(INSPIRE LOGO)

Inspire Global Hope ESG ETF (BLES)

(formerly known as Inspire Global Hope ETF)

Inspire Small/Mid Cap ESG ETF (ISMD)

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

Inspire Corporate Bond ESG ETF (IBD)

(formerly known as Inspire Corporate Bond Impact ETF)

Inspire 100 ESG ETF (BIBL)

(formerly known as Inspire 100 ETF)

Inspire International ESG ETF (WWJD)

Inspire Tactical Balanced ESG ETF (RISN)

Inspire Faithward Mid Cap Momentum ESG ETF

(GLRY)

Inspire Faithward Large Cap Momentum ESG ETF

(FEVR)

Semi-Annual Report

May 31, 2022

1-877-658-9473

www.inspireetf.com

INSPIRE ETF SEMI-ANNUAL REPORT

SHAREHOLDER LETTER (unaudited)

Dear Shareholders:

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

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

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

BLES – Inspire Global Hope ETF

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

ISMD – Inspire Small/Mid Cap Impact ETF

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

IBD – Inspire Corporate Bond Impact ETF

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

BIBL – Inspire 100 ETF

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

WWJD – Inspire International ESG ETF

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

RISN – Inspire Tactical Balanced ESG

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

GLRY – Inspire Faithward Mid Cap Momentum ESG

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

FEVR – Inspire Faithward Large Cap Momentum ESG

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

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

Closing Comments

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

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

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

Sincerely,

Darrell Jayroe, CIO

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

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

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

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

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

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

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

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

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

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

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

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

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

***

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

****

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

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

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

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

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

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

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

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

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

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

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

***

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

****

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

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

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

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

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

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

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

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

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

***

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

****

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

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

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

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

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

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

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

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

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

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

***

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

****

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

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

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

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

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

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

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

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

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

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

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

***

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

****

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

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

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

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

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

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

Inspire Tactical Balanced ESG ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2022

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

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

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

The Fund’s Top Asset Types are as follows:

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

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

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

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

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

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

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

***

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

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

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

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

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

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

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

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

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

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

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

***

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

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

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

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

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

		BIOTECH & PHARMA - 1.9%
	2,209	Alnylam Pharmaceuticals, Inc.^(a)		277,892
	2,516	Celltrion, Inc.		325,078
	10,655	Chugai Pharmaceutical Company Ltd.		292,031
	1,804	CSL Ltd.		351,856
	19,884	Grifols S.A. ^(b)		418,082
	4,611	Incyte Corporation^(a)		349,929
	529	Regeneron Pharmaceuticals, Inc.^(a)		351,647

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		BIOTECH & PHARMA - 1.9% (Continued)
	3,055	UCB S.A.	$	269,399
				2,635,914
		CABLE & SATELLITE - 0.2%
	2,686	Liberty Broadband Corporation - Series A^(a)		327,719

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		COMMERCIAL SUPPORT SERVICES - 2.3% (Continued)
	10,360	Rollins, Inc.	$	367,366
	125	SGS S.A.		310,086
	2,302	Waste Management, Inc.		364,890
				3,164,039
		CONSTRUCTION MATERIALS - 2.3%
	5,919	Cie de Saint-Gobain		350,045
	7,004	CRH plc		288,924
	6,142	HeidelbergCement A.G.		356,641
	7,408	Holcim Ltd.		366,613
	11,576	James Hardie Industries plc - ADR		299,845
	939	Martin Marietta Materials, Inc.		318,678
	31,958	Siam Cement PCL (The) - ADR		346,417
	1,106	Sika A.G.		306,066
	1,960	Vulcan Materials Company		323,145
				2,956,374
		CONTAINERS & PACKAGING - 1.1%
	31,852	Amcor plc - ADR		418,919
	2,865	Crown Holdings, Inc.		299,221
	7,893	International Paper Company		382,416
	2,336	Packaging Corporation of America		367,406
				1,467,962
		DATA CENTER REIT - 0.3%
	2,540	Digital Realty Trust, Inc.		354,559

		DIVERSIFIED INDUSTRIALS - 1.0%
	10,665	Alfa Laval A.B.		287,844
	2,285	Dover Corporation		305,984
	1,870	Honeywell International, Inc.		362,070
	1,713	Illinois Tool Works, Inc.		356,424
				1,312,322
		E-COMMERCE DISCRETIONARY - 0.5%
	2,725	Etsy, Inc.^(a)		221,052
	3,029	Wayfair, Inc., Class A^(a)		179,892

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		INTERNET MEDIA & SERVICES - 1.2% (Continued)
	1,654	VeriSign, Inc.^(a)	$	288,706
				1,612,533
		LEISURE FACILITIES & SERVICES - 0.2%
	3,116	Live Nation Entertainment, Inc.^(a)		296,176

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		OIL & GAS PRODUCERS - 4.7% (Continued)
	96,521	ENEOS Holdings, Inc.	$	390,817
	24,525	Eni SpA		373,732
	3,031	EOG Resources, Inc.		415,126
	30,549	Inpex Corporation		398,469
	19,233	Kinder Morgan, Inc.		378,698
	6,397	Occidental Petroleum Corporation		443,376
	7,529	OMV A.G.		439,602
	5,123	ONEOK, Inc.		337,350
	82,484	PTT Exploration & Production PCL - ADR		407,397
	3,657	Valero Energy Corporation		473,947
	10,937	Williams Companies, Inc. (The)		405,325
	16,718	Woodside Energy Group Ltd.		356,985
				6,404,185
		OIL & GAS SERVICES & EQUIPMENT - 0.6%
	9,539	Halliburton Company		386,330
	8,715	Schlumberger N.V.		400,541
				786,871
		PUBLISHING & BROADCASTING - 0.5%
	5,801	Liberty Media Corp-Liberty Formula One - Series A^(a)		330,773
	16,142	News Corporation, CLASS A - NON-VOTING		280,871
				611,644
		REAL ESTATE INVESTMENT TRUSTS - 0.2%
	8,969	Invitation Homes, Inc.		338,311

		REAL ESTATE OWNERS & DEVELOPERS - 1.5%
	119,902	China Overseas Land & Investment Ltd.		348,375
	72,290	Hongkong Land Holdings Ltd.		335,426
	495,662	SM Prime Holdings, Inc.		348,579
	12,992	Sumitomo Realty & Development Company Ltd.		350,734
	143,714	Swire Properties Ltd.		351,629
	7,582	Vonovia S.E.		288,485
				2,023,228
		RESIDENTIAL REIT - 1.5%
	2,168	Camden Property Trust		311,086

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		SOFTWARE - 3.7% (Continued)
	3,008	RingCentral, Inc., Class A^(a)	$	189,925
	639	ServiceNow, Inc.^(a)		298,713
	4,825	SS&C Technologies Holdings, Inc.		308,752
	1,105	Synopsys, Inc.^(a)		352,716
	827	Tyler Technologies, Inc.^(a)		294,263
	1,711	Veeva Systems, Inc., Class A^(a)		291,315
				4,983,053
		STEEL - 0.2%
	2,457	Nucor Corporation		325,454

		TECHNOLOGY HARDWARE - 1.4%
	2,661	Arista Networks, Inc.^(a)		272,167
	3,057	Garmin Ltd.		322,880
	4,243	NetApp, Inc.		305,284
	36,876	Panasonic Holdings Corporation		339,190
	780	Samsung SDI Company Ltd.		361,048
	855	Zebra Technologies Corporation, Class A^(a)		289,152
				1,889,721
		TECHNOLOGY SERVICES - 4.0%
	4,013	Cognizant Technology Solutions Corporation, Class A		299,771
	5,403	CoStar Group, Inc.^(a)		329,259
	1,250	EPAM Systems, Inc.^(a)		423,150
	1,538	Equifax, Inc.		311,568
	3,629	Fidelity National Information Services, Inc.		379,231
	1,469	FleetCor Technologies, Inc.^(a)		365,502
	1,218	Gartner, Inc.^(a)		319,603
	2,673	Global Payments, Inc.		350,270
	1,504	Globant S.A.^(a)		285,023
	1,059	MarketAxess Holdings, Inc.		298,299
	721	MSCI, Inc.		318,934
	8,512	NEC Corporation		344,522
	18,280	NTT Data Corporation		287,431
	2,682	Paychex, Inc.		332,112
	7,346	Tata Consultancy Services Ltd.		318,188

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		TECHNOLOGY SERVICES - 4.0% (Continued)
	1,690	Verisk Analytics, Inc.	$	295,615
	3,409	Wolters Kluwer N.V.		337,131
				5,595,609
		TELECOMMUNICATIONS - 1.8%
	350,744	America Movil S.A.B. de C.V.		377,981
	104,620	Koninklijke KPN N.V.		380,998
	27,642	MTN Group Ltd.		298,263
	186,210	Singapore Telecommunications Ltd.		352,001
	32,508	Telefonica Brasil S.A.		349,072
	89,918	Telia Company A.B.		368,447
	124,960	Telstra Corp Ltd.		347,883
				2,474,645
		TIMBER REIT - 0.4%
	9,557	Weyerhaeuser Company		377,693

		TRANSPORTATION & LOGISTICS - 3.2%
	2,162	Aena SME S.A.^(a),		329,858
	17,337	Atlantia SpA		419,980
	9,710	CSX Corporation		308,681
	1,843	DSV A/S		302,513
	6,181	East Japan Railway Company		317,592
	3,491	Expeditors International of Washington, Inc.		379,959
	1,776	JB Hunt Transport Services, Inc.		306,502
	1,251	Kuehne + Nagel International A.G.		329,633
	1,178	Old Dominion Freight Line, Inc.		304,207
	31,035	Poste Italiane SpA		335,599
	4,354	Ryanair Holdings plc - ADR^(a)		379,669
	36,615	Transurban Group		377,526
	1,326	Union Pacific Corporation		291,428
				4,383,147
		TRANSPORTATION EQUIPMENT - 1.3%
	15,041	Alstom S.A.		410,047
	52,094	Iveco Group N.V.^(a)		331,284
	4,117	PACCAR, Inc.		357,520

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares						Fair Value
		COMMON STOCKS — 98.3% (Continued)

		TRANSPORTATION EQUIPMENT - 1.3% (Continued)
	18,343	Volvo A.B.				$	335,807
	3,703	Westinghouse Air Brake Technologies Corporation					349,785
							1,784,443

		WHOLESALE - CONSUMER STAPLES - 0.2%
	10,597	ITOCHU Corporation					304,190

		WHOLESALE - DISCRETIONARY - 0.8%
	2,877	Copart, Inc.^(a)					329,503
	7,860	LKQ Corporation					403,925
	819	Pool Corporation					326,471
							1,059,899

		TOTAL COMMON STOCKS (Cost $132,419,235)					133,376,510

Shares			Expiration Date	Exercise Price		Fair Value
		WARRANT — 0.1%

		OIL & GAS PRODUCERS - 0.1%
	2,243	Occidental Petroleum Corporation^{(a) (b)}	08/03/2027	$	22.00		106,206

		TOTAL WARRANT (Cost $0)					106,206

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 1.4%

		MONEY MARKET FUND - 1.4%
	1,836,655	Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $1,836,655)^(c)(d)	$	1,836,655

		TOTAL INVESTMENTS - 99.8% (Cost $134,255,890)	$	135,319,371
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		307,339
		NET ASSETS - 100.0%	$	135,626,710

ADR	-	American Depositary Receipt

A/S	-	Anonim Sirketi

LTD	-	Limited Company

MSCI	-	Morgan Stanley Capital International

NV	-	Naamioze Vennootschap

OYJ	-	Julkinen osakeyhtiö

PLC	-	Public Limited Company

PT	-	Perseroan Terbatas

REIT	-	Real Estate Investment Trust

S/A	-	Société Anonyme

(a)	-	Non-income producing security.

(b)	-	All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2022 was $1,729,965.

(c)	-	Security was purchased with cash received as collateral for securities on loan at May 31, 2022. Total collateral had a value of $1,836,655 at May 31, 2022.

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1%
		ADVERTISING & MARKETING - 0.2%
	20,897	QuinStreet, Inc.^(a)	$	229,867

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BANKING - 9.9% (Continued)
	8,022	Trustmark Corporation	$	233,360
	2,496	UMB Financial Corporation		230,506
	12,949	Umpqua Holdings Corporation		228,550
	6,977	United Bankshares, Inc.		262,055
	6,961	United Community Banks, Inc.		218,784
	18,640	Valley National Bancorp		236,914
	4,292	Webster Financial Corporation		210,694
	7,033	WesBanco, Inc.		239,544
	4,039	Westamerica BanCorporation		243,188
	2,586	Wintrust Financial Corporation		225,991
				11,305,348
		BEVERAGES - 0.2%
	492	Coca-Cola Consolidated, Inc.		277,965

		BIOTECH & PHARMA - 3.3%
	2,033	Biohaven Pharmaceutical Holding Company Ltd.^(a)		292,202
	50,093	Bluebird Bio, Inc.^(a)		160,298
	18,640	Coherus Biosciences, Inc.^(a)		136,818
	6,540	Cytokinetics, Inc.^(a)		260,946
	5,861	Emergent BioSolutions, Inc.^(a)		193,179
	3,358	Enanta Pharmaceuticals, Inc.^(a)		134,085
	6,083	Halozyme Therapeutics, Inc.^(a)		279,696
	1,744	Heska Corporation^(a)		174,034
	12,485	Innoviva, Inc.^(a)		189,397
	19,330	Ironwood Pharmaceuticals, Inc.^(a)		217,849
	45,168	Nektar Therapeutics^(a)		157,185
	3,191	Pacira BioSciences, Inc.^(a)		201,831
	4,570	Prestige Consumer Healthcare, Inc.^(a)		255,097
	12,568	Revance Therapeutics, Inc.^(a)		171,930
	7,233	Sage Therapeutics, Inc.^(a)		226,176
	3,085	Sarepta Therapeutics, Inc.^(a)		224,650
	7,550	Supernus Pharmaceuticals, Inc.^(a)		210,419
	1,359	United Therapeutics Corporation^(a)		313,031
				3,798,823

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		CABLE & SATELLITE - 0.2%
	163	Cable One, Inc.	$	212,405

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

		FOOD - 2.9%
	10,440	BellRing Brands, Inc.^(a)		273,006

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 0.8%
	2,376	Applied Industrial Technologies, Inc.	$	245,703
	6,348	Textainer Group Holdings Ltd.		205,929
	791	Watsco, Inc.		202,203
	1,852	WESCO International, Inc.^(a)		232,574
				886,409
		INFRASTRUCTURE REIT - 0.2%
	17,680	Uniti Group, Inc.		200,491

		INSTITUTIONAL FINANCIAL SERVICES - 0.6%
	2,170	Evercore, Inc., Class A		247,814
	2,772	Houlihan Lokey, Inc.		238,226
	4,000	SEI Investments Company		233,720
				719,760
		INSURANCE - 3.1%
	288	Alleghany Corporation^(a)		240,129
	1,658	American Financial Group, Inc.		234,275
	4,859	AMERISAFE, Inc.		244,894
	9,616	CNO Financial Group, Inc.		197,801
	5,913	Employers Holdings, Inc.		244,857
	64,663	Genworth Financial, Inc., Class A^(a)		261,885
	1,610	Hanover Insurance Group, Inc. (The)		236,026
	5,852	Horace Mann Educators Corporation		236,772
	4,260	Kemper Corporation		225,056
	4,389	Mercury General Corporation		214,842
	1,757	Primerica, Inc.		221,382
	9,128	ProAssurance Corporation		202,733
	2,211	Reinsurance Group of America, Inc.		278,254
	2,186	RLI Corporation		264,768
	2,691	Safety Insurance Group, Inc.		249,886
				3,553,560
		INTERNET MEDIA & SERVICES - 0.2%
	12,124	HealthStream, Inc.^(a)		246,966

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

		PUBLISHING & BROADCASTING - 1.1%
	11,655	EW Scripps Company (The), Class A^(a)		184,965
	53,447	Gannett Company, Inc.^(a)		210,047
	5,265	New York Times Company (The), Class A		181,590
	1,276	Nexstar Media Group, Inc., Class A		223,581
	6,044	Scholastic Corporation		226,831

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		PUBLISHING & BROADCASTING - 1.1% (Continued)
	3,874	World Wrestling Entertainment, Inc., Class A	$	258,666
				1,285,680
		REAL ESTATE INVESTMENT TRUSTS - 0.2%
	7,743	Omega Healthcare Investors, Inc.		230,509

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		SPECIALTY REIT - 0.2%
	2,068	Lamar Advertising Company, Class A	$	202,561

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

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

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		TRANSPORTATION & LOGISTICS - 2.0% (Continued)
	5,898	Werner Enterprises, Inc.	$	239,282
				2,243,410
		TRANSPORTATION EQUIPMENT - 0.2%
	7,028	Trinity Industries, Inc.		174,716

		WHOLESALE - CONSUMER STAPLES - 0.2%
	4,775	Andersons, Inc. (The)		179,588

		WHOLESALE - DISCRETIONARY - 0.7%
	4,315	ePlus, Inc.^(a)		244,833
	6,953	ScanSource, Inc.^(a)		269,359
	1,808	Veritiv Corporation^(a)		262,794
				776,986

		TOTAL COMMON STOCKS (Cost $116,668,129)		113,374,871

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 0.7%
		MONEY MARKET FUND - 0.7%
	746,849	Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $746,849) ^(c)(d)		746,849

		TOTAL INVESTMENTS - 99.8% (Cost $117,414,978)	$	114,121,720
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		206,600
		NET ASSETS - 100.0%	$	114,328,320

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

Rate disclosed is the seven day effective yield as of May 31, 2022.

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ESG ETF

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

Principal

Coupon Rate

Amount ($)

(%)

Maturity

Fair Value

CORPORATE BONDS — 97.1%

AEROSPACE & DEFENSE — 1.4%

800,000

Teledyne Technologies, Inc.

0.9500