# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-25-005044
**Filing Date:** 2025-8
**Character Count:** 353374
**Document Hash:** 7aeef80bdd1c43bd56f063519821e2f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005044.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001580642-25-005044

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust IV
- **CENTRAL INDEX KEY:** 0001644419

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0916

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 251202341

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68154-1150

## Series and Classes Contracts Data

### Inspire Corporate Bond ETF (Series ID: S000056116)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000176728 | Inspire Corporate Bond ETF | IBD             |

### Inspire Global Hope ETF (Series ID: S000056117)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000176729 | Inspire Global Hope ETF | BLES            |

### Inspire Small/Mid Cap ETF (Series ID: S000056118)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000176730 | Inspire Small/Mid Cap ETF | ISMD            |

### Inspire 100 ETF (Series ID: S000059335)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000194706 | Inspire 100 ETF | BIBL            |

### Inspire International ETF (Series ID: S000066581)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000214760 | Inspire International ETF | WWJD            |

### Inspire Tactical Balanced ETF (Series ID: S000068946)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000220340 | Inspire Tactical Balanced ETF | RISN            |

### Inspire Momentum ETF (Series ID: S000070125)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000223048 | Inspire Momentum ETF | GLRY            |

### Inspire Fidelis Multi Factor ETF (Series ID: S000076870)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237005 | Inspire Fidelis Multi Factor ETF | FDLS            |

### Inspire 500 ETF (Series ID: S000084295)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000248596 | Inspire 500 ETF | PTL             |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23066</u>

<u>Northern Lights Fund Trust IV</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300&nbsp;&nbsp;&nbsp;&nbsp; </u>

Date of fiscal year end: <u>11/30&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date of reporting period: <u>5/31/25&nbsp;&nbsp;&nbsp;&nbsp;</u>

**Item 1. Reports to Stockholders.**

(a) # Inspire 100 ETF
(BIBL) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](ide43f2b72ef48078014d3461.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Inspire 100 ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/bibl**. You can also request this information by contacting us at 1-877-658-9473.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire 100 ETF | $20 | 0.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of -6.04%. This disappointing performance was driven predominately by the downward momentum and correction in the US large cap equity market during the first four months of the period. The sectors that helped support the Fund with positive performance came from the Consumer Discretionary, Materials, Health Care and Financials sectors. The sectors that caused the largest drag to performance during the period due to security selection were the Communications Services, Industrials, Consumer Staples and Energy sectors. Although there was volatility in the markets during the period due to uncertainty about the next move in interest rates by the Federal Reserve, the Fund performed in line with the broader large cap market. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i279f61331f3f7fa1a03e558a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire 100 ETF - NAV** | **Inspire 100 Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2017** | $10000 | $10000 | $10000 |
| **May-2018** | $10707 | $10758 | $10642 |
| **May-2019** | $10626 | $10742 | $11045 |
| **May-2020** | $12398 | $12477 | $12463 |
| **May-2021** | $17602 | $18230 | $17488 |
| **May-2022** | $16200 | $16872 | $17435 |
| **May-2023** | $15461 | $16178 | $17945 |
| **May-2024** | $19243 | $20230 | $23003 |
| **May-2025** | $20424 | $21552 | $26113 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **Since Inception (October 30, 2017)** |
| Inspire 100 ETF - NAV | -6.04% | 6.14% | 10.50% | 9.87% |
| Inspire 100 Index | -5.87% | 6.53% | 11.55% | 10.66% |
| S&P 500<sup>®</sup> Index | -1.35% | 13.52% | 15.94% | 13.49% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$306,690,105

* Number of Portfolio Holdings101

* Advisory Fee (net of waivers)$358,516

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7203adc69d87148ffe78ca78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.8% |
| Money Market Funds | 0.2% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if2a0c2868be2cd1fba72cfb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 0.1% |
| Money Market Funds | 0.2% |
| Consumer Staples | 1.0% |
| Consumer Discretionary | 1.1% |
| Utilities | 3.8% |
| Materials | 5.5% |
| Health Care | 6.0% |
| Energy | 6.4% |
| Financials | 9.8% |
| Real Estate | 14.8% |
| Industrials | 23.0% |
| Technology | 28.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Caterpillar, Inc. | 5.1% |
| Progressive Corporation (The) | 5.0% |
| Arista Networks, Inc. | 3.5% |
| KLA Corporation | 3.1% |
| Prologis, Inc. | 3.1% |
| Amphenol Corporation, Class A | 3.1% |
| Welltower, Inc. | 2.9% |
| Interactive Brokers Group, Inc., Class A | 2.8% |
| Parker-Hannifin Corporation | 2.6% |
| Cintas Corporation | 2.5% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ide43f2b72ef48078014d3461.jpg)

# Inspire 100 ETF

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/bibl**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-BIBL

# Inspire 500 ETF
(PTL) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](id069c6efe744146542853326.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Inspire 500 ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/ptl**. You can also request this information by contacting us at 1-877-658-9473.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire 500 ETF | $40 | 0.09%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of -1.73%. This negative performance was driven by a pullback over the past several months in the broader US Large Cap markets and particularly in the Communication Services and Energy sectors. The sectors that contributed most to the positive performance within the Fund were the Information Technology, Utilities, and Financials. During the last several months, there has been a minor correction and modest recovery in the broader US Large Cap market due to uncertainty about the next move in interest rates by the Federal Reserve. The Fund performed better than the broader large cap market during the period due to the Fund having minimal exposure to the Mega Cap Growth stocks that have been the driving force in the US large cap markets for the past couple of years but led the market lower during the last several months. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i45f34aded97453b23f35e268.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire 500 ETF - NAV** | **Inspire 500 Index** | **S&P 500<sup>®</sup> Index** |
| **03/25/24** | $10000 | $10000 | $10000 |
| **03/31/24** | $10115 | $10114 | $10071 |
| **04/30/24** | $9588 | $9587 | $9659 |
| **05/31/24** | $9860 | $9862 | $10138 |
| **06/30/24** | $9961 | $9965 | $10502 |
| **07/31/24** | $10284 | $10290 | $10630 |
| **08/31/24** | $10510 | $10517 | $10888 |
| **09/30/24** | $10737 | $10745 | $11120 |
| **10/31/24** | $10579 | $10588 | $11020 |
| **11/30/24** | $11352 | $11364 | $11666 |
| **12/31/24** | $10762 | $10771 | $11388 |
| **01/31/25** | $11194 | $11204 | $11705 |
| **02/28/25** | $10921 | $10930 | $11553 |
| **03/31/25** | $10404 | $10413 | $10902 |
| **04/30/25** | $10446 | $10454 | $10828 |
| **05/31/25** | $11155 | $11163 | $11509 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (March 25, 2024)** |
| Inspire 500 ETF - NAV | -1.73% | 13.13% | 9.67% |
| Inspire 500 Index | -1.77% | 13.20% | 9.74% |
| S&P 500<sup>®</sup> Index | -1.35% | 13.52% | 12.61% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$335,802,708

* Number of Portfolio Holdings453

* Advisory Fee $124,069

* Portfolio Turnover16%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icc3d856b4166ced656730f81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3ab770ada698c9e330b50d5c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Communications | 1.5% |
| Consumer Staples | 2.9% |
| Health Care | 5.8% |
| Materials | 6.3% |
| Utilities | 6.5% |
| Real Estate | 6.8% |
| Consumer Discretionary | 8.2% |
| Energy | 8.3% |
| Financials | 8.5% |
| Industrials | 16.7% |
| Technology | 28.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 7.7% |
| Palantir Technologies, Inc., Class A | 4.0% |
| Exxon Mobil Corporation | 3.2% |
| NextEra Energy, Inc. | 2.6% |
| Home Depot, Inc. (The) | 2.5% |
| GE Vernova, LLC | 1.8% |
| Snowflake, Inc., Class A | 1.6% |
| Linde PLC | 1.5% |
| Intercontinental Exchange, Inc. | 1.5% |
| Republic Services, Inc. | 1.4% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](id069c6efe744146542853326.jpg)

# Inspire 500 ETF

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/ptl**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-PTL

# Inspire Corporate Bond ETF
(IBD) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i0d1102a0e36bd96f20c99b90.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Inspire Corporate Bond ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/ibd**. You can also request this information by contacting us at 1-877-658-9473.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire Corporate Bond ETF | $21 | 0.42%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of 2.02%. This positive performance was driven by falling interest rates on the short to intermediate end of the yield curve compared to interest rates rising on the long end of the yield curve spectrum in anticipation that the next move in interest rates by the Federal Reserve may be a rate cut or two. The investment grade quality fixed income portfolio of the Fund performed in line with the broader fixed income market even though the Fund had no exposure to US Treasuries or mortgage-backed securities. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i532fafde350fa4912e1e7766.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inspire Corporate Bond ETF - NAV** | **Inspire Corporate Bond Impact Index** | **Bloomberg Intermediate Corporate Index** | **Bloomberg U.S. Intermediate Credit Index** |
| **07/10/17** | $10000 | $10000 | $10000 | $10000 |
| **05/31/18** | $9925 | $10011 | $9983 | $9982 |
| **05/31/19** | $10490 | $10680 | $10644 | $10629 |
| **05/31/20** | $11022 | $11588 | $11410 | $11377 |
| **05/31/21** | $11301 | $12151 | $11849 | $11759 |
| **05/31/22** | $10428 | $11237 | $10989 | $10937 |
| **05/31/23** | $10400 | $11245 | $10992 | $10936 |
| **05/31/24** | $10830 | $11827 | $11540 | $11438 |
| **05/31/25** | $11547 | $12659 | $12359 | $12240 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **Since Inception (July 10, 2017)** |
| Inspire Corporate Bond ETF - NAV | 2.02% | 6.63% | 0.94% | 1.84% |
| Inspire Corporate Bond Impact Index | 2.28% | 7.04% | 1.78% | 3.03% |
| Bloomberg Intermediate Corporate Index | 2.31% | 7.09% | 1.61% | 2.72% |
| Bloomberg U.S. Intermediate Credit Index | 2.36% | 7.01% | 1.47% | 2.59% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$381,937,904

* Number of Portfolio Holdings248

* Advisory Fee $545,997

* Portfolio Turnover13%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i75394ff72c31ccba3f19f99c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia42e584a73b2db019578c22e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Health Care | 3.0% |
| Consumer Discretionary | 5.3% |
| Financials | 6.6% |
| Consumer Staples | 6.8% |
| Utilities | 8.3% |
| Materials | 9.1% |
| Energy | 10.8% |
| Technology | 11.2% |
| Industrials | 18.8% |
| Real Estate | 18.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Trimble, Inc., 4.900%, 06/15/28 | 1.8% |
| Amphenol Corporation, 4.350%, 06/01/29 | 1.8% |
| Valero Energy Corporation, 4.350%, 06/01/28 | 1.8% |
| Loews Corporation, 3.750%, 04/01/26 | 1.8% |
| Alexandria Real Estate Equities, Inc., 4.900%, 12/15/30 | 1.8% |
| Republic Services, Inc., 3.950%, 05/15/28 | 1.8% |
| AutoZone, Inc., 3.750%, 06/01/27 | 1.8% |
| Cboe Global Markets, Inc., 3.650%, 01/12/27 | 1.8% |
| Dollar General Corporation, 3.875%, 04/15/27 | 1.8% |
| Camden Property Trust, 4.900%, 01/15/34 | 1.8% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i0d1102a0e36bd96f20c99b90.jpg)

# Inspire Corporate Bond ETF

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/ibd**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-IBD

# Inspire Momentum ETF
(GLRY) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](ib37473c24a707e1adbe7b415.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Inspire Momentum ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**www.inspireetf.com/etf/glry**. You can also request this information by contacting us at 1-877-658-9473.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire Momentum ETF | $39 | 0.80%<sup>Footnote Reference\*</sup> |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of -2.06%. This modest negative performance was driven predominately by the downward trajectory of the US large cap and mid cap markets during the period. Due to the Fund's focus on the momentum factor that was in favor over the period, as well as security selection in the Utilities, Information Technology and Health Care sectors, helped achieve the positive performance within the Fund during the period. The sectors that caused the largest drag to performance were the Communication Services, Materials and Energy sectors. Although there was volatility in the markets during the period due to uncertainty about the next move in interest rates by the Federal Reserve, the Fund performed well compared to the broader mid-cap market. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id1917f811e231f3acd08261e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire Momentum ETF - NAV** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Dec-2020** | $10000 | $10000 | $10000 |
| **May-2021** | $11788 | $12269 | $11548 |
| **May-2022** | $9660 | $11469 | $11443 |
| **May-2023** | $9806 | $11168 | $11712 |
| **May-2024** | $12893 | $14068 | $14975 |
| **May-2025** | $13732 | $14373 | $16845 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (December 7, 2020)** |
| Inspire Momentum ETF - NAV | -2.06% | 6.50% | 7.34% |
| S&P MidCap 400<sup>®</sup> Index | -10.15% | 2.17% | 8.44% |
| S&P Composite 1500<sup>®</sup> Index | -2.22% | 12.49% | 12.35% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$79,181,114

* Number of Portfolio Holdings33

* Advisory Fee (net of waivers)$212,688

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifd1ff2b826d60c8453a91a2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i87ef8b923fc8f2bc662ba66e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Materials | 2.2% |
| Real Estate | 2.7% |
| Communications | 3.9% |
| Utilities | 4.4% |
| Energy | 4.9% |
| Consumer Staples | 5.5% |
| Health Care | 8.7% |
| Financials | 11.1% |
| Consumer Discretionary | 12.4% |
| Technology | 18.5% |
| Industrials | 25.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NRG Energy, Inc. | 4.4% |
| AppLovin Corporation, Class A | 3.9% |
| Broadcom, Inc. | 3.9% |
| Curtiss-Wright Corporation | 3.8% |
| Amphenol Corporation, Class A | 3.7% |
| Cinemark Holdings, Inc. | 3.7% |
| EMCOR Group, Inc. | 3.5% |
| BWX Technologies, Inc. | 3.4% |
| Encompass Health Corporation | 3.3% |
| AutoNation, Inc. | 3.2% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ib37473c24a707e1adbe7b415.jpg)

# Inspire Momentum ETF

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/glry**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-GLRY

# Inspire Fidelis Multi Factor ETF
(FDLS) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i3c324193abcf0d7519647e33.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Inspire Fidelis Multi Factor ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/fdls**. You can also request this information by contacting us at 1-877-658-9473.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire Fidelis Multi Factor ETF | $33 | 0.69%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of -5.98%. This weak performance was driven predominately by the downward momentum in the US equity markets (particularly the small and mid-cap segments of the market) during the period even though the international market exhibited strong upward momentum. Security selection in the Utilities, Consumer Discretionary, Materials, Information Technology, Industrials and Financials sectors helped the Fund with positive performance. The sectors that caused the largest drag to performance were the Communication Services and Consumer Staples sectors. Although there was volatility in the global markets during the period due to the wars in Ukraine and Gaza and geo-political tensions with Russia and China, the Fund performed in line with the broader global markets. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i42a3dd6ed90142335a5451e8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inspire Fidelis Multi Factor ETF - NAV** | **WI Fidelis Multi-Cap, Multi-Factor Index** | **S&P Global 1200 Index** | **MSCI ACWI Index** |
| **08/23/22** | $10000 | $10000 | $10001 | $10000 |
| **09/30/22** | $8808 | $8841 | $8738 | $8746 |
| **12/31/22** | $9799 | $9899 | $9662 | $9600 |
| **03/31/23** | $10120 | $10239 | $10406 | $10301 |
| **06/30/23** | $10970 | $11126 | $11119 | $10938 |
| **09/30/23** | $10721 | $10896 | $10712 | $10566 |
| **12/31/23** | $11897 | $12125 | $11922 | $11731 |
| **03/31/24** | $12384 | $12654 | $13003 | $12693 |
| **06/30/24** | $12064 | $12336 | $13411 | $13057 |
| **09/30/24** | $12846 | $13164 | $14263 | $13921 |
| **12/31/24** | $12782 | $13173 | $14183 | $13783 |
| **03/31/25** | $12230 | $12622 | $14010 | $13601 |
| **05/31/25** | $13103 | $13543 | $14943 | $14517 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (August 23, 2022)** |
| Inspire Fidelis Multi Factor ETF - NAV | -5.98% | 5.64% | 10.25% |
| WI Fidelis Multi-Cap, Multi-Factor Index | -5.31% | 6.84% | 11.57% |
| S&P Global 1200 Index | 2.87% | 13.95% | 15.61% |
| MSCI ACWI Index | 2.83% | 13.65% | 14.40% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$80,681,414

* Number of Portfolio Holdings101

* Advisory Fee $180,400

* Portfolio Turnover112%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3e5a25673ec032684384e281.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2% |
| Master Limited Partnerships | 0.9% |
| Money Market Funds | 1.1% |
| Partnership Shares | 0.8% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i869cdec4bef35e791844d2a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 1.1% |
| Utilities | 2.6% |
| Materials | 4.3% |
| Consumer Staples | 8.0% |
| Communications | 8.6% |
| Consumer Discretionary | 8.7% |
| Energy | 8.9% |
| Health Care | 10.1% |
| Industrials | 15.5% |
| Technology | 15.6% |
| Financials | 17.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Dave, Inc. | 2.2% |
| NRG Energy, Inc. | 1.5% |
| American Superconductor Corporation | 1.4% |
| Build-A-Bear Workshop, Inc. | 1.3% |
| Curtiss-Wright Corporation | 1.3% |
| Tenet Healthcare Corporation | 1.3% |
| Comfort Systems USA, Inc. | 1.3% |
| TTM Technologies, Inc. | 1.3% |
| Howmet Aerospace, Inc. | 1.2% |
| Universal Technical Institute, Inc. | 1.2% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i3c324193abcf0d7519647e33.jpg)

# Inspire Fidelis Multi Factor ETF

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/fdls**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-FDLS

#### Inspire Global Hope ETF
(BLES) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i24b24c7491999ea8ae7a0214.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Inspire Global Hope ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/bles**. You can also request this information by contacting us at 1-877-658-9473.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire Global Hope ETF | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of 1.46%. This modest performance was driven by the upward momentum and global security selection in the Communications Services, Financials and Utilities sectors. The other sectors that helped achieve this positive performance came from the Consumer Staples, Industrials and Materials sectors. The sectors that caused the largest drag to performance were the Health Care and Information Technology sectors. Although there was volatility in the global markets during the period due to the wars in Ukraine and Gaza as well as geo-political tensions with Russia and China, the Fund performed in line with the broader international large cap market even though the Fund was hampered by the exposure to US Large Cap stocks that suffered negative performance during the period. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id750122e60b7d050696db19e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire Global Hope ETF - NAV** | **Inspire Global Hope Index** | **S&P Global 1200 Index** |
| **Feb-2017** | $10000 | $10000 | $9999 |
| **May-2017** | $10408 | $10461 | $10494 |
| **May-2018** | $11488 | $11565 | $11793 |
| **May-2019** | $11150 | $11448 | $11815 |
| **May-2020** | $10979 | $11135 | $12626 |
| **May-2021** | $17169 | $17304 | $17870 |
| **May-2022** | $16061 | $16310 | $17127 |
| **May-2023** | $15496 | $15880 | $17530 |
| **May-2024** | $18542 | $19132 | $21911 |
| **May-2025** | $20055 | $20918 | $24961 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **Since Inception (February 27, 2017)** |
| Inspire Global Hope ETF - NAV | 1.46% | 8.16% | 12.81% | 8.80% |
| Inspire Global Hope Index | 2.04% | 9.34% | 13.44% | 9.35% |
| S&P Global 1200 Index | 2.87% | 13.95% | 14.60% | 11.72% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $126668971 |
| Number of Portfolio Holdings | 402 |
| Advisory Fee | $175808 |
| Portfolio Turnover | 15% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id96f7647dc4cc4edef724917.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Money Market Funds | 0.8% |
| Preferred Stocks | 0.2% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0a41ab28dba6e7ec6cd0a3f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.8% |
| Communications | 2.8% |
| Consumer Staples | 6.0% |
| Consumer Discretionary | 6.4% |
| Real Estate | 6.6% |
| Energy | 6.8% |
| Health Care | 7.0% |
| Utilities | 7.1% |
| Materials | 11.4% |
| Financials | 13.5% |
| Technology | 13.7% |
| Industrials | 17.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Investments Money Market Government Portfolio, Institutional Class | 0.8% |
| Delta Electronics Thailand PCL | 0.4% |
| Vertiv Holdings Company | 0.3% |
| Toyota Industries Corporation | 0.3% |
| Broadcom, Inc. | 0.3% |
| Coinbase Global, Inc., Class A | 0.3% |
| Curtiss-Wright Corporation | 0.3% |
| WiseTech Global Ltd. | 0.3% |
| Snowflake, Inc., Class A | 0.3% |
| Amphenol Corporation, Class A | 0.3% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i24b24c7491999ea8ae7a0214.jpg)

#### Inspire Global Hope ETF

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/bles**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-BLES

#### Inspire International ETF
(WWJD) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](ib94328639034332c8e255907.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Inspire International ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/wwjd**. You can also request this information by contacting us at 1-877-658-9473.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire International ETF | $34 | 0.64%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of 12.22%. This positive performance was driven predominately by the upward momentum in the International and Emerging Markets during the period. Security selection in the Financials, Communication Services, Industrials and Materials sectors helped achieve this positive performance. The sectors that caused the largest drag to performance were the Information Technology and Real Estate sectors. Although there was volatility in the international markets during the period due to the wars in Ukraine and Gaza and geo-political tensions with Russia and China, the Fund performed in line with the broader global international market even though the Fund had no exposure to the Chinese markets that have seen upward momentum recently and are a large portion of the international markets. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i9bed671bf2c1d012e75ae5c1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inspire International ETF - NAV** | **Inspire International NTR Index** | **S&P International 700 TR** | **Inspire Global Hope Ex-US GTR Index** |
| **09/30/19** | $10000 | $10000 | $10000 | $10000 |
| **05/31/20** | $9215 | $9166 | $9323 | $8789 |
| **05/31/21** | $14592 | $14352 | $13393 | $13823 |
| **05/31/22** | $13202 | $13013 | $11981 | $12609 |
| **05/31/23** | $13019 | $12320 | $12132 | $12570 |
| **05/31/24** | $15072 | $14275 | $14422 | $14670 |
| **05/31/25** | $17042 | $16247 | $16566 | $16821 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **Since Inception (September 30, 2019)** |
| Inspire International ETF - NAV | 12.22% | 13.07% | 13.09% | 9.86% |
| Inspire International NTR Index | 12.50% | 13.82% | 12.13% | 8.94% |
| S&P International 700 TR | 13.23% | 14.87% | 12.19% | 9.31% |
| Inspire Global Hope Ex-US GTR Index | 13.03% | 14.67% | 13.86% | 9.61% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $329219917 |
| Number of Portfolio Holdings | 201 |
| Advisory Fee | $681950 |
| Portfolio Turnover | 12% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic751985a667d938d93868c60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.0% |
| Preferred Stocks | 0.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i34eecf13ee84ef7a7d6c8aa2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.3% |
| Money Market Funds | 2.1% |
| Real Estate | 3.4% |
| Communications | 4.6% |
| Health Care | 5.1% |
| Consumer Discretionary | 5.7% |
| Technology | 5.9% |
| Energy | 6.8% |
| Consumer Staples | 7.1% |
| Utilities | 9.7% |
| Materials | 14.2% |
| Industrials | 17.7% |
| Financials | 19.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Investments Money Market Government Portfolio, Institutional Class | 2.1% |
| Delta Electronics Thailand PCL | 0.8% |
| Toyota Industries Corporation | 0.7% |
| WiseTech Global Ltd. | 0.6% |
| Grupo Financiero Banorte SAB de CV | 0.6% |
| Chandra Asri Pacific Tbk P.T. | 0.6% |
| Ryanair Holdings plc | 0.6% |
| Continental A.G. | 0.6% |
| Trane Technologies PLC | 0.6% |
| Ajinomoto Company, Inc. | 0.6% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ib94328639034332c8e255907.jpg)

#### Inspire International ETF

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/wwjd**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-WWJD

# Inspire Small/Mid Cap ETF
(ISMD) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i09a3fff9467d8a7097fc0ece.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Inspire Small/Mid Cap ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/ismd**. You can also request this information by contacting us at 1-877-658-9473.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire Small/Mid Cap ETF | $23 | 0.49%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of -15.37%. This negative performance was driven predominately by the downward momentum of the US midcap and small cap markets during the period. Security selection in the Energy, Information Technology and Consumer Discretionary sectors helped the performance of the Fund from a positive perspective, but the sectors that caused the largest drag to performance were the Health Care, Consumer Staples and Utilities sectors. Although there was volatility and a market correction in the markets during the period due to uncertainty about the next move in interest rates by the Federal Reserve, the Fund performed in line with the broader small and mid-cap markets. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i080d60ba690dda125d08a071.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Inspire Small/Mid Cap ETF - NAV** | **Inspire Small/Mid Cap Index** | **Russell 2000<sup>®</sup> Index** | **S&P SmallCap 600<sup>®</sup> Equal Weight Index** |
| **02/27/17** | $10000 | $10000 | $10000 | $10000 |
| **05/31/17** | $9728 | $9734 | $9767 | $9579 |
| **05/31/18** | $11504 | $11689 | $11796 | $11782 |
| **05/31/19** | $10492 | $10580 | $10729 | $10196 |
| **05/31/20** | $9549 | $9694 | $10360 | $9131 |
| **05/31/21** | $15997 | $16937 | $17048 | $17639 |
| **05/31/22** | $14856 | $15892 | $14165 | $15993 |
| **05/31/23** | $14244 | $15301 | $13502 | $14536 |
| **05/31/24** | $17194 | $18579 | $16218 | $16926 |
| **05/31/25** | $16835 | $18265 | $16410 | $16424 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **Since Inception (February 27, 2017)** |
| Inspire Small/Mid Cap ETF - NAV | -15.37% | -2.09% | 12.01% | 6.51% |
| Inspire Small/Mid Cap Index | -15.28% | -1.69% | 13.51% | 7.57% |
| Russell 2000<sup>®</sup> Index | -14.54% | 1.19% | 9.64% | 6.18% |
| S&P SmallCap 600<sup>®</sup> Equal Weight Index | -16.00% | -2.97% | 12.46% | 6.19% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$175,735,790

* Number of Portfolio Holdings498

* Advisory Fee $275,621

* Portfolio Turnover18%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i626f04314343d0d6fc4dd62d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Business Development Companies | 0.6% |
| Common Stocks | 97.8% |
| Money Market Funds | 1.6% |
| Right | 0.0% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibd7a40465c28f81196991b22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Money Market Funds | 1.7% |
| Communications | 2.4% |
| Energy | 3.3% |
| Utilities | 3.7% |
| Consumer Staples | 5.0% |
| Real Estate | 7.7% |
| Materials | 7.7% |
| Health Care | 8.4% |
| Technology | 13.7% |
| Consumer Discretionary | 14.1% |
| Industrials | 15.6% |
| Financials | 18.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Investments Money Market Government Portfolio, Institutional Class | 1.7% |
| Compass Minerals International, Inc. | 0.4% |
| OPAL Fuels, Inc. | 0.4% |
| Landsea Homes Corporation | 0.4% |
| Sleep Number Corporation | 0.3% |
| Argan, Inc. | 0.3% |
| Avis Budget Group, Inc. | 0.3% |
| Groupon, Inc. | 0.3% |
| National Vision Holdings, Inc. | 0.3% |
| ATI, Inc. | 0.3% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i09a3fff9467d8a7097fc0ece.jpg)

# Inspire Small/Mid Cap ETF

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/ismd**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-ISMD

# Inspire Tactical Balanced ETF
(RISN) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i4eeca6a47b303df910b2123a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Inspire Tactical Balanced ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **www.inspireetf.com/etf/risn**. You can also request this information by contacting us at 1-877-658-9473.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Inspire Tactical Balanced ETF | $35 | 0.72%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the first 6 months of the fiscal year of -5.31%. Since the Fund has a current target of 80% to be invested in US Large Cap stocks, most of this negative performance was driven by the downward momentum in the US equity markets during the period. Security selection in the Health Care and Industrials sectors helped with positive performance, but the sectors that caused the largest drag to performance was the lack of exposure to the Consumer Staples and Communication Services sectors. The Fund is also currently invested at a 20% level in US Treasury exposure, so the most positive performance within the Fund was driven by falling interest rates on the short and intermediate end of the yield curve spectrum in anticipation that the next move in interest rates by the Federal Reserve may be a rate cut or two. Although there was volatility in both the equity and fixed income markets during the period the Fund performed in line with the broader large cap market as well as the intermediate fixed income markets. During the period ended May 31, 2025, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1caadd3ed6e808f787ba6a91.jpg)

---

| | | |
|:---|:---|:---|
| | **Inspire Tactical Balanced ETF - NAV** | **S&P Target Risk Moderate Index** |
| **Jul-2020** | $10000 | $10000 |
| **May-2021** | $11922 | $11202 |
| **May-2022** | $11205 | $10396 |
| **May-2023** | $10561 | $10348 |
| **May-2024** | $12317 | $11462 |
| **May-2025** | $12936 | $12457 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (July 15, 2020)** |
| Inspire Tactical Balanced ETF - NAV | -5.31% | 5.02% | 5.42% |
| S&P Target Risk Moderate Index | 1.74% | 8.68% | 4.61% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$78,643,149

* Number of Portfolio Holdings26

* Advisory Fee $206,086

* Portfolio Turnover218%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1a65be9550111a9cb2185c9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 77.2% |
| Exchange-Traded Funds | 19.6% |
| Partnership Shares | 3.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3a5a18b1b07252bc8f9c94ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Materials | 3.2% |
| Communications | 3.2% |
| Consumer Staples | 6.4% |
| Financials | 9.6% |
| Energy | 12.8% |
| Consumer Discretionary | 12.9% |
| Technology | 15.9% |
| Industrials | 16.0% |
| Fixed Income | 19.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab Short-Term U.S. Treasury ETF | 19.5% |
| AutoZone, Inc. | 3.4% |
| O'Reilly Automotive, Inc. | 3.3% |
| AppLovin Corporation, Class A | 3.2% |
| Canadian Pacific Kansas City Ltd. | 3.2% |
| Kinder Morgan, Inc. | 3.2% |
| Monster Beverage Corporation | 3.2% |
| Interactive Brokers Group, Inc., Class A | 3.2% |
| Brookfield Asset Management Ltd. | 3.2% |
| Fortinet, Inc. | 3.2% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i4eeca6a47b303df910b2123a.jpg)

# Inspire Tactical Balanced ETF

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.inspireetf.com/etf/risn**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-RISN

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![(INSPIRE LOGO)](in001_v1.jpg)

---

| |
|:---|
| 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 Momentum ETF (GLRY) |
| Inspire Fidelis Multi Factor ETF (FDLS) |
| Inspire 500 ETF (PTL) |
| Semi-Annual Financial Statements and |
| Additional Information |
| May 31, 2025 |

---

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.7%** |  |
| 2704 | Deckers Outdoor Corporation<sup>(a)</sup> | $285326 |
| 114 | Hermes International SCA | 314250 |
| 42593 | PRADA SpA | 278664 |
|  |  | 878240 |
|  | **ASSET MANAGEMENT - 1.0%** |  |
| 6300 | 3i Group plc | 345642 |
| 5811 | Brookfield Corporation | 335528 |
| 4279 | Julius Baer Group Ltd. | 281477 |
| 206 | Partners Group Holding A.G. | 275925 |
|  |  | 1238572 |
|  | **AUTOMOTIVE - 2.2%** |  |
| 10702 | BorgWarner, Inc. | 354129 |
| 4175 | Continental A.G. | 366403 |
| 23743 | Denso Corporation | 323688 |
| 702 | Ferrari N.V. | 336090 |
| 140528 | Geely Automobile Holdings Ltd. | 315786 |
| 12894 | Gentex Corporation | 278124 |
| 9701 | Mahindra & Mahindra Ltd. - GDR | 332744 |
| 3481 | Toyota Industries Corporation | 438273 |
|  |  | 2745237 |
|  | **BANKING - 5.8%** |  |
| 949833 | Bank Mandiri Persero Tbk P.T. | 308841 |
| 6453 | Bank Polska Kasa Opieki S.A. | 317771 |
| 1219537 | Bank Rakyat Indonesia Persero Tbk P.T. | 332941 |
| 74978 | BOC Hong Kong Holdings Ltd. | 316509 |
| 3187 | Commonwealth Bank of Australia | 361403 |
| 16593 | Credit Agricole S.A. | 303395 |
| 8840 | Danske Bank A/S | 337907 |
| 164 | First Citizens BancShares, Inc., Class A | 303216 |
| 364391 | First Financial Holding Company Ltd. | 329350 |
| 42243 | Grupo Financiero Banorte S.A.B. de C.V. | 374607 |
| 22288 | Hang Seng Bank Ltd. | 312103 |
| 58128 | Intesa Sanpaolo SpA | 324033 |
| 19464 | KakaoBank Corporation | 331291 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **BANKING - 5.8% (Continued)** |  |
| 3278 | KBC Group N.V. | $323632 |
| 14027 | National Australia Bank Ltd. | 343533 |
| 4321 | OTP Bank Nyrt | 327759 |
| 15188 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 305497 |
| 14085 | Regions Financial Corporation | 301982 |
| 81604 | SCB X PCL | 294532 |
| 3271 | SouthState Corporation | 287194 |
| 22943 | Standard Bank Group Ltd. | 297570 |
| 10621 | United Overseas Bank Ltd. | 291619 |
| 3964 | Western Alliance Bancorp | 287033 |
|  |  | 7313718 |
|  | **BEVERAGES - 0.5%** |  |
| 2260 | Coca-Cola Consolidated, Inc. | 259109 |
| 5215 | Monster Beverage Corporation<sup>(a)</sup> | 333499 |
|  |  | 592608 |
|  | **BIOTECH & PHARMA - 2.4%** |  |
| 2501 | Celltrion, Inc. | 291642 |
| 6430 | Chugai Pharmaceutical Company Ltd. | 338888 |
| 1896 | CSL Ltd. | 301813 |
| 1525 | Genmab A/S<sup>(a)</sup> | 320250 |
| 4979 | Incyte Corporation<sup>(a)</sup> | 323934 |
| 2666 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 327971 |
| 29066 | Roivant Sciences Ltd.<sup>(a)</sup> | 319435 |
| 9617 | Royalty Pharma plc, Class A | 316207 |
| 4284 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 161078 |
| 1695 | UCB S.A. | 307709 |
|  |  | 3008927 |
|  | **CABLE & SATELLITE - 0.3%** |  |
| 3548 | Liberty Broadband Corporation - Series A<sup>(a)</sup> | 329609 |
|  | **CHEMICALS - 4.2%** |  |
| 4918 | Akzo Nobel N.V. | 334790 |
| 4179 | Albemarle Corporation<sup>(b)</sup> | 233021 |
| 3899 | CF Industries Holdings, Inc. | 353678 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **CHEMICALS - 4.2% (Continued)** |  |
| 685991 | Chandra Asri Pacific Tbk P.T. | $392447 |
| 27080 | Clariant A.G. | 305285 |
| 4700 | Covestro A.G. 144A<sup>(a),(d)</sup> | 322832 |
| 7866 | Croda International plc | 325153 |
| 439 | EMS-Chemie Holding A.G. | 333493 |
| 13804 | Evonik Industries A.G. | 298711 |
| 69 | Givaudan S.A. | 346203 |
| 4321 | LyondellBasell Industries N.V., Class A | 244093 |
| 6022 | Nutrien Ltd. | 355740 |
| 2643 | RPM International, Inc. | 300879 |
| 8347 | Solvay S.A. | 273495 |
| 2939 | Symrise A.G. | 350524 |
| 3044 | Westlake Corporation | 216215 |
| 10040 | Yara International ASA | 360033 |
|  |  | 5346592 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.5%** |  |
| 30568 | ALS Ltd. | 316594 |
| 9883 | Bureau Veritas S.A. | 337512 |
| 1499 | Cintas Corporation | 339524 |
| 8990 | Edenred S.E. | 280682 |
| 4638 | Intertek Group plc | 299077 |
| 1293 | Republic Services, Inc. | 332676 |
| 5685 | Rollins, Inc. | 325466 |
| 3014 | SGS S.A. | 314248 |
| 1323 | Waste Management, Inc. | 318803 |
| 32407 | Worley Ltd. | 271938 |
|  |  | 3136520 |
|  | **CONSTRUCTION MATERIALS - 1.8%** |  |
| 880 | Carlisle Companies, Inc. | 334558 |
| 61660 | Grupo Argos S.A./Colombia | 325104 |
| 2690 | Holcim A.G. | 297599 |
| 631 | Martin Marietta Materials, Inc. | 345505 |
| 66717 | Siam Cement PCL (The) - GDR | 337324 |
| 1218 | Sika A.G. | 325252 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 1.8% (Continued)** |  |
| 1296 | Vulcan Materials Company | $343531 |
|  |  | 2308873 |
|  | **CONTAINERS & PACKAGING – 1.0%** |  |
| 2054 | AptarGroup, Inc. | 325354 |
| 8315 | Huhtamaki OYJ | 306998 |
| 5671 | International Paper Company | 271131 |
| 1544 | Packaging Corp of America | 298254 |
|  |  | 1201737 |
|  | **DATA CENTER REIT - 0.3%** |  |
| 2124 | Digital Realty Trust, Inc. | 364309 |
|  | **DIVERSIFIED INDUSTRIALS - 0.5%** |  |
| 6820 | Alfa Laval A.B. | 290077 |
| 1728 | Dover Corporation | 307152 |
|  |  | 597229 |
|  | **ELECTRIC UTILITIES - 5.3%** |  |
| 8323 | CenterPoint Energy, Inc. | 309949 |
| 36987 | CLP Holdings Ltd. | 313922 |
| 4067 | CMS Energy Corporation | 285625 |
| 20117 | E.ON S.E. | 352413 |
| 87701 | EDP - Energias de Portugal S.A. | 349490 |
| 34992 | EDP Renovaveis S.A. | 351191 |
| 11312 | Endesa S.A. | 345216 |
| 3119097 | Enel Americas S.A. | 291111 |
| 36990 | Enel SpA | 339537 |
| 3575 | Entergy Corporation | 297726 |
| 4445 | Evergy, Inc. | 295192 |
| 6627 | Fortis, Inc. | 323738 |
| 18356 | Fortum OYJ | 316770 |
| 18556 | Iberdrola S.A. | 338761 |
| 6631 | OGE Energy Corporation | 294881 |
| 8415 | RWE A.G. | 316518 |
| 14497 | SSE plc | 343967 |
| 33517 | Terna - Rete Elettrica Nazionale | 340878 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 5.3% (Continued)** |  |
| 134768 | Vector Ltd. | $333237 |
| 4185 | Verbund A.G.<sup>(b)</sup> | 326656 |
| 2806 | WEC Energy Group, Inc. | 301477 |
|  |  | 6768255 |
|  | **ELECTRICAL EQUIPMENT - 2.9%** |  |
| 4599 | A O Smith Corporation | 295762 |
| 3864 | AAON, Inc. | 372065 |
| 1770 | AMETEK, Inc. | 316370 |
| 4532 | Amphenol Corporation, Class A | 407563 |
| 148422 | Delta Electronics Thailand PCL - GDR | 470148 |
| 5402 | Kone OYJ, Class B | 336337 |
| 1284 | Schneider Electric S.E. | 322676 |
| 909 | Trane Technologies PLC | 391115 |
| 4604 | Trimble, Inc.<sup>(a)</sup> | 328127 |
| 4063 | Vertiv Holdings Company | 438519 |
|  |  | 3678682 |
|  | **ENGINEERING & CONSTRUCTION - 1.1%** |  |
| 15480 | AFRY A.B. | 273895 |
| 813 | EMCOR Group, Inc. | 383623 |
| 6671 | Ferrovial S.E. | 339609 |
| 1788 | WSP Global, Inc. | 366333 |
|  |  | 1363460 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 50310 | Bollore S.E. | 319864 |
|  | **FOOD - 2.4%** |  |
| 14752 | Ajinomoto Company, Inc. | 370342 |
| 11364 | Conagra Brands, Inc. | 260122 |
| 109044 | Grupo Bimbo S.A.B. de C.V. | 304960 |
| 5586 | Lamb Weston Holdings, Inc. | 311587 |
| 3704 | McCormick & Company, Inc. | 269392 |
| 4456 | Mondelez International, Inc., Class A | 300735 |
| 125722 | Premier Foods PLC | 352333 |
| 44055 | Tate & Lyle plc | 328246 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **FOOD - 2.4% (Continued)** |  |
| 7595 | The Campbell's Company | $258534 |
| 120755 | Wilmar International Ltd. | 285581 |
|  |  | 3041832 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.5%** |  |
| 32629 | Suzano S.A. | 282721 |
| 11038 | UPM-Kymmene OYJ | 305651 |
|  |  | 588372 |
|  | **GAS & WATER UTILITIES - 1.8%** |  |
| 2062 | American Water Works Company, Inc. | 294804 |
| 1979 | Atmos Energy Corporation | 306112 |
| 7679 | Essential Utilities, Inc. | 295872 |
| 69057 | Hera SpA | 342776 |
| 350793 | Hong Kong & China Gas Company Ltd. | 308692 |
| 10812 | Naturgy Energy Group S.A. | 319401 |
| 58432 | Snam SpA | 349344 |
|  |  | 2217001 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 6966 | Fresenius S.E. & Company KGaA | 341499 |
| 3469 | HealthEquity, Inc.<sup>(a)</sup> | 349015 |
| 1684 | ICON plc<sup>(a)</sup> | 219392 |
| 1700 | IQVIA Holdings, Inc.<sup>(a)</sup> | 238561 |
| 934 | Molina Healthcare, Inc.<sup>(a)</sup> | 284907 |
|  |  | 1433374 |
|  | **HEALTH CARE REIT - 0.7%** |  |
| 14942 | Healthpeak Properties, Inc. | 260140 |
| 4388 | Ventas, Inc. | 282061 |
| 2018 | Welltower, Inc. | 311337 |
|  |  | 853538 |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 3149 | SEB S.A. | 312469 |
|  | **HOME CONSTRUCTION - 1.6%** |  |
| 2394 | DR Horton, Inc. | 282636 |
| 475 | Geberit A.G. | 353912 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **HOME CONSTRUCTION - 1.6% (Continued)** |  |
| 2648 | Lennar Corporation, Class A | $280900 |
| 2652 | Mohawk Industries, Inc.<sup>(a)</sup> | 266818 |
| 41 | NVR, Inc.<sup>(a)</sup> | 291753 |
| 2965 | PulteGroup, Inc. | 290659 |
| 5031 | Taylor Morrison Home Corporation<sup>(a)</sup> | 283145 |
|  |  | 2049823 |
|  | **HOTEL REIT - 0.2%** |  |
| 21143 | Host Hotels & Resorts, Inc. | 327505 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 2315 | Beiersdorf A.G. | 317103 |
| 1336 | LG H&H Company Ltd. | 315453 |
|  |  | 632556 |
|  | **INDUSTRIAL REIT - 0.5%** |  |
| 16364 | Goodman Group | 347192 |
| 2732 | Prologis, Inc. | 296695 |
|  |  | 643887 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.4%** |  |
| 1338 | Applied Industrial Technologies, Inc. | 303084 |
| 5485 | Ashtead Group PLC | 320365 |
| 7924 | Fastenal Company | 327578 |
| 480 | United Rentals, Inc. | 340023 |
| 209730 | United Tractors Tbk P.T. | 288861 |
| 602 | Watsco, Inc. | 267029 |
|  |  | 1846940 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1%** |  |
| 141700 | B3 S.A. - Brasil Bolsa Balcao | 343791 |
| 1356 | Cboe Global Markets, Inc. | 310687 |
| 1065 | Deutsche Boerse A.G. | 342788 |
| 1512 | Evercore, Inc., Class A | 350013 |
| 6636 | Hong Kong Exchanges & Clearing Ltd. | 334971 |
| 1831 | Interactive Brokers Group, Inc., Class A | 383924 |
| 1749 | Intercontinental Exchange, Inc. | 314470 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1% (Continued)** |  |
| 2019 | London Stock Exchange Group plc | $306713 |
|  |  | 2687357 |
|  | **INSURANCE - 4.5%** |  |
| 39375 | AIA Group Ltd. | 329670 |
| 43082 | BB Seguridade Participacoes S.A. | 283679 |
| 2492 | Brown & Brown, Inc. | 281347 |
| 2072 | Cincinnati Financial Corporation | 312499 |
| 38665 | Dai-ichi Life Holdings, Inc. | 303265 |
| 734 | Erie Indemnity Company, Class A | 263146 |
| 212 | Fairfax Financial Holdings Ltd. | 360676 |
| 1505 | Intact Financial Corporation | 341400 |
| 95464 | Legal & General Group plc | 319885 |
| 3329 | Loews Corporation | 297246 |
| 162 | Markel Group, Inc.<sup>(a)</sup> | 314555 |
| 8464 | Power Corp of Canada | 327514 |
| 1114 | Progressive Corp./The | 317412 |
| 28006 | Prudential PLC | 318775 |
| 31436 | Sampo OYJ, A Shares | 335346 |
| 331 | Swiss Life Holding A.G. | 330465 |
| 12581 | Tryg A/S | 323285 |
| 4233 | W R Berkley Corporation | 316163 |
|  |  | 5676328 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 1203 | Naspers Ltd. | 345441 |
| 6491 | Prosus N.V. | 333099 |
| 2113 | REA Group Ltd. | 326442 |
|  |  | 1004982 |
|  | **MACHINERY - 4.8%** |  |
| 3225 | AGCO Corporation | 315986 |
| 4942 | ANDRITZ A.G. | 341418 |
| 916 | Caterpillar, Inc. | 318795 |
| 952 | Curtiss-Wright Corporation | 418986 |
| 1387 | Disco Corporation | 316868 |
| 10512 | FANUC Corporation | 282601 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **MACHINERY - 4.8% (Continued)** |  |
| 4928 | GEA Group AG | $329540 |
| 3617 | Graco, Inc. | 306215 |
| 6995 | KION Group A.G. | 324813 |
| 2178 | Krones A.G. | 342723 |
| 1504 | Nordson Corporation | 318833 |
| 501 | Parker-Hannifin Corporation | 333015 |
| 2557 | Regal Rexnord Corporation | 341206 |
| 13520 | Sandvik A.B. | 295353 |
| 805 | SMC Corporation | 302968 |
| 917 | Snap-on, Inc. | 294128 |
| 20578 | TOMRA Systems ASA | 307267 |
| 4117 | Toro Company (The) | 311986 |
| 37886 | WEG S.A. | 281120 |
|  |  | 6083821 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.5%** |  |
| 1895 | Align Technology, Inc.<sup>(a)</sup> | 342881 |
| 8939 | Baxter International, Inc. | 272640 |
| 1241 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 281620 |
| 2844 | Coloplast A/S - Series B | 275177 |
| 1036 | EssilorLuxottica S.A. | 287817 |
| 4919 | Hologic, Inc.<sup>(a)</sup> | 305814 |
| 726 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 372700 |
| 1167 | Insulet Corporation<sup>(a)</sup> | 379311 |
| 256 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 295813 |
| 1371 | ResMed, Inc. | 335607 |
| 1011 | Sonova Holding A.G. | 316548 |
| 1354 | STERIS plc | 332014 |
| 2433 | Straumann Holding A.G. | 312135 |
| 1359 | West Pharmaceutical Services, Inc. | 286545 |
|  |  | 4396622 |
|  | **METALS & MINING - 2.7%** |  |
| 2954 | Agnico Eagle Mines Ltd. | 348166 |
| 13443 | Antofagasta plc | 320679 |
| 12077 | BHP Group Ltd. | 297722 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **METALS & MINING - 2.7% (Continued)** |  |
| 29938 | Fortescue Ltd. | $296949 |
| 2025 | Franco-Nevada Corporation | 341063 |
| 7852 | Freeport-McMoRan, Inc. | 302145 |
| 6275 | Newmont Corporation | 330818 |
| 3953 | Rio Tinto Ltd. | 287023 |
| 3236 | Southern Copper Corporation | 294185 |
| 7434 | Valterra Platinum Limited<sup>(b)</sup> | 291323 |
| 4065 | Wheaton Precious Metals Corporation | 352174 |
|  |  | 3462247 |
|  | **MULTI ASSET CLASS REIT - 0.2%** |  |
| 4811 | WP Carey, Inc. | 301938 |
|  | **OFFICE REIT - 0.4%** |  |
| 3155 | Alexandria Real Estate Equities, Inc. | 221449 |
| 4458 | BXP, Inc. | 300157 |
|  |  | 521606 |
|  | **OIL & GAS PRODUCERS – 6.0%** |  |
| 12928 | Aker BP ASA | 297664 |
| 14422 | APA Corporation | 245318 |
| 9878 | Canadian Natural Resources Ltd. | 299896 |
| 21853 | Cenovus Energy, Inc. | 287864 |
| 10538 | Coterra Energy, Inc. | 256179 |
| 1870 | Delek Group Ltd. | 329798 |
| 8208 | Devon Energy Corporation | 248374 |
| 1915 | Diamondback Energy, Inc. | 257663 |
| 54630 | ENEOS Holdings, Inc. | 260242 |
| 19491 | Eni SpA | 287054 |
| 2382 | EOG Resources, Inc. | 258614 |
| 11529 | Equinor ASA | 270536 |
| 2719 | Expand Energy Corporation | 315757 |
| 21422 | Inpex Corporation | 290557 |
| 10634 | Kinder Morgan, Inc. | 298177 |
| 37910 | MOL Hungarian Oil & Gas plc | 327845 |
| 6179 | Occidental Petroleum Corporation | 251980 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **OIL & GAS PRODUCERS – 6.0% (Continued)** |  |
| 5853 | OMV A.G. | $312984 |
| 3064 | ONEOK, Inc. | 247694 |
| 16872 | ORLEN S.A. | 331526 |
| 7145 | Ovintiv, Inc. | 255934 |
| 70486 | Santos Ltd. | 299370 |
| 1509 | Targa Resources Corporation | 238316 |
| 4708 | TotalEnergies S.E. | 276130 |
| 6327 | Tourmaline Oil Corporation | 285250 |
| 2295 | Valero Energy Corporation | 295986 |
| 20131 | Woodside Energy Group Ltd. | 288679 |
|  |  | 7615387 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.3%** |  |
| 12034 | Halliburton Company | 235746 |
| 7203 | Schlumberger N.V. | 238059 |
|  |  | 473805 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.5%** |  |
| 74621 | CK Asset Holdings Ltd. | 309292 |
| 454807 | New World Development Company Ltd.<sup>(a)</sup> | 277835 |
| 759314 | SM Prime Holdings, Inc. | 306855 |
| 7587 | Sumitomo Realty & Development Company Ltd. | 292925 |
| 135654 | Swire Properties Ltd. | 297568 |
| 11132 | Vonovia S.E. | 364369 |
|  |  | 1848844 |
|  | **RENEWABLE ENERGY - 0.5%** |  |
| 4894 | Enphase Energy, Inc.<sup>(a)</sup> | 202563 |
| 2370 | First Solar, Inc.<sup>(a)</sup> | 374649 |
|  |  | 577212 |
|  | **RESIDENTIAL REIT - 1.8%** |  |
| 2467 | Camden Property Trust | 289848 |
| 4541 | Equity LifeStyle Properties, Inc. | 288671 |
| 4226 | Equity Residential | 296412 |
| 985 | Essex Property Trust, Inc. | 279642 |
| 8752 | Invitation Homes, Inc. | 294942 |
| 1818 | Mid-America Apartment Communities, Inc. | 284790 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **RESIDENTIAL REIT - 1.8% (Continued)** |  |
| 2315 | Sun Communities, Inc. | $285764 |
| 6773 | UDR, Inc. | 280605 |
|  |  | 2300674 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 11816 | Aeon Company Ltd. | 364221 |
| 6182 | Alimentation Couche-Tard, Inc. | 320466 |
| 25023 | BIM Birlesik Magazalar A/S | 303697 |
| 100480 | Cencosud S.A. | 346152 |
| 3505 | Dollar General Corporation | 340861 |
| 14113 | Jeronimo Martins SGPS S.A. | 355068 |
| 38919 | President Chain Store Corporation | 332258 |
| 2024 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 349869 |
|  |  | 2712592 |
|  | **RETAIL - DISCRETIONARY - 1.2%** |  |
| 83 | AutoZone, Inc.<sup>(a)</sup> | 309842 |
| 2423 | Builders FirstSource, Inc.<sup>(a)</sup> | 260909 |
| 2547 | Genuine Parts Company | 322246 |
| 215 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 294013 |
| 22168 | SM Investments Corporation | 331725 |
|  |  | 1518735 |
|  | **RETAIL REIT - 0.5%** |  |
| 4141 | Regency Centers Corporation | 298773 |
| 1836 | Simon Property Group, Inc. | 299397 |
|  |  | 598170 |
|  | **SELF-STORAGE REIT - 0.5%** |  |
| 2073 | Extra Space Storage, Inc. | 313334 |
| 1025 | Public Storage | 316120 |
|  |  | 629454 |
|  | **SEMICONDUCTORS - 4.0%** |  |
| 6461 | Advantest Corporation | 330821 |
| 1784 | Broadcom, Inc. | 431854 |
| 3399 | Entegris, Inc. | 233647 |
| 8954 | Infineon Technologies A.G. | 348431 |
| 440 | KLA Corporation | 333027 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **SEMICONDUCTORS - 4.0% (Continued)** |  |
| 5456 | Lattice Semiconductor Corporation<sup>(a)</sup> | $245193 |
| 4862 | Marvell Technology, Inc. | 292644 |
| 6194 | Microchip Technology, Inc. | 359500 |
| 521 | Monolithic Power Systems, Inc. | 344850 |
| 1588 | NXP Semiconductors N.V. | 303514 |
| 7370 | ON Semiconductor Corporation<sup>(a)</sup> | 309687 |
| 1976 | QUALCOMM, Inc. | 286915 |
| 20226 | Renesas Electronics Corporation | 250648 |
| 4706 | Skyworks Solutions, Inc. | 324855 |
| 13590 | STMicroelectronics N.V. | 341061 |
| 3645 | Teradyne, Inc. | 286497 |
|  |  | 5023144 |
|  | **SOFTWARE - 4.6%** |  |
| 3770 | Akamai Technologies, Inc.<sup>(a)</sup> | 286256 |
| 952 | ANSYS, Inc.<sup>(a)</sup> | 314941 |
| 1364 | Appfolio, Inc., Class A<sup>(a)</sup> | 288036 |
| 1357 | Check Point Software Technologies Ltd.<sup>(a)</sup> | 310590 |
| 1863 | CommVault Systems, Inc.<sup>(a)</sup> | 341208 |
| 12401 | Confluent, Inc., Class A<sup>(a)</sup> | 285595 |
| 95 | Constellation Software, Inc. | 344398 |
| 7705 | Dassault Systemes S.E. | 288675 |
| 2984 | Datadog, Inc., Class A<sup>(a)</sup> | 351754 |
| 3124 | Fortinet, Inc.<sup>(a)</sup> | 317961 |
| 1740 | Manhattan Associates, Inc.<sup>(a)</sup> | 328477 |
| 4248 | Nutanix, Inc., Class A<sup>(a)</sup> | 325779 |
| 518 | Roper Technologies, Inc. | 295400 |
| 2002 | Snowflake, Inc., Class A<sup>(a)</sup> | 411751 |
| 3680 | SS&C Technologies Holdings, Inc. | 297381 |
| 521 | Tyler Technologies, Inc.<sup>(a)</sup> | 300612 |
| 1289 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 360533 |
| 5988 | WiseTech Global Ltd. | 413519 |
|  |  | 5862866 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.1%** |  |
| 53684 | UWM Holdings Corporation | $230841 |
|  | **STEEL - 0.9%** |  |
| 2474 | Nucor Corporation | 270557 |
| 1053 | Reliance, Inc. | 308339 |
| 2434 | Steel Dynamics, Inc. | 299552 |
| 11953 | voestalpine A.G.<sup>(b)</sup> | 314567 |
|  |  | 1193015 |
|  | **TECHNOLOGY HARDWARE - 2.2%** |  |
| 3871 | Arista Networks, Inc.<sup>(a)</sup> | 335383 |
| 4901 | Ciena Corporation<sup>(a)</sup> | 392375 |
| 1413 | Garmin Ltd. | 286797 |
| 2218 | Jabil, Inc. | 372646 |
| 6559 | Pure Storage, Inc., Class A<sup>(a)</sup> | 351497 |
| 2221 | Samsung SDI Company Ltd. | 271699 |
| 8806 | Super Micro Computer, Inc.<sup>(a)</sup> | 352416 |
| 7428 | Western Digital Corporation<sup>(a)</sup> | 382913 |
|  |  | 2745726 |
|  | **TECHNOLOGY SERVICES - 3.0%** |  |
| 3318 | Amdocs Ltd. | 304460 |
| 1735 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 427886 |
| 3804 | CoStar Group, Inc.<sup>(a)</sup> | 279822 |
| 1786 | EPAM Systems, Inc.<sup>(a)</sup> | 311639 |
| 1255 | Equifax, Inc. | 331558 |
| 164 | Fair Isaac Corporation<sup>(a)</sup> | 283110 |
| 6034 | Genpact Ltd. | 259764 |
| 1689 | Jack Henry & Associates, Inc. | 305996 |
| 539 | MSCI, Inc. | 304007 |
| 1999 | Paychex, Inc. | 315662 |
| 1024 | Verisk Analytics, Inc. | 321679 |
| 1921 | Wolters Kluwer N.V. | 340886 |
|  |  | 3786469 |
|  | **TELECOMMUNICATIONS - 1.5%** |  |
| 12073 | EchoStar Corporation, Class A<sup>(a)</sup> | 214054 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 1.5% (Continued)** |  |
| 18277 | Hellenic Telecommunications Organization S.A. | $352550 |
| 71247 | Koninklijke KPN N.V. | 334719 |
| 44313 | MTN Group Ltd. | 308018 |
| 117940 | Singapore Telecommunications Ltd. | 348426 |
| 85128 | Taiwan Mobile Company Ltd. | 324265 |
|  |  | 1882032 |
|  | **TRANSPORTATION & LOGISTICS - 3.8%** |  |
| 1268 | Aena SME S.A. 144A<sup>(d)</sup> | 341185 |
| 3094 | Canadian National Railway Company | 325195 |
| 10365 | CSX Corporation | 327430 |
| 1530 | DSV A/S | 360546 |
| 15017 | East Japan Railway Company | 316248 |
| 234250 | Eva Airways Corporation | 319738 |
| 2519 | Expeditors International of Washington, Inc. | 283967 |
| 2064 | JB Hunt Transport Services, Inc. | 286586 |
| 6928 | Knight-Swift Transportation Holdings, Inc. | 307049 |
| 1286 | Kuehne + Nagel International A.G. | 289250 |
| 1830 | Old Dominion Freight Line, Inc. | 293111 |
| 17214 | Poste Italiane SpA 144A<sup>(d)</sup> | 373479 |
| 6947 | Ryanair Holdings plc - ADR | 386253 |
| 841 | Saia, Inc.<sup>(a)</sup> | 222369 |
| 36010 | Transurban Group | 329094 |
|  |  | 4761500 |
|  | **TRANSPORTATION EQUIPMENT - 0.7%** |  |
| 3140 | Allison Transmission Holdings, Inc. | 325053 |
| 3113 | PACCAR, Inc. | 292155 |
| 1660 | Westinghouse Air Brake Technologies Corporation | 335851 |
|  |  | 953059 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 3948 | Bunge Global S.A. | 308536 |
| 6347 | ITOCHU Corporation | 341438 |
|  |  | 649974 |
|  | **WHOLESALE - DISCRETIONARY - 0.5%** |  |
| 5471 | Copart, Inc.<sup>(a)</sup> | 281647 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  | | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** | **COMMON STOCKS — 98.8% (Continued)** | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 0.5% (Continued)** | **WHOLESALE - DISCRETIONARY - 0.5% (Continued)** | **WHOLESALE - DISCRETIONARY - 0.5% (Continued)** |  |
| 958 | Pool Corporation | Pool Corporation | Pool Corporation | $287965 |
|  |  |  |  | 569612 |
|  | **TOTAL COMMON STOCKS (Cost $112,534,920)** | **TOTAL COMMON STOCKS (Cost $112,534,920)** | **TOTAL COMMON STOCKS (Cost $112,534,920)** | 125207741 |
|  | **PREFERRED STOCK — 0.2%** |  |  |  |
|  | **CHEMICALS — 0.2%** |  |  |  |
| 7484 | Sociedad Quimica y Minera de Chile S.A., Class B<sup>(a)</sup> **(Cost $343,757)** | Sociedad Quimica y Minera de Chile S.A., Class B<sup>(a)</sup> **(Cost $343,757)** | Sociedad Quimica y Minera de Chile S.A., Class B<sup>(a)</sup> **(Cost $343,757)** | 223800 |
|  |  | **Expiration Date** | **Exercise Price** |  |
|  | **RIGHT — 0.0%<sup>(e)</sup>** |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES – 0.0%**<sup>(e)</sup> |  |  |  |
| 1226 | ABIOMED, Inc. - CVR<sup>(a)(g)(h)</sup> **(Cost $0)** | 12/31/2029 | $35 |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.8%** |  |
|  | **MONEY MARKET FUND - 0.8%** |  |
| 950412 | Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.23% **(Cost $950,412)** <sup>(c)(e)(f)</sup> | $950412 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $113,829,089)** | $126381953 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 287018 |
|  | **NET ASSETS - 100.0%** | $126668971 |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| ASA | - Allmennaksjeselskap |
| A/S | - Anonim Sirketi |
| CVR | - Contingent Value Right |
| GDR | - Global Depositary Receipt |
| 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 |
| SCA | - Société en Commandite par Actions |
| S.E. | - Societas Europaea |
| SpA | - Società per azioni |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| |  |
| <sup>(b)</sup> | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2025 was $899,063. |
| |  |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at May 31, 2025. Total collateral had a value of $950,412 at May 31, 2025. |
| |  |
| <sup>(d)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2025 the total market value of 144A securities is $1,037,496 or 0.8% of net assets. |
| |  |
| <sup>(e)</sup> | Percentage rounds to less than 0.1%. |
| |  |
| <sup>(f)</sup> | Rate disclosed is the seven day effective yield as of May 31, 2025. |
| |  |
| <sup>(g)</sup> | The fair value of this investment is determined using significant unobservable inputs. |
| |  |
| <sup>(h)</sup> | Illiquid security. The total fair value of these securities as of May 31, 2025 was $0, representing 0% of net assets. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | |
|:---|:---|
| **Diversification of Assets** | |
| **Country** | **Percentage of Net Assets** |
| **Common Stocks** |  |
| United States | 46.6% |
| Canada | 4.2% |
| Japan | 4.0% |
| Germany | 3.7% |
| Switzerland | 3.7% |
| Australia | 3.5% |
| United Kingdom | 3.1% |
| Netherlands | 2.3% |
| France | 2.2% |
| Italy | 2.1% |
| Hong Kong | 2.0% |
| Spain | 1.3% |
| Denmark | 1.3% |
| Finland | 1.3% |
| Ireland | 1.0% |
| Indonesia | 1.0% |
| Taiwan | 1.0% |
| Austria | 1.0% |
| South Africa | 1.0% |
| Norway | 1.0% |
| Republic Of Korea | 1.0% |
| Brazil | 0.9% |
| Thailand | 0.9% |
| Poland | 0.7% |
| Singapore | 0.7% |
| Belgium | 0.7% |
| Sweden | 0.7% |
| Portugal | 0.6% |
| Mexico | 0.5% |
| Hungary | 0.5% |
| Israel | 0.5% |
| Philippines | 0.5% |
| Chile | 0.5% |
| Cayman Islands | 0.5% |
| Bermuda | 0.5% |
| Greece | 0.3% |
| New Zealand | 0.3% |
| India | 0.3% |
| Colombia | 0.3% |
| Guernsey | 0.2% |
| Turkey | 0.2% |
| Curaçao | 0.2% |
| **Total Common Stocks** | **98.8%** |
| **Preferred Stock** |  |
| Chile | 0.2% |
| **Total Preferred Stock** | **0.2%** |
| **Collateral For Securities Loaned** | **0.8%** |
| Other Assets In Excess Of Liabilities | 0.2% |
| **Total Net Assets** | **100.0%** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 23906 | TechTarget, Inc.<sup>(a)</sup> | $193400 |
|  | **AEROSPACE & DEFENSE - 0.9%** |  |
| 6312 | AAR Corporation<sup>(a)</sup> | 387620 |
| 6101 | Ducommun, Inc.<sup>(a)</sup> | 429388 |
| 6486 | Hexcel Corporation | 343045 |
| 10274 | Spirit AeroSystems Holdings, Inc., Class A<sup>(a)</sup> | 384042 |
|  |  | 1544095 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.4%** |  |
| 61298 | Hanesbrands, Inc.<sup>(a)</sup> | 303425 |
| 6132 | Oxford Industries, Inc. | 329166 |
|  |  | 632591 |
|  | **ASSET MANAGEMENT - 0.9%** |  |
| 4446 | Cohen & Steers, Inc. | 341631 |
| 19237 | Compass Diversified Holdings | 129273 |
| 2479 | Diamond Hill Investment Group, Inc. | 350184 |
| 5955 | Oppenheimer Holdings, Inc., Class A | 388801 |
| 20999 | SLR Investment Corporation | 351943 |
|  |  | 1561832 |
|  | **AUTOMOTIVE - 2.3%** |  |
| 27531 | Adient plc<sup>(a)</sup> | 429208 |
| 86990 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 381886 |
| 26737 | Dana, Inc. | 444637 |
| 15276 | Gentex Corporation | 329503 |
| 13240 | Gentherm, Inc.<sup>(a)</sup> | 362313 |
| 38283 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | 436810 |
| 4010 | Lear Corporation | 362584 |
| 4613 | Modine Manufacturing Company<sup>(a)</sup> | 418860 |
| 14351 | Standard Motor Products, Inc. | 434835 |
| 4561 | Visteon Corporation<sup>(a)</sup> | 385062 |
|  |  | 3985698 |
|  | **BANKING - 12.1%** |  |
| 5956 | 1st Source Corporation | 360695 |
| 19179 | Alerus Financial Corporation | 402950 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **BANKING - 12.1% (Continued)** |  |
| 6150 | Ameris Bancorp | $378040 |
| 3222 | BancFirst Corporation | 398577 |
| 10388 | BankUnited, Inc. | 352984 |
| 13586 | Byline Bancorp, Inc. | 351470 |
| 8849 | Camden National Corporation | 348120 |
| 9846 | Capital City Bank Group, Inc. | 371588 |
| 3036 | City Holding Company | 357914 |
| 6223 | Community Financial System, Inc. | 349982 |
| 7053 | Customers Bancorp, Inc.<sup>(a)</sup> | 359421 |
| 17011 | Eagle Bancorp, Inc. | 299394 |
| 14957 | Farmers & Merchants Bancorp, Inc. | 356126 |
| 27130 | Farmers National Banc Corporation | 358930 |
| 7661 | FB Financial Corporation | 334403 |
| 16591 | First Busey Corporation | 366993 |
| 22977 | First Commonwealth Financial Corporation | 358901 |
| 14173 | First Financial Bancorp | 342420 |
| 9845 | First Financial Bankshares, Inc. | 347135 |
| 18213 | First Horizon Corporation | 362074 |
| 12565 | First Interstate BancSystem, Inc., Class A | 341140 |
| 8757 | First Merchants Corporation | 330139 |
| 12827 | Five Star Bancorp | 358643 |
| 30443 | Flagstar Financial, Inc. | 350703 |
| 26295 | FNB Corporation | 364712 |
| 19734 | Fulton Financial Corporation | 340412 |
| 8071 | Glacier Bancorp, Inc. | 334704 |
| 11697 | Hilltop Holdings, Inc. | 348805 |
| 12609 | Home BancShares, Inc. | 356709 |
| 34293 | Hope Bancorp, Inc. | 344302 |
| 23752 | Horizon Bancorp, Inc. | 352480 |
| 5614 | International Bancshares Corporation | 351605 |
| 6011 | Lakeland Financial Corporation | 359879 |
| 13280 | Live Oak Bancshares, Inc. | 364536 |
| 8147 | Mercantile Bank Corporation | 359772 |
| 12948 | Metrocity Bankshares, Inc. | 361767 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **BANKING - 12.1% (Continued)** |  |
| 8250 | NBT Bancorp, Inc. | $345263 |
| 29932 | Northwest Bancshares, Inc. | 367565 |
| 12103 | Peoples Bancorp, Inc. | 354860 |
| 4961 | Prosperity Bancshares, Inc. | 345534 |
| 10429 | Renasant Corporation | 365536 |
| 5548 | Republic Bancorp, Inc., Class A | 380259 |
| 9641 | S&T Bancorp, Inc. | 353439 |
| 4304 | ServisFirst Bancshares, Inc. | 320347 |
| 17245 | Simmons First National Corporation, Class A | 323516 |
| 11422 | SmartFinancial, Inc. | 362991 |
| 12381 | Southside Bancshares, Inc. | 349020 |
| 7572 | Synovus Financial Corporation | 362169 |
| 4739 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 339739 |
| 28554 | TFS Financial Corporation | 377197 |
| 10355 | Towne Bank | 357869 |
| 3499 | UMB Financial Corporation | 360817 |
| 10206 | United Bankshares, Inc. | 368845 |
| 12586 | United Community Banks, Inc. | 361722 |
| 39780 | Valley National Bancorp | 349268 |
| 6920 | Webster Financial Corporation | 356242 |
| 11421 | WesBanco, Inc. | 351538 |
| 7058 | Westamerica BanCorporation | 339137 |
| 3162 | Wintrust Financial Corporation | 377573 |
| 7152 | Zions Bancorp NA | 338719 |
|  |  | 21287590 |
|  | **BIOTECH & PHARMA - 3.9%** |  |
| 48700 | 89bio, Inc.<sup>(a)</sup> | 479209 |
| 17836 | ADMA Biologics, Inc.<sup>(a)</sup> | 353866 |
| 12074 | Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 387455 |
| 43388 | Amicus Therapeutics, Inc.<sup>(a)</sup> | 263365 |
| 22637 | Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 295186 |
| 72108 | Ardelyx, Inc.<sup>(a)</sup> | 264636 |
| 47163 | BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 507003 |
| 14678 | Biohaven Ltd.<sup>(a)</sup> | 217381 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **BIOTECH & PHARMA - 3.9% (Continued)** |  |
| 8804 | Cytokinetics, Inc.<sup>(a)</sup> | $273100 |
| 9585 | Exelixis, Inc.<sup>(a)</sup> | 412538 |
| 222673 | Geron Corporation<sup>(a)</sup> | 338463 |
| 240850 | Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 144293 |
| 14247 | Pacira BioSciences, Inc.<sup>(a)</sup> | 368142 |
| 237617 | Precigen, Inc.<sup>(a),(b)</sup> | 313654 |
| 4116 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 352618 |
| 7313 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | 347148 |
| 6948 | PTC Therapeutics, Inc.<sup>(a)</sup> | 337117 |
| 44535 | Sage Therapeutics, Inc.<sup>(a)</sup> | 287696 |
| 28820 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 303763 |
| 14629 | Viking Therapeutics, Inc.<sup>(a)</sup> | 392057 |
| 33275 | Xencor, Inc.<sup>(a)</sup> | 266200 |
|  |  | 6904890 |
|  | **BUSINESS DEVELOPMENT COMPANIES - 0.5%** |  |
| 18930 | Hercules Capital, Inc.<sup>(b)</sup> | 333736 |
| 32099 | New Mountain Finance Corporation | 345706 |
| 88592 | Prospect Capital Corporation | 291468 |
|  |  | 970910 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 1332 | Cable One, Inc. | 194912 |
|  | **CHEMICALS - 4.3%** |  |
| 15735 | AdvanSix, Inc. | 369930 |
| 2133 | Balchem Corporation | 355571 |
| 4259 | Cabot Corporation | 318105 |
| 27922 | Calumet, Inc.<sup>(a),(b)</sup> | 390350 |
| 26351 | Chemours Company (The) | 266936 |
| 131617 | Codexis, Inc.<sup>(a)</sup> | 302719 |
| 3343 | Hawkins, Inc. | 446256 |
| 6336 | HB Fuller Company | 353676 |
| 8943 | Ingevity Corporation<sup>(a)</sup> | 369972 |
| 3777 | Innospec, Inc. | 321347 |
| 4347 | Materion Corporation | 336588 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **CHEMICALS - 4.3% (Continued)** |  |
| 5569 | Minerals Technologies, Inc. | $316208 |
| 625 | NewMarket Corporation | 402538 |
| 27357 | Orion S.A. | 297918 |
| 2878 | Quaker Chemical Corporation | 312090 |
| 61574 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 237060 |
| 5243 | Rogers Corporation<sup>(a)</sup> | 349027 |
| 4777 | Sensient Technologies Corporation | 451569 |
| 6433 | Stepan Company | 349248 |
| 51377 | Tronox Holdings PLC, Class A | 291821 |
| 10168 | Valvoline, Inc.<sup>(a)</sup> | 351711 |
| 1459 | WD-40 Company | 355456 |
|  |  | 7546096 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.6%** |  |
| 7516 | ABM Industries, Inc. | 395717 |
| 234470 | Advantage Solutions, Inc.<sup>(a)</sup> | 279019 |
| 5031 | Brady Corporation, Class A | 351013 |
| 4120 | Brink's Company (The) | 338087 |
| 4667 | CBIZ, Inc.<sup>(a)</sup> | 337144 |
| 3162 | CorVel Corporation<sup>(a)</sup> | 351836 |
| 90378 | Emerald Holding, Inc.<sup>(b)</sup> | 413930 |
| 8295 | Heidrick & Struggles International, Inc. | 362160 |
| 3966 | Insperity, Inc. | 256680 |
| 7242 | Kforce, Inc. | 295474 |
| 27660 | National Research Corporation | 373687 |
| 65845 | Quad/Graphics, Inc. | 383876 |
| 2035 | UniFirst Corporation | 383720 |
|  |  | 4522343 |
|  | **CONSTRUCTION MATERIALS - 0.4%** |  |
| 20925 | MDU Resources Group, Inc. | 359701 |
| 2257 | Simpson Manufacturing Company, Inc. | 351415 |
|  |  | 711116 |
|  | **CONSUMER SERVICES - 1.6%** |  |
| 53161 | Coursera, Inc.<sup>(a)</sup> | 470475 |
| 369 | Graham Holdings Company, Class B | 352177 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **CONSUMER SERVICES - 1.6% (Continued)** |  |
| 2047 | Grand Canyon Education, Inc.<sup>(a)</sup> | $404989 |
| 17313 | Laureate Education, Inc.<sup>(a)</sup> | 389543 |
| 16117 | Matthews International Corporation, Class A | 345710 |
| 13787 | Universal Technical Institute, Inc.<sup>(a)</sup> | 489851 |
| 15019 | Upbound Group, Inc. | 344536 |
|  |  | 2797281 |
|  | **CONTAINERS & PACKAGING - 0.9%** |  |
| 29700 | Myers Industries, Inc. | 376893 |
| 6926 | Silgan Holdings, Inc. | 381415 |
| 15136 | TriMas Corporation | 399136 |
| 1755 | UFP Technologies, Inc.<sup>(a)</sup> | 411021 |
|  |  | 1568465 |
|  | **E-COMMERCE DISCRETIONARY - 0.2%** |  |
| 75330 | Honest Company, Inc. (The)<sup>(a)</sup> | 378910 |
|  | **ELECTRIC UTILITIES - 1.8%** |  |
| 5449 | ALLETE, Inc. | 354403 |
| 5906 | Black Hills Corporation | 345324 |
| 32304 | Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 345007 |
| 3069 | IDACORP, Inc. | 365057 |
| 3815 | MGE Energy, Inc. | 344571 |
| 7778 | OGE Energy Corporation | 345888 |
| 5011 | Ormat Technologies, Inc. | 372467 |
| 6669 | TXNM Energy, Inc. | 378065 |
| 6190 | Unitil Corporation | 339398 |
|  |  | 3190180 |
|  | **ELECTRICAL EQUIPMENT - 2.8%** |  |
| 4532 | AAON, Inc. | 436386 |
| 3718 | Advanced Energy Industries, Inc. | 426752 |
| 6362 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 365179 |
| 2707 | Argan, Inc. | 569283 |
| 1864 | Badger Meter, Inc. | 462683 |
| 3532 | Belden, Inc. | 375098 |
| 584717 | ChargePoint Holdings, Inc.<sup>(a)</sup> | 406729 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 2.8% (Continued)** |  |
| 11891 | Cognex Corporation | $356373 |
| 3378 | Itron, Inc.<sup>(a)</sup> | 390497 |
| 21523 | Kimball Electronics, Inc.<sup>(a)</sup> | 389566 |
| 1822 | OSI Systems, Inc.<sup>(a)</sup> | 399218 |
| 1736 | Watts Water Technologies, Inc., Class A | 420320 |
|  |  | 4998084 |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 4367 | Exponent, Inc. | 333377 |
| 2065 | Installed Building Products, Inc. | 329326 |
| 7104 | KBR, Inc. | 370758 |
| 3131 | MYR Group, Inc.<sup>(a)</sup> | 491097 |
| 18373 | NV5 Global, Inc.<sup>(a)</sup> | 406043 |
| 6164 | Primoris Services Corporation | 444486 |
|  |  | 2375087 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 46402 | Reservoir Media, Inc.<sup>(a)</sup> | 361936 |
|  | **FOOD - 2.0%** |  |
| 4039 | Cal-Maine Foods, Inc. | 387462 |
| 11333 | Darling Ingredients, Inc.<sup>(a)</sup> | 353136 |
| 18624 | Flowers Foods, Inc. | 314746 |
| 85313 | Hain Celestial Group, Inc. (The)<sup>(a)</sup> | 159535 |
| 41000 | Herbalife Ltd.<sup>(a)</sup> | 320210 |
| 2688 | J & J Snack Foods Corporation | 309577 |
| 4996 | John B Sanfilippo & Son, Inc. | 310451 |
| 2023 | Lancaster Colony Corporation | 338650 |
| 19980 | Limoneira Company | 315484 |
| 3043 | Post Holdings, Inc.<sup>(a)</sup> | 336525 |
| 11620 | Vital Farms, Inc.<sup>(a)</sup> | 369982 |
|  |  | 3515758 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.4%** |  |
| 3860 | Louisiana-Pacific Corporation | 347670 |
| 6094 | Trex Company, Inc.<sup>(a)</sup> | 340472 |
|  |  | 688142 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 1.9%** |  |
| 4523 | American States Water Company | $356729 |
| 11036 | Aris Water Solutions, Inc., Class A | 243233 |
| 2757 | Chesapeake Utilities Corporation | 336878 |
| 5558 | Middlesex Water Company | 322086 |
| 4473 | National Fuel Gas Company | 369202 |
| 7215 | New Jersey Resources Corporation | 331096 |
| 4724 | ONE Gas, Inc. | 353166 |
| 4976 | Southwest Gas Holdings, Inc. | 357427 |
| 4525 | Spire, Inc. | 340642 |
| 10209 | York Water Company (The) | 333426 |
|  |  | 3343885 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3%** |  |
| 11667 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 264141 |
| 3580 | Addus HomeCare Corporation<sup>(a)</sup> | 397058 |
| 81767 | agilon health, Inc.<sup>(a)</sup> | 181523 |
| 3822 | Amedisys, Inc.<sup>(a)</sup> | 359536 |
| 4005 | HealthEquity, Inc.<sup>(a)</sup> | 402943 |
| 3815 | National HealthCare Corporation | 397294 |
| 37308 | NeoGenomics, Inc.<sup>(a)</sup> | 271602 |
| 39178 | Owens & Minor, Inc.<sup>(a)</sup> | 258575 |
| 18364 | Premier, Inc., Class A | 422005 |
| 7121 | RadNet, Inc.<sup>(a)</sup> | 409386 |
| 21290 | Select Medical Holdings Corporation | 325524 |
| 14907 | Surgery Partners, Inc.<sup>(a)</sup> | 351954 |
|  |  | 4041541 |
|  | **HEALTH CARE REIT - 1.2%** |  |
| 12388 | CareTrust REIT, Inc. | 356279 |
| 20058 | Community Healthcare Trust, Inc. | 327748 |
| 148185 | Diversified Healthcare Trust | 463819 |
| 58715 | Medical Properties Trust, Inc.<sup>(b)</sup> | 268328 |
| 4794 | National Health Investors, Inc. | 347613 |
| 20603 | Sabra Health Care REIT, Inc. | 360140 |
|  |  | 2123927 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 0.4%** |  |
| 86271 | ACCO Brands Corporation | $309713 |
| 8042 | HNI Corporation | 374194 |
|  |  | 683907 |
|  | **HOME CONSTRUCTION - 2.6%** |  |
| 2520 | Armstrong World Industries, Inc. | 392188 |
| 6072 | Green Brick Partners, Inc.<sup>(a)</sup> | 354908 |
| 4952 | Griffon Corporation | 340450 |
| 17845 | Interface, Inc. | 358506 |
| 59305 | JELD-WEN Holding, Inc.<sup>(a)</sup> | 216463 |
| 6117 | KB Home | 315515 |
| 55148 | Landsea Homes Corporation<sup>(a)</sup> | 621518 |
| 5326 | LGI Homes, Inc.<sup>(a)</sup> | 266833 |
| 3101 | M/I Homes, Inc.<sup>(a)</sup> | 330598 |
| 4995 | Meritage Homes Corporation | 317732 |
| 4207 | Patrick Industries, Inc. | 361213 |
| 5897 | Taylor Morrison Home Corporation<sup>(a)</sup> | 331883 |
| 11084 | Tri Pointe Homes, Inc.<sup>(a)</sup> | 326756 |
|  |  | 4534563 |
|  | **HOTEL REIT - 0.8%** |  |
| 45861 | DiamondRock Hospitality Company | 350378 |
| 44873 | RLJ Lodging Trust | 327573 |
| 3871 | Ryman Hospitality Properties, Inc. | 375913 |
| 30119 | Xenia Hotels & Resorts, Inc. | 368355 |
|  |  | 1422219 |
|  | **HOUSEHOLD PRODUCTS - 1.5%** |  |
| 9658 | Central Garden & Pet Company<sup>(a)</sup> | 348267 |
| 13955 | Clearwater Paper Corporation<sup>(a)</sup> | 401764 |
| 11340 | Edgewell Personal Care Company | 313211 |
| 11974 | Energizer Holdings, Inc. | 278874 |
| 6619 | Helen of Troy LTD.<sup>(a)</sup> | 177985 |
| 3109 | Interparfums, Inc. | 423509 |
| 48767 | Nu Skin Enterprises, Inc., Class A | 420859 |
| 19045 | Quanex Building Products Corporation | 318623 |
|  |  | 2683092 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.1%** |  |
| 2451 | Chart Industries, Inc.<sup>(a)</sup> | $384464 |
| 2188 | Enpro, Inc. | 405086 |
| 6038 | Gibraltar Industries, Inc.<sup>(a)</sup> | 353706 |
| 4949 | Timken Company (The) | 338957 |
| 1241 | Valmont Industries, Inc. | 394688 |
|  |  | 1876901 |
|  | **INDUSTRIAL REIT - 0.2%** |  |
| 6557 | First Industrial Realty Trust, Inc. | 324113 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 1574 | Applied Industrial Technologies, Inc. | 356542 |
|  | **INFRASTRUCTURE REIT - 0.2%** |  |
| 70248 | Uniti Group, Inc. | 302066 |
|  | **INSURANCE - 2.3%** |  |
| 6724 | AMERISAFE, Inc. | 319188 |
| 7037 | Employers Holdings, Inc. | 342491 |
| 49865 | Genworth Financial, Inc., Class A<sup>(a)</sup> | 351548 |
| 8286 | Horace Mann Educators Corporation | 359861 |
| 5323 | Kemper Corporation | 339235 |
| 6334 | Mercury General Corporation | 408416 |
| 9819 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 390011 |
| 15163 | ProAssurance Corporation<sup>(a)</sup> | 351630 |
| 4407 | RLI Corporation | 338766 |
| 4488 | Safety Insurance Group, Inc. | 368644 |
| 9500 | Trupanion, Inc.<sup>(a)</sup> | 448305 |
|  |  | 4018095 |
|  | **INTERNET MEDIA & SERVICES - 0.9%** |  |
| 22961 | Angi, Inc.<sup>(a)</sup> | 359340 |
| 31415 | Cars.com, Inc.<sup>(a)</sup> | 322004 |
| 18863 | Groupon, Inc.<sup>(a),(b)</sup> | 549478 |
| 11014 | HealthStream, Inc. | 308612 |
|  |  | 1539434 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 1.7%** |  |
| 7309 | Cheesecake Factory, Inc. (The)<sup>(b)</sup> | $403238 |
| 14259 | Cinemark Holdings, Inc. | 481526 |
| 13008 | Jack in the Box, Inc.<sup>(b)</sup> | 246697 |
| 5577 | Marriott Vacations Worldwide Corporation | 367301 |
| 26560 | Playa Hotels & Resorts N.V.<sup>(a)</sup> | 357498 |
| 7541 | St Joe Company (The) | 337158 |
| 53807 | Target Hospitality Corporation<sup>(a)</sup> | 393329 |
| 7795 | United Parks & Resorts, Inc.<sup>(a)</sup> | 349138 |
|  |  | 2935885 |
|  | **LEISURE PRODUCTS - 1.2%** |  |
| 6628 | Brunswick Corporation | 335509 |
| 15169 | Fox Factory Holding Corporation<sup>(a)</sup> | 389085 |
| 8641 | Polaris, Inc. | 338900 |
| 4705 | Thor Industries, Inc. | 381999 |
| 53725 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 340617 |
| 10401 | Winnebago Industries, Inc. | 352906 |
|  |  | 2139016 |
|  | **MACHINERY - 3.3%** |  |
| 3842 | AGCO Corporation | 376439 |
| 5128 | Albany International Corporation, Class A | 338807 |
| 15529 | CECO Environmental Corporation<sup>(a)</sup> | 417576 |
| 21011 | Columbus McKinnon Corporation | 305920 |
| 22281 | Energy Recovery, Inc.<sup>(a)</sup> | 280963 |
| 2226 | ESCO Technologies, Inc. | 403441 |
| 3783 | Franklin Electric Company, Inc. | 326813 |
| 10135 | Gorman-Rupp Company (The) | 369928 |
| 11069 | Helios Technologies, Inc. | 335612 |
| 14652 | Hillenbrand, Inc. | 286300 |
| 8523 | Hyster-Yale Materials Handling, Inc., Class A | 342284 |
| 2899 | John Bean Technologies Corporation | 332834 |
| 1052 | Kadant, Inc. | 330233 |
| 16767 | Kennametal, Inc. | 360994 |
| 2806 | Lindsay Corporation | 391156 |
| 2198 | Standex International Corporation | 331766 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **MACHINERY - 3.3% (Continued)** |  |
| 4439 | Tennant Company | $330350 |
|  |  | 5861416 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.2%** |  |
| 17685 | Castle Biosciences, Inc.<sup>(a)</sup> | 282429 |
| 28157 | Embecta Corporation | 296493 |
| 3596 | Glaukos Corporation<sup>(a)</sup> | 339067 |
| 5571 | Haemonetics Corporation<sup>(a)</sup> | 377212 |
| 2550 | ICU Medical, Inc.<sup>(a)</sup> | 343893 |
| 16100 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 203826 |
| 39915 | Myriad Genetics, Inc.<sup>(a)</sup> | 167244 |
| 40803 | Neogen Corporation<sup>(a)</sup> | 239106 |
| 21708 | Orthofix Medical, Inc.<sup>(a)</sup> | 244215 |
| 22004 | Pulse Biosciences, Inc.<sup>(a),(b)</sup> | 380780 |
| 11597 | Surmodics, Inc.<sup>(a)</sup> | 336545 |
| 18453 | Tandem Diabetes Care, Inc.<sup>(a)</sup> | 365738 |
| 11941 | Veracyte, Inc.<sup>(a)</sup> | 317750 |
|  |  | 3894298 |
|  | **METALS & MINING - 0.9%** |  |
| 59806 | Coeur Mining, Inc.<sup>(a)</sup> | 483232 |
| 38111 | Compass Minerals International, Inc.<sup>(a)</sup> | 732112 |
| 63726 | Hecla Mining Company | 327552 |
|  |  | 1542896 |
|  | **MORTGAGE FINANCE - 0.9%** |  |
| 36977 | Apollo Commercial Real Estate Finance, Inc. | 363485 |
| 76469 | Ares Commercial Real Estate Corporation | 352522 |
| 34471 | MFA Financial, Inc. | 320580 |
| 24940 | PennyMac Mortgage Investment Trust | 306263 |
| 58223 | Redwood Trust, Inc. | 317315 |
|  |  | 1660165 |
|  | **MULTI ASSET CLASS REIT - 0.8%** |  |
| 20554 | Alexander & Baldwin, Inc. | 368122 |
| 47144 | Armada Hoffler Properties, Inc. | 328122 |
| 20348 | Elme Communities | 326789 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **MULTI ASSET CLASS REIT - 0.8% (Continued)** |  |
| 40882 | LXP Industrial Trust | $350768 |
|  |  | 1373801 |
|  | **OFFICE REIT - 1.9%** |  |
| 17579 | American Assets Trust, Inc. | 350525 |
| 82127 | Brandywine Realty Trust | 347397 |
| 22113 | Douglas Emmett, Inc. | 314668 |
| 45275 | Empire State Realty Trust, Inc., Class A | 346807 |
| 12142 | Highwoods Properties, Inc. | 360617 |
| 120017 | Hudson Pacific Properties, Inc. | 223232 |
| 22212 | JBG SMITH Properties | 379825 |
| 10807 | Kilroy Realty Corporation | 347985 |
| 48039 | Piedmont Office Realty Trust, Inc., Class A | 342038 |
| 20925 | Veris Residential, Inc. | 318060 |
|  |  | 3331154 |
|  | **OIL & GAS PRODUCERS - 0.9%** |  |
| 228419 | Clean Energy Fuels Corporation<sup>(a)</sup> | 408870 |
| 24828 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 536036 |
| 11918 | SM Energy Company | 279120 |
| 12480 | World Kinect Corporation | 341827 |
|  |  | 1565853 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 20715 | DNOW, Inc.<sup>(a)</sup> | 298710 |
| 19713 | Innovex International, Inc.<sup>(a)</sup> | 272039 |
| 8488 | Nabors Industries Ltd.<sup>(a)</sup> | 219075 |
| 16233 | Oceaneering International, Inc.<sup>(a)</sup> | 309564 |
| 48170 | ProPetro Holding Corporation<sup>(a)</sup> | 260118 |
| 64918 | RPC, Inc. | 288236 |
| 34004 | Select Water Solutions, Inc., Class A | 273392 |
| 105372 | TETRA Technologies, Inc.<sup>(a)</sup> | 282397 |
| 8376 | Tidewater, Inc.<sup>(a)</sup> | 332612 |
|  |  | 2536143 |
|  | **PUBLISHING & BROADCASTING - 0.4%** |  |
| 318964 | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 341292 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING - 0.4% (Continued)** |  |
| 18960 | Scholastic Corporation | $327439 |
|  |  | 668731 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.2%** |  |
| 3193 | McGrath RentCorporation | 358830 |
|  | **REAL ESTATE SERVICES - 0.2%** |  |
| 10277 | Marcus & Millichap, Inc. | 296080 |
|  | **RENEWABLE ENERGY - 1.0%** |  |
| 29267 | Ameresco, Inc., Class A<sup>(a)</sup> | 403299 |
| 3863 | EnerSys | 323063 |
| 73000 | Green Plains, Inc.<sup>(a)</sup> | 303680 |
| 192418 | OPAL Fuels, Inc.<sup>(a),(b)</sup> | 683084 |
|  |  | 1713126 |
|  | **RESIDENTIAL REIT - 0.7%** |  |
| 40208 | Apartment Investment and Management Company | 320860 |
| 16677 | Independence Realty Trust, Inc. | 310025 |
| 8956 | NexPoint Residential Trust, Inc. | 304504 |
| 19166 | UMH Properties, Inc. | 321797 |
|  |  | 1257186 |
|  | **RETAIL - CONSUMER STAPLES - 0.6%** |  |
| 8828 | Natural Grocers by Vitamin Cottage, Inc. | 431072 |
| 3041 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 338919 |
| 17492 | SpartanNash Company | 340394 |
|  |  | 1110385 |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 1603 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 365340 |
| 4657 | Avis Budget Group, Inc.<sup>(a)</sup> | 567176 |
| 989 | Dillard's, Inc., Class A | 391664 |
| 12970 | Ethan Allen Interiors, Inc. | 338906 |
| 4839 | GMS, Inc.<sup>(a)</sup> | 366457 |
| 17932 | Haverty Furniture Companies, Inc. | 375855 |
| 9051 | La-Z-Boy, Inc. | 379146 |
| 1208 | Lithia Motors, Inc., Class A | 382827 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.1% (Continued)** |  |
| 24407 | Monro, Inc. | $374159 |
| 27731 | National Vision Holdings, Inc.<sup>(a)</sup> | 549351 |
| 6654 | Rush Enterprises, Inc., Class A | 330371 |
| 55844 | Sleep Number Corporation<sup>(a)</sup> | 600881 |
| 6216 | Sonic Automotive, Inc., Class A | 434685 |
|  |  | 5456818 |
|  | **RETAIL REIT - 1.4%** |  |
| 16882 | Acadia Realty Trust | 325147 |
| 1729 | Alexander's, Inc. | 389354 |
| 12336 | Four Corners Property Trust, Inc. | 340597 |
| 16042 | Kite Realty Group Trust | 354849 |
| 20601 | Macerich Company (The) | 333324 |
| 9992 | Saul Centers, Inc. | 336531 |
| 10566 | Tanger, Inc. | 314867 |
|  |  | 2394669 |
|  | **SEMICONDUCTORS - 4.1%** |  |
| 48567 | Aehr Test Systems<sup>(a)</sup> | 463330 |
| 19594 | Amkor Technology, Inc. | 353084 |
| 3553 | Cirrus Logic, Inc.<sup>(a)</sup> | 349473 |
| 24041 | Cohu, Inc.<sup>(a)</sup> | 410380 |
| 8201 | Diodes, Inc.<sup>(a)</sup> | 364124 |
| 12507 | FormFactor, Inc.<sup>(a)</sup> | 373334 |
| 3904 | Impinj, Inc.<sup>(a)</sup> | 445407 |
| 5603 | IPG Photonics Corporation<sup>(a)</sup> | 371255 |
| 6747 | Lattice Semiconductor Corporation<sup>(a)</sup> | 303210 |
| 32573 | MaxLinear, Inc., Class A<sup>(a)</sup> | 371006 |
| 4427 | MKS, Inc. | 363855 |
| 20383 | Penguin Solutions, Inc.<sup>(a)</sup> | 362002 |
| 17015 | Photronics, Inc.<sup>(a)</sup> | 284321 |
| 7014 | Power Integrations, Inc. | 348806 |
| 10286 | Semtech Corporation<sup>(a)</sup> | 383976 |
| 3145 | Silicon Laboratories, Inc.<sup>(a)</sup> | 379067 |
| 49937 | SkyWater Technology, Inc.<sup>(a)</sup> | 451430 |
| 17632 | Veeco Instruments, Inc.<sup>(a)</sup> | 340474 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 4.1% (Continued)** |  |
| 22267 | Vishay Intertechnology, Inc. | $313297 |
| 114931 | Wolfspeed, Inc.<sup>(a),(b)</sup> | 136768 |
|  |  | 7168599 |
|  | **SOFTWARE - 4.3%** |  |
| 6466 | ACI Worldwide, Inc.<sup>(a)</sup> | 299117 |
| 34731 | Amplitude, Inc., Class A<sup>(a)</sup> | 430317 |
| 5706 | Blackbaud, Inc.<sup>(a)</sup> | 355084 |
| 9990 | Calix, Inc.<sup>(a)</sup> | 461937 |
| 44987 | Cantaloupe, Inc.<sup>(a)</sup> | 376541 |
| 2244 | CommVault Systems, Inc.<sup>(a)</sup> | 410989 |
| 12722 | Digi International, Inc.<sup>(a)</sup> | 412320 |
| 8100 | Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 441288 |
| 78157 | Health Catalyst, Inc.<sup>(a)</sup> | 296997 |
| 19095 | MeridianLink, Inc.<sup>(a)</sup> | 318696 |
| 10124 | Omnicell, Inc.<sup>(a)</sup> | 307466 |
| 18527 | PDF Solutions, Inc.<sup>(a)</sup> | 327928 |
| 13843 | Phreesia, Inc.<sup>(a)</sup> | 339015 |
| 6873 | Progress Software Corporation | 423102 |
| 18605 | PROS Holdings, Inc.<sup>(a)</sup> | 327262 |
| 38736 | PubMatic, Inc., Class A<sup>(a)</sup> | 453211 |
| 4425 | Q2 Holdings, Inc.<sup>(a)</sup> | 387276 |
| 2811 | Qualys, Inc.<sup>(a)</sup> | 389464 |
| 2667 | SPS Commerce, Inc.<sup>(a)</sup> | 375407 |
| 8751 | Varonis Systems, Inc.<sup>(a)</sup> | 417248 |
|  |  | 7550665 |
|  | **SPECIALTY FINANCE - 1.5%** |  |
| 10328 | Encore Capital Group, Inc.<sup>(a)</sup> | 391431 |
| 3667 | Enova International, Inc.<sup>(a)</sup> | 339821 |
| 6134 | Essent Group Ltd. | 355772 |
| 1888 | Federal Agricultural Mortgage Corporation, Class C | 351961 |
| 14343 | MGIC Investment Corporation | 379372 |
| 3192 | Nelnet, Inc., Class A | 370847 |
| 2798 | World Acceptance Corporation<sup>(a)</sup> | 432235 |
|  |  | 2621439 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **STEEL - 0.9%** |  |
| 6801 | ATI, Inc.<sup>(a)</sup> | $541631 |
| 7692 | Commercial Metals Company | 358370 |
| 26501 | Metallus, Inc.<sup>(a)</sup> | 334708 |
| 8573 | Northwest Pipe Company<sup>(a)</sup> | 331261 |
|  |  | 1565970 |
|  | **TECHNOLOGY HARDWARE - 3.9%** |  |
| 167005 | 3D Systems Corporation<sup>(a)</sup> | 258858 |
| 40602 | ADTRAN Holdings, Inc.<sup>(a)</sup> | 326034 |
| 9673 | Anterix, Inc.<sup>(a)</sup> | 257205 |
| 3407 | Arrow Electronics, Inc.<sup>(a)</sup> | 403321 |
| 9310 | Benchmark Electronics, Inc. | 340001 |
| 66676 | CommScope Holding Company, Inc.<sup>(a)</sup> | 402723 |
| 29049 | Daktronics, Inc.<sup>(a)</sup> | 431087 |
| 8098 | Diebold Nixdorf, Inc.<sup>(a)</sup> | 390081 |
| 27617 | Digimarc Corporation<sup>(a),(b)</sup> | 361230 |
| 36919 | Harmonic, Inc.<sup>(a)</sup> | 333009 |
| 1718 | InterDigital, Inc. | 373253 |
| 23293 | Knowles Corporation<sup>(a)</sup> | 382238 |
| 16851 | NetScout Systems, Inc.<sup>(a)</sup> | 384877 |
| 5772 | PAR Technology Corporation<sup>(a)</sup> | 378412 |
| 2763 | Plexus Corporation<sup>(a)</sup> | 362671 |
| 64490 | Powerfleet, Inc.<sup>(a)</sup> | 293430 |
| 36164 | Stratasys Ltd.<sup>(a)</sup> | 373574 |
| 17257 | TTM Technologies, Inc.<sup>(a)</sup> | 515294 |
| 33978 | ViaSat, Inc.<sup>(a)</sup> | 296628 |
|  |  | 6863926 |
|  | **TECHNOLOGY SERVICES - 1.4%** |  |
| 7501 | ExlService Holdings, Inc.<sup>(a)</sup> | 344971 |
| 7026 | Genpact Ltd. | 302469 |
| 4167 | ICF International, Inc. | 358029 |
| 5213 | MAXIMUS, Inc. | 377995 |
| 63497 | Repay Holdings Corporation<sup>(a)</sup> | 305421 |
| 25976 | TaskUS, Inc., Class A<sup>(a)</sup> | 431201 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.4% (Continued)** |  |
| 2255 | WEX, Inc.<sup>(a)</sup> | $299757 |
|  |  | 2419843 |
|  | **TELECOMMUNICATIONS - 0.7%** |  |
| 13820 | EchoStar Corporation, Class A<sup>(a)</sup> | 245029 |
| 12959 | Iridium Communications, Inc. | 329159 |
| 28166 | Shenandoah Telecommunications Company | 354327 |
| 9131 | Telephone and Data Systems, Inc. | 313741 |
|  |  | 1242256 |
|  | **TIMBER REIT - 0.1%** |  |
| 12699 | Rayonier, Inc. | 300966 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 6855 | Allegiant Travel Company | 381000 |
| 15948 | Covenant Logistics Group, Inc. | 362020 |
| 58232 | CryoPort, Inc.<sup>(a)</sup> | 349974 |
| 16167 | Dorian, L.P.G Ltd. | 346135 |
| 17592 | Forward Air Corporation<sup>(a),(b)</sup> | 295194 |
| 26798 | Genco Shipping & Trading Ltd. | 354806 |
| 38379 | Heartland Express, Inc. | 343492 |
| 9525 | Hub Group, Inc., Class A | 321088 |
| 8135 | Knight-Swift Transportation Holdings, Inc. | 360543 |
| 2357 | Landstar System, Inc. | 323428 |
| 2771 | Matson, Inc. | 312707 |
| 2475 | Ryder System, Inc. | 364147 |
| 12139 | Werner Enterprises, Inc. | 315007 |
|  |  | 4429541 |
|  | **TRANSPORTATION EQUIPMENT - 0.8%** |  |
| 3710 | Allison Transmission Holdings, Inc. | 384059 |
| 10946 | Blue Bird Corporation<sup>(a)</sup> | 423610 |
| 12767 | Trinity Industries, Inc. | 328623 |
| 32234 | Wabash National Corporation | 279469 |
|  |  | 1415761 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8%** |  |
| 8285 | Andersons, Inc. (The) | 294200 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8% (Continued)** |  |  |  |
| 14882 | Calavo Growers, Inc. |  |  | $409999 |
| 25307 | Grocery Outlet Holding Corporation<sup>(a)</sup> |  |  | 343669 |
| 12926 | United Natural Foods, Inc.<sup>(a)</sup> |  |  | 395148 |
|  |  |  |  | 1443016 |
|  | **WHOLESALE - DISCRETIONARY - 0.7%** |  |  |  |
| 5801 | ePlus, Inc.<sup>(a)</sup> |  |  | 414017 |
| 18360 | OPENLANE, Inc.<sup>(a)</sup> |  |  | 420995 |
| 10410 | ScanSource, Inc.<sup>(a)</sup> |  |  | 420356 |
|  |  |  |  | 1255368 |
|  | **TOTAL COMMON STOCKS (Cost $184,674,134)** |  |  | 175553403 |
|  |  | **Expiration Date** | **Exercise Price** |  |
|  | **RIGHTS — 0.0%<sup>(d)</sup>** |  |  |  |
|  | **BIOTECH & PHARMA - 0.0% <sup>(d)</sup>** |  |  |  |
| 6384 | Bristol-Myers Squibb Company - CVR <sup>(a)(f)(g)</sup> |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.0% <sup>(d)</sup>** |  |  |  |
| 26350 | Zimmer Biomet Holdings, Inc. – CVR <sup>(a)(f)(g)</sup> |  |  |  |
|  | **TOTAL RIGHTS (Cost $0)** |  |  |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED – 1.7%** |  |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 2932732 | Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.23% **(Cost $2,932,732)** <sup>(c)(e)</sup> | $2932732 |
|  | **TOTAL INVESTMENTS - 101.6% (Cost $187,606,866)** | $178486135 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** | (2750345) |
|  | **NET ASSETS - 100.0%** | $175735790 |

---

---

| | |
|:---|:---|
| CVR | - Contingent Value Right |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2025 was $2,720,333.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at May 31, 2025. Total collateral had a value of $2,932,732 at May 31, 2025.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

<sup>(f)</sup> The fair value of this investment is determined using significant unobservable inputs.

<sup>(g)</sup> Illiquid security. The total fair value of these securities as of May 31, 2025 was $0, representing 0% of net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8%** |  |  |  |
|  | **AUTOMOTIVE — 0.5%** |  |  |  |
| 1000000 | BorgWarner, Inc. | 2.6500 | 07/01/27 | $960702 |
| 1000000 | BorgWarner, Inc. | 5.4000 | 08/15/34 | 995685 |
|  |  |  |  | 1956387 |
|  | **BANKING — 0.7%** |  |  |  |
| 1000000 | First-Citizens Bank & Trust Company | 6.1250 | 03/09/28 | 1035030 |
| 1000000 | Regions Financial Corporation | 1.8000 | 08/12/28 | 913913 |
| 1000000 | Zions Bancorp NA | 3.2500 | 10/29/29 | 903190 |
|  |  |  |  | 2852133 |
|  | **BEVERAGES — 0.5%** |  |  |  |
| 1000000 | Coca-Cola Consolidated, Inc. | 5.2500 | 06/01/29 | 1022425 |
| 1000000 | Coca-Cola Consolidated, Inc. | 5.4500 | 06/01/34 | 1017969 |
|  |  |  |  | 2040394 |
|  | **BIOTECH & PHARMA — 0.3%** |  |  |  |
| 1000000 | Royalty Pharma plc | 1.2000 | 09/02/25 | 990675 |
|  | **CHEMICALS — 1.0%** |  |  |  |
| 1000000 | Albemarle Corporation | 4.6500 | 06/01/27 | 988269 |
| 1000000 | Albemarle Corporation | 5.0500 | 06/01/32 | 926810 |
| 1000000 | Cabot Corporation | 5.0000 | 06/30/32 | 983672 |
| 1000000 | LYB International Finance III, LLC | 1.2500 | 10/01/25 | 987906 |
|  |  |  |  | 3886657 |
|  | **COMMERCIAL SUPPORT SERVICES — 4.3%** |  |  |  |
| 1000000 | Cintas Corp No 2 | 3.7000 | 04/01/27 | 989553 |
| 1000000 | Cintas Corp No 2 | 4.0000 | 05/01/32 | 954102 |
| 1000000 | Republic Services, Inc. | 3.3750 | 11/15/27 | 979150 |
| 6900000 | Republic Services, Inc. | 3.9500 | 05/15/28 | 6832890 |
| 1000000 | Republic Services, Inc. | 2.3000 | 03/01/30 | 905095 |
| 1000000 | Republic Services, Inc. | 1.4500 | 02/15/31 | 841234 |
| 1000000 | Republic Services, Inc. | 1.7500 | 02/15/32 | 829192 |
| 1000000 | Waste Connections, Inc. | 4.2500 | 12/01/28 | 998116 |
| 1000000 | Waste Management, Inc. | 0.7500 | 11/15/25 | 983300 |
| 1000000 | Waste Management, Inc. | 3.1500 | 11/15/27 | 973522 |
| 1000000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 988545 |
|  |  |  |  | 16274699 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8% (Continued)** |  |  |  |
|  | **CONSTRUCTION MATERIALS — 2.4%** |  |  |  |
| 1000000 | Carlisle Companies, Inc. | 3.7500 | 12/01/27 | $978929 |
| 6900000 | Carlisle Companies, Inc. | 2.7500 | 03/01/30 | 6324411 |
| 1000000 | Carlisle Companies, Inc. Class B | 2.2000 | 03/01/32 | 834370 |
| 1000000 | Vulcan Materials Company | 3.9000 | 04/01/27 | 990926 |
|  |  |  |  | 9128636 |
|  | **CONTAINERS & PACKAGING — 1.2%** |  |  |  |
| 1000000 | Amcor Finance USA, Inc. | 3.6250 | 04/28/26 | 990160 |
| 1000000 | Amcor Finance USA, Inc. | 4.5000 | 05/15/28 | 992928 |
| 1000000 | Amcor Flexibles North America, Inc. | 2.6300 | 06/19/30 | 897760 |
| 1000000 | Amcor Flexibles North America, Inc. | 2.6900 | 05/25/31 | 881748 |
| 1000000 | AptarGroup, Inc. | 3.6000 | 03/15/32 | 913376 |
|  |  |  |  | 4675972 |
|  | **DIVERSIFIED INDUSTRIALS — 2.8%** |  |  |  |
| 1000000 | Dover Corporation | 3.1500 | 11/15/25 | 993670 |
| 1000000 | Parker-Hannifin Corporation | 3.2500 | 03/01/27 | 983314 |
| 1000000 | Parker-Hannifin Corporation | 4.2500 | 09/15/27 | 998577 |
| 6900000 | Parker-Hannifin Corporation | 3.2500 | 06/14/29 | 6599624 |
| 1000000 | Parker-Hannifin Corporation | 4.5000 | 09/15/29 | 1004020 |
|  |  |  |  | 10579205 |
|  | **ELECTRIC UTILITIES — 4.9%** |  |  |  |
| 1000000 | Avangrid, Inc. | 3.8000 | 06/01/29 | 964363 |
| 1000000 | CenterPoint Energy, Inc. | 1.4500 | 06/01/26 | 969426 |
| 1000000 | CenterPoint Energy, Inc. | 2.9500 | 03/01/30 | 923821 |
| 1000000 | CenterPoint Energy, Inc. | 2.6500 | 06/01/31 | 876517 |
| 1000000 | DTE Energy Company | 5.8500 | 06/01/34 | 1029300 |
| 1000000 | Emera US Finance, L.P. | 3.5500 | 06/15/26 | 986888 |
| 1000000 | Entergy Arkansas, LLC | 3.5000 | 04/01/26 | 993129 |
| 1000000 | Entergy Corporation | 0.9000 | 09/15/25 | 989193 |
| 1000000 | Entergy Corporation | 1.9000 | 06/15/28 | 927618 |
| 1000000 | Entergy Corporation | 2.8000 | 06/15/30 | 909686 |
| 1000000 | Entergy Corporation | 2.4000 | 06/15/31 | 871246 |
| 6900000 | Evergy, Inc. | 2.9000 | 09/15/29 | 6425967 |
| 1000000 | Eversource Energy | 5.9500 | 07/15/34 | 1028656 |
| 1000000 | WEC Energy Group, Inc. | 1.3750 | 10/15/27 | 930115 |
|  |  |  |  | 18825925 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ELECTRICAL EQUIPMENT — 5.2%** |  |  |  |
| 1000000 | Amphenol Corporation | 5.0500 | 04/05/27 | $1013656 |
| 6900000 | Amphenol Corporation | 4.3500 | 06/01/29 | 6890428 |
| 1000000 | Amphenol Corporation | 2.8000 | 02/15/30 | 929183 |
| 1000000 | Amphenol Corporation | 2.2000 | 09/15/31 | 866108 |
| 1000000 | Amphenol Corporation | 5.2500 | 04/05/34 | 1011464 |
| 1000000 | Roper Technologies, Inc. | 3.8000 | 12/15/26 | 991156 |
| 6900000 | Trimble, Inc. | 4.9000 | 06/15/28 | 6965048 |
| 1000000 | Trimble, Inc. | 6.1000 | 03/15/33 | 1043012 |
|  |  |  |  | 19710055 |
|  | **ENGINEERING & CONSTRUCTION — 0.3%** |  |  |  |
| 1000000 | Quanta Services, Inc. | 5.2500 | 08/09/34 | 990199 |
|  | **FOOD — 4.2%** |  |  |  |
| 1000000 | Campbell Soup Company | 4.1500 | 03/15/28 | 992246 |
| 1000000 | Campbell Soup Company | 5.4000 | 03/21/34 | 995814 |
| 1000000 | Conagra Brands, Inc. | 4.6000 | 11/01/25 | 999142 |
| 6900000 | Conagra Brands, Inc. | 1.3750 | 11/01/27 | 6384118 |
| 1000000 | Conagra Brands, Inc. | 4.8500 | 11/01/28 | 1003910 |
| 1000000 | McCormick & Co, Inc. | 3.4000 | 08/15/27 | 977035 |
| 1000000 | McCormick & Co, Inc. | 2.5000 | 04/15/30 | 902364 |
| 1000000 | McCormick & Co, Inc. | 4.9500 | 04/15/33 | 986674 |
| 1000000 | Mondelez International, Inc. | 4.7500 | 02/20/29 | 1012043 |
| 1000000 | Mondelez International, Inc. | 2.7500 | 04/13/30 | 918390 |
| 1000000 | Mondelez International, Inc. | 4.7500 | 08/28/34 | 969451 |
|  |  |  |  | 16141187 |
|  | **GAS & WATER UTILITIES — 3.4%** |  |  |  |
| 1000000 | Atmos Energy Corporation | 3.0000 | 06/15/27 | 976297 |
| 6900000 | Atmos Energy Corporation | 2.6250 | 09/15/29 | 6408535 |
| 1000000 | Atmos Energy Corporation | 1.5000 | 01/15/31 | 845037 |
| 1000000 | Atmos Energy Corporation | 5.9000 | 11/15/33 | 1055450 |
| 1000000 | CenterPoint Energy Resources Corporation | 1.7500 | 10/01/30 | 859297 |
| 1000000 | Essential Utilities, Inc. | 2.7040 | 04/15/30 | 910433 |
| 1000000 | Essential Utilities, Inc. | 5.3750 | 01/15/34 | 995918 |
| 1000000 | NiSource, Inc. | 5.4000 | 06/30/33 | 1006041 |
|  |  |  |  | 13057008 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **HOME CONSTRUCTION — 1.8%** |  |  |  |
| 1000000 | DR Horton, Inc. | 2.6000 | 10/15/25 | $992334 |
| 1000000 | DR Horton, Inc. | 1.3000 | 10/15/26 | 958063 |
| 1000000 | Fortune Brands Innovations, Inc. | 3.2500 | 09/15/29 | 939977 |
| 1000000 | Fortune Brands Innovations, Inc. | 5.8750 | 06/01/33 | 1028387 |
| 1000000 | Mohawk Industries, Inc. | 5.8500 | 09/18/28 | 1032656 |
| 1000000 | Mohawk Industries, Inc. | 3.6250 | 05/15/30 | 941319 |
| 1000000 | PulteGroup, Inc. | 6.3750 | 05/15/33 | 1054880 |
|  |  |  |  | 6947616 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.8%** |  |  |  |
| 6900000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 6810937 |
|  | **INSURANCE — 3.8%** |  |  |  |
| 1000000 | Globe Life, Inc. | 5.8500 | 09/15/34 | 1015051 |
| 6900000 | Loews Corporation | 3.7500 | 04/01/26 | 6857773 |
| 1000000 | Loews Corporation | 3.2000 | 05/15/30 | 935367 |
| 1000000 | Primerica, Inc. | 2.8000 | 11/19/31 | 873575 |
| 1000000 | Progressive Corporation (The) | 3.2000 | 03/26/30 | 948118 |
| 1000000 | Progressive Corporation (The) | 4.9500 | 06/15/33 | 1008296 |
| 1000000 | Reinsurance Group of America, Inc. | 3.9000 | 05/15/29 | 974037 |
| 1000000 | Reinsurance Group of America, Inc. | 3.1500 | 06/15/30 | 925551 |
| 1000000 | Reinsurance Group of America, Inc. | 6.0000 | 09/15/33 | 1035133 |
|  |  |  |  | 14572901 |
|  | **LEISURE PRODUCTS — 0.2%** |  |  |  |
| 1000000 | Brunswick Corporation | 4.4000 | 09/15/32 | 905121 |
|  | **MACHINERY — 4.2%** |  |  |  |
| 1000000 | AGCO Corporation | 5.8000 | 03/21/34 | 1001874 |
| 1000000 | Caterpillar Financial Services Corporation | 0.8000 | 11/13/25 | 983682 |
| 1000000 | Caterpillar Financial Services Corporation | 0.9000 | 03/02/26 | 975066 |
| 6900000 | Caterpillar, Inc. | 2.6000 | 09/19/29 | 6433880 |
| 1000000 | Caterpillar, Inc. | 1.9000 | 03/12/31 | 870782 |
| 1000000 | CNH Industrial Capital, LLC | 1.8750 | 01/15/26 | 982952 |
| 1000000 | Ingersoll Rand, Inc. | 5.7000 | 08/14/33 | 1027993 |
| 1000000 | Nordson Corporation | 5.8000 | 09/15/33 | 1038570 |
| 1000000 | Stanley Black & Decker, Inc. | 6.0000 | 03/06/28 | 1036257 |
| 1000000 | Stanley Black & Decker, Inc. | 2.3000 | 03/15/30 | 881061 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8% (Continued)** |  |  |  |
|  | **MACHINERY — 4.2% (Continued)** |  |  |  |
| 1000000 | Stanley Black & Decker, Inc. | 3.0000 | 05/15/32 | $859545 |
|  |  |  |  | 16091662 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.7%** |  |  |  |
| 1000000 | Baxter International, Inc. | 1.9150 | 02/01/27 | 956399 |
| 1000000 | Baxter International, Inc. | 2.2720 | 12/01/28 | 922554 |
| 6900000 | Baxter International, Inc. | 3.9500 | 04/01/30 | 6670973 |
| 1000000 | Baxter International, Inc. | 2.5390 | 02/01/32 | 856734 |
| 1000000 | DENTSPLY SIRONA, Inc. | 3.2500 | 06/01/30 | 901593 |
|  |  |  |  | 10308253 |
|  | **METALS & MINING — 2.1%** |  |  |  |
| 1000000 | Newmont Corporation | 2.8000 | 10/01/29 | 939079 |
| 1000000 | Newmont Corporation | 2.2500 | 10/01/30 | 893806 |
| 6900000 | Newmont Corporation | 2.6000 | 07/15/32 | 6020483 |
|  |  |  |  | 7853368 |
|  | **OIL & GAS PRODUCERS — 10.1%** |  |  |  |
| 1000000 | Cheniere Energy Partners, L.P. | 5.9500 | 06/30/33 | 1022246 |
| 1000000 | Continental Resources, Inc. | 4.3750 | 01/15/28 | 978046 |
| 1000000 | Devon Energy Corporation | 5.8500 | 12/15/25 | 1003115 |
| 1000000 | Devon Energy Corporation | 4.5000 | 01/15/30 | 974120 |
| 1000000 | Devon Energy Corporation | 7.8750 | 09/30/31 | 1133897 |
| 1000000 | Devon Energy Corporation | 5.2000 | 09/15/34 | 946386 |
| 1000000 | Diamondback Energy, Inc. | 3.2500 | 12/01/26 | 980576 |
| 1000000 | Diamondback Energy, Inc. | 3.5000 | 12/01/29 | 945466 |
| 6900000 | Diamondback Energy, Inc. | 3.1250 | 03/24/31 | 6228758 |
| 1000000 | EOG Resources, Inc. | 4.1500 | 01/15/26 | 997818 |
| 1000000 | EQT Corporation | 5.7000 | 04/01/28 | 1021149 |
| 1000000 | EQT Corporation | 7.0000 | 02/01/30 | 1070074 |
| 1000000 | EQT Corporation | 5.7500 | 02/01/34 | 1004986 |
| 1000000 | Kinder Morgan, Inc. | 4.3000 | 06/01/25 | 1000000 |
| 1000000 | Kinder Morgan, Inc. | 4.3000 | 03/01/28 | 996962 |
| 1000000 | Kinder Morgan, Inc. | 7.8000 | 08/01/31 | 1136170 |
| 1000000 | Kinder Morgan, Inc. | 5.2000 | 06/01/33 | 985741 |
| 1000000 | ONEOK, Inc. | 5.8500 | 01/15/26 | 1005763 |
| 1000000 | ONEOK, Inc. | 4.0000 | 07/13/27 | 989974 |
| 1000000 | Ovintiv, Inc. | 5.3750 | 01/01/26 | 1000528 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS — 10.1% (Continued)** |  |  |  |
| 1000000 | Targa Resources Corporation | 6.1500 | 03/01/29 | $1043563 |
| 1000000 | Targa Resources Corporation | 6.1250 | 03/15/33 | 1029184 |
| 1000000 | Targa Resources Partners, L.P. / Targa Resources | 5.0000 | 01/15/28 | 998610 |
| 1000000 | Tennessee Gas Pipeline Company, LLC | 7.0000 | 10/15/28 | 1069703 |
| 1000000 | Transcontinental Gas Pipe Line Company, LLC | 7.8500 | 02/01/26 | 1012423 |
| 1000000 | Valero Energy Corporation | 3.4000 | 09/15/26 | 986437 |
| 6900000 | Valero Energy Corporation | 4.3500 | 06/01/28 | 6860897 |
|  |  |  |  | 38422592 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.8%** |  |  |  |
| 1000000 | Schlumberger Holdings Corporation<sup>(a)</sup> | 4.0000 | 12/21/25 | 996491 |
| 1000000 | Schlumberger Holdings Corporation<sup>(a)</sup> | 3.9000 | 05/17/28 | 983619 |
| 1000000 | Schlumberger Holdings Corporation<sup>(a)</sup> | 4.3000 | 05/01/29 | 990954 |
|  |  |  |  | 2971064 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 18.9%** |  |  |  |
| 1000000 | Alexandria Real Estate Equities, Inc. | 3.9500 | 01/15/28 | 985131 |
| 1000000 | Alexandria Real Estate Equities, Inc. | 4.7000 | 07/01/30 | 980216 |
| 6900000 | Alexandria Real Estate Equities, Inc. | 4.9000 | 12/15/30 | 6836993 |
| 1000000 | Alexandria Real Estate Equities, Inc. | 3.3750 | 08/15/31 | 904495 |
| 1000000 | Alexandria Real Estate Equities, Inc. | 2.0000 | 05/18/32 | 807012 |
| 1000000 | Boston Properties, L.P. | 3.6500 | 02/01/26 | 992444 |
| 1000000 | Boston Properties, L.P. | 4.5000 | 12/01/28 | 985715 |
| 1000000 | Boston Properties, L.P. | 3.4000 | 06/21/29 | 938171 |
| 6900000 | Boston Properties, L.P. | 3.2500 | 01/30/31 | 6216844 |
| 1000000 | Boston Properties, L.P. | 2.5500 | 04/01/32 | 826566 |
| 6900000 | Camden Property Trust | 4.9000 | 01/15/34 | 6771317 |
| 1000000 | Crown Castle, Inc. | 3.3000 | 07/01/30 | 924317 |
| 1000000 | Crown Castle, Inc. | 5.8000 | 03/01/34 | 1019256 |
| 1000000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 985277 |
| 1000000 | Digital Realty Trust, L.P. | 4.4500 | 07/15/28 | 996396 |
| 1000000 | Digital Realty Trust, L.P. | 3.6000 | 07/01/29 | 961607 |
| 1000000 | Extra Space Storage, L.P. | 3.9000 | 04/01/29 | 970318 |
| 6900000 | Extra Space Storage, L.P. | 2.5500 | 06/01/31 | 5978446 |
| 1000000 | Extra Space Storage, L.P. | 2.3500 | 03/15/32 | 832886 |
| 1000000 | Invitation Homes Operating Partnership, L.P. | 2.0000 | 08/15/31 | 836427 |
| 1000000 | Kite Realty Group Trust | 4.7500 | 09/15/30 | 985429 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 18.9% (Continued)** |  |  |  |
| 1000000 | LXP Industrial Trust | 2.7000 | 09/15/30 | $879969 |
| 1000000 | LXP Industrial Trust | 2.3750 | 10/01/31 | 832432 |
| 1000000 | Mid-America Apartments, L.P. | 4.0000 | 11/15/25 | 996418 |
| 1000000 | National Health Investors, Inc. | 3.0000 | 02/01/31 | 872331 |
| 1000000 | NNN REIT, Inc. | 2.5000 | 04/15/30 | 898343 |
| 1000000 | NNN REIT, Inc. | 5.6000 | 10/15/33 | 1014968 |
| 1000000 | Omega Healthcare Investors, Inc. | 4.7500 | 01/15/28 | 1000617 |
| 1000000 | Omega Healthcare Investors, Inc. | 3.6250 | 10/01/29 | 941555 |
| 1000000 | Omega Healthcare Investors, Inc. | 3.2500 | 04/15/33 | 845024 |
| 1000000 | Prologis, L.P. | 3.8750 | 09/15/28 | 986005 |
| 1000000 | Prologis, L.P. | 2.2500 | 04/15/30 | 897268 |
| 1000000 | Prologis, L.P. | 1.2500 | 10/15/30 | 844670 |
| 1000000 | Prologis, L.P. | 1.6250 | 03/15/31 | 846290 |
| 1000000 | Public Storage Operating Company | 0.8750 | 02/15/26 | 974934 |
| 1000000 | Public Storage Operating Company | 3.0940 | 09/15/27 | 974485 |
| 1000000 | Simon Property Group, L.P. | 3.3000 | 01/15/26 | 992553 |
| 6900000 | Sun Communities Operating, L.P. | 2.3000 | 11/01/28 | 6387682 |
| 1000000 | Sun Communities Operating, L.P. | 2.7000 | 07/15/31 | 870629 |
| 1000000 | UDR, Inc. | 3.2000 | 01/15/30 | 941493 |
| 1000000 | UDR, Inc. | 2.1000 | 08/01/32 | 810053 |
| 1000000 | Ventas Realty, L.P. | 4.1250 | 01/15/26 | 995218 |
| 1000000 | Ventas Realty, L.P. | 3.2500 | 10/15/26 | 980149 |
| 1000000 | Ventas Realty, L.P. | 4.0000 | 03/01/28 | 984047 |
| 1000000 | Ventas Realty, L.P. | 4.4000 | 01/15/29 | 989493 |
| 1000000 | Ventas Realty, L.P. | 4.7500 | 11/15/30 | 995393 |
| 1000000 | WP Carey, Inc. | 2.4000 | 02/01/31 | 866961 |
| 1000000 | WP Carey, Inc. | 2.2500 | 04/01/33 | 802868 |
|  |  |  |  | 72157111 |
|  | **RETAIL - CONSUMER STAPLES — 1.8%** |  |  |  |
| 6900000 | Dollar General Corporation | 3.8750 | 04/15/27 | 6802436 |
|  | **RETAIL - DISCRETIONARY — 2.8%** |  |  |  |
| 6900000 | AutoZone, Inc. | 3.7500 | 06/01/27 | 6816120 |
| 1000000 | Genuine Parts Company | 6.5000 | 11/01/28 | 1056837 |
| 1000000 | Genuine Parts Company | 1.8750 | 11/01/30 | 853351 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8% (Continued)** |  |  |  |
|  | **RETAIL - DISCRETIONARY — 2.8% (Continued)** |  |  |  |
| 1000000 | Genuine Parts Company | 2.7500 | 02/01/32 | $858057 |
| 1000000 | Tractor Supply Company | 5.2500 | 05/15/33 | 996765 |
|  |  |  |  | 10581130 |
|  | **SEMICONDUCTORS — 2.8%** |  |  |  |
| 1000000 | Broadcom, Inc. | 3.4590 | 09/15/26 | 987666 |
| 1000000 | Broadcom, Inc. | 4.1100 | 09/15/28 | 991566 |
| 1000000 | KLA Corporation | 4.1000 | 03/15/29 | 992000 |
| 1000000 | KLA Corporation | 4.6500 | 07/15/32 | 992945 |
| 1000000 | KLA Corporation | 4.7000 | 02/01/34 | 981244 |
| 1000000 | Microchip Technology, Inc. | 4.2500 | 09/01/25 | 998495 |
| 1000000 | QUALCOMM, Inc. | 3.2500 | 05/20/27 | 983264 |
| 1000000 | QUALCOMM, Inc. | 1.3000 | 05/20/28 | 922044 |
| 1000000 | QUALCOMM, Inc. | 2.1500 | 05/20/30 | 900638 |
| 1000000 | QUALCOMM, Inc. | 5.4000 | 05/20/33 | 1040511 |
| 1000000 | Skyworks Solutions, Inc. | 3.0000 | 06/01/31 | 870662 |
|  |  |  |  | 10661035 |
|  | **SOFTWARE — 2.8%** |  |  |  |
| 1000000 | Fortinet, Inc. | 1.0000 | 03/15/26 | 972191 |
| 6900000 | Fortinet, Inc. | 2.2000 | 03/15/31 | 6002406 |
| 1000000 | Roper Technologies, Inc. | 4.2000 | 09/15/28 | 992040 |
| 1000000 | Roper Technologies, Inc. | 2.0000 | 06/30/30 | 878669 |
| 1000000 | Roper Technologies, Inc. | 1.7500 | 02/15/31 | 847117 |
| 1000000 | Roper Technologies, Inc. | 4.7500 | 02/15/32 | 988264 |
|  |  |  |  | 10680687 |
|  | **SPECIALTY FINANCE — 0.2%** |  |  |  |
| 1000000 | Air Lease Corporation | 2.8750 | 01/15/32 | 875390 |
|  | **STEEL — 2.4%** |  |  |  |
| 1000000 | Nucor Corporation | 2.0000 | 06/01/25 | 1000000 |
| 6900000 | Nucor Corporation | 2.7000 | 06/01/30 | 6288123 |
| 1000000 | Steel Dynamics, Inc. | 3.4500 | 04/15/30 | 939504 |
| 1000000 | Steel Dynamics, Inc. | 3.2500 | 01/15/31 | 917930 |
|  |  |  |  | 9145557 |
|  | **TECHNOLOGY HARDWARE — 4.1%** |  |  |  |
| 1000000 | Arrow Electronics, Inc. | 3.8750 | 01/12/28 | 978523 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8% (Continued)** |  |  |  |
|  | **TECHNOLOGY HARDWARE — 4.1% (Continued)** |  |  |  |
| 1000000 | Arrow Electronics, Inc. | 2.9500 | 02/15/32 | $858120 |
| 1000000 | Jabil, Inc. | 4.2500 | 05/15/27 | 991298 |
| 1000000 | Jabil, Inc. | 3.9500 | 01/12/28 | 983596 |
| 6900000 | Jabil, Inc. | 3.6000 | 01/15/30 | 6486920 |
| 1000000 | Jabil, Inc. | 3.0000 | 01/15/31 | 897761 |
| 1000000 | Juniper Networks, Inc. | 3.7500 | 08/15/29 | 963891 |
| 1000000 | Juniper Networks, Inc. | 2.0000 | 12/10/30 | 857056 |
| 1000000 | Teledyne FLIR, LLC | 2.5000 | 08/01/30 | 894531 |
| 1000000 | Western Digital Corporation | 2.8500 | 02/01/29 | 914123 |
| 1000000 | Western Digital Corporation | 3.1000 | 02/01/32 | 863756 |
|  |  |  |  | 15689575 |
|  | **TECHNOLOGY SERVICES — 1.5%** |  |  |  |
| 1000000 | Amdocs Ltd. | 2.5380 | 06/15/30 | 891797 |
| 1000000 | Equifax, Inc. | 2.6000 | 12/15/25 | 989941 |
| 1000000 | Equifax, Inc. | 5.1000 | 12/15/27 | 1009748 |
| 1000000 | MSCI, Inc.<sup>(a)</sup> | 3.6250 | 11/01/31 | 907915 |
| 1000000 | Verisk Analytics, Inc. | 4.1250 | 03/15/29 | 985233 |
| 1000000 | Verisk Analytics, Inc. | 5.7500 | 04/01/33 | 1039092 |
|  |  |  |  | 5823726 |
|  | **TRANSPORTATION & LOGISTICS — 1.3%** |  |  |  |
| 1000000 | CSX Corporation | 3.3500 | 11/01/25 | 995426 |
| 1000000 | CSX Corporation | 3.8000 | 03/01/28 | 986047 |
| 1000000 | CSX Corporation | 4.2500 | 03/15/29 | 993017 |
| 1000000 | JB Hunt Transport Services, Inc. | 3.8750 | 03/01/26 | 993741 |
| 1000000 | Ryder System, Inc. | 5.2500 | 06/01/28 | 1018902 |
|  |  |  |  | 4987133 |
|  | **TRANSPORTATION EQUIPMENT — 0.8%** |  |  |  |
| 1000000 | Westinghouse Air Brake Technologies Corporation | 3.4500 | 11/15/26 | 983094 |
| 1000000 | Westinghouse Air Brake Technologies Corporation | 4.7000 | 09/15/28 | 1002425 |
| 1000000 | Westinghouse Air Brake Technologies Corporation | 5.6110 | 03/11/34 | 1018959 |
|  |  |  |  | 3004478 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.8% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |
| 1000000 | Archer-Daniels-Midland Company | 4.5000 | 08/15/33 | $963052 |
|  | **TOTAL CORPORATE BONDS (Cost $376,849,874)** |  |  | 377363956 |
|  | **TOTAL INVESTMENTS - 98.8% (Cost $376,849,874)** |  |  | $377363956 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%** |  |  | 4573948 |
|  | **NET ASSETS - 100.0%** |  |  | $381937904 |

---

LLC - Limited Liability Company

L.P. - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2025 the total market value of 144A securities is $3,878,979 or 1.0% of net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **BANKING - 1.0%** |  |
| 1208 | First Citizens BancShares, Inc., Class A | $2233447 |
| 9983 | Western Alliance Bancorp | 722869 |
|  |  | 2956316 |
|  | **BIOTECH & PHARMA - 0.5%** |  |
| 17917 | Incyte Corporation<sup>(a)</sup> | 1165680 |
| 10727 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 403335 |
|  |  | 1569015 |
|  | **CHEMICALS - 0.2%** |  |
| 11664 | Albemarle Corporation<sup>(b)</sup> | 650385 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.8%** |  |
| 34457 | Cintas Corporation | 7804510 |
| 27396 | Republic Services, Inc. | 7048717 |
|  |  | 14853227 |
|  | **CONSTRUCTION MATERIALS - 0.5%** |  |
| 4013 | Carlisle Companies, Inc. | 1525662 |
|  | **DATA CENTER REIT - 1.8%** |  |
| 32509 | Digital Realty Trust, Inc. | 5575944 |
|  | **DIVERSIFIED INDUSTRIALS - 0.7%** |  |
| 12858 | Dover Corporation | 2285510 |
|  | **ELECTRIC UTILITIES - 3.1%** |  |
| 57612 | CenterPoint Energy, Inc. | 2145471 |
| 26244 | CMS Energy Corporation | 1843116 |
| 38938 | Entergy Corporation | 3242756 |
| 20354 | Evergy, Inc. | 1351709 |
| 17578 | OGE Energy Corporation | 781694 |
|  |  | 9364746 |
|  | **ELECTRICAL EQUIPMENT - 3.9%** |  |
| 13323 | A O Smith Corporation | 856802 |
| 105807 | Amphenol Corporation, Class A | 9515224 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 3.9% (Continued)** |  |
| 23767 | Trimble, Inc.<sup>(a)</sup> | $1693874 |
|  |  | 12065900 |
|  | **ENGINEERING & CONSTRUCTION - 0.7%** |  |
| 4413 | EMCOR Group, Inc. | 2082318 |
|  | **FOOD - 0.6%** |  |
| 41980 | Conagra Brands, Inc. | 960922 |
| 12935 | Lamb Weston Holdings, Inc. | 721514 |
|  |  | 1682436 |
|  | **GAS & WATER UTILITIES - 0.7%** |  |
| 14022 | Atmos Energy Corporation | 2168923 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.2%** |  |
| 16627 | IQVIA Holdings, Inc.<sup>(a)</sup> | 2333267 |
| 4810 | Molina Healthcare, Inc.<sup>(a)</sup> | 1467242 |
|  |  | 3800509 |
|  | **HEALTH CARE REIT - 3.7%** |  |
| 39410 | Ventas, Inc. | 2533275 |
| 56982 | Welltower, Inc. | 8791183 |
|  |  | 11324458 |
|  | **HOME CONSTRUCTION - 0.2%** |  |
| 8948 | Taylor Morrison Home Corporation<sup>(a)</sup> | 503593 |
|  | **HOTEL REIT - 0.3%** |  |
| 67707 | Host Hotels & Resorts, Inc. | 1048781 |
|  | **INDUSTRIAL REIT - 3.1%** |  |
| 87760 | Prologis, Inc. | 9530736 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.9%** |  |
| 5843 | United Rentals, Inc. | 4139064 |
| 3658 | Watsco, Inc. | 1622579 |
|  |  | 5761643 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.0%** |  |
| 3620 | Evercore, Inc., Class A | $837994 |
| 40311 | Interactive Brokers Group, Inc., Class A | 8452410 |
|  |  | 9290404 |
|  | **INSURANCE - 5.6%** |  |
| 18251 | Loews Corporation | 1629632 |
| 54259 | Progressive Corp./The | 15460017 |
|  |  | 17089649 |
|  | **MACHINERY - 8.0%** |  |
| 44713 | Caterpillar, Inc. | 15561465 |
| 5345 | Nordson Corporation | 1133087 |
| 11869 | Parker-Hannifin Corporation | 7889324 |
|  |  | 24583876 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.2%** |  |
| 7342 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 3769090 |
| 1971 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 2277530 |
| 13286 | ResMed, Inc. | 3252280 |
| 8940 | STERIS plc | 2192177 |
| 6739 | West Pharmaceutical Services, Inc. | 1420918 |
|  |  | 12911995 |
|  | **METALS & MINING - 3.4%** |  |
| 134340 | Freeport-McMoRan, Inc. | 5169403 |
| 99918 | Newmont Corporation | 5267678 |
|  |  | 10437081 |
|  | **MULTI ASSET CLASS REIT - 0.4%** |  |
| 19519 | WP Carey, Inc. | 1225012 |
|  | **OFFICE REIT - 0.4%** |  |
| 16791 | Alexandria Real Estate Equities, Inc. | 1178560 |
|  | **OIL & GAS PRODUCERS - 4.4%** |  |
| 54777 | Devon Energy Corporation | 1657552 |
| 24873 | Diamondback Energy, Inc. | 3346662 |
| 194610 | Kinder Morgan, Inc. | 5456864 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 4.4% (Continued)** |  |
| 19276 | Targa Resources Corporation | $3044259 |
|  |  | 13505337 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.3%** |  |
| 120797 | Schlumberger N.V. | 3992341 |
|  | **RENEWABLE ENERGY - 0.7%** |  |
| 12391 | Enphase Energy, Inc.<sup>(a)</sup> | 512863 |
| 10205 | First Solar, Inc.<sup>(a)</sup> | 1613207 |
|  |  | 2126070 |
|  | **RESIDENTIAL REIT - 2.6%** |  |
| 17580 | Equity LifeStyle Properties, Inc. | 1117561 |
| 33401 | Equity Residential | 2342746 |
| 53372 | Invitation Homes, Inc. | 1798636 |
| 11719 | Sun Communities, Inc. | 1446593 |
| 28911 | UDR, Inc. | 1197783 |
|  |  | 7903319 |
|  | **RETAIL - CONSUMER STAPLES - 0.5%** |  |
| 8258 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1427478 |
|  | **RETAIL - DISCRETIONARY - 0.9%** |  |
| 10525 | Builders FirstSource, Inc.<sup>(a)</sup> | 1133332 |
| 12982 | Genuine Parts Company | 1642483 |
|  |  | 2775815 |
|  | **RETAIL REIT - 1.6%** |  |
| 29570 | Simon Property Group, Inc. | 4821980 |
|  | **SELF-STORAGE REIT - 0.9%** |  |
| 18844 | Extra Space Storage, Inc. | 2848271 |
|  | **SEMICONDUCTORS - 7.1%** |  |
| 15720 | Entegris, Inc. | 1080593 |
| 12715 | KLA Corporation | 9623728 |
| 14806 | Lattice Semiconductor Corporation<sup>(a)</sup> | 665382 |
| 55242 | Microchip Technology, Inc. | 3206246 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.1% (Continued)** |  |
| 4827 | Monolithic Power Systems, Inc. | $3194991 |
| 41246 | ON Semiconductor Corporation<sup>(a)</sup> | 1733157 |
| 15853 | Skyworks Solutions, Inc. | 1094333 |
| 15875 | Teradyne, Inc. | 1247775 |
|  |  | 21846205 |
|  | **SOFTWARE - 8.5%** |  |
| 8127 | ANSYS, Inc.<sup>(a)</sup> | 2688574 |
| 3994 | CommVault Systems, Inc.<sup>(a)</sup> | 731501 |
| 34617 | Confluent, Inc., Class A<sup>(a)</sup> | 797230 |
| 69208 | Fortinet, Inc.<sup>(a)</sup> | 7043990 |
| 5579 | Manhattan Associates, Inc.<sup>(a)</sup> | 1053204 |
| 24491 | Nutanix, Inc., Class A<sup>(a)</sup> | 1878215 |
| 9493 | Roper Technologies, Inc. | 5413573 |
| 3838 | Tyler Technologies, Inc.<sup>(a)</sup> | 2214488 |
| 15007 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 4197458 |
|  |  | 26018233 |
|  | **SPECIALTY FINANCE - 0.2%** |  |
| 161264 | UWM Holdings Corporation | 693435 |
|  | **STEEL - 1.3%** |  |
| 22511 | Nucor Corporation | 2461803 |
| 13507 | Steel Dynamics, Inc. | 1662306 |
|  |  | 4124109 |
|  | **TECHNOLOGY HARDWARE - 5.9%** |  |
| 124752 | Arista Networks, Inc.<sup>(a)</sup> | 10808514 |
| 13664 | Ciena Corporation<sup>(a)</sup> | 1093940 |
| 10048 | Jabil, Inc. | 1688164 |
| 32892 | Pure Storage, Inc., Class A<sup>(a)</sup> | 1762682 |
| 65251 | Super Micro Computer, Inc.<sup>(a)</sup> | 2611345 |
|  |  | 17964645 |
|  | **TECHNOLOGY SERVICES - 6.9%** |  |
| 38451 | CoStar Group, Inc.<sup>(a)</sup> | 2828456 |
| 5686 | EPAM Systems, Inc.<sup>(a)</sup> | 992150 |
| 2216 | Fair Isaac Corporation<sup>(a)</sup> | 3825436 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 6.9% (Continued)** |  |
| 15726 | Genpact Ltd. | $677004 |
| 7038 | MSCI, Inc. | 3969573 |
| 31209 | Paychex, Inc. | 4928214 |
| 12372 | Verisk Analytics, Inc. | 3886540 |
|  |  | 21107373 |
|  | **TELECOMMUNICATIONS - 0.2%** |  |
| 25651 | EchoStar Corporation, Class A<sup>(a)</sup> | 454792 |
|  | **TRANSPORTATION & LOGISTICS - 1.4%** |  |
| 9077 | JB Hunt Transport Services, Inc. | 1260341 |
| 19219 | Old Dominion Freight Line, Inc. | 3078308 |
|  |  | 4338649 |
|  | **TRANSPORTATION EQUIPMENT - 1.5%** |  |
| 48915 | PACCAR, Inc. | 4590673 |
|  | **TOTAL COMMON STOCKS (Cost $286,270,722)** | 306005404 |
|  | **COLLATERAL FOR SECURITIES LOANED – 0.2%** |  |
|  | **MONEY MARKET FUND - 0.2%** |  |
| 629685 | Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.23% **(Cost $629,685)** <sup>(c)(d)</sup> | 629685 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $286,900,407)** | $306635089 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%<sup>(e)</sup>** | 55016 |
|  | **NET ASSETS - 100.0%** | $306690105 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| |  |
| <sup>(b)</sup> | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2025 was $585,480. |
| |  |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at May 31, 2025. Total collateral had a value of $629,685 at May 31, 2025. |
| |  |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of May 31, 2025. |
| |  |
| <sup>(e)</sup> | Percentage rounds to less than 0.1%. |
| |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.9%** |  |
| 577 | Hermes International SCA | $1590550 |
| 219672 | PRADA SpA | 1437198 |
|  |  | 3027748 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 32004 | 3i Group plc | 1755864 |
| 28561 | Brookfield Corporation | 1649115 |
| 22558 | Julius Baer Group Ltd. | 1483888 |
| 1087 | Partners Group Holding A.G. | 1455975 |
|  |  | 6344842 |
|  | **AUTOMOTIVE - 3.3%** |  |
| 21988 | Continental A.G. | 1929692 |
| 121611 | Denso Corporation | 1657921 |
| 3517 | Ferrari N.V. | 1683799 |
| 699006 | Geely Automobile Holdings Ltd. | 1570766 |
| 48229 | Mahindra & Mahindra Ltd. - GDR | 1654255 |
| 17651 | Toyota Industries Corporation | 2222338 |
|  |  | 10718771 |
|  | **BANKING - 9.6%** |  |
| 4751334 | Bank Mandiri Persero Tbk P.T. | 1544912 |
| 35748 | Bank Polska Kasa Opieki S.A. | 1760369 |
| 6100482 | Bank Rakyat Indonesia Persero Tbk P.T. | 1665469 |
| 373728 | BOC Hong Kong Holdings Ltd. | 1577641 |
| 15853 | Commonwealth Bank of Australia | 1797715 |
| 86539 | Credit Agricole S.A. | 1582324 |
| 45247 | Danske Bank A/S | 1729556 |
| 1842020 | First Financial Holding Company Ltd. | 1664884 |
| 227380 | Grupo Financiero Banorte SAB de CV | 2016378 |
| 111647 | Hang Seng Bank Ltd. | 1563414 |
| 299587 | Intesa Sanpaolo SpA | 1670041 |
| 99878 | KakaoBank Corporation | 1699996 |
| 16906 | KBC Group N.V. | 1669103 |
| 71498 | National Australia Bank Ltd. | 1751047 |
| 23104 | OTP Bank Nyrt | 1752498 |
| 76993 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 1548665 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **BANKING - 9.6% (Continued)** |  |
| 440229 | SCB X PCL | $1588911 |
| 117646 | Standard Bank Group Ltd. | 1525863 |
| 54503 | United Overseas Bank Ltd. | 1496481 |
|  |  | 31605267 |
|  | **BIOTECH & PHARMA - 2.4%** |  |
| 13031 | Celltrion, Inc. | 1519546 |
| 32983 | Chugai Pharmaceutical Company Ltd. | 1738335 |
| 9599 | CSL Ltd. | 1528008 |
| 7697 | Genmab A/S<sup>(a)</sup> | 1616372 |
| 8549 | UCB S.A. | 1551981 |
|  |  | 7954242 |
|  | **CHEMICALS - 6.1%** |  |
| 24969 | Akzo Nobel N.V. | 1699752 |
| 3431520 | Chandra Asri Pacific Tbk P.T. | 1963124 |
| 138817 | Clariant A.G. | 1564946 |
| 23269 | Covestro A.G. 144A<sup>(a),(d)</sup> | 1598291 |
| 40558 | Croda International plc | 1676528 |
| 2204 | EMS-Chemie Holding A.G. | 1674304 |
| 69334 | Evonik Industries A.G. | 1500347 |
| 348 | Givaudan S.A. | 1746070 |
| 30098 | Nutrien Ltd. | 1777991 |
| 43626 | Solvay S.A. | 1429435 |
| 14565 | Symrise A.G. | 1737118 |
| 49761 | Yara International ASA | 1784422 |
|  |  | 20152328 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.8%** |  |
| 155273 | ALS Ltd. | 1608170 |
| 49470 | Bureau Veritas S.A. | 1689439 |
| 46165 | Edenred S.E. | 1441346 |
| 23122 | Intertek Group plc | 1490998 |
| 15397 | SGS S.A. | 1605332 |
| 165818 | Worley Ltd. | 1391435 |
|  |  | 9226720 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 2.0%** |  |
| 302674 | Grupo Argos S.A./Colombia | $1595859 |
| 14285 | Holcim A.G. | 1580374 |
| 330244 | Siam Cement PCL (The) - GDR | 1669728 |
| 6202 | Sika A.G. | 1656168 |
|  |  | 6502129 |
|  | **CONTAINERS & PACKAGING - 0.5%** |  |
| 42563 | Huhtamaki OYJ | 1571468 |
|  | **DIVERSIFIED INDUSTRIALS - 0.5%** |  |
| 35546 | Alfa Laval A.B. | 1511887 |
|  | **ELECTRIC UTILITIES - 7.7%** |  |
| 183462 | CLP Holdings Ltd. | 1557108 |
| 101715 | E.ON S.E. | 1781860 |
| 464176 | EDP - Energias de Portugal S.A. | 1849748 |
| 181263 | EDP Renovaveis S.A. | 1819215 |
| 56416 | Endesa S.A. | 1721687 |
| 15640985 | Enel Americas S.A. | 1459801 |
| 184365 | Enel SpA | 1692315 |
| 33034 | Fortis, Inc. | 1613757 |
| 97333 | Fortum OYJ | 1679679 |
| 92539 | Iberdrola S.A. | 1689404 |
| 42874 | RWE A.G. | 1612643 |
| 72600 | SSE plc | 1722563 |
| 165254 | Terna - Rete Elettrica Nazionale | 1680683 |
| 671603 | Vector Ltd. | 1660656 |
| 21776 | Verbund A.G.<sup>(b)</sup> | 1699705 |
|  |  | 25240824 |
|  | **ELECTRICAL EQUIPMENT - 2.3%** |  |
| 772059 | Delta Electronics Thailand PCL - GDR | 2445606 |
| 27187 | Kone OYJ, Class B | 1692706 |
| 6646 | Schneider Electric S.E. | 1670177 |
| 4438 | Trane Technologies PLC | 1909538 |
|  |  | 7718027 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 1.5%** |  |
| 80869 | AFRY A.B. | $1430856 |
| 33760 | Ferrovial S.E. | 1718663 |
| 8806 | WSP Global, Inc. | 1804212 |
|  |  | 4953731 |
|  | **ENTERTAINMENT CONTENT - 0.5%** |  |
| 255959 | Bollore S.E. | 1627351 |
|  | **FOOD - 2.5%** |  |
| 75799 | Ajinomoto Company, Inc. | 1902890 |
| 558452 | Grupo Bimbo S.A.B. de C.V. | 1561804 |
| 628940 | Premier Foods PLC | 1762591 |
| 223623 | Tate & Lyle plc | 1666175 |
| 619134 | Wilmar International Ltd. | 1464230 |
|  |  | 8357690 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.9%** |  |
| 161215 | Suzano S.A. | 1396883 |
| 55959 | UPM-Kymmene OYJ | 1549546 |
|  |  | 2946429 |
|  | **GAS & WATER UTILITIES - 2.0%** |  |
| 345545 | Hera SpA | 1715171 |
| 1738634 | Hong Kong & China Gas Company Ltd. | 1529967 |
| 54794 | Naturgy Energy Group S.A. | 1618687 |
| 288255 | Snam SpA | 1723378 |
|  |  | 6587203 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.9%** |  |
| 35717 | Fresenius S.E. & Company KGaA<sup>,(a)</sup> | 1750977 |
| 8544 | ICON plc<sup>(a)</sup> | 1113112 |
|  |  | 2864089 |
|  | **HOME & OFFICE PRODUCTS - 0.5%** |  |
| 15915 | SEB S.A. | 1579213 |
|  | **HOME CONSTRUCTION - 0.5%** |  |
| 2441 | Geberit A.G. | 1818741 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 1.0%** |  |
| 11648 | Beiersdorf A.G. | $1595517 |
| 7047 | LG H&H Company Ltd. | 1663918 |
|  |  | 3259435 |
|  | **INDUSTRIAL REIT - 0.5%** |  |
| 84163 | Goodman Group | 1785670 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.9%** |  |
| 27912 | Ashtead Group PLC | 1630268 |
| 1049129 | United Tractors Tbk P.T. | 1444966 |
|  |  | 3075234 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.0%** |  |
| 701910 | B3 S.A. - Brasil Bolsa Balcao | 1702968 |
| 5133 | Deutsche Boerse A.G. | 1652141 |
| 33734 | Hong Kong Exchanges & Clearing Ltd. | 1702818 |
| 10178 | London Stock Exchange Group plc | 1546173 |
|  |  | 6604100 |
|  | **INSURANCE - 5.5%** |  |
| 202558 | AIA Group Ltd. | 1695933 |
| 211793 | BB Seguridade Participacoes S.A. | 1394578 |
| 197927 | Dai-ichi Life Holdings, Inc. | 1552420 |
| 1034 | Fairfax Financial Holdings Ltd. | 1759141 |
| 7312 | Intact Financial Corporation | 1658682 |
| 507682 | Legal & General Group plc | 1701166 |
| 42264 | Power Corp of Canada | 1635404 |
| 140069 | Prudential PLC | 1594318 |
| 160105 | Sampo OYJ, A Shares | 1707932 |
| 1693 | Swiss Life Holding A.G. | 1690263 |
| 63503 | Tryg A/S | 1631792 |
|  |  | 18021629 |
|  | **INTERNET MEDIA & SERVICES - 1.5%** |  |
| 6065 | Naspers Ltd. | 1741563 |
| 32465 | Prosus N.V. | 1666006 |
| 10898 | REA Group Ltd. | 1683655 |
|  |  | 5091224 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **MACHINERY - 5.0%** |  |
| 26735 | ANDRITZ A.G.<sup>(b)</sup> | $1846986 |
| 7501 | Disco Corporation | 1713647 |
| 55234 | FANUC Corporation | 1484894 |
| 25097 | GEA Group AG | 1678262 |
| 36612 | KION Group A.G. | 1700080 |
| 11173 | Krones A.G. | 1758150 |
| 72962 | Sandvik A.B. | 1593901 |
| 4226 | SMC Corporation | 1590489 |
| 106474 | TOMRA Systems ASA | 1589849 |
| 188578 | WEG S.A. | 1399279 |
|  |  | 16355537 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.8%** |  |
| 14357 | Coloplast A/S - Series B | 1389139 |
| 5270 | EssilorLuxottica S.A. | 1464088 |
| 5155 | Sonova Holding A.G. | 1614051 |
| 12561 | Straumann Holding A.G. | 1611481 |
|  |  | 6078759 |
|  | **METALS & MINING - 3.9%** |  |
| 13793 | Agnico Eagle Mines Ltd.<sup>(b)</sup> | 1625679 |
| 70160 | Antofagasta plc | 1673650 |
| 62637 | BHP Group Ltd. | 1544126 |
| 155677 | Fortescue Ltd. | 1544128 |
| 9501 | Franco-Nevada Corporation | 1600217 |
| 20718 | Rio Tinto Ltd. | 1504312 |
| 40024 | Valterra Platinum Limited<sup>(b)</sup> | 1568457 |
| 19323 | Wheaton Precious Metals Corporation | 1674059 |
|  |  | 12734628 |
|  | **OIL & GAS PRODUCERS - 6.8%** |  |
| 64359 | Aker BP ASA | 1481851 |
| 48524 | Canadian Natural Resources Ltd. | 1473188 |
| 107463 | Cenovus Energy, Inc. | 1415584 |
| 9861 | Delek Group Ltd. | 1739104 |
| 286656 | ENEOS Holdings, Inc. | 1365550 |
| 98024 | Eni SpA | 1443650 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 6.8% (Continued)** |  |
| 57093 | Equinor ASA | $1339725 |
| 108992 | Inpex Corporation | 1478311 |
| 190059 | MOL Hungarian Oil & Gas plc | 1643626 |
| 29099 | OMV A.G. | 1556043 |
| 85070 | ORLEN S.A. | 1671579 |
| 359272 | Santos Ltd. | 1525910 |
| 23168 | TotalEnergies S.E. | 1358832 |
| 31111 | Tourmaline Oil Corporation | 1402628 |
| 103493 | Woodside Energy Group Ltd. | 1484093 |
|  |  | 22379674 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.9%** |  |
| 385894 | CK Asset Holdings Ltd. | 1599470 |
| 2359323 | New World Development Company Ltd.<sup>(a),(b)</sup> | 1441277 |
| 3623167 | SM Prime Holdings, Inc. | 1464201 |
| 40095 | Sumitomo Realty & Development Company Ltd. | 1548021 |
| 713587 | Swire Properties Ltd. | 1565309 |
| 55376 | Vonovia S.E. | 1812546 |
|  |  | 9430824 |
|  | **RETAIL - CONSUMER STAPLES - 3.1%** |  |
| 59800 | Aeon Company Ltd. | 1843306 |
| 30300 | Alimentation Couche-Tard, Inc. | 1570709 |
| 123793 | BIM Birlesik Magazalar A/S | 1502438 |
| 490847 | Cencosud S.A. | 1690959 |
| 71948 | Jeronimo Martins SGPS S.A. | 1810136 |
| 198513 | President Chain Store Corporation | 1694736 |
|  |  | 10112284 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 109919 | SM Investments Corporation | 1644845 |
|  | **SEMICONDUCTORS - 2.5%** |  |
| 34649 | Advantest Corporation | 1774124 |
| 45474 | Infineon Technologies A.G. | 1769552 |
| 7866 | NXP Semiconductors N.V. | 1503429 |
| 112831 | Renesas Electronics Corporation | 1398242 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 2.5% (Continued)** |  |
| 69109 | STMicroelectronics N.V. | $1734394 |
|  |  | 8179741 |
|  | **SOFTWARE - 2.0%** |  |
| 6560 | Check Point Software Technologies Ltd.<sup>(a)</sup> | 1501453 |
| 472 | Constellation Software, Inc. | 1711116 |
| 39790 | Dassault Systemes S.E. | 1490770 |
| 29456 | WiseTech Global Ltd. | 2034165 |
|  |  | 6737504 |
|  | **STEEL - 0.5%** |  |
| 61430 | voestalpine A.G.<sup>(b)</sup> | 1616652 |
|  | **TECHNOLOGY HARDWARE - 0.9%** |  |
| 6886 | Garmin Ltd. | 1397651 |
| 11902 | Samsung SDI Company Ltd. | 1455995 |
|  |  | 2853646 |
|  | **TECHNOLOGY SERVICES - 0.5%** |  |
| 9706 | Wolters Kluwer N.V. | 1722352 |
|  | **TELECOMMUNICATIONS - 2.6%** |  |
| 92145 | Hellenic Telecommunications Organization S.A. | 1777410 |
| 360569 | Koninklijke KPN N.V. | 1693954 |
| 228129 | MTN Group Ltd. | 1585718 |
| 585436 | Singapore Telecommunications Ltd. | 1729534 |
| 427697 | Taiwan Mobile Company Ltd. | 1629159 |
|  |  | 8415775 |
|  | **TRANSPORTATION & LOGISTICS - 4.7%** |  |
| 6621 | Aena SME S.A. 144A<sup>(d)</sup> | 1781536 |
| 15350 | Canadian National Railway Company | 1613364 |
| 7720 | DSV A/S | 1819225 |
| 75966 | East Japan Railway Company | 1599796 |
| 1228771 | Eva Airways Corporation | 1677202 |
| 6693 | Kuehne + Nagel International A.G. | 1505402 |
| 84125 | Poste Italiane SpA 144A<sup>(d)</sup> | 1825191 |
| 35287 | Ryanair Holdings plc - ADR | 1961957 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 4.7% (Continued)** |  |
| 178697 | Transurban Group | $1633104 |
|  |  | 15416777 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 32495 | ITOCHU Corporation | 1748075 |
|  | **TOTAL COMMON STOCKS (Cost $281,686,245)** | 325573065 |
|  | **PREFERRED STOCK — 0.3%** |  |
|  | **CHEMICALS — 0.3%** |  |
| 37650 | Sociedad Quimica y Minera de Chile S.A., Class B <sup>(a)</sup> **(Cost $1,933,194)** | 1125879 |
|  | **COLLATERAL FOR SECURITIES LOANED – 2.1%** |  |
|  | **MONEY MARKET FUND - 2.1%** |  |
| 6750573 | Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.23% **(Cost $6,750,573)** <sup>(c)(e)</sup> | 6750573 |
|  | **TOTAL INVESTMENTS - 101.3% (Cost $290,370,012)** | $333449517 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)%** | (4229600) |
|  | **NET ASSETS - 100.0%** | $329219917 |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| ASA | - Allmennaksjeselskap |
| A/S | - Anonim Sirketi |
| GDR | - Global Depositary Receipt |
| LTD | - Limited Company |
| 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 |
| SCA | - Société en Commandite par Actions |
| S.E. | - Societas Europaea |
| SpA | - Società per azioni |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2025 was $6,373,147. |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at May 31, 2025. Total collateral had a value of $6,750,573 at May 31, 2025. |
| <sup>(d)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2025 the total market value of 144A securities is $5,205,018 or 1.6% of net assets. |
| <sup>(e)</sup> | Rate disclosed is the seven day effective yield as of May 31, 2025. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | |
|:---|:---|
| **Diversification of Assets** | **Diversification of Assets** |
| **Country** | **Percentage of Net Assets** |
| **Common Stocks** |  |
| Japan | 8.1% |
| Canada | 7.9% |
| Germany | 7.3% |
| Australia | 6.9% |
| Switzerland | 6.8% |
| United Kingdom | 5.5% |
| France | 4.2% |
| Netherlands | 4.1% |
| Italy | 4.0% |
| Hong Kong | 3.8% |
| Spain | 2.6% |
| Finland | 2.5% |
| Denmark | 2.5% |
| Austria | 2.0% |
| Taiwan | 2.0% |
| Indonesia | 2.0% |
| South Africa | 1.9% |
| Republic Of Korea | 1.9% |
| Norway | 1.9% |
| Brazil | 1.8% |
| Thailand | 1.7% |
| Ireland | 1.5% |
| Poland | 1.5% |
| Singapore | 1.4% |
| Belgium | 1.4% |
| Sweden | 1.4% |
| Chile | 1.3% |
| Portugal | 1.1% |
| Mexico | 1.1% |
| Hungary | 1.0% |
| Israel | 1.0% |
| Cayman Islands | 1.0% |
| Philippines | 0.9% |
| Greece | 0.5% |
| New Zealand | 0.5% |
| India | 0.5% |
| Colombia | 0.5% |
| United States | 0.5% |
| Turkey | 0.4% |
| **Total Common Stocks** | **98.9%** |
| **Preferred Stock** |  |
| Chile | 0.3% |
| **Total Preferred Stock** | **0.3%** |
| **Collateral For Securities Loaned** | **2.1%** |
| Liabilities In Excess Of Other Assets | **-1.3%** |
| **Total Net Assets** | **100.0%** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE TACTICAL BALANCED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.0%** |  |
|  | **AEROSPACE & DEFENSE - 3.2%** |  |
| 14750 | Howmet Aerospace, Inc. | $2505878 |
|  | **ASSET MANAGEMENT - 3.2%** |  |
| 44958 | Brookfield Asset Management Ltd. | 2522144 |
|  | **BANKING - 3.2%** |  |
| 597906 | Lloyds Banking Group plc - ADR | 2517184 |
|  | **BEVERAGES - 3.2%** |  |
| 39530 | Monster Beverage Corporation<sup>(a)</sup> | 2527944 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 944 | MercadoLibre, Inc.<sup>(a)</sup> | 2419746 |
|  | **ELECTRICAL EQUIPMENT - 3.2%** |  |
| 5310 | GE Vernova, LLC | 2511524 |
|  | **ENTERTAINMENT CONTENT - 3.2%** |  |
| 6490 | AppLovin Corporation, Class A<sup>(a)</sup> | 2550570 |
|  | **FOOD - 3.2%** |  |
| 37288 | Mondelez International, Inc., Class A | 2516567 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.2%** |  |
| 12036 | Interactive Brokers Group, Inc., Class A | 2523708 |
|  | **MACHINERY - 3.2%** |  |
| 7198 | Caterpillar, Inc. | 2505120 |
|  | **METALS & MINING - 3.2%** |  |
| 47790 | Newmont Corporation | 2519489 |
|  | **OIL & GAS PRODUCERS - 12.7%** |  |
| 142426 | Energy Transfer, L.P. | 2489606 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE TACTICAL BALANCED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.0% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 12.7% (Continued)** |  |
| 80830 | Enterprise Products Partners, L.P. | $2491181 |
| 22892 | EOG Resources, Inc. | 2485384 |
| 90270 | Kinder Morgan, Inc. | 2531171 |
|  |  | 9997342 |
|  | **RETAIL - DISCRETIONARY - 9.9%** |  |
| 708 | AutoZone, Inc.<sup>(a)</sup> | 2642992 |
| 6844 | Home Depot, Inc. (The) | 2520577 |
| 1888 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 2581840 |
|  |  | 7745409 |
|  | **SEMICONDUCTORS - 3.1%** |  |
| 16992 | QUALCOMM, Inc. | 2467238 |
|  | **SOFTWARE - 6.4%** |  |
| 24780 | Fortinet, Inc.<sup>(a)</sup> | 2522109 |
| 23364 | Shopify, Inc., Class A<sup>(a)</sup> | 2505088 |
|  |  | 5027197 |
|  | **TECHNOLOGY HARDWARE - 3.2%** |  |
| 28792 | Arista Networks, Inc.<sup>(a)</sup> | 2494539 |
|  | **TECHNOLOGY SERVICES - 3.2%** |  |
| 46610 | RELX plc - ADR | 2513211 |
|  | **TRANSPORTATION & LOGISTICS - 6.4%** |  |
| 31034 | Canadian Pacific Kansas City LTD. | 2533925 |
| 25842 | United Parcel Service, Inc., Class B | 2520629 |
|  |  | 5054554 |
|  | **TOTAL COMMON STOCKS (Cost $63,296,932)** | 62919364 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE TACTICAL BALANCED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 19.5%** |  |
|  | **FIXED INCOME - 19.5%** |  |
| 628940 | Schwab Short-Term U.S. Treasury ETF **(Cost $15,301,533)** | $15295821 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $78,598,465)** | $78215185 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 427964 |
|  | **NET ASSETS - 100.0%** | $78643149 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| (a) | Non-income producing security. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9%** |  |
|  | **BIOTECH & PHARMA - 2.8%** |  |
| 7029 | United Therapeutics Corporation<sup>(a)</sup> | $2241197 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.5%** |  |
| 30492 | Brady Corporation, Class A | 2127427 |
| 13365 | FTI Consulting, Inc.<sup>(a)</sup> | 2193998 |
|  |  | 4321425 |
|  | **ELECTRIC UTILITIES - 4.4%** |  |
| 22572 | NRG Energy, Inc. | 3518975 |
|  | **ELECTRICAL EQUIPMENT - 7.1%** |  |
| 32274 | Amphenol Corporation, Class A | 2902400 |
| 21681 | BWX Technologies, Inc. | 2723134 |
|  |  | 5625534 |
|  | **ENGINEERING & CONSTRUCTION - 3.5%** |  |
| 5841 | EMCOR Group, Inc. | 2756134 |
|  | **ENTERTAINMENT CONTENT - 3.9%** |  |
| 7920 | AppLovin Corporation, Class A<sup>(a)</sup> | 3112560 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 2.2%** |  |
| 32472 | Sylvamo Corporation | 1720042 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.9%** |  |
| 3564 | Chemed Corporation | 2048730 |
| 21384 | Encompass Health Corporation | 2585325 |
|  |  | 4634055 |
|  | **HEALTH CARE REIT - 2.7%** |  |
| 57321 | Omega Healthcare Investors, Inc. | 2120877 |
|  | **HOME CONSTRUCTION - 2.4%** |  |
| 37224 | KB Home | 1920014 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.0%** |  |
| 27819 | SEI Investments Company | $2371848 |
|  | **INSURANCE - 8.1%** |  |
| 4455 | Kinsale Capital Group, Inc. | 2102715 |
| 55638 | Old Republic International Corporation | 2103116 |
| 10890 | Reinsurance Group of America, Inc. | 2213829 |
|  |  | 6419660 |
|  | **LEISURE FACILITIES & SERVICES - 3.7%** |  |
| 85932 | Cinemark Holdings, Inc. | 2901924 |
|  | **MACHINERY - 9.5%** |  |
| 6831 | Curtiss-Wright Corporation | 3006392 |
| 44154 | Flowserve Corporation | 2203726 |
| 14454 | MSA Safety, Inc. | 2355569 |
|  |  | 7565687 |
|  | **OIL & GAS PRODUCERS - 4.9%** |  |
| 13563 | Diamondback Energy, Inc. | 1824902 |
| 4752 | Murphy USA, Inc. | 2028106 |
|  |  | 3853008 |
|  | **RETAIL - CONSUMER STAPLES - 5.5%** |  |
| 19305 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2185519 |
| 5049 | Casey's General Stores, Inc. | 2210250 |
|  |  | 4395769 |
|  | **RETAIL - DISCRETIONARY - 6.3%** |  |
| 13761 | AutoNation, Inc.<sup>(a)</sup> | 2529959 |
| 5742 | Group 1 Automotive, Inc. | 2434149 |
|  |  | 4964108 |
|  | **SEMICONDUCTORS - 12.6%** |  |
| 12771 | Broadcom, Inc. | 3091475 |
| 3168 | KLA Corporation | 2397796 |
| 3663 | Monolithic Power Systems, Inc. | 2424540 |
| 13959 | QUALCOMM, Inc. | 2026847 |
|  |  | 9940658 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE MOMENTUM ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **SOFTWARE - 3.1%** |  |
| 13464 | CommVault Systems, Inc.<sup>(a)</sup> | $2465932 |
|  | **TECHNOLOGY HARDWARE - 2.8%** |  |
| 10197 | InterDigital, Inc. | 2215400 |
|  | **TOTAL COMMON STOCKS (Cost $65,574,161)** | 79064807 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $65,574,161)** | $79064807 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 116307 |
|  | **NET ASSETS - 100.0%** | $79181114 |

---

---

| | |
|:---|:---|
| REIT | - Real Estate Investment Trust |
| <sup>(a)</sup> | Non-income producing security. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **AEROSPACE & DEFENSE - 1.2%** |  |
| 5818 | Howmet Aerospace, Inc. | $988420 |
|  | **ASSET MANAGEMENT - 1.8%** |  |
| 7062 | Futu Holdings Ltd. - ADR | 719830 |
| 7811 | Stifel Financial Corporation | 735952 |
|  |  | 1455782 |
|  | **AUTOMOTIVE - 1.1%** |  |
| 52965 | Dana, Inc. | 880808 |
|  | **BANKING - 4.7%** |  |
| 19581 | Bank7 Corporation | 756218 |
| 20758 | Capital City Bank Group, Inc. | 783407 |
| 3959 | Credicorp Ltd. | 838556 |
| 32742 | Northeast Community Bancorp, Inc. | 740624 |
| 22577 | Third Coast Bancshares, Inc.<sup>(a)</sup> | 692211 |
|  |  | 3811016 |
|  | **BIOTECH & PHARMA - 3.7%** |  |
| 33063 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 825252 |
| 20651 | Exelixis, Inc.<sup>(a)</sup> | 888819 |
| 5457 | Jazz Pharmaceuticals plc<sup>(a)</sup> | 589738 |
| 14445 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | 685704 |
|  |  | 2989513 |
|  | **CHEMICALS - 1.1%** |  |
| 9951 | CF Industries Holdings, Inc. | 902655 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.1%** |  |
| 98654 | ADT, Inc. | 820801 |
| 17869 | Heidrick & Struggles International, Inc. | 780161 |
| 3852 | UniFirst Corporation | 726333 |
| 17762 | Willdan Group, Inc.<sup>(a)</sup> | 960037 |
|  |  | 3287332 |
|  | **CONSUMER SERVICES - 2.4%** |  |
| 6285 | Stride, Inc.<sup>(a)</sup> | 951486 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **CONSUMER SERVICES - 2.4% (Continued)** |  |
| 27606 | Universal Technical Institute, Inc.<sup>(a)</sup> | $980841 |
|  |  | 1932327 |
|  | **CONTAINERS & PACKAGING - 1.1%** |  |
| 8512 | Crown Holdings, Inc. | 838432 |
|  | **E-COMMERCE DISCRETIONARY - 1.9%** |  |
| 369 | MercadoLibre, Inc.<sup>(a)</sup> | 945854 |
| 5885 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 567961 |
|  |  | 1513815 |
|  | **ELECTRIC UTILITIES - 2.6%** |  |
| 7704 | NRG Energy, Inc. | 1201054 |
| 5778 | Vistra Corporation | 927773 |
|  |  | 2128827 |
|  | **ELECTRICAL EQUIPMENT - 2.2%** |  |
| 7169 | Itron, Inc.<sup>(a)</sup> | 828736 |
| 8560 | Vertiv Holdings Company | 923881 |
|  |  | 1752617 |
|  | **ENGINEERING & CONSTRUCTION - 3.1%** |  |
| 2140 | Comfort Systems USA, Inc. | 1023412 |
| 1926 | EMCOR Group, Inc. | 908802 |
| 76505 | Mistras Group, Inc.<sup>(a)</sup> | 577613 |
|  |  | 2509827 |
|  | **FOOD – 5.0%** |  |
| 8667 | Cal-Maine Foods, Inc. | 831425 |
| 35096 | Phibro Animal Health Corporation, Class A | 857044 |
| 16649 | Pilgrim's Pride Corporation | 818465 |
| 12626 | Tyson Foods, Inc., Class A | 709076 |
| 25894 | Vital Farms, Inc.<sup>(a)</sup> | 824465 |
|  |  | 4040475 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.4%** |  |
| 7704 | Encompass Health Corporation | 931414 |
| 6099 | Tenet Healthcare Corporation<sup>(a)</sup> | 1029328 |
| 4280 | Universal Health Services, Inc., Class B | 814698 |
|  |  | 2775440 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 10700 | Griffon Corporation | $735625 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.9%** |  |
| 2354 | Valmont Industries, Inc. | 748666 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.2%** |  |
| 4387 | Interactive Brokers Group, Inc., Class A | 919866 |
| 20330 | Virtu Financial, Inc., Class A | 817063 |
|  |  | 1736929 |
|  | **INSURANCE - 5.6%** |  |
| 18618 | CNO Financial Group, Inc. | 706739 |
| 41623 | Donegal Group, Inc., Class A | 840786 |
| 5992 | Globe Life, Inc. | 730245 |
| 2675 | Primerica, Inc. | 723855 |
| 2782 | Progressive Corp./The | 792675 |
| 26322 | United Fire Group, Inc. | 748861 |
|  |  | 4543161 |
|  | **INTERNET MEDIA & SERVICES - 3.7%** |  |
| 27285 | EverQuote, Inc.<sup>(a)</sup> | 628919 |
| 24075 | HealthStream, Inc. | 674582 |
| 43228 | Opera Ltd. - ADR | 793234 |
| 56924 | Upwork, Inc.<sup>(a)</sup> | 881753 |
|  |  | 2978488 |
|  | **LEISURE FACILITIES & SERVICES - 1.1%** |  |
| 15836 | Cheesecake Factory, Inc. (The)<sup>(b)</sup> | 873672 |
|  | **MACHINERY - 1.3%** |  |
| 2354 | Curtiss-Wright Corporation | 1036019 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0%** |  |
| 10379 | Globus Medical, Inc., Class A<sup>(a)</sup> | 614229 |
| 2889 | Insulet Corporation<sup>(a)</sup> | 939012 |
| 3492 | ResMed, Inc. | 854807 |
|  |  | 2408048 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **METALS & MINING - 0.9%** |  |
| 28676 | Alliance Resource Partners, L.P. | $746436 |
|  | **OIL & GAS PRODUCERS - 4.1%** |  |
| 3317 | Cheniere Energy, Inc. | 786096 |
| 18190 | Ovintiv, Inc. | 651566 |
| 37878 | Plains All American Pipeline, L.P. | 626502 |
| 25359 | Riley Exploration Permian, Inc. | 650712 |
| 3852 | Targa Resources Corporation | 608346 |
|  |  | 3323222 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.6%** |  |
| 17120 | Baker Hughes Company | 634296 |
| 46866 | DNOW, Inc.<sup>(a)</sup> | 675808 |
| 26108 | TechnipFMC plc | 813264 |
|  |  | 2123368 |
|  | **RENEWABLE ENERGY - 2.2%** |  |
| 38199 | American Superconductor Corporation<sup>(a)</sup> | 1079504 |
| 7918 | EnerSys | 662182 |
|  |  | 1741686 |
|  | **RETAIL - CONSUMER STAPLES - 2.2%** |  |
| 36059 | Albertsons Companies, Inc., Class A | 801592 |
| 5457 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 943297 |
|  |  | 1744889 |
|  | **RETAIL - DISCRETIONARY - 1.3%** |  |
| 20651 | Build-A-Bear Workshop, Inc. | 1054027 |
|  | **SEMICONDUCTORS - 2.6%** |  |
| 27820 | ACM Research, Inc., Class A<sup>(a)</sup> | 627341 |
| 7704 | Cirrus Logic, Inc.<sup>(a)</sup> | 757765 |
| 4855 | QUALCOMM, Inc. | 704946 |
|  |  | 2090052 |
|  | **SOFTWARE - 3.8%** |  |
| 14338 | ACI Worldwide, Inc.<sup>(a)</sup> | 663276 |
| 72974 | Asure Software, Inc.<sup>(a)</sup> | 707848 |
| 9309 | SS&C Technologies Holdings, Inc. | 752260 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SOFTWARE - 3.8% (Continued)** |  |
| 3268 | Veeva Systems, Inc., Class A<sup>(a)</sup> | $914060 |
|  |  | 3037444 |
|  | **SPECIALTY FINANCE - 3.1%** |  |
| 8774 | Dave, Inc.<sup>(a)</sup> | 1761995 |
| 7918 | Enova International, Inc.<sup>(a)</sup> | 733761 |
|  |  | 2495756 |
|  | **STEEL - 1.2%** |  |
| 4127 | Carpenter Technology Corporation | 969845 |
|  | **TECHNOLOGY HARDWARE - 8.1%** |  |
| 15943 | Avnet, Inc. | 797309 |
| 139528 | CommScope Holding Company, Inc.<sup>(a)</sup> | 842749 |
| 114276 | Gilat Satellite Networks Ltd.<sup>(a),(b)</sup> | 636517 |
| 5350 | Jabil, Inc. | 898854 |
| 31672 | NETGEAR, Inc.<sup>(a)</sup> | 928940 |
| 33812 | Radware Ltd.<sup>(a)</sup> | 788496 |
| 190995 | Ribbon Communications, Inc.<sup>(a)</sup> | 645563 |
| 33812 | TTM Technologies, Inc.<sup>(a)</sup> | 1009626 |
|  |  | 6548054 |
|  | **TECHNOLOGY SERVICES - 1.1%** |  |
| 57031 | Magic Software Enterprises Ltd. | 902801 |
|  | **TELECOMMUNICATIONS - 4.9%** |  |
| 28890 | EchoStar Corporation, Class A<sup>(a)</sup> | 512220 |
| 27820 | Iridium Communications, Inc. | 706628 |
| 56282 | Ooma, Inc.<sup>(a)</sup> | 768249 |
| 48150 | Spok Holdings, Inc. | 780029 |
| 21186 | Telephone and Data Systems, Inc. | 727951 |
| 86456 | Vnet Group, Inc. - ADR<sup>(a)</sup> | 461675 |
|  |  | 3956752 |
|  | **TRANSPORTATION & LOGISTICS - 2.7%** |  |
| 7704 | CH Robinson Worldwide, Inc. | 739353 |
| 68801 | DHT Holdings, Inc. | 796716 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.7% (Continued)** |  |
| 5885 | Matson, Inc. | $664122 |
|  |  | 2200191 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8%** |  |
| 17655 | Andersons, Inc. (The) | 626929 |
|  | **TOTAL COMMON STOCKS (Cost $74,636,010)** | 80429346 |
|  | **COLLATERAL FOR SECURITIES LOANED – 1.1%** |  |
|  | **MONEY MARKET FUND - 1.1%** |  |
| 882654 | Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.23% **(Cost $882,654)** <sup>(c)(d)</sup> | 882654 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $75,518,664)** | $81312000 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | (630586) |
|  | **NET ASSETS - 100.0%** | $80681414 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2025 was $857,601. |
| <sup>(c)</sup> | Security was purchased with cash received as collateral for securities on loan at May 31, 2025. Total collateral had a value of $882,654 at May 31, 2025. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of May 31, 2025. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **ADVERTISING & MARKETING - 0.3%** |  |
| 11689 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | $879247 |
|  | **AEROSPACE & DEFENSE - 0.1%** |  |
| 6061 | Leonardo DRS, Inc. | 256380 |
| 2139 | Loar Holdings, Inc.<sup>(a)</sup> | 186200 |
|  |  | 442580 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 3520 | Deckers Outdoor Corporation<sup>(a)</sup> | 371430 |
|  | **ASSET MANAGEMENT - 0.3%** |  |
| 32696 | Blue Owl Capital, Inc. | 610762 |
| 1214 | Hamilton Lane, Inc., Class A | 180886 |
| 2397 | Stifel Financial Corporation | 225845 |
|  |  | 1017493 |
|  | **AUTOMOTIVE - 0.2%** |  |
| 32816 | Aurora Innovation, Inc.<sup>(a)</sup> | 198865 |
| 5038 | BorgWarner, Inc. | 166707 |
| 5482 | Gentex Corporation | 118247 |
| 57098 | Lucid Group, Inc.<sup>(a)</sup> | 127329 |
|  |  | 611148 |
|  | **BANKING - 1.0%** |  |
| 1527 | BOK Financial Corporation | 144179 |
| 1538 | Cullen/Frost Bankers, Inc. | 195295 |
| 3273 | East West Bancorp, Inc. | 298498 |
| 354 | First Citizens BancShares, Inc., Class A | 654505 |
| 13304 | First Horizon Corporation | 264484 |
| 1837 | Pinnacle Financial Partners, Inc. | 195236 |
| 2305 | Prosperity Bancshares, Inc. | 160543 |
| 21642 | Regions Financial Corporation | 464004 |
| 1864 | SouthState Corporation | 163659 |
| 4175 | Webster Financial Corporation | 214929 |
| 2618 | Western Alliance Bancorp | 189569 |
| 1572 | Wintrust Financial Corporation | 187713 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **BANKING - 1.0% (Continued)** |  |
| 3579 | Zions Bancorp NA | $169501 |
|  |  | 3302115 |
|  | **BEVERAGES - 0.5%** |  |
| 5748 | Celsius Holdings, Inc.<sup>(a)</sup> | 217734 |
| 1950 | Coca-Cola Consolidated, Inc. | 223568 |
| 22735 | Monster Beverage Corporation<sup>(a)</sup> | 1453903 |
|  |  | 1895205 |
|  | **BIOTECH & PHARMA - 1.1%** |  |
| 6974 | Exelixis, Inc.<sup>(a)</sup> | 300161 |
| 4455 | Incyte Corporation<sup>(a)</sup> | 289842 |
| 4125 | Insmed, Inc.<sup>(a)</sup> | 287636 |
| 1450 | Jazz Pharmaceuticals plc<sup>(a)</sup> | 156702 |
| 5066 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 623219 |
| 1708 | Nuvalent, Inc., Class A<sup>(a)</sup> | 127434 |
| 3950 | REVOLUTION Medicines, Inc.<sup>(a)</sup> | 155630 |
| 17993 | Roivant Sciences Ltd.<sup>(a)</sup> | 197743 |
| 27377 | Royalty Pharma plc, Class A | 900156 |
| 18899 | Summit Therapeutics, Inc.<sup>(a)</sup> | 344245 |
| 999 | United Therapeutics Corporation<sup>(a)</sup> | 318531 |
| 2996 | Vaxcyte, Inc.<sup>(a)</sup> | 97340 |
| 2742 | Viking Therapeutics, Inc.<sup>(a)</sup> | 73486 |
|  |  | 3872125 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 2734 | Liberty Broadband Corporation - Series A<sup>(a)</sup> | 253989 |
|  | **CHEMICALS - 2.2%** |  |
| 2598 | Albemarle Corporation | 144864 |
| 5197 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 160068 |
| 4113 | CF Industries Holdings, Inc. | 373090 |
| 5951 | International Flavors & Fragrances, Inc. | 455609 |
| 11049 | Linde PLC | 5166292 |
| 7734 | LyondellBasell Industries N.V., Class A | 436894 |
| 3110 | RPM International, Inc. | 354042 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **CHEMICALS - 2.2% (Continued)** |  |
| 2941 | Westlake Corporation | $208899 |
|  |  | 7299758 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.2%** |  |
| 9264 | Cintas Corporation | 2098296 |
| 1285 | Clean Harbors, Inc.<sup>(a)</sup> | 291425 |
| 818 | FTI Consulting, Inc.<sup>(a)</sup> | 134283 |
| 18583 | Republic Services, Inc. | 4781220 |
| 2380 | Robert Half, Inc. | 108980 |
| 11307 | Rollins, Inc. | 647326 |
| 4769 | UL Solutions, Inc., Class A | 340984 |
| 9198 | Waste Management, Inc. | 2216442 |
|  |  | 10618956 |
|  | **CONSTRUCTION MATERIALS - 1.7%** |  |
| 1787 | Advanced Drainage Systems, Inc. | 196499 |
| 1041 | Carlisle Companies, Inc. | 395767 |
| 32201 | CRH PLC | 2935442 |
| 793 | Eagle Materials, Inc. | 160353 |
| 1447 | Martin Marietta Materials, Inc. | 792305 |
| 2056 | Simpson Manufacturing Company, Inc. | 320119 |
| 3083 | Vulcan Materials Company | 817211 |
|  |  | 5617696 |
|  | **CONSUMER SERVICES - 0.1%** |  |
| 1352 | Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 174678 |
| 3483 | Service Corp International | 271674 |
|  |  | 446352 |
|  | **CONTAINERS & PACKAGING - 0.5%** |  |
| 18016 | Amcor PLC | 164126 |
| 1516 | AptarGroup, Inc. | 240134 |
| 2756 | Crown Holdings, Inc. | 271466 |
| 7159 | Graphic Packaging Holding Company | 159073 |
| 8433 | International Paper Company | 403182 |
| 2100 | Packaging Corporation of America | 405657 |
|  |  | 1643638 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **DATA CENTER REIT - 0.4%** |  |
| 7699 | Digital Realty Trust, Inc. | $1320532 |
|  | **DIVERSIFIED INDUSTRIALS - 0.2%** |  |
| 3155 | Dover Corporation | 560802 |
| 1845 | ITT, Inc. | 277746 |
|  |  | 838548 |
|  | **E-COMMERCE DISCRETIONARY - 0.5%** |  |
| 11235 | Chewy, Inc.<sup>(a)</sup> | 508384 |
| 41603 | Coupang, Inc.<sup>(a)</sup> | 1166964 |
|  |  | 1675348 |
|  | **ELECTRIC UTILITIES – 6.0%** |  |
| 11829 | Ameren Corporation | 1145994 |
| 14723 | CenterPoint Energy, Inc. | 548285 |
| 6904 | CMS Energy Corporation | 484868 |
| 8019 | Consolidated Edison, Inc. | 837905 |
| 4720 | DTE Energy Company | 644988 |
| 19379 | Entergy Corporation | 1613882 |
| 5343 | Evergy, Inc. | 354829 |
| 8418 | Eversource Energy | 545571 |
| 13346 | FirstEnergy Corporation | 559731 |
| 125797 | NextEra Energy, Inc. | 8886299 |
| 4375 | NRG Energy, Inc. | 682063 |
| 12364 | OGE Energy Corporation | 549827 |
| 2709 | Pinnacle West Capital Corporation | 247142 |
| 10977 | Public Service Enterprise Group, Inc. | 889466 |
| 1163 | Talen Energy Corporation<sup>(a)</sup> | 283714 |
| 6250 | Vistra Corporation | 1003563 |
| 7338 | WEC Energy Group, Inc. | 788395 |
|  |  | 20066522 |
|  | **ELECTRICAL EQUIPMENT - 4.1%** |  |
| 3172 | A O Smith Corporation | 203991 |
| 1772 | AAON, Inc. | 170626 |
| 708 | Acuity, Inc. | 184002 |
| 5400 | AMETEK, Inc. | 965196 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 4.1% (Continued)** |  |
| 27969 | Amphenol Corporation, Class A | $2515252 |
| 6877 | API Group Corporation<sup>(a)</sup> | 320950 |
| 1938 | BWX Technologies, Inc. | 243413 |
| 8164 | Cognex Corporation | 244675 |
| 12834 | GE Vernova, LLC | 6070224 |
| 1275 | Generac Holdings, Inc.<sup>(a)</sup> | 155716 |
| 1242 | Hubbell, Inc. | 483858 |
| 851 | Lennox International, Inc. | 480347 |
| 1090 | SPX Technologies, Inc.<sup>(a)</sup> | 165778 |
| 5440 | Trimble, Inc.<sup>(a)</sup> | 387709 |
| 8116 | Vertiv Holdings Company | 875960 |
| 771 | Watts Water Technologies, Inc., A | 186675 |
|  |  | 13654372 |
|  | **ENGINEERING & CONSTRUCTION - 0.9%** |  |
| 796 | Comfort Systems USA, Inc. | 380671 |
| 1056 | EMCOR Group, Inc. | 498284 |
| 3904 | Fluor Corporation<sup>(a)</sup> | 162328 |
| 662 | Installed Building Products, Inc. | 105576 |
| 2992 | KBR, Inc. | 156152 |
| 1829 | MasTec, Inc.<sup>(a)</sup> | 285196 |
| 3279 | Quanta Services, Inc. | 1123255 |
| 6118 | Tetra Tech, Inc. | 213763 |
| 723 | TopBuild Corporation<sup>(a)</sup> | 204529 |
|  |  | 3129754 |
|  | **ENTERTAINMENT CONTENT - 0.9%** |  |
| 7894 | AppLovin Corporation, Class A<sup>(a)</sup> | 3102341 |
|  | **FOOD - 0.7%** |  |
| 2949 | BellRing Brands, Inc.<sup>(a)</sup> | 185640 |
| 22380 | Conagra Brands, Inc. | 512277 |
| 3465 | Lamb Weston Holdings, Inc. | 193278 |
| 6399 | McCormick & Company, Inc. | 465399 |
| 5067 | Pilgrim's Pride Corporation | 249094 |
| 1350 | Post Holdings, Inc.<sup>(a)</sup> | 149297 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **FOOD - 0.7% (Continued)** |  |
| 7290 | The Campbell's Company | $248152 |
| 8710 | Tyson Foods, Inc., Class A | 489153 |
|  |  | 2492290 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.1%** |  |
| 1593 | Louisiana-Pacific Corporation | 143482 |
| 738 | Magnera Corporation<sup>(a)</sup> | 8871 |
| 2680 | Trex Company, Inc.<sup>(a)</sup> | 149731 |
| 1423 | UFP Industries, Inc. | 138828 |
|  |  | 440912 |
|  | **GAS & WATER UTILITIES - 0.6%** |  |
| 4649 | American Water Works Company, Inc. | 664667 |
| 3563 | Atmos Energy Corporation | 551125 |
| 6447 | Essential Utilities, Inc. | 248403 |
| 10244 | NiSource, Inc. | 405048 |
|  |  | 1869243 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.7%** |  |
| 2673 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 60517 |
| 342 | Chemed Corporation | 196595 |
| 2263 | Encompass Health Corporation | 273597 |
| 1398 | Ensign Group, Inc. (The) | 205869 |
| 1971 | HealthEquity, Inc.<sup>(a)</sup> | 198302 |
| 12306 | IQVIA Holdings, Inc.<sup>(a)</sup> | 1726901 |
| 5657 | Labcorp Holdings, Inc. | 1408423 |
| 814 | Medpace Holdings, Inc.<sup>(a)</sup> | 240049 |
| 1385 | Molina Healthcare, Inc.<sup>(a)</sup> | 422480 |
| 3415 | Tempus AI, Inc.<sup>(a)</sup> | 188440 |
| 2214 | Tenet Healthcare Corporation<sup>(a)</sup> | 373657 |
| 1606 | Universal Health Services, Inc., Class B | 305702 |
|  |  | 5600532 |
|  | **HEALTH CARE REIT - 1.1%** |  |
| 8565 | Healthcare Realty Trust, Inc. | 124193 |
| 16086 | Healthpeak Properties, Inc. | 280057 |
| 12426 | Omega Healthcare Investors, Inc. | 459762 |
| 9512 | Ventas, Inc. | 611431 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **HEALTH CARE REIT - 1.1% (Continued)** |  |
| 13953 | Welltower, Inc. | $2152670 |
|  |  | 3628113 |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 3173 | SharkNinja, Inc.<sup>(a)</sup> | 291694 |
| 4053 | Somnigroup International, Inc. | 263688 |
|  |  | 555382 |
|  | **HOME CONSTRUCTION - 1.5%** |  |
| 7891 | DR Horton, Inc. | 931611 |
| 2821 | Fortune Brands Innovations, Inc. | 142178 |
| 6513 | Lennar Corporation, Class A | 690899 |
| 9873 | Masco Corporation | 616273 |
| 1733 | Meritage Homes Corporation | 110236 |
| 1453 | Mohawk Industries, Inc.<sup>(a)</sup> | 146186 |
| 198 | NVR, Inc.<sup>(a)</sup> | 1408955 |
| 4883 | PulteGroup, Inc. | 478680 |
| 2445 | Taylor Morrison Home Corporation<sup>(a)</sup> | 137605 |
| 2344 | Toll Brothers, Inc. | 244362 |
|  |  | 4906985 |
|  | **HOTEL OWNERS & DEVELOPERS - 0.0%<sup>(b)</sup>** |  |
| 3223 | Millrose Properties, Inc.<sup>(a)</sup> | 89825 |
|  | **HOTEL REIT - 0.2%** |  |
| 34369 | Host Hotels & Resorts, Inc. | 532376 |
|  | **HOUSEHOLD PRODUCTS - 0.6%** |  |
| 89311 | Kenvue, Inc. | 2131854 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.1%** |  |
| 2596 | Mueller Industries, Inc. | 202151 |
| 672 | RBC Bearings, Inc.<sup>(a)</sup> | 245864 |
|  |  | 448015 |
|  | **INDUSTRIAL REIT – 1.1%** |  |
| 6862 | Americold Realty Trust, Inc. | 113703 |
| 1173 | EastGroup Properties, Inc. | 198882 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **INDUSTRIAL REIT – 1.1% (Continued)** |  |
| 3149 | First Industrial Realty Trust, Inc. | $155655 |
| 11214 | Lineage, Inc. | 478726 |
| 22347 | Prologis, Inc. | 2426885 |
| 5367 | Rexford Industrial Realty, Inc. | 189133 |
| 4486 | STAG Industrial, Inc. | 159612 |
| 2359 | Terreno Realty Corporation | 133095 |
|  |  | 3855691 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.4%** |  |
| 884 | Applied Industrial Technologies, Inc. | 200244 |
| 4807 | Core & Main, Inc., Class A<sup>(a)</sup> | 263472 |
| 26832 | Fastenal Company | 1109235 |
| 1060 | SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 123819 |
| 4165 | U-Haul Holding Company<sup>(a)</sup> | 266560 |
| 2905 | United Rentals, Inc. | 2057843 |
| 954 | Watsco, Inc. | 423166 |
| 4579 | WillScot Holdings Corporation | 123404 |
|  |  | 4567743 |
|  | **INFRASTRUCTURE REIT - 0.7%** |  |
| 10174 | Crown Castle International Corp. | 1020961 |
| 2498 | SBA Communications Corporation, Class A | 579261 |
| 551 | Texas Pacific Land Corporation | 613831 |
|  |  | 2214053 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.5%** |  |
| 2468 | Cboe Global Markets, Inc. | 565468 |
| 1825 | Evercore, Inc., Class A | 422469 |
| 1625 | Houlihan Lokey, Inc. | 283855 |
| 20361 | Interactive Brokers Group, Inc., Class A | 4269294 |
| 27421 | Intercontinental Exchange, Inc. | 4930295 |
| 4961 | Jefferies Financial Group, Inc. | 241105 |
| 3036 | SEI Investments Company | 258849 |
| 4928 | Tradeweb Markets, Inc., Class A | 711850 |
|  |  | 11683185 |
|  | **INSURANCE - 3.4%** |  |
| 12732 | Aflac, Inc. | 1318271 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **INSURANCE - 3.4% (Continued)** |  |
| 2056 | American Financial Group, Inc. | $254903 |
| 6559 | Brown & Brown, Inc. | 740511 |
| 3650 | Cincinnati Financial Corporation | 550493 |
| 13353 | Corebridge Financial, Inc. | 435441 |
| 1206 | Erie Indemnity Company, Class A | 432363 |
| 2137 | Globe Life, Inc. | 260436 |
| 526 | Kinsale Capital Group, Inc. | 248267 |
| 5111 | Loews Corporation | 456361 |
| 304 | Markel Group, Inc.<sup>(a)</sup> | 590277 |
| 6443 | Old Republic International Corporation | 243545 |
| 1536 | Primerica, Inc. | 415642 |
| 13850 | Progressive Corp./The | 3946281 |
| 1550 | Reinsurance Group of America, Inc. | 315100 |
| 2139 | RLI Corporation | 164425 |
| 5721 | Ryan Specialty Holdings, Inc. | 409452 |
| 9061 | W R Berkley Corporation | 676766 |
|  |  | 11458534 |
|  | **LEISURE FACILITIES & SERVICES - 0.6%** |  |
| 5386 | Cava Group, Inc.<sup>(a)</sup> | 437720 |
| 2073 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 213167 |
| 1499 | Texas Roadhouse, Inc. | 292620 |
| 4032 | TKO Group Holdings, Inc. | 636289 |
| 983 | Vail Resorts, Inc. | 157447 |
| 688 | Wingstop, Inc. | 235090 |
|  |  | 1972333 |
|  | **MACHINERY - 3.3%** |  |
| 1701 | AGCO Corporation | 166664 |
| 10651 | Caterpillar, Inc. | 3706867 |
| 1311 | Crane Company | 224705 |
| 861 | Curtiss-Wright Corporation | 378935 |
| 2793 | Donaldson Company, Inc. | 194253 |
| 12180 | Graco, Inc. | 1031159 |
| 1721 | IDEX Corporation | 311346 |
| 9219 | Ingersoll Rand, Inc. | 752639 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **MACHINERY - 3.3% (Continued)** |  |
| 1284 | Lincoln Electric Holdings, Inc. | $248570 |
| 1296 | Middleby Corporation (The)<sup>(a)</sup> | 189384 |
| 968 | MSA Safety, Inc. | 157755 |
| 1324 | Nordson Corporation | 280675 |
| 2933 | Parker-Hannifin Corporation | 1949565 |
| 1631 | Regal Rexnord Corporation | 217641 |
| 1218 | Snap-on, Inc. | 390674 |
| 2375 | Toro Company (The) | 179978 |
| 5678 | Veralto Corporation | 573648 |
|  |  | 10954458 |
|  | **MEDICAL EQUIPMENT & DEVICES – 3.0%** |  |
| 1778 | Align Technology, Inc.<sup>(a)</sup> | 321711 |
| 12446 | Baxter International, Inc. | 379603 |
| 663 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 150455 |
| 3478 | Bruker Corporation | 127643 |
| 10131 | DexCom, Inc.<sup>(a)</sup> | 869240 |
| 14380 | Edwards Lifesciences Corporation<sup>(a)</sup> | 1124804 |
| 20736 | GE HealthCare Technologies, Inc. | 1462717 |
| 1237 | Glaukos Corporation<sup>(a)</sup> | 116637 |
| 3081 | Globus Medical, Inc., Class A<sup>(a)</sup> | 182334 |
| 5425 | Hologic, Inc.<sup>(a)</sup> | 337272 |
| 1965 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 1008752 |
| 1640 | Insulet Corporation<sup>(a)</sup> | 533049 |
| 1602 | Lantheus Holdings, Inc.<sup>(a)</sup> | 121047 |
| 474 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 547716 |
| 946 | Penumbra, Inc.<sup>(a)</sup> | 252554 |
| 1290 | Repligen Corporation<sup>(a)</sup> | 152310 |
| 3375 | ResMed, Inc. | 826166 |
| 2857 | Revvity, Inc. | 258330 |
| 4197 | Solventum Corporation<sup>(a)</sup> | 306759 |
| 2275 | STERIS plc | 557853 |
| 1754 | West Pharmaceutical Services, Inc. | 369831 |
|  |  | 10006783 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **METALS & MINING - 1.3%** |  |
| 30607 | Freeport-McMoRan, Inc. | $1177757 |
| 26854 | Newmont Corporation | 1415743 |
| 1523 | Royal Gold, Inc. | 271277 |
| 17239 | Southern Copper Corporation | 1567197 |
|  |  | 4431974 |
|  | **MORTGAGE FINANCE - 0.2%** |  |
| 20165 | AGNC Investment Corporation | 180275 |
| 13136 | Annaly Capital Management, Inc. | 248928 |
| 8531 | Starwood Property Trust, Inc. | 168487 |
|  |  | 597690 |
|  | **MULTI ASSET CLASS REIT - 0.1%** |  |
| 4444 | Vornado Realty Trust | 167405 |
| 5314 | WP Carey, Inc. | 333507 |
|  |  | 500912 |
|  | **OFFICE REIT - 0.3%** |  |
| 8397 | Alexandria Real Estate Equities, Inc. | 589385 |
| 3858 | BXP, Inc. | 259759 |
|  |  | 849144 |
|  | **OIL & GAS PRODUCERS - 7.4%** |  |
| 11276 | Antero Midstream Corporation | 211763 |
| 6862 | Antero Resources Corporation<sup>(a)</sup> | 256982 |
| 9162 | APA Corporation | 155846 |
| 5372 | Cheniere Energy, Inc. | 1273110 |
| 1552 | Chord Energy Corporation | 139680 |
| 17229 | Coterra Energy, Inc. | 418837 |
| 15421 | Devon Energy Corporation | 466639 |
| 7282 | Diamondback Energy, Inc. | 979793 |
| 2252 | DT Midstream, Inc. | 235874 |
| 13715 | EOG Resources, Inc. | 1489039 |
| 4884 | Expand Energy Corporation | 567179 |
| 104844 | Exxon Mobil Corporation | 10725542 |
| 5744 | Hess Midstream, L.P., Class A | 212528 |
| 4842 | HF Sinclair Corporation | 174941 |
| 51618 | Kinder Morgan, Inc. | 1447369 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 7.4% (Continued)** |  |
| 3855 | Kinetik Holdings, Inc. | $171702 |
| 479 | Murphy USA, Inc. | 204432 |
| 21800 | Occidental Petroleum Corporation | 889004 |
| 14248 | ONEOK, Inc. | 1151808 |
| 6610 | Ovintiv, Inc. | 236770 |
| 19776 | Permian Resources Corporation | 249375 |
| 5531 | Range Resources Corporation | 210399 |
| 5293 | Targa Resources Corporation | 835923 |
| 14818 | Valero Energy Corporation | 1911078 |
| 4566 | Viper Energy, Inc. | 181225 |
|  |  | 24796838 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.7%** |  |
| 23442 | Baker Hughes Company | 868526 |
| 21173 | Halliburton Company | 414779 |
| 34133 | Schlumberger Ltd. | 1128096 |
| 1888 | Weatherford International plc | 82317 |
|  |  | 2493718 |
|  | **PUBLISHING & BROADCASTING - 0.1%** |  |
| 13687 | News Corporation, Class A | 386521 |
|  | **RENEWABLE ENERGY - 0.2%** |  |
| 6317 | Enphase Energy, Inc.<sup>(a)</sup> | 261461 |
| 2445 | First Solar, Inc.<sup>(a)</sup> | 386505 |
|  |  | 647966 |
|  | **RESIDENTIAL REIT - 1.2%** |  |
| 8971 | American Homes 4 Rent, Class A | 339552 |
| 2582 | Camden Property Trust | 303359 |
| 4560 | Equity LifeStyle Properties, Inc. | 289879 |
| 9279 | Equity Residential | 650829 |
| 1598 | Essex Property Trust, Inc. | 453672 |
| 14757 | Invitation Homes, Inc. | 497311 |
| 2858 | Mid-America Apartment Communities, Inc. | 447706 |
| 6255 | Sun Communities, Inc. | 772117 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **RESIDENTIAL REIT - 1.2% (Continued)** |  |
| 7931 | UDR, Inc. | $328581 |
|  |  | 4083006 |
|  | **RETAIL - CONSUMER STAPLES - 0.6%** |  |
| 13628 | Albertsons Companies, Inc., Class A | 302950 |
| 3039 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 344045 |
| 841 | Casey's General Stores, Inc. | 368156 |
| 5318 | Dollar General Corporation | 517176 |
| 2215 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 382885 |
|  |  | 1915212 |
|  | **RETAIL - DISCRETIONARY - 4.7%** |  |
| 913 | AutoNation, Inc.<sup>(a)</sup> | 167855 |
| 382 | AutoZone, Inc.<sup>(a)</sup> | 1426021 |
| 2758 | Builders FirstSource, Inc.<sup>(a)</sup> | 296981 |
| 4556 | Carvana Company<sup>(a)</sup> | 1490541 |
| 2424 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 173777 |
| 1182 | Freshpet, Inc.<sup>(a)</sup> | 94749 |
| 8739 | GameStop Corporation, Class A<sup>(a)</sup> | 260422 |
| 8421 | Gap, Inc. (The) | 187873 |
| 3263 | Genuine Parts Company | 412835 |
| 22588 | Home Depot, Inc. (The) | 8318936 |
| 596 | Lithia Motors, Inc., A | 188878 |
| 1320 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1805100 |
| 1563 | Penske Automotive Group, Inc. | 256613 |
| 12115 | Tractor Supply Company | 586366 |
|  |  | 15666947 |
|  | **RETAIL REIT - 0.7%** |  |
| 2329 | Agree Realty Corporation | 175374 |
| 7257 | Brixmor Property Group, Inc. | 184400 |
| 1982 | Federal Realty Investment Trust | 189241 |
| 4294 | NNN REIT, Inc. | 179317 |
| 4428 | Regency Centers Corporation | 319480 |
| 7621 | Simon Property Group, Inc. | 1242756 |
|  |  | 2290568 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **SELF-STORAGE REIT – 0.9%** |  |
| 5330 | CubeSmart | $227911 |
| 10224 | Extra Space Storage, Inc. | 1545358 |
| 4102 | Public Storage | 1265098 |
|  |  | 3038367 |
|  | **SEMICONDUCTORS - 11.3%** |  |
| 6107 | Amkor Technology, Inc. | 110048 |
| 3378 | Astera Labs, Inc.<sup>(a)</sup> | 306452 |
| 106841 | Broadcom, Inc. | 25863002 |
| 3440 | Coherent Corp.<sup>(a)</sup> | 260167 |
| 7835 | Entegris, Inc. | 538578 |
| 3106 | KLA Corporation | 2350869 |
| 3269 | Lattice Semiconductor Corporation<sup>(a)</sup> | 146909 |
| 1609 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 195670 |
| 21018 | Marvell Technology, Inc. | 1265073 |
| 12555 | Microchip Technology, Inc. | 728692 |
| 1658 | MKS, Inc. | 136271 |
| 1112 | Monolithic Power Systems, Inc. | 736033 |
| 10114 | ON Semiconductor Corporation<sup>(a)</sup> | 424990 |
| 1141 | Onto Innovation, Inc.<sup>(a)</sup> | 104904 |
| 2218 | Qorvo, Inc.<sup>(a)</sup> | 168612 |
| 27064 | QUALCOMM, Inc. | 3929693 |
| 2592 | Sandisk Corporation<sup>(a)</sup> | 97692 |
| 3791 | Skyworks Solutions, Inc. | 261693 |
| 3805 | Teradyne, Inc. | 299073 |
| 1119 | Universal Display Corporation | 160409 |
|  |  | 38084830 |
|  | **SOFTWARE - 10.3%** |  |
| 2040 | ANSYS, Inc.<sup>(a)</sup> | 674873 |
| 847 | Appfolio, Inc., Class A<sup>(a)</sup> | 178861 |
| 7834 | Bentley Systems, Inc., Class B | 373917 |
| 14490 | CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 127222 |
| 7884 | Confluent, Inc., Class A<sup>(a)</sup> | 181569 |
| 7976 | Datadog, Inc., Class A<sup>(a)</sup> | 940211 |
| 4415 | DocuSign, Inc.<sup>(a)</sup> | 391213 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **SOFTWARE - 10.3% (Continued)** |  |
| 6787 | Dynatrace, Inc.<sup>(a)</sup> | $366566 |
| 2449 | Elastic N.V.<sup>(a)</sup> | 198051 |
| 17292 | Fortinet, Inc.<sup>(a)</sup> | 1759980 |
| 1846 | Guidewire Software, Inc.<sup>(a)</sup> | 396927 |
| 7277 | Informatica, Inc., Class A<sup>(a)</sup> | 174721 |
| 6076 | Klaviyo, Inc.<sup>(a)</sup> | 206584 |
| 1390 | Manhattan Associates, Inc.<sup>(a)</sup> | 262404 |
| 4044 | MicroStrategy, Inc., Class A<sup>(a)</sup> | 1492479 |
| 3865 | MongoDB, Inc.<sup>(a)</sup> | 729828 |
| 6093 | Nutanix, Inc., Class A<sup>(a)</sup> | 467272 |
| 100693 | Palantir Technologies, Inc.<sup>(a)</sup> | 13269323 |
| 1396 | Paycom Software, Inc. | 361690 |
| 3399 | Procore Technologies, Inc.<sup>(a)</sup> | 228311 |
| 2504 | Roper Technologies, Inc. | 1427956 |
| 26044 | Samsara, Inc., Class A<sup>(a)</sup> | 1212088 |
| 7911 | SentinelOne, Inc., Class A<sup>(a)</sup> | 139313 |
| 25702 | Snowflake, Inc., Class A<sup>(a)</sup> | 5286129 |
| 884 | SPS Commerce, Inc.<sup>(a)</sup> | 124432 |
| 5929 | SS&C Technologies Holdings, Inc. | 479122 |
| 985 | Tyler Technologies, Inc.<sup>(a)</sup> | 568335 |
| 12669 | UiPath, Inc., Class A<sup>(a)</sup> | 168624 |
| 8529 | Unity Software, Inc.<sup>(a)</sup> | 222436 |
| 3884 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 1086355 |
| 3611 | Zscaler, Inc.<sup>(a)</sup> | 995553 |
|  |  | 34492345 |
|  | **SPECIALTY FINANCE - 0.2%** |  |
| 2483 | Essent Group Ltd. | 144014 |
| 2306 | FTAI Aviation Ltd. | 270148 |
| 38474 | UWM Holdings Corporation | 165438 |
|  |  | 579600 |
|  | **SPECIALTY REIT - 0.1%** |  |
| 2413 | Lamar Advertising Company, Class A | 290863 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **STEEL - 0.5%** |  |
| 2806 | ATI, Inc.<sup>(a)</sup> | $223470 |
| 1130 | Carpenter Technology Corporation | 265550 |
| 5447 | Nucor Corporation | 595684 |
| 1264 | Reliance, Inc. | 370124 |
| 3396 | Steel Dynamics, Inc. | 417946 |
|  |  | 1872774 |
|  | **TECHNOLOGY HARDWARE - 1.7%** |  |
| 28737 | Arista Networks, Inc.<sup>(a)</sup> | 2489775 |
| 1228 | Arrow Electronics, Inc.<sup>(a)</sup> | 145371 |
| 3139 | Ciena Corporation<sup>(a)</sup> | 251308 |
| 2119 | Dolby Laboratories, Inc., Class A | 157357 |
| 8835 | Flex Ltd.<sup>(a)</sup> | 373721 |
| 2427 | Jabil, Inc. | 407760 |
| 7752 | Juniper Networks, Inc. | 278529 |
| 14572 | Super Micro Computer, Inc.<sup>(a)</sup> | 583171 |
| 1356 | Ubiquiti, Inc. | 536013 |
| 7779 | Western Digital Corporation<sup>(a)</sup> | 401007 |
|  |  | 5624012 |
|  | **TECHNOLOGY SERVICES - 4.8%** |  |
| 8477 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | 439956 |
| 2693 | Amdocs Ltd. | 247110 |
| 2229 | Amentum Holdings, Inc.<sup>(a)</sup> | 46051 |
| 9642 | Automatic Data Processing, Inc. | 3138760 |
| 499 | CACI International, Inc., Class A<sup>(a)</sup> | 213572 |
| 3128 | CDW Corporation | 564166 |
| 5667 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 1397596 |
| 1612 | Corpay, Inc.<sup>(a)</sup> | 524077 |
| 10052 | CoStar Group, Inc.<sup>(a)</sup> | 739425 |
| 1311 | EPAM Systems, Inc.<sup>(a)</sup> | 228756 |
| 3004 | Equifax, Inc. | 793627 |
| 564 | Fair Isaac Corporation<sup>(a)</sup> | 973622 |
| 4047 | Genpact Ltd. | 174223 |
| 1692 | Jack Henry & Associates, Inc. | 306540 |
| 897 | MarketAxess Holdings, Inc. | 194120 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 4.8% (Continued)** |  |
| 5253 | MSCI, Inc. | $2962797 |
| 8374 | Paychex, Inc. | 1322338 |
| 2050 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | 194320 |
| 12523 | Toast, Inc., Class A<sup>(a)</sup> | 528220 |
| 3291 | Verisk Analytics, Inc. | 1033835 |
| 937 | WEX, Inc.<sup>(a)</sup> | 124555 |
|  |  | 16147666 |
|  | **TELECOMMUNICATIONS - 0.1%** |  |
| 6820 | AST SpaceMobile, Inc.<sup>(a)</sup> | 157337 |
| 6608 | EchoStar Corporation, Class A<sup>(a)</sup> | 117160 |
| 5779 | Frontier Communications Parent, Inc.<sup>(a)</sup> | 209373 |
|  |  | 483870 |
|  | **TRANSPORTATION & LOGISTICS - 2.9%** |  |
| 5497 | CH Robinson Worldwide, Inc. | 527547 |
| 45543 | CSX Corporation | 1438703 |
| 14299 | Delta Air Lines, Inc. | 691929 |
| 3148 | Expeditors International of Washington, Inc. | 354874 |
| 6409 | FedEx Corporation | 1397803 |
| 2421 | JB Hunt Transport Services, Inc. | 336156 |
| 1396 | Kirby Corporation<sup>(a)</sup> | 154453 |
| 3804 | Knight-Swift Transportation Holdings, Inc. | 168593 |
| 1571 | Landstar System, Inc. | 215573 |
| 5410 | Norfolk Southern Corporation | 1336919 |
| 5159 | Old Dominion Freight Line, Inc. | 826317 |
| 656 | Saia, Inc.<sup>(a)</sup> | 173453 |
| 19903 | United Parcel Service, Inc., Class B | 1941339 |
| 2958 | XPO, Inc.<sup>(a)</sup> | 336709 |
|  |  | 9900368 |
|  | **TRANSPORTATION EQUIPMENT - 0.4%** |  |
| 1913 | Allison Transmission Holdings, Inc. | 198034 |
| 12568 | PACCAR, Inc. | 1179507 |
|  |  | 1377541 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 11695 | Archer-Daniels-Midland Company | 564517 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3% (Continued)** |  |
| 3398 | Bunge Global S.A. | $265554 |
| 3560 | Performance Food Group Company<sup>(a)</sup> | 318834 |
|  |  | 1148905 |
|  | **WHOLESALE - DISCRETIONARY - 0.4%** |  |
| 22262 | Copart, Inc.<sup>(a)</sup> | 1146048 |
| 886 | Pool Corporation | 266323 |
|  |  | 1412371 |
|  | **TOTAL COMMON STOCKS (Cost $316,270,224)** | 334581464 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $316,270,224)** | $334581464 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 1221244 |
|  | **NET ASSETS - 100.0%** | $335802708 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inspire Global Hope**<br>**ETF** | **Inspire Small/Mid**<br>**Cap ETF** | **Inspire Corporate**<br>**Bond ETF** | <br>**Inspire 100 ETF** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $113829089 | $187606866 | $376849874 | $286900407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $899,063, $2,720,333, $0, $585,480) | $126381953 | $178486135 | $377363956 | $306635089 |
| &nbsp;&nbsp;&nbsp;Cash | 618965 | 126539 | 566719 | 541535 |
| &nbsp;&nbsp;&nbsp;Foreign currencies (Cost $73,450, $0, $0 and $0, respectively) | 73347 |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclaims receivable | 417717 |  |  | 2037 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 212393 | 147823 | 4157041 | 241026 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 9799 | 16341 | 23728 | 17597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 127714174 | 178776838 | 382111444 | 307437284 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral payable | 950412 | 2932732 |  | 629685 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 33640 | 43234 | 98330 | 62083 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | 26668 | 28403 | 13358 | 20494 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 12957 | 20148 | 45697 | 30683 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 21526 | 16531 | 16155 | 4234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1045203 | 3041048 | 173540 | 747179 |
| **NET ASSETS** | $**126668971** | $**175735790** | $**381937904** | $**306690105** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $111772115 | $187760161 | $400629183 | $323390992 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 14896856 | (12024371) | (18691279) | (16700887) |
| **NET ASSETS** | $**126668971** | $**175735790** | $**381937904** | $**306690105** |
| **Net Asset Value Per Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**126668971** | $**175735790** | $**381937904** | $**306690105** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **3200000** | **5150000** | **16100000** | **7750000** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**39.58** | $**34.12** | $**23.72** | $**39.57** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inspire International**<br>**ETF** | **Inspire Tactical**<br>**Balanced ETF** | **Inspire**<br>**Momentum ETF** | **Inspire Fidelis Multi**<br>**Factor ETF** | <br>**Inspire 500 ETF** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $290370012 | $78598465 | $65574161 | $75518664 | $316270224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $6,373,147, $0, $0, $857,601, $0) | $333449517 | $78215185 | $79064807 | $81312000 | $334581464 |
| &nbsp;&nbsp;&nbsp;Cash | 2823978 | 431748 | 135556 | 215103 | 891288 |
| &nbsp;&nbsp;&nbsp;Foreign currencies (Cost $1,179,729, $0, $0, $0 and $0, respectively) | 617144 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclaims receivable | 1484617 | 8144 | 611 | 13774 | 3313 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1199824 |  | 9 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 767848 | 43218 | 31001 | 79134 | 354661 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 19872 | 16011 | 18561 | 13963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 340362800 | 78714306 | 79250545 | 81633974 | 335830726 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral payable | 6750573 |  |  | 882654 |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 4169416 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 122454 | 33165 | 41985 | 30065 | 28018 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | 61417 | 8528 | 8061 | 13701 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 17065 | 6202 | 2085 | 6257 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 21958 | 23262 | 17300 | 19883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 11142883 | 71157 | 69431 | 952560 | 28018 |
| **NET ASSETS** | $**329219917** | $**78643149** | $**79181114** | $**80681414** | $**335802708** |
| **Net Assets Consist Of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $287780501 | $82339468 | $72774153 | $74656081 | $315065514 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 41439416 | (3696319) | 6406961 | 6025333 | 20737194 |
| **NET ASSETS** | $**329219917** | $**78643149** | $**79181114** | $**80681414** | $**335802708** |
| **Net Asset Value Per Share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**329219917** | $**78643149** | $**79181114** | $**80681414** | $**335802708** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **9850000** | **2950000** | **2475000** | **2675000** | **1525000** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**33.42** | $**26.66** | $**31.99** | $**30.16** | $**220.20** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inspire Global Hope**<br>**ETF** | **Inspire Small/Mid**<br>**Cap ETF** | **Inspire Corporate**<br>**Bond ETF** |<br>**Inspire 100 ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1810711 | $1777920 | $— | $2607953 |
| &nbsp;&nbsp;&nbsp;Interest | 6947 | 26223 | 8643984 | 10820 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 6312 | 40946 | 175 | 657 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (237497) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1586473 | 1845089 | 8644159 | 2619430 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 175808 | 275621 | 545997 | 469690 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 64602 | 48966 | 15996 | 24348 |
| &nbsp;&nbsp;&nbsp;Administrative services | 56279 | 66675 | 133633 | 97719 |
| &nbsp;&nbsp;&nbsp;Audit fees | 10383 | 8850 | 8822 | 8542 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 8896 | 14467 | 14359 | 20068 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7226 | 7600 | 7095 | 5512 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7103 | 7122 | 7619 | 7461 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 7052 | 7007 | 7102 | 6947 |
| &nbsp;&nbsp;&nbsp;Professional fees | 5973 | 9029 | 11057 | 10674 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2089 | 1989 | 2834 | 3081 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 3579 | 4755 | 7281 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 348990 | 452081 | 761795 | 658697 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser |  |  |  | (111174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 348990 | 452081 | 761795 | 547523 |
| **NET INVESTMENT INCOME** | 1237483 | 1393008 | 7882364 | 2071907 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 2151706 | 4252959 | 277066 | 15573901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 233488 | 1331574 | (455526) | (2364989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (6294) |  |  | (30) |
|  | 2378900 | 5584533 | (178460) | 13208882 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1431588) | (39375873) | 92010 | (35998255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 30426 |  |  |  |
|  | (1401162) | (39375873) | 92010 | (35998255) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | 977738 | (33791340) | (86450) | (22789373) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**2215221** | $**(32398332)** | $**7795914** | $**(20717466)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **STATEMENTS OF OPERATIONS (Unaudited) (Continued)** |
| **For the Six Months Ended May 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inspire International**<br>**ETF** | **Inspire Tactical**<br>**Balanced ETF** | **Inspire**<br>**Momentum ETF** | **Inspire Fidelis Multi**<br>**Factor ETF** |<br>**Inspire 500 ETF** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $6382858 | $666668 | $552483 | $681207 | $2314585 |
| &nbsp;&nbsp;&nbsp;Interest | 10489 | 4008 | 2639 |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income | 44230 | 230 | 158 | 2259 |  |
| &nbsp;&nbsp;&nbsp;Reclaims receivable | 588576 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (1536132) | (4626) |  | (11262) | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 5490021 | 666280 | 555280 | 672204 | 2317809 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 681950 | 206086 | 242221 | 180400 | 124069 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 126972 | 10980 | 8522 | 15187 |  |
| &nbsp;&nbsp;&nbsp;Administrative services | 96994 | 35720 | 29801 | 36419 |  |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 20527 | 3410 | 7847 | 6002 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 10591 | 5600 | 3952 | 5632 |  |
| &nbsp;&nbsp;&nbsp;Audit fees | 8850 | 8850 | 8850 | 8850 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7976 | 5779 | 5276 | 5490 |  |
| &nbsp;&nbsp;&nbsp;Legal fees | 7821 | 6364 | 7374 | 6329 |  |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 6962 | 7037 | 7022 | 7002 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2386 | 1642 | 1343 | 1492 |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 6411 | 5033 | 5546 | 4809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 977440 | 296501 | 327754 | 277612 | 124069 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser |  |  | (29533) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 977440 | 296501 | 298221 | 277612 | 124069 |
| **NET INVESTMENT INCOME** | 4512581 | 369779 | 257059 | 394592 | 2193740 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 6441425 | 6064936 | 1070679 | 5988461 | 3643307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (569738) | (828926) | (3087145) | (6067033) | (1628173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (10195) | (57) |  | 1 |  |
|  | 5861492 | 5235953 | (2016466) | (78571) | 2015134 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 24553460 | (10627731) | 333717 | (5963197) | (7219307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 93343 | 94 | 10 | 104 |  |
|  | 24646803 | (10627637) | 333727 | (5963093) | (7219307) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | 30508295 | (5391684) | (1682739) | (6041664) | (5204173) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**35020876** | $**(5021905)** | $**(1425680)** | $**(5647072)** | $**(3010433)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Global Hope ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1237483 | $2199441 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 2378900 | 26944794 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments and foreign currency translations | (1401162) | (1775682) |
| Net increase in net assets resulting from operations | 2215221 | 27368553 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (503150) | (2698930) |
| Net decrease in net assets resulting from distributions to shareholders | (503150) | (2698930) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 22834049 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7581241) | (81741323) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 15252808 | (81741323) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 16964879 | (57071700) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 109704092 | 166775792 |
| &nbsp;&nbsp;&nbsp;End of Period | $**126668971** | $**109704092** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 600000 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (200000) | (2200000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 400000 | (2200000) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Small/Mid Cap ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1393008 | $2307550 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions and investments | 5584533 | 19175485 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (39375873) | 30220362 |
| Net increase (decrease) in net assets resulting from operations | (32398332) | 51703397 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (1084775) | (2458940) |
| Net decrease in net assets resulting from distributions to shareholders | (1084775) | (2458940) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 17888165 | 63933739 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (21531837) | (69346878) |
| Net decrease in net assets resulting from shares of beneficial interest | (3643672) | (5413139) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (37126779) | 43831318 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 212862569 | 169031251 |
| &nbsp;&nbsp;&nbsp;End of Period | $**175735790** | $**212862569** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 500000 | 1750000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (600000) | (1950000) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (100000) | (200000) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Corporate Bond ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $7882364 | $12267879 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions and investments | (178460) | 694305 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 92010 | 8382659 |
| Net increase in net assets resulting from operations | 7795914 | 21344843 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (7827280) | (12185950) |
| Net decrease in net assets resulting from distributions to shareholders | (7827280) | (12185950) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 73048012 | 166835228 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (23628606) | (76104963) |
| Net increase in net assets resulting from shares of beneficial interest | 49419406 | 90730265 |
| **TOTAL INCREASE IN NET ASSETS** | 49388040 | 99889158 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 332549864 | 232660706 |
| &nbsp;&nbsp;&nbsp;End of Period | $**381937904** | $**332549864** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3100000 | 7100000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1000000) | (3200000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 2100000 | 3900000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire 100 ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2071907 | $3340395 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions and investments | 13208882 | 34078726 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (35998255) | 53538833 |
| Net increase (decrease) in net assets resulting from operations | (20717466) | 90957954 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (1623910) | (3597375) |
| Net decrease in net assets resulting from distributions to shareholders | (1623910) | (3597375) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 38904466 | 116829272 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (63315195) | (159284769) |
| Net decrease in net assets resulting from shares of beneficial interest | (24410729) | (42455497) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (46752105) | 44905082 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 353442210 | 308537128 |
| &nbsp;&nbsp;&nbsp;End of Period | $**306690105** | $**353442210** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1000000 | 3100000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1600000) | (4200000) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (600000) | (1100000) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire International ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4512581 | $6705509 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 5861492 | 13342843 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 24646803 | 5297249 |
| Net increase in net assets resulting from operations | 35020876 | 25345601 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (2818115) | (7509030) |
| Net decrease in net assets resulting from distributions to shareholders | (2818115) | (7509030) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 23403142 | 76917626 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (28470534) | (20358989) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (5067392) | 56558637 |
| **TOTAL INCREASE IN NET ASSETS** | 27135369 | 74395208 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 302084548 | 227689340 |
| &nbsp;&nbsp;&nbsp;End of Period | $**329219917** | $**302084548** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 750000 | 2550000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (950000) | (700000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (200000) | 1850000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Tactical Balanced ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $369779 | $1233496 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 5235953 | 8548754 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (10627637) | 7521681 |
| Net increase (decrease) in net assets resulting from operations | (5021905) | 17303931 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (557820) | (1260097) |
| Net decrease in net assets resulting from distributions to shareholders | (557820) | (1260097) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 17641243 | 6454888 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (29018929) | (10328616) |
| Net decrease in net assets resulting from shares of beneficial interest | (11377686) | (3873728) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (16957411) | 12170106 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 95600560 | 83430454 |
| &nbsp;&nbsp;&nbsp;End of Period | $**78643149** | $**95600560** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 675000 | 250000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1100000) | (400000) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (425000) | (150000) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Momentum ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $257059 | $391363 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions | (2016466) | 2929323 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 333727 | 12066443 |
| Net increase (decrease) in net assets resulting from operations | (1425680) | 15387129 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (197657) | (497272) |
| Net decrease in net assets resulting from distributions to shareholders | (197657) | (497272) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 10882412 | 27151965 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4581518) | (12633966) |
| Net increase in net assets resulting from shares of beneficial interest | 6300894 | 14517999 |
| **TOTAL INCREASE IN NET ASSETS** | 4677557 | 29407856 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 74503557 | 45095701 |
| &nbsp;&nbsp;&nbsp;End of Period | $**79181114** | $**74503557** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 350000 | 925000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (150000) | (425000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 200000 | 500000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Fidelis Multi Factor ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $394592 | $766170 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions | (78571) | 12042085 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (5963093) | 6852844 |
| Net increase (decrease) in net assets resulting from operations | (5647072) | 19661099 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (5422973) | (954623) |
| Net decrease in net assets resulting from distributions to shareholders | (5422973) | (954623) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 31760210 | 45394608 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (34655681) | (40032935) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (2895471) | 5361673 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (13965516) | 24068149 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 94646930 | 70578781 |
| &nbsp;&nbsp;&nbsp;End of Period | $**80681414** | $**94646930** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1075000 | 1475000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1175000) | (1300000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (100000) | 175000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire 500 ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** | <br>**Period Ended**<br>**November 30, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2193740 | $1527948 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions and investments | 2015134 | (151924) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (7219307) | 25530547 |
| Net increase (decrease) in net assets resulting from operations | (3010433) | 26906571 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: | (1908045) | (1049460) |
| Net decrease in net assets resulting from distributions to shareholders | (1908045) | (1049460) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 101205054 | 249123235 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (25660657) | (9803557) |
| Net increase in net assets resulting from shares of beneficial interest | 75544397 | 239319678 |
| **TOTAL INCREASE IN NET ASSETS** | 70625919 | 265176789 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 265176789 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**335802708** | $**265176789** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 475000 | 1225000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (125000) | (50000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 350000 | 1175000 |

---

\* The Inspire 500 ETF commenced operations on March 25, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Global Hope ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $39.18 | $33.36 | $32.21 | $38.68 | $32.12 | $29.21 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.40 | 0.61 | 0.61 | 0.57 | 0.78 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.16 | 5.96 | 1.11 | (3.62) | 6.46 | 2.96 |
| Total from investment operations | 0.56 | 6.57 | 1.72 | (3.05) | 7.24 | 3.46 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.75) | (0.57) | (0.52) | (0.68) | (0.52) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (2.90) |  | (0.03) |
| Total distributions | (0.16) | (0.75) | (0.57) | (3.42) | (0.68) | (0.55) |
| Net asset value, end of period | $39.58 | $39.18 | $33.36 | $32.21 | $38.68 | $32.12 |
| Total return (3) | 1.46% (7) | 19.83% | 5.43% | (8.59)% | 22.63% | 12.35% |
| Net assets, at end of period (000s) | $126669 | $109704 | $166776 | $136910 | $137329 | $120453 |
| Ratio of gross expenses to average net assets (6) | 0.60% | 0.58% | 0.56% | 0.61% (5) | 0.49% | 0.61% |
| Ratio of net expenses to average net assets (6) | 0.60% | 0.58% | 0.56% | 0.61% (4) | 0.49% | 0.61% |
| Ratio of net investment income to average net assets (6) | 2.11% | 1.67% | 1.87% | 1.74% | 2.08% | 1.82% |
| Portfolio Turnover Rate (2) | 15% (7) | 41% | 41% | 51% | 94% | 36% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Represents the ratio of net expenses
 to average net assets after adviser recapture of waived/reimbursed fees from prior years.

(5) Represents the ratio of gross expenses
 to average net assets before adviser recapture of waived/reimbursed fees from prior years.

(6) Annualized for periods less than one
 year.

(7) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Small/Mid Cap ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $40.55 | $31.01 | $31.67 | $36.13 | $27.74 | $27.56 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.27 | 0.45 | 0.40 | 0.38 | 0.38 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.49) | 9.57 | (0.72) | (1.46) | 8.32 | 0.13 |
| Total from investment operations | (6.22) | 10.02 | (0.32) | (1.08) | 8.70 | 0.50 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.48) | (0.34) | (0.32) | (0.31) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (3.00) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.06) |  |  |
| Total distributions | (0.21) | (0.48) | (0.34) | (3.38) | (0.31) | (0.32 |
| Net asset value, end of period | $34.12 | $40.55 | $31.01 | $31.67 | $36.13 | $27.74 |
| Total return (3) | (15.37)% (8) | 32.53% | (0.98)% | (3.34)% | 31.44% | 2.12 |
| Net assets, at end of period (000s) | $175736 | $212863 | $169031 | $125113 | $124658 | $85988 |
| Ratio of gross expenses to average net assets (7) | 0.49% | 0.49% | 0.53% | 0.54% | 0.48% (6) | 0.57 |
| Ratio of net expenses to average net assets (7) | 0.49% | 0.49% | 0.53% | 0.54% | 0.52% (5) | 0.60 |
| Ratio of net investment income to average net assets (7) | 1.52% | 1.25% | 1.30% | 1.21% | 1.08% | 1.53 |
| Portfolio Turnover Rate (2) | 18% (8) | 46% | 44% | 43% | 168% | 92 |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) The amount of net realized and unrealized
 gain (loss) on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder
 subscriptions and redemptions relative to fluctuating net asset values during the year.

(5) Represents the ratio of net expenses
 to average net assets after adviser recapture of waived/reimbursed fees from prior years.

(6) Represents the ratio of gross expenses
 to average net assets before adviser recapture of waived/reimbursed fees from prior years

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Corporate Bond ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $23.75 | $23.04 | $22.99 | $25.89 | $26.48 | $25.69 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.50 | 0.98 | 0.79 | 0.37 | 0.27 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.03) | 0.71 | 0.03 | (2.85) | (0.57) | 0.86 |
| Total from investment operations | 0.47 | 1.69 | 0.82 | (2.48) | (0.30) | 1.31 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.50) | (0.98) | (0.77) | (0.35) | (0.29) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.07) |  | (0.08) |
| Total distributions | (0.50) | (0.98) | (0.77 | (0.42) | (0.29) | (0.52) |
| Net asset value, end of period | $23.72 | $23.75 | $23.04 | $22.99 | $25.89 | $26.48 |
| Total return (3) | 2.02% (6) | 7.44% | 3.62 | (9.64)% | (1.15)% | 5.16% |
| Net assets, at end of period (000s) | $381938 | $332550 | $232661 | $223013 | $238225 | $166829 |
| Ratio of gross expenses to average net assets (5) | 0.42% | 0.43% | 0.44 | 0.45% | 0.44% | 0.49% |
| Ratio of net expenses to average net assets (5) | 0.42% | 0.43% | 0.44 | 0.45% | 0.44% | 0.49% |
| Ratio of net investment income to average net assets (5) | 4.33% | 4.17% | 3.43 | 1.56% | 1.04% | 1.75% |
| Portfolio Turnover Rate (2) | 13% (6) | 26% | 45 | 47% | 126% | 35% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Net realized and unrealized gain (loss)
 on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not
 accord with the aggregate gains and losses in the Statements of Operations due to share transactions for the year.

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire 100 ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $42.33 | $32.65 | $31.72 | $44.17 | $35.98 | $29.52 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.27 | 0.38 | 0.34 | 0.35 | 0.43 | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.82) | 9.70 | 0.89 | (5.81) | 8.39 | 6.43 |
| Total from investment operations | (2.55) | 10.08 | 1.23 | (5.46) | 8.82 | 6.84 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.40) | (0.30) | (0.33) | (0.43) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.66) | (0.20) |  |
| Total distributions | (0.21) | (0.40) | (0.30) | (6.99) | (0.63) | (0.38) |
| Net asset value, end of period | $39.57 | $42.33 | $32.65 | $31.72 | $44.17 | $35.98 |
| Total return (3) | (6.04)% (6) | 31.02% | 3.91% | (14.69)% | 24.79% | 23.50% |
| Net assets, at end of period (000s) | $306690 | $353442 | $308537 | $277538 | $295962 | $149320 |
| Ratio of gross expenses to average net assets (4)(5) | 0.42% | 0.41% | 0.43% | 0.45% | 0.42% | 0.48% |
| Ratio of net expenses to average net assets (5) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Ratio of net investment income to average net assets (5) | 1.32% | 0.99% | 1.06% | 1.05% | 1.04% | 1.31% |
| Portfolio Turnover Rate (2) | 7% (6) | 26% | 33% | 28% | 100% | 60% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Represents the ratio of gross expenses
 to average net assets absent of fee waivers and/or expense reimbursements by the adviser.

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire International ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $30.06 | $27.77 | $26.32 | $33.64 | $29.40 | $26.51 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.45 | 0.72 | 0.70 | 0.61 | 0.81 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.19 | 2.38 | 1.38 | (3.36) | 4.22 | 2.81 |
| Total from investment operations | 3.64 | 3.10 | 2.08 | (2.75) | 5.03 | 3.17 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.81) | (0.63) | (0.60) | (0.79) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (3.97) |  |  |
| Total distributions | (0.28) | (0.81) | (0.63) | (4.57) | (0.79) | (0.28) |
| Net asset value, end of period | $33.42 | $30.06 | $27.77 | $26.32 | $33.64 | $29.40 |
| Total return (3) | 12.22% (5) | 11.20% | 8.01% | (9.32)% | 17.11% | 12.29% |
| Net assets, at end of period (000s) | $329220 | $302085 | $227689 | $140829 | $111009 | $77902 |
| Ratio of net expenses to average net assets (4) | 0.64% | 0.66% | 0.73% | 0.80% | 0.69% | 0.94% |
| Ratio of net investment income to average net assets (4) | 2.98% | 2.40% | 2.55% | 2.29% | 2.38% | 1.44% |
| Portfolio Turnover Rate (2) | 12% (5) | 34% | 37% | 61% | 106% | 27% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Annualized for periods less than one
 year.

(5) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Tactical Balanced ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Period Ended**<br>**November 30, 2020 (1)** |
| Net asset value, beginning of period | $28.33 | $23.67 | $23.37 | $30.09 | $26.26 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.12 | 0.36 | 0.57 | 0.21 | 0.20 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.62) | 4.66 | 0.34 | (4.22) | 4.93 | 1.21 |
| Total from investment operations | (1.50) | 5.02 | 0.91 | (4.01) | 5.13 | 1.29 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.36) | (0.61) | (0.11) | (0.25) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (2.60) | (1.05) |  |
| Total distributions | (0.17) | (0.36) | (0.61) | (2.71) | (1.30) | (0.03) |
| Net asset value, end of period | $26.66 | $28.33 | $23.67 | $23.37 | $30.09 | $26.26 |
| Total return (4) | (5.31)% (6) | 21.38% | 4.03% | (14.63)% | 20.49% | 5.18% (6) |
| Net assets, at end of period (000s) | $78643 | $95601 | $83430 | $105734 | $109824 | $71552 |
| Ratio of net expenses to average net assets (5) | 0.72% | 0.71% | 0.71% | 0.69% | 0.69% | 0.80% |
| Ratio of net investment income to average net assets (5) | 0.90% | 1.38% | 2.46% | 0.84% | 0.70% | 0.81% |
| Portfolio Turnover Rate (3) | 218% (6) | 52% | 314% | 469% | 114% | 282% (6) |

---

(1) The Inspire Tactical Balanced ETF
 commenced operations on July 15, 2020.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(4) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Momentum ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Period Ended**<br>**November 30, 2021 (1)** |
| Net asset value, beginning of period | $32.75 | $25.41 | $24.05 | $29.30 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.11 | 0.19 | 0.27 | 0.28 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.79) | 7.40 | 1.33 | (4.21) | 4.26 |
| Total from investment operations | (0.68) | 7.59 | 1.60 | (3.93) | 4.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.25) | (0.24) | (0.24) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.08) |  |
| Total distributions | (0.08) | (0.25) | (0.24) | (1.32) | (0.04) |
| Net asset value, end of period | $31.99 | $32.75 | $25.41 | $24.05 | $29.30 |
| Total return (4) | (2.06)% (6) | 30.00% | 6.72% | (13.89)% | 17.35% (6) |
| Net assets, at end of period (000s) | $79181 | $74504 | $45096 | $40282 | $43944 |
| Ratio of gross expenses to average net assets (5) | 0.88% | 0.96% | 1.03% | 1.28% | 1.02% |
| Ratio of net expenses to average net assets (5) | 0.80% | 0.80% | 0.80% | 0.95% | 1.02% |
| Ratio of net investment income to average net assets (5) | 0.69% | 0.64% | 1.11% | 1.18% | 0.27% |
| Portfolio Turnover Rate (3) | 14% (6) | 82% | 11% | 95% | 270% (6) |

---

(1) The Inspire Momentum ETF commenced
 operations on December 7, 2020.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(4) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire Fidelis Multi Factor ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Period Ended**<br>**November 30, 2022 (1)** |
| Net asset value, beginning of period | $34.11 | $27.15 | $26.06 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.15 | 0.28 | 0.30 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.14) | 7.03 | 1.01 | 1.05 |
| Total from investment operations | (1.99) | 7.31 | 1.31 | 1.08 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.35) | (0.22) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.90) |  |  |  |
| Total distributions | (1.96) | (0.35) | (0.22) | (0.02) |
| Net asset value, end of period | $30.16 | $34.11 | $27.15 | $26.06 |
| Total return (4) | (5.98)% (6) | 27.12% | 5.09% | 4.33% (6) |
| Net assets, at end of period (000s) | $80681 | $94647 | $70579 | $46915 |
| Ratio of net expenses to average net assets (5) | 0.69% | 0.69% | 0.76% | 1.09% |
| Ratio of net investment income to average net assets (5) | 0.99% | 0.92% | 1.13% | 0.48% |
| Portfolio Turnover Rate (3) | 112% (6) | 232% | 235% | 61% (6) |

---

(1) The Inspire Fidelis Multi Factor ETF
 commenced operations on August 23, 2022.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(4) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Inspire 500 ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Period Ended**<br>**November 30, 2024 (1)** |
| Net asset value, beginning of period | $225.68 | $200.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 1.69 | 1.96 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (5.65) | 24.95 |
| Total from investment operations | (3.96) | 26.91 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.52) | (1.23) |
| Total distributions | (1.52) | (1.23) |
| Net asset value, end of period | $220.20 | $225.68 |
| Total return (4) | (1.73)% (6) | 13.52% (6) |
| Net assets, at end of period (000s) | $335803 | $265177 |
| Ratio of net expenses to average net assets (5) | 0.09% | 0.09% |
| Ratio of net investment income to average net assets (5) | 1.59% | 1.38% |
| Portfolio Turnover Rate (3) | 16% (6) | 9% (6) |

---

(1) The Inspire 500 ETF commenced operations
 on March 25, 2024.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(4) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **May 31, 2025** |

---

**1.** **ORGANIZATION** 

The 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 Momentum ETF ("GLRY"), Inspire Fidelis Multi Factor ETF ("FDLS"), and Inspire 500 ETF ("PTL") (each a "Fund" and collectively the "Funds") are each a diversified series of Northern Lights Fund Trust IV (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. BLES's investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope Index. ISMD's investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Small/Mid Cap Index. IBD's investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Corporate Bond Index. BIBL's investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 100 Index. WWJD's investment objective seeks to replicate the investment results that generally correspond, before fees and expenses, to the performance of the Inspire International Index. RISN's investment objective seeks to provide capital appreciation with lower volatility than the U.S. large cap stock market over the long term. GLRY's investment objective seeks to outperform the results, before fees and expenses, of the broader U.S. stock market when momentum is in favor. FDLS's investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the WI Fidelis Multi-Cap, Multi-Factor Index. PTL's investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 500 Index. The investment objectives are non-fundamental. BLES and ISMD commenced operations on February 27, 2017. IBD commenced operations on July 10, 2017. BIBL commenced operations on October 30, 2017. WWJD commenced operations on September 30, 2019. RISN commenced operations on July 15, 2020. GLRY commenced operations on December 7, 2020. FDLS commenced operations on August 23, 2022. PTL commenced operations on March 25, 2024.

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the adviser is deemed to be the Chief Operating Decision Maker ("CODM") for the Funds.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments -** The Funds have adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's CODM to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of portfolio managers and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Securities valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". Short- term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value ("NAV").

The Funds may hold investments, such as private investments, interests in commodity pools, other non- traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the "fair value" procedures approved by the Board. The Board has designated the Funds' adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to beilliquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**Securities Lending Risk -** Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees a Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return a Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.

**Fixed Income Risk -** When a Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by a Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by a Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by each Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

**Foreign Securities Risk -** Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. There is no context in this report for Inspire Impact scores. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

**Market and Geopolitical Risk *-*** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

The inputs used to measure value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2025 for the Funds' assets measured at value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BLES | BLES | BLES | BLES | BLES | BLES |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $125207741 | $— | $— |  | $125207741 |
| Collateral For Securities Loaned | 950412 |  |  |  | 950412 |
| Preferred Stock | 223800 |  |  |  | 223800 |
| Right |  |  |  | ^ |  |
| Total | $126381953 | $— | $— |  | $126381953 |
| ISMD | ISMD | ISMD | ISMD | ISMD | ISMD |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $175553403 | $— | $— |  | $175553403 |
| Collateral For Securities Loaned | 2932732 |  |  |  | 2932732 |
| Rights |  |  |  | ^ |  |
| Total | $178486135 | $— | $— |  | $178486135 |
| IBD | IBD | IBD | IBD | IBD | IBD |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Corporate Bonds | $— | $377363956 | $— |  | $377363956 |
| Total | $— | $377363956 | $— |  | $377363956 |
| BIBL | BIBL | BIBL | BIBL | BIBL | BIBL |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $306005404 | $— | $— |  | $306005404 |
| Collateral For Securities Loaned | 629685 |  |  |  | 629685 |
| Total | $306635089 | $— | $— |  | $306635089 |
| WWJD | WWJD | WWJD | WWJD | WWJD | WWJD |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $325573065 | $— | $— |  | $325573065 |
| Collateral For Securities Loaned | 6750573 |  |  |  | 6750573 |
| Preferred Stock | 1125879 |  |  |  | 1125879 |
| Total | $333449517 | $— | $— |  | $333449517 |
| RISN | RISN | RISN | RISN | RISN | RISN |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $62919364 | $— | $— |  | $62919364 |
| Exchange Traded Fund | 15295821 |  |  |  | 15295821 |
| Total | $78215185 | $— | $— |  | $78215185 |

---

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| GLRY | GLRY | GLRY | GLRY | GLRY |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $79064807 | $— | $— | $79064807 |
| Total | $79064807 | $— | $— | $79064807 |
| FDLS | FDLS | FDLS | FDLS | FDLS |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $80429346 | $— | $— | $80429346 |
| Collateral For Securities Loaned | 882654 |  |  | 882654 |
| Total | $81312000 | $— | $— | $81312000 |
| PTL | PTL | PTL | PTL | PTL |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $334581464 | $— | $— | $334581464 |
| Total | $334581464 | $— | $— | $334581464 |

---

\* See Schedule of Investments for industry classification.

---

| | |
|:---|:---|
| ^ | Includes securities valued at $0. |

---

BLES and ISMD held Level 3 securities at the end of the period. The securities classified as Level 3 for BLES and ISMD are deemed immaterial.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims, as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly for BLES, ISMD, BIBL, WWJD, RISN, GLRY, FDLS, PTL and monthly for IBD. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature,

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Federal Income Taxes –** The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years November 30, 2022 - November 30, 2024 or expected to be taken in the Funds' November 30, 2025, year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Exchange Traded Funds ("ETFs") –** The Funds may invest in ETFs. ETFs are generally a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they hold, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Cash –** The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

**Foreign Currency –** The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT TRANSACTIONS** 

For the six months ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Purchases** | **Sales** |
| **BLES** | $18706291 | $17158123 |
| **ISMD** | $35318489 | $33490525 |
| **IBD** | $59794194 | $46037401 |
| **BIBL** | $24401099 | $23700405 |
| **WWJD** | $39275848 | $37813903 |
| **RISN** | $183277582 | $180262827 |
| **GLRY** | $10534042 | $10532618 |
| **FDLS** | $93425509 | $91658263 |
| **PTL** | $46161185 | $45598524 |

---

For the six months ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Purchases** | **Sales** |
| **BLES** | $21190947 | $7246773 |
| **ISMD** | $17699436 | $21350531 |
| **IBD** | $60638012 | $23523821 |
| **BIBL** | $38042421 | $62737298 |
| **WWJD** | $20362091 | $26061439 |
| **RISN** | $14472176 | $29033180 |
| **GLRY** | $10872396 | $4575375 |
| **FDLS** | $25070354 | $34879412 |
| **PTL** | $100493508 | $25510458 |

---

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

The business activities of the Funds are overseen by the Board. Inspire Investing, LLC (the "Adviser") serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust (the "Advisory Agreement"). The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the "Custodian") to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Foreside Financial Services, LLC (the "Distributor") to serve as the principal underwriter and distributor for the Funds.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund's average daily net assets. For the six months ended May 31, 2025, each Fund incurred the following in advisory fees:

---

| | | |
|:---|:---|:---|
| **Ticker** | **ANNUAL RATE** | **TOTAL ADVISORY FEE** |
| **BLES** | 0.30% | $175808 |
| **ISMD** | 0.30% | $275621 |
| **IBD** | 0.30% | $545997 |
| **BIBL** | 0.30% | $469690 |
| **WWJD** | 0.45% | $681950 |
| **RISN** | 0.50% | $206086 |
| **GLRY** | 0.65% | $242221 |
| **FDLS** | 0.45% | $180400 |
| **PTL** | 0.09% | $124069 |

---

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed for BIBL and GLRY, at least until March 31, 2026, to waive a portion of its advisory fee and has agreed to reimburse BIBL and GLRY for other expenses to the extent necessary so that total expenses incurred (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 0.35% and 0.80% of average daily net assets for BIBL and GLRY, respectively.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and BIBL's and GLRY's operating expenses are subsequently lower than its expense limitation, or limitation in place at time of waiver, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that 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

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

waived, and (ii) the Fund's current expense cap at the time of recoupment. If a Fund's operating expenses subsequently exceeds the expense limitation, the reimbursements for the Fund shall be suspended. For the six months ended May 31, 2025, the Adviser waived fees and/or reimbursed expenses in the amount of $111,174 and $29,533 for BIBL and GLRY, respectively, pursuant to the Waiver Agreement.

The following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:

---

| | | | |
|:---|:---|:---|:---|
| **Ticker** | **11/30/2025** | **11/30/2026** | **11/30/2027** |
| **BLES** | $3420 | $— | $— |
| **BIBL** | $279811 | $103906 | $186741 |
| **GLRY** | $88117 | $52197 | $101431 |

---

The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement).

The Board may terminate this expense reimbursement arrangement at any time on 60 days' notice to the Adviser.

PTL's unitary management fee is designed to pay PTL's expenses and to compensate the Adviser for providing services for PTL. Out of the unitary management fee, the Adviser pays substantially all expenses of PTL, including the costs of transfer agency, custody, fund administration, legal, audit and other services and independent Trustees' fees, but not any front-end or contingent deferred loads; brokerage fees and commissions; any Rule 12b-l fees; acquired advisory fees, 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); borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of PTL officers and Trustees, contractual indemnification of PTL service providers (other than the Adviser)). The Adviser, and not PTL's shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

The Trust, with respect to the Funds, has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

<u>Ultimus Fund Solutions, LLC ("UFS")</u> - UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> - NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.

<u>Blu Giant, LLC ("Blu Giant")</u> – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services, as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**5.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at the NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 50,000 shares for BLES, ISMD, BIBL, and WWJD, 100,000 shares for IBD, and 25,000 for RISN, GLRY, FDLS and PTL. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). For the six months ended May 31, 2025, the fixed and variable fees were as follows:

---

| | | |
|:---|:---|:---|
| **Ticker** | **FIXED FEES** | **VARIABLE FEES** |
| **BLES** | $5000 | $— |
| **ISMD** | $3750 | $— |
| **IBD** | $4750 | $— |
| **BIBL** | $4750 | $— |
| **WWJD** | $6000 | $— |
| **RISN** | $3000 | $— |
| **GLRY** | $2500 | $— |
| **FDLS** | $2250 | $— |
| **PTL** | $17871 | $— |

---

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

The Transaction Fees for the Funds are listed in the table below:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Fee for In-Kind and Cash<br> Purchases** | **Maximum Additional Variable<br> Charge for Cash Purchases\*** |
| **BLES** | $500 | 0.50% |
| **ISMD** | $250 | 0.00% |
| **IBD** | $250 | 0.00% |
| **BIBL** | $250 | 0.00% |
| **WWJD** | $500 | 0.50% |
| **RISN** | $250 | 0.00% |
| **GLRY** | $250 | 0.00% |
| **FDLS** | $250 | 0.00% |
| **PTL** | $777 | 0.00% |

---

\* The maximum Transaction Fee may be up to 0.50% as a percentage of the amount invested.

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the years ended November 30, 2024, and November 30, 2023, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2024:** | **For the period ended November 30, 2024:** | **For the period ended November 30, 2024:** | **For the period ended November 30, 2024:** | **For the period ended November 30, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Portfolio** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| Inspire Global Hope ETF | $2698930 | $— | $— | $2698930 |
| Inspire Small/Mid Cap ETF | 2458940 |  |  | 2458940 |
| Inspire Corporate Bond ETF | 12185950 |  |  | 12185950 |
| Inspire 100 ETF | 3597375 |  |  | 3597375 |
| Inspire International ETF | 7509030 |  |  | 7509030 |
| Inspire Tactical Balanced ETF | 1260097 |  |  | 1260097 |
| Inspire Momentum ETF | 497272 |  |  | 497272 |
| Inspire Fidelis Multi Factor ETF | 954623 |  |  | 954623 |
| Inspire 500 ETF | 1049460 |  |  | 1049460 |
| **For the period ended November 30, 2023:** | **For the period ended November 30, 2023:** | **For the period ended November 30, 2023:** | **For the period ended November 30, 2023:** | **For the period ended November 30, 2023:** |
|  | **Ordinary** | **Long-Term** | **Return** |  |
| **Portfolio** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| Inspire Global Hope ETF | $2630640 | $— | $— | $2630640 |
| Inspire Small/Mid Cap ETF | 1603670 |  |  | 1603670 |
| Inspire Corporate Bond ETF | 8091080 |  |  | 8091080 |
| Inspire 100 ETF | 2666835 |  |  | 2666835 |
| Inspire International ETF | 4410875 |  |  | 4410875 |
| Inspire Tactical Balanced ETF | 2555168 |  |  | 2555168 |
| Inspire Momentum ETF | 445820 |  |  | 445820 |
| Inspire Fidelis Multi Factor ETF | 464685 |  |  | 464685 |
| Inspire 500 ETF |  |  |  |  |

---

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

As of November 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Inspire Global Hope ETF | $125908 | $— | $— | $(270831) | $— | $13329708 | $13184785 |
| Inspire Small/Mid Cap ETF | 118957 |  |  | (6359971) |  | 27699750 | 21458736 |
| Inspire Corporate Bond ETF | 395679 |  | (17399) | (19295056) |  | 256863 | (18659913) |
| Inspire 100 ETF | 191127 |  |  | (50121176) |  | 55570538 | 5640489 |
| Inspire International ETF | 1822655 |  |  | (8265988) |  | 15679988 | 9236655 |
| Inspire Tactical Balanced ETF | 314205 |  |  | (8649357) |  | 10218558 | 1883406 |
| Inspire Momentum ETF |  |  |  | (5126569) |  | 13156867 | 8030298 |
| Inspire Fidelis Multi Factor ETF | 1440360 | 3830589 |  |  |  | 11824429 | 17095378 |
| Inspire 500 ETF | 469215 |  |  | (348593) |  | 25535050 | 25655672 |

---

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark to market on passive foreign investment companies, and adjustments on partnerships, passive foreign investment companies and C-Corporation return of capital distributions.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Inspire Corporate Bond ETF incurred and elected to defer such capital losses of $17,399.

At November 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carry forwards utilized were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Short-Term** | **Long-Term** | **Total** | **Utilized** |
| Inspire Global Hope ETF | $— | $270831 | $270831 | $8009402 |
| Inspire Small/Mid Cap ETF |  | 6359971 | 6359971 | 4194860 |
| Inspire Corporate Bond ETF | 5115998 | 14179058 | 19295056 |  |
| Inspire 100 ETF | 16179194 | 33941982 | 50121176 |  |
| Inspire International ETF | 1769309 | 6496679 | 8265988 | 9422565 |
| Inspire Tactical Balanced ETF | 8649357 |  | 8649357 | 7216149 |
| Inspire Momentum ETF | 3966565 | 1160004 | 5126569 | 821820 |
| Inspire Fidelis Multi Factor ETF |  |  |  | 1507497 |
| Inspire 500 ETF | 348593 |  | 348593 |  |

---

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions, adjustments for prior year tax returns, non-deductible expenses and distributions in excess, resulted in reclassifications for the Funds for the year ended November 30, 2024, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Inspire Global Hope ETF | $18214827 | $(18214827) |
| Inspire Small/Mid Cap ETF | 17356209 | (17356209) |
| Inspire Corporate Bond ETF | 1692524 | (1692524) |
| Inspire 100 ETF | 36964800 | (36964800) |
| Inspire International ETF | 3842323 | (3842323) |
| Inspire Tactical Balanced ETF | 1305624 | (1305624) |
| Inspire Momentum ETF | 2120225 | (2120225) |
| Inspire Fidelis Multi Factor ETF | 5229093 | (5229093) |
| Inspire 500 ETF | 201439 | (201439) |

---

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

At May 31, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Inspire Global Hope ETF | $114470310 | $21248739 | $(9337096) | $11911643 |
| Inspire Small/Mid Cap ETF | 185051474 | 22042632 | (28607971) | (6565339) |
| Inspire Corporate Bond ETF | 376684665 | 3776568 | (3097277) | 679291 |
| Inspire 100 ETF | 287062806 | 47621441 | (28049158) | 19572283 |
| Inspire International ETF | 482878635 | 59054576 | (208483694) | (149429118) |
| Inspire Tactical Balanced ETF | 78624251 | 455633 | (864699) | (409066) |
| Inspire Momentum ETF | 65574161 | 16833722 | (3343076) | 13490646 |
| Inspire Fidelis Multi Factor ETF | 75450591 | 9022862 | (3161453) | 5861409 |
| Inspire 500 ETF | 316265721 | 38166760 | (19851017) | 18315743 |

---

**8.** **SECURITIES LENDING** 

Each Fund may lend up to 33 1⁄3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Custodian. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is held by the Custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.

As of May 31, 2025, the below table shows the securities on loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities. All individual open security loan transactions were overcollateralized. The remaining contractual maturity of those transactions are overnight and continuous. This cash is invested in the Fidelity Investments Money Market Government Portfolio – Institutional Class.

---

| | | |
|:---|:---|:---|
| <br>**Ticker** | **Fair Value of**<br>**Securities on Loan** | **Collateral Value of**<br>**Securities on Loan** |
| **BLES** | $899063 | $950412 |
| **ISMD** | 2720333 | 2932732 |
| **BIBL** | 585480 | 629685 |
| **WWJD** | 6373147 | 6750573 |
| **FDLS** | 857601 | 882654 |

---

It is each Fund's policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. As of May 31, 2025 the collateral consisted of institutional government money market funds.

The following table breaks out the Funds' securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Overnight and | Up to | Greater than | Greater than | Greater than |
| Ticker | Collateral | Continuous | 30 Days | 30-90 days | 90 days | Total |
| **BLES** | Fidelity Investments Money Market Government Portfolio - Institutional Class | $950412 | $— | $— | $— | $950412 |
| **ISMD** | Fidelity Investments Money Market Government Portfolio - Institutional Class | 2932732 |  |  |  | $2932732 |
| **BIBL** | Fidelity Investments Money Market Government Portfolio - Institutional Class | 629685 |  |  |  | $629685 |
| **WWJD** | Fidelity Investments Money Market Government Portfolio - Institutional Class | 6750573 |  |  |  | $6750573 |
| **FDLS** | Fidelity Investments Money Market Government Portfolio - Institutional Class | 882654 |  |  |  | $882654 |

---

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following.

The Board declared the following distributions after May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Ticker | Dividend Per Share | Record Date | Payable Date |
| BLES | $0.3845 | 6/26/2025 | 7/1/2025 |
| ISMD | $0.1170 | 6/26/2025 | 7/1/2025 |
| IBD | $0.0953 | 6/26/2025 | 7/1/2025 |
| BIBL | $0.1203 | 6/26/2025 | 7/1/2025 |
| WWJD | $0.4074 | 6/26/2025 | 7/1/2025 |
| RISN | $0.0571 | 6/26/2025 | 7/1/2025 |
| GLRY | $0.0334 | 6/26/2025 | 7/1/2025 |
| FDLS | $0.1008 | 6/26/2025 | 7/1/2025 |
| PTL | $0.7670 | 6/26/2025 | 7/1/2025 |

---

---

| |
|:---|
| ***The Inspire ETFs*** |
| **Additional Information (Unaudited)** |
| **May 31, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

*<u>Renewal of the Investment Advisory Agreement with Inspire Investing, LLC</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on January 23, 2025, (the "Meeting"), the Board discussed the renewal of an investment advisory agreement (the "Inspire Advisory Agreement") between Inspire Investing, LLC ("Inspire") and the Trust, with respect to the Inspire 100 ETF ("Inspire 100"), Inspire Corporate Bond ETF ("Inspire CB"), Inspire Fidelis Multi-Factor ETF ("Inspire FMF"), Inspire Global Hope ETF ("Inspire GH"), Inspire Momentum ETF ("Inspire ME"), Inspire International ETF ("Inspire IE"), Inspire Small/Mid Cap ETF ("Inspire SMC") and Inspire Tactical Balanced ETF ("Inspire TBE"). In considering the renewal of the Inspire Advisory Agreement, the Board received materials specifically relating to the Inspire Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Inspire Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Inspire Advisory Agreement on behalf of Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Inspire Advisory Agreement.

*<u>Nature, Extent and Quality of Services</u>*. The Board reviewed the key personnel servicing each of Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE and noted that that there was a change in the chief compliance officer. The Board further noted that the change in chief compliance officer did not affect the services performed by Inspire, including its compliance program, and the new chief compliance officer had sufficient credentials. The Board noted that Inspire provided research, portfolio design, trade order management and distribution efforts for each of Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE. The Board observed that Inspire selected broker-dealers that could provide clients with best execution, including price, service and settlement. The Board noted that Inspire's portfolio managers utilized Bloomberg to monitor trading activity of each of

---

| |
|:---|
| ***The Inspire ETFs*** |
| **Additional Information (Unaudited)(Continued)** |
| **May 31, 2025** |

---

the Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE throughout each trading day to monitor bid/ask spreads, net asset value to market price differences and the daily volume. The Board reviewed the improvements that Inspire made to its policies and procedures regarding its cybersecurity infrastructure, including new computers with enhanced systems and a new firewall for the home office. The Board noted that Inspire reported no material data security incidents. The Board reviewed Inspire's practice for monitoring compliance, which included the use of checklists to track prospectus language, disclosures and limitations for every trade executed. The Board concluded that it could expect Inspire to continue providing high quality services to each of the Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE.

*<u>Performance</u>*.

*Inspire 100*. The Board observed that Inspire 100 maintained a tight bid/ask spread with low tracking error to the index it seeks to track. The Board noted that Inspire 100 ranked 10th out of 14 peers with respect to its net returns for the 1-year period ended October 31, 2024. The Board further noted that Inspire 100 slightly underperformed the index it seeks to track, the Inspire 100 Index. The Board considered Inspire's explanation that the underperformance could be attributed to Inspire 100's expense ratio and the small cash reserve carried in the Inspire 100. The Board concluded that Inspire 100's tracking error was acceptable.

*Inspire CB*. The Board noted that Inspire CB maintained a tight bid/ask spread with moderately low tracking error to the index it seeks to track. The Board observed that Inspire CB ranked 10th out of 10 peers with respect to its net returns for the 1-year period ended October 31, 2024 and 2nd out of 9 peers for the 3-year period ended October 31, 2024. The Board further observed that Inspire CB ranked 1st out of 10 peers with respect to standard deviation for the 1-year period ended October 31, 2024. The Board noted that Inspire CB underperformed the benchmark it seeks to track, the Inspire Corporate Bond Index across all periods. The Board noted Inspire's explanation that the underperformance could be attributed to Inspire CB's expenses, the cash reserves held, and the optimized process used to replicate the characteristics of the index. The Board concluded that Inspire CB's tracking error was acceptable.

*Inspire ME*. The Board noted that Inspire ME underperformed its benchmark index, the S&P Midcap 400 Index, and the medians of its peer group and Morningstar category across all periods. The Board observed that Inspire ME ranked 9th out of 9 peers with respect to net returns and 1st out of 9 peers with respect to standard deviation for the 1-year period ended October 31, 2024. The Board acknowledged Inspire's assertion that the underperformance could be attributed to Inspire ME's focus on momentum factors for security selection, which have been underperforming in the broader markets over the past year. The Board concluded that Inspire ME's performance was acceptable.

*Inspire FMF*. The Board observed that Inspire FMF maintained a tight bid/ask spread with low tracking error to the index it seeks to track. The Board noted that Inspire FMF ranked 14th out of 14 peers with respect to its net returns for the 1-year period ended October 31, 2024 and 8th out of 11 peers since inception. The Board observed that Inspire FMF slightly underperformed

---

| |
|:---|
| ***The Inspire ETFs*** |
| **Additional Information (Unaudited)(Continued)** |
| **May 31, 2025** |

---

its benchmark index, the WI Fidelis Multi-Cap Multi-Factor Index. The Board noted Inspire's assertion that the quantitative and qualitative factors used in the index Inspire FMF seeks to replicate have been out of favor in the most recent market environment. The Board concluded that Inspire FMF's tracking error was acceptable.

*Inspire GH*. The Board observed that Inspire GH maintained a fairly tight bid/ask spread with low tracking error to the index it seeks to track. The Board noted that Inspire GH ranked 5th out of 9 peers with respect to its net returns for the 1-year period ended October 31, 2024. The Board observed that Inspire GH trailed its benchmark index, the Inspire Global Hope Index, across all periods. The Board noted Inspire's assertion that the underperformance could be attributed to Inspire GH's expense ratio and small cash reserves. The Board concluded that Inspire GH's tracking error was acceptable.

*Inspire IE*. The Board noted that Inspire IE maintained a fairly tight bid/ask spread with low tracking error to the index it seeks to track. The Board noted that Inspire IE ranked 3rd out of 13 peers with respect to its net returns for the 1-year period ended October 31, 2024. The Board observed that Inspire IE trailed its benchmark index, the Inspire International Index, for the 1- year and 3-year periods ended October 31, 2024, but outperformed the benchmark index for the 5-yer period ended October 31, 2024 and since inception. The Board concluded that Inspire IE's tracking error was acceptable.

*Inspire SMC*. The Board observed that Inspire SMC maintained a fairly tight bid/ask, spread and low tracking error to the index it seeks to track. The Board noted that Inspire SMC ranked 9th out of 13 peers with respect to its net returns for the 1-year period ended October 31, 2024. The Board further noted that the Inspire SMC trailed its benchmark index, the Inspire Small/Mid Cap Index, across all periods. The Board concluded that Inspire SMC's tracking error was acceptable.

*Inspire TBE*. The Board observed that Inspire TBE outperformed its benchmark index, the S&P Target Risk Moderate Index, and Morningstar category and peer group averages for the 1-year period ended October 31, 2024. The Board further observed that the Inspire TBE outperformed its peer group median and benchmark index since inception. The Board noted that Inspire TBE ranked 4th out of 13 peers in terms of net returns for the 1-year period ended October 31, 2024. The Board concluded that Inspire TBE's performance was acceptable.

*<u>Fees and Expenses</u>*.

*Inspire 100*. The Board noted that Inspire's advisory fee for Inspire 100 of 0.30% and net expense ratio of 0.35% were higher than its peer group and Morningstar category medians and averages, but below the highs of each. The Board observed that the advisory fee for Inspire 100 ranked 10th out of 14 peers. The Board acknowledged Inspire's explanation that the advisory fee was reasonable. The Board further noted the expense caps in place for Inspire 100 to limit the net expense ratio. The Board concluded that the advisory fee for Inspire 100 was not unreasonable.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **Additional Information (Unaudited)(Continued)** |
| **May 31, 2025** |

---

*Inspire CB*. The Board noted that Inspire's advisory fee for Inspire CB of 0.30% and net expense ratio of 0.45% were higher than its peer group and Morningstar category medians and averages, but lower than the highs of the Morningstar category. The Board observed that the advisory fee for Inspire CB ranked 10th out of 10 peers. The Board acknowledged Inspire's explanation that the advisory fee was reasonable. The Board concluded that the advisory fee for Inspire CB was not unreasonable.

*Inspire ME*. The Board observed that Inspire's advisory fee for Inspire ME of 0.65% was lower than the peer group and Morningstar category medians and averages. The Board further observed that Inspire ME's net expense ratio of 0.80% was higher than the Morningstar category average, but equal to the Morningstar category median and peer group average and lower than the peer group median. The Board further noted the expense caps in place for Inspire ME to limit the net expense ratio. The Board concluded that the advisory fee for Inspire ME was not unreasonable.

*Inspire FMF*. The Board observed that Inspire's advisory fee for Inspire FMF of 0.45% and net expense ratio of 0.69% were higher than its peer group and Morningstar category averages and medians, but lower than the highs of each. The Board observed that the advisory fee for Inspire FMF ranked 9th out of 14 peers. The Board acknowledged Inspire's explanation that the advisory fee was reasonable. The Board concluded that the advisory fee for Inspire FMF was not unreasonable.

*Inspire GH*. The Board noted that Inspire GH's advisory fee of 0.30% for Inspire GH was lower than the peer group and Morningstar category averages and medians. The Board further noted that Inspire GH's net expense ratio of 0.52% was higher than its Morningstar category and peer group medians and averages but lower than the highs of each. The Board observed that the advisory fee for Inspire GH ranked 3rd out of 9 peers. The Board concluded that the advisory fee for Inspire GH was not unreasonable.

*Inspire IE*. The Board observed that Inspire's advisory fee for Inspire IE of 0.45% was higher than the peer group and Morningstar category medians and averages but below the highs of each. The Board further observed that the net expense ratio of Inspire IE of 0.63% was greater than Morningstar category and peer group medians and averages and higher than the peer group high but lower than the high of the Morningstar category. The Board observed that the advisory fee for Inspire IE ranked 12th out of 13 peers. The Board acknowledged Inspire's explanation that the advisory fee was reasonable for an international and emerging markets fund. The Board concluded that the advisory fee for Inspire IE was not unreasonable.

*Inspire SMC*. The Board observed that Inspire's advisory fee of 0.30% for Inspire SMC was higher than its Morningstar category average and median, as well as the peer group median, but equal to the peer group average and lower than the high of the Morningstar category. The Board further observed that the net expense ratio of 0.49% of Inspire SMC was higher than the peer group and Morningstar category medians and averages but lower than the highs of each. The Board noted that the advisory fee for Inspire SMC ranked 8th out of 13 peers. The Board concluded that the advisory fee for Inspire SMC was not unreasonable.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **Additional Information (Unaudited)(Continued)** |
| **May 31, 2025** |

---

*Inspire TBE*. The Board observed that Inspire's advisory fee of 0.50% for Inspire TBE was lower than the peer group and Morningstar category medians and averages. The Board further observed that Inspire TBE's net expense ratio of 0.71% was higher than the peer group and Morningstar category medians and averages but below the highs of each. The Board observed that Inspire TBE's advisory fee ranked 1st out of 13 peers. The Board concluded that the advisory fee for Inspire TBE was not unreasonable.

*<u>Profitability</u>*. The Board reviewed the profitability analysis provided by Inspire. The Board observed that Inspire was earning a modest profit from Inspire ME, Inspire FMF and Inspire TBE and a reasonable profit for Inspire 100, Inspire CB, Inspire GH, Inspire IE and Inspire SMC. The Board noted Inspire's assertion that the profits were reasonable given the risks associated with providing advisory services. The Board determined that the level of profitability was not an issue and was not excessive for Inspire with respect to each of Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE at this time.

*<u>Economies of Scale</u>*. The Board considered whether Inspire economies of scale had been reached with respect to the management of Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE. The Board noted that Inspire had indicated a willingness to evaluate the appropriateness of breakpoints at higher asset levels. The Board agreed to monitor and revisit the issue at the appropriate time.

*<u>Conclusion</u>*. Having requested such information from Inspire as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that the renewal of the advisory agreement with Inspire was in the best interests of Inspire 100, Inspire CB, Inspire ME, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire TBE and their future shareholders.

 **<u>PROXY VOTING POLICY</u>**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by (i) calling 1-877-658-9473 (ii) visiting the Funds' website at <u>https://www.inspireetf.com</u> (iii) or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

**<u>PREMIUM/DISCOUNT INFORMATION</u>**

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at www.inspireetf.com.

**INVESTMENT ADVISER** 

Inspire Investing, LLC

3597 E Monarch Sky Lane, Suite 330

Meridian, ID 83646

**ADMINISTRATOR** 

Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022-3474

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** Included under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule
 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) <u>Northern Lights Fund Trust IV</u> | (Registrant) <u>Northern Lights Fund Trust IV</u> |
| By | (Signature and Title) |
|  | /s/ Wendy Wang |
|  | Wendy Wang, Principal Executive Officer/President |
| Date | 08/08/25 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | (Signature and Title) |
|  | /s/ Wendy Wang |
|  | Wendy Wang Principal Executive Officer/President |
| Date | 08/08/25 |
| By | (Signature and Title) |
|  | /s/ Sam Singh |
|  | Sam Singh Principal Financial Officer/Treasurer |
| Date | 08/08/25 |

---

## Ex-99.Cert

CERTIFICATIONS

I, Wendy Wang, certify that:

1. I have reviewed this report on Form N-CSR of the Inspire Global Hope ETF, Inspire Small/Mid Cap Impact ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Tactical Balanced ETF, Inspire Momentum ETF, Inspire Fidelis Multi Factor ETF and Inspire 500 ETF (a series of Northern Lights Fund Trust IV);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 08/08/25 | <u>/s/ Wendy Wang</u> |
|  |  | Wendy Wang |
|  |  | Principal Executive Officer/President |

---

I, Sam Singh, certify that:

1. I have reviewed this report on Form N-CSR of the Inspire Global Hope ETF, Inspire Small/Mid Cap Impact ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Tactical Balanced ETF, Inspire Momentum ETF, Inspire Fidelis Multi Factor ETF and Inspire 500 ETF (a series of Northern Lights Fund Trust IV);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 08/08/25 | <u>/s/ Sam Singh</u> |
|  |  | Sam Singh |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

Wendy Wang, Principal Executive Officer/President, and Sam Singh, Principal Financial Officer/Treasurer of Northern Lights Fund Trust IV (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| <u>/s/ Wendy Wang</u> | <u>/s/ Wendy Wang</u> | <u>/s/ Sam Singh</u> | <u>/s/ Sam Singh</u> |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 08/08/25 | Date: | 08/08/25 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.