Bankshares, Inc.		258,755
	6,516	United Community Banks, Inc.		253,929
	19,961	Valley National Bancorp		252,706
	4,767	Webster Financial Corporation		259,039
	6,463	WesBanco, Inc.		261,428
	4,124	Westamerica BanCorporation		254,657
	3,281	Western Alliance Bancorp		224,880
	2,644	Wintrust Financial Corporation		241,741
	4,238	Zions Bancorp NA		219,613
				12,653,395
		BEVERAGES - 0.2%
	524	Coca-Cola Consolidated, Inc.		257,703

		BIOTECH & PHARMA - 4.0%
	7,624	Agios Pharmaceuticals, Inc.^(a)		229,787
	20,658	Amicus Therapeutics, Inc.^(a)		249,962
	8,244	Arcus Biosciences, Inc.^(a)		289,941
	17,117	BioCryst Pharmaceuticals, Inc.^(a)		228,683
	716	Biohaven Ltd.^(a)		11,327
	22,454	Coherus Biosciences, Inc.^(a)		154,034
	4,451	Cytokinetics, Inc.^(a)		189,168
	11,658	Deciphera Pharmaceuticals, Inc.^(a)		185,479
	10,265	Emergent BioSolutions, Inc.^(a)		126,260
	4,161	Enanta Pharmaceuticals, Inc.^(a)		182,210
	13,746	Exelixis, Inc.^(a)		234,782
	5,452	Halozyme Therapeutics, Inc.^(a)		312,181

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BIOTECH & PHARMA - 4.0% (Continued)
	2,958	Heska Corporation^(a)	$	190,347
	4,635	Intra-Cellular Therapies, Inc.^(a)		251,310
	20,798	Ironwood Pharmaceuticals, Inc.^(a)		251,864
	3,086	Mirati Therapeutics, Inc.^(a)		281,999
	67,396	Nektar Therapeutics^(a)		188,709
	2,029	Neurocrine Biosciences, Inc.^(a)		257,805
	4,055	Pacira BioSciences, Inc.^(a)		195,654
	4,328	Prestige Consumer Healthcare, Inc.^(a)		265,999
	7,997	Revance Therapeutics, Inc.^(a)		173,615
	5,507	Sage Therapeutics, Inc.^(a)		226,007
	1,951	Sarepta Therapeutics, Inc.^(a)		239,602
				4,916,725
		BUSINESS DEVELOPMENT COMPANIES - 0.4%
	18,617	Hercules Capital, Inc.^(b)		263,617
	18,705	New Mountain Finance Corporation		238,863
				502,480
		CABLE & SATELLITE - 0.1%
	253	Cable One, Inc.		183,245

		CHEMICALS - 3.8%
	6,719	AdvanSix, Inc.		276,554
	1,774	Balchem Corporation		249,779
	3,376	Cabot Corporation		248,541
	8,755	Chemours Company (The)		271,843
	35,589	Codexis, Inc.^(a)		194,672
	3,591	HB Fuller Company		288,393
	3,557	Ingevity Corporation^(a)		278,406
	2,518	Innospec, Inc.		279,221
	2,696	Materion Corporation		217,190
	4,365	Minerals Technologies, Inc.		263,166
	716	NewMarket Corporation		226,270
	5,031	Olin Corporation		286,666
	1,494	Quaker Houghton		294,004
	892	Rogers Corporation^(a)		97,264

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		CHEMICALS - 3.8% (Continued)
	2,588	RPM International, Inc.	$	268,169
	3,110	Sensient Technologies Corporation		232,348
	11,965	Trinseo plc		294,936
	8,508	Valvoline, Inc.		280,594
	1,227	WD-40 Company		205,523
				4,753,539
		COMMERCIAL SUPPORT SERVICES - 2.5%
	5,664	ABM Industries, Inc.		267,228
	5,168	Brady Corporation, Class A		247,547
	4,452	Brink’s Company (The)		266,007
	5,047	CBIZ, Inc.^(a)		250,584
	1,558	CorVel Corporation^(a)		238,327
	5,989	Forrester Research, Inc.^(a)		210,693
	57,908	Harsco Corporation^(a)		433,151
	2,113	Insperity, Inc.		250,496
	4,596	Korn Ferry		262,110
	11,303	TrueBlue, Inc.^(a)		243,919
	1,282	UniFirst Corporation		248,400
	6,829	Viad Corporation^(a)		202,207
				3,120,669
		CONSTRUCTION MATERIALS - 1.0%
	769	Carlisle Companies, Inc.		202,332
	2,012	Eagle Materials, Inc.		274,316
	7,885	MDU Resources Group, Inc.		248,299
	2,759	Simpson Manufacturing Company, Inc.		256,725
	8,998	Summit Materials, Inc., Class A^(a)		272,549
				1,254,221
		CONSUMER SERVICES - 1.1%
	2,622	Grand Canyon Education, Inc.^(a)		296,470
	9,624	Matthews International Corporation, Class A		304,695
	1,990	Medifast, Inc.		250,840
	12,548	Rent-A-Center, Inc.		302,281
	3,738	Service Corp International		267,080
				1,421,366

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		CONTAINERS & PACKAGING - 0.4%
	2,271	AptarGroup, Inc.	$	241,044
	5,131	Silgan Holdings, Inc.		271,430
				512,474
		ELECTRIC UTILITIES - 1.6%
	4,309	ALLETE, Inc.		285,256
	3,187	Black Hills Corporation		228,285
	6,228	Hawaiian Electric Industries, Inc.		255,846
	2,178	IDACORP, Inc.		240,734
	3,283	MGE Energy, Inc.		236,409
	5,915	OGE Energy Corporation		239,321
	2,504	Ormat Technologies, Inc.		226,437
	4,716	PNM Resources, Inc.		231,084
				1,943,372
		ELECTRICAL EQUIPMENT - 2.7%
	3,996	AAON, Inc.		316,723
	2,786	Advanced Energy Industries, Inc.		258,095
	3,327	Alarm.com Holdings, Inc.^(a)		166,017
	2,770	Atkore International Group, Inc.^(a)		338,356
	2,334	Badger Meter, Inc.		270,324
	3,593	Belden, Inc.		289,021
	5,208	Cognex Corporation		259,254
	7,860	FARO Technologies, Inc.^(a)		235,171
	5,122	Itron, Inc.^(a)		272,388
	5,715	National Instruments Corporation		234,429
	2,993	OSI Systems, Inc.^(a)		264,821
	13,577	SMART Global Holdings, Inc.^(a)		229,587
	1,715	Watts Water Technologies, Inc., Class A		271,742
				3,405,928
		ENGINEERING & CONSTRUCTION - 1.9%
	3,163	AECOM		268,855
	2,216	Comfort Systems USA, Inc.		280,900
	1,868	EMCOR Group, Inc.		289,353
	2,460	Exponent, Inc.		254,389
	2,666	Installed Building Products, Inc.		226,423

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		ENGINEERING & CONSTRUCTION - 1.9% (Continued)
	4,991	KBR, Inc.	$	257,885
	3,392	MasTec, Inc.^(a)		308,095
	1,678	Tetra Tech, Inc.		259,402
	1,309	TopBuild Corporation^(a)		201,691
				2,346,993
		FOOD - 2.5%
	3,881	Cal-Maine Foods, Inc.		226,185
	3,263	Darling Ingredients, Inc.^(a)		234,381
	8,728	Flowers Foods, Inc.		262,276
	9,280	Fresh Del Monte Produce, Inc.		256,870
	12,784	Hain Celestial Group, Inc. (The)^(a)		239,572
	10,843	Herbalife Nutrition Ltd.^(a)		189,969
	2,703	Ingredion, Inc.		264,813
	1,666	J & J Snack Foods Corporation		273,258
	2,848	John B Sanfilippo & Son, Inc.		241,197
	2,787	Lamb Weston Holdings, Inc.		242,190
	1,435	Lancaster Colony Corporation		297,247
	16,228	Phibro Animal Health Corporation, Class A		199,767
	2,633	Post Holdings, Inc.^(a)		246,475
				3,174,200
		FORESTRY, PAPER & WOOD PRODUCTS - 0.4%
	4,213	Louisiana-Pacific Corporation		268,789
	4,911	Trex Company, Inc.^(a)		225,366
				494,155
		GAS & WATER UTILITIES - 1.8%
	2,767	American States Water Company		271,138
	2,117	Atmos Energy Corporation		254,463
	1,869	Chesapeake Utilities Corporation		223,775
	3,503	National Fuel Gas Company		232,004
	5,567	New Jersey Resources Corporation		276,958
	3,064	ONE Gas, Inc.		266,415
	6,453	South Jersey Industries, Inc.		223,919
	3,093	Southwest Gas Holdings, Inc.		211,747

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		GAS & WATER UTILITIES - 1.8% (Continued)
	3,460	Spire, Inc.	$	256,386
				2,216,805
		HEALTH CARE FACILITIES & SERVICES - 2.9%
	2,759	Acadia Healthcare Company, Inc.^(a)		245,717
	2,264	Addus HomeCare Corporation^(a)		249,674
	2,228	Amedisys, Inc.^(a)		202,949
	494	Chemed Corporation		256,880
	100,311	Community Health Systems, Inc.^(a)		344,066
	2,713	Ensign Group, Inc. (The)		257,735
	3,213	HealthEquity, Inc.^(a)		203,961
	1,318	LHC Group, Inc.^(a)		215,374
	1,374	Medpace Holdings, Inc.^(a)		288,389
	3,405	National HealthCare Corporation		209,884
	8,949	Owens & Minor, Inc.		184,439
	6,360	Premier, Inc., Class A		212,106
	9,751	Select Medical Holdings Corporation		239,680
	9,217	Surgery Partners, Inc.^(a)		260,933
	4,178	Tenet Healthcare Corporation^(a)		192,940
				3,564,727
		HEALTH CARE REIT – 0.9%
	11,915	CareTrust REIT, Inc.		235,917
	18,169	Medical Properties Trust, Inc.		238,377
	7,311	Omega Healthcare Investors, Inc.		221,377
	14,562	Physicians Realty Trust		217,411
	16,426	Sabra Health Care REIT, Inc.		212,060
				1,125,142
		HOME & OFFICE PRODUCTS - 0.7%
	8,130	HNI Corporation		235,770
	15,511	Newell Brands, Inc.		201,178
	8,928	Tempur Sealy International, Inc.		283,643
	32,926	Tupperware Brands Corporation^(a)		152,447
				873,038
		HOME CONSTRUCTION - 3.0%
	4,917	American Woodmark Corporation^(a)		266,501

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		HOME CONSTRUCTION - 3.0% (Continued)
	2,735	Armstrong World Industries, Inc.	$	208,981
	4,020	Fortune Brands Home & Security, Inc.		262,667
	7,306	Griffon Corporation		257,975
	24,001	Interface, Inc.		259,931
	8,318	KB Home		261,102
	2,650	LGI Homes, Inc.^(a)		263,251
	5,961	M/I Homes, Inc.^(a)		269,318
	3,032	Masonite International Corporation^(a)		228,219
	3,069	Meritage Homes Corporation^(a)		265,192
	4,919	Patrick Industries, Inc.		275,120
	10,294	PGT Innovations, Inc.^(a)		203,718
	9,245	Taylor Morrison Home Corporation^(a)		280,955
	5,135	Toll Brothers, Inc.		246,018
	14,273	Tri Pointe Homes, Inc.^(a)		263,194
				3,812,142
		HOTEL REIT - 0.8%
	28,681	DiamondRock Hospitality Company		269,888
	21,291	RLJ Lodging Trust		258,047
	2,930	Ryman Hospitality Properties, Inc.		268,183
	15,629	Xenia Hotels & Resorts, Inc.		240,999
				1,037,117
		HOUSEHOLD PRODUCTS - 1.0%
	5,769	Edgewell Personal Care Company		249,278
	8,579	Energizer Holdings, Inc.		292,458
	2,243	Helen of Troy Ltd.^(a)		221,025
	2,857	Inter Parfums, Inc.		272,244
	6,463	Nu Skin Enterprises, Inc., Class A		269,572
				1,304,577
		INDUSTRIAL INTERMEDIATE PROD - 0.7%
	1,170	Chart Industries, Inc.^(a)		167,298
	5,928	Proto Labs, Inc.^(a)		157,211
	3,650	Timken Company (The)		277,327
	803	Valmont Industries, Inc.		271,944
				873,780

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		INDUSTRIAL REIT - 0.6%
	1,494	EastGroup Properties, Inc.	$	231,929
	4,810	First Industrial Realty Trust, Inc.		243,146
	4,146	Rexford Industrial Realty, Inc.		229,232
				704,307
		INDUSTRIAL SUPPORT SERVICES - 0.8%
	2,098	Applied Industrial Technologies, Inc.		277,965
	8,029	Textainer Group Holdings Ltd.		244,724
	838	Watsco, Inc.		225,405
	1,808	WESCO International, Inc.^(a)		233,087
				981,181
		INSTITUTIONAL FINANCIAL SERVICES - 0.5%
	2,622	Evercore, Inc., Class A		302,002
	4,396	SEI Investments Company		273,783
				575,785
		INSURANCE - 3.4%
	1,754	American Financial Group, Inc.		249,454
	4,615	AMERISAFE, Inc.		273,993
	1,485	Assurant, Inc.		190,407
	11,992	CNO Financial Group, Inc.		281,572
	6,253	Employers Holdings, Inc.		290,577
	61,619	Genworth Financial, Inc., Class A^(a)		309,943
	1,683	Hanover Insurance Group, Inc. (The)		247,906
	6,115	Horace Mann Educators Corporation		235,978
	5,232	Kemper Corporation		297,804
	7,584	Mercury General Corporation		275,148
	10,588	NMI Holdings, Inc., Class A^(a)		227,960
	1,746	Primerica, Inc.		260,206
	11,043	ProAssurance Corporation		220,750
	1,715	Reinsurance Group of America, Inc.		247,646
	2,107	RLI Corporation		274,057
	2,644	Safety Insurance Group, Inc.		242,561
	3,634	Trupanion, Inc.^(a)		189,949
				4,315,911

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		INTERNET MEDIA & SERVICES - 0.3%
	10,144	HealthStream, Inc.^(a)	$	257,658
	3,643	TechTarget, Inc.^(a)		166,339
				423,997
		LEISURE FACILITIES & SERVICES - 2.2%
	9,043	BJ’s Restaurants, Inc.^(a)		290,099
	7,366	Cheesecake Factory, Inc. (The)		258,105
	17,809	Cinemark Holdings, Inc.^(a)		242,380
	2,918	Jack in the Box, Inc.		210,971
	1,770	Marriott Vacations Worldwide Corporation		263,695
	3,081	Papa John’s International, Inc.		256,524
	4,744	SeaWorld Entertainment, Inc.^(a)		270,693
	4,790	Shake Shack, Inc., Class A^(a)		251,954
	6,739	St Joe Company (The)		258,980
	2,471	Texas Roadhouse, Inc.		245,420
	11,539	Wendy’s Company (The)		260,320
				2,809,141
		LEISURE PRODUCTS - 1.6%
	3,295	Brunswick Corporation		244,489
	2,727	Fox Factory Holding Corporation^(a)		289,335
	2,255	Polaris, Inc.		257,205
	4,246	Sturm Ruger & Company, Inc.		233,233
	3,082	Thor Industries, Inc.		265,483
	11,181	Topgolf Callaway Brands Corporation^(a)		234,242
	8,871	Vista Outdoor, Inc.^(a)		248,122
	4,054	Winnebago Industries, Inc.		237,524
				2,009,633
		MACHINERY - 4.4%
	2,244	AGCO Corporation		297,824
	2,736	Albany International Corporation, Class A		277,348
	2,464	Crane Holdings Company		261,036
	1,551	Curtiss-Wright Corporation		273,984
	4,401	Donaldson Company, Inc.		268,109
	2,940	ESCO Technologies, Inc.		276,389
	2,640	Franklin Electric Company, Inc.		219,912

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		MACHINERY - 4.4% (Continued)
	3,598	Graco, Inc.	$	251,752
	5,873	Hillenbrand, Inc.		293,650
	2,508	John Bean Technologies Corporation		230,385
	1,293	Kadant, Inc.		249,601
	10,480	Kennametal, Inc.		276,882
	1,716	Lincoln Electric Holdings, Inc.		253,762
	1,016	Nordson Corporation		240,274
	3,066	Oshkosh Corporation		282,287
	1,537	Regal Rexnord Corporation		201,516
	2,641	Standex International Corporation		277,437
	3,813	Tennant Company		242,240
	7,250	Terex Corporation		332,848
	2,502	Toro Company (The)		277,697
	8,799	Zurn Elkay Water Solutions Corporation		213,024
				5,497,957
		MEDICAL EQUIPMENT & DEVICES - 1.9%
	15,583	Artivion, Inc.^(a)		199,307
	6,640	Exact Sciences Corporation^(a)		298,467
	4,051	Glaukos Corporation^(a)		188,655
	3,620	Globus Medical, Inc., Class A^(a)		267,482
	2,913	Haemonetics Corporation^(a)		248,508
	1,433	ICU Medical, Inc.^(a)		228,177
	5,091	Integra LifeSciences Holdings Corporation^(a)		279,699
	11,306	Myriad Genetics, Inc.^(a)		229,060
	15,444	Neogen Corporation^(a)		255,753
	4,922	NuVasive, Inc.^(a)		191,170
				2,386,278
		METALS & MINING - 1.0%
	62,976	Coeur Mining, Inc.^(a)		220,416
	5,608	Compass Minerals International, Inc.		248,715
	1,866	Encore Wire Corporation		272,641
	54,738	Hecla Mining Company		298,322
	2,299	Royal Gold, Inc.		258,247
				1,298,341

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		MORTGAGE FINANCE - 0.5%
	25,984	Apollo Commercial Real Estate Finance, Inc. - REIT	$	321,162
	19,430	Invesco Mortgage Capital, Inc.^(b) - REIT		255,116
				576,278
		MULTI ASSET CLASS REIT - 0.4%
	12,289	Elme Communities		242,831
	23,519	LXP Industrial Trust		253,064
				495,895
		OFFICE REIT - 1.0%
	9,280	Corporate Office Properties Trust		257,706
	8,003	Highwoods Properties, Inc.		238,489
	5,122	Kilroy Realty Corporation		221,373
	20,423	Piedmont Office Realty Trust, Inc., Class A		212,603
	18,968	Veris Residential, Inc.^(a)		304,626
				1,234,797
		OIL & GAS PRODUCERS - 0.8%
	1,577	Chord Energy Corporation		240,540
	5,757	SM Energy Company		248,184
	35,312	Southwestern Energy Company^(a)		244,359
	9,211	World Fuel Services Corporation		262,053
				995,136
		OIL & GAS SERVICES & EQUIPMENT - 0.3%
	27,094	Oceaneering International, Inc.^(a)		411,558

		PUBLISHING & BROADCASTING - 0.9%
	19,106	EW Scripps Company (The), Class A^(a)		286,208
	140,960	Gannett Company, Inc.^(a)		352,401
	7,011	Scholastic Corporation		288,292
	3,113	World Wrestling Entertainment, Inc., Class A		248,666
				1,175,567
		RENEWABLE ENERGY - 0.6%
	3,244	Ameresco, Inc., Class A^(a)		212,547
	3,708	EnerSys		280,251
	7,431	Green Plains, Inc.^(a)		256,815
				749,613

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		RESIDENTIAL REIT - 0.2%
	12,883	Independence Realty Trust, Inc.	$	233,440

		RETAIL - CONSUMER STAPLES - 1.3%
	13,785	Big Lots, Inc.		268,807
	1,064	Casey’s General Stores, Inc.		258,573
	1,566	Five Below, Inc.^(a)		251,907
	4,179	Ollie’s Bargain Outlet Holdings, Inc.^(a)		254,501
	7,778	Sprouts Farmers Market, Inc.^(a)		267,019
	3,027	Weis Markets, Inc.		263,985
				1,564,792
		RETAIL - DISCRETIONARY - 3.1%
	1,427	Asbury Automotive Group, Inc.^(a)		267,734
	1,452	Avis Budget Group, Inc.^(a)		324,666
	3,662	Builders FirstSource, Inc.^(a)		234,112
	1,928	Burlington Stores, Inc.^(a)		377,270
	791	Dillard’s, Inc., Class A^(b)		284,523
	27,233	EVgo, Inc.^(a)		174,291
	4,324	Hibbett, Inc.		288,238
	1,005	Lithia Motors, Inc.		240,507
	7,228	MarineMax, Inc.^(a)		238,741
	4,962	Monro, Inc.		225,622
	6,602	National Vision Holdings, Inc.^(a)		267,117
	4,919	Rush Enterprises, Inc., Class A		253,476
	17,104	Sally Beauty Holdings, Inc.^(a)		201,143
	6,379	Sleep Number Corporation^(a)		186,586
	4,972	Sonic Automotive, Inc., Class A		264,212
				3,828,238
		RETAIL REIT - 1.5%
	17,063	Acadia Realty Trust		262,429
	8,916	Four Corners Property Trust, Inc.		241,980
	12,514	Kite Realty Group Trust		285,319
	5,409	National Retail Properties, Inc.		250,761
	15,668	Retail Opportunity Investments Corporation		238,937
	5,751	Saul Centers, Inc.		247,868

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		RETAIL REIT - 1.5% (Continued)
	15,765	Tanger Factory Outlet Centers, Inc.	$	306,630
				1,833,924
		SEMICONDUCTORS - 4.1%
	12,646	Amkor Technology, Inc.		354,341
	3,573	Axcelis Technologies, Inc.^(a)		285,340
	5,032	Azenta, Inc.		302,977
	8,222	CEVA, Inc.^(a)		223,392
	3,135	Cirrus Logic, Inc.^(a)		234,216
	8,389	Cohu, Inc.^(a)		300,494
	3,321	Diodes, Inc.^(a)		306,296
	8,603	FormFactor, Inc.^(a)		198,471
	2,556	IPG Photonics Corporation^(a)		232,673
	4,387	Lattice Semiconductor Corporation^(a)		319,505
	6,604	MaxLinear, Inc., A^(a)		241,706
	2,612	MKS Instruments, Inc.		219,042
	3,356	Power Integrations, Inc.		270,091
	7,333	Semtech Corporation^(a)		225,416
	1,749	Silicon Laboratories, Inc.^(a)		254,375
	2,177	Synaptics, Inc.^(a)		230,697
	2,286	Universal Display Corporation		257,449
	11,772	Veeco Instruments, Inc.^(a)		234,027
	12,117	Vishay Intertechnology, Inc.		279,176
	2,089	Wolfspeed, Inc.^(a)		189,932
				5,159,616
		SOFTWARE - 3.9%
	62,426	8x8, Inc.^(a)		267,183
	10,312	ACI Worldwide, Inc.^(a)		215,521
	18,215	Alignment Healthcare, Inc.^(a)		242,260
	14,156	Allscripts Healthcare Solutions, Inc.^(a)		268,115
	3,862	Alteryx, Inc., Class A^(a)		173,211
	4,889	Blackbaud, Inc.^(a)		289,770
	3,525	Calix, Inc.^(a)		251,333
	4,068	CommVault Systems, Inc.^(a)		268,488
	6,244	Digi International, Inc.^(a)		265,183

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		SOFTWARE - 3.9% (Continued)
	3,503	Guidewire Software, Inc.^(a)	$	207,763
	22,873	LivePerson, Inc.^(a)		268,529
	1,621	Manhattan Associates, Inc.^(a)		204,149
	1,016	MicroStrategy, Inc., Class A^(a),(b)		201,259
	3,766	New Relic, Inc.^(a)		211,913
	2,478	Omnicell, Inc.^(a)		127,890
	6,704	Pegasystems, Inc.		243,020
	5,066	Progress Software Corporation		270,118
	6,700	Q2 Holdings, Inc.^(a)		182,240
	1,547	Qualys, Inc.^(a)		190,776
	5,026	Rapid7, Inc.^(a)		147,764
	1,736	SPS Commerce, Inc.^(a)		246,963
	8,141	Varonis Systems, Inc.^(a)		172,915
				4,916,363
		SPECIALTY FINANCE - 1.5%
	4,742	Encore Capital Group, Inc.^(a)		238,997
	6,182	Essent Group Ltd.		247,836
	4,678	First American Financial Corporation		255,653
	9,043	LendingTree, Inc.^(a)		216,580
	16,823	MGIC Investment Corporation		230,980
	2,723	Nelnet, Inc., Class A		268,324
	2,576	Walker & Dunlop, Inc.		230,063
	2,228	World Acceptance Corporation^(a)		157,987
				1,846,420
		SPECIALTY REIT - 0.2%
	2,615	Lamar Advertising Company, Class A		261,866

		STEEL - 1.2%
	8,113	ATI, Inc.^(a)		247,528
	6,088	Commercial Metals Company		299,651
	1,237	Reliance Steel & Aluminum Company		261,366
	3,039	Steel Dynamics, Inc.		315,843
	5,655	Worthington Industries, Inc.		320,865
				1,445,253

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		TECHNOLOGY HARDWARE - 3.8%
	11,020	ADTRAN Holdings, Inc.	$	223,375
	2,339	Arrow Electronics, Inc.^(a)		254,343
	8,703	Benchmark Electronics, Inc.		251,256
	16,536	Extreme Networks, Inc.^(a)		346,760
	1,490	F5, Inc.^(a)		230,369
	43,746	GoPro, Inc., Class A^(a)		239,728
	16,482	Harmonic, Inc.^(a)		252,834
	5,336	InterDigital, Inc.		267,707
	3,740	Jabil, Inc.		269,991
	17,694	Knowles Corporation^(a)		276,026
	3,146	Lumentum Holdings, Inc.^(a)		172,841
	11,339	NCR Corporation^(a)		270,662
	6,888	NetScout Systems, Inc.^(a)		256,785
	2,463	Plexus Corporation^(a)		271,472
	4,681	Sanmina Corporation^(a)		309,367
	3,916	Super Micro Computer, Inc.^(a)		353,341
	16,363	TTM Technologies, Inc.^(a)		262,953
	7,138	ViaSat, Inc.^(a)		243,334
				4,753,144
		TECHNOLOGY SERVICES - 2.7%
	826	CACI International, Inc., Class A^(a)		257,960
	4,078	CSG Systems International, Inc.		252,184
	1,464	ExlService Holdings, Inc.^(a)		274,061
	523	Fair Isaac Corporation^(a)		324,113
	4,932	Genpact Ltd.		227,415
	1,978	ICF International, Inc.		214,356
	1,183	Jack Henry & Associates, Inc.		224,001
	969	MarketAxess Holdings, Inc.		259,614
	3,727	MAXIMUS, Inc.		262,008
	3,316	Perficient, Inc.^(a)		235,602
	41,842	Sabre Corporation^(a)		255,655
	2,439	Science Applications International Corporation		268,558
	1,699	WEX, Inc.^(a)		287,368
				3,342,895

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		TELECOMMUNICATIONS - 1.3%
	51,843	Consolidated Communications Holdings, Inc.^(a)	$	239,515
	13,087	EchoStar Corporation, Class A^(a)		227,714
	135,640	Globalstar, Inc.^(a)		257,716
	4,861	Iridium Communications, Inc.^(a)		258,118
	12,679	Shenandoah Telecommunications Company		246,860
	6,402	Switch, Inc., Class A		219,269
	15,516	Telephone and Data Systems, Inc.		163,539
				1,612,731
		TIMBER REIT - 0.2%
	7,196	Rayonier, Inc.		258,192

		TRANSPORTATION & LOGISTICS - 2.4%
	8,953	Air Transport Services Group, Inc.^(a)		251,042
	2,955	Allegiant Travel Company^(a)		244,113
	8,850	CryoPort, Inc.^(a)		174,788
	2,389	Forward Air Corporation		268,452
	15,081	Heartland Express, Inc.		252,456
	3,127	Hub Group, Inc., Class A^(a)		263,137
	4,408	Knight-Swift Transportation Holdings, Inc.		244,335
	1,494	Landstar System, Inc.		258,432
	3,505	Matson, Inc.		223,479
	2,857	Ryder System, Inc.		267,101
	1,135	Saia, Inc.^(a)		276,474
	5,736	Werner Enterprises, Inc.		252,269
				2,976,078
		TRANSPORTATION EQUIPMENT - 0.2%
	6,383	Allison Transmission Holdings, Inc.		285,958

		WHOLESALE - CONSUMER STAPLES - 0.2%
	6,950	Andersons, Inc. (The)		267,575

		WHOLESALE - DISCRETIONARY - 0.9%
	5,192	ePlus, Inc.^(a)		257,835
	19,323	KAR Auction Services, Inc.^(a)		265,498

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		WHOLESALE - DISCRETIONARY - 0.9% (Continued)
	8,166	ScanSource, Inc.^(a)	$	243,837
	2,206	Veritiv Corporation		296,795
				1,063,965

		TOTAL COMMON STOCKS (Cost $122,472,333)		124,066,873

		COLLATERAL FOR SECURITIES LOANED — 0.8%
		MONEY MARKET FUND - 0.8%
	955,613	Fidelity Government Portfolio - Institutional Class, 3.60% (Cost $955,613)^(c)(d)		955,613

		TOTAL INVESTMENTS - 99.9% (Cost $123,427,946)	$	125,022,486
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		90,288
		NET ASSETS - 100.0%	$	125,112,774

^(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, 2022 was $933,413.

^(c)

Security was purchased with cash received as collateral for securities on loan at November 30, 2022. Total collateral had a value of $955,613 at November 30, 2022.

^(d)

Rate disclosed is the seven day effective yield as of November 30, 2022.

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8%
		AEROSPACE & DEFENSE — 1.5%
	800,000	Teledyne Technologies, Inc.	0.9500	04/01/24	$	755,353
	800,000	Teledyne Technologies, Inc.	1.6000	04/01/26		711,547
	1,500,000	Teledyne Technologies, Inc.	2.2500	04/01/28		1,291,964
	800,000	Textron, Inc.	3.0000	06/01/30		681,797
						3,440,661
		ASSET MANAGEMENT — 0.4%
	1,000,000	Charles Schwab Corporation (The)	0.9000	03/11/26		890,546

		BANKING — 2.1%
	1,000,000	CIT Group, Inc.	6.1250	03/09/28		1,025,425
	800,000	M&T Bank Corporation	3.5500	07/26/23		792,096
	350,000	Regions Financial Corporation	1.8000	08/12/28		297,515
	1,500,000