Inspire Global Hope ETF (BLES)

Inspire Small/Mid Cap ETF (ISMD)

Inspire Corporate Bond ETF (IBD)

Inspire 100 ETF (BIBL)

Inspire International ETF (WWJD)

Inspire Tactical Balanced ETF (RISN)

Inspire Faithward Mid Cap Momentum ETF (GLRY)

Inspire Fidelis Multi Factor ETF (FDLS)

Semi-Annual Report

May 31, 2023

1-877-658-9473

www.inspireetf.com

INSPIRE ETF SEMI-ANNUAL REPORT

SHAREHOLDER LETTER (unaudited)

Dear Shareholders:

We are honored to present you with the Semi-Annual Report for the Inspire Investing suite of Exchange Traded Funds (ETFs) as of May 31,2023.

We believe the past 6 months ended May 31, 2023 has been a period of the markets building a base that is preparing us for the official end of the bear market of 2022 and the start of the next bull market. We also believe long-term investors will be rewarded for holding steady to their long term goals in the face of all the bad news and volatility that we have endured in the past year. It looked like the new bull market got started right out of the gate in January 2023 but that strong rally only lasted about 6 to 8 weeks before the momentum turned negative for the next few months. Support held in late May and we did not see a massive sell off as some pundits were expecting another bear market wave down of -30% or more. Although we still face several headwinds in the next 6 months the next bull market could be just around the corner. Whatever challenges we may face this year we know they will not be a surprise to our Heavenly Father so our faith will remain steadfast in Him.

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

BLES – Inspire Global Hope ETF

The market started out strong but weakened during the last half of the past 6 months, providing a bumpy ride for the fund. What that means is after moving up in the month of January and reversing course to fall during February and March BLES started to move back up in April to only turn down again in May to finish down for the past 6 months ended May 31, 2023, -1.05% on a market price basis and -0.96% on the NAV.

ISMD -Inspire Small/Mid Cap ETF

The small-cap and mid-cap markets underperformed the US large-cap markets over the past 6 months ended May 31, 2023 with ISMD being down only -5.30% on a market price basis and -6.03% on the NAV.

IBD – Inspire Corporate Bond ETF

As the fear of inflation subsided and the expectation that the Federal Reserve was close to ending their interest rate increase cycle allowed the yield curve to recede slightly from the peak we saw at the start of the year. This falling yield curve allowed the fixed income markets to outperform the equity markets as the negative correlation between equities and fixed income came back in favor and gave positive total returns for IBD over the past 6 months. For the 6 months ended May 31, 2023, IBD was up 1.94% on a market price basis and up 2.30% on the NAV.

BIBL – Inspire 100 ETF

BIBL participated in the mini correction in the US large cap markets to finish the past 6 months ended May 31,2023 with a negative return of -2.97% on a market price basis and -3.16% on the NAV.

WWJD – Inspire International ETF

The correction we saw in the US domestic equity markets over the past 6 months was not evident in the international developed countries or emerging markets. International and emerging markets had positive performance in a strong divergence with the negative moves in the US equity markets. For the 6 months ended May 31, 2023, WWJD was up 2.37% on a market price basis and up 2.96% on the NAV.

RISN – Inspire Tactical Balanced ETF

RISN holds an 80% exposure to US large cap stocks and 20% to US fixed income during normal market conditions but the last 6 months have not been normal markets. RISN remained in a defensive allocation over the past several months, ending the most recent fiscal quarter ended May 31, 2023 with an allocation of 60% US large cap stocks/40% US fixed income/Cash. Even with having a more conservative stance RISN still experienced negative performance in the 6 months ended May 31, 2023. RISN was down -2.73% on a market price basis and down -2.38% on the NAV.

GLRY – Inspire Faithward Mid Cap Momentum ETF

GLRY is focused on US mid cap stocks that the manager believes have the potential of outperformance over a market cycle when momentum factors are in favor. Momentum factors seemed to suffer less than the broader mid cap market in the 6 months ended May 31, 2023, as GLRY was down -2.92% on a market price basis and -2.96% on the NAV.

FDLS – Inspire Fidelis Multi Factor ETF

FDLS is focused on global stocks across all capitalization categories that the index manager believes have the potential of outperformance based on a multi factor analysis approach. Due to an overweight to US equity markets vs International and Emerging Markets stocks FDLS saw negative performance in the 6 months ended May 31, 2022, as FDLS was down -5.37% on a market price basis and -4.97% on the NAV.

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

Closing Comments

Although the 6 months ended May 31, 2023 have been full of challenges as well as a shallow correction in the capital markets bringing negative performance, we know that our God is still on the throne as our Provider. We are grateful to God our Father, for His provision and wisdom in good times as well as these present challenging times. We cannot be certain of what the future holds but we remain confident in the one that holds the future. Even with all of the bad news in the media we remain thankful to be a part of the mission of making a positive impact in the world through our ETFs alongside you, our brothers and sisters in Christ and fellow shareholders.

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

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

Sincerely,

Darrell Jayroe, CFA

Senior Portfolio Manager

The views in this report were those of the Author as of May 31, 2023 and may not reflect their views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

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

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

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

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

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

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

Inspire Global Hope ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:

			Annualized	Annualized	Since Inception** -
	Six Month	One Year	Three Year	Five Year	May 31, 2023
Inspire Global Hope ETF - NAV	(0.96)%	(3.52)%	12.17%	6.17%	7.25%
Inspire Global Hope ETF - Market Price	(1.05)%	(3.31)%	12.23%	6.06%	7.29%
Inspire Global Hope Large Cap Equal Weight Index ***	(0.57)%	(2.64)%	12.56%	6.55%	7.67%
S&P Global 1200 Total Return Index ****	4.11%	2.33%	11.55%	8.25%	9.39%

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.

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

***

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

****

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

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

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

Sectors/Industries	% of Net Assets
Common Stock
Oil & Gas Producers		7.3	%
Banking		6.4	%
Electric Utilities		6.1	%
Medical Equipment & Devices		4.2	%
Software		4.1	%
Insurance		3.8	%
Semiconductors		3.8	%
Technology Services		3.5	%
Chemicals		3.4	%
Food		3.1	%
Preferred Stock
Chemicals		0.2	%
Right
Medical Equipment & Devices		0.0	% ^
Collateral For Securities Loaned		1.2	%
Other Sectors		53.3	%
Liabilities in Excess of Other Assets		(0.4	)%
		100.0	%

Amount less than 0.05%

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

Inspire Small/Mid Cap ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:

					Annualized
			Annualized	Annualized	Since Inception** -
	Six Month	One Year	Three Year	Five Year	May 31, 2023
Inspire Small/Mid Cap ETF - NAV	(6.03)%	(4.12)%	14.26%	4.37%	5.82%
Inspire Small/Mid Cap ETF - Market Price	(5.30)%	(3.90)%	14.13%	4.37%	5.83%
Inspire Small/Mid Cap Impact Equal Weight Index ***	(5.92)%	(3.72)%	16.43%	5.53%	7.04%
S&P SmallCap 600 Equal Weight Total Return Index ****	(9.76)%	(9.11)%	16.76%	4.29%	6.16%

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

***

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

****

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

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

Sectors/Industries	% of Net Assets
Banking		9.2	%
Biotech & Pharma		4.9	%
Software		4.6	%
Machinery		4.3	%
Technology Hardware		4.2	%
Semiconductors		4.1	%
Chemicals		3.5	%
Home Construction		3.5	%
Insurance		3.3	%
Health Care Facilities & Services		2.9	%
Collateral For Securities Loaned		1.0	%
Other Sectors		55.2	%
Liabilities in Excess of Other Assets		(0.7	)%
		100.0	%

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

Inspire Corporate Bond ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:

					Annualized
			Annualized	Annualized	Since Inception** -
	Six Month	One Year	Three Year	Five Year	May 31, 2023
Inspire Corporate Bond ETF - NAV	2.30%	(0.27)%	(1.92)%	0.94%	0.67%
Inspire Corporate Bond ETF - Market Price	1.94%	(0.28)%	(2.06)%	0.90%	0.66%
Inspire Corporate Bond Impact Equal Weight Index ***	2.35%	0.07%	(1.00)%	2.35%	2.01%
Bloomberg U.S. Intermediate Credit Total Return Index ****	2.39%	(0.01)%	(1.31)%	1.84%	1.53%
Bloomberg Intermediate Corporate Total Return Index - Unhedged USD *****	2.46%	0.03%	(1.24)%	1.94%	1.64%

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

***

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

****

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

*****

The Bloomberg Intermediate Corporate Total Return Index - Unhedged USD (LB06TRUU) measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers that have between 1 and up to, but not including, 10 years to maturity. The US Intermediate Corporate Index is a component of the US Credit and US Aggregate Indices, and provided the necessary inclusion rules are met, US Intermediate Corporate Index securities also contribute to the multi-currency Global Aggregate Index.

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

Sectors/Industries	% of Net Assets
Real Estate Investment Trusts		19.5	%
Oil & Gas Producers		10.3	%
Commercial Support Services		6.2	%
Electric Utilities		5.3	%
Technology Services		5.1	%
Electrical Equipment		4.0	%
Semiconductors		4.0	%
Home Construction		3.7	%
Medical Equipment & Devices		3.7	%
Machinery		3.6	%
Collateral For Securities Loaned		0.0	% ^
Other Sectors		32.4	%
Other Assets Less Liabilities		2.2	%
		100.0	%

Amount less than 0.05%

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

Inspire 100 ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:

					Annualized
			Annualized	Annualized	Since Inception** -
	Six Month	One Year	Three Year	Five Year	May 31, 2023
Inspire 100 ETF - NAV	(3.16)%	(4.56)%	7.64%	7.63%	8.12%
Inspire 100 ETF - Market Price	(2.97)%	(4.49)%	7.62%	7.60%	8.13%
Inspire 100 Index ***	(3.00)%	(4.12)%	9.04%	8.50%	9.00%
S&P 500 Total Return Index ****	3.33%	2.92%	12.92%	11.01%	11.04%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2024 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.35% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated by the Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.45% per the March 30, 2023 prospectus.

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

***

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

****

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

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

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

Sectors/Industries	% of Net Assets
Medical Equipment & Devices		11.4	%
Semiconductors		11.1	%
Software		10.7	%
Technology Services		10.3	%
Commercial Support Services		4.7	%
Electrical Equipment		4.6	%
Industrial Reit		4.1	%
Residential Reit		3.4	%
Metals & Mining		3.0	%
Transportation & Logistics		2.6	%
Other Sectors		33.9	%
Other Assets Less Liabilities		0.2	%
		100.0	%

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

Inspire International ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmarks:

				Annualized
			Annualized	Since Inception** -
	Six Month	One Year	Three Year	May 31, 2023
Inspire International ETF - NAV	2.96%	(1.39)%	12.21%	7.46%
Inspire International ETF - Market Price	2.37%	(1.15)%	11.93%	7.51%
Inspire Global Hope Ex-US Index ***	4.48%	(0.31)%	12.67%	6.43%
S&P International 700 Total Return Index ****	5.56%	1.26%	9.18%	5.41%

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

***

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

****

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

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

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

Sectors/Industries	% of Net Assets
Common Stock
Banking		10.9	%
Electric Utilities		8.8	%
Oil & Gas Producers		7.4	%
Metals & Mining		5.1	%
Insurance		5.1	%
Transportation & Logistics		4.1	%
Chemicals		3.8	%
Food		3.6	%
Real Estate Owners & Developers		3.5	%
Automotive		3.1	%
Preferred Stock
Chemicals		0.4	%
Collateral For Securities Loaned		1.6	%
Other Sectors		43.2	%
Liabilities in Excess of Other Assets		(0.6	)%
		100.0	%

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

Inspire Tactical Balanced ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmark:

			Since Inception** -
	Six Month	One Year	May 31, 2023
Inspire Tactical Balanced ETF - NAV	(2.38)%	(5.75)%	1.92%
Inspire Tactical Balanced ETF - Market Price	(2.73)%	(5.88)%	1.82%
S&P Target Risk Moderate Index ***	1.92%	(0.46)%	1.20%

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.

The Fund’s Top Asset Types are as follows:

Sectors/Industries	% of Net Assets
Transportation & Logistics		6.4	%
Technology Services		5.8	%
Machinery		4.2	%
Retail - Discretionary		4.0	%
Electrical Equipment		3.5	%
Banking		2.8	%
Wholesale - Discretionary		2.5	%
Semiconductors		2.5	%
Industrial Support Services		2.5	%
Medical Equipment & Devices		2.5	%
Other Sectors		22.9	%
Other Assets Less Liabilities		40.4	%
		100.0	%

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

Inspire Faithward Mid Cap Momentum ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmark:

			Since Inception** -
	SixMonth	One Year	May 31, 2023
Inspire Faithward Mid Cap Momentum ETF - NAV	(2.96)%	(8.79)%	(0.79)%
Inspire Faithward Mid Cap Momentum ETF - Market Price	(2.92)%	(8.79)%	(0.80)%
S&P MidCap 400 Index® ***	(5.82)%	(4.59)%	4.55%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2024 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.80% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated by the Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 1.28% per the March 30, 2023 prospectus.

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

***

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

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

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

Sectors/Industries	% of Net Assets
Insurance		10.0	%
Retail - Discretionary		8.7	%
Steel		6.3	%
Oil & Gas Producers		6.2	%
Health Care Facilities & Services		6.0	%
Chemicals		5.0	%
Retail - Consumer Staples		4.9	%
Gas & Water Utilities		4.4	%
Semiconductors		4.1	%
Industrial Support Services		3.3	%
Other Sectors		39.3	%
Other Assets Less Liabilities		1.8	%
		100.0	%

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

Inspire Fidelis Multi Factor ETF

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for the periods ended May 31, 2023, as compared to its benchmark:

		Since Inception** -
	Six Month	May 31, 2023
Inspire Fidelis Multi Factor ETF - NAV	(4.97)%	(0.85)%
Inspire Fidelis Multi Factor ETF - Market Price	(5.37)%	(0.93)%
WI Fidelis Multi-Cap, Multi-Factor Index ***	(4.25)%	0.45%

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

***

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

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

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

Sectors/Industries	% of Net Assets
Semiconductors		10.0	%
Technology Hardware		8.1	%
Insurance		5.7	%
Oil & Gas Producers		5.7	%
Biotech & Pharma		5.3	%
Retail - Discretionary		5.0	%
Medical Equipment & Devices		4.9	%
Banking		4.7	%
Electrical Equipment		4.6	%
Health Care Facilities & Services		4.0	%
Collateral For Securities Loaned		1.0	%
Other Sectors		41.6	%
Liabilities in Excess of Other Assets		(0.6	)%
		100.0	%

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

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0%
		AEROSPACE & DEFENSE - 1.4%
	2,191	HEICO Corporation	$	338,685
	2,493	Safran S.A.		360,855
	840	Teledyne Technologies, Inc.^(a)		326,466
	5,310	Textron, Inc.		328,530
	2,491	Thales S.A.^(b)		346,882
	510	TransDigm Group, Inc.		394,561
				2,095,979
		APPAREL & TEXTILE PRODUCTS - 0.8%
	2,348	Cie Financiere Richemont S.A.		372,606
	185	Hermes International		376,011
	51,936	PRADA SpA		347,209
				1,095,826
		ASSET MANAGEMENT - 1.8%
	17,844	3i Group plc		433,971
	11,581	Brookfield Corporation		347,791
	7,266	Charles Schwab Corporation (The)		382,846
	4,373	Groupe Bruxelles Lambert S.A.		336,866
	18,738	Investor A.B.		380,904
	1,865	LPL Financial Holdings, Inc.		363,265
	399	Partners Group Holding A.G.		359,538
				2,605,181
		AUTOMOTIVE - 1.5%
	12,139	Cie Generale des Etablissements Michelin SCA		344,568
	4,929	Continental A.G.		328,073
	6,731	Denso Corporation		415,939
	1,375	Ferrari N.V.		394,171
	292,240	Geely Automobile Holdings Ltd.		339,988
	6,758	Toyota Industries Corporation		418,043
				2,240,782
		BANKING - 6.4%
	1,091,100	Bank Mandiri Persero Tbk P.T.		367,533
	1,174,369	Bank Rakyat Indonesia Persero Tbk P.T.		436,707
	8,855	Canadian Imperial Bank of Commerce		365,069
	5,658	Commonwealth Bank of Australia		356,104

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		BANKING - 6.4% (Continued)
	32,896	Credit Agricole S.A.^(b)	$	375,894
	18,454	Danske Bank A/S^(a)		375,260
	6,790	East West Bancorp, Inc.		324,902
	21,110	First Horizon Corporation		217,644
	44,557	Grupo Financiero Banorte S.A.B. de C.V.		358,050
	17,406	ICICI Bank Ltd. - ADR		398,946
	145,224	Intesa Sanpaolo SpA		334,541
	20,100	KakaoBank Corporation		398,387
	5,469	KBC Group N.V.		357,586
	3,163	M&T Bank Corporation		376,903
	3,220	Macquarie Group Ltd.		357,536
	190,017	Malayan Banking Bhd		356,084
	19,990	National Australia Bank Ltd.		337,608
	12,981	OTP Bank Nyrt		404,100
	55,746	Powszechna Kasa Oszczednosci Bank Polski S.A.		422,125
	412,022	Public Bank Bhd		340,086
	20,380	Regions Financial Corporation		351,963
	30,889	Skandinaviska Enskilda Banken A.B.		346,609
	40,092	Standard Bank Group Ltd.		308,022
	1,583	SVB Financial Group^(a)		609
	42,913	Svenska Handelsbanken A.B., A Shares		338,969
	22,742	Swedbank A.B., A Shares		347,901
	16,513	United Overseas Bank Ltd.		341,296
				9,296,434
		BEVERAGES - 0.3%
	6,938	Monster Beverage Corporation^(a)		406,706

		BIOTECH & PHARMA - 2.6%
	1,869	Alnylam Pharmaceuticals, Inc.^(a)		345,784
	27,887	Biohaven Ltd.^(a)		488,301
	3,239	Celltrion, Inc.		419,736
	15,167	Chugai Pharmaceutical Company Ltd.		408,701
	1,937	CSL Ltd.		385,951
	3,429	Horizon Therapeutics plc^(a)		343,003

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		BIOTECH & PHARMA - 2.6% (Continued)
	5,188	Incyte Corporation^(a)	$	319,321
	3,690	Neurocrine Biosciences, Inc.^(a)		330,366
	2,706	Sarepta Therapeutics, Inc.^(a)		334,462
	4,121	UCB S.A.		359,030
				3,734,655
		CABLE & SATELLITE - 0.2%
	4,576	Liberty Broadband Corporation - Series A^(a)		338,029

		CHEMICALS - 3.4%
	2,213	Air Liquide S.A.		370,465
	4,778	Akzo Nobel N.V.		359,690
	1,694	Albemarle Corporation		327,840
	5,175	CF Industries Holdings, Inc.		318,314
	2,446,602	Chandra Asri Petrochemical Tbk P.T.		349,235
	450	EMS-Chemie Holding A.G.		348,286
	115	Givaudan S.A.		378,246
	3,992	LyondellBasell Industries N.V., Class A		341,476
	8,169	Mosaic Company (The)		261,081
	7,274	Novozymes A/S, Class B		350,426
	5,091	Nutrien Ltd.		268,202
	2,815	PPG Industries, Inc.		369,581
	4,294	RPM International, Inc.		342,618
	3,414	Symrise A.G.		364,788
	3,234	Westlake Corporation		336,174
				5,086,422
		COMMERCIAL SUPPORT SERVICES - 2.1%
	810	Cintas Corporation		382,433
	6,244	Edenred		400,919
	5,561	Eurofins Scientific S.E.		366,335
	2,770	Republic Services, Inc.		392,315
	9,978	Rollins, Inc.		392,335
	4,225	SGS S.A.		374,962
	2,685	Waste Connections, Inc.		366,916

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		COMMERCIAL SUPPORT SERVICES - 2.1% (Continued)
	2,293	Waste Management, Inc.	$	371,283
				3,047,498
		CONSTRUCTION MATERIALS - 2.4%
	4,484	Advanced Drainage Systems, Inc.		433,916
	1,655	Carlisle Companies, Inc.		351,588
	6,545	Cie de Saint-Gobain		362,329
	7,328	CRH plc		345,372
	5,784	Holcim Ltd.		356,480
	1,060	Martin Marietta Materials, Inc.		421,922
	40,216	Siam Cement PCL (The)		369,773
	1,338	Sika A.G.		364,873
	2,185	Vulcan Materials Company		427,168
				3,433,421
		CONTAINERS & PACKAGING - 0.6%
	33,220	Amcor plc		322,975
	10,420	International Paper Company		306,765
	2,703	Packaging Corp of America		335,253
				964,993
		DATA CENTER REIT - 0.3%
	3,854	Digital Realty Trust, Inc.		394,881

		DIVERSIFIED INDUSTRIALS - 0.7%
	10,531	Alfa Laval A.B.		378,181
	2,480	Dover Corporation		330,658
	1,542	Illinois Tool Works, Inc.		337,282
				1,046,121
		ELECTRIC UTILITIES - 6.1%
	3,317,140	AC Energy Corporation^(a)		345,265
	15,647	AES Corporation (The)		308,872
	7,022	Alliant Energy Corporation		361,352
	9,453	Avangrid, Inc.		354,771
	12,677	CenterPoint Energy, Inc.		357,618
	51,296	CLP Holdings Ltd.		373,719
	29,643	E.ON S.E.		358,301

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		ELECTRIC UTILITIES - 6.1% (Continued)
	68,330	EDP - Energias de Portugal S.A.	$	333,143
	16,252	EDP Renovaveis S.A.		322,713
	9,057	Emera, Inc.^(b)		373,397
	17,081	Endesa S.A.		369,294
	2,828,872	Enel Americas S.A.		364,853
	60,354	Enel SpA		377,849
	26,002	Engie S.A.		390,211
	3,494	Entergy Corporation		343,111
	6,167	Evergy, Inc.		356,761
	8,795	Fortis, Inc.		369,916
	25,232	Fortum OYJ		335,186
	239,017	Gulf Energy Development PCL		335,853
	29,772	Iberdrola S.A.		362,724
	16,695	SSE plc		390,664
	178,633	Tenaga Nasional Bhd		368,032
	44,736	Terna Rete Elettrica Nazionale SpA		374,449
	4,371	Verbund A.G.		329,565
	3,951	WEC Energy Group, Inc.		345,120
				8,902,739
		ELECTRICAL EQUIPMENT - 2.2%
	2,586	AMETEK, Inc.		375,151
	4,598	Amphenol Corporation, Class A		346,919
	15,669	Assa Abloy A.B., Class B		347,605
	115,160	Delta Electronics Thailand PCL		328,611
	3,513	Generac Holdings, Inc.^(a)		382,636
	2,334	Keysight Technologies, Inc.^(a)		377,641
	850	Roper Technologies, Inc.		386,087
	1,689	Schindler Holding A.G.		349,708
	7,188	Trimble, Inc.^(a)		335,464
				3,229,822
		ENGINEERING & CONSTRUCTION - 0.8%
	12,621	Ferrovial S.A.		390,486
	2,250	Quanta Services, Inc.		399,555

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		ENGINEERING & CONSTRUCTION - 0.8% (Continued)
	2,859	WSP Global, Inc.	$	354,282
				1,144,323
		ENTERTAINMENT CONTENT - 0.3%
	59,962	Bollore S.E.		383,854

		FOOD - 3.1%
	10,674	Ajinomoto Company, Inc.		415,242
	176	Barry Callebaut A.G.		355,714
	6,833	Campbell Soup Company		345,408
	89,375	China Mengniu Dairy Company Ltd.		346,973
	32	Chocoladefabriken Lindt & Spruengli A.G.		382,571
	9,978	Conagra Brands, Inc.		347,933
	6,460	Darling Ingredients, Inc.^(a)		409,434
	3,222	DSM-Firmenich A.G.^(a)		358,253
	74,173	Grupo Bimbo S.A.B. de C.V.		397,694
	9,404	Hormel Foods Corporation		359,703
	3,586	Lamb Weston Holdings, Inc.		398,763
	117,324	Wilmar International Ltd.		339,225
				4,456,913
		FORESTRY, PAPER & WOOD PRODUCTS - 0.8%
	28,697	Stora Enso OYJ, R Shares		363,275
	45,681	Suzano S.A.		405,350
	11,431	UPM-Kymmene OYJ		342,918
				1,111,543
		GAS & WATER UTILITIES - 1.0%
	3,355	Atmos Energy Corporation		386,764
	420,438	Hong Kong & China Gas Company Ltd.		379,064
	12,312	Naturgy Energy Group S.A.^,(b)		350,268
	69,738	Snam SpA		364,453
				1,480,549
		HEALTH CARE FACILITIES & SERVICES - 1.7%
	5,707	Catalent, Inc.^(a)		212,472
	814	Elevance Health, Inc.		364,525
	13,732	Fresenius S.E. & Company KGaA		375,550

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 1.7% (Continued)
	1,749	ICON PLC^(a)	$	372,589
	285,191	IHH Healthcare Bhd		356,496
	1,888	IQVIA Holdings, Inc.^(a)		371,766
	1,404	Molina Healthcare, Inc.^(a)		384,556
				2,437,954
		HEALTH CARE REIT - 0.5%
	17,210	Healthpeak Properties, Inc.		343,512
	8,731	Ventas, Inc.		376,655
				720,167
		HOME CONSTRUCTION - 1.1%
	3,852	DR Horton, Inc.		411,548
	690	Geberit A.G.		365,418
	3,586	Lennar Corporation, Class A		384,132
	67	NVR, Inc.^(a)		372,133
				1,533,231
		HOUSEHOLD PRODUCTS - 1.0%
	2,832	Beiersdorf A.G.		360,621
	4,230	Church & Dwight Company, Inc.		391,063
	12,988	Essity A.B. - Series B		345,085
	815	LG Household & Health Care Ltd.		324,920
				1,421,689
		INDUSTRIAL REIT - 0.5%
	29,642	Goodman Group		378,404
	3,032	Prologis, Inc.		377,636
				756,040
		INDUSTRIAL SUPPORT SERVICES - 1.2%
	6,130	Ashtead Group plc		373,567
	6,968	Fastenal Company		375,227
	954	United Rentals, Inc.		318,436
	249,444	United Tractors Tbk P.T.		369,790
	1,181	Watsco, Inc.		383,080
				1,820,100
		INSTITUTIONAL FINANCIAL SERVICES - 1.8%
	185,976	B3 S.A. - Brasil Bolsa Balcao		489,835

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 1.8% (Continued)
	2,805	Cboe Global Markets, Inc.	$	371,438
	1,899	Deutsche Boerse A.G.		327,764
	8,504	Hong Kong Exchanges & Clearing Ltd.		311,247
	4,576	Interactive Brokers Group, Inc., Class A		353,404
	3,602	Intercontinental Exchange, Inc.		381,632
	3,891	London Stock Exchange Group plc		413,751
				2,649,071
		INSURANCE - 3.8%
	58,654	BB Seguridade Participacoes S.A.		359,505
	6,536	Brown & Brown, Inc.		407,388
	3,352	Cincinnati Financial Corporation		323,468
	20,468	Dai-ichi Life Holdings, Inc.		351,711
	561	Fairfax Financial Holdings Ltd.		402,645
	2,611	Intact Financial Corporation		384,768
	125,232	Legal & General Group plc		355,265
	6,438	Loews Corporation		360,528
	294	Markel Group, Inc.^(a)		386,531
	14,621	Power Corp of Canada		378,451
	27,271	Prudential PLC		358,160
	7,854	Sampo OYJ, A Shares		361,098
	607	Swiss Life Holding A.G.		350,517
	17,351	Tryg A/S		394,662
	6,012	W R Berkley Corporation		334,748
				5,509,445
		INTERNET MEDIA & SERVICES - 1.5%
	141	Booking Holdings, Inc.^(a)		353,737
	51,370,889	GoTo Gojek Tokopedia Tbk P.T.^(a)		503,703
	1,995	Naspers Ltd., N Shares		301,089
	4,736	Prosus N.V.		311,634
	4,016	REA Group Ltd.		359,186
	33,450	Snap, Inc., Class A^(a)		341,190
				2,170,539
		MACHINERY - 2.7%
	29,572	Atlas Copco A.B.		430,589

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		MACHINERY - 2.7% (Continued)
	1,645	Caterpillar, Inc.	$	338,459
	24,378	CNH Industrial N.V.		311,336
	10,487	FANUC Corporation		361,084
	5,143	Graco, Inc.		393,388
	1,683	Nordson Corporation		366,776
	1,113	Parker-Hannifin Corporation		356,650
	17,587	Sandvik A.B.		308,899
	705	SMC Corporation		379,848
	1,526	Snap-on, Inc.		379,760
	46,987	WEG S.A.		352,282
				3,979,071
		MEDICAL EQUIPMENT & DEVICES - 4.2%
	1,121	Align Technology, Inc.^(a)		316,862
	788	Bio-Rad Laboratories, Inc., Class A^(a)		294,200
	2,822	Coloplast A/S - Series B		355,164
	4,542	Edwards Lifesciences Corporation^(a)		382,573
	2,063	EssilorLuxottica S.A.		371,371
	5,539	Exact Sciences Corporation^(a)		451,871
	4,635	Hologic, Inc.^(a)		365,655
	751	IDEXX Laboratories, Inc.^(a)		349,042
	1,175	Insulet Corporation^(a)		322,244
	1,464	Intuitive Surgical, Inc.^(a)		450,677
	244	Mettler-Toledo International, Inc.^(a)		322,536
	2,223	Repligen Corporation^(a)		373,286
	1,706	ResMed, Inc.		359,608
	1,274	Sonova Holding A.G.		326,441
	1,312	Stryker Corporation		361,561
	1,208	Waters Corporation^(a)		303,474
	1,074	West Pharmaceutical Services, Inc.		359,393
				6,065,958
		METALS & MINING - 3.0%
	7,343	Agnico Eagle Mines Ltd.		373,643
	6,975	Anglo American Platinum Ltd.		401,627

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		METALS & MINING - 3.0% (Continued)
	19,677	Antofagasta plc	$	327,314
	12,003	BHP Group Ltd.		328,000
	25,595	Fortescue Metals Group Ltd.		319,917
	2,578	Franco-Nevada Corporation		374,626
	9,120	Freeport-McMoRan, Inc.		313,181
	7,638	Newmont Corporation		309,721
	49,686	Norsk Hydro ASA		300,162
	4,717	Rio Tinto Ltd.		328,230
	128,035	South32 Ltd.		323,064
	4,901	Southern Copper Corporation		327,240
	7,790	Wheaton Precious Metals Corporation		353,008
				4,379,733
		MULTI ASSET CLASS REIT - 0.5%
	39,369	Segro PLC		390,527
	4,846	WP Carey, Inc.		336,119
				726,646
		OFFICE REIT - 0.5%
	3,015	Alexandria Real Estate Equities, Inc.		342,082
	6,994	Boston Properties, Inc.		340,398
				682,480
		OIL & GAS PRODUCERS - 7.3%
	15,256	Aker BP ASA		331,395
	16,147	Antero Resources Corporation^(a)		329,560
	10,408	APA Corporation		330,766
	6,781	Canadian Natural Resources Ltd.		365,276
	21,548	Cenovus Energy, Inc.		344,269
	4,920	Chesapeake Energy Corporation		370,230
	15,252	Coterra Energy, Inc.		354,609
	7,391	Devon Energy Corporation		340,725
	2,768	Diamondback Energy, Inc.		351,951
	107,017	ENEOS Holdings, Inc.		356,188
	26,442	Eni SpA		351,825
	3,265	EOG Resources, Inc.		350,302
	11,676	EQT Corporation		405,975

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		OIL & GAS PRODUCERS - 7.3% (Continued)
	12,969	Equinor ASA	$	331,414
	35,157	Inpex Corporation		373,396
	21,443	Kinder Morgan, Inc.		345,447
	50,541	MOL Hungarian Oil & Gas plc		411,010
	5,982	Occidental Petroleum Corporation		344,922
	8,101	OMV A.G.		360,853
	5,928	ONEOK, Inc.		335,880
	10,391	Ovintiv, Inc.		343,630
	27,405	Polski Koncern Naftowy ORLEN S.A.		389,356
	83,616	PTT Exploration & Production PCL		336,209
	81,190	Santos Ltd.		384,909
	5,157	Targa Resources Corporation		350,934
	6,303	TotalEnergies S.E.		357,554
	9,020	Tourmaline Oil Corporation		377,054
	2,693	Valero Energy Corporation		288,259
	12,592	Williams Companies, Inc. (The)		360,887
	16,803	Woodside Energy Group Ltd.		374,808
				10,649,593
		OIL & GAS SERVICES & EQUIPMENT - 0.5%
	11,861	Halliburton Company		339,818
	7,618	Schlumberger Ltd		326,279
				666,097
		PUBLISHING & BROADCASTING - 0.2%
	5,529	Liberty Media Corp-Liberty Formula One - Series A^(a)		349,156

		REAL ESTATE OWNERS & DEVELOPERS - 1.7%
	61,147	CK Asset Holdings Ltd.		329,529
	84,935	Hongkong Land Holdings Ltd.		364,370
	276,961	Sino Land Company Ltd.		360,058
	618,930	SM Prime Holdings, Inc.		359,485
	16,710	Sumitomo Realty & Development Company Ltd.		403,992
	150,447	Swire Properties Ltd.		358,510
	19,745	Vonovia S.E.		362,108
				2,538,052

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		RENEWABLE ENERGY - 0.6%
	1,790	Enphase Energy, Inc.^(a)	$	311,245
	1,730	First Solar, Inc.^(a)		351,121
	32,253	Plug Power, Inc.^(a),(b)		268,345
				930,711
		RESIDENTIAL REIT - 2.0%
	3,586	Camden Property Trust		374,629
	5,624	Equity LifeStyle Properties, Inc.		355,268
	6,264	Equity Residential		380,851
	1,803	Essex Property Trust, Inc.		389,556
	12,038	Invitation Homes, Inc.		407,847
	2,494	Mid-America Apartment Communities, Inc.		366,768
	2,668	Sun Communities, Inc.		337,849
	9,184	UDR, Inc.		364,329
				2,977,097
		RETAIL - CONSUMER STAPLES - 1.5%
	19,307	Aeon Company Ltd.		382,402
	7,445	Alimentation Couche-Tard, Inc.		360,462
	191,338	Cencosud S.A.		361,519
	1,788	Dollar General Corporation		359,549
	2,619	Dollar Tree, Inc.^(a)		353,251
	15,707	Jeronimo Martins SGPS S.A.		379,036
				2,196,219
		RETAIL - DISCRETIONARY - 1.7%
	153	AutoZone, Inc.^(a)		365,187
	1,850	Burlington Stores, Inc.^(a)		278,351
	5,861	CarMax, Inc.^(a)		423,222
	2,249	Genuine Parts Company		334,944
	5,374	Moncler SpA		363,665
	22,353	SM Investments Corporation		368,844
	1,596	Tractor Supply Company		334,506
				2,468,719
		RETAIL REIT - 0.7%
	19,337	Kimco Realty Corporation		355,414
	5,945	Realty Income Corporation		353,371

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		RETAIL REIT - 0.7% (Continued)
	3,385	Simon Property Group, Inc.	$	355,933
				1,064,718
		SELF-STORAGE REIT - 0.5%
	2,332	Extra Space Storage, Inc.		336,438
	1,249	Public Storage		353,842
				690,280
		SEMICONDUCTORS - 3.8%
	1,905	Analog Devices, Inc.		338,499
	551	ASML Holding N.V.		395,422
	585	Broadcom, Inc.		472,657
	4,563	Entegris, Inc.		480,255
	9,156	Infineon Technologies A.G.		339,840
	943	KLA Corporation		417,740
	3,948	Lattice Semiconductor Corporation^(a)		321,012
	4,483	Microchip Technology, Inc.		337,391
	757	Monolithic Power Systems, Inc.		370,862
	2,022	NXP Semiconductors N.V.		362,140
	4,575	ON Semiconductor Corporation^(a)		382,470
	3,195	Skyworks Solutions, Inc.		330,714
	7,044	STMicroelectronics N.V.		305,601
	3,487	Teradyne, Inc.		349,363
	5,795	Wolfspeed, Inc.^(a),(b)		278,392
				5,482,358
		SOFTWARE - 4.1%
	1,129	ANSYS, Inc.^(a)		365,333
	1,788	Cadence Design Systems, Inc.^(a)		412,867
	2,886	Check Point Software Technologies Ltd.^(a)		360,202
	6,062	Cloudflare, Inc., Class A^(a)		419,248
	9,090	Dassault Systemes S.E.		399,369
	5,137	Datadog, Inc., Class A^(a)		487,552
	6,443	DocuSign, Inc.^(a)		363,385
	5,653	Fortinet, Inc.^(a)		386,269
	876	HubSpot, Inc.^(a)		453,759
	1,658	Nice Ltd.^(a)		333,511

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		SOFTWARE - 4.1% (Continued)
	809	ServiceNow, Inc.^(a)	$	440,727
	6,635	SS&C Technologies Holdings, Inc.		364,660
	974	Synopsys, Inc.^(a)		443,131
	1,056	Tyler Technologies, Inc.^(a)		419,190
	2,041	Veeva Systems, Inc., Class A^(a)		338,194
				5,987,397
		SPECIALTY FINANCE - 0.0%^(d)
	1	Isracard Ltd.		4

		STEEL - 0.7%
	2,427	Nucor Corporation		320,510
	1,462	Reliance Steel & Aluminum Company		343,102
	3,317	Steel Dynamics, Inc.		304,832
				968,444
		TECHNOLOGY HARDWARE - 1.2%
	2,247	Arista Networks, Inc.^(a)		373,766
	3,703	Garmin Ltd.		381,964
	5,892	NetApp, Inc.		390,935
	668	Samsung SDI Company Ltd.		362,835
	1,181	Zebra Technologies Corporation, Class A^(a)		310,095
				1,819,595
		TECHNOLOGY SERVICES - 3.5%
	6,194	Cognizant Technology Solutions Corporation, Class A		387,063
	5,442	CoStar Group, Inc.^(a)		432,095
	1,251	EPAM Systems, Inc.^(a)		321,032
	1,854	Equifax, Inc.		386,781
	6,933	Fidelity National Information Services, Inc.		378,334
	1,782	FleetCor Technologies, Inc.^(a)		403,712
	1,155	Gartner, Inc.^(a)		396,003
	3,560	Global Payments, Inc.		347,776
	2,485	Jack Henry & Associates, Inc.		379,932
	673	MSCI, Inc.		316,667
	3,272	Paychex, Inc.		343,331
	1,957	Verisk Analytics, Inc.		428,798

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		TECHNOLOGY SERVICES - 3.5% (Continued)
	4,019	WNS Holdings Ltd. - ADR^(a)	$	312,276
	2,934	Wolters Kluwer N.V.		334,884
				5,168,684

		TELECOMMUNICATIONS - 1.2%
	109,087	Koninklijke KPN N.V.		375,166
	53,581	MTN Group Ltd.		331,329
	201,126	Singapore Telecommunications Ltd.		370,332
	150,109	Telia Company A.B.		349,462
	131,693	Telstra Group Ltd.		373,403
				1,799,692

		TIMBER REIT - 0.2%
	12,478	Weyerhaeuser Company		357,619

		TRANSPORTATION & LOGISTICS - 3.0%
	2,296	Aena SME S.A.		358,742
	3,184	Canadian National Railway Company		358,977
	12,514	CSX Corporation		383,804
	1,916	DSV A/S		369,132
	6,696	East Japan Railway Company		369,424
	3,416	Expeditors International of Washington, Inc.		376,819
	2,144	JB Hunt Transport Services, Inc.		357,984
	1,250	Kuehne + Nagel International A.G.		355,559
	1,105	Old Dominion Freight Line, Inc.		343,036
	36,477	Poste Italiane SpA		377,985
	3,968	Ryanair Holdings plc - ADR^(a)		416,957
	38,924	Transurban Group		375,647
				4,444,066

		TRANSPORTATION EQUIPMENT - 0.5%
	5,131	PACCAR, Inc.		352,910
	18,576	Volvo A.B.		358,016
				710,926

		WHOLESALE - CONSUMER STAPLES - 0.5%
	3,928	Bunge Ltd.		363,890

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)

		WHOLESALE - CONSUMER STAPLES - 0.5% (Continued)
	11,538	ITOCHU Corporation	$	390,895
				754,785

		WHOLESALE - DISCRETIONARY - 0.8%
	4,990	Copart, Inc.^(a)		437,075
	6,643	LKQ Corporation		350,418
	1,093	Pool Corporation		345,639
				1,133,132

		TOTAL COMMON STOCKS (Cost $139,702,994)		144,506,139

		PREFERRED STOCK - 0.2%
		CHEMICALS - 0.2%
	4,779	Sociedad Quimica y Minera de Chile S.A., Class B (Cost $282,895)		308,067

		Expiration Date	Exercise Price
	RIGHT - 0.0%^(d)
	MEDICAL EQUIPMENT & DEVICES – 0.0%^(d)
1,226	ABIOMED, Inc. - CVR^{(a) (f)} (Cost $0)	12/31/2029	$	35	—

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED - 1.2%

		MONEY MARKET FUND - 1.2%
	1,823,101	Fidelity Government Portfolio - Institutional Class, 5.02% (Cost $1,823,101)^(c)(e)	$	1,823,101

		TOTAL INVESTMENTS - 100.4% (Cost $141,808,990)	$	146,637,307
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%		(620,415	)
		NET ASSETS - 100.0%	$	146,016,892

A.B.

- Aktiebolag

ADR

- American Depositary Receipt

A.G.

- Aktiengesellschaft

A/S

- Anonim Sirketi

CVR

- Contingent Value Right

LTD

- Limited Company

MSCI

- Morgan Stanley Capital International

N.V.

- Naamioze Vennootschap

OYJ

- Julkinen osakeyhtiö

PLC

- Public Limited Company

P.T.

- Perseroan Terbatas

REIT

- Real Estate Investment Trust

S.A.

- Société Anonyme

S.A.B. de C.V.

- Sociedad Anonima Bursátil de Capital Variable

S.E.

- Societas Europaea

(a)

- Non-income producing security.

(b)

- All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2023 was $1,715,092.

(c)

- Security was purchased with cash received as collateral for securities on loan at May 31, 2023. Total collateral had a value of $1,823,101 at May 31, 2023.

(d)

- Percentage rounds to less than 0.1%.

(e)

- Rate disclosed is the seven day effective yield as of May 31, 2023.

(f)

- Illiquid security. The total fair value of these securities as of May 31, 2023 was $0, representing 0.0% of net assets.

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7%
		ADVERTISING & MARKETING - 0.1%
	17,569	QuinStreet, Inc.^(a)	$	161,986

		AEROSPACE & DEFENSE - 1.4%
	5,100	AAR Corporation^(a)		255,561
	4,934	Aerojet Rocketdyne Holdings, Inc.^(a)		268,804
	3,047	AeroVironment, Inc.^(a)		284,620
	4,067	Hexcel Corporation		280,582
	1,341	Huntington Ingalls Industries, Inc.		270,051
	8,095	Spirit AeroSystems Holdings, Inc., Class A		215,246
	2,840	Woodward, Inc.		299,365
				1,874,229
		APPAREL & TEXTILE PRODUCTS - 0.8%
	53,613	Hanesbrands, Inc.		220,349
	5,731	Kontoor Brands, Inc.		224,426
	2,639	Oxford Industries, Inc.		263,742
	5,822	Skechers USA, Inc., Class A^(a)		299,076
				1,007,593
		ASSET MANAGEMENT - 0.6%
	9,872	B Riley Financial, Inc.^(b)		357,169
	4,383	Cohen & Steers, Inc.		238,479
	4,714	Stifel Financial Corporation		261,957
				857,605
		AUTOMOTIVE - 1.6%
	18,581	Dana, Inc.		239,137
	3,240	Dorman Products, Inc.^(a)		265,842
	9,916	Gentex Corporation		260,394
	4,636	Gentherm, Inc.^(a)		254,795
	25,330	Goodyear Tire & Rubber Company (The)^(a)		347,781
	2,003	Lear Corporation		245,688
	7,569	Standard Motor Products, Inc.		267,337
	1,783	Visteon Corporation^(a)		238,173
				2,119,147
		BANKING - 9.2%
	7,684	Ameris Bancorp		242,507

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BANKING - 9.2% (Continued)
	3,382	BancFirst Corporation	$	286,016
	12,392	BankUnited, Inc.		234,457
	26,631	Brookline Bancorp, Inc.		218,907
	13,031	Byline Bancorp, Inc.		230,909
	3,062	City Holding Company		263,914
	4,738	Commerce Bancshares, Inc.		227,187
	5,326	Community Bank System, Inc.		263,317
	15,083	Customers Bancorp, Inc.^(a)		347,211
	8,344	Eagle Bancorp, Inc.		166,296
	5,034	East West Bancorp, Inc.		240,877
	9,053	FB Financial Corporation		241,353
	13,818	First Busey Corporation		258,397
	22,664	First Commonwealth Financial Corporation		286,700
	12,852	First Financial Bancorp		243,674
	8,755	First Financial Bankshares, Inc.		226,755
	15,655	First Horizon Corporation		161,403
	9,336	First Interstate BancSystem, Inc., Class A		205,859
	24,127	FNB Corporation		265,156
	20,235	Fulton Financial Corporation		225,823
	6,682	Glacier Bancorp, Inc.		192,575
	9,422	Hilltop Holdings, Inc.		278,137
	12,854	Home BancShares, Inc.		275,975
	28,450	Hope Bancorp, Inc.		228,169
	5,839	Independent Bank Group, Inc.		194,847
	6,553	International Bancshares Corporation		279,944
	17,919	Lakeland Bancorp, Inc.		233,126
	8,326	NBT Bancorp, Inc.		279,337
	31,474	New York Community Bancorp, Inc.		323,553
	23,258	Northwest Bancshares, Inc.		244,442
	4,540	Prosperity Bancshares, Inc.		259,597
	9,161	Renasant Corporation		239,285
	8,892	S&T Bancorp, Inc.		238,483
	10,778	Sandy Spring Bancorp, Inc.		225,691
	5,164	ServisFirst Bancshares, Inc.		208,109

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BANKING - 9.2% (Continued)
	8,401	Southside Bancshares, Inc.	$	222,627
	9,143	Synovus Financial Corporation		247,684
	5,727	Texas Capital Bancshares, Inc.^(a)		270,887
	22,091	TFS Financial Corporation		249,849
	10,500	Towne Bank		244,020
	4,871	UMB Financial Corporation		275,893
	7,937	United Bankshares, Inc.		233,507
	9,936	United Community Banks, Inc.		224,653
	30,283	Valley National Bancorp		223,489
	7,097	Webster Financial Corporation		252,298
	9,122	WesBanco, Inc.		220,205
	6,315	Westamerica BanCorporation		238,896
	7,864	Western Alliance Bancorp		266,590
	3,818	Wintrust Financial Corporation		242,710
	9,373	Zions Bancorp NA		255,789
				12,207,085
		BEVERAGES - 0.3%
	520	Coca-Cola Consolidated, Inc.		344,105

		BIOTECH & PHARMA - 4.9%
	12,113	Agios Pharmaceuticals, Inc.^(a)		306,217
	25,093	Amicus Therapeutics, Inc.^(a)		282,547
	15,292	Arcus Biosciences, Inc.^(a)		314,098
	33,093	BioCryst Pharmaceuticals, Inc.^(a)		273,679
	20,505	Biohaven Ltd.^(a)		359,042
	40,831	Coherus Biosciences, Inc.^(a)		166,999
	7,860	Cytokinetics, Inc.^(a)		296,243
	18,109	Deciphera Pharmaceuticals, Inc.^(a)		244,472
	26,714	Emergent BioSolutions, Inc.^(a)		227,870
	6,906	Enanta Pharmaceuticals, Inc.^(a)		162,153
	14,359	Exelixis, Inc.^(a)		276,842
	7,275	Halozyme Therapeutics, Inc.^(a)		235,928
	2,816	Heska Corporation^(a)		337,160
	5,107	Intra-Cellular Therapies, Inc.^(a)		303,254

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BIOTECH & PHARMA - 4.9% (Continued)
	26,298	Ironwood Pharmaceuticals, Inc.^(a)	$	286,122
	7,517	Mirati Therapeutics, Inc.^(a)		279,332
	402,560	Nektar Therapeutics^(a)		233,525
	2,738	Neurocrine Biosciences, Inc.^(a)		245,133
	6,826	Pacira BioSciences, Inc.^(a)		259,593
	4,460	Prestige Consumer Healthcare, Inc.^(a)		255,246
	8,656	Revance Therapeutics, Inc.^(a)		264,527
	6,558	Sage Therapeutics, Inc.^(a)		324,621
	2,010	Sarepta Therapeutics, Inc.^(a)		248,436
	13,296	Syndax Pharmaceuticals, Inc.^(a)		265,521
				6,448,560
		BUSINESS DEVELOPMENT COMPANIES - 0.5%
	21,546	Hercules Capital, Inc.^(b)		311,555
	22,640	New Mountain Finance Corporation		271,001
				582,556
		CABLE & SATELLITE - 0.2%
	400	Cable One, Inc.		244,732

		CHEMICALS - 3.5%
	7,324	AdvanSix, Inc.		240,960
	2,202	Balchem Corporation		272,233
	3,616	Cabot Corporation		247,624
	9,329	Chemours Company (The)		247,125
	67,779	Codexis, Inc.^(a)		149,792
	4,093	HB Fuller Company		257,613
	3,882	Ingevity Corporation^(a)		183,192
	2,721	Innospec, Inc.		251,312
	2,403	Materion Corporation		241,117
	4,628	Minerals Technologies, Inc.		257,363
	761	NewMarket Corporation		296,652
	4,989	Olin Corporation		236,030
	1,416	Quaker Houghton		268,771
	1,702	Rogers Corporation^(a)		268,014
	3,184	RPM International, Inc.		254,051

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		CHEMICALS - 3.5% (Continued)
	3,652	Sensient Technologies Corporation	$	263,054
	13,362	Trinseo plc		165,956
	7,939	Valvoline, Inc.		305,651
	1,569	WD-40 Company		297,560
				4,704,070
		COMMERCIAL SUPPORT SERVICES - 2.5%
	6,196	ABM Industries, Inc.		273,615
	5,215	Brady Corporation, Class A		248,651
	4,175	Brink’s Company (The)		277,763
	5,634	CBIZ, Inc.^(a)		284,066
	1,463	CorVel Corporation^(a)		285,929
	8,671	Forrester Research, Inc.^(a)		248,858
	40,774	Harsco Corporation^(a)		344,948
	2,293	Insperity, Inc.		253,881
	5,394	Korn Ferry		253,518
	15,698	TrueBlue, Inc.^(a)		259,645
	1,585	UniFirst Corporation		271,209
	13,400	Viad Corporation^(a)		311,148
				3,313,231
		CONSTRUCTION MATERIALS - 1.1%
	1,228	Carlisle Companies, Inc.		260,876
	1,888	Eagle Materials, Inc.		307,612
	9,136	MDU Resources Group, Inc.		266,588
	2,532	Simpson Manufacturing Company, Inc.		299,257
	9,763	Summit Materials, Inc., Class A^(a)		308,804
				1,443,137
		CONSUMER SERVICES - 1.0%
	2,438	Grand Canyon Education, Inc.^(a)		255,405
	7,738	Matthews International Corporation, Class A		297,913
	2,673	Medifast, Inc.		210,365
	4,038	Service Corp International		256,857
	11,463	Upbound Group, Inc.		342,858
				1,363,398

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		CONTAINERS & PACKAGING - 0.6%
	2,358	AptarGroup, Inc.	$	265,251
	5,196	Silgan Holdings, Inc.		233,768
	2,145	UFP Technologies, Inc.^(a)		331,682
				830,701
		ELECTRIC UTILITIES - 1.6%
	4,342	ALLETE, Inc.		258,653
	4,431	Black Hills Corporation		270,069
	7,270	Hawaiian Electric Industries, Inc.		261,066
	2,575	IDACORP, Inc.		267,980
	3,597	MGE Energy, Inc.		258,121
	7,422	OGE Energy Corporation		261,848
	3,284	Ormat Technologies, Inc.		279,468
	5,693	PNM Resources, Inc.		261,423
				2,118,628
		ELECTRICAL EQUIPMENT - 2.8%
	2,897	AAON, Inc.		250,909
	2,846	Advanced Energy Industries, Inc.		279,335
	5,577	Alarm.com Holdings, Inc.^(a)		280,077
	1,977	Atkore International Group, Inc.^(a)		230,854
	2,284	Badger Meter, Inc.		314,895
	3,230	Belden, Inc.		282,593
	5,640	Cognex Corporation		309,974
	11,335	FARO Technologies, Inc.^(a)		171,045
	5,043	Itron, Inc.^(a)		341,563
	5,298	National Instruments Corporation		306,224
	2,728	OSI Systems, Inc.^(a)		324,660
	16,130	SMART Global Holdings, Inc.^(a)		364,216
	1,663	Watts Water Technologies, Inc., Class A		263,502
				3,719,847
		ENGINEERING & CONSTRUCTION - 1.8%
	3,293	AECOM		257,019
	1,916	Comfort Systems USA, Inc.		283,530
	1,709	EMCOR Group, Inc.		281,712
	2,776	Exponent, Inc.		253,504

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		ENGINEERING & CONSTRUCTION - 1.8% (Continued)
	2,466	Installed Building Products, Inc.	$	257,796
	5,047	KBR, Inc.		297,873
	2,934	MasTec, Inc.^(a)		297,390
	1,885	Tetra Tech, Inc.		259,131
	1,340	TopBuild Corporation^(a)		270,224
				2,458,179
		FOOD - 2.6%
	4,599	Cal-Maine Foods, Inc.		218,682
	4,790	Darling Ingredients, Inc.^(a)		303,590
	10,131	Flowers Foods, Inc.		253,072
	9,230	Fresh Del Monte Produce, Inc.		243,303
	16,294	Hain Celestial Group, Inc. (The)^(a)		198,950
	17,468	Herbalife Ltd.^(a)		206,821
	2,723	Ingredion, Inc.		284,826
	1,885	J & J Snack Foods Corporation		290,196
	2,864	John B Sanfilippo & Son, Inc.		332,883
	2,661	Lamb Weston Holdings, Inc.		295,903
	1,375	Lancaster Colony Corporation		270,298
	18,013	Phibro Animal Health Corporation, Class A		239,573
	3,089	Post Holdings, Inc.^(a)		262,441
				3,400,538
		FORESTRY, PAPER & WOOD PRODUCTS - 0.4%
	5,109	Louisiana-Pacific Corporation		298,979
	5,723	Trex Company, Inc.^(a)		293,876
				592,855
		GAS & WATER UTILITIES - 1.6%
	3,152	American States Water Company		279,961
	2,489	Atmos Energy Corporation		286,932
	2,185	Chesapeake Utilities Corporation		279,025
	4,823	National Fuel Gas Company		245,539
	5,242	New Jersey Resources Corporation		253,975
	3,529	ONE Gas, Inc.		285,637
	4,468	Southwest Gas Holdings, Inc.		261,512

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		GAS & WATER UTILITIES - 1.6% (Continued)
	3,955	Spire, Inc.	$	255,374
				2,147,955
		HEALTH CARE FACILITIES & SERVICES - 2.9%
	3,853	Acadia Healthcare Company, Inc.^(a)		272,137
	2,599	Addus HomeCare Corporation^(a)		234,300
	3,774	Amedisys, Inc.^(a)		286,560
	519	Chemed Corporation		277,027
	57,045	Community Health Systems, Inc.^(a)		186,537
	2,924	Ensign Group, Inc. (The)		259,096
	4,732	HealthEquity, Inc.^(a)		259,314
	1,477	Medpace Holdings, Inc.^(a)		305,695
	4,799	National HealthCare Corporation		291,299
	19,122	Owens & Minor, Inc.^(a)		388,367
	8,600	Premier, Inc., Class A		215,000
	10,842	Select Medical Holdings Corporation		296,746
	8,083	Surgery Partners, Inc.^(a)		302,951
	4,704	Tenet Healthcare Corporation^(a)		334,924
				3,909,953
		HEALTH CARE REIT - 1.0%
	14,326	CareTrust REIT, Inc.		277,924
	34,078	Medical Properties Trust, Inc.^(b)		281,144
	10,182	Omega Healthcare Investors, Inc.		303,525
	18,770	Physicians Realty Trust		256,398
	24,330	Sabra Health Care REIT, Inc.		273,956
				1,392,947
		HOME & OFFICE PRODUCTS - 0.6%
	10,073	HNI Corporation		256,862
	22,511	Newell Brands, Inc.		187,066
	7,058	Tempur Sealy International, Inc.		251,547
	113,582	Tupperware Brands Corporation^(a)		101,099
				796,574
		HOME CONSTRUCTION - 3.5%
	5,408	American Woodmark Corporation^(a)		321,776
	3,895	Armstrong World Industries, Inc.		243,204

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		HOME CONSTRUCTION - 3.5% (Continued)
	4,739	Fortune Brands Innovations, Inc.	$	286,473
	8,713	Griffon Corporation		274,634
	34,440	Interface, Inc.		238,669
	6,945	KB Home		300,927
	2,440	LGI Homes, Inc.^(a)		277,599
	4,432	M/I Homes, Inc.^(a)		313,209
	3,072	Masonite International Corporation^(a)		270,551
	34,743	Masterbrand, Inc.^(a)		360,633
	2,397	Meritage Homes Corporation		276,446
	4,070	Patrick Industries, Inc.		266,707
	10,882	PGT Innovations, Inc.^(a)		270,635
	7,295	Taylor Morrison Home Corporation^(a)		309,527
	4,633	Toll Brothers, Inc.		313,654
	11,057	Tri Pointe Homes, Inc.^(a)		322,975
				4,647,619
		HOTEL REIT - 0.8%
	34,521	DiamondRock Hospitality Company		270,990
	26,451	RLJ Lodging Trust		271,916
	3,140	Ryman Hospitality Properties, Inc.		288,032
	21,505	Xenia Hotels & Resorts, Inc.		250,533
				1,081,471
		HOUSEHOLD PRODUCTS - 1.0%
	6,565	Edgewell Personal Care Company		255,707
	8,017	Energizer Holdings, Inc.		261,354
	2,869	Helen of Troy Ltd.^(a)		276,227
	1,952	Inter Parfums, Inc.		245,171
	7,102	Nu Skin Enterprises, Inc., Class A		236,710
				1,275,169
		INDUSTRIAL INTERMEDIATE PROD - 0.7%
	2,231	Chart Industries, Inc.^(a)		244,808
	8,463	Proto Labs, Inc.^(a)		260,321
	3,410	Timken Company (The)		243,986
	866	Valmont Industries, Inc.		227,126
				976,241

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		INDUSTRIAL REIT - 0.6%
	1,692	EastGroup Properties, Inc.	$	278,520
	5,254	First Industrial Realty Trust, Inc.		273,103
	4,683	Rexford Industrial Realty, Inc.		254,943
				806,566
		INDUSTRIAL SUPPORT SERVICES - 0.8%
	1,968	Applied Industrial Technologies, Inc.		241,985
	8,692	Textainer Group Holdings Ltd.		308,305
	875	Watsco, Inc.		283,824
	1,811	WESCO International, Inc.		248,795
				1,082,909
		INSTITUTIONAL FINANCIAL SERVICES - 0.4%
	2,418	Evercore, Inc., Class A		261,023
	4,842	SEI Investments Company		273,960
				534,983
		INSURANCE - 3.3%
	2,288	American Financial Group, Inc.		256,874
	5,682	AMERISAFE, Inc.		290,123
	2,308	Assurant, Inc.		276,937
	12,580	CNO Financial Group, Inc.		273,112
	6,668	Employers Holdings, Inc.		241,115
	55,617	Genworth Financial, Inc., Class A^(a)		297,551
	2,145	Hanover Insurance Group, Inc. (The)		239,082
	8,339	Horace Mann Educators Corporation		250,587
	5,139	Kemper Corporation		222,416
	8,810	Mercury General Corporation		264,388
	12,611	NMI Holdings, Inc., Class A^(a)		317,166
	1,618	Primerica, Inc.		294,508
	15,150	ProAssurance Corporation		184,073
	2,083	Reinsurance Group of America, Inc.		291,620
	2,085	RLI Corporation		258,227
	3,731	Safety Insurance Group, Inc.		271,691
	6,517	Trupanion, Inc.^(a)		146,437
				4,375,907

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		INTERNET MEDIA & SERVICES - 0.4%
	10,205	HealthStream, Inc.	$	234,919
	7,698	TechTarget, Inc.^(a)		267,429
				502,348
		LEISURE FACILITIES & SERVICES - 2.3%
	9,541	BJ’s Restaurants, Inc.^(a)		284,131
	7,932	Cheesecake Factory, Inc. (The)		248,510
	18,849	Cinemark Holdings, Inc.^(a)		301,772
	3,180	Jack in the Box, Inc.		275,261
	2,048	Marriott Vacations Worldwide Corporation		252,355
	3,730	Papa John’s International, Inc.		261,510
	4,560	SeaWorld Entertainment, Inc.^(a)		254,266
	5,001	Shake Shack, Inc., Class A^(a)		330,915
	6,698	St Joe Company (The)		311,524
	2,568	Texas Roadhouse, Inc.		277,087
	12,782	Wendy’s Company (The)		281,332
				3,078,663
		LEISURE PRODUCTS - 1.5%
	3,390	Brunswick Corporation		255,945
	2,304	Fox Factory Holding Corporation^(a)		204,872
	2,521	Polaris, Inc.		271,536
	4,850	Sturm Ruger & Company, Inc.		250,066
	3,507	Thor Industries, Inc.		274,492
	12,924	Topgolf Callaway Brands Corporation^(a)		220,613
	10,085	Vista Outdoor, Inc.^(a)		268,564
	4,848	Winnebago Industries, Inc.		269,743
				2,015,831
		MACHINERY - 4.3%
	2,052	AGCO Corporation		226,295
	3,110	Albany International Corporation, Class A		264,101
	2,407	Crane Company		174,893
	2,461	Crane NXT Company		129,522
	1,570	Curtiss-Wright Corporation		248,154
	4,266	Donaldson Company, Inc.		249,689
	2,953	ESCO Technologies, Inc.		265,770

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		MACHINERY - 4.3% (Continued)
	2,972	Franklin Electric Company, Inc.	$	270,333
	3,813	Graco, Inc.		291,656
	5,881	Hillenbrand, Inc.		282,112
	2,535	John Bean Technologies Corporation		270,256
	1,340	Kadant, Inc.		254,225
	10,118	Kennametal, Inc.		252,141
	1,639	Lincoln Electric Holdings, Inc.		278,073
	1,248	Nordson Corporation		271,977
	3,364	Oshkosh Corporation		248,364
	1,986	Regal Rexnord Corporation		257,962
	2,285	Standex International Corporation		311,194
	4,078	Tennant Company		298,102
	5,759	Terex Corporation		267,045
	2,510	Toro Company (The)		245,553
	13,110	Zurn Elkay Water Solutions Corporation		295,106
				5,652,523
		MEDICAL EQUIPMENT & DEVICES - 2.1%
	21,489	Artivion, Inc.^(a)		321,905
	4,113	Exact Sciences Corporation^(a)		335,539
	5,558	Glaukos Corporation^(a)		316,917
	4,889	Globus Medical, Inc., Class A^(a)		264,642
	3,348	Haemonetics Corporation^(a)		283,241
	1,682	ICU Medical, Inc.^(a)		294,165
	4,839	Integra LifeSciences Holdings Corporation^(a)		183,640
	12,052	Myriad Genetics, Inc.^(a)		265,867
	15,019	Neogen Corporation^(a)		262,682
	6,720	NuVasive, Inc.^(a)		256,435
				2,785,033
		METALS & MINING - 0.9%
	69,581	Coeur Mining, Inc.^(a)		208,743
	8,146	Compass Minerals International, Inc.		258,473
	1,498	Encore Wire Corporation		245,178
	43,908	Hecla Mining Company		234,030

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		METALS & MINING - 0.9% (Continued)
	2,151	Royal Gold, Inc.	$	266,379
				1,212,803
		MORTGAGE FINANCE REIT - 0.4%
	30,164	Apollo Commercial Real Estate Finance, Inc.		304,355
	25,340	Invesco Mortgage Capital, Inc.		268,604
				572,959
		MULTI ASSET CLASS REIT - 0.4%
	15,655	Elme Communities		236,547
	27,179	LXP Industrial Trust		281,031
				517,578
		OFFICE REIT - 1.0%
	11,857	Corporate Office Properties Trust		270,577
	12,132	Highwoods Properties, Inc.		250,890
	8,674	Kilroy Realty Corporation		235,412
	38,711	Piedmont Office Realty Trust, Inc., Class A		241,170
	19,184	Veris Residential, Inc.^(a)		310,012
				1,308,061
		OIL & GAS PRODUCERS - 0.8%
	2,063	Chord Energy Corporation		295,091
	9,878	SM Energy Company		259,693
	55,512	Southwestern Energy Company^(a)		264,792
	11,042	World Fuel Services Corporation		252,531
				1,072,107
		OIL & GAS SERVICES & EQUIPMENT - 0.4%
	15,781	Oceaneering International, Inc.^(a)		241,607
	40,036	Select Water Solutions, Inc., Class A		290,661
				532,268
		PUBLISHING & BROADCASTING - 0.9%
	29,839	EW Scripps Company (The), Class A^(a)		235,131
	149,850	Gannett Company, Inc.^(a)		332,667
	8,158	Scholastic Corporation		346,552
	3,015	World Wrestling Entertainment, Inc., Class A		305,480
				1,219,830

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		RENEWABLE ENERGY - 0.6%
	5,685	Ameresco, Inc., Class A^(a)	$	244,910
	3,226	EnerSys		313,793
	8,962	Green Plains, Inc.^(a)		259,898
				818,601
		RESIDENTIAL REIT - 0.2%
	17,489	Independence Realty Trust, Inc.		302,035

		RETAIL - CONSUMER STAPLES - 1.0%
	25,667	Big Lots, Inc.^(b)		128,848
	1,285	Casey’s General Stores, Inc.		289,961
	1,344	Five Below, Inc.^(a)		231,867
	4,795	Ollie’s Bargain Outlet Holdings, Inc.^(a)		264,300
	7,934	Sprouts Farmers Market, Inc.^(a)		274,199
	3,304	Weis Markets, Inc.		196,720
				1,385,895
		RETAIL - DISCRETIONARY - 2.8%
	1,324	Asbury Automotive Group, Inc.^(a)		276,862
	1,425	Avis Budget Group, Inc.^(a)		239,101
	3,138	Builders FirstSource, Inc.^(a)		363,851
	1,373	Burlington Stores, Inc.^(a)		206,582
	912	Dillard’s, Inc., Class A		251,083
	35,775	EVgo, Inc.^(a),(b)		141,669
	4,713	Hibbett, Inc.		169,762
	1,216	Lithia Motors, Inc.		283,668
	9,745	MarineMax, Inc.^(a)		276,466
	5,647	Monro, Inc.		233,616
	14,858	National Vision Holdings, Inc.^(a)		375,165
	5,127	Rush Enterprises, Inc., Class A		267,988
	17,933	Sally Beauty Holdings, Inc.^(a)		201,926
	9,237	Sleep Number Corporation^(a)		167,559
	5,143	Sonic Automotive, Inc., Class A		213,126
				3,668,424
		RETAIL REIT - 1.4%
	20,102	Acadia Realty Trust		258,713

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		RETAIL REIT - 1.4% (Continued)
	10,349	Four Corners Property Trust, Inc.	$	265,969
	13,398	Kite Realty Group Trust		260,457
	6,325	NNN REIT, Inc.		269,066
	20,060	Retail Opportunity Investments Corporation		244,732
	7,185	Saul Centers, Inc.		242,925
	14,373	Tanger Factory Outlet Centers, Inc.		292,778
				1,834,640
		SEMICONDUCTORS - 4.1%
	8,962	Aehr Test Systems^(a)		295,925
	10,693	Amkor Technology, Inc.		264,973
	2,081	Axcelis Technologies, Inc.^(a)		327,862
	6,199	Azenta, Inc.^(a)		268,107
	9,139	CEVA, Inc.^(a)		228,658
	2,535	Cirrus Logic, Inc.^(a)		196,919
	7,286	Cohu, Inc.^(a)		279,345
	2,994	Diodes, Inc.^(a)		268,981
	8,743	FormFactor, Inc.^(a)		273,568
	2,258	IPG Photonics Corporation^(a)		249,441
	2,923	Lattice Semiconductor Corporation^(a)		237,669
	7,944	MaxLinear, Inc.^(a)		232,044
	3,153	MKS Instruments, Inc.		306,818
	3,291	Power Integrations, Inc.		284,342
	11,467	Semtech Corporation^(a)		249,293
	1,601	Silicon Laboratories, Inc.^(a)		225,213
	2,516	Synaptics, Inc.^(a)		216,477
	1,792	Universal Display Corporation		264,015
	13,221	Veeco Instruments, Inc.^(a)		322,725
	12,349	Vishay Intertechnology, Inc.		318,357
	4,293	Wolfspeed, Inc.^(a)		206,236
				5,516,968
		SOFTWARE - 4.6%
	67,444	8x8, Inc.^(a)		275,172
	10,379	ACI Worldwide, Inc.^(a)		236,745
	44,628	Alignment Healthcare, Inc.^(a)		261,966

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SOFTWARE - 4.6% (Continued)
	4,713	Alteryx, Inc., Class A^(a)	$	183,524
	4,030	Blackbaud, Inc.^(a)		295,641
	5,198	Calix, Inc.^(a)		242,279
	4,913	CommVault Systems, Inc.^(a)		342,387
	8,271	Digi International, Inc.^(a)		297,342
	3,390	Guidewire Software, Inc.^(a)		281,302
	62,669	LivePerson, Inc.^(a)		230,622
	1,796	Manhattan Associates, Inc.^(a)		325,830
	944	MicroStrategy, Inc., Class A^(a),(b)		284,739
	3,697	New Relic, Inc.^(a)		260,454
	4,760	Omnicell, Inc.^(a)		349,479
	5,806	Pegasystems, Inc.		280,778
	4,857	Progress Software Corporation		291,420
	11,335	Q2 Holdings, Inc.^(a)		330,075
	2,144	Qualys, Inc.^(a)		270,701
	6,091	Rapid7, Inc.^(a)		290,663
	1,836	SPS Commerce, Inc.^(a)		286,049
	10,693	Varonis Systems, Inc.^(a)		281,012
	21,353	Veradigm, Inc.^(a)		251,538
				6,149,718
		SPECIALTY FINANCE - 1.9%
	5,504	Encore Capital Group, Inc.^(a)		237,057
	6,304	Enova International, Inc.^(a)		293,262
	6,970	Essent Group Ltd.		307,865
	5,010	First American Financial Corporation		275,199
	10,481	LendingTree, Inc.^(a)		191,697
	20,768	MGIC Investment Corporation		314,012
	3,047	Nelnet, Inc., Class A		281,848
	3,717	Walker & Dunlop, Inc.		272,047
	3,377	World Acceptance Corporation^(a)		375,490
				2,548,477
		SPECIALTY REIT - 0.2%
	2,781	Lamar Advertising Company, Class A		249,956

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		STEEL - 0.9%
	7,049	ATI, Inc.^(a)	$	243,755
	5,692	Commercial Metals Company		243,333
	1,083	Reliance Steel & Aluminum Company		254,159
	2,456	Steel Dynamics, Inc.		225,706
	4,319	Worthington Industries, Inc.		242,425
				1,209,378
		TECHNOLOGY HARDWARE - 4.2%
	17,591	ADTRAN Holdings, Inc.		156,736
	2,244	Arrow Electronics, Inc.^(a)		284,180
	11,807	Benchmark Electronics, Inc.		278,763
	14,487	Extreme Networks, Inc.^(a)		298,432
	1,901	F5, Inc.^(a)		280,550
	55,777	GoPro, Inc., Class A^(a)		234,263
	19,197	Harmonic, Inc.^(a)		338,059
	3,821	InterDigital, Inc.		317,296
	3,149	Jabil, Inc.		281,898
	16,476	Knowles Corporation^(a)		296,238
	5,149	Lumentum Holdings, Inc.^(a)		272,382
	11,803	NCR Corporation^(a)		279,731
	9,738	NetScout Systems, Inc.^(a)		297,204
	8,219	PAR Technology Corporation^(a)		284,131
	2,881	Plexus Corporation^(a)		261,249
	4,592	Sanmina Corporation^(a)		243,560
	2,594	Super Micro Computer, Inc.^(a)		580,927
	20,743	TTM Technologies, Inc.^(a)		284,179
	8,286	ViaSat, Inc.^(a)		369,639
				5,639,417
		TECHNOLOGY SERVICES - 2.5%
	937	CACI International, Inc., Class A^(a)		280,369
	5,193	CSG Systems International, Inc.		249,160
	1,706	ExlService Holdings, Inc.^(a)		257,504
	396	Fair Isaac Corporation^(a)		311,916
	6,032	Genpact Ltd.		221,857
	2,535	ICF International, Inc.		283,895

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Shares		Fair Value
	COMMON STOCKS — 99.7% (Continued)
	TECHNOLOGY SERVICES - 2.5% (Continu