(INSPIRE LOGO)
 
 
 
 
Inspire Global Hope ETF (BLES)
 
Inspire Small/Mid Cap ETF (ISMD)
 
Inspire Corporate Bond ETF (IBD)
 
Inspire 100 ETF (BIBL)
 
Inspire International ETF (WWJD)
 
Inspire Tactical Balanced ETF (RISN)
 
Inspire Faithward Mid Cap Momentum ETF (GLRY)
 
Inspire Fidelis Multi Factor ETF (FDLS)
 
 
 
 
Annual Report
November 30, 2023
 
 
 
 
 
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, 2023.

 

With a slowing economy, inflation numbers falling, and the Federal Reserve pausing from raising interest rates at the last couple of meetings, we have seen the first signs of a new bull market following the bear market last year. Although not all the headwinds are resolved, we are exceedingly grateful to look back at 2023 and see the protection and provision 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 your trust in Inspire by investing in one or more of the ETFs.

 

BLES – Inspire Global Hope ETF

 

As the global economy showed signs of recovery following the bear market in the previous year, BLES participated in the market upswing with positive returns over the past twelve months ended November 30, 2023. 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 bounced off the bear market lows to rally during the year, even though there were a couple of bumps along the way. For the twelve months ended November 30, 2023, BLES was up 5.26% on a market price basis and 5.43% on the net asset value (“NAV”). Since its inception (2-27-2017), BLES has had an annualized return of 7.71% on a market price basis and 7.69% on the NAV.

 

ISMD - Inspire Small/Mid Cap ETF

 

The small-cap and mid-cap markets underperformed the large-cap market for the year due to the strong performance of the mega-cap stocks that have captured the attention of the US market for most of the past 12 months. With the small-cap and mid-cap markets underperforming large-cap, they fell short of positive returns for the twelve months ended November 30, 2023, as ISMD returned -0.45% on a market price basis and -0.98% on the NAV. Since inception (2-27-2017), ISMD has had an annualized return of 6.17% on a market price basis and 6.19% on the NAV.

 

IBD – Inspire Corporate Bond ETF

 

The Federal Reserve went back on the sidelines after a period of the most aggressive interest rate increase path over the past two years by pausing during the last couple of meetings. Due to expectations for a slowing economy, stable interest rates, and falling inflation numbers, the fixed-income markets actually turned in positive numbers, giving us positive total returns for IBD over the past fiscal year. We believe interest rates have peaked and could start falling sometime in 2024. For the twelve months ended November 30, 2023, IBD returned 3.17% on a market price basis and 3.62% on the NAV. Since its inception (7-10-2017), IBD has had an annualized return of 0.79% on a market price basis and 0.82% on the NAV.

1

 

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 participated in the US large-cap rally over the past year but failed to keep pace with the mega-cap heavy large-cap index. For the twelve months ended November 30, 2023, BIBL was up 3.98% on a market price basis and 3.91% on the NAV. Since its inception (10-30-2017), BIBL has had an annualized return of 8.67% on a market price basis and 8.68% on the NAV.

 

WWJD – Inspire International ETF

 

WWJD reached its 4th anniversary on 9-30-2023 and holds approximately 200 stocks with 80% exposure to international developed markets and 20% to emerging markets. The international and emerging markets participated in the global market rally along with the US large-cap markets with positive performance over the past year. We believe the global economy will continue to lead the global recovery in the coming years as the international and emerging markets should play a more positive role in portfolios in 2024. For the twelve months ended November 30, 2023, WWJD was up 7.26% on a market price basis and 8.01% on the NAV. Since its inception (9-30-2019), WWJD has had an annualized return of 7.79% on a market price basis and 7.77% 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 three full years of history. RISN holds an 80% exposure to US large cap stocks and 20% to US fixed income during normal market conditions 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 moved into a more aggressive position halfway through the fiscal year after it had been in a very defensive/conservative allocation due to the risk metrics seen during the market correction/bear market and the first leg of the market rally. For the twelve months ended November 30, 2023, RISN was up 3.90% on a market price basis and 4.03% on the NAV. Since its inception (7-15-2020), RISN has had an annualized return of 3.55% on a market price basis and 3.56% on the NAV.

 

GLRY – Inspire Faithward Mid Cap Momentum ETF

 

GLRY was launched as an active fund in the mid-cap momentum space. GLRY holds between 35 and 45 stocks with a market capitalization between $3 billion and $13 billion, which the portfolio managers believe has 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 world’s most inspiring, biblically aligned companies. 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. As the momentum factor was out of favor for much of 2022 it was encouraging to see the momentum factor come into favor during the past year giving the fund strong positive performance over the past fiscal year. For the twelve months ended November 30, 2023, GLRY was up 6.81% on a market price basis and 6.72% on the NAV. Since its inception (12-07-2020), GLRY has had an annualized return of 2.57% on a market price basis and 2.57% on the NAV.

2

 

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. As a global all cap fund FDLS benefited from the global market recovery as well as the upward momentum in US large cap stocks. For the twelve months ended November 30, 2023, FDLS returned 4.72% on a market price basis and 5.09% on the NAV. Since its inception (8-23-2023), FDLS has had an annualized return of 7.51% on a market price basis and 7.51% on the NAV.

 

Note: None of the Inspire ETFs use derivatives. Although Inspire doesn’t have a policy or practice of maintaining a specified level of distributions or yield payout to shareholders, we seek to pay out income monthly from the fixed income fund and quarterly from the equity funds. All funds continue to be invested in ways consistent with the objectives and investment strategy detailed in each fund’s prospectus.

 

Closing Comments

 

2023 has been another challenging year as the world saw a slowing economy, an apparent end to rising interest rates, falling inflation, and continued geopolitical tensions. Even with all those challenges, it seems like we are in the beginning stages of the new bull market following the global bear market/correction in the capital markets in 2022. Even with the upward momentum we have seen during the year, we have all been subject to some difficulties, and we remain 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.

 

Despite the many challenges mentioned above, we hope to see a positive year in 2024. The bottom line is that - God is Sovereign, and our trust is in Him, not 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 2024.

 

Sincerely,

 

Darrell Jayroe

Senior Portfolio Manager

Inspire Investing

3

 

The views in this report were those of the Author as of November 30, 2023, and may not reflect their views on the date that this report was first published or any time thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

 

Inspire Investing LLC (“Inspire”), the adviser, provides certain indices that the Funds 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 an 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 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, pay more than the net asset value when buying, and receive less than the 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 a fund that does not focus on 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 an 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 www.inspireetf.com. Read it carefully. The Funds are distributed by Foreside Distributors, LLC.

 

Inspire and Foreside Distributors, LLC are not affiliated.

4

 

Inspire Global Hope ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmarks:

 

        Annualized
    Annualized Annualized Since Inception** -
  One Year Three Year Five Year November 30, 2023
Inspire Global Hope ETF - NAV 5.43% 5.73% 8.76% 7.69%
Inspire Global Hope ETF - Market Price 5.26% 5.91% 8.54% 7.71%
Inspire Global Hope Large Cap Equal Weight Index *** 6.06% 6.38% 8.95% 8.11%
S&P Global 1200 Total Return Index **** 12.88% 7.55% 10.34% 9.97%

 

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

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.61% per the March 30, 2023 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 Score® methodology which measures a company’s positive impact on the world. Under normal circumstances, the index will be comprised of 50% US large cap companies, 40% international developed large cap companies and 10% emerging market large cap companies. Inspire defines “large cap” as a market capitalization of $5B or greater. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in United States Dollars. Investors cannot invest directly in an index.

 

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

 

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

5

 

Inspire Global Hope ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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  
Common Stocks        
Banking     7.4 %
Oil & Gas Producers     6.9 %
Electric Utilities     6.3 %
Software     5.0 %
Insurance     4.6 %
Medical Equipment & Devices     4.6 %
Semiconductors     4.0 %
Technology Services     3.9 %
Chemicals     3.7 %
Transportation & Logistics     3.2 %
Preferred Stock        
Chemicals     0.2 %
Rights        
Construction Materials     0.0 % ^
Medical Equipment & Devices     0.0 % ^
Collateral For Securities Loaned     0.0 % ^
Other Sectors     49.7 %
Other Assets in Excess of Liabilities     0.5 %
      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.

6

 

Inspire Small/Mid Cap ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmarks:

 

        Annualized
    Annualized Annualized Since Inception** -
  One Year Three Year Five Year November 30, 2023
Inspire Small/Mid Cap ETF - NAV (0.98)% 7.95% 6.45% 6.19%
Inspire Small/Mid Cap ETF - Market Price (0.45)% 7.88% 6.41% 6.17%
Inspire Small/Mid Cap Impact Equal Weight Index *** (0.61)% 9.12% 7.69% 7.37%
S&P SmallCap 600 Equal Weight Total Return Index **** (6.34)% 6.63% 6.24% 6.28%

 

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

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.54% per the March 30, 2023 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 Score® methodology which measures a company’s positive impact on the world. Under normal circumstances the index will be comprised of 50% U.S. mid cap companies with market cap between $2B-3.5B, and 50% U.S. small cap companies with market cap between $1B-2B. The adviser believes that companies in this “smid cap” capitalization range have the potential to deliver above average growth. The index is equally weighted, rebalanced quarterly and calculated on a gross total return basis in United States Dollars. Investors cannot invest directly in an index.

 

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

 

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

7

 

Inspire Small/Mid Cap ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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  
Common Stocks        
Banking     11.8 %
Biotech & Pharma     4.9 %
Software     4.6 %
Machinery     4.0 %
Chemicals     3.9 %
Insurance     3.7 %
Semiconductors     3.5 %
Home Construction     3.3 %
Health Care Facilities & Services     3.2 %
Technology Hardware     3.1 %
Collateral For Securities Loaned     0.9 %
Other Sectors     52.9 %
Other Assets in Excess of Liabilities     0.2 %
      100.0 %

 

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

8

 

Inspire Corporate Bond ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmarks:

 

        Annualized
    Annualized Annualized Since Inception** -
  One Year Three Year Five Year November 30, 2023
Inspire Corporate Bond ETF - NAV 3.62% (2.55)% 1.17% 0.82%
Inspire Corporate Bond ETF - Market Price 3.17% (2.74)% 1.07% 0.79%
Inspire Corporate Bond Impact Equal Weight Index *** 4.19% (2.07)% 2.65% 2.14%
Bloomberg U.S. Intermediate Credit Total Return Index **** 4.01% (2.01)% 2.12% 1.66%
Bloomberg U.S Intermediate Corporate Bond Total Return Index ***** 4.28% (1.73)% 2.07% 1.79%

 

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

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.45% per the March 30, 2023 prospectus.

 

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

 

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

 

**** The Bloomberg U.S. Intermediate Credit Total Return Index (LUICTRUU) measures the performance of investment grade, US dollar denominated, fixed-rate, taxable corporate and government-related debt with less than ten years to maturity. It is composed of a corporate and a non-corporate component that includes non-US agencies, sovereigns, supranationals and local authorities. Investors cannot invest directly in an index.

 

***** The Bloomberg U.S. Intermediate Corporate Bond Total Return Index (LB06TRUU) measures the investment grade, fixed-rate, taxable corporate bond market whose maturity ranges between 1 to 9.9999 years. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Investors cannot invest directly in an index.

 

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

9

 

Inspire Corporate Bond ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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  
Corporate Bonds        
Real Estate Investment Trusts     19.6 %
Oil & Gas Producers     11.9 %
Electric Utilities     5.4 %
Commercial Support Services     5.2 %
Electrical Equipment     4.9 %
Technology Services     4.8 %
Insurance     4.0 %
Machinery     3.3 %
Technology Hardware     3.0 %
Chemicals     2.9 %
Other Sectors     32.7 %
Other Assets in Excess of Liabilities     2.3 %
      100.0 %

 

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

10

 

Inspire 100 ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmarks:

 

        Annualized
    Annualized Annualized Since Inception** -
  One Year Three Year Five Year November 30, 2023
Inspire 100 ETF - NAV 3.91% 3.42% 9.39% 8.68%
Inspire 100 ETF - Market Price 3.98% 3.39% 9.38% 8.67%
Inspire 100 Index *** 4.29% 3.94% 10.26% 9.52%
S&P 500 Total Return Index **** 13.84% 9.76% 12.51% 11.85%

 

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

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2024 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.35% 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 0.45% per the March 30, 2023 prospectus.

 

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

 

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

 

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

 

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

11

 

Inspire 100 ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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  
Common Stocks        
Software     12.9 %
Medical Equipment & Devices     11.3 %
Technology Services     8.8 %
Semiconductors     6.9 %
Machinery     6.1 %
Technology Hardware     3.8 %
Oil & Gas Producers     3.6 %
Industrial Reit     3.5 %
Commercial Support Services     3.4 %
Insurance     3.4 %
Other Sectors     36.1 %
Other Assets in Excess of Liabilities     0.2 %
      100.0 %

 

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

12

 

Inspire International ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmarks:

 

      Annualized
    Annualized Since Inception** -
  One Year Three Year November 30, 2023
Inspire International ETF - NAV 8.01% 4.68% 7.77%
Inspire International ETF - Market Price 7.26% 4.75% 7.79%
Inspire Global Hope Ex-US Index *** 9.91% 4.80% 6.93%
S&P International 700 Total Return Index **** 10.95% 3.64% 6.01%

 

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

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.80% per the March 30, 2023 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.

13

 

Inspire International ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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  
Common Stocks        
Banking     12.2 %
Electric Utilities     8.4 %
Oil & Gas Producers     6.8 %
Insurance     5.5 %
Metals & Mining     4.6 %
Transportation & Logistics     4.4 %
Chemicals     4.1 %
Machinery     3.5 %
Automotive     3.4 %
Semiconductors     3.2 %
Preferred Stock        
Chemicals     0.4 %
Right        
Construction Materials     0.0 % ^
Collateral For Securities Loaned     0.8 %
Other Sectors     43.0 %
Liabilities in Excess of Other Assets     (0.3 )%
      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.

14

 

Inspire Tactical Balanced ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmark:

 

    Annualized Since Inception** -
  One Year Three Year November 30, 2023
Inspire Tactical Balanced ETF - NAV 4.03% 2.28% 3.56%
Inspire Tactical Balanced ETF - Market Price 3.90% 2.53% 3.55%
S&P Target Risk Moderate Index *** 5.09% 0.35% 1.94%

 

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

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.81% per the March 30, 2023 prospectus.

 

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

 

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

 

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

15

 

Inspire Tactical Balanced ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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

 

(LINE GRAPH)

 

The Fund’s Top Asset Types are as follows:

 

Sectors/Industries   % of Net Assets  
Exchange-Traded Funds        
Fixed Income     18.1 %
Common Stocks        
Transportation & Logistics     9.0 %
Technology Services     8.4 %
Machinery     6.0 %
Retail - Discretionary     5.6 %
Software     3.8 %
Health Care Facilities & Services     3.7 %
Industrial Support Services     3.7 %
Banking     3.6 %
Wholesale - Discretionary     3.5 %
Electrical Equipment     3.3 %
Collateral For Securities Loaned     1.1 %
Other Sectors     31.0 %
Liabilities in Excess of Other Assets     (0.8 )%
      100.0 %

 

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

16

 

Inspire Faithward Mid Cap Momentum ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmark:

 

    Since Inception** -
  One Year November 30, 2023
Inspire Faithward Mid Cap Momentum ETF - NAV 6.72% 2.57%
Inspire Faithward Mid Cap Momentum ETF - Market Price 6.81% 2.57%
S&P MidCap 400 Index® *** 1.17% 6.29%

 

* 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. 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, 2024 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.80% 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 1.28% per the March 30, 2023 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 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.

17

 

Inspire Faithward Mid Cap Momentum ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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  
Common Stocks        
Insurance     11.9 %
Oil & Gas Producers     9.4 %
Retail - Consumer Staples     6.1 %
Health Care Facilities & Services     5.8 %
Gas & Water Utilities     5.5 %
Retail - Discretionary     5.4 %
Steel     5.4 %
Chemicals     5.4 %
Software     4.1 %
Commercial Support Services     3.3 %
Other Sectors     36.5 %
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.

18

 

Inspire Fidelis Multi Factor ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

 

The Fund’s performance figures* for the periods ended November 30, 2023, as compared to its benchmarks:

 

    Since Inception** -
  One Year November 30, 2023
Inspire Fidelis Multi Factor ETF - NAV 5.09% 7.51%
Inspire Fidelis Multi Factor ETF - Market Price 4.72% 7.51%
WI Fidelis Multi-Cap, Multi-Factor Index *** 6.29% 8.95%
MSCI ACWI Index **** 12.01% 9.28%

 

* 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. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses (gross) are 0.85% per the March 30, 2023 prospectus.

 

** 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.

 

**** The MSCI ACWI Index is an index representing the equity returns in 23 developed and 24 emerging markets. Investor may not invest in the index directly and the index does not take into account charges, fees and other expenses. Given the Fund’s principal investment strategies, the MSCI ACWI Index is a more appropriate benchmark index for the Fund. 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.

19

 

Inspire Fidelis Multi Factor ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2023

 

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  
Common Stocks        
Oil & Gas Producers     7.4 %
Semiconductors     7.1 %
Technology Hardware     7.1 %
Banking     6.3 %
Software     6.3 %
Electrical Equipment     5.4 %
Biotech & Pharma     4.8 %
Health Care Facilities & Services     3.9 %
Specialty Finance     3.9 %
Retail - Discretionary     3.7 %
Collateral For Securities Loaned     1.6 %
Other Sectors     42.8 %
Liabilities in Excess of Other Assets     (0.3 )%
      100.0 %

 

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

20

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3%        
        AEROSPACE & DEFENSE - 0.3%        
  146,742     Rolls-Royce Holdings plc(a)   $ 497,914  
                 
        APPAREL & TEXTILE PRODUCTS - 0.7%        
  3,306     Cie Financiere Richemont S.A.     412,301  
  217     Hermes International     449,729  
  69,750     PRADA SpA     383,539  
              1,245,569  
        ASSET MANAGEMENT - 2.0%        
  15,723     3i Group plc     442,996  
  12,642     Brookfield Corporation     445,916  
  7,225     Charles Schwab Corporation (The)     443,037  
  16,149     Franklin Resources, Inc.     400,495  
  20,646     Investor A.B.     428,172  
  6,206     Julius Baer Group Ltd.     313,557  
  1,670     LPL Financial Holdings, Inc.     371,241  
  359     Partners Group Holding A.G.     472,525  
              3,317,939  
        AUTOMOTIVE - 1.9%        
  9,798     BorgWarner, Inc.     330,095  
  12,933     Cie Generale des Etablissements Michelin SCA     433,681  
  5,574     Continental A.G.     430,851  
  24,813     Denso Corporation     387,306  
  1,340     Ferrari N.V.     481,005  
  342,293     Geely Automobile Holdings Ltd.     372,932  
  19,200     Mahindra & Mahindra Ltd.     366,144  
  4,978     Toyota Industries Corporation     426,955  
              3,228,969  
        BANKING - 7.4%        
  1,026,063     Bank Mandiri Persero Tbk P.T.     385,862  
  17,702     Bank Polska Kasa Opieki S.A.     621,834  
  1,178,642     Bank Rakyat Indonesia Persero Tbk P.T.     399,675  
  159,426     BDO Unibank, Inc.     383,277  
  146,840     BOC Hong Kong Holdings Ltd.     392,909  
  6,184     Commonwealth Bank of Australia     427,630  

 

See accompanying notes to financial statements.

21

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        BANKING - 7.4% (Continued)        
  32,215     Credit Agricole S.A.   $ 421,516  
  16,976     Danske Bank A/S     439,210  
  15,675     Fifth Third Bancorp     453,791  
  289     First Citizens BancShares, Inc., Class A     424,220  
  480,558     First Financial Holding Company Ltd.     424,080  
  46,987     Grupo Financiero Banorte SAB de CV     437,354  
  32,824     Hang Seng Bank Ltd.     363,504  
  38,212     Huntington Bancshares, Inc.     430,267  
  17,164     ICICI Bank Ltd. - ADR     380,526  
  153,327     Intesa Sanpaolo SpA     440,807  
  22,935     KakaoBank Corporation     462,314  
  6,289     KBC Group N.V.     360,036  
  3,136     M&T Bank Corporation     401,941  
  3,741     Macquarie Group Ltd.     417,850  
  21,388     National Australia Bank Ltd.     401,334  
  11,302     OTP Bank Nyrt     469,744  
  51,150     Powszechna Kasa Oszczednosci Bank Polski S.A.(a)     607,623  
  23,111     Regions Financial Corporation     385,491  
  33,429     Skandinaviska Enskilda Banken A.B.     415,074  
  40,950     Standard Bank Group Ltd.     434,931  
  1,583     SVB Financial Group(a)     32  
  44,094     Svenska Handelsbanken A.B., A Shares     417,340  
  21,550     Swedbank A.B., A Shares     394,697  
  19,163     United Overseas Bank Ltd.     389,912  
              12,384,781  
        BEVERAGES - 0.3%        
  7,498     Monster Beverage Corporation(a)     413,515  
                 
        BIOTECH & PHARMA - 2.3%        
  2,249     Alnylam Pharmaceuticals, Inc.(a)     378,394  
  3,851     Celltrion, Inc.     482,650  
  12,838     Chugai Pharmaceutical Company Ltd.     451,869  
  2,456     CSL Ltd.     425,528  
  1,122     Genmab A/S(a)     354,015  

 

See accompanying notes to financial statements.

22

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        BIOTECH & PHARMA - 2.3% (Continued)        
  6,874     Incyte Corporation(a)   $ 373,533  
  3,497     Neurocrine Biosciences, Inc.(a)     407,715  
  14,589     Royalty Pharma plc, Class A     394,924  
  3,264     Sarepta Therapeutics, Inc.(a)     265,298  
  4,825     UCB S.A.     356,256  
              3,890,182  
        CABLE & SATELLITE - 0.2%        
  4,370     Liberty Broadband Corporation - Series A(a)     362,448  
                 
        CHEMICALS - 3.7%        
  2,351     Air Liquide S.A.     444,715  
  5,544     Akzo Nobel N.V.     425,153  
  2,330     Albemarle Corporation     282,559  
  4,619     CF Industries Holdings, Inc.     347,118  
  2,407,911     Chandra Asri Petrochemical Tbk P.T.     456,630  
  592     EMS-Chemie Holding A.G.     419,520  
  120     Givaudan S.A.     448,419  
  4,206     LyondellBasell Industries N.V., Class A     399,991  
  11,180     Mosaic Company (The)     401,250  
  6,409     Nutrien Ltd.     342,825  
  3,056     PPG Industries, Inc.     433,921  
  4,184     RPM International, Inc.     430,659  
  3,590     Solvay S.A.     414,757  
  4,190     Symrise A.G.     470,622  
  3,181     Westlake Corporation     408,409  
              6,126,548  
        COMMERCIAL SUPPORT SERVICES - 1.5%        
  822     Cintas Corporation     454,771  
  6,308     Edenred     343,274  
  2,788     Republic Services, Inc.     451,210  
  10,589     Rollins, Inc.     431,396  
  4,788     SGS S.A.     406,286  
  2,607     Waste Management, Inc.     445,771  
              2,532,708  

 

See accompanying notes to financial statements.

23

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        CONSTRUCTION MATERIALS - 1.8%        
  1,530     Carlisle Companies, Inc.   $ 429,027  
  6,601     Cie de Saint-Gobain     429,697  
  6,185     Holcim Ltd.     454,193  
  971     Martin Marietta Materials, Inc.     451,117  
  48,555     Siam Cement PCL (The)     393,964  
  1,576     Sika A.G.     426,933  
  1,968     Vulcan Materials Company     420,286  
              3,005,217  
        CONTAINERS & PACKAGING - 0.8%        
  43,394     Amcor plc     409,712  
  11,201     International Paper Company     413,765  
  2,583     Packaging Corp of America     433,970  
              1,257,447  
        DATA CENTER REIT - 0.3%        
  3,280     Digital Realty Trust, Inc.     455,198  
                 
        DIVERSIFIED INDUSTRIALS - 0.8%        
  11,777     Alfa Laval A.B.     438,915  
  2,851     Dover Corporation     402,447  
  1,726     Illinois Tool Works, Inc.     418,054  
              1,259,416  
        ELECTRIC UTILITIES - 6.3%        
  26,005     AES Corporation (The)     447,546  
  8,212     Alliant Energy Corporation     415,281  
  13,177     Avangrid, Inc.     406,774  
  14,787     CenterPoint Energy, Inc.     418,028  
  53,572     CLP Holdings Ltd.     416,664  
  3,624     Constellation Energy Corporation     438,649  
  33,857     E.ON S.E.     439,795  
  96,020     EDP - Energias de Portugal S.A.     458,467  
  24,657     EDP Renovaveis S.A.     449,505  
  19,529     Endesa S.A.     407,775  
  3,513,774     Enel Americas S.A.(a)     409,655  
  64,836     Enel SpA     457,691  

 

See accompanying notes to financial statements.

24

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        ELECTRIC UTILITIES - 6.3% (Continued)        
  26,075     Engie S.A.   $ 451,743  
  4,285     Entergy Corporation     434,542  
  7,817     Evergy, Inc.     398,980  
  10,425     Fortis, Inc.     417,658  
  33,326     Fortum OYJ     467,355  
  325,840     Gulf Energy Development PCL     423,743  
  35,513     Iberdrola S.A.     438,501  
  11,794     RWE A.G.     505,365  
  20,273     SSE plc     468,957  
  53,322     Terna Rete Elettrica Nazionale SpA     429,222  
  4,877     Verbund A.G.     464,451  
  4,931     WEC Energy Group, Inc.     412,330  
              10,478,677  
        ELECTRICAL EQUIPMENT - 1.7%        
  2,681     AMETEK, Inc.     416,172  
  4,721     Amphenol Corporation, Class A     429,564  
  18,261     Assa Abloy A.B., Class B     467,215  
  7,170     Carrier Global Corporation     372,553  
  176,260     Delta Electronics Thailand PCL     387,431  
  2,994     Keysight Technologies, Inc.(a)     406,855  
  7,326     Trimble, Inc.(a)     339,926  
              2,819,716  
        ENGINEERING & CONSTRUCTION - 0.5%        
  12,819     Ferrovial S.E.(c)     443,112  
  2,782     WSP Global, Inc.     385,112  
              828,224  
        ENTERTAINMENT CONTENT - 0.3%        
  73,695     Bollore S.E.     420,690  
                 
        FOOD - 2.1%        
  10,274     Ajinomoto Company, Inc.     382,967  
  9,661     Campbell Soup Company     388,179  
  118,825     China Mengniu Dairy Company Ltd.     372,714  
  33     Chocoladefabriken Lindt & Spruengli A.G.     407,784  

 

See accompanying notes to financial statements.

25

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        FOOD - 2.1% (Continued)        
  14,509     Conagra Brands, Inc.   $ 410,460  
  81,973     Grupo Bimbo S.A.B. de C.V.     412,046  
  10,424     Hormel Foods Corporation     318,870  
  4,297     Lamb Weston Holdings, Inc.     429,828  
  145,728     Wilmar International Ltd.     395,426  
              3,518,274  
        FORESTRY, PAPER & WOOD PRODUCTS - 0.5%        
  36,650     Suzano S.A.     398,342  
  11,633     UPM-Kymmene OYJ     406,167  
              804,509  
        GAS & WATER UTILITIES - 1.0%        
  3,756     Atmos Energy Corporation     427,470  
  582,224     Hong Kong & China Gas Company Ltd.     400,282  
  14,722     Naturgy Energy Group S.A.     439,353  
  85,205     Snam SpA     428,714  
              1,695,819  
        HEALTH CARE FACILITIES & SERVICES - 1.5%        
  909     Elevance Health, Inc.     435,856  
  12,811     Fresenius S.E. & Company KGaA     405,607  
  1,615     ICON PLC, ADR(a)     431,108  
  2,017     IQVIA Holdings, Inc.(a)     431,840  
  864     Lonza Group A.G.     333,913  
  1,204     Molina Healthcare, Inc.(a)     440,135  
              2,478,459  
        HEALTH CARE REIT - 0.7%        
  21,616     Healthpeak Properties, Inc.     374,389  
  9,412     Ventas, Inc.     431,446  
  4,825     Welltower, Inc.     429,908  
              1,235,743  
        HOME CONSTRUCTION - 1.4%        
  3,693     DR Horton, Inc.     471,485  
  802     Geberit A.G.     448,258  
  3,533     Lennar Corporation, Class A     451,941  
  69     NVR, Inc.(a)     424,722  

 

See accompanying notes to financial statements.

26

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        HOME CONSTRUCTION - 1.4% (Continued)        
  5,378     PulteGroup, Inc.   $ 475,523  
              2,271,929  
        HOUSEHOLD PRODUCTS - 0.4%        
  3,096     Beiersdorf A.G.     433,670  
  1,199     LG Household & Health Care Ltd.     307,646  
              741,316  
        INDUSTRIAL REIT - 0.5%        
  28,647     Goodman Group     430,604  
  3,531     Prologis, Inc.     405,818  
              836,422  
        INDUSTRIAL SUPPORT SERVICES - 1.2%        
  6,424     Ashtead Group PLC     386,240  
  7,258     Fastenal Company     435,262  
  892     United Rentals, Inc.     424,610  
  217,639     United Tractors Tbk P.T.     306,396  
  1,053     Watsco, Inc.     402,488  
              1,954,996  
        INSTITUTIONAL FINANCIAL SERVICES - 1.8%        
  163,029     B3 S.A. - Brasil Bolsa Balcao     443,314  
  2,543     Cboe Global Markets, Inc.     463,309  
  2,291     Deutsche Boerse A.G.     434,612  
  10,933     Hong Kong Exchanges & Clearing Ltd.     388,002  
  4,592     Interactive Brokers Group, Inc., Class A     357,441  
  3,620     Intercontinental Exchange, Inc.     412,101  
  3,947     London Stock Exchange Group plc     443,732  
              2,942,511  
        INSURANCE - 4.6%        
  49,373     AIA Group Ltd.     426,041  
  63,611     BB Seguridade Participacoes S.A.     405,802  
  5,684     Brown & Brown, Inc.     424,822  
  3,890     Cincinnati Financial Corporation     399,853  
  19,119     Dai-ichi Life Holdings, Inc.     397,345  
  1,349     Erie Indemnity Company, Class A     398,818  
  481     Fairfax Financial Holdings Ltd.     442,151  

 

See accompanying notes to financial statements.

27

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        INSURANCE - 4.6% (Continued)        
  2,715     Intact Financial Corporation   $ 420,798  
  146,472     Legal & General Group plc     423,964  
  6,281     Loews Corporation     441,491  
  9,106     Mandatum Holding Oy(a)     38,959  
  272     Markel Group, Inc.(a)     391,432  
  15,548     Power Corp of Canada     430,278  
  2,859     Progressive Corporation (The)     468,963  
  36,823     Prudential PLC     401,144  
  9,106     Sampo OYJ     397,917  
  639     Swiss Life Holding A.G.     409,113  
  21,793     Tryg A/S     469,972  
  6,254     W R Berkley Corporation     453,728  
              7,642,591  
        INTERNET MEDIA & SERVICES - 1.4%        
  126     Booking Holdings, Inc.(a)     393,838  
  2,499     Naspers Ltd.(a),     460,467  
  13,509     Prosus N.V.     446,967  
  3,999     REA Group Ltd.     410,205  
  45,525     Snap, Inc., Class A(a)     629,611  
              2,341,088  
        MACHINERY - 3.0%        
  29,917     Atlas Copco A.B.     461,200  
  1,459     Caterpillar, Inc.     365,800  
  32,291     CNH Industrial N.V.     342,310  
  2,219     Disco Corporation     480,329  
  15,319     FANUC Corporation     425,114  
  5,440     Graco, Inc.     439,443  
  1,775     Nordson Corporation     417,729  
  1,017     Parker-Hannifin Corporation     440,544  
  21,581     Sandvik A.B.     425,369  
  889     SMC Corporation     446,455  
  1,557     Snap-on, Inc.     427,692  
  54,757     WEG S.A.     380,589  
              5,052,574  

 

See accompanying notes to financial statements.

28

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        MEDICAL EQUIPMENT & DEVICES - 4.6%        
  1,306     Align Technology, Inc.(a)   $ 279,223  
  1,100     Bio-Rad Laboratories, Inc., Class A(a)     335,412  
  3,775     Coloplast A/S - Series B     445,350  
  2,288     EssilorLuxottica S.A.     436,085  
  5,837     Exact Sciences Corporation(a)     373,568  
  5,702     Hologic, Inc.(a)     406,553  
  908     IDEXX Laboratories, Inc.(a)     422,965  
  2,483     Insulet Corporation(a)     469,509  
  1,359     Intuitive Surgical, Inc.(a)     422,432  
  19,894     Koninklijke Philips N.V.(a)     406,411  
  361     Mettler-Toledo International, Inc.(a)     394,187  
  2,687     ResMed, Inc.     423,821  
  3,588     Revvity, Inc.     318,973  
  1,700     Sartorius Stedim Biotech     381,889  
  1,689     Sonova Holding A.G.     486,671  
  3,126     Straumann Holding A.G.     429,302  
  1,455     Stryker Corporation     431,160  
  1,450     Waters Corporation(a)     406,885  
  1,057     West Pharmaceutical Services, Inc.     370,753  
              7,641,149  
        METALS & MINING - 3.1%        
  8,786     Agnico Eagle Mines Ltd.     471,722  
  10,705     Anglo American Platinum Ltd.     452,946  
  22,909     Antofagasta plc     407,318  
  14,120     BHP Group Ltd.     431,950  
  29,884     Fortescue Metals Group Ltd.     493,426  
  2,982     Franco-Nevada Corporation     334,010  
  10,672     Freeport-McMoRan, Inc.     398,279  
  10,765     Newmont Corporation     432,645  
  9,233     Newmont Corporation     367,368  
  5,490     Rio Tinto Ltd.     453,564  
  5,276     Southern Copper Corporation     379,503  
  9,819     Wheaton Precious Metals Corporation     480,146  
              5,102,877  

 

See accompanying notes to financial statements.

29

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        MULTI ASSET CLASS REIT - 0.3%        
  7,363     WP Carey, Inc.   $ 458,273  
                 
        OFFICE REIT - 0.5%        
  3,976     Alexandria Real Estate Equities, Inc.     434,974  
  6,672     Boston Properties, Inc.     379,837  
  451     NET Lease Office Properties(a)     7,374  
              822,185  
        OIL & GAS PRODUCERS – 6.9%        
  14,339     Aker BP ASA     410,915  
  9,645     APA Corporation     347,220  
  6,078     Canadian Natural Resources Ltd.     405,884  
  18,914     Cenovus Energy, Inc.     335,525  
  4,603     Chesapeake Energy Corporation     369,667  
  14,658     Coterra Energy, Inc.     384,773  
  8,316     Devon Energy Corporation     373,971  
  2,572     Diamondback Energy, Inc.     397,143  
  97,905     ENEOS Holdings, Inc.     385,946  
  24,373     Eni SpA     402,361  
  3,128     EOG Resources, Inc.     384,963  
  9,803     EQT Corporation     391,728  
  12,037     Equinor ASA     387,217  
  25,568     Inpex Corporation     360,458  
  23,967     Kinder Morgan, Inc.     421,100  
  14,820     Marathon Oil Corporation     376,873  
  52,966     MOL Hungarian Oil & Gas plc     421,629  
  6,104     Occidental Petroleum Corporation     361,052  
  8,236     OMV A.G.     350,935  
  6,270     ONEOK, Inc.     431,690  
  29,884     ORLEN S.A.     440,966  
  8,339     Ovintiv, Inc.     369,751  
  85,176     PTT Exploration & Production PCL     364,813  
  77,771     Santos Ltd.     355,069  
  4,623     Targa Resources Corporation     418,150  
  5,908     TotalEnergies S.E.     400,340  

 

See accompanying notes to financial statements.

30

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        OIL & GAS PRODUCERS – 6.9% (Continued)        
  7,831     Tourmaline Oil Corporation   $ 379,066  
  2,803     Valero Energy Corporation     351,384  
  11,810     Williams Companies, Inc. (The)     434,489  
  16,846     Woodside Energy Group Ltd.     345,045  
              11,560,123  
        OIL & GAS SERVICES & EQUIPMENT - 0.4%        
  9,803     Halliburton Company     363,005  
  6,775     Schlumberger Ltd     352,571  
              715,576  
        PUBLISHING & BROADCASTING - 0.5%        
  43,536     Informa plc     408,327  
  7,004     Liberty Media Corp-Liberty Formula One(a)     401,539  
              809,866  
        REAL ESTATE OWNERS & DEVELOPERS - 1.2%        
  77,540     CK Asset Holdings Ltd.     367,803  
  728,722     SM Prime Holdings, Inc.     423,874  
  15,178     Sumitomo Realty & Development Company Ltd.     427,345  
  195,348     Swire Properties Ltd.     379,649  
  16,526     Vonovia S.E.     459,016  
              2,057,687  
        RENEWABLE ENERGY - 0.4%        
  3,317     Enphase Energy, Inc.(a)     335,083  
  2,463     First Solar, Inc.(a)     388,612  
              723,695  
        RESIDENTIAL REIT - 1.9%        
  4,195     Camden Property Trust     378,641  
  6,242     Equity LifeStyle Properties, Inc.     443,806  
  6,783     Equity Residential     385,546  
  1,877     Essex Property Trust, Inc.     400,664  
  12,518     Invitation Homes, Inc.     417,600  
  3,085     Mid-America Apartment Communities, Inc.     384,021  
  3,363     Sun Communities, Inc.     434,970  
  11,149     UDR, Inc.     372,377  
              3,217,625  

 

See accompanying notes to financial statements.

31

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        RETAIL - CONSUMER STAPLES - 2.1%        
  19,771     Aeon Company Ltd.   $ 408,228  
  7,702     Alimentation Couche-Tard, Inc.     439,349  
  40,263     BIM Birlesik Magazalar A/S     429,502  
  210,059     Cencosud S.A.     390,718  
  3,755     Dollar General Corporation     492,355  
  3,731     Dollar Tree, Inc.(a)     461,114  
  17,768     Jeronimo Martins SGPS S.A.     438,979  
  48,602     President Chain Store Corporation     417,288  
              3,477,533  
        RETAIL - DISCRETIONARY - 1.5%        
  159     AutoZone, Inc.(a)     414,979  
  3,173     Builders FirstSource, Inc.(a)     425,530  
  2,756     Genuine Parts Company     365,942  
  433     O’Reilly Automotive, Inc.(a)     425,370  
  26,648     SM Investments Corporation     393,026  
  1,963     Tractor Supply Company     398,509  
              2,423,356  
        RETAIL REIT - 0.5%        
  22,552     Kimco Realty Corporation     435,705  
  3,682     Simon Property Group, Inc.     459,845  
              895,550  
        SELF-STORAGE REIT - 0.5%        
  3,273     Extra Space Storage, Inc.     426,046  
  1,506     Public Storage     389,693  
              815,739  
        SEMICONDUCTORS - 4.0%        
  14,561     Advantest Corporation     459,770  
  683     ASML Holding N.V.     463,114  
  481     Broadcom, Inc.     445,276  
  4,221     Entegris, Inc.     440,672  
  11,973     Infineon Technologies A.G.     463,257  
  866     KLA Corporation     471,641  
  4,610     Lattice Semiconductor Corporation(a)     269,916  
  7,310     Marvell Technology, Inc.     407,386  

 

See accompanying notes to financial statements.

32

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        SEMICONDUCTORS - 4.0% (Continued)        
  5,075     Microchip Technology, Inc.   $ 423,458  
  860     Monolithic Power Systems, Inc.     471,899  
  1,986     NXP Semiconductors N.V.     405,303  
  4,246     ON Semiconductor Corporation(a)     302,867  
  26,479     Renesas Electronics Corporation(a)     465,019  
  4,021     Skyworks Solutions, Inc.     389,756  
  9,262     STMicroelectronics N.V.     438,050  
  3,943     Teradyne, Inc.     363,663  
              6,681,047  
        SOFTWARE - 5.0%        
  1,334     ANSYS, Inc.(a)     391,342  
  1,697     Cadence Design Systems, Inc.(a)     463,739  
  2,982     Check Point Software Technologies Ltd.(a)     435,372  
  6,246     Cloudflare, Inc., Class A(a)     481,879  
  192     Constellation Software, Inc.     451,013  
  2,368     Crowdstrike Holdings, Inc., CLASS A(a)     561,193  
  10,827     Dassault Systemes S.E.     506,293  
  4,336     Datadog, Inc., Class A(a)     505,448  
  6,767     Fortinet, Inc.(a)     355,674  
  2,007     Manhattan Associates, Inc.(a)     447,661  
  4,891     Okta, Inc.(a)     327,942  
  819     Roper Technologies, Inc.     440,827  
  707     ServiceNow, Inc.(a)     484,818  
  2,596     Snowflake, Inc.(a)     487,217  
  7,550     SS&C Technologies Holdings, Inc.     424,763  
  864     Synopsys, Inc.(a)     469,351  
  1,017     Tyler Technologies, Inc.(a)     415,790  
  1,946     Veeva Systems, Inc., Class A(a)     339,207  
  9,509     WiseTech Global Ltd.     419,690  
              8,409,219  
        SPECIALTY FINANCE - 0.0%(b)        
  1     Isracard Ltd.     4  
                 

See accompanying notes to financial statements.

33

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        STEEL - 0.8%        
  2,531     Nucor Corporation   $ 430,194  
  1,511     Reliance Steel & Aluminum Company     415,918  
  3,707     Steel Dynamics, Inc.     441,615  
              1,287,727  
        TECHNOLOGY HARDWARE - 1.8%        
  2,169     Arista Networks, Inc.(a)     476,551  
  3,778     Garmin Ltd.     461,823  
  3,121     Jabil, Inc.     359,914  
  5,225     NetApp, Inc.     477,512  
  1,050     Samsung SDI Company Ltd.     381,301  
  1,441     Super Micro Computer, Inc.(a)     394,070  
  1,668     Zebra Technologies Corporation, Class A(a)     395,283  
              2,946,454  
        TECHNOLOGY SERVICES - 3.9%        
  4,678     Amdocs Ltd.     391,876  
  5,866     Cognizant Technology Solutions Corporation, Class A     412,849  
  3,650     Coinbase Global, Inc., Class A(a)     455,228  
  5,167     CoStar Group, Inc.(a)     429,068  
  1,555     EPAM Systems, Inc.(a)     401,485  
  2,170     Equifax, Inc.     472,431  
  458     Fair Isaac Corporation(a)     498,121  
  7,182     Fidelity National Information Services, Inc.     421,152  
  1,560     FleetCor Technologies, Inc.(a)     375,180  
  1,156     Gartner, Inc.(a)     502,674  
  2,627     Jack Henry & Associates, Inc.     416,879  
  775     MSCI, Inc.     403,659  
  3,443     Paychex, Inc.     419,943  
  1,684     Verisk Analytics, Inc.     406,568  
  3,297     Wolters Kluwer N.V.     453,212  
              6,460,325  
        TELECOMMUNICATIONS - 1.4%        
  27,273     Hellenic Telecommunications Organization S.A.     399,834  
  120,553     Koninklijke KPN N.V.     412,908  
  66,835     MTN Group Ltd.     364,961  

 

See accompanying notes to financial statements.

34

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        TELECOMMUNICATIONS - 1.4% (Continued)        
  224,914     Singapore Telecommunications Ltd.   $ 388,368  
  134,869     Taiwan Mobile Company Ltd.     422,796  
  160,506     Telstra Group Ltd.     405,109  
              2,393,976  
        TIMBER REIT - 0.2%        
  12,985     Weyerhaeuser Company     407,080  
                 
        TRANSPORTATION & LOGISTICS - 3.2%        
  2,667     Aena SME S.A.     458,480  
  3,650     Canadian National Railway Company     423,573  
  12,868     CSX Corporation     415,636  
  2,126     DSV A/S     319,878  
  6,895     East Japan Railway Company     371,847  
  428,863     Eva Airways Corporation     427,647  
  3,455     Expeditors International of Washington, Inc.     415,775  
  2,111     JB Hunt Transport Services, Inc.     391,105  
  1,399     Kuehne + Nagel International A.G.     404,549  
  967     Old Dominion Freight Line, Inc.     376,221  
  37,971     Poste Italiane SpA     408,143  
  4,113     Ryanair Holdings plc - ADR(a)     486,239  
  48,623     Transurban Group     416,356  
              5,315,449  
        TRANSPORTATION EQUIPMENT - 0.5%        
  4,673     PACCAR, Inc.     429,075  
  18,874     Volvo A.B.     445,338  
              874,413  
        WHOLESALE - CONSUMER STAPLES - 0.5%        
  3,670     Bunge Global S.A.     403,223  
  10,715     ITOCHU Corporation     414,728  
              817,951  
        WHOLESALE - DISCRETIONARY - 0.7%        
  9,199     Copart, Inc.(a)     461,974  
  8,026     LKQ Corporation     357,398  

 

See accompanying notes to financial statements. 

35

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares                     Fair Value  
        COMMON STOCKS — 99.3% (Continued)      
        WHOLESALE - DISCRETIONARY - 0.7% (Continued)      
  1,114     Pool Corporation $ 386,914  
                          1,206,286  
                             
        TOTAL COMMON STOCKS (Cost $149,755,817)   165,562,554  
                             
        PREFERRED STOCK — 0.2%      
        CHEMICALS — 0.2%      
  6,694     Sociedad Quimica y Minera de Chile S.A., Class B (Cost $396,422)   340,484  
                             
Shares         Expiration Date   Exercise Price     Fair Value  
      RIGHTS — 0.0%(b)                
        CONSTRUCTION MATERIALS - 0.0% (b)                    
  6,218     Siam Cement PCL (a)(f)   12/07/2023   $ 0.0001        
                             
        MEDICAL EQUIPMENT & DEVICES – 0.0%(b)                    
  1,226     ABIOMED, Inc. - CVR(a)(f)   12/31/2029   $ 35        
                             
        TOTAL RIGHTS (Cost $0)                  

 

See accompanying notes to financial statements.

36

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COLLATERAL FOR SECURITIES LOANED — 0.0%           
        MONEY MARKET FUND - 0.0%            
  5,194     Fidelity Government Portfolio - Institutional Class, 5.02% (Cost $5,194)(d)(e)   $ 5,194  
                 
        TOTAL INVESTMENTS - 99.5% (Cost $150,157,433)   $ 165,908,232  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%     867,560  
        NET ASSETS - 100.0%   $ 166,775,792  

 

A.B. - Aktiebolag
   
ADR - American Depositary Receipt
   
A.G. - Aktiengesellschaft
   
A/S - Anonim Sirketi
   
CVR - Contingent Value Right
   
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

 

(a) Non-income producing security.
   
(b) Percentage rounds to less than 0.1%.
   
(c) All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2023 was $0.
   
(d) Security was purchased with cash received as collateral for securities on loan at November 30, 2023. Total collateral had a value of $5,194 at November 30, 2023.
   
(e) Rate disclosed is the seven day effective yield as of November 30, 2023.
   
(f) The fair value of this investment is determined using significant unobservable inputs.

 

See accompanying notes to financial statements.

37

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9%        
        AEROSPACE & DEFENSE - 0.8%        
  5,568     AAR Corporation(a)   $ 385,862  
  5,082     Hexcel Corporation     352,233  
  20,462     Spirit AeroSystems Holdings, Inc., Class A(a)     562,501  
              1,300,596  
        APPAREL & TEXTILE PRODUCTS - 0.6%        
  83,136     Hanesbrands, Inc.     302,615  
  3,432     Oxford Industries, Inc.     310,356  
  6,726     Skechers USA, Inc., Class A(a)     396,228  
              1,009,199  
        ASSET MANAGEMENT - 0.9%        
  8,031     B Riley Financial, Inc.(b)     147,770  
  5,281     Cohen & Steers, Inc.     308,886  
  17,698     Compass Diversified Holdings     356,969  
  21,471     SLR Investment Corporation     325,071  
  5,372     Stifel Financial Corporation     327,799  
              1,466,495  
        AUTOMOTIVE - 1.3%        
  22,518     Dana, Inc.     297,463  
  10,123     Gentex Corporation     307,840  
  6,058     Gentherm, Inc.(a)     278,183  
  26,611     Goodyear Tire & Rubber Company (The)(a)     369,627  
  2,466     Lear Corporation     329,828  
  7,179     Modine Manufacturing Company(a)     353,207  
  2,400     Visteon Corporation(a)     284,808  
              2,220,956  
        BANKING - 11.8%        
  7,850     1st Source Corporation     379,391  
  8,630     Ameris Bancorp     367,465  
  3,821     BancFirst Corporation     331,013  
  14,461     BankUnited, Inc.     398,979  
  16,770     Byline Bancorp, Inc.     335,232  
  3,642     City Holding Company     350,615  
  6,869     Commerce Bancshares, Inc.     347,365  
  7,810     Community Bank System, Inc.     346,452  

 

See accompanying notes to financial statements.

38

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        BANKING - 11.8% (Continued)        
  9,474     Customers Bancorp, Inc.(a)   $ 426,994  
  6,260     East West Bancorp, Inc.     393,879  
  11,650     FB Financial Corporation     390,974  
  17,247     First Busey Corporation     374,260  
  27,015     First Commonwealth Financial Corporation     361,191  
  16,921     First Financial Bancorp     341,973  
  13,206     First Financial Bankshares, Inc.     346,658  
  29,871     First Horizon Corporation     382,050  
  13,256     First Interstate BancSystem, Inc., Class A     343,198  
  11,885     First Merchants Corporation     364,513  
  30,663     FNB Corporation     367,649  
  27,299     Fulton Financial Corporation     388,465  
  11,559     Glacier Bancorp, Inc.     388,729  
  11,658     Hilltop Holdings, Inc.     343,328  
  15,766     Home BancShares, Inc.     349,690  
  37,339     Hope Bancorp, Inc.     365,922  
  7,933     Independent Bank Group, Inc.     306,848  
  7,657     International Bancshares Corporation     343,570  
  26,237     Lakeland Bancorp, Inc.     325,076  
  6,963     Lakeland Financial Corporation     386,795  
  11,393     Live Oak Bancshares, Inc.     382,805  
  10,430     NBT Bancorp, Inc.     370,578  
  29,114     New York Community Bancorp, Inc.     273,963  
  32,268     Northwest Bancshares, Inc.     359,466  
  13,015     Peoples Bancorp, Inc.     383,031  
  6,059     Prosperity Bancshares, Inc.     365,418  
  12,614     Renasant Corporation     343,605  
  7,502     Republic Bancorp, Inc., Class A     352,219  
  12,187     S&T Bancorp, Inc.     341,114  
  15,468     Sandy Spring Bancorp, Inc.     340,605  
  15,047     Seacoast Banking Corp of Florida     349,692  
  6,273     ServisFirst Bancshares, Inc.     320,927  
  19,494     Simmons First National Corporation, Class A     311,709  
  11,529     Southside Bancshares, Inc.     316,240  

 

See accompanying notes to financial statements.

39

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        BANKING - 11.8% (Continued)        
  11,871     Synovus Financial Corporation   $ 365,508  
  5,604     Texas Capital Bancshares, Inc.(a)     307,548  
  27,967     TFS Financial Corporation     369,444  
  14,404     Towne Bank     378,249  
  5,329     UMB Financial Corporation     381,876  
  11,979     United Bankshares, Inc.     396,625  
  13,058     United Community Banks, Inc.     321,880  
  38,599     Valley National Bancorp     351,251  
  8,155     Webster Financial Corporation     365,752  
  13,543     WesBanco, Inc.     360,515  
  7,647     Westamerica BanCorporation     387,779  
  7,149     Western Alliance Bancorp     366,172  
  4,379     Wintrust Financial Corporation     375,149  
  9,459     Zions Bancorp NA     337,024  
              20,024,418  
        BEVERAGES - 0.2%        
  520     Coca-Cola Consolidated, Inc.     381,950  
                 
        BIOTECH & PHARMA - 4.9%        
  92,297     ADMA Biologics, Inc.(a)     341,499  
  13,320     Agios Pharmaceuticals, Inc.(a)     296,104  
  27,187     Amicus Therapeutics, Inc.(a)     299,601  
  81,067     Ardelyx, Inc.(a)     365,612  
  46,494     BioCryst Pharmaceuticals, Inc.(a)     273,385  
  12,538     Biohaven Ltd.(a)     417,766  
  11,188     Cytokinetics, Inc.(a)     374,574  
  25,974     Deciphera Pharmaceuticals, Inc.(a)     327,532  
  15,083     Exelixis, Inc.(a)     328,960  
  155,858     Geron Corporation(a)     300,806  
  8,636     Halozyme Therapeutics, Inc.(a)     333,436  
  6,308     Intra-Cellular Therapies, Inc.(a)     387,122  
  34,189     Ironwood Pharmaceuticals, Inc.(a)     338,471  
  7,557     Mirati Therapeutics, Inc.(a)     428,859  
  2,919     Neurocrine Biosciences, Inc.(a)     340,326  

 

See accompanying notes to financial statements.

40

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        BIOTECH & PHARMA - 4.9% (Continued)        
  10,722     Pacira BioSciences, Inc.(a)   $ 292,496  
  5,776     Prestige Consumer Healthcare, Inc.(a)     331,254  
  19,811     Protagonist Therapeutics, Inc.(a)     360,758  
  14,754     PTC Therapeutics, Inc.(a)     339,637  
  28,704     Revance Therapeutics, Inc.(a)     194,326  
  15,987     Sage Therapeutics, Inc.(a)     313,025  
  2,720     Sarepta Therapeutics, Inc.(a)     221,082  
  22,733     Syndax Pharmaceuticals, Inc.(a)     378,391  
  29,839     Viking Therapeutics, Inc.(a)     364,633  
  16,467     Xencor, Inc.(a)     302,005  
              8,251,660  
        BUSINESS DEVELOPMENT COMPANIES - 0.6%        
  20,011     Hercules Capital, Inc.(b)     309,170  
  25,514     New Mountain Finance Corporation     327,090  
  54,773     Prospect Capital Corporation     306,181  
              942,441  
        CABLE & SATELLITE - 0.2%        
  537     Cable One, Inc.     285,727  
                 
        CHEMICALS – 3.9%        
  10,635     AdvanSix, Inc.     277,893  
  2,670     Balchem Corporation     333,002  
  4,798     Cabot Corporation     364,168  
  11,666     Chemours Company (The)     319,998  
  5,618     Hawkins, Inc.     345,170  
  4,780     HB Fuller Company     361,750  
  6,978     Ingevity Corporation(a)     270,677  
  3,241     Innospec, Inc.     340,532  
  3,244     Materion Corporation     366,929  
  6,016     Minerals Technologies, Inc.     376,842  
  723     NewMarket Corporation     383,559  
  15,591     Orion Engineered Carbons S.A.     371,534  
  2,063     Quaker Houghton     368,844  
  2,520     Rogers Corporation(a)     326,088  

 

See accompanying notes to financial statements.

41

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        CHEMICALS – 3.9% (Continued)        
  3,480     RPM International, Inc.   $ 358,196  
  5,647     Sensient Technologies Corporation     327,187  
  4,414     Stepan Company     364,464  
  10,247     Valvoline, Inc.     350,857  
  1,623     WD-40 Company     392,571  
              6,600,261  
        COMMERCIAL SUPPORT SERVICES - 2.1%        
  8,255     ABM Industries, Inc.     338,372  
  6,006     Brady Corporation, Class A     337,958  
  4,543     Brink’s Company (The)     358,443  
  6,363     CBIZ, Inc.(a)     368,354  
  1,685     CorVel Corporation(a)     351,929  
  3,171     Huron Consulting Group, Inc.(a)     330,323  
  3,379     Insperity, Inc.     384,361  
  5,562     Kforce, Inc.     387,671  
  6,967     Korn Ferry     360,473  
  2,041     UniFirst Corporation     352,277  
              3,570,161  
        CONSTRUCTION MATERIALS - 0.8%        
  1,974     Eagle Materials, Inc.     357,393  
  16,929     MDU Resources Group, Inc.     324,021  
  2,214     Simpson Manufacturing Company, Inc.     369,672  
  10,599     Summit Materials, Inc., Class A(a)     367,679  
              1,418,765  
        CONSUMER SERVICES - 1.4%        
  568     Graham Holdings Company, Class B     356,221  
  2,824     Grand Canyon Education, Inc.(a)     386,097  
  23,546     Laureate Education, Inc., Class A     309,159  
  8,508     Matthews International Corporation, Class A     290,548  
  4,394     Medifast, Inc.     291,674  
  5,766     Service Corp International     353,283  
  11,276     Upbound Group, Inc.     328,132  
              2,315,114  

 

See accompanying notes to financial statements.

42

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        CONTAINERS & PACKAGING - 0.8%        
  2,636     AptarGroup, Inc.   $ 334,482  
  7,672     Silgan Holdings, Inc.     320,076  
  13,341     TriMas Corporation     341,930  
  2,048     UFP Technologies, Inc.(a)     340,910  
              1,337,398  
        ELECTRIC UTILITIES - 1.4%        
  6,269     ALLETE, Inc.     347,804  
  6,565     Black Hills Corporation     338,688  
  3,529     IDACORP, Inc.     340,549  
  4,842     MGE Energy, Inc.     357,098  
  9,919     OGE Energy Corporation     347,661  
  4,744     Ormat Technologies, Inc.     319,366  
  7,448     PNM Resources, Inc.     309,613  
              2,360,779  
        ELECTRICAL EQUIPMENT - 2.0%        
  5,815     AAON, Inc.     364,019  
  3,188     Advanced Energy Industries, Inc.     303,019  
  5,414     Alarm.com Holdings, Inc.(a)     294,955  
  2,218     Atkore International Group, Inc.(a)     288,118  
  2,288     Badger Meter, Inc.     337,183  
  3,423     Belden, Inc.     227,424  
  7,751     Cognex Corporation     292,213  
  5,423     Itron, Inc.(a)     365,402  
  2,816     OSI Systems, Inc.(a)     347,185  
  13,615     SMART Global Holdings, Inc.(a)     226,826  
  1,907     Watts Water Technologies, Inc., Class A     367,116  
              3,413,460  
        ENGINEERING & CONSTRUCTION - 2.2%        
  1,943     Comfort Systems USA, Inc.     376,126  
  1,574     EMCOR Group, Inc.     334,506  
  3,863     Exponent, Inc.     297,296  
  2,649     Installed Building Products, Inc.     398,702  
  5,612     KBR, Inc.     289,972  
  4,607     MasTec, Inc.(a)     279,368  

 

See accompanying notes to financial statements.

43

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        ENGINEERING & CONSTRUCTION - 2.2% (Continued)        
  2,448     MYR Group, Inc.(a)   $ 304,580  
  3,438     NV5 Global, Inc.(a)     334,449  
  10,129     Primoris Services Corporation     307,516  
  2,185     Tetra Tech, Inc.     345,558  
  1,313     TopBuild Corporation(a)     388,360  
              3,656,433  
        FOOD - 2.1%        
  6,804     Cal-Maine Foods, Inc.     326,048  
  6,356     Darling Ingredients, Inc.(a)     278,838  
  14,882     Flowers Foods, Inc.     309,694  
  12,835     Fresh Del Monte Produce, Inc.     292,638  
  31,576     Hain Celestial Group, Inc. (The)(a)     333,758  
  23,640     Herbalife Ltd.(a)     304,483  
  3,371     Ingredion, Inc.     345,495  
  2,034     J & J Snack Foods Corporation     334,695  
  3,362     John B Sanfilippo & Son, Inc.     309,438  
  1,999     Lancaster Colony Corporation     331,634  
  3,854     Post Holdings, Inc.(a)     329,247  
              3,495,968  
        FORESTRY, PAPER & WOOD PRODUCTS - 0.4%        
  5,962     Louisiana-Pacific Corporation     363,622  
  5,352     Trex Company, Inc.(a)     376,085  
              739,707  
        GAS & WATER UTILITIES - 1.5%        
  4,203     American States Water Company     335,820  
  3,388     Chesapeake Utilities Corporation     323,893  
  5,011     Middlesex Water Company     320,203  
  6,352     National Fuel Gas Company     322,618  
  8,155     New Jersey Resources Corporation     344,141  
  4,853     ONE Gas, Inc.     279,678  
  5,473     Southwest Gas Holdings, Inc.     323,509  
  5,835     Spire, Inc.     355,993  
              2,605,855  

 

See accompanying notes to financial statements.

44

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        HEALTH CARE FACILITIES & SERVICES - 3.2%        
  4,711     Acadia Healthcare Company, Inc.(a)   $ 343,856  
  3,888     Addus HomeCare Corporation(a)     339,034  
  3,543     Amedisys, Inc.(a)     331,554  
  637     Chemed Corporation     361,179  
  3,573     Ensign Group, Inc. (The)     382,561  
  4,527     HealthEquity, Inc.(a)     303,400  
  1,369     Medpace Holdings, Inc.(a)     370,616  
  5,176     National HealthCare Corporation     396,326  
  26,860     NeoGenomics, Inc.(a)     488,045  
  20,354     Owens & Minor, Inc.(a)     404,638  
  15,368     Premier, Inc., Class A     316,427  
  11,762     RadNet, Inc.(a)     390,851  
  13,075     Select Medical Holdings Corporation     295,495  
  11,350     Surgery Partners, Inc.(a)     371,713  
  5,009     Tenet Healthcare Corporation(a)     345,671  
              5,441,366  
        HEALTH CARE REIT - 1.4%        
  16,124     CareTrust REIT, Inc.     372,142  
  11,125     Community Healthcare Trust, Inc.     301,488  
  60,859     Medical Properties Trust, Inc.(b)     295,166  
  6,461     National Health Investors, Inc.     350,574  
  9,932     Omega Healthcare Investors, Inc.     315,341  
  27,208     Physicians Realty Trust     317,789  
  23,687     Sabra Health Care REIT, Inc.     345,830  
              2,298,330  
        HOME & OFFICE PRODUCTS - 0.6%        
  9,545     HNI Corporation     372,923  
  36,411     Newell Brands, Inc.     277,816  
  7,616     Tempur Sealy International, Inc.     307,077  
              957,816  
        HOME CONSTRUCTION - 3.3%        
  4,591     Armstrong World Industries, Inc.     389,363  
  5,308     Fortune Brands Innovations, Inc.     363,226  
  8,000     Green Brick Partners, Inc.(a)     379,600  

 

See accompanying notes to financial statements.

45

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        HOME CONSTRUCTION - 3.3% (Continued)        
  8,268     Griffon Corporation   $ 384,710  
  24,683     JELD-WEN Holding, Inc.(a)     394,434  
  7,142     KB Home     372,098  
  3,318     LGI Homes, Inc.(a)     391,756  
  3,937     M/I Homes, Inc.(a)     415,394  
  3,551     Masonite International Corporation(a)     315,506  
  2,708     Meritage Homes Corporation     382,640  
  4,395     Patrick Industries, Inc.     360,566  
  11,905     PGT Innovations, Inc.(a)     383,222  
  7,755     Taylor Morrison Home Corporation(a)     349,751  
  4,469     Toll Brothers, Inc.     383,842  
  12,076     Tri Pointe Homes, Inc.(a)     352,378  
              5,618,486  
        HOTEL REIT - 0.8%        
  41,145     DiamondRock Hospitality Company     342,326  
  33,730     RLJ Lodging Trust     360,574  
  3,954     Ryman Hospitality Properties, Inc.     396,784  
  28,051     Xenia Hotels & Resorts, Inc.     342,503  
              1,442,187  
        HOUSEHOLD PRODUCTS - 1.3%        
  7,482     Central Garden & Pet Company(a)     303,620  
  8,950     Edgewell Personal Care Company     311,550  
  10,353     Energizer Holdings, Inc.     319,286  
  2,826     Helen of Troy Ltd.(a)     296,815  
  2,474     Inter Parfums, Inc.     309,646  
  15,558     Nu Skin Enterprises, Inc., Class A     264,797  
  11,733     Quanex Building Products Corporation     361,258  
              2,166,972  
        INDUSTRIAL INTERMEDIATE PROD - 0.9%        
  1,942     Chart Industries, Inc.(a)     252,518  
  2,721     EnPro Industries, Inc.     349,458  
  4,894     Gibraltar Industries, Inc.(a)     328,828  
  4,484     Timken Company (The)     324,642  

 

See accompanying notes to financial statements.

46

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        INDUSTRIAL INTERMEDIATE PROD - 0.9% (Continued)        
  1,384     Valmont Industries, Inc.   $ 303,885  
              1,559,331  
        INDUSTRIAL REIT - 0.6%        
  1,993     EastGroup Properties, Inc.     346,284  
  6,927     First Industrial Realty Trust, Inc.     325,915  
  6,690     Rexford Industrial Realty, Inc.     329,282  
              1,001,481  
        INDUSTRIAL SUPPORT SERVICES - 0.7%        
  2,129     Applied Industrial Technologies, Inc.     340,789  
  8,867     Textainer Group Holdings Ltd.     436,522  
  2,290     WESCO International, Inc.     356,897  
              1,134,208  
        INFRASTRUCTURE REIT - 0.2%        
  70,083     Uniti Group, Inc.     387,559  
                 
        INSTITUTIONAL FINANCIAL SERVICES - 0.4%        
  2,401     Evercore, Inc., Class A     354,267  
  5,482     SEI Investments Company     321,629  
              675,896  
        INSURANCE - 3.7%        
  6,603     AMERISAFE, Inc.     318,000  
  2,298     Assurant, Inc.     386,110  
  13,907     CNO Financial Group, Inc.     368,536  
  8,290     Employers Holdings, Inc.     317,590  
  56,504     Genworth Financial, Inc., Class A(a)     332,809  
  2,968     Hanover Insurance Group, Inc. (The)     368,922  
  11,280     Horace Mann Educators Corporation     377,429  
  7,867     Kemper Corporation     347,957  
  792     Kinsale Capital Group, Inc.     277,279  
  11,787     Mercury General Corporation     439,067  
  756     National Western Life Group, Inc., Class A     362,600  
  12,220     NMI Holdings, Inc., Class A(a)     336,050  
  1,705     Primerica, Inc.     357,215  
  17,491     ProAssurance Corporation     216,364  

 

See accompanying notes to financial statements.

47

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        INSURANCE - 3.7% (Continued)        
  2,282     Reinsurance Group of America, Inc.   $ 372,103  
  2,434     RLI Corporation     330,050  
  4,865     Safety Insurance Group, Inc.     374,264  
  11,713     Trupanion, Inc.(a),(b)     301,258  
              6,183,603  
        INTERNET MEDIA & SERVICES - 0.2%        
  19,599     Cars.com, Inc.(a)     364,933  
                 
        LEISURE FACILITIES & SERVICES - 1.7%        
  10,891     Cheesecake Factory, Inc. (The)     341,433  
  18,098     Cinemark Holdings, Inc.(a)     257,897  
  4,787     Jack in the Box, Inc.     346,100  
  3,288     Marriott Vacations Worldwide Corporation     239,695  
  4,850     Papa John’s International, Inc.     316,414  
  7,175     SeaWorld Entertainment, Inc.(a)     350,857  
  6,069     St Joe Company (The)     312,129  
  3,430     Texas Roadhouse, Inc.     386,080  
  16,169     Wendy’s Company (The)     303,169  
              2,853,774  
        LEISURE PRODUCTS - 0.8%        
  4,204     Brunswick Corporation     331,569  
  3,338     Fox Factory Holding Corporation(a)     208,658  
  3,171     Polaris, Inc.     261,512  
  3,469     Thor Industries, Inc.     343,675  
  10,013     Vista Outdoor, Inc.(a)     282,467  
              1,427,881  
        MACHINERY - 4.0%        
  2,789     AGCO Corporation     316,635  
  3,823     Albany International Corporation, Class A     328,090  
  9,471     Columbus McKinnon Corporation     330,727  
  3,713     Crane Company     392,390  
  1,687     Curtiss-Wright Corporation     360,849  
  5,538     Donaldson Company, Inc.     336,932  
  15,626     Energy Recovery, Inc.(a)     297,832  

 

See accompanying notes to financial statements.

48

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        MACHINERY – 4.0% (Continued)        
  3,144     ESCO Technologies, Inc.   $ 330,057  
  3,718     Franklin Electric Company, Inc.     330,902  
  4,531     Graco, Inc.     366,014  
  7,814     Hillenbrand, Inc.     302,714  
  3,149     John Bean Technologies Corporation     325,292  
  1,468     Kadant, Inc.     382,590  
  13,281     Kennametal, Inc.     309,580  
  1,818     Lincoln Electric Holdings, Inc.     360,073  
  2,810     Lindsay Corporation     335,261  
  2,276     Standex International Corporation     304,574  
  4,463     Tennant Company     382,122  
  5,730     Terex Corporation     283,635  
  3,968     Toro Company (The)     329,344  
              6,705,613  
        MEDICAL EQUIPMENT & DEVICES - 1.5%        
  4,396     Glaukos Corporation(a)     280,860  
  6,649     Globus Medical, Inc., Class A(a)     298,673  
  3,701     Haemonetics Corporation(a)     299,300  
  2,783     ICU Medical, Inc.(a)     244,236  
  8,636     Integra LifeSciences Holdings Corporation(a)     338,445  
  20,514     Myriad Genetics, Inc.(a)     391,612  
  17,806     Neogen Corporation(a)     302,168  
  14,825     Veracyte, Inc.(a)     379,520  
              2,534,814  
        METALS & MINING - 1.1%        
  148,833     Coeur Mining, Inc.(a)     453,940  
  11,832     Compass Minerals International, Inc.     287,281  
  1,805     Encore Wire Corporation     332,662  
  84,503     Hecla Mining Company     420,825  
  3,127     Royal Gold, Inc.     380,869  
              1,875,577  
        MORTGAGE FINANCE - 0.8%        
  32,656     Apollo Commercial Real Estate Finance, Inc.     352,032  
  34,354     MFA Financial, Inc.     371,023  

 

See accompanying notes to financial statements.

49

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        MORTGAGE FINANCE - 0.8% (Continued)        
  26,621     PennyMac Mortgage Investment Trust   $ 373,759  
  46,380     Redwood Trust, Inc.     329,762  
              1,426,576  
        MULTI ASSET CLASS REIT - 0.6%        
  32,366     Armada Hoffler Properties, Inc.     355,378  
  24,222     Elme Communities     318,277  
  37,131     LXP Industrial Trust     326,010  
              999,665  
        OFFICE REIT - 1.6%        
  17,042     American Assets Trust, Inc.     343,226  
  75,079     Brandywine Realty Trust     334,852  
  25,823     Douglas Emmett, Inc.     315,557  
  41,096     Empire State Realty Trust, Inc., Class A     368,220  
  17,971     Equity Commonwealth     337,675  
  16,051     Highwoods Properties, Inc.     304,166  
  22,829     JBG SMITH Properties     313,214  
  10,415     Kilroy Realty Corporation     343,487  
              2,660,397  
        OIL & GAS PRODUCERS - 0.9%        
  9,218     Par Pacific Holdings, Inc.(a)     315,901  
  9,262     SilverBow Resources, Inc.(a)     294,624  
  8,311     SM Energy Company     311,247  
  51,154     Southwestern Energy Company(a)     337,105  
  14,719     World Fuel Services Corporation     309,688  
              1,568,565  
        OIL & GAS SERVICES & EQUIPMENT - 1.1%        
  11,793     Dril-Quip, Inc.(a)     262,040  
  12,770     Oceaneering International, Inc.(a)     263,828  
  37,115     RPC, Inc.     269,084  
  41,480     Select Water Solutions, Inc., Class A     309,440  
  51,900     TETRA Technologies, Inc.(a)     244,968  
  4,633     Tidewater, Inc.(a)     278,351  
  23,554     US Silica Holdings, Inc.(a)     265,689  
              1,893,400  

 

See accompanying notes to financial statements.

50

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        PUBLISHING & BROADCASTING - 0.2%        
  8,691     Scholastic Corporation   $ 330,171  
                 
        REAL ESTATE OWNERS & DEVELOPERS - 0.2%        
  3,302     McGrath RentCorporation     335,780  
                 
        RENEWABLE ENERGY - 0.6%        
  8,572     Ameresco, Inc., Class A(a)     256,817  
  3,491     EnerSys     308,884  
  10,976     Green Plains, Inc.(a)     273,083  
  53,705     SunPower Corporation(a),(b)     222,876  
              1,061,660  
        RESIDENTIAL REIT - 0.6%        
  23,515     Independence Realty Trust, Inc.     320,274  
  10,324     NexPoint Residential Trust, Inc.     314,366  
  23,671     UMH Properties, Inc.     334,235  
              968,875  
        RETAIL - CONSUMER STAPLES - 1.0%        
  1,217     Casey’s General Stores, Inc.     335,162  
  4,384     Ingles Markets, Inc., Class A     357,823  
  4,274     Ollie’s Bargain Outlet Holdings, Inc.(a)     313,156  
  7,718     Sprouts Farmers Market, Inc.(a)     332,491  
  5,244     Weis Markets, Inc.     316,475  
              1,655,107  
        RETAIL - DISCRETIONARY - 2.5%        
  1,440     Asbury Automotive Group, Inc.(a)     302,141  
  1,840     Avis Budget Group, Inc.(a)     336,444  
  2,434     Burlington Stores, Inc.(a)     412,782  
  1,000     Dillard’s, Inc., Class A     347,090  
  5,170     GMS, Inc.(a)     349,699  
  10,658     La-Z-Boy, Inc.     375,055  
  1,123     Lithia Motors, Inc.     299,830  
  11,951     Monro, Inc.     345,623  
  20,533     National Vision Holdings, Inc.(a)     378,834  
  8,108     Rush Enterprises, Inc., Class A     321,644  

 

See accompanying notes to financial statements.

51

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        RETAIL - DISCRETIONARY - 2.5% (Continued)        
  39,429     Sally Beauty Holdings, Inc.(a)   $ 381,278  
  6,943     Sonic Automotive, Inc., Class A     355,968  
              4,206,388  
        RETAIL REIT - 1.9%        
  23,014     Acadia Realty Trust     347,972  
  1,816     Alexander’s, Inc.     334,071  
  14,888     Four Corners Property Trust, Inc.     342,275  
  15,463     Kite Realty Group Trust     326,579  
  30,275     Macerich Company (The)     347,254  
  9,357     NNN REIT, Inc.     380,081  
  26,569     Retail Opportunity Investments Corporation     341,943  
  9,409     Saul Centers, Inc.     347,663  
  14,619     Tanger Factory Outlet Centers, Inc.     364,890  
              3,132,728  
        SEMICONDUCTORS - 3.5%        
  7,255     Aehr Test Systems(a)     166,575  
  14,621     Amkor Technology, Inc.     411,874  
  4,474     Cirrus Logic, Inc.(a)     339,621  
  9,578     Cohu, Inc.(a)     303,910  
  4,196     Diodes, Inc.(a)     278,698  
  9,444     FormFactor, Inc.(a)     354,906  
  6,004     Impinj, Inc.(a)     501,874  
  3,242     IPG Photonics Corporation(a)     310,454  
  3,839     Lattice Semiconductor Corporation(a)     224,773  
  14,868     MaxLinear, Inc.(a)     278,478  
  3,815     MKS Instruments, Inc.     314,928  
  16,437     Photronics, Inc.(a)     347,314  
  4,350     Power Integrations, Inc.     332,384  
  12,779     Semtech Corporation(a)     209,192  
  2,855     Silicon Laboratories, Inc.(a)     300,831  
  2,097     Universal Display Corporation     354,812  
  11,756     Veeco Instruments, Inc.(a)     335,399  
  13,303     Vishay Intertechnology, Inc.     295,726  

 

See accompanying notes to financial statements.

52

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        SEMICONDUCTORS - 3.5% (Continued)        
  8,684     Wolfspeed, Inc.(a)   $ 320,092  
              5,981,841  
        SOFTWARE - 4.6%        
  14,639     ACI Worldwide, Inc.(a)     391,447  
  8,739     Alteryx, Inc., Class A(a)     349,997  
  4,709     Blackbaud, Inc.(a)     354,305  
  7,156     Calix, Inc.(a)     276,150  
  4,908     CommVault Systems, Inc.(a)     361,131  
  12,153     Digi International, Inc.(a)     286,082  
  5,872     Donnelley Financial Solutions, Inc.(a)     346,565  
  3,675     Guidewire Software, Inc.(a)     367,280  
  1,673     Manhattan Associates, Inc.(a)     373,163  
  1,005     MicroStrategy, Inc., Class A(a)     500,792  
  13,535     Model N, Inc.(a)     310,628  
  7,334     Omnicell, Inc.(a)     244,662  
  10,202     PDF Solutions, Inc.(a)     305,958  
  7,598     Pegasystems, Inc.     394,944  
  6,264     Progress Software Corporation(b)     337,379  
  9,548     PROS Holdings, Inc.(a)     348,979  
  10,241     Q2 Holdings, Inc.(a)     363,760  
  2,166     Qualys, Inc.(a)     400,363  
  7,223     Rapid7, Inc.(a)     391,125  
  1,947     SPS Commerce, Inc.(a)     335,429  
  10,804     Varonis Systems, Inc.(a)     452,580  
  25,096     Veradigm, Inc.(a)     288,102  
              7,780,821  
        SPECIALTY FINANCE - 1.7%        
  6,915     Encore Capital Group, Inc.(a)     309,792  
  6,497     Enova International, Inc.(a)     267,676  
  6,982     Essent Group Ltd.     337,510  
  2,150     Federal Agricultural Mortgage Corporation, Class C     356,556  
  5,841     First American Financial Corporation     348,124  
  19,744     MGIC Investment Corporation     347,297  
  3,700     Nelnet, Inc., Class A     310,430  

 

See accompanying notes to financial statements.

53

 

INSPIRE SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        SPECIALTY FINANCE - 1.7% (Continued)        
  4,446     Walker & Dunlop, Inc.   $ 373,553  
  2,615     World Acceptance Corporation(a)     291,442  
              2,942,380  
        SPECIALTY REIT - 0.2%        
  3,952     Lamar Advertising Company, Class A     400,299  
                 
        STEEL - 0.6%        
  8,001     ATI, Inc.(a)     351,644  
  6,710     Commercial Metals Company     304,164  
  15,216     TimkenSteel Corporation(a)     309,189  
              964,997  
        TECHNOLOGY HARDWARE - 3.1%        
  2,635     Arrow Electronics, Inc.(a)     312,406  
  13,577     Benchmark Electronics, Inc.     338,746  
  13,681     Extreme Networks, Inc.(a)     220,811  
  2,063     F5, Inc.(a)     353,165  
  34,313     Harmonic, Inc.(a)     379,502  
  79,303     Infinera Corporation(a)     308,489  
  4,130     InterDigital, Inc.     412,669  
  22,236     Knowles Corporation(a)     352,885  
  7,291     Lumentum Holdings, Inc.(a)     312,055  
  5,894     NCR Atleos Corporation(a)     130,906  
  12,237     NCR Voyix Corporation(a)     191,876  
  11,797     NetScout Systems, Inc.(a)     236,884  
  8,580     PAR Technology Corporation(a)     316,001  
  3,574     Plexus Corporation(a)     364,155  
  1,199     Super Micro Computer, Inc.(a)     327,891  
  25,577     TTM Technologies, Inc.(a)