(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 2^nd and 3^rd 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

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 2^nd 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

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

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

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

Inspire and Foreside Distributors, LLC are not affiliated.

Inspire Global Hope ETF

PORTFOLIO REVIEW (Unaudited)

November 30, 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.

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.

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 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.

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.

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%

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.

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.

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 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.

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.

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 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.

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.

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%

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

***

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

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

Inspire Tactical Balanced ESG ETF

PORTFOLIO REVIEW (Unaudited)(Continued)

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.

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%

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

***

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

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

Inspire Faithward Mid Cap Momentum ESG ETF

PORTFOLIO REVIEW (Unaudited)(Continued)

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.

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%

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

***

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

Inspire Faithward Large Cap Momentum ESG ETF

PORTFOLIO REVIEW (Unaudited)(Continued)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

- 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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