(LOGO) 

 

 

 

Inspire Global Hope ETF (BLES)

 

Inspire Small/Mid Cap Impact ETF (ISMD)

 

Inspire Corporate Bond Impact ETF (IBD)

 

Inspire 100 ETF (BIBL)

 

Inspire International ESG ETF (WWJD)

 

Inspire Tactical Balanced ESG ETF (RISN)

 

Inspire Faithward Mid Cap Momentum ESG ETF

(GLRY)

 

Inspire Faithward Large Cap Momentum ESG ETF

(FEVR)

 

 

Annual Report 

November 30, 2021

 

 

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, 2021.

 

The past year has seen recovery in the economy, spikes in cases of Covid due to additional variants, and capital markets that have continued their upward momentum in the face of inflation and geo-political tensions. However, we are exceedingly grateful to look back at 2021 and see the protection and provision that God gave us at Inspire as well as our advisors and clients. We could not do what we do without you and we sincerely appreciate the trust you have placed in Inspire by investing in one or more of our ETFs.

 

BLES – Inspire Global Hope ETF

 

As the global economy continued to recover from the 2020 Covid-19 pandemic, BLES had strong double digit returns over the past twelve months ended 11-30-2021. BLES has a target weight of 50% US Large Cap stocks, 40% International Developed Markets stocks and 10% Emerging Markets stocks. The US exposure was responsible for the majority of the positive returns, but the International and Emerging Markets continued their recovery from the global market meltdown of 2020 as well. For the twelve months ended November 30, 2021, BLES was up 23.41% on a market price basis and 22.63% on the NAV. Since inception (2-27-2017) BLES has an annualized return of 12.02% on a market price basis and 11.96% on the NAV.

 

ISMD – Inspire Small/Mid Cap Impact ETF

 

The small cap and mid cap markets accelerated to the upside outpacing the large cap market during the first quarter of the year. However, that momentum didn’t last as the large cap market came in to favor for the next several months. Even with the small cap and mid cap markets finishing the year with strong double digit returns they fell short of their peak seen in early November. For the twelve months ended November 30, 2021, ISMD returned 31.46% on a market price basis and 31.44% on the NAV. Since inception (2-27-2017), ISMD has an annualized return of 9.93% on a market price basis and 9.92% on the NAV.

 

IBD – Inspire Corporate Bond Impact ETF

 

The Federal Reserve remained on the sidelines for the past year with no interest rate increases coming from the Federal Reserve but continued its monthly bond purchases to provide liquidity to the economy still struggling with the lingering effects of the pandemic. Due to rising inflation and slowing growth in the economy, interest rates rose dramatically during the first quarter of 2021. Rates did fall back during the 2nd and 3rd quarters but finished the fiscal year well above where they were just one year ago, manifesting in negative total returns for IBD over the past fiscal year. As the economy attempts to fully recover from the Covid-19 induced recession and due to the highest inflation rates in 4 decades, we believe interest rates will continue to move upward for the next 12 to 18 months as it is expected that the Federal Reserve will be moving the Fed Funds rates up in 2022. For the twelve months ended November 30, 2021, IBD returned -1.78% on a market price basis and -1.15% on the

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NAV. Since inception (7-10-2017), IBD has an annualized return of 2.67% on a market price basis and 2.72% on the NAV.

 

BIBL – Inspire 100 ETF

 

BIBL has 100 US Large Cap positions that are capitalization weighted and is designed to give advisors and investors a Biblically Responsible alternative to the popular market cap weighted funds that are so prevalent in the marketplace (i.e. SPY or VOO). We are pleased that BIBL has performed as expected and participated in the strong US Large cap market performance in 2021 with a strong double-digit return. For the twelve months ended November 30, 2021, BIBL returned 24.83% on a market price basis and 24.79% on the NAV. Since inception (10-30-2017) BIBL has an annualized return of 16.61% on a market price basis and 16.58% on the NAV.

 

WWJD – Inspire International ESG ETF

 

WWJD reached its 2nd anniversary on 9-30-2021 and holds approximately 180 stocks with an 80% exposure to international developed markets and 20% to emerging markets. Although the international and emerging markets have not recovered as much as the US large cap markets since the global market meltdown in 2020, the performance has been positive in 2021 with double digit returns. We believe the global economy will continue to recover and the international and emerging markets should play a more positive role in portfolios in 2022. For the twelve months ended November 30, 2021, WWJD returned 18.21% on a market price basis and 17.11% on the NAV. Since inception (9-30-2019), WWJD has an annualized return of 17.01% on a market price basis and 16.58% on the NAV.

 

RISN – Inspire Tactical Balanced ESG ETF

 

RISN was launched in the middle of the pandemic on 7-15-2020 and now has more than a full year of history. RISN holds an 80% exposure to US large cap stocks and 20% to US fixed income during normal market conditions. The Fund can be 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. For the twelve months ended November 30, 2021, RISN returned 21.41% on a market price basis and 20.49% on the NAV. Since inception (7-15-2020), RISN has an annualized return of 18.75% on a market price basis and 18.76% on the NAV.

 

GLRY – Inspire Faithward Mid Cap Momentum ESG ETF

 

GLRY was launched as an active fund in the mid cap momentum space. GLRY will hold between 35 and 45 stocks that have a market capitalization between $3 billion and $10 billion and that the portfolio managers believe have the best opportunity for outperformance in the near term. GLRY utilizes a dual screening approach that overlays their quantitative investment screening process, called FEVRR, on top of the Inspire Impact Score methodology, which identifies some of the most inspiring, biblically aligned companies in the world. The FEVRR process screens companies based on financial health, earnings trends, valuation, relative strength, and risk to find high-quality stocks with strong earning potential. Since GLRY has less than twelve months of history as of November 30, 2021, the performance since inception (12-07-2020), is 17.51% on a market price basis and 17.35% on the NAV.

 

FEVR – Inspire Faithward Large Cap Momentum ESG ETF

 

FEVR was launched as an active fund in the large cap momentum space. FEVR will hold between 35 and 45 stocks that have a market capitalization of $10 billion and higher and that the portfolio managers believe have the best opportunity for outperformance in the near term. FEVR utilizes a dual screening approach that overlays their quantitative investment screening process, called FEVRR, on top of the Inspire Impact Score methodology, which identifies some of the most inspiring, biblically aligned companies in the world. The FEVRR process screens companies based on financial health, earnings 

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trends, valuation, relative strength, and risk to find high-quality stocks with strong earning potential. Since FEVR has less than twelve months of history as of November 30, 2021, the performance since inception (12-07-2020), is 20.08% on a market price basis and 20.08% on the NAV.

 

Closing Comments

 

2021 has been another challenging year as the world is still working through the lingering effects of the global pandemic. Multiple variants of the Covid virus, rising inflation, issues with the supply chain and geo-political tensions have all brought difficulties to us as I am sure it has for you and your family as well. With everything that has made 2021 challenging and difficult we are thankful to God our Father for His provision and protection. We pray the Lord has protected and provided for you and your family and will keep you safe and healthy in the coming year. We are also grateful to be part of the mission of making a positive impact in the world through our ETFs alongside you, our brothers and sisters in Christ and fellow shareholders.

 

The overall stock market has had a good year despite the many challenges mentioned above and we hope that we can return to a more normal year in 2022 as we learn to live with the ongoing Covid-19 endemic that will be with us for the foreseeable future. God is Sovereign, and our trust is in Him, not in politicians or the markets.

 

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

 

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

 

Sincerely,

 

Darrell Jayroe, CIO

Inspire Investing

 

Inspire, the Adviser, provides the indexes for the Inspire ETFs to track. The indexes 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 Indexes and are equally weighted. As an ETF may not fully replicate its Index, it is subject to the risk that investment management strategy may not produce the intended results. There is no guarantee that the Funds will achieve their objective, generate positive returns, or avoid losses.

 

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

 

BLES, ISMD, IBD, BIBL and WWJD 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

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that security is otherwise required upon a rebalancing of the Index as addressed in the Index methodology. Tracking error may occur because of imperfect correlation between the Funds’ holdings of portfolio securities and those in the Index. The use of a representative sampling approach, could result in a fund holding a smaller number of securities than are in the Index. To the extent the assets in the Funds are smaller, these risks will be greater.

 

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

 

Inspire and Foreside Distributors, LLC are not affiliated. 

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Inspire Global Hope ETF 

PORTFOLIO REVIEW (Unaudited) 

November 30, 2021

 

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

 

      Annualized
    Annualized Since Inception** -
  One Year Three Year November 30, 2021
Inspire Global Hope ETF - NAV 22.63% 16.44% 11.96%
Inspire Global Hope ETF - Market Price 23.41% 16.09% 12.02%
Inspire Global Hope Large Cap Equal Weight Index *** 23.73% 16.41% 12.36%
S&P Global 1200 Total Return Index **** 21.62% 16.93% 13.91%

 

* 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, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.52% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.61% per the March 30, 2021 prospectus.

 

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

 

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

 

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

 

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

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Inspire Global Hope ETF 

PORTFOLIO REVIEW (Unaudited)(Continued) 

November 30, 2021

 

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  
Medical Equipment & Devices     5.8 %
Banking     5.8 %
Chemicals     4.8 %
Semiconductors     4.5 %
Electric Utilities     4.4 %
Software     4.3 %
Technology Services     4.2 %
Transportation & Logistics     3.8 %
Oil & Gas Producers     3.4 %
Metals & Mining     3.3 %
Collateral For Securities Loaned     1.7 %
Other Sectors     54.6 %
Liabilities in Excess of Other Assets     (0.6 )%
      100.0 %
         

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 Impact ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2021

 

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

  

      Annualized
    Annualized Since Inception** -
  One Year Three Year November 30, 2021
Inspire Small/Mid Cap Impact ETF - NAV 31.44% 12.62% 9.92%
Inspire Small/Mid Cap Impact ETF - Market Price 31.46% 12.63% 9.93%
Inspire Small/Mid Cap Impact Equal Weight Index *** 34.60% 14.48% 11.45%
S&P SmallCap 600 Equal Weight Total Return Index **** 37.68% 15.40% 11.99%

 

* 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, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.60% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.57% per the March 30, 2021 prospectus.

 

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

 

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

 

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

 

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

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Inspire Small/Mid Cap Impact ETF 

PORTFOLIO REVIEW (Unaudited)(Continued) 

November 30, 2021

 

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

 

(LINE GRAPH) 

 

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

 

Sectors/Industries       % of Net Assets  
Banking     10.1 %
Machinery     4.6 %
Chemicals     4.2 %
Software     4.2 %
Semiconductors     3.9 %
Technology Hardware     3.5 %
Biotech & Pharma     3.0 %
Retail - Discretionary     2.9 %
Insurance     2.8 %
Commercial Support Services     2.7 %
Collateral For Securities Loaned     3.2 %
Other Sectors     56.3 %
Liabilities in Excess of Other Assets     (1.4 )%
      100.0 %
         

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

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Inspire Corporate Bond Impact ETF 

PORTFOLIO REVIEW (Unaudited) 

November 30, 2021

 

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

 

      Annualized
    Annualized Since Inception** -
  One Year Three Year November 30, 2021
Inspire Corporate Bond Impact ETF - NAV (1.15)% 4.23% 2.72%
Inspire Corporate Bond Impact ETF - Market Price (1.78)% 4.02% 2.67%
Inspire Corporate Bond Impact Equal Weight Index *** (0.57)% 6.46% 4.48%
Bloomberg Barclays U.S. Intermediate Credit Total Return Index **** (0.66)% 5.44% 3.70%

 

* 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 0.49% per the March 30, 2021 prospectus.

 

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

 

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

 

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

 

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

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Inspire Corporate Bond Impact ETF 

PORTFOLIO REVIEW (Unaudited)(Continued) 

November 30, 2021

 

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

 

(LINE GRAPH) 

 

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

 

Sectors/Industries       % of Net Assets  
Real Estate Investment Trusts     14.2 %
Oil & Gas Producers     6.7 %
Semiconductors     5.6 %
Electrical Equipment     4.9 %
Electric Utilities     4.8 %
Technology Services     4.6 %
Home Construction     4.4 %
Medical Equipment & Devices     3.7 %
Diversified Industrials     3.6 %
Commercial Support Services     3.5 %
Other Sectors     41.0 %
Other Assets Less Liabilities     3.0 %
      100.0 %
         

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

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Inspire 100 ETF 

PORTFOLIO REVIEW (Unaudited) 

November 30, 2021

 

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

 

      Annualized
    Annualized Since Inception** -
  One Year Three Year November 30, 2021
Inspire 100 ETF - NAV 24.79% 20.89% 16.58%
Inspire 100 ETF - Market Price 24.83% 20.92% 16.61%
Inspire 100 Index *** 26.10% 22.31% 17.81%
S&P 500 Total Return Index **** 27.92% 20.38% 17.21%

 

* 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, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) 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 only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.48% per the March 30, 2021 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, 2021

 

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  
Medical Equipment & Devices     14.3 %
Software     11.8 %
Technology Services     10.7 %
Semiconductors     10.6 %
Residential Reit     5.0 %
Industrial Reit     4.1 %
Health Care Facilities & Services     3.4 %
Metals & Mining     3.0 %
Electrical Equipment     3.0 %
Commercial Support Services     2.6 %
Collateral For Securities Loaned     1.4 %
Other Sectors     31.0 %
Liabilities in Excess of Other Assets     (0.9 )%
      100.0 %
         

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

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Inspire International ESG ETF 

PORTFOLIO REVIEW (Unaudited) 

November 30, 2021

 

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

   
    Annualized
    Since Inception** -
  One Year November 30, 2021
Inspire International ESG ETF - NAV 17.11% 16.58%
Inspire International ESG ETF - Market Price 18.21% 17.01%
Inspire Global Hope Ex-US Index *** 15.31% 13.85%
S&P International 700 Total Return Index **** 11.13% 11.78%

 

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

 

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.80% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.94% per the March 30, 2021 prospectus.

 

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

 

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

 

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

 

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

13

 

Inspire International ESG ETF 

PORTFOLIO REVIEW (Unaudited)(Continued) 

November 30, 2021

 

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

 

(LINE GRAPH) 

 

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

 

Sectors/Industries       % of Net Assets  
Banking     9.3 %
Chemicals     6.6 %
Metals & Mining     5.7 %
Electric Utilities     4.4 %
Transportation & Logistics     4.3 %
Asset Management     3.3 %
Automotive     3.3 %
Construction Materials     3.2 %
Telecommunications     2.8 %
Insurance     2.7 %
Collateral For Securities Loaned     0.9 %
Other Sectors     42.4 %
Other Assets Less Liabilities     11.1 %
      100.0 %
         

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

14

 

Inspire Tactical Balanced ESG ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2021

 

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

 

    Since Inception** -
  One Year November 30, 2021
Inspire Tactical Balanced ESG ETF - NAV 20.49% 18.76%
Inspire Tactical Balanced ESG ETF - Market Price 21.41% 18.75%
S&P Target Risk Moderate Index *** 7.79% 9.84%

 

* 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 0.82%s per the March 30, 2021 prospectus.

 

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

 

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

 

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

15

 

Inspire Tactical Balanced ESG ETF 

PORTFOLIO REVIEW (Unaudited)(Continued) 

November 30, 2021

 

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  
Exchange Traded Fund      
Fixed Income     20.2 %
Common Stock        
Medical Equipment & Devices     11.4 %
Software     9.3 %
Technology Services     8.5 %
Semiconductors     8.4 %
Residential Reit     4.1 %
Industrial Reit     3.1 %
Health Care Facilities & Services     2.7 %
Metals & Mining     2.4 %
Electrical Equipment     2.2 %
Commercial Support Services     2.1 %
Collateral For Securities Loaned     1.5 %
Other Sectors     24.8 %
Liabilities in Excess of Other Assets     (0.7 )%
      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 ESG ETF 

PORTFOLIO REVIEW (Unaudited) 

November 30, 2021

 

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

 

  Since Inception** -
  November 30, 2021
Inspire Faithward Mid Cap Momentum ESG ETF - NAV 17.35%
Inspire Faithward Mid Cap Momentum ESG ETF - Market Price 17.51%
S&P MidCap 400 Index® *** 22.60%

 

* 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 returns are calculated using the closing price and account 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 estimated to be 0.85% for the first full year of operations per the November 28, 2020 prospectus.

 

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

 

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

 

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

17

 

Inspire Faithward Mid Cap Momentum ESG ETF 

PORTFOLIO REVIEW (Unaudited)(Continued) 

November 30, 2021

 

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  
Leisure Products     8.4 %
Technology Hardware     8.3 %
Semiconductors     6.0 %
Asset Management     5.6 %
Internet Media & Services     5.1 %
Software     5.0 %
Specialty Finance     3.2 %
Transportation & Logistics     3.1 %
Electrical Equipment     3.0 %
Forestry, Paper & Wood Products     2.9 %
Other Sectors     48.3 %
Other Assets Less Liabilities     1.1 %
      100.0 %
         

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

18

 

Inspire Faithward Large Cap Momentum ESG ETF 

PORTFOLIO REVIEW (Unaudited) 

November 30, 2021

 

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

 

  Since Inception** -
  November 30, 2021
Inspire Faithward Large Cap Momentum ESG ETF - NAV 20.08%
Inspire Faithward Large Cap Momentum ESG ETF - Market Price 20.08%
S&P 500 Total Return Index *** 25.44%

 

* 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 returns are calculated using the closing price and account 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 estimated to be 0.85% for the first full year of operations per the November 28, 2020 prospectus.

 

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

 

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

 

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

19

 

Inspire Faithward Large Cap Momentum ESG ETF 

PORTFOLIO REVIEW (Unaudited)(Continued) 

November 30, 2021

 

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   
Software     20.1 %
Technology Hardware     7.6 %
Semiconductors     7.0 %
Biotech & Pharma     5.1 %
Retail - Discretionary     5.0 %
Banking     5.0 %
Medical Equipment & Devices     4.7 %
Chemicals     4.5 %
Renewable Energy     3.1 %
Wholesale - Discretionary     3.1 %
Other Sectors     34.3 %
Other Assets Less Liabilities     0.5 %
      100.0 %
         

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

20

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9%        
        AEROSPACE & DEFENSE - 1.4%        
  193,688     Rolls-Royce Holdings plc(a)   $ 313,905  
  2,698     Safran S.A.     299,982  
  781     Teledyne Technologies, Inc.(a)     324,341  
  4,970     Textron, Inc.     351,877  
  3,621     Thales S.A.     295,414  
  568     TransDigm Group, Inc.(a)     328,332  
              1,913,851  
        APPAREL & TEXTILE PRODUCTS - 0.6%        
  3,266     Cie Financiere Richemont S.A.     482,454  
  213     Hermes International     396,311  
              878,765  
        ASSET MANAGEMENT - 2.4%        
  19,738     3i Group plc     362,193  
  3,124     Groupe Bruxelles Lambert S.A.     335,884  
  479     Industrivarden A.B.     14,188  
  11,076     Industrivarden A.B., C Shares     325,761  
  15,549     Investor A.B.     359,738  
  6,319     L E Lundbergforetagen A.B.     345,450  
  213     Partners Group Holding A.G.     365,971  
  3,763     Raymond James Financial, Inc.     369,865  
  26,270     Reinet Investments SCA     431,912  
  7,242     Schroders plc     329,209  
              3,240,171  
        AUTOMOTIVE - 1.6%        
  3,692     Bayerische Motoren Werke A.G.     353,153  
  2,272     Cie Generale des Etablissements Michelin SCA     333,736  
  3,195     Continental A.G.(a)     340,569  
  4,970     Denso Corporation     364,658  
  1,633     Ferrari N.V.     425,330  
  3,976     Toyota Industries Corporation     326,358  
              2,143,804  
        BANKING - 5.8%        
  4,615     Commonwealth Bank of Australia     304,910  
  25,134     Credit Agricole S.A.     341,357  

 

See accompanying notes to financial statements.

21

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        BANKING - 5.8% (Continued)        
  20,874     Danske Bank A/S   $ 342,153  
  1,775     First Republic Bank     372,147  
  78,171     Grupo Financiero Banorte S.A.B. de C.V.     464,672  
  123,469     Intesa Sanpaolo SpA     294,005  
  4,118     KBC Group N.V.     343,099  
  2,485     M&T Bank Corporation     364,326  
  2,698     Macquarie Group Ltd.     376,367  
  259,000     Malayan Banking Bhd     490,756  
  17,466     National Australia Bank Ltd.     338,091  
  46,150     Powszechna Kasa Oszczednosci Bank Polski S.A.(a)     485,789  
  519,200     Public Bank Bhd     485,729  
  16,969     Regions Financial Corporation     386,045  
  1,349     Signature Bank     407,803  
  24,637     Skandinaviska Enskilda Banken A.B. (b)     357,554  
  53,392     Standard Bank Group Ltd.     431,967  
  568     SVB Financial Group(a)     393,243  
  31,169     Svenska Handelsbanken A.B., A Shares     329,183  
  17,679     Swedbank A.B., A Shares     355,228  
  18,400     United Overseas Bank Ltd.     341,792  
              8,006,216  
        BEVERAGES - 0.2%        
  3,763     Monster Beverage Corporation(a)     315,264  
                 
        BIOTECH & PHARMA - 1.7%        
  1,846     Alnylam Pharmaceuticals, Inc.(a)     339,295  
  9,230     Chugai Pharmaceutical Company Ltd.     299,145  
  1,562     CSL Ltd.     339,781  
  13,632     Grifols S.A.     242,898  
  5,112     Incyte Corporation(a)     346,185  
  573     Regeneron Pharmaceuticals, Inc.(a)     364,731  
  3,195     UCB S.A.     345,748  
              2,277,783  

 

See accompanying notes to financial statements.

22

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        CABLE & SATELLITE - 0.2%        
  2,059     Liberty Broadband Corporation - Series A(a)   $ 312,103  
                 
        CHEMICALS - 4.8%        
  2,059     Air Liquide S.A.     337,954  
  3,053     Akzo Nobel N.V.     319,316  
  1,562     Albemarle Corporation     416,256  
  10,721     Asian Paints Ltd.     448,461  
  1,643     Avery Dennison Corporation     336,930  
  3,621     Brenntag S.E.     308,538  
  2,272     Celanese Corporation     343,890  
  2,911     Croda International plc     389,554  
  3,408     Eastman Chemical Company     355,420  
  355     EMS-Chemie Holding A.G.     336,433  
  10,934     Evonik Industries A.G.     327,498  
  71     Givaudan S.A.     345,256  
  1,633     Koninklijke DSM N.V.     349,516  
  37,488     Mitsubishi Chemical Holdings Corporation     294,569  
  4,757     Novozymes A/S, Class B     357,901  
  2,343     PPG Industries, Inc.     361,220  
  2,840     Solvay S.A.     316,218  
  2,556     Symrise A.G.     358,191  
  5,964     Umicore S.A.     288,730  
              6,591,851  
        COMMERCIAL SUPPORT SERVICES - 2.3%        
  10,792     Bureau Veritas S.A.     339,643  
  854     Cintas Corporation     360,550  
  17,324     Compass Group plc(a)     335,200  
  6,248     Edenred     277,934  
  2,485     Eurofins Scientific S.E.     315,906  
  2,840     Republic Services, Inc.     375,619  
  9,372     Rollins, Inc.     311,900  
  142     SGS S.A.     426,124  
  2,272     Waste Management, Inc.     365,042  
              3,107,918  

 

See accompanying notes to financial statements.

23

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        CONSTRUCTION MATERIALS - 2.1%        
  4,899     Cie de Saint-Gobain   $ 309,794  
  6,887     CRH plc     333,117  
  4,473     HeidelbergCement A.G.     297,759  
  7,100     Holcim Ltd.     341,036  
  9,088     James Hardie Industries plc - ADR     358,729  
  994     Martin Marietta Materials, Inc.     401,089  
  994     Sika A.G.     387,439  
  1,988     Vulcan Materials Company     380,980  
              2,809,943  
        CONTAINERS & PACKAGING - 0.9%        
  29,678     Amcor plc - ADR     341,321  
  3,337     Crown Holdings, Inc.     353,055  
  6,177     International Paper Company     281,177  
  2,485     Packaging Corp of America     324,516  
              1,300,069  
        DATA CENTER REIT - 0.3%        
  2,272     Digital Realty Trust, Inc.     381,105  
                 
        DIVERSIFIED INDUSTRIALS - 1.0%        
  8,946     Alfa Laval A.B.     345,135  
  2,201     Dover Corporation     360,634  
  1,633     Honeywell International, Inc.     330,258  
  1,633     Illinois Tool Works, Inc.     379,101  
              1,415,128  
        E-COMMERCE DISCRETIONARY - 0.7%        
  33,015     Allegro.eu S.A.(a)     314,202  
  1,278     Wayfair, Inc., Class A(a),(b)     316,740  
  3,550     Zalando S.E.(a)     320,709  
              951,651  
        ELECTRIC UTILITIES - 4.4%        
  14,981     AES Corporation (The)     350,256  
  6,177     Alliant Energy Corporation     338,438  
  6,887     Avangrid, Inc.(b)     348,620  
  13,845     CenterPoint Energy, Inc.     358,724  

 

See accompanying notes to financial statements.

24

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        ELECTRIC UTILITIES - 4.4% (Continued)        
  4,828     Consolidated Edison, Inc.   $ 374,846  
  27,406     E.ON S.E.     336,060  
  16,472     Endesa S.A.     367,758  
  42,671     Enel SpA     322,140  
  25,560     Engie S.A. (a)     368,548  
  3,479     Entergy Corporation     349,083  
  5,538     Evergy, Inc.     350,555  
  11,573     Fortum OYJ     331,005  
  32,447     Iberdrola S.A.     361,717  
  15,762     SSE plc     323,641  
  211,500     Tenaga Nasional Bhd     464,030  
  46,647     Terna Rete Elettrica Nazionale SpA     345,279  
  3,905     WEC Energy Group, Inc.     339,462  
              6,030,162  
        ELECTRICAL EQUIPMENT - 2.2%        
  2,698     AMETEK, Inc.     368,277  
  4,544     Amphenol Corporation, Class A     366,156  
  11,573     Assa Abloy A.B., Class B     323,672  
  3,976     Cognex Corporation     307,146  
  21,158     Hexagon A.B.     307,763  
  1,988     Keysight Technologies, Inc.(a)     386,626  
  781     Roper Technologies, Inc.     362,501  
  1,207     Schindler Holding A.G.     309,119  
  3,976     Trimble, Inc.(a)     341,419  
              3,072,679  
        ENGINEERING & CONSTRUCTION - 0.9%        
  8,378     Bouygues S.A.     282,437  
  11,644     Ferrovial S.A.     321,895  
  2,982     Quanta Services, Inc.     339,292  
  3,337     Vinci S.A.     314,238  
              1,257,862  
        ENTERTAINMENT CONTENT - 1.2%        
  4,686     Activision Blizzard, Inc.     274,600  
  55,664     Bollore S.A.     296,736  

 

See accompanying notes to financial statements.

25

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        ENTERTAINMENT CONTENT - 1.2% (Continued)        
  13,845     Discovery, Inc. - Series A(a)   $ 322,173  
  8,946     Fox Corporation, Class A     319,462  
  2,414     Take-Two Interactive Software, Inc.(a)     400,434  
              1,613,405  
        FOOD - 1.5%        
  11,573     Ajinomoto Company, Inc.     347,256  
  142     Barry Callebaut A.G.     334,515  
  3     Chocoladefabriken Lindt & Spruengli A.G.(a)     367,625  
  10,508     Conagra Brands, Inc.     321,019  
  8,591     Hormel Foods Corporation     355,667  
  116,200     Wilmar International Ltd.     348,308  
              2,074,390  
        FORESTRY, PAPER & WOOD PRODUCTS - 0.8%        
  20,093     Stora Enso OYJ, R Shares     338,685  
  48,209     Suzano S.A.(a)     481,266  
  9,443     UPM-Kymmene OYJ     340,661  
              1,160,612  
        GAS & WATER UTILITIES - 0.5%        
  13,916     Naturgy Energy Group S.A.     380,631  
  61,628     Snam SpA     345,039  
              725,670  
        HEALTH CARE FACILITIES & SERVICES - 2.0%        
  2,485     Catalent, Inc.(a)     319,720  
  4,899     Fresenius Medical Care A.G. & Company KGaA     291,046  
  7,313     Fresenius S.E. & Company KGaA     275,715  
  1,359     HCA Healthcare, Inc.     306,577  
  314,500     IHH Healthcare Bhd     491,370  
  1,349     IQVIA Holdings, Inc.(a)     349,566  
  1,207     Molina Healthcare, Inc.(a)     344,212  
  11,715     Sonic Healthcare Ltd.     354,689  
              2,732,895  
        HEALTH CARE REIT - 0.2%        
  6,319     Ventas, Inc.     296,487  

 

See accompanying notes to financial statements.

26

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        HOME CONSTRUCTION - 1.1%        
  4,047     DR Horton, Inc.   $ 395,392  
  426     Geberit A.G.     323,988  
  3,479     Lennar Corporation, Class A     365,469  
  71     NVR, Inc.(a)     370,999  
              1,455,848  
        HOUSEHOLD PRODUCTS - 0.7%        
  2,982     Beiersdorf A.G.     296,114  
  4,260     Church & Dwight Company, Inc.     380,759  
  4,047     Henkel A.G. & Company KGaA     298,600  
              975,473  
        INDUSTRIAL REIT - 0.7%        
  7,171     Duke Realty Corporation     418,285  
  21,584     Goodman Group     377,859  
  2,769     Prologis, Inc.     417,428  
              1,213,572  
        INDUSTRIAL SUPPORT SERVICES - 1.1%        
  4,402     Ashtead Group plc     351,993  
  6,461     Fastenal Company     382,297  
  994     United Rentals, Inc.(a)     336,708  
  852     WW Grainger, Inc.     410,162  
              1,481,160  
        INFRASTRUCTURE REIT - 0.7%        
  1,278     American Tower Corporation     335,449  
  1,917     Crown Castle International Corporation     348,223  
  994     SBA Communications Corporation     341,737  
              1,025,409  
        INSTITUTIONAL FINANCIAL SERVICES - 1.6%        
  192,836     B3 S.A. - Brasil Bolsa Balcao     379,961  
  2,769     Cboe Global Markets, Inc.     357,035  
  2,059     Deutsche Boerse A.G.     321,221  
  5,609     Interactive Brokers Group, Inc., Class A     414,056  
  2,911     Intercontinental Exchange, Inc.     380,526  
  3,266     London Stock Exchange Group plc     280,946  
              2,133,745  

 

See accompanying notes to financial statements.

27

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        INSURANCE - 3.1%        
  7,526     Admiral Group plc   $ 294,426  
  6,035     Brown & Brown, Inc.     388,714  
  2,982     Cincinnati Financial Corporation     339,650  
  15,691     Dai-ichi Life Holdings, Inc.     316,045  
  92,087     Legal & General Group plc     343,442  
  6,603     Loews Corporation     352,996  
  285     Markel Corporation(a)     340,524  
  18,460     Prudential plc     311,632  
  6,958     Sampo OYJ, A Shares     339,827  
  30,246     SBI Life Insurance Company Ltd.     467,076  
  710     Swiss Life Holding A.G.     406,482  
  14,697     Tryg A/S     353,570  
              4,254,384  
        INTERNET MEDIA & SERVICES - 1.3%        
  142     Booking Holdings, Inc.(a)     298,463  
  2,982     Naspers Ltd., N Shares     457,476  
  4,260     Prosus N.V.     340,065  
  2,840     REA Group Ltd.     327,005  
  1,633     VeriSign, Inc.(a)     391,773  
              1,814,782  
        LEISURE FACILITIES & SERVICES - 0.3%        
  3,763     Live Nation Entertainment, Inc.(a)     401,324  
                 
        MACHINERY - 2.2%        
  5,325     Atlas Copco A.B., Class A     325,672  
  1,775     Caterpillar, Inc.     343,196  
  20,448     CNH Industrial N.V.     337,303  
  1,491     FANUC Corporation     292,107  
  1,420     Nordson Corporation     360,950  
  1,207     Parker-Hannifin Corporation     364,586  
  14,484     Sandvik A.B.     358,162  
  497     SMC Corporation     317,998  
  64,752     WEG S.A.     369,003  
              3,068,977  

 

See accompanying notes to financial statements.

28

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        MEDICAL EQUIPMENT & DEVICES - 5.8%        
  994     ABIOMED, Inc.(a)   $ 312,891  
  2,059     Agilent Technologies, Inc.     310,703  
  500     Align Technology, Inc.(a)     305,765  
  426     Bio-Rad Laboratories, Inc., Class A(a)     320,863  
  2,059     Coloplast A/S - Series B     334,381  
  6,390     Demant A/S(a)     303,390  
  5,822     DENTSPLY SIRONA, Inc.     283,764  
  639     DexCom, Inc.(a)     359,496  
  2,911     Edwards Lifesciences Corporation(a)     312,379  
  1,775     EssilorLuxottica S.A.     353,675  
  3,621     Exact Sciences Corporation(a)     309,125  
  4,615     Hologic, Inc.(a)     344,879  
  502     IDEXX Laboratories, Inc.(a)     305,251  
  781     Illumina, Inc.(a)     285,323  
  1,207     Insulet Corporation(a)     348,147  
  1,074     Intuitive Surgical, Inc.(a)     348,341  
  1,207     Masimo Corporation(a)     335,691  
  215     Mettler-Toledo International, Inc.(a)     325,538  
  1,287     ResMed, Inc.     327,992  
  852     Sonova Holding A.G.     319,017  
  1,562     STERIS plc     341,344  
  1,278     Stryker Corporation     302,413  
  923     Teleflex, Inc.     274,519  
  923     Waters Corporation(a)     302,809  
  781     West Pharmaceutical Services, Inc.     345,717  
              8,013,413  
        METALS & MINING - 3.3%        
  5,467     Anglo American Platinum Ltd.     580,339  
  17,821     Antofagasta plc     325,365  
  12,638     BHP Group Ltd.     352,794  
  13,774     BHP Group plc     376,579  
  30,033     Fortescue Metals Group Ltd.     362,226  
  10,863     Freeport-McMoRan, Inc.     402,800  
  20,803     Newcrest Mining Ltd.     348,404  

 

See accompanying notes to financial statements.

29

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        METALS & MINING - 3.3% (Continued)        
  6,532     Newmont Corporation   $ 358,737  
  46,292     Norsk Hydro ASA     299,253  
  4,757     Rio Tinto Ltd.     315,371  
  5,325     Rio Tinto plc     324,914  
  8,662     Southern Copper Corporation     506,727  
              4,553,509  
        MULTI ASSET CLASS REIT - 0.6%        
  20,377     Segro plc     379,849  
  4,686     WP Carey, Inc.     357,776  
              737,625  
        OFFICE REIT - 0.5%        
  1,775     Alexandria Real Estate Equities, Inc.     355,124  
  3,124     Boston Properties, Inc.     336,892  
  525     Orion Office REIT, Inc.(a)     9,329  
              701,345  
        OIL & GAS PRODUCERS - 3.4%        
  7,952     Continental Resources, Inc. (b)     352,592  
  10,579     Devon Energy Corporation     444,952  
  3,976     Diamondback Energy, Inc.     424,358  
  82,573     ENEOS Holdings, Inc.     307,908  
  27,406     Eni SpA     359,135  
  4,473     EOG Resources, Inc.     389,151  
  21,229     Kinder Morgan, Inc.     328,200  
  12,496     Occidental Petroleum Corporation     370,506  
  5,822     OMV A.G.     307,806  
  6,106     ONEOK, Inc.     365,383  
  5,183     Valero Energy Corporation     346,950  
  13,845     Williams Companies, Inc. (The)     370,908  
  21,016     Woodside Petroleum Ltd.     319,337  
              4,687,186  
        OIL & GAS SERVICES & EQUIPMENT - 0.5%        
  16,685     Halliburton Company     360,229  
  12,070     Schlumberger N.V.     346,168  
              706,397  

 

See accompanying notes to financial statements.

30

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        PUBLISHING & BROADCASTING - 0.2%        
  14,413     News Corporation, CLASS A - NON-VOTING   $ 311,609  
                 
        REAL ESTATE OWNERS & DEVELOPERS - 1.0%        
  5,680     Deutsche Wohnen S.E.     253,243  
  7,189     Sino Land Company Ltd.     8,595  
  772,000     SM Prime Holdings, Inc.     573,043  
  9,443     Sumitomo Realty & Development Company Ltd.     294,322  
  5,538     Vonovia S.E.     305,445  
              1,434,648  
        RESIDENTIAL REIT - 2.4%        
  2,343     Camden Property Trust     387,087  
  4,331     Equity LifeStyle Properties, Inc.     352,110  
  4,331     Equity Residential     369,478  
  1,071     Essex Property Trust, Inc.     363,540  
  8,875     Invitation Homes, Inc.     358,905  
  1,846     Mid-America Apartment Communities, Inc.     380,738  
  1,846     Sun Communities, Inc.     348,119  
  6,532     UDR, Inc.     370,560  
              2,930,537  
        RETAIL - CONSUMER STAPLES - 2.0%        
  12,922     Aeon Company Ltd.     300,958  
  8,378     Avenue Supermarts Ltd.(a)     525,171  
  787     Costco Wholesale Corporation     424,492  
  1,633     Dollar General Corporation     361,383  
  4,118     Dollar Tree, Inc.(a)     551,111  
  140,509     Wal-Mart de Mexico S.A.B. de C.V. (a)     440,695  
              2,603,810  
        RETAIL - DISCRETIONARY - 2.9%        
  214     AutoZone, Inc.(a)     388,852  
  1,136     Burlington Stores, Inc.(a)     332,996  
  2,414     CarMax, Inc.(a)     340,978  
  2,698     Floor & Decor Holdings, Inc., Class A(a)     347,799  
  2,840     Genuine Parts Company     362,782  
  3,124     Next plc     324,941  

 

See accompanying notes to financial statements.

31

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        RETAIL - DISCRETIONARY - 2.9% (Continued)        
  572     O’Reilly Automotive, Inc.(a)   $ 365,028  
  2,698     Pandora A/S     332,393  
  3,053     Ross Stores, Inc.     333,052  
  26,410     SM Investments Corporation     513,680  
  1,633     Tractor Supply Company     367,964  
              4,010,465  
        RETAIL REIT - 0.8%        
  16,259     Kimco Realty Corporation     364,527  
  5,254     Realty Income Corporation     356,852  
  2,627     Simon Property Group, Inc.     401,511  
              1,122,890  
        SELF-STORAGE REIT - 0.5%        
  2,059     Extra Space Storage, Inc.     411,800  
  1,136     Public Storage     371,904  
              783,704  
        SEMICONDUCTORS - 4.5%        
  1,988     Analog Devices, Inc.     358,337  
  426     ASML Holding N.V.     335,462  
  713     Broadcom, Inc.     394,774  
  7,952     Infineon Technologies A.G.     357,404  
  923     KLA Corporation     376,704  
  5,538     Marvell Technology, Inc.     394,139  
  4,260     Microchip Technology, Inc.     355,412  
  710     Monolithic Power Systems, Inc.     392,957  
  1,562     NVIDIA Corporation     510,400  
  1,641     NXP Semiconductors N.V.     366,534  
  7,100     ON Semiconductor Corporation(a)     436,153  
  1,988     Qorvo, Inc.(a)     290,705  
  2,059     Skyworks Solutions, Inc.     312,268  
  7,597     STMicroelectronics N.V. - ADR(b)     368,758  
  2,911     Teradyne, Inc.     445,005  
  2,201     Xilinx, Inc.     502,818  
              6,197,830  

 

See accompanying notes to financial statements.

32

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        SOFTWARE - 4.3%        
  994     ANSYS, Inc.(a)   $ 389,131  
  2,130     Cadence Design Systems, Inc.(a)     377,990  
  3,053     Ceridian HCM Holding, Inc.(a),(b)     333,998  
  4,828     Cerner Corporation     340,133  
  2,982     Check Point Software Technologies Ltd.(a)     331,926  
  6,035     Dassault Systemes S.E.     361,319  
  1,278     DocuSign, Inc.(a)     314,848  
  1,136     Fortinet, Inc.(a)     377,277  
  1,207     Nice Ltd. - ADR(a)     352,420  
  710     Paycom Software, Inc.(a)     310,611  
  2,840     PTC, Inc.(a)     311,207  
  1,562     RingCentral, Inc., Class A(a)     337,361  
  497     ServiceNow, Inc.(a)     321,907  
  4,970     SS&C Technologies Holdings, Inc.     379,360  
  1,065     Synopsys, Inc.(a)     363,165  
  710     Tyler Technologies, Inc.(a)     368,476  
  1,136     Veeva Systems, Inc., Class A(a)     321,011  
              5,892,140  
        SPECIALTY FINANCE - 0.0%(d)        
  2,977     Isracard Ltd.     13,105  
                 
        STEEL - 0.3%        
  3,479     Nucor Corporation     369,679  
                 
        TECHNOLOGY HARDWARE - 1.3%        
  3,976     Arista Networks, Inc.(a)     493,263  
  2,059     Garmin Ltd.     274,959  
  3,763     NetApp, Inc.     334,455  
  27,193     Panasonic Corporation     297,568  
  639     Zebra Technologies Corporation, Class A(a)     376,230  
              1,776,475  
        TECHNOLOGY SERVICES - 4.2%        
  4,544     Cognizant Technology Solutions Corporation, Class A     354,341  
  3,976     CoStar Group, Inc.(a)     309,174  

 

See accompanying notes to financial statements.

33

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        TECHNOLOGY SERVICES - 4.2% (Continued)        
  568     EPAM Systems, Inc.(a)   $ 345,656  
  1,364     Equifax, Inc.     380,079  
  2,911     Fidelity National Information Services, Inc.     304,200  
  1,351     FleetCor Technologies, Inc.(a)     279,833  
  1,065     Gartner, Inc.(a)     332,546  
  2,201     Global Payments, Inc.     262,007  
  1,562     Globant S.A.(a)     413,946  
  852     MarketAxess Holdings, Inc.     300,492  
  497     MSCI, Inc.     312,837  
  6,177     NEC Corporation     278,535  
  17,821     NTT Data Corporation     375,741  
  3,195     Paychex, Inc.     380,844  
  9,514     Tata Consultancy Services Ltd.     446,775  
  1,704     Verisk Analytics, Inc.     383,178  
  3,124     Wolters Kluwer N.V.     349,035  
              5,809,219  
        TELECOMMUNICATIONS - 1.8%        
  108,133     Koninklijke KPN N.V.     316,579  
  54,812     MTN Group Ltd.(a)     552,746  
  189,712     Singapore Telecommunications Ltd.     326,529  
  62,054     Telefonica Brasil S.A.     551,369  
  83,070     Telia Company A.B.(b)     319,567  
  121,055     Telstra Corp Ltd.     349,345  
              2,416,135  
        TIMBER REIT - 0.3%        
  9,443     Weyerhaeuser Company     355,151  
                 
        TRANSPORTATION & LOGISTICS - 3.8%        
  2,130     Aena SME S.A.(a)     310,480  
  18,247     Atlantia SpA(a)     331,291  
  11,502     CSX Corporation     398,659  
  1,349     DSV A/S     291,559  
  5,183     East Japan Railway Company     318,891  
  2,840     Expeditors International of Washington, Inc.     345,401  

 

See accompanying notes to financial statements.

34

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        TRANSPORTATION & LOGISTICS - 3.8% (Continued)        
  1,988     J.B. Hunt Transport Services, Inc.   $ 380,026  
  1,283     Kansas City Southern     373,161  
  923     Kuehne + Nagel International A.G.     263,016  
  1,136     Old Dominion Freight Line, Inc.     403,472  
  25,063     Poste Italiane SpA     314,270  
  3,053     Ryanair Holdings plc - ADR(a)     291,714  
  58,007     Sydney Airport(a)     341,378  
  34,293     Transurban Group     332,149  
  1,704     Union Pacific Corporation     401,531  
              5,096,998  
        TRANSPORTATION EQUIPMENT - 1.0%        
  9,301     Alstom S.A.     329,571  
  4,331     PACCAR, Inc.     361,291  
  15,478     Volvo A.B.     337,031  
  3,905     Westinghouse Air Brake Technologies Corporation     346,647  
              1,374,540  
        WHOLESALE - CONSUMER STAPLES - 0.2%        
  11,644     ITOCHU Corporation     334,312  
                 
        WHOLESALE - DISCRETIONARY - 0.8%        
  2,343     Copart, Inc.(a)     340,110  
  1     Jardine Cycle & Carriage Ltd.     15  
  6,674     LKQ Corporation     373,077  
  781     Pool Corporation     432,768  
              1,145,970  
                 
        TOTAL COMMON STOCKS (Cost $119,748,719)     135,813,150  

 

See accompanying notes to financial statements.

35

 

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
      RIGHT — 0.0%(d)      
        REAL ESTATE OWNERS & DEVELOPERS - 0.0% (d)        
  5,538     Vonovia S.E. (a) (Cost $20,941)   $ 19,386  
                 
        WARRANTS — 0.0%(d)        
        APPAREL & TEXTILE PRODUCTS - 0.0% (d)        
  10,118     CIE FINANCIERE RICHMO-A WARRANTS (a)     10,934  
                 
        OIL & GAS PRODUCERS - 0.0% (d)        
  2,243     Occidental Petroleum Corporation(a)(b)     28,037  
                 
        TOTAL WARRANTS (Cost $5,561)     38,971  
                 
        COLLATERAL FOR SECURITIES LOANED - 1.7%        
        MONEY MARKET FUND - 1.7%        
  2,298,141     Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $2,298,141)(c),(e)     2,298,141  
                 
        TOTAL INVESTMENTS - 100.6% (Cost $122,073,362)   $ 138,169,648  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%     (840,782 )
        NET ASSETS - 100.0%   $ 137,328,866  

 

ADR - American Depositary Receipt

 

A/S - Anonim Sirketi

 

LTD - Limited Company

 

MSCI - Morgan Stanley Capital International

 

NV - Naamioze Vennootschap

 

OYJ - Julkinen osakeyhtiö

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

S/A - Société Anonyme

 

(a) Non-income producing security.

 

(b) All or a portion of the security is on loan at November 30, 2021. The total fair value of the securities on loan as of November 30, 2021 was $2,169,252.

 

(c) Security was purchased with cash received as collateral for securities on loan at November 30, 2021. Total collateral had a value of $2,298,141 at November 30, 2021.

 

(d) Percentage rounds to less than 0.1%.

 

(e) Rate disclosed is the seven day effective yield as of November 30, 2021.

 

See accompanying notes to financial statements.

36

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2%        
        ADVERTISING & MARKETING - 0.2%        
  13,593     QuinStreet, Inc.(a)   $ 208,109  
                 
        AEROSPACE & DEFENSE - 0.9%        
  7,452     AAR Corporation(a)     243,382  
  5,727     Aerojet Rocketdyne Holdings, Inc.     240,763  
  2,898     AeroVironment, Inc.(a)     234,042  
  5,796     Barnes Group, Inc.     251,837  
  2,133     Woodward, Inc.     225,671  
              1,195,695  
        APPAREL & TEXTILE PRODUCTS - 0.6%        
  2,622     Carter’s, Inc.     264,901  
  2,760     Oxford Industries, Inc.     263,690  
  5,520     Skechers USA, Inc., Class A(a)     247,958  
              776,549  
        ASSET MANAGEMENT - 0.6%        
  4,830     Artisan Partners Asset Management, Inc., Class A     216,046  
  2,829     Cohen & Steers, Inc.     253,959  
  3,519     Stifel Financial Corporation     249,884  
              719,889  
        AUTOMOTIVE - 1.4%        
  10,557     Dana, Inc.     226,976  
  2,536     Dorman Products, Inc.(a)     281,445  
  7,383     Gentex Corporation     254,197  
  2,967     Gentherm, Inc.(a)     250,563  
  5,658     Standard Motor Products, Inc.     283,126  
  17,319     Tenneco, Inc., Class A(a)     181,850  
  2,484     Visteon Corporation(a)     263,105  
              1,741,262  
        BANKING - 10.1%        
  4,830     Ameris Bancorp     235,076  
  11,592     Associated Banc-Corporation     253,865  
  16,560     Brookline Bancorp, Inc.     255,521  
  8,280     Cadence Bank     241,942  
  6,003     Cathay General Bancorp     251,586  

 

See accompanying notes to financial statements.

37

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        BANKING - 10.1% (Continued)        
  3,243     City Holding Company   $ 254,446  
  3,566     Commerce Bancshares, Inc.     248,907  
  3,657     Community Bank System, Inc.     258,404  
  2,070     Cullen/Frost Bankers, Inc.     260,592  
  5,996     Customers Bancorp, Inc.(a)     345,608  
  4,416     Eagle Bancorp, Inc.     248,842  
  3,243     East West Bancorp, Inc.     249,711  
  18,423     First Commonwealth Financial Corporation     276,897  
  10,695     First Financial Bancorp     245,985  
  5,451     First Financial Bankshares, Inc.     272,114  
  15,249     First Horizon Corporation     245,966  
  6,279     First Interstate BancSystem, Inc., Class A     256,183  
  13,248     First Midwest Bancorp, Inc.     261,383  
  4,899     Flagstar Bancorp, Inc.     227,999  
  21,528     FNB Corporation     251,016  
  16,284     Fulton Financial Corporation     257,124  
  4,674     Glacier Bancorp, Inc.     253,798  
  7,452     Hilltop Holdings, Inc.     253,592  
  10,764     Home BancShares, Inc.     257,583  
  17,526     Hope Bancorp, Inc.     251,498  
  6,003     International Bancshares Corporation     252,186  
  6,969     NBT Bancorp, Inc.     251,651  
  19,251     New York Community Bancorp, Inc.     230,627  
  18,906     Northwest Bancshares, Inc.     251,072  
  2,622     Pinnacle Financial Partners, Inc.     250,165  
  3,588     Prosperity Bancshares, Inc.     255,753  
  6,969     Renasant Corporation     253,881  
  8,625     S&T Bancorp, Inc.     257,974  
  3,174     ServisFirst Bancshares, Inc.     255,158  
  8,418     Simmons First National Corporation, Class A     245,048  
  6,555     Southside Bancshares, Inc.     267,116  
  10,350     Sterling Bancorp     256,784  
  5,727     Synovus Financial Corporation     259,376  
  4,209     Texas Capital Bancshares, Inc.(a)     237,051  

 

See accompanying notes to financial statements.

38

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        BANKING - 10.1% (Continued)        
  8,142     Towne Bank   $ 249,064  
  7,659     Trustmark Corporation     234,442  
  2,553     UMB Financial Corporation     256,781  
  12,213     Umpqua Holdings Corporation     232,780  
  7,245     United Bankshares, Inc.     258,864  
  8,004     United Community Banks, Inc.     274,296  
  18,561     Valley National Bancorp     249,460  
  4,752     Webster Financial Corporation     256,085  
  7,728     WesBanco, Inc.     251,546  
  4,415     Westamerica BanCorporation     237,439  
  3,105     Wintrust Financial Corporation     271,781  
              12,712,018  
        BEVERAGES - 0.3%        
  621     Coca-Cola Consolidated, Inc.     354,324  
                 
        BIOTECH & PHARMA - 3.0%        
  4,288     2seventy bio, Inc.(a)     112,946  
  13,248     Bluebird Bio, Inc.(a)     133,937  
  13,800     Coherus Biosciences, Inc.(a)     256,266  
  7,383     Cytokinetics, Inc.(a)     290,448  
  4,692     Emergent BioSolutions, Inc.(a)     207,011  
  4,347     Enanta Pharmaceuticals, Inc.(a)     383,754  
  6,072     Halozyme Therapeutics, Inc.(a)     199,647  
  966     Heska Corporation(a)     155,487  
  15,111     Innoviva, Inc.(a),(b)     252,656  
  18,216     Ironwood Pharmaceuticals, Inc.(a)     202,015  
  13,248     Nektar Therapeutics(a),(b)     149,172  
  4,210     Pacira BioSciences, Inc.(a)     221,530  
  4,347     Prestige Consumer Healthcare, Inc.(a)     243,215  
  5,382     Sage Therapeutics, Inc.(a)     209,414  
  2,691     Sarepta Therapeutics, Inc.(a)     217,460  
  8,832     Supernus Pharmaceuticals, Inc.(a)     264,695  
  1,242     United Therapeutics Corporation(a)     235,359  
              3,735,012  

 

See accompanying notes to financial statements.

39

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        CABLE & SATELLITE - 0.2%        
  132     Cable One, Inc.   $ 233,912  
                 
        CHEMICALS - 4.2%        
  6,279     AdvanSix, Inc.     284,376  
  1,656     Balchem Corporation     261,648  
  4,899     Cabot Corporation     257,100  
  8,970     Chemours Company (The)     266,409  
  11,040     GCP Applied Technologies, Inc.(a)     257,674  
  3,726     HB Fuller Company     272,594  
  3,381     Ingevity Corporation(a)     243,128  
  2,898     Innospec, Inc.     235,318  
  5,934     Kraton Corporation(a)     273,320  
  3,588     Materion Corporation     303,760  
  3,519     Minerals Technologies, Inc.     231,093  
  733     NewMarket Corporation     242,843  
  4,968     Olin Corporation     270,011  
  1,035     Quaker Chemical Corporation     235,825  
  1,287     Rogers Corporation(a)     350,862  
  3,095     RPM International, Inc.     281,769  
  2,691     Sensient Technologies Corporation     261,807  
  4,623     Trinseo plc     218,344  
  7,590     Valvoline, Inc.     258,591  
  1,104     WD-40 Company(b)     247,682  
              5,254,154  
        COMMERCIAL SUPPORT SERVICES - 2.7%        
  5,451     ABM Industries, Inc.     245,295  
  4,830     Brady Corporation, Class A     242,708  
  3,795     Brink’s Company (The)     232,102  
  1,311     CorVel Corporation(a)     246,468  
  6,900     Deluxe Corporation     233,496  
  4,873     Forrester Research, Inc.(a)     275,033  
  1,794     FTI Consulting, Inc.(a)     262,085  
  14,835     Harsco Corporation(a)     216,294  
  2,208     Insperity, Inc.     255,554  

 

See accompanying notes to financial statements.

40

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        COMMERCIAL SUPPORT SERVICES - 2.7% (Continued)        
  3,312     Korn Ferry   $ 240,915  
  2,553     TriNet Group, Inc.(a)     256,066  
  8,763     TrueBlue, Inc.(a)     228,013  
  1,103     UniFirst Corporation     211,390  
  5,313     Viad Corporation(a)     224,793  
              3,370,212  
        CONSTRUCTION MATERIALS - 1.0%        
  1,173     Carlisle Companies, Inc.     264,160  
  1,794     Eagle Materials, Inc.     276,671  
  8,280     MDU Resources Group, Inc.     225,464  
  2,277     Simpson Manufacturing Company, Inc.     262,675  
  7,866     Summit Materials, Inc., Class A(a)     293,401  
              1,322,371  
        CONSUMER SERVICES - 1.2%        
  414     Graham Holdings Company, Class B     234,539  
  2,823     Grand Canyon Education, Inc.(a)     204,583  
  7,107     Matthews International Corporation, Class A     246,400  
  1,173     Medifast, Inc.     241,333  
  4,071     Rent-A-Center, Inc.     179,816  
  4,002     Service Corp International     264,772  
  3,381     Strategic Education, Inc.     180,884  
              1,552,327  
        CONTAINERS & PACKAGING - 0.8%        
  2,001     AptarGroup, Inc.     239,300  
  3,864     Greif, Inc., Class A     234,468  
  6,279     Silgan Holdings, Inc.     260,389  
  4,071     Sonoco Products Company     236,647  
              970,804  
        DATA CENTER REITS - 0.4%        
  1,656     CoreSite Realty Corporation     283,259  
  3,284     CyrusOne, Inc.     292,342  
              575,601  
        ELECTRIC UTILITIES - 1.8%        
  4,140     ALLETE, Inc.     242,728  

 

See accompanying notes to financial statements.

41

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        ELECTRIC UTILITIES - 1.8% (Continued)        
  3,864     Black Hills Corporation   $ 247,760  
  5,934     Hawaiian Electric Industries, Inc.     225,433  
  2,346     IDACORP, Inc.     245,439  
  3,243     MGE Energy, Inc.     235,409  
  4,140     NorthWestern Corporation     228,942  
  7,245     OGE Energy Corporation     248,648  
  3,588     Ormat Technologies, Inc.(b)     270,893  
  4,961     PNM Resources, Inc.     244,280  
              2,189,532  
        ELECTRICAL EQUIPMENT - 2.0%        
  3,657     AAON, Inc.     285,245  
  2,691     Advanced Energy Industries, Inc.     235,974  
  2,277     Badger Meter, Inc.     233,074  
  4,140     Belden, Inc.     255,314  
  3,588     FARO Technologies, Inc.(a)     249,222  
  3,105     Itron, Inc.(a)     192,231  
  874     Littelfuse, Inc.     260,872  
  5,934     National Instruments Corporation     246,380  
  2,622     OSI Systems, Inc.(a)     238,418  
  1,449     Watts Water Technologies, Inc., Class A     273,441  
              2,470,171  
        ENGINEERING & CONSTRUCTION - 2.2%        
  3,657     AECOM(a)     252,114  
  3,381     Comfort Systems USA, Inc.     320,754  
  2,070     EMCOR Group, Inc.     247,034  
  2,070     Exponent, Inc.     241,155  
  2,208     Installed Building Products, Inc.     285,031  
  6,346     KBR, Inc.     279,224  
  2,823     MasTec, Inc.(a)     260,196  
  2,415     MYR Group, Inc.(a)     267,365  
  1,587     Tetra Tech, Inc.     293,087  
  1,104     TopBuild Corporation(a)     297,848  
              2,743,808  

 

See accompanying notes to financial statements.

42

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        ENTERTAINMENT CONTENT - 0.2%        
  5,175     AMC Networks, Inc., Class A(a)   $ 199,807  
                 
        FOOD - 2.5%        
  6,693     Cal-Maine Foods, Inc.     241,350  
  3,312     Darling Ingredients, Inc.(a)     223,626  
  10,488     Flowers Foods, Inc.     270,801  
  7,866     Fresh Del Monte Produce, Inc.     194,762  
  6,140     Hain Celestial Group, Inc. (The)(a)     242,100  
  2,760     Ingredion, Inc.     257,039  
  1,587     J & J Snack Foods Corporation     216,752  
  3,036     John B Sanfilippo & Son, Inc.     250,166  
  4,002     Lamb Weston Holdings, Inc.     207,784  
  1,449     Lancaster Colony Corporation     211,844  
  11,316     Phibro Animal Health Corporation, Class A     221,680  
  2,259     Post Holdings, Inc.(a),(b)     218,219  
  1,311     Sanderson Farms, Inc.     246,180  
              3,002,303  
        FORESTRY, PAPER & WOOD PRODUCTS - 0.5%        
  4,002     Louisiana-Pacific Corporation     261,531  
  2,277     Trex Company, Inc.(a)     302,317  
              563,848  
        GAS & WATER UTILITIES - 1.8%        
  2,760     American States Water Company     259,937  
  2,760     Atmos Energy Corporation     249,283  
  4,692     National Fuel Gas Company     271,244  
  7,038     New Jersey Resources Corporation     258,858  
  3,864     ONE Gas, Inc.     250,542  
  11,247     South Jersey Industries, Inc.     264,304  
  3,634     Southwest Gas Holdings, Inc.     239,154  
  4,002     Spire, Inc.     239,520  
  5,727     UGI Corporation     236,239  
              2,269,081  
        HEALTH CARE FACILITIES & SERVICES - 2.4%        
  3,726     Acadia Healthcare Company, Inc.(a)     209,289  

 

See accompanying notes to financial statements.

43

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        HEALTH CARE FACILITIES & SERVICES - 2.4% (Continued)        
  1,579     Amedisys, Inc.(a)   $ 220,507  
  524     Chemed Corporation     243,917  
  21,045     Community Health Systems, Inc.(a)     253,171  
  3,243     Ensign Group, Inc. (The)     247,538  
  3,712     HealthEquity, Inc.(a)     202,972  
  1,518     LHC Group, Inc.(a)     174,145  
  2,553     Magellan Health, Inc.(a)     241,999  
  7,797     Owens & Minor, Inc.     311,880  
  6,279     Premier, Inc., Class A     232,763  
  6,900     Select Medical Holdings Corporation     185,265  
  3,450     Tenet Healthcare Corporation(a)     251,402  
  10,833     Tivity Health, Inc.(a)     258,042  
              3,032,890  
        HEALTH CARE REIT - 0.8%        
  11,592     CareTrust REIT, Inc.     234,274  
  11,799     Medical Properties Trust, Inc.     251,201  
  13,317     Physicians Realty Trust     237,442  
  16,077     Sabra Health Care REIT, Inc.     207,876  
              930,793  
        HOME & OFFICE PRODUCTS - 0.5%        
  6,625     HNI Corporation     261,753  
  4,968     Tempur Sealy International, Inc.     212,829  
  11,454     Tupperware Brands Corporation(a)     179,141  
              653,723  
        HOME CONSTRUCTION - 2.7%        
  3,726     American Woodmark Corporation(a)     229,671  
  2,415     Armstrong World Industries, Inc.     255,918  
  10,419     Griffon Corporation     274,124  
  16,836     Interface, Inc.     240,081  
  5,934     KB Home     237,301  
  1,656     LGI Homes, Inc.(a)     237,901  
  4,071     M/I Homes, Inc.(a)     227,528  
  2,415     Meritage Homes Corporation(a)     272,557  
  3,036     Patrick Industries, Inc.     242,182  

 

See accompanying notes to financial statements.

44

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
             
        COMMON STOCKS — 98.2% (Continued)        
        HOME CONSTRUCTION - 2.7% (Continued)        
  12,420     PGT Innovations, Inc.(a)   $ 255,107  
  9,177     Taylor Morrison Home Corporation(a)     285,037  
  4,071     Toll Brothers, Inc.     258,386  
  11,247     Tri Pointe Homes, Inc.(a)     280,837  
              3,296,630  
                 
        HOTEL REIT - 1.0%        
  26,013     DiamondRock Hospitality Company(a)     226,573  
  16,284     RLJ Lodging Trust     205,016  
  2,829     Ryman Hospitality Properties, Inc.(a)     218,965  
  24,702     Summit Hotel Properties, Inc.(a)     221,083  
  13,179     Xenia Hotels & Resorts, Inc.(a)     206,515  
              1,078,152  
                 
        HOUSEHOLD PRODUCTS - 1.3%        
  5,244     Central Garden & Pet Company(a)     252,656  
  6,831     Edgewell Personal Care Company     290,044  
  6,348     Energizer Holdings, Inc.(b)     236,082  
  1,083     Helen of Troy Ltd.(a)     260,462  
  3,450     Inter Parfums, Inc.     303,013  
  6,003     Nu Skin Enterprises, Inc., Class A(b)     263,412  
              1,605,669  
        INDUSTRIAL INTERMEDIATE PRODUCTS - 1.1%        
  1,242     Chart Industries, Inc.(a)     216,791  
  3,657     Gibraltar Industries, Inc.(a)     248,311  
  3,450     Proto Labs, Inc.(a)     172,914  
  1,161     RBC Bearings, Inc.(a)     229,518  
  3,588     Timken Company (The)     236,198  
  1,035     Valmont Industries, Inc.     247,396  
              1,351,128  
        INDUSTRIAL REIT - 1.1%        
  1,438     EastGroup Properties, Inc.     292,921  
  4,616     First Industrial Realty Trust, Inc.     278,853  
  1,587     PS Business Parks, Inc.     278,042  
  4,209     Rexford Industrial Realty, Inc.     294,966  

 

See accompanying notes to financial statements.

45

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
             
        COMMON STOCKS — 98.2% (Continued)        
        INDUSTRIAL REIT - 1.1% (Continued)        
  6,072     STAG Industrial, Inc.   $ 264,618  
              1,409,400  
                 
        INDUSTRIAL SUPPORT SERVICES - 0.6%        
  2,759     Applied Industrial Technologies, Inc.     262,215  
  884     Watsco, Inc.     258,756  
  2,070     WESCO International, Inc.(a)     256,949  
              777,920  
        INFRASTRUCTURE REIT - 0.2%        
  19,389     Uniti Group, Inc.     257,292  
                 
        INSTITUTIONAL FINANCIAL SERVICES - 0.6%        
  1,794     Evercore, Inc., Class A     248,828  
  2,553     Houlihan Lokey, Inc.     277,102  
  4,062     SEI Investments Company     242,217  
              768,147  
        INSURANCE - 2.8%        
  390     Alleghany Corporation(a)     252,284  
  1,851     American Financial Group, Inc.     247,312  
  4,347     AMERISAFE, Inc.     230,782  
  10,488     CNO Financial Group, Inc.     237,658  
  6,210     Employers Holdings, Inc.     239,768  
  66,309     Genworth Financial, Inc., Class A(a)     253,301  
  1,841     Hanover Insurance Group, Inc. (The)     224,142  
  6,141     Horace Mann Educators Corporation     227,647  
  3,639     Kemper Corporation     201,309  
  4,347     Mercury General Corporation     221,784  
  1,587     Primerica, Inc.     233,527  
  10,419     ProAssurance Corporation     239,637  
  2,208     Reinsurance Group of America, Inc.     209,561  
  2,400     RLI Corporation     246,672  
  3,105     Safety Insurance Group, Inc.     239,923  
              3,505,307  

 

See accompanying notes to financial statements.

46

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        INTERNET MEDIA & SERVICES - 0.2%        
  8,418     HealthStream, Inc.(a)   $ 195,466  
                 
        LEISURE FACILITIES & SERVICES - 2.1%        
  5,451     BJ’s Restaurants, Inc.(a)     162,767  
  4,968     Cheesecake Factory, Inc. (The)(a)     190,374  
  12,972     Cinemark Holdings, Inc.(a),(b)     201,325  
  2,415     Jack in the Box, Inc.     199,479  
  1,510     Marriott Vacations Worldwide Corporation     230,502  
  1,863     Papa John’s International, Inc.     227,137  
  4,140     SeaWorld Entertainment, Inc.(a)     244,219  
  2,829     Shake Shack, Inc., Class A(a)     206,489  
  5,796     St Joe Company (The)     278,265  
  2,553     Texas Roadhouse, Inc.     211,746  
  10,695     Wendy’s Company (The)     220,103  
  1,380     Wingstop, Inc.     221,628  
              2,594,034  
        LEISURE PRODUCTS - 1.6%        
  2,484     Brunswick Corporation     233,272  
  8,073     Callaway Golf Company(a)     217,648  
  1,656     Fox Factory Holding Corporation(a)     291,074  
  2,001     Polaris, Inc.     223,692  
  3,243     Sturm Ruger & Company, Inc.     232,491  
  2,208     Thor Industries, Inc.     233,408  
  5,865     Vista Outdoor, Inc.(a)     256,125  
  3,657     Winnebago Industries, Inc.(b)     264,109  
              1,951,819  
        MACHINERY - 4.6%        
  1,982     AGCO Corporation     218,436  
  1,725     Alamo Group, Inc.     245,330  
  3,105     Albany International Corporation, Class A     251,288  
  2,622     Crane Company     253,128  
  1,932     Curtiss-Wright Corporation     243,084  
  4,071     Donaldson Company, Inc.     229,727  
  3,174     ESCO Technologies, Inc.     259,443  

 

See accompanying notes to financial statements.

47

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        MACHINERY - 4.6% (Continued)        
  2,967     Franklin Electric Company, Inc.   $ 261,244  
  3,312     Graco, Inc.     241,412  
  5,934     Hillenbrand, Inc.     264,656  
  1,587     John Bean Technologies Corporation     250,381  
  6,969     Kennametal, Inc.     246,494  
  1,841     Lincoln Electric Holdings, Inc.     248,461  
  1,587     Lindsay Corporation     230,940  
  1,720     MSA Safety, Inc.     246,510  
  2,322     Oshkosh Corporation     249,847  
  2,549     Regal Rexnord Corporation     402,997  
  3,174     SPX FLOW, Inc.     265,061  
  2,415     Standex International Corporation     248,769  
  3,312     Tennant Company     260,522  
  5,658     Terex Corporation     239,786  
  2,484     Toro Company     249,791  
  6,831     Zurn Water Solutions Corporation     239,427  
              5,846,734  
        MEDICAL EQUIPMENT & DEVICES - 1.5%        
  10,557     CryoLife, Inc.(a)     181,475  
  3,017     Globus Medical, Inc., Class A(a)     188,925  
  3,519     Haemonetics Corporation(a)     180,349  
  1,035     ICU Medical, Inc.(a)     234,126  
  3,381     Integra LifeSciences Holdings Corporation(a)     216,215  
  3,381     Merit Medical Systems, Inc.(a)     212,530  
  7,314     Myriad Genetics, Inc.(a)     189,140  
  5,727     Neogen Corporation(a)     229,824  
  3,864     NuVasive, Inc.(a)     185,704  
              1,818,288  
        METALS & MINING - 1.0%        
  39,606     Coeur Mining, Inc.(a)     221,794  
  3,933     Compass Minerals International, Inc.     191,340  
  2,484     Encore Wire Corporation     348,903  
  44,850     Hecla Mining Company     248,469  

 

See accompanying notes to financial statements.

48

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        METALS & MINING - 1.0% (Continued)        
  2,415     Royal Gold, Inc.   $ 241,572  
              1,252,078  
        MORTGAGE FINANCE - 0.4%        
  16,008     Apollo Commercial Real Estate Finance, Inc.     216,588  
  78,453     Invesco Mortgage Capital, Inc.(b)     235,359  
              451,947  
        MULTI ASSET CLASS REIT - 0.4%        
  9,729     Washington Real Estate Investment Trust     245,171  
  19,044     Lexington Realty Trust     286,612  
              531,783  
        OFFICE REIT - 2.0%        
  6,348     American Assets Trust, Inc.     218,371  
  18,078     Brandywine Realty Trust     232,302  
  12,834     Columbia Property Trust, Inc.     246,413  
  8,832     Corporate Office Properties Trust     226,629  
  6,486     Cousins Properties, Inc.     244,911  
  7,521     Douglas Emmett, Inc.     246,463  
  5,515     Highwoods Properties, Inc.     238,248  
  3,519     Kilroy Realty Corporation     227,081  
  14,076     Mack-Cali Realty Corporation(a)     235,210  
  14,007     Piedmont Office Realty Trust, Inc., Class A     243,442  
              2,359,070  
        OIL & GAS PRODUCERS - 1.0%        
  7,590     HollyFrontier Corporation     245,309  
  2,553     Oasis Petroleum, Inc.     306,105  
  10,143     SM Energy Company     294,147  
  50,784     Southwestern Energy Company(a)     227,512  
  7,452     World Fuel Services Corporation     186,225  
              1,259,298  
        OIL & GAS SERVICES & EQUIPMENT - 0.2%        
  18,906     Oceaneering International, Inc.(a)     202,105  

 

See accompanying notes to financial statements.

49

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        PUBLISHING & BROADCASTING - 1.1%        
  13,593     EW Scripps Company (The), Class A   $ 251,878  
  36,363     Gannett Company, Inc.(a)     185,815  
  4,761     New York Times Company (The), Class A     226,148  
  1,518     Nexstar Media Group, Inc., Class A     226,941  
  7,383     Scholastic Corporation     277,896  
  4,347     World Wrestling Entertainment, Inc., Class A(b)     214,568  
              1,383,246  
        REAL ESTATE INVESTMENT TRUSTS - 0.2%        
  7,935     Omega Healthcare Investors, Inc.     221,704  
                 
        RENEWABLE ENERGY - 0.6%        
  3,243     EnerSys     240,274  
  2,691     First Solar, Inc.(a)     278,787  
  7,107     Green Plains, Inc.(a)     274,686  
              793,747  
        RESIDENTIAL REIT - 0.4%        
  4,899     American Campus Communities, Inc.     253,474  
  11,730     Independence Realty Trust, Inc.     287,385  
              540,859  
        RETAIL - CONSUMER STAPLES - 1.2%        
  5,244     Big Lots, Inc.(b)     227,485  
  1,297     Casey’s General Stores, Inc.     251,994  
  1,242     Five Below, Inc.(a)     252,672  
  3,864     Ollie’s Bargain Outlet Holdings, Inc.(a),(b)     239,143  
  10,902     Sprouts Farmers Market, Inc.(a)     288,467  
  4,693     Weis Markets, Inc.     295,425  
              1,555,186  
        RETAIL - DISCRETIONARY - 2.9%        
  1,242     Asbury Automotive Group, Inc.(a)     203,241  
  2,208     Avis Budget Group, Inc.(a)     606,294  
  4,485     Builders FirstSource, Inc.(a)     311,438  
  1,863     Dick’s Sporting Goods, Inc.     219,014  
  1,173     Dillard’s, Inc., Class A(b)     321,285  
  3,312     Hibbett, Inc.     258,170  

 

See accompanying notes to financial statements.

50

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        RETAIL - DISCRETIONARY - 2.9% (Continued)        
  7,314     La-Z-Boy, Inc.   $ 244,214  
  690     Lithia Motors, Inc.     201,018  
  4,899     MarineMax, Inc.(a)     260,970  
  4,071     Monro, Inc.     228,057  
  14,352     Sally Beauty Holdings, Inc.(a)     281,156  
  2,484     Sleep Number Corporation(a),(b)     198,174  
  4,416     Sonic Automotive, Inc., Class A     198,323  
              3,531,354  
        RETAIL REIT - 1.6%        
  12,006     Acadia Realty Trust     242,401  
  3,588     Agree Realty Corporation     242,405  
  8,901     Four Corners Property Trust, Inc.     240,505  
  11,799     Kite Realty Group Trust     237,396  
  5,520     National Retail Properties, Inc.     243,432  
  14,007     Retail Opportunity Investments Corporation     245,963  
  5,589     Saul Centers, Inc.     275,146  
  14,358     Tanger Factory Outlet Centers, Inc.(b)     284,432  
              2,011,680  
        SEMICONDUCTORS - 3.9%        
  9,039     Amkor Technology, Inc.     194,881  
  2,484     Azenta, Inc.     280,940  
  5,451     CEVA, Inc.(a)     240,389  
  2,829     Cirrus Logic, Inc.(a)     226,829  
  957     Coherent, Inc.(a)     247,796  
  7,383     Cohu, Inc.(a)     243,418  
  2,553     Diodes, Inc.(a)     271,512  
  4,002     II-VI, Inc.(a)     250,245  
  1,491     IPG Photonics Corporation(a)     244,807  
  4,692     MaxLinear, Inc., A(a)     315,912  
  1,587     MKS Instruments, Inc.     241,478  
  2,277     Power Integrations, Inc.     227,768  
  3,036     Semtech Corporation(a)     260,094  
  1,656     Silicon Laboratories, Inc.(a)     325,023  
  1,311     Synaptics, Inc.(a)     370,017  

 

See accompanying notes to financial statements.

51

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        SEMICONDUCTORS - 3.9% (Continued)        
  10,971     Veeco Instruments, Inc.(a),(b)   $ 291,609  
  11,799     Vishay Intertechnology, Inc.     240,346  
  2,901     Wolfspeed, Inc.(a)     355,721  
              4,828,785  
        SOFTWARE - 4.2%        
  7,797     ACI Worldwide, Inc.(a)     227,205  
  17,871     Allscripts Healthcare Solutions, Inc.(a)     297,195  
  3,381     Blackbaud, Inc.(a),(b)     255,130  
  6,073     Bottomline Technologies DE, Inc.(a)     272,313  
  5,589     CDK Global, Inc.     215,959  
  3,174     CommVault Systems, Inc.(a)     199,581  
  4,344     Consensus Cloud Solutions, Inc.(a)     272,108  
  7,038     Donnelley Financial Solutions, Inc.(a)     328,815  
  3,105     Envestnet, Inc.(a)     238,060  
  1,725     J2 Global, Inc.(a)     196,426  
  3,863     LivePerson, Inc.(a)     149,344  
  13,455     Mandiant, Inc.(a)     228,331  
  1,518     Manhattan Associates, Inc.(a)     237,051  
  415     MicroStrategy, Inc., Class A(a),(b)     299,393  
  3,243     New Relic, Inc.(a)     359,423  
  1,587     Omnicell, Inc.(a)     280,899  
  1,841     Pegasystems, Inc.     211,384  
  4,623     Progress Software Corporation     223,984  
  2,070     Qualys, Inc.(a)     269,700  
  1,449     SPS Commerce, Inc.(a)     204,295  
  5,313     Verint Systems, Inc.(a)     252,846  
              5,219,442  
        SPECIALTY FINANCE - 2.1%        
  5,106     Encore Capital Group, Inc.(a),(b)     297,884  
  7,314     Enova International, Inc.(a)     278,810  
  3,629     First American Financial Corporation     269,199  
  1,587     LendingTree, Inc.(a)     179,934  
  16,284     MGIC Investment Corporation     229,604  
  3,105     Nelnet, Inc., Class A     267,651  

 

See accompanying notes to financial statements.

52

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        SPECIALTY FINANCE - 2.1% (Continued)        
  13,662     SLM Corporation   $ 242,910  
  3,933     Stewart Information Services Corporation     280,108  
  2,208     Walker & Dunlop, Inc.     310,644  
  1,242     World Acceptance Corporation(a),(b)     255,132  
              2,611,876  
        SPECIALTY REITS - 0.2%        
  2,070     Lamar Advertising Company, Class A     226,168  
                 
        STEEL - 1.1%        
  14,559     Allegheny Technologies, Inc.(a)     207,320  
  7,935     Commercial Metals Company     245,192  
  1,715     Reliance Steel & Aluminum Company     254,899  
  4,071     Steel Dynamics, Inc.     243,446  
  11,178     United States Steel Corporation     252,735  
  4,554     Worthington Industries, Inc.     218,501  
              1,422,093  
        TECHNOLOGY HARDWARE - 3.5%        
  8,418     3D Systems Corporation(a)     191,762  
  12,558     ADTRAN, Inc.     255,932  
  2,139     Arrow Electronics, Inc.(a)     260,209  
  8,832     Benchmark Electronics, Inc.(b)     208,259  
  25,116     GoPro, Inc., Class A(a)     251,160  
  27,186     Harmonic, Inc.(a)     292,251  
  3,519     InterDigital, Inc.     238,975  
  3,933     Jabil, Inc.     229,923  
  12,834     Knowles Corporation(a),(b)     278,754  
  2,829     Lumentum Holdings, Inc.(a)     245,472  
  6,141     NCR Corporation(a)     238,885  
  8,970     NetScout Systems, Inc.(a)     268,203  
  2,690     Plexus Corporation(a)     226,337  
  6,210     Sanmina Corporation(a)     226,913  
  6,555     Super Micro Computer, Inc.(a)     271,377  
  19,527     TTM Technologies, Inc.(a)     269,082  
  4,460     ViaSat, Inc.(a)     197,533  

 

See accompanying notes to financial statements.

53

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        TECHNOLOGY HARDWARE - 3.5% (Continued)        
  1,794     Vicor Corporation(a)   $ 257,367  
              4,408,394  
        TECHNOLOGY SERVICES - 2.1%        
  959     CACI International, Inc., Class A(a)     248,793  
  5,106     CSG Systems International, Inc.(b)     269,137  
  2,001     ExlService Holdings, Inc.(a)     259,870  
  552     Fair Isaac Corporation(a)     194,928  
  4,830     Green Dot Corporation, Class A(a)     173,397  
  1,428     Jack Henry & Associates, Inc.     216,528  
  3,243     ManTech International Corporation, Class A     220,362  
  2,898     MAXIMUS, Inc.     218,654  
  2,001     Perficient, Inc.(a)     274,196  
  20,079     Sabre Corporation(a)     151,195  
  2,829     Science Applications International Corporation     237,325  
  1,428     WEX, Inc.(a)     180,528  
              2,644,913  
        TELECOMMUNICATIONS - 1.0%        
  9,867     8x8, Inc.(a)     212,634  
  3,381     Cogent Communications Holdings, Inc.     253,338  
  27,048     Consolidated Communications Holdings, Inc.(a)     203,401  
  5,658     Iridium Communications, Inc.(a)     217,550  
  12,765     Telephone and Data Systems, Inc.     225,685  
  15,111     Vonage Holdings Corporation(a)     311,588  
              1,424,196  
        TIMBER REITS - 0.4%        
  4,554     PotlatchDeltic Corporation     246,554  
  6,624     Rayonier, Inc.     250,188  
              496,742  
        TRANSPORTATION & LOGISTICS - 2.0%        
  1,173     Allegiant Travel Company(a)     203,187  
  2,829     Forward Air Corporation     279,364  
  15,042     Heartland Express, Inc.     251,803  
  3,519     Hub Group, Inc., Class A(a)     273,321  
  4,692     Knight-Swift Transportation Holdings, Inc.     268,617  

 

See accompanying notes to financial statements.

54

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.2% (Continued)        
        TRANSPORTATION & LOGISTICS - 2.0% (Continued)        
  1,491     Landstar System, Inc.   $ 251,308  
  3,036     Matson, Inc.     247,525  
  1,035     Saia, Inc.(a)     342,771  
  4,899     SkyWest, Inc.(a)     191,894  
  5,313     Werner Enterprises, Inc.     239,669  
              2,549,459  
        TRANSPORTATION EQUIPMENT - 0.2%        
  8,901     Trinity Industries, Inc.     235,877  
                 
        WHOLESALE - CONSUMER STAPLES - 0.2%        
  8,142     Andersons, Inc. (The)     276,665  
                 
        WHOLESALE - DISCRETIONARY - 0.6%        
  2,346     ePlus, Inc.(a)     247,480  
  6,762     ScanSource, Inc.(a),(b)     211,313  
  2,667     Veritiv Corporation(a)     336,148  
              794,941  
                 
        TOTAL COMMON STOCKS (Cost $115,089,605)     122,467,789  
                 
        WARRANT — 0.0%(d)        
        OIL & GAS SERVICES & EQUIPMENT - 0.0% (d)        
  972     Nabors Industries Ltd. (a) (Cost $0)     4,471  

 

See accompanying notes to financial statements.

55

 

INSPIRE SMALL/MID CAP IMPACT ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

 

Shares         Fair Value  
        COLLATERAL FOR SECURITIES LOANED - 3.2%        
        MONEY MARKET FUND - 3.2%        
  3,972,456     Fidelity Government Portfolio - Institutional Class, 0.01% (Cost $3,972,456)(c),(e)   $ 3,972,456  
                 
        TOTAL INVESTMENTS - 101.4% (Cost $119,062,061)   $ 126,444,716  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%     (1,786,878 )
        NET ASSETS - 100.0%   $ 124,657,838  

  

REIT - Real Estate Investment Trust

 

(a) Non-income producing security.

  

(b) All or a portion of the security is on loan at November 30, 2021. The total fair value of the securities on loan as of November 30, 2021 was $3,726,183.

 

(c) Security was purchased with cash received as collateral for securities on loan at November 30, 2021. Total collateral had a value of $3,972,456 at November 30, 2021.

 

(d) Percentage rounds to less than 0.1%.

 

(e) Rate disclosed is the seven day effective yield as of November 30, 2021.

 

See accompanying notes to financial statements.

56

 

INSPIRE CORPORATE BOND IMPACT ETF
SCHEDULE OF INVESTMENTS
November 30, 2021

 

Principal             Coupon Rate          
Amount ($)           Spread   (%)   Maturity     Fair Value  
        CORPORATE BONDS — 97.0%                    
        AEROSPACE & DEFENSE — 1.4%                    
  800,000     Teledyne Technologies, Inc.       0.9500   04/01/24   $ 794,888  
  800,000     Teledyne Technologies, Inc.       1.6000   04/01/26     795,724  
  950,000     Teledyne Technologies, Inc.       2.2500   04/01/28     958,856  
  800,000     Textron, Inc.       3.0000   06/01/30     834,987  
                          3,384,455  
                             
        BANKING — 1.8%                    
  800,000     First Republic Bank/CA(a)   SOFRRATE + 0.620%   1.9120   02/12/24     811,187  
  800,000     M&T Bank Corporation       3.5500   07/26/23     832,817  
  1,000,000     Regions Financial Corporation       1.8000   08/12/28     981,304  
  800,000     SVB Financial Group       2.1000   05/15/28     799,275  
  800,000     SVB Financial Group       3.1250   06/05/30     841,524  
                          4,266,107