# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-000891
**Filing Date:** 2026-2
**Character Count:** 376724
**Document Hash:** a2757de4c7c731cc2d85293d5bec974c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000891.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001580642-26-000891

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 26607047

**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</u>

Date of fiscal year end: <u>11/30</u> <br>Date of reporting period: <u>11/30/2025</u>

**Item 1. Reports to Stockholders.** 

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

#### Annual Shareholder Report - November 30, 2025
![Image](idb9272092584d759c8be632f.jpg)

## Fund Overview
This annual shareholder report contains important information about Inspire 100 ETF for the period of December 1, 2024 to November 30, 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 year?
(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 | $37 | 0.35% |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 8.59%. This strong performance was driven predominately by the upward momentum in the US large cap equity market during the period. The sectors that helped support the fund with positive performance came from the Consumer Discretionary, Materials, Health Care, Real Estate and Utilities sectors. The sectors that caused the largest drag to performance during the period due to security selection were the Communications Services, Industrials, Consumer Staples, Financials 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 November 30, 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](if9ccffca3e55a6a9ee150433.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire 100 ETF - NAV** | **Inspire 100 Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2017** | $10000 | $10000 | $10000 |
| **Nov-2017** | $10276 | $10274 | $10317 |
| **Nov-2018** | $10594 | $10674 | $10964 |
| **Nov-2019** | $12144 | $12361 | $12730 |
| **Nov-2020** | $14997 | $15489 | $14953 |
| **Nov-2021** | $18715 | $19531 | $19128 |
| **Nov-2022** | $15966 | $16678 | $17366 |
| **Nov-2023** | $16591 | $17393 | $19769 |
| **Nov-2024** | $21737 | $22895 | $26469 |
| **Nov-2025** | $23605 | $24956 | $30440 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 30, 2017)** |
| Inspire 100 ETF - NAV | 8.59% | 9.50% | 11.21% |
| Inspire 100 Index | 9.00% | 10.01% | 11.98% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.76% |

---

***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$361,579,276

* Number of Portfolio Holdings100

* Advisory Fee (net of waivers)$786,762

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i15bfd493db854a7143ce6533.jpg)

---

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

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i83e5a60b219e11380d06f02f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Consumer Staples | 0.7% |
| Consumer Discretionary | 0.9% |
| Utilities | 3.8% |
| Materials | 4.6% |
| Health Care | 5.6% |
| Energy | 6.5% |
| Financials | 8.4% |
| Real Estate | 15.2% |
| Technology | 26.4% |
| Industrials | 27.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Amphenol Corporation, Class A | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Parker-Hannifin Corporation | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](idb9272092584d759c8be632f.jpg)

# Inspire 100 ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-BIBL

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

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

## Fund Overview
This annual shareholder report contains important information about Inspire 500 ETF for the period of December 1, 2024 to November 30, 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 year?
(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 | $10 | 0.09% |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 14.20%. This strong positive performance was driven by upward momentum in the broader US Large Cap markets. The sectors that contributed most to the positive performance within the Fund were Information Technology, Materials and Health Care. Although there was volatility 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 have not performed as well during the during the last several months of the fiscal year. During the period ended November 30, 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](if3544350d56c142c0b741aeb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire 500 ETF - NAV** | **Inspire 500 Index** | **S&P 500<sup>®</sup> Index** |
| **03/25/24** | $10000 | $10000 | $10000 |
| **05/31/24** | $9860 | $9862 | $10138 |
| **08/31/24** | $10510 | $10517 | $10888 |
| **11/30/24** | $11352 | $11364 | $11666 |
| **02/28/25** | $10921 | $10930 | $11553 |
| **05/31/25** | $11155 | $11163 | $11509 |
| **08/31/25** | $12272 | $12288 | $12617 |
| **11/30/25** | $12963 | $12986 | $13416 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 25, 2024)** |
| Inspire 500 ETF - NAV | 14.20% | 16.65% |
| Inspire 500 Index | 14.28% | 16.78% |
| S&P 500<sup>®</sup> Index | 15.00% | 19.06% |

---

***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$565,711,679

* Number of Portfolio Holdings497

* Advisory Fee $329,043

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia440776229a00df501061ca4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |
| Warrant | 0.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8374cf7e24a6ca1340bc727b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Communications | 1.4% |
| Consumer Staples | 2.5% |
| Utilities | 4.9% |
| Health Care | 5.8% |
| Real Estate | 5.9% |
| Materials | 6.3% |
| Consumer Discretionary | 8.2% |
| Financials | 8.3% |
| Energy | 8.3% |
| Industrials | 17.3% |
| Technology | 30.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;1.0% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ibeea62fc12b57a28b5169420.jpg)

# Inspire 500 ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-PTL

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

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

## Fund Overview
This annual shareholder report contains important information about Inspire Corporate Bond ETF for the period of December 1, 2024 to November 30, 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 year?
(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 | $42 | 0.41% |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 6.16%. This positive performance was driven by falling interest rates on the short to intermediate end of the yield curve vs interest rates rising on the long end of the yield curve spectrum in anticipation that interest rates would be cut by the Federal Reserve at least twice. 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 November 30, 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](i0ed11858a09eb0f44ba48cf4.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 |
| **11/30/17** | $10037 | $10102 | $10094 | $10088 |
| **11/30/18** | $9938 | $10045 | $9996 | $10005 |
| **11/30/19** | $10824 | $11117 | $11077 | $11035 |
| **11/30/20** | $11382 | $12190 | $11895 | $11807 |
| **11/30/21** | $11252 | $12120 | $11820 | $11729 |
| **11/30/22** | $10166 | $10986 | $10731 | $10681 |
| **11/30/23** | $10534 | $11447 | $11188 | $11110 |
| **11/30/24** | $11318 | $12376 | $12080 | $11958 |
| **11/30/25** | $12015 | $13201 | $12918 | $12782 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 years** | **Since Inception (July 10, 2017)** |
| Inspire Corporate Bond ETF - NAV | 6.16% | 1.09% | 2.21% |
| Inspire Corporate Bond Impact Index | 6.66% | 1.61% | 3.36% |
| Bloomberg Intermediate Corporate Index | 6.94% | 1.66% | 3.10% |
| Bloomberg U.S. Intermediate Credit Index | 6.89% | 1.60% | 2.97% |

---

***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$449,529,917

* Number of Portfolio Holdings251

* Advisory Fee $1,165,525

* Portfolio Turnover28%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d7898751acddb6a8d72a810.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 97.5% |
| Money Market Funds | 2.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if4cc3d93af4bb5c9d28cc5c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Money Market Funds | 2.5% |
| Financials | 4.9% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 5.8% |
| Health Care | 5.8% |
| Utilities | 8.2% |
| Energy | 9.3% |
| Materials | 10.2% |
| Technology | 11.7% |
| Real Estate | 18.1% |
| Industrials | 19.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Investments Money Market Funds, Institutional Class | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Camden Property Trust, 4.900%, 01/15/34 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc., 4.900%, 12/15/30 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Trimble, Inc., 4.900%, 06/15/28 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Amphenol Corporation, B, 4.350%, 06/01/29 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Valero Energy Corporation, 4.350%, 06/01/28 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Republic Services, Inc., 3.950%, 05/15/28 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Cboe Global Markets, Inc., 3.650%, 01/12/27 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;AutoZone, Inc., 3.750%, 06/01/27 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Parker-Hannifin Corporation, 3.250%, 06/14/29 | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ibeea62fc12b57a28b5169420.jpg)

# Inspire Corporate Bond ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-IBD

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

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

## Fund Overview
This annual shareholder report contains important information about Inspire Growth ETF for the period of December 1, 2024 to November 30, 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. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(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 Growth ETF | $85 | 0.80% |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 11.90%. This strong positive performance was driven predominately by the upward trajectory of the US large cap and mid cap markets during the period. The Fund's focus on the growth momentum factor that was in favor over the period, as well as security selection in the Utilities, Information Technology Communications Services and Health Care sectors helped achieve a positive performance within the Fund during the period. The sectors that caused the largest drag to performance were the Consumer Discretionary, Consumer Staples, Energy and Materials 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 vs the broader mid-cap and large cap markets. During the period ended November 30, 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](i3b5610bdfffca5328aa34305.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire Growth ETF - NAV** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Dec-2020** | $10000 | $10000 | $10000 |
| **Nov-2021** | $11735 | $12260 | $12530 |
| **Nov-2022** | $10105 | $11857 | $11427 |
| **Nov-2023** | $10785 | $11996 | $12869 |
| **Nov-2024** | $14020 | $15997 | $17228 |
| **Nov-2025** | $15688 | $15961 | $19584 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 7, 2020)** |
| Inspire Growth ETF - NAV | 11.90% | 9.46% |
| S&P MidCap 400<sup>®</sup> Index | -0.23% | 9.84% |
| S&P Composite 1500<sup>®</sup> Index | 13.67% | 14.45% |

---

***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$119,544,656

* Number of Portfolio Holdings33

* Advisory Fee (net of waivers)$475,269

* Portfolio Turnover26%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i15bfd493db854a7143ce6533.jpg)

---

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

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i84560461451d327d347fe789.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Materials | 1.2% |
| Real Estate | 2.9% |
| Energy | 4.1% |
| Utilities | 4.2% |
| Consumer Staples | 5.1% |
| Communications | 5.3% |
| Health Care | 8.6% |
| Consumer Discretionary | 9.4% |
| Financials | 11.5% |
| Technology | 19.5% |
| Industrials | 28.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;AppLovin Corporation, Class A | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Amphenol Corporation, Class A | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Curtiss-Wright Corporation | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;United Therapeutics Corporation | &nbsp;&nbsp;3.8% |

---

## Material Fund Changes
Effective November 19, 2025, the Fund's name changed from "Inspire Momentum ETF" to" Inspire Growth ETF".This is a summary of certain changes to the Fund since November 19, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026 at https://www.sec.gov/ or upon request at 1-877-658-9473.

![Image](ibeea62fc12b57a28b5169420.jpg)

# Inspire Growth ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-GLRY

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

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

## Fund Overview
This annual shareholder report contains important information about Inspire Fidelis Multi Factor ETF for the period of December 1, 2024 to November 30, 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 year?
(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 | $70 | 0.66% |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 12.65%. This strong positive performance was driven predominantly by the upward momentum in the US equity markets, as well as the international markets during the period. Security selection in the Utilities, Consumer Discretionary, Materials, Health Care 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 November 30, 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](ifd497328433cc74a64e66c22.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 |
| **06/30/25** | $13834 | $14312 | $15611 | $15168 |
| **09/30/25** | $15242 | $15801 | $16826 | $16325 |
| **11/30/25** | $15701 | $16298 | $17249 | $16688 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (August 23, 2022)** |
| Inspire Fidelis Multi Factor ETF - NAV | 12.65% | 14.79% |
| WI Fidelis Multi-Cap, Multi-Factor Index | 13.95% | 16.10% |
| S&P Global 1200 Index | 18.74% | 18.14% |
| MSCI ACWI Index | 18.21% | 16.95% |

---

***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$118,674,939

* Number of Portfolio Holdings101

* Advisory Fee $403,832

* Portfolio Turnover233%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i074439a9a8e8821cf1e0c42b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Partnership Shares | 1.0% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i755b69d0803c7bf6defd31e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Real Estate | 1.0% |
| Utilities | 2.0% |
| Communications | 3.4% |
| Consumer Staples | 4.1% |
| Energy | 6.0% |
| Materials | 6.1% |
| Consumer Discretionary | 7.2% |
| Health Care | 13.4% |
| Financials | 15.6% |
| Industrials | 19.0% |
| Technology | 22.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;CytomX Therapeutics, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Western Digital Corporation | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Viavi Solutions, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Pediatrix Medical Group, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Rigel Pharmaceuticals, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Theravance Biopharma, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;NEXTracker, Inc., Class A | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Carpenter Technology Corporation | &nbsp;&nbsp;1.3% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ibeea62fc12b57a28b5169420.jpg)

# Inspire Fidelis Multi Factor ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-FDLS

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

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

# Fund Overview
This annual shareholder report contains important information about Inspire Global Hope ETF for the period of December 1, 2024 to November 30, 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 year?
(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 | $64 | 0.60% |

---

# How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 11.77%. This strong performance was driven by the upward momentum and global security selection in the Communications Services, Energy, Industrials and Utilities sectors. The sectors that caused the largest drag to performance were the Consumer Discretionary, Consumer Staples, Financials and Health Care 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 weaker relative performance during the period on the global stage. During the period ended November 30, 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](id2be160b4648fd4d7bf6b68b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Inspire Global Hope ETF - NAV** | **Inspire Global Hope Index** | **S&P Global 1200 Index** |
| **02/27/17** | $10000 | $10000 | $9999 |
| **11/30/17** | $11263 | $11284 | $11560 |
| **11/30/18** | $10841 | $11034 | $11620 |
| **11/30/19** | $12424 | $12730 | $13360 |
| **11/30/20** | $13958 | $14067 | $15282 |
| **11/30/21** | $17117 | $17406 | $18582 |
| **11/30/22** | $15646 | $15970 | $16838 |
| **11/30/23** | $16496 | $16937 | $19007 |
| **11/30/24** | $19768 | $20500 | $24259 |
| **11/30/25** | $22095 | $23149 | $28813 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (February 27, 2017)** |
| Inspire Global Hope ETF - NAV | 11.77% | 9.62% | 9.48% |
| Inspire Global Hope Index | 12.92% | 10.48% | 10.06% |
| S&P Global 1200 Index | 18.74% | 13.53% | 12.85% |

---

***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 | $126933580 |
| Number of Portfolio Holdings | 407 |
| Advisory Fee | $356988 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i822efb8406a520cc53a001d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.2% |
| Money Market Funds | 0.4% |
| Preferred Stocks | 0.4% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if13b79de77d1c28d13c3f3bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.4% |
| Communications | 1.4% |
| Consumer Discretionary | 5.6% |
| Consumer Staples | 5.7% |
| Energy | 7.1% |
| Real Estate | 7.2% |
| Utilities | 7.6% |
| Health Care | 7.7% |
| Materials | 11.4% |
| Financials | 13.3% |
| Technology | 13.4% |
| Industrials | 19.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Institutional Class | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Aeon Company Ltd. | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Albemarle Corporation | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Bloom Energy Corporation, Class A | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A., Class B | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Ciena Corporation | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Western Digital Corporation | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Samsung SDI Company Ltd. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;0.3% |

---

# Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ibeea62fc12b57a28b5169420.jpg)

#### Inspire Global Hope ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-BLES

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

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

# Fund Overview
This annual shareholder report contains important information about Inspire International ETF for the period of December 1, 2024 to November 30, 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 year?
(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 | $68 | 0.61% |

---

# How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 22.18%. This positive performance was driven predominately by the upward momentum in the International and Emerging markets during the period. International security selection in the Energy, Utilities and Real Estate sectors helped achieve this positive performance. The sectors that caused the largest drag to performance were Information Technology, Industrials, Materials, Consumer Discretionary and Consumer Staples. 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 international market even though the Fund had no exposure to the Chinese markets, except for holdings in Hong Kong, that have seen upward momentum recently and are a large portion of the international markets. During the period ended November 30, 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](i26bda4c703352813d11c2af4.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 |
| **11/30/19** | $10604 | $11073 | $10451 | $10590 |
| **11/30/20** | $11908 | $11964 | $11455 | $11488 |
| **11/30/21** | $13945 | $13733 | $12730 | $13247 |
| **11/30/22** | $12645 | $11849 | $11493 | $12031 |
| **11/30/23** | $13657 | $12923 | $12751 | $13223 |
| **11/30/24** | $15187 | $14442 | $14631 | $14882 |
| **11/30/25** | $18555 | $17748 | $18719 | $18421 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 years** | **Since Inception (September 30, 2019)** |
| Inspire International ETF - NAV | 22.18% | 9.28% | 10.54% |
| Inspire International NTR Index | 22.90% | 8.21% | 9.75% |
| S&P International 700 TR | 27.94% | 10.32% | 10.70% |
| Inspire Global Hope Ex-US GTR Index | 23.78% | 9.90% | 10.41% |

---

***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 | $414998641 |
| Number of Portfolio Holdings | 202 |
| Advisory Fee | $1548244 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i98b5eb3e582e446c75fbc11b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Money Market Funds | 0.4% |
| Preferred Stocks | 0.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifc268f804f6f56df5d782b21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 0.4% |
| Real Estate | 2.8% |
| Communications | 2.9% |
| Consumer Discretionary | 5.3% |
| Health Care | 6.1% |
| Technology | 6.3% |
| Consumer Staples | 7.3% |
| Energy | 7.5% |
| Utilities | 10.3% |
| Materials | 14.8% |
| Industrials | 16.8% |
| Financials | 18.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Aeon Company Ltd. | 0.7% |
| Sociedad Quimica y Minera de Chile S.A., Class B | 0.7% |
| Samsung SDI Company Ltd. | 0.7% |
| Advantest Corporation | 0.6% |
| Hang Seng Bank Ltd. | 0.6% |
| Chugai Pharmaceutical Company Ltd. | 0.6% |
| SSE PLC | 0.6% |
| Delta Electronics Thailand PCL | 0.6% |
| voestalpine A.G. | 0.6% |
| Power Corp of Canada | 0.6% |

---

# Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ibeea62fc12b57a28b5169420.jpg)

#### Inspire International ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-WWJD

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

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

## Fund Overview
This annual shareholder report contains important information about Inspire Small/Mid Cap ETF for the period of December 1, 2024 to November 30, 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 year?
(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 | $46 | 0.47% |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of -4.16%. 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, Consumer Discretionary, Consumer Staples, Health Care and Utilities sectors helped the performance of the Fund from a positive perspective but the sectors that caused the largest drag to performance were the Communications Services, Financials, Industrials and Information Technology sectors. Although there was volatility and a market correction in the markets during the period due to uncertainty about effect of the tariffs and the next move in interest rates by the Federal Reserve, the Fund performed in line vs the broader small and mid-cap markets. During the period ended November 30, 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](ia2987712b8ac07ae8906b90a.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 |
| **11/30/17** | $10775 | $10861 | $11079 | $10916 |
| **11/30/18** | $10978 | $11160 | $11143 | $11147 |
| **11/30/19** | $11683 | $11872 | $11980 | $11389 |
| **11/30/20** | $11931 | $12440 | $13609 | $12444 |
| **11/30/21** | $15682 | $16744 | $16606 | $17132 |
| **11/30/22** | $15158 | $16264 | $14445 | $16107 |
| **11/30/23** | $15009 | $16165 | $14074 | $15087 |
| **11/30/24** | $19892 | $21559 | $19202 | $19553 |
| **11/30/25** | $19065 | $20748 | $19988 | $18920 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 years** | **Since Inception (February 27, 2017)** |
| Inspire Small/Mid Cap ETF - NAV | -4.16% | 9.83% | 7.65% |
| Inspire Small/Mid Cap Index | -3.76% | 10.77% | 8.69% |
| Russell 2000<sup>®</sup> Index | 4.09% | 7.99% | 8.23% |
| S&P SmallCap 600<sup>®</sup> Equal Weight Index | -3.24% | 8.74% | 7.55% |

---

***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$226,574,501

* Number of Portfolio Holdings498

* Advisory Fee $593,852

* Portfolio Turnover47%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84ac479b74cf65a5114c0170.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Business Development Companies | 0.4% |
| Common Stocks | 98.6% |
| Money Market Funds | 1.0% |
| Right | 0.0% |

---

# What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0529b4833c55fd5fbed2a4b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 1.0% |
| Communications | 2.4% |
| Utilities | 3.7% |
| Consumer Staples | 5.0% |
| Energy | 5.3% |
| Materials | 6.3% |
| Real Estate | 8.8% |
| Health Care | 10.1% |
| Consumer Discretionary | 11.8% |
| Technology | 12.2% |
| Industrials | 16.0% |
| Financials | 17.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Institutional Class | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;ProPetro Holding Corporation | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Fluence Energy, Inc. | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Castle Biosciences, Inc. | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Tandem Diabetes Care, Inc. | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Haemonetics Corporation | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;NeoGenomics, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;FormFactor, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Herbalife Ltd. | &nbsp;&nbsp;0.3% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ibeea62fc12b57a28b5169420.jpg)

# Inspire Small/Mid Cap ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-ISMD

# Inspire Capital Appreciation ETF
(RISN) NYSE Arca, Inc.

#### Annual Shareholder Report - November 30, 2025
![Image](ibeea62fc12b57a28b5169420.jpg)

## Fund Overview
This annual shareholder report contains important information about Inspire Capital Appreciation ETF for the period of December 1, 2024 to November 30, 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. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(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 Capital Appreciation ETF | $73 | 0.71% |

---

## How did the Fund perform during the reporting period?
The Fund had a return on the NAV for the 12 months ended November 30, 2025 of 5.12%. Since the Fund has a current target of 80% to be invested in US Large Cap stocks, most of this positive performance was driven by the upward trend in the US equity markets during the period. Security selection in the Health Care and Materials sectors helped with positive performance, but the sectors that caused the largest drag to performance was the lack of exposure to the Consumer Staples, Real Estate and Utilities sectors as well as poor performance in the Communication Services, Energy and Financials sectors. The Fund is also currently invested at a 20% level in US Treasury exposure so part of the positive performance within the Fund was driven by falling interest rates on the short and intermediate end of the yield curve spectrum in anticipation of cuts in interest rates by the Federal Reserve. 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 and short-term fixed income markets. During the period ended November 30, 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](idd6a481cf5614cb1becd5ca1.jpg)

---

| | | |
|:---|:---|:---|
| | **Inspire Capital Appreciation ETF - NAV** | **S&P Target Risk Moderate Index** |
| **Jul-2020** | $10000 | $10000 |
| **Nov-2020** | $10518 | $10559 |
| **Nov-2021** | $12673 | $11381 |
| **Nov-2022** | $10819 | $10152 |
| **Nov-2023** | $11255 | $10669 |
| **Nov-2024** | $13661 | $12244 |
| **Nov-2025** | $14361 | $13577 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (July 15, 2020)** |
| Inspire Capital Appreciation ETF - NAV | 5.12% | 6.43% | 6.96% |
| S&P Target Risk Moderate Index | 10.89% | 5.16% | 5.85% |

---

***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$89,724,052

* Number of Portfolio Holdings31

* Advisory Fee $427,187

* Portfolio Turnover288%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia080cc683021f47d20958eae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 80.5% |
| Exchange-Traded Funds | 19.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i34f5e54e47883af4387d9a4e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Communications | 2.6% |
| Materials | 2.8% |
| Energy | 5.2% |
| Health Care | 8.2% |
| Consumer Discretionary | 16.0% |
| Industrials | 18.9% |
| Fixed Income | 19.5% |
| Technology | 26.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp;19.5% |
| &nbsp;&nbsp;IDEXX Laboratories, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Louisiana-Pacific Corporation | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Waters Corporation | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Deckers Outdoor Corporation | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;2.7% |

---

## Material Fund Changes
Effective November 19, 2025, the Fund's name changed from "Inspire Tactical Balanced ETF" to "Inspire Capital Appreciation ETF". This is a summary of certain changes to the Fund since November 19, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 30, 2026 at https://www.sec.gov/ or upon request at 1-877-658-9473.

![Image](ibeea62fc12b57a28b5169420.jpg)

# Inspire Capital Appreciation ETF

#### Annual Shareholder Report - November 30, 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-AR 113025-RISN

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit Fees. The aggregate fees billed
 for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of
 the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory
 and regulatory filings or engagements for those fiscal years are as follows:

2025 - $129,150

2024 - $125,650

(b) Audit-Related Fees. There were no
 fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related
 to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item.

(c) Tax Fees. The aggregate fees billed
 in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

2025 – $29,700

2024 – $29,700

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All Other Fees. The aggregate fees
 billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than
 the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended November 30, 2024, and 2025
 respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of
 hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal
 year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero
 percent (0%).

(g) All non-audit fees billed by the
 registrant's principal accountant for services rendered to the registrant for the fiscal years ended November 30, 2024, and 2025
 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant
 for the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) 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 Capital Appreciation ETF (RISN) |
| (formerly "Inspire Tactical Balanced ETF") |
| Inspire Growth ETF (GLRY) |
| (formerly "Inspire Momentum ETF") |
| Inspire Fidelis Multi Factor ETF (FDLS) |
| Inspire 500 ETF (PTL) |
| Annual Financial Statements and |
| Additional Information |
| November 30, 2025 |

---

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **AEROSPACE & DEFENSE - 0.3%** |  |
| 579 | Curtiss-Wright Corporation | $326724 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.7%** |  |
| 2977 | Deckers Outdoor Corporation<sup>(a)</sup> | 262065 |
| 124 | Hermes International SCA | 302088 |
| 51568 | PRADA SpA | 305206 |
|  |  | 869359 |
|  | **ASSET MANAGEMENT - 0.9%** |  |
| 5685 | 3i Group PLC | 237649 |
| 6654 | Brookfield Corporation | 314157 |
| 4514 | Julius Baer Group Ltd. | 322606 |
| 237 | Partners Group Holding A.G. | 281156 |
|  |  | 1155568 |
|  | **AUTOMOTIVE - 2.1%** |  |
| 1682 | Aumovio S.E.<sup>(a)</sup> | 72392 |
| 7016 | BorgWarner, Inc. | 302109 |
| 4648 | Continental A.G. | 348007 |
| 21271 | Denso Corporation | 280419 |
| 638 | Ferrari N.V. | 250032 |
| 128435 | Geely Automobile Holdings Ltd. | 279445 |
| 7904 | Mahindra & Mahindra Ltd. - GDR | 336710 |
| 2090 | Samsung SDI Company Ltd. | 426774 |
| 2742 | Toyota Industries Corporation | 306808 |
|  |  | 2602696 |
|  | **BANKING - 5.4%** |  |
| 22693 | Banco de Bogota S.A. | 231574 |
| 1163209 | Bank Mandiri Persero Tbk P.T. | 337294 |
| 6433 | Bank Polska Kasa Opieki S.A. | 352444 |
| 1285960 | Bank Rakyat Indonesia Persero Tbk P.T. | 284105 |
| 2775 | Commonwealth Bank of Australia | 277137 |
| 7165 | Danske Bank A/S | 329491 |
| 171 | First Citizens BancShares, Inc., Class A | 321119 |
| 319376 | First Financial Holding Company Ltd. | 280860 |
| 31204 | Grupo Financiero Banorte SAB de CV | 300370 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **BANKING - 5.4% (Continued)** |  |
| 20381 | Hang Seng Bank Ltd. | $398417 |
| 47185 | Intesa Sanpaolo SpA | 305772 |
| 17975 | KakaoBank Corporation | 265328 |
| 2624 | KBC Group N.V. | 323129 |
| 10552 | National Australia Bank Ltd. | 277084 |
| 3532 | OTP Bank Nyrt | 367655 |
| 15955 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 338371 |
| 11602 | Regions Financial Corporation | 295271 |
| 77421 | SCB X PCL | 313397 |
| 3095 | SOUTHSTATE BANK CORP | 277033 |
| 22560 | Standard Bank Group Ltd. | 347600 |
| 11514 | United Overseas Bank Ltd. | 301920 |
| 3529 | Western Alliance Bancorp | 287719 |
|  |  | 6813090 |
|  | **BEVERAGES - 0.3%** |  |
| 2643 | Coca-Cola Consolidated, Inc. | 430677 |
|  | **BIOTECH & PHARMA - 3.0%** |  |
| 2410 | Celltrion, Inc. | 304966 |
| 7232 | Chugai Pharmaceutical Company Ltd. | 387658 |
| 2349 | CSL Ltd. | 286568 |
| 1068 | Genmab A/S<sup>(a)</sup> | 338318 |
| 55436 | H Lundbeck A/S | 301437 |
| 3665 | Incyte Corporation<sup>(a)</sup> | 382846 |
| 2192 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 333535 |
| 20361 | Roivant Sciences Ltd.<sup>(a)</sup> | 423712 |
| 8722 | Royalty Pharma plc, Class A | 349054 |
| 18241 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 389263 |
| 1152 | UCB S.A. | 321411 |
|  |  | 3818768 |
|  | **CHEMICALS - 4.1%** |  |
| 4335 | Akzo Nobel N.V. | 281825 |
| 3539 | Albemarle Corporation | 460034 |
| 3397 | CF Industries Holdings, Inc. | 267344 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **CHEMICALS - 4.1% (Continued)** |  |
| 656169 | Chandra Asri Pacific Tbk P.T. | $291508 |
| 33521 | Clariant A.G. | 303841 |
| 8475 | Croda International plc | 305367 |
| 436 | EMS-Chemie Holding A.G. | 297485 |
| 17956 | Evonik Industries A.G. | 276422 |
| 76 | Givaudan S.A. | 320499 |
| 6264 | LyondellBasell Industries N.V., Class A | 306873 |
| 5325 | Nutrien Ltd. | 309786 |
| 2627 | RPM International, Inc. | 281746 |
| 9789 | Solvay S.A. | 312294 |
| 3844 | Syensqo S.A. | 313317 |
| 3565 | Symrise A.G. | 295457 |
| 3992 | Westlake Corporation | 266706 |
| 8292 | Yara International ASA | 302779 |
|  |  | 5193283 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.0%** |  |
| 23712 | ALS Ltd. | 346728 |
| 9961 | Bureau Veritas SA | 318706 |
| 1508 | Cintas Corporation | 280518 |
| 4919 | Intertek Group plc | 301215 |
| 1342 | Republic Services, Inc. | 291295 |
| 5254 | Rollins, Inc. | 323016 |
| 3000 | SGS S.A. | 344240 |
| 1401 | Waste Management, Inc. | 305236 |
|  |  | 2510954 |
|  | **CONSTRUCTION MATERIALS - 1.7%** |  |
| 920 | Carlisle Companies, Inc. | 292624 |
| 3681 | Holcim A.G. | 344744 |
| 495 | Martin Marietta Materials, Inc. | 308504 |
| 43086 | Siam Cement PCL (The) - GDR | 250211 |
| 1385 | Sika A.G. | 272892 |
| 1015 | Vulcan Materials Company | 301699 |
| 9688 | Wienerberger A.G. | 331775 |
|  |  | 2102449 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 0.9%** |  |
| 2324 | AptarGroup, Inc. | $289919 |
| 8791 | Huhtamaki OYJ | 302891 |
| 6672 | International Paper Company | 263411 |
| 1422 | Packaging Corp of America | 290188 |
|  |  | 1146409 |
|  | **DATA CENTER REIT - 0.2%** |  |
| 1807 | Digital Realty Trust, Inc. | 289337 |
|  | **DIVERSIFIED INDUSTRIALS - 0.8%** |  |
| 6820 | Alfa Laval A.B. | 321935 |
| 1845 | Dover Corporation | 341842 |
| 408 | Parker-Hannifin Corporation | 351573 |
|  |  | 1015350 |
|  | **ELECTRIC UTILITIES - 5.6%** |  |
| 7857 | CenterPoint Energy, Inc. | 314123 |
| 37097 | CLP Holdings Ltd. | 324001 |
| 4225 | CMS Energy Corporation | 318734 |
| 16380 | E.ON S.E. | 291686 |
| 65150 | EDP - Energias de Portugal S.A. | 290681 |
| 22997 | EDP Renovaveis S.A. | 306004 |
| 9742 | Endesa S.A. | 353289 |
| 3091825 | Enel Americas S.A. | 299720 |
| 32844 | Enel SpA | 339413 |
| 3286 | Entergy Corporation | 320451 |
| 4096 | Evergy, Inc. | 318054 |
| 1168049 | First Gen Corporation | 334240 |
| 6135 | Fortis, Inc. | 321612 |
| 16334 | Fortum OYJ | 335302 |
| 16349 | Iberdrola S.A. | 344903 |
| 6698 | OGE Energy Corporation | 306634 |
| 6939 | RWE A.G. | 352102 |
| 13319 | SSE PLC | 387521 |
| 30662 | Terna - Rete Elettrica Nazionale | 323267 |
| 113204 | Vector Ltd. | 310922 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 5.6% (Continued)** |  |
| 4287 | Verbund A.G. | $315806 |
| 2692 | WEC Energy Group, Inc. | 301692 |
|  |  | 7110157 |
|  | **ELECTRICAL EQUIPMENT - 3.4%** |  |
| 4226 | A O Smith Corporation | 278831 |
| 4302 | ABB Ltd. | 309168 |
| 1645 | AMETEK, Inc. | 325529 |
| 2541 | Amphenol Corporation, Class A | 358027 |
| 1271 | Badger Meter, Inc. | 226924 |
| 4177 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 456296 |
| 61362 | Delta Electronics Thailand PCL - GDR | 384051 |
| 4533 | Kone OYJ, Class B | 307844 |
| 4038 | NEXTracker, Inc., Class A<sup>(a)</sup> | 369962 |
| 1119 | Schneider Electric S.E. | 299871 |
| 742 | Trane Technologies PLC | 312738 |
| 3752 | Trimble, Inc.<sup>(a)</sup> | 305488 |
| 2145 | Vertiv Holdings Company, Class A | 385521 |
|  |  | 4320250 |
|  | **ENGINEERING & CONSTRUCTION - 1.2%** |  |
| 18143 | AFRY A.B. | 304565 |
| 480 | EMCOR Group, Inc. | 295234 |
| 5411 | Ferrovial S.E. | 354414 |
| 33075 | Worley Ltd. | 288927 |
| 1579 | WSP Global, Inc. | 276200 |
|  |  | 1519340 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 55402 | Bollore S.E. | 307218 |
|  | **FOOD - 2.1%** |  |
| 10884 | Ajinomoto Company, Inc. | 252415 |
| 17043 | Conagra Brands, Inc. | 304218 |
| 86004 | Grupo Bimbo S.A.B. de C.V. | 272575 |
| 5523 | Lamb Weston Holdings, Inc. | 326188 |
| 4909 | Mondelez International, Inc., Class A | 282611 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **FOOD - 2.1% (Continued)** |  |
| 119056 | Premier Foods PLC | $281782 |
| 51260 | Tate & Lyle plc | 254180 |
| 9960 | The Campbell's Company | 303581 |
| 139178 | Wilmar International Ltd. | 347982 |
|  |  | 2625532 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.5%** |  |
| 33273 | Suzano S.A. | 297620 |
| 11227 | UPM-Kymmene OYJ | 306203 |
|  |  | 603823 |
|  | **GAS & WATER UTILITIES - 2.0%** |  |
| 2244 | American Water Works Company, Inc. | 291877 |
| 1813 | Atmos Energy Corporation | 319759 |
| 7859 | Essential Utilities, Inc. | 311138 |
| 69318 | Hera SpA | 331633 |
| 350842 | Hong Kong & China Gas Company Ltd. | 326249 |
| 9871 | Naturgy Energy Group S.A. | 303688 |
| 7115 | NiSource, Inc. | 313985 |
| 51708 | Snam SpA | 343959 |
|  |  | 2542288 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.3%** |  |
| 5642 | Fresenius S.E. & Company KGaA | 309786 |
| 3225 | HealthEquity, Inc.<sup>(a)</sup> | 339206 |
| 1881 | ICON plc<sup>(a)</sup> | 347985 |
| 1701 | IQVIA Holdings, Inc.<sup>(a)</sup> | 391247 |
| 1593 | Molina Healthcare, Inc.<sup>(a)</sup> | 236178 |
|  |  | 1624402 |
|  | **HEALTH CARE REIT - 1.0%** |  |
| 3642 | Alexandria Real Estate Equities, Inc. | 195466 |
| 16173 | Healthpeak Properties, Inc. | 295319 |
| 4443 | Ventas, Inc. | 358239 |
| 1745 | Welltower, Inc. | 363344 |
|  |  | 1212368 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 4090 | SEB S.A. | $231166 |
|  | **HOME CONSTRUCTION - 1.4%** |  |
| 1587 | Armstrong World Industries, Inc. | 301117 |
| 1810 | DR Horton, Inc. | 287808 |
| 416 | Geberit A.G. | 324032 |
| 2400 | Mohawk Industries, Inc.<sup>(a)</sup> | 278160 |
| 38 | NVR, Inc.<sup>(a)</sup> | 285277 |
| 2309 | PulteGroup, Inc. | 293682 |
|  |  | 1770076 |
|  | **HOTEL REIT - 0.2%** |  |
| 17639 | Host Hotels & Resorts, Inc. | 310976 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 2963 | Beiersdorf A.G. | 318505 |
| 1508 | LG H&H Company Ltd. | 284284 |
|  |  | 602789 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.5%** |  |
| 1539 | Chart Industries, Inc.<sup>(a)</sup> | 313879 |
| 804 | Valmont Industries, Inc. | 332028 |
|  |  | 645907 |
|  | **INDUSTRIAL REIT - 0.7%** |  |
| 14141 | Goodman Group | 274838 |
| 2691 | Prologis, Inc. | 345874 |
| 7401 | Rexford Industrial Realty, Inc. | 307956 |
|  |  | 928668 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.1%** |  |
| 1190 | Applied Industrial Technologies, Inc. | 307996 |
| 4567 | Ashtead Group PLC | 291872 |
| 6291 | Fastenal Company | 254156 |
| 326 | United Rentals, Inc. | 265749 |
| 769 | Watsco, Inc. | 266382 |
|  |  | 1386155 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1%** |  |
| 122068 | B3 S.A. - Brasil Bolsa Balcao | $344598 |
| 1249 | Cboe Global Markets, Inc. | 322454 |
| 921 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 251267 |
| 1158 | Deutsche Boerse A.G. | 309651 |
| 903 | Evercore, Inc., Class A | 289023 |
| 5411 | Hong Kong Exchanges & Clearing Ltd. | 285640 |
| 4469 | Interactive Brokers Group, Inc., Class A | 290574 |
| 1830 | Intercontinental Exchange, Inc. | 287859 |
| 2724 | London Stock Exchange Group plc | 321204 |
|  |  | 2702270 |
|  | **INSURANCE - 4.7%** |  |
| 32182 | AIA Group Ltd. | 333156 |
| 4577 | ASR Nederland N.V. | 308815 |
| 49945 | BB Seguridade Participacoes S.A. | 318945 |
| 3305 | Brown & Brown, Inc. | 265821 |
| 1966 | Cincinnati Financial Corporation | 329482 |
| 39551 | Dai-ichi Life Insurance Co. Ltd. | 308490 |
| 981 | Erie Indemnity Company, Class A | 289876 |
| 177 | Fairfax Financial Holdings Ltd. | 304775 |
| 1618 | Intact Financial Corporation | 330433 |
| 95823 | Legal & General Group plc | 313174 |
| 3085 | Loews Corporation | 332779 |
| 162 | Markel Group, Inc.<sup>(a)</sup> | 337031 |
| 7223 | Power Corp of Canada | 367742 |
| 1258 | Progressive Corporation (The) | 287818 |
| 21824 | Prudential PLC | 315898 |
| 26905 | Sampo OYJ, A Shares | 316337 |
| 288 | Swiss Life Holding A.G. | 315840 |
| 12246 | Tryg A/S | 303453 |
| 4044 | W R Berkley Corporation | 314178 |
|  |  | 5994043 |
|  | **INTERNET MEDIA & SERVICES - 0.6%** |  |
| 4290 | Naspers Ltd. | 268304 |
| 4391 | Prosus N.V. | 276399 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 0.6% (Continued)** |  |
| 2024 | REA Group Ltd. | $259657 |
|  |  | 804360 |
|  | **MACHINERY – 5.0%** |  |
| 2849 | AGCO Corporation | 301880 |
| 4344 | ANDRITZ A.G. | 313705 |
| 652 | Caterpillar, Inc. | 375395 |
| 3786 | Donaldson Company, Inc. | 340361 |
| 10735 | FANUC Corporation | 345368 |
| 4256 | GEA Group AG | 288342 |
| 3639 | Graco, Inc. | 299999 |
| 3724 | Ingersoll Rand, Inc. | 299186 |
| 4603 | KION Group A.G. | 344691 |
| 2142 | Krones A.G. | 324530 |
| 1311 | Lincoln Electric Holdings, Inc. | 313893 |
| 2159 | Middleby Corporation (The)<sup>(a)</sup> | 255194 |
| 1352 | Nordson Corporation | 321316 |
| 2130 | Regal Rexnord Corporation | 310959 |
| 11124 | Sandvik A.B. | 335892 |
| 1034 | SMC Corporation | 363239 |
| 892 | Snap-on, Inc. | 303325 |
| 20522 | TOMRA Systems ASA | 253705 |
| 4039 | Toro Company (The) | 281680 |
| 45098 | Weg SA | 370952 |
|  |  | 6343612 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.4%** |  |
| 2433 | Align Technology, Inc.<sup>(a)</sup> | 358113 |
| 13738 | Baxter International, Inc. | 257450 |
| 1138 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 369691 |
| 3549 | Coloplast A/S - Series B | 320235 |
| 954 | EssilorLuxottica S.A. | 341647 |
| 4579 | Hologic, Inc.<sup>(a)</sup> | 343288 |
| 488 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 367405 |
| 990 | Insulet Corporation<sup>(a)</sup> | 323918 |
| 258 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 380994 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.4% (Continued)** |  |
| 1110 | Sonova Holding A.G. | $276546 |
| 1253 | STERIS PLC | 333649 |
| 2811 | Straumann Holding A.G. | 320593 |
| 1181 | West Pharmaceutical Services, Inc. | 327432 |
|  |  | 4320961 |
|  | **METALS & MINING - 2.8%** |  |
| 1843 | Agnico Eagle Mines Ltd. | 321509 |
| 8152 | Antofagasta plc | 297614 |
| 11151 | BHP Group Ltd. | 304278 |
| 24952 | Fortescue Ltd. | 349828 |
| 1402 | Franco-Nevada Corporation | 293093 |
| 8283 | Freeport-McMoRan, Inc. | 356002 |
| 3854 | Rio Tinto Ltd. | 333840 |
| 2561 | Southern Copper Corporation | 345115 |
| 190088 | United Tractors Tbk P.T. | 319533 |
| 4218 | Valterra Platinum Limited | 293474 |
| 2775 | Wheaton Precious Metals Corporation | 304746 |
|  |  | 3519032 |
|  | **MULTI ASSET CLASS REIT - 0.2%** |  |
| 4516 | WP Carey, Inc. | 304243 |
|  | **OFFICE REIT - 0.2%** |  |
| 4079 | BXP, Inc. | 295156 |
|  | **OIL & GAS PRODUCERS - 6.3%** |  |
| 11942 | Aker BP ASA | 290665 |
| 12631 | APA Corporation | 315396 |
| 9508 | Canadian Natural Resources Ltd. | 321744 |
| 17807 | Cenovus Energy, Inc. | 317661 |
| 13006 | Coterra Energy, Inc. | 349081 |
| 1296 | Delek Group Ltd. | 339817 |
| 8656 | Devon Energy Corporation | 320791 |
| 2141 | Diamondback Energy, Inc. | 326695 |
| 48254 | ENEOS Holdings, Inc. | 317684 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 6.3% (Continued)** |  |
| 17382 | Eni SpA | $325297 |
| 2712 | EOG Resources, Inc. | 292489 |
| 12287 | Equinor ASA | 283035 |
| 2878 | Expand Energy Corporation | 350915 |
| 16691 | Inpex Corporation | 355889 |
| 10837 | Kinder Morgan, Inc. | 296067 |
| 37176 | MOL Hungarian Oil & Gas plc | 329171 |
| 5714 | OMV A.G. | 316060 |
| 4206 | ONEOK, Inc. | 306281 |
| 12684 | ORLEN S.A. | 326762 |
| 67733 | Santos Ltd. | 285640 |
| 1818 | Targa Resources Corporation | 318714 |
| 4942 | TotalEnergies S.E. | 325645 |
| 6812 | Tourmaline Oil Corporation | 313525 |
| 1786 | Valero Energy Corporation | 315693 |
| 19955 | Woodside Energy Group Ltd. | 325767 |
|  |  | 7966484 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.5%** |  |
| 12298 | Halliburton Company | 322453 |
| 8757 | Schlumberger N.V. | 317354 |
|  |  | 639807 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.2%** |  |
| 304808 | New World Development Company Ltd.<sup>(a),(b)</sup> | 268957 |
| 784518 | SM Prime Holdings, Inc. | 307707 |
| 6937 | Sumitomo Realty & Development Company Ltd. | 334900 |
| 111084 | Swire Properties Ltd. | 304756 |
| 9980 | Vonovia S.E. | 302410 |
|  |  | 1518730 |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| 1375 | First Solar, Inc.<sup>(a)</sup> | 375265 |
|  | **RESIDENTIAL REIT - 1.9%** |  |
| 2886 | Camden Property Trust | 306897 |
| 5166 | Equity LifeStyle Properties, Inc. | 324786 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **RESIDENTIAL REIT - 1.9% (Continued)** |  |
| 4795 | Equity Residential | $296091 |
| 1155 | Essex Property Trust, Inc. | 304481 |
| 10587 | Invitation Homes, Inc. | 298553 |
| 2218 | Mid-America Apartment Communities, Inc. | 301404 |
| 2381 | Sun Communities, Inc. | 306768 |
| 8323 | UDR, Inc. | 303124 |
|  |  | 2442104 |
|  | **RETAIL - CONSUMER STAPLES - 2.3%** |  |
| 25610 | Aeon Company Ltd. | 463521 |
| 5802 | Alimentation Couche-Tard, Inc. | 316901 |
| 23888 | BIM Birlesik Magazalar A. . | 301821 |
| 106112 | Cencosud S.A. | 333204 |
| 2987 | Dollar General Corporation | 327047 |
| 12702 | Jeronimo Martins SGPS S.A. | 301194 |
| 37420 | President Chain Store Corporation | 285553 |
| 24119 | SM Investments Corporation | 304367 |
| 2809 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 235422 |
|  |  | 2869030 |
|  | **RETAIL - DISCRETIONARY - 0.9%** |  |
| 72 | AutoZone, Inc.<sup>(a)</sup> | 284712 |
| 2570 | Builders FirstSource, Inc.<sup>(a)</sup> | 288431 |
| 2208 | Genuine Parts Company | 287923 |
| 2859 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 290760 |
|  |  | 1151826 |
|  | **RETAIL REIT - 0.9%** |  |
| 11204 | Brixmor Property Group, Inc. | 292873 |
| 3077 | Federal Realty Investment Trust | 303792 |
| 4257 | Regency Centers Corporation | 302928 |
| 1654 | Simon Property Group, Inc. | 308173 |
|  |  | 1207766 |
|  | **SELF-STORAGE REIT - 0.5%** |  |
| 2174 | Extra Space Storage, Inc. | 289512 |
| 1066 | Public Storage | 292660 |
|  |  | 582172 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **SEMICONDUCTORS - 4.2%** |  |
| 3018 | Advantest Corporation | $397482 |
| 938 | Broadcom, Inc. | 377976 |
| 976 | Disco Corporation | 273204 |
| 3288 | Entegris, Inc. | 253636 |
| 7935 | Infineon Technologies A.G. | 334430 |
| 289 | KLA Corporation | 339711 |
| 4290 | Lattice Semiconductor Corporation<sup>(a),(b)</sup> | 301201 |
| 3732 | Marvell Technology, Inc. | 333641 |
| 4799 | Microchip Technology, Inc. | 257130 |
| 347 | Monolithic Power Systems, Inc. | 322075 |
| 1360 | NXP Semiconductors N.V. | 265118 |
| 6179 | ON Semiconductor Corporation<sup>(a)</sup> | 310433 |
| 1860 | QUALCOMM, Inc. | 312647 |
| 26227 | Renesas Electronics Corporation | 310835 |
| 3996 | Skyworks Solutions, Inc. | 263536 |
| 10937 | STMicroelectronics N.V. | 250917 |
| 2289 | Teradyne, Inc. | 416347 |
|  |  | 5320319 |
|  | **SOFTWARE - 4.3%** |  |
| 4033 | Akamai Technologies, Inc.<sup>(a)</sup> | 361035 |
| 1088 | Appfolio, Inc., Class A<sup>(a)</sup> | 248369 |
| 5915 | Bentley Systems, Inc., Class B | 248193 |
| 1494 | Check Point Software Technologies Ltd.<sup>(a)</sup> | 279034 |
| 1593 | CommVault Systems, Inc.<sup>(a)</sup> | 196736 |
| 114 | Constellation Software, Inc. | 275906 |
| 9260 | Dassault Systemes S.E. | 259001 |
| 2117 | Datadog, Inc., Class A<sup>(a)</sup> | 338741 |
| 3632 | Fortinet, Inc.<sup>(a)</sup> | 294664 |
| 1480 | Manhattan Associates, Inc.<sup>(a)</sup> | 261146 |
| 3998 | Nutanix, Inc., Class A<sup>(a)</sup> | 191104 |
| 4108 | Procore Technologies, Inc.<sup>(a)</sup> | 304238 |
| 614 | Roper Technologies, Inc. | 273979 |
| 8260 | Samsara, Inc., Class A<sup>(a)</sup> | 314128 |
| 1365 | Snowflake, Inc., Class A<sup>(a)</sup> | 342944 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **SOFTWARE - 4.3% (Continued)** |  |
| 3489 | SS&C Technologies Holdings, Inc. | $299845 |
| 581 | Tyler Technologies, Inc.<sup>(a)</sup> | 272849 |
| 1049 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 252064 |
| 5025 | WiseTech Global Ltd. | 240276 |
| 1036 | Zscaler, Inc.<sup>(a)</sup> | 260554 |
|  |  | 5514806 |
|  | **SPECIALTY FINANCE - 0.2%** |  |
| 49429 | UWM Holdings Corporation | 289160 |
|  | **STEEL - 1.1%** |  |
| 2259 | Nucor Corporation | 360288 |
| 1109 | Reliance, Inc. | 309766 |
| 2214 | Steel Dynamics, Inc. | 371576 |
| 8664 | voestalpine A.G. | 373496 |
|  |  | 1415126 |
|  | **TECHNOLOGY HARDWARE - 2.0%** |  |
| 2144 | Arista Networks, Inc.<sup>(a)</sup> | 280178 |
| 2133 | Ciena Corporation<sup>(a)</sup> | 435580 |
| 1252 | Garmin Ltd. | 244541 |
| 1433 | Jabil, Inc. | 301947 |
| 3708 | Pure Storage, Inc., Class A<sup>(a)</sup> | 329864 |
| 6632 | Super Micro Computer, Inc.<sup>(a)</sup> | 224493 |
| 2634 | Western Digital Corporation | 430211 |
| 73232 | Wistron Corporation | 337168 |
|  |  | 2583982 |
|  | **TECHNOLOGY SERVICES - 2.8%** |  |
| 3774 | Amdocs Ltd. | 288636 |
| 3650 | CoStar Group, Inc.<sup>(a)</sup> | 251120 |
| 13049 | Edenred S.E. | 279903 |
| 1990 | EPAM Systems, Inc.<sup>(a)</sup> | 372129 |
| 1203 | Equifax, Inc. | 255481 |
| 202 | Fair Isaac Corporation<sup>(a)</sup> | 364778 |
| 7291 | Genpact Ltd. | 321241 |
| 2034 | Jack Henry & Associates, Inc. | 354892 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.8% (Continued)** |  |
| 540 | MSCI, Inc. | $304409 |
| 2392 | Paychex, Inc. | 267162 |
| 1236 | Verisk Analytics, Inc. | 278187 |
| 2302 | Wolters Kluwer N.V. | 244621 |
|  |  | 3582559 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 38464 | MTN Group Ltd. | 354931 |
| 96276 | Singapore Telecommunications Ltd. | 351416 |
|  |  | 706347 |
|  | **TRANSPORTATION & LOGISTICS - 4.1%** |  |
| 11493 | Aena SME S.A. 144A<sup>,(d)</sup> | 312791 |
| 3274 | Canadian National Railway Company | 313533 |
| 8581 | CSX Corporation | 303424 |
| 1531 | DSV A/S | 349051 |
| 12576 | East Japan Railway Company | 325706 |
| 246352 | Eva Airways Corporation | 267663 |
| 2504 | Expeditors International of Washington, Inc. | 367838 |
| 2281 | JB Hunt Transport Services, Inc. | 396803 |
| 6964 | Knight-Swift Transportation Holdings, Inc. | 318951 |
| 1618 | Kuehne + Nagel International A.G. | 324543 |
| 2180 | Old Dominion Freight Line, Inc. | 294932 |
| 13017 | Poste Italiane SpA 144A<sup>,(d)</sup> | 311230 |
| 5313 | Ryanair Holdings plc - ADR | 362134 |
| 1644 | Ryder System, Inc. | 284757 |
| 1043 | Saia, Inc.<sup>(a)</sup> | 293667 |
| 33965 | Transurban Group | 332066 |
|  |  | 5159089 |
|  | **TRANSPORTATION EQUIPMENT - 0.8%** |  |
| 3641 | Allison Transmission Holdings, Inc. | 322811 |
| 3079 | PACCAR, Inc. | 324588 |
| 1556 | Westinghouse Air Brake Technologies Corporation | 324504 |
|  |  | 971903 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 3730 | Bunge Global S.A. | 358341 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5% (Continued)** |  |  |  |
| 5414 | ITOCHU Corporation |  |  | $324378 |
|  |  |  |  | 682719 |
|  | **WHOLESALE - DISCRETIONARY - 0.4%** |  |  |  |
| 6893 | Copart, Inc.<sup>(a)</sup> |  |  | 268690 |
| 989 | Pool Corporation |  |  | 240920 |
|  |  |  |  | 509610 |
|  | **TOTAL COMMON STOCKS (Cost $109,937,739)** |  |  | 125788260 |
|  | **PREFERRED STOCK — 0.4%** |  |  |  |
|  | **CHEMICALS — 0.4%** |  |  |  |
| 6999 | Sociedad Quimica y Minera de Chile S.A., Class B <sup>(a)</sup> **(Cost $303,405)** | Sociedad Quimica y Minera de Chile S.A., Class B <sup>(a)</sup> **(Cost $303,405)** | Sociedad Quimica y Minera de Chile S.A., Class B <sup>(a)</sup> **(Cost $303,405)** | 449754 |
|  |  | **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 (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 533842 | Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.90% **(Cost $533,842)** <sup>(c) (f)</sup> | $533842 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $110,774,986)** | $126771856 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 161724 |
|  | **NET ASSETS - 100.0%** | $126933580 |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| ASA | - Allmennaksjeselskap |
| A.Ş. | - Anonim Sirketi |
| CVR | - Contingent Value Right |
| GDR | - Global Depositary Receipt |
| KGaA | - Kommanditgesellschaft auf Aktien |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamloze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| P.T. | - Perseroan Terbatas |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| S.A.B. de C.V. | - Sociedad Anonima Bursátil de Capital Variable |
| S.E. | - Societas Europaea |
| 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 November 30, 2025 was $513,056.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at November 30, 2025. Total collateral had a value of $533,842 at November 30, 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 November 30, 2025 the total market value of 144A securities is $624,021 or 0.5% 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 November 30, 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 November 30, 2025 was $0, representing 0% of net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GLOBAL HOPE ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **NOVEMBER 30, 2025** |

---

---

| | |
|:---|:---|
| **Diversification of Assets** | |
| **Country** | **Percentage of Net Assets** |
| **Common Stocks** |  |
| United States | 47.9% |
| Japan | 4.2% |
| Canada | 3.9% |
| Switzerland | 3.9% |
| Australia | 3.3% |
| Germany | 3.3% |
| United Kingdom | 2.9% |
| France | 2.1% |
| Italy | 2.0% |
| Netherlands | 2.0% |
| Hong Kong | 1.8% |
| Denmark | 1.5% |
| Austria | 1.3% |
| Spain | 1.3% |
| Finland | 1.2% |
| Ireland | 1.1% |
| Brazil | 1.0% |
| Korea | 1.0% |
| Belgium | 1.0% |
| South Africa | 1.0% |
| Indonesia | 1.0% |
| Taiwan | 0.9% |
| Norway | 0.9% |
| Poland | 0.8% |
| Singapore | 0.8% |
| Sweden | 0.8% |
| Thailand | 0.7% |
| Philippines | 0.7% |
| Bermuda | 0.6% |
| Hungary | 0.6% |
| Chile | 0.5% |
| Israel | 0.5% |
| Portugal | 0.5% |
| Mexico | 0.5% |
| India | 0.3% |
| Curaçao | 0.3% |
| New Zealand | 0.2% |
| Turkey | 0.2% |
| Guernsey | 0.2% |
| Cayman Islands | 0.2% |
| Colombia | 0.2% |
| **Total Common Stocks** | **99.1%** |
| **Preferred Stock** |  |
| Chile | 0.4% |
| **Total Preferred Stock** | **0.4%** |
| **Collateral For Securities Loaned** | **0.4%** |
| Other Assets In Excess Of Liabilities | 0.1% |
| **Total Net Assets** | **100.0%** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **ADVERTISING & MARKETING - 0.3%** |  |
| 301629 | Advantage Solutions, Inc.<sup>(a)</sup> | $286427 |
| 79431 | TechTarget, Inc.<sup>(a)</sup> | 415424 |
|  |  | 701851 |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 5147 | AAR Corporation<sup>(a)</sup> | 428282 |
| 43868 | Amprius Technologies, Inc.<sup>(a)</sup> | 496586 |
| 7360 | Hexcel Corporation | 561053 |
| 51334 | Redwire Corporation<sup>(a),(b)</sup> | 282850 |
| 11956 | Spirit AeroSystems Holdings, Inc., Class A<sup>(a)</sup> | 439144 |
|  |  | 2207915 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.6%** |  |
| 70029 | Hanesbrands, Inc.<sup>(a)</sup> | 453088 |
| 24327 | Movado Group, Inc. | 509407 |
| 11593 | Oxford Industries, Inc. | 442389 |
|  |  | 1404884 |
|  | **ASSET MANAGEMENT - 0.8%** |  |
| 7034 | Cohen & Steers, Inc. | 444901 |
| 69712 | Compass Diversified Holdings | 513080 |
| 6244 | Oppenheimer Holdings, Inc., Class A | 424779 |
| 30183 | SLR Investment Corporation | 480815 |
|  |  | 1863575 |
|  | **AUTOMOTIVE - 2.3%** |  |
| 19165 | Adient plc<sup>(a)</sup> | 372951 |
| 31827 | Aeva Technologies, Inc.<sup>(a)</sup> | 354871 |
| 76787 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 504491 |
| 12496 | Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 390500 |
| 23029 | Dana, Inc. | 516080 |
| 18999 | Fox Factory Holding Corporation<sup>(a)</sup> | 280995 |
| 16381 | Gentex Corporation | 373978 |
| 13549 | Gentherm, Inc.<sup>(a)</sup> | 483293 |
| 61697 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | 534295 |
| 4587 | Lear Corporation | 492460 |
| 11306 | Standard Motor Products, Inc. | 424427 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **AUTOMOTIVE - 2.3% (Continued)** |  |
| 3850 | Visteon Corporation | $397513 |
|  |  | 5125854 |
|  | **BANKING – 12.0%** |  |
| 7497 | 1st Source Corporation | 468113 |
| 20844 | Alerus Financial Corporation | 448980 |
| 6295 | Ameris Bancorp | 476909 |
| 3650 | BancFirst Corporation | 404566 |
| 12188 | BankUnited, Inc. | 526644 |
| 15151 | Bar Harbor Bankshares | 452106 |
| 26221 | Bridgewater Bancshares, Inc.<sup>(a)</sup> | 453886 |
| 16642 | Byline Bancorp, Inc. | 464645 |
| 12091 | Camden National Corporation | 488960 |
| 11043 | Capital City Bank Group, Inc. | 462923 |
| 3752 | City Holding Company | 455155 |
| 7870 | Community Financial System, Inc. | 446701 |
| 7060 | Customers Bancorp, Inc.<sup>(a)</sup> | 486434 |
| 22824 | Eagle Bancorp, Inc. | 432971 |
| 32026 | Farmers National Banc Corporation | 435233 |
| 8279 | FB Financial Corporation | 462465 |
| 28330 | First Bank | 445206 |
| 20152 | First Busey Corporation | 474378 |
| 27067 | First Commonwealth Financial Corporation | 439839 |
| 18277 | First Financial Bancorp | 454732 |
| 13714 | First Financial Bankshares, Inc. | 428425 |
| 14480 | First Interstate BancSystem, Inc., Class A | 475523 |
| 12241 | First Merchants Corporation | 450958 |
| 14332 | Five Star Bancorp | 494312 |
| 39956 | Flagstar Financial, Inc. | 489061 |
| 28646 | FNB Corporation | 476669 |
| 25013 | Fulton Financial Corporation | 453986 |
| 9547 | Glacier Bancorp, Inc. | 403838 |
| 7535 | Great Southern Bancorp, Inc. | 453306 |
| 13809 | Hilltop Holdings, Inc. | 473925 |
| 16307 | Home BancShares, Inc. | 457574 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **BANKING – 12.0% (Continued)** |  |
| 42850 | Hope Bancorp, Inc. | $455067 |
| 29117 | Horizon Bancorp, Inc. | 499066 |
| 6713 | International Bancshares Corporation | 446280 |
| 7248 | Lakeland Financial Corporation | 422268 |
| 13103 | Live Oak Bancshares, Inc. | 418248 |
| 10255 | Mercantile Bank Corporation | 471525 |
| 14512 | Merchants Bancorp | 474397 |
| 11051 | NBT Bancorp, Inc. | 458174 |
| 37247 | Northwest Bancshares, Inc. | 445474 |
| 15388 | Peoples Bancorp, Inc. | 455946 |
| 6955 | Prosperity Bancshares, Inc. | 477878 |
| 12510 | Renasant Corporation | 443354 |
| 6387 | Republic Bancorp, Inc., Class A | 440767 |
| 12277 | S&T Bancorp, Inc. | 484696 |
| 5755 | ServisFirst Bancshares, Inc. | 409353 |
| 24074 | Simmons First National Corporation, Class A | 446573 |
| 12916 | SmartFinancial, Inc. | 468334 |
| 16336 | Southside Bancshares, Inc. | 479135 |
| 9403 | Synovus Financial Corporation | 453225 |
| 5460 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 492328 |
| 35028 | TFS Financial Corporation | 499150 |
| 13349 | Towne Bank | 447859 |
| 12402 | United Bankshares, Inc. | 461850 |
| 14721 | United Community Banks, Inc. | 449874 |
| 9443 | Unity Bancorp, Inc. | 472433 |
| 43537 | Valley National Bancorp | 492840 |
| 14453 | WesBanco, Inc. | 466398 |
| 9232 | Westamerica BanCorporation | 442951 |
|  |  | 27113866 |
|  | **BEVERAGES - 0.2%** |  |
| 94957 | Westrock Coffee Company<sup>(a)</sup> | 413063 |
|  | **BIOTECH & PHARMA - 4.0%** |  |
| 31480 | ADMA Biologics, Inc.<sup>(a)</sup> | 603786 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **BIOTECH & PHARMA - 4.0% (Continued)** |  |
| 11497 | Agios Pharmaceuticals, Inc.<sup>(a)</sup> | $335712 |
| 58565 | Amicus Therapeutics, Inc.<sup>(a)</sup> | 581550 |
| 24482 | Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 750373 |
| 83755 | Ardelyx, Inc.<sup>(a)</sup> | 485779 |
| 60803 | BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 436566 |
| 30746 | Biohaven Ltd.<sup>(a)</sup> | 308382 |
| 8397 | Cytokinetics, Inc.<sup>(a)</sup> | 572088 |
| 336855 | Geron Corporation<sup>(a)</sup> | 397489 |
| 17908 | Pacira BioSciences, Inc.<sup>(a)</sup> | 422092 |
| 140271 | Precigen, Inc.<sup>(a)</sup> | 537238 |
| 7396 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 440432 |
| 6947 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | 625230 |
| 7520 | PTC Therapeutics, Inc.<sup>(a)</sup> | 646645 |
| 29996 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 594521 |
| 17561 | Viking Therapeutics, Inc.<sup>(a)</sup> | 646420 |
| 39343 | Xencor, Inc.<sup>(a)</sup> | 681421 |
|  |  | 9065724 |
|  | **BUSINESS DEVELOPMENT COMPANIES - 0.4%** |  |
| 24405 | Hercules Capital, Inc. | 439290 |
| 47873 | New Mountain Finance Corporation | 462932 |
|  |  | 902222 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 2607 | Cable One, Inc. | 305514 |
|  | **CHEMICALS - 3.7%** |  |
| 23813 | AdvanSix, Inc. | 366482 |
| 3075 | Balchem Corporation | 480346 |
| 6068 | Cabot Corporation | 379675 |
| 25287 | Calumet, Inc.<sup>(a)</sup> | 488038 |
| 29135 | Chemours Company (The) | 372637 |
| 52682 | Ecovyst, Inc.<sup>(a)</sup> | 484674 |
| 2526 | Hawkins, Inc. | 328431 |
| 7816 | HB Fuller Company | 455516 |
| 8362 | Ingevity Corporation<sup>(a)</sup> | 436747 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **CHEMICALS - 3.7% (Continued)** |  |
| 5981 | Innospec, Inc. | $447140 |
| 3820 | Materion Corporation | 466766 |
| 7429 | Minerals Technologies, Inc. | 435711 |
| 60883 | Orion S.A. | 309286 |
| 3516 | Quaker Chemical Corporation | 484681 |
| 5736 | Rogers Corporation<sup>(a)</sup> | 480734 |
| 4917 | Sensient Technologies Corporation | 479358 |
| 9675 | Stepan Company | 438568 |
| 114799 | Tronox Holdings PLC, Class A | 475268 |
| 2347 | WD-40 Company | 459543 |
|  |  | 8269601 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.2%** |  |
| 10063 | ABM Industries, Inc. | 432709 |
| 8694 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 451740 |
| 5934 | Brady Corporation, Class A | 464276 |
| 34440 | BrightView Holdings, Inc.<sup>(a)</sup> | 434633 |
| 3949 | Brink's Company (The) | 443591 |
| 8714 | CBIZ, Inc.<sup>(a)</sup> | 424372 |
| 2213 | CRA International, Inc. | 390240 |
| 15342 | Distribution Solutions Group, Inc.<sup>(a)</sup> | 425894 |
| 90666 | Emerald Holding, Inc. | 331838 |
| 36367 | Enviri Corporation<sup>(a)</sup> | 666971 |
| 9272 | Heidrick & Struggles International, Inc. | 545843 |
| 9380 | Insperity, Inc. | 331771 |
| 15393 | Kforce, Inc. | 452554 |
| 54421 | Target Hospitality Corporation<sup>(a)</sup> | 424484 |
| 2760 | UniFirst Corporation | 476238 |
| 4773 | Willdan Group, Inc.<sup>(a)</sup> | 481596 |
|  |  | 7178750 |
|  | **CONSTRUCTION MATERIALS - 0.6%** |  |
| 10665 | Apogee Enterprises, Inc. | 388313 |
| 66306 | Aspen Aerogels, Inc.<sup>(a)</sup> | 213505 |
| 8719 | Northwest Pipe Company<sup>(a)</sup> | 511108 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 0.6% (Continued)** |  |
| 8932 | Trex Company, Inc.<sup>(a)</sup> | $312441 |
|  |  | 1425367 |
|  | **CONSUMER SERVICES - 1.5%** |  |
| 39410 | Coursera, Inc.<sup>(a)</sup> | 313310 |
| 393 | Graham Holdings Company, Class B | 434855 |
| 2102 | Grand Canyon Education, Inc.<sup>(a)</sup> | 331569 |
| 14632 | Laureate Education, Inc.<sup>(a)</sup> | 452128 |
| 19638 | Lincoln Educational Services Corporation<sup>(a)</sup> | 404150 |
| 19007 | Matthews International Corporation, Class A | 466431 |
| 65833 | Udemy, Inc.<sup>(a)</sup> | 334432 |
| 14178 | Universal Technical Institute, Inc.<sup>(a)</sup> | 326378 |
| 19530 | Upbound Group, Inc. | 349978 |
|  |  | 3413231 |
|  | **CONTAINERS & PACKAGING - 0.9%** |  |
| 18306 | Karat Packaging, Inc. | 403464 |
| 27243 | Myers Industries, Inc. | 492009 |
| 82116 | Ranpak Holdings Corporation<sup>(a)</sup> | 405653 |
| 10730 | Silgan Holdings, Inc. | 425337 |
| 11943 | TriMas Corporation | 406898 |
|  |  | 2133361 |
|  | **E-COMMERCE DISCRETIONARY - 0.2%** |  |
| 21666 | Revolve Group, Inc.<sup>(a)</sup> | 523667 |
|  | **ELECTRIC UTILITIES - 1.7%** |  |
| 6950 | ALLETE, Inc. | 469959 |
| 7493 | Black Hills Corporation | 552908 |
| 41802 | Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 491592 |
| 3492 | IDACORP, Inc. | 460176 |
| 5482 | MGE Energy, Inc. | 454019 |
| 4795 | Ormat Technologies, Inc. | 541403 |
| 8220 | TXNM Energy, Inc. | 480459 |
| 9643 | Unitil Corporation | 484368 |
|  |  | 3934884 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 2.3%** |  |
| 4939 | AAON, Inc. | $461698 |
| 2712 | Advanced Energy Industries, Inc. | 572747 |
| 1712 | Argan, Inc. | 676582 |
| 2584 | Badger Meter, Inc. | 461347 |
| 3837 | Belden, Inc. | 435116 |
| 10187 | Cognex Corporation | 388125 |
| 2187 | ESCO Technologies, Inc. | 465634 |
| 3705 | Itron, Inc.<sup>(a)</sup> | 366943 |
| 15455 | Kimball Electronics, Inc.<sup>(a)</sup> | 446650 |
| 3246 | Modine Manufacturing Company<sup>(a)</sup> | 526274 |
| 1852 | OSI Systems, Inc.<sup>(a)</sup> | 501614 |
|  |  | 5302730 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 6642 | Exponent, Inc. | 480217 |
| 1871 | Installed Building Products, Inc. | 501464 |
| 2218 | MYR Group, Inc.<sup>(a)</sup> | 497542 |
| 3360 | Primoris Services Corporation | 425242 |
|  |  | 1904465 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 56694 | Reservoir Media, Inc.<sup>(a)</sup> | 432008 |
|  | **FOOD - 2.4%** |  |
| 4982 | Cal-Maine Foods, Inc. | 415100 |
| 14950 | Darling Ingredients, Inc.<sup>(a)</sup> | 547320 |
| 35363 | Flowers Foods, Inc. | 379445 |
| 54679 | Herbalife Ltd.<sup>(a)</sup> | 696063 |
| 4803 | J & J Snack Foods Corporation | 443557 |
| 7179 | John B Sanfilippo & Son, Inc. | 521411 |
| 16624 | Lifeway Foods, Inc.<sup>(a)</sup> | 412026 |
| 2671 | Marzetti Company | 445897 |
| 4167 | Nathan's Famous, Inc. | 384447 |
| 4294 | Post Holdings, Inc.<sup>(a)</sup> | 446705 |
| 16751 | USANA Health Sciences, Inc.<sup>(a)</sup> | 332507 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **FOOD - 2.4% (Continued)** |  |
| 11215 | Vital Farms, Inc.<sup>(a)</sup> | $366731 |
|  |  | 5391209 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.2%** |  |
| 5195 | Louisiana-Pacific Corporation | 426042 |
|  | **GAS & WATER UTILITIES – 1.9%** |  |
| 6294 | American States Water Company | 464308 |
| 3426 | Chesapeake Utilities Corporation | 476420 |
| 25912 | MDU Resources Group, Inc. | 552444 |
| 8527 | Middlesex Water Company | 437520 |
| 9584 | New Jersey Resources Corporation | 460799 |
| 5702 | ONE Gas, Inc. | 477485 |
| 5891 | Southwest Gas Holdings, Inc. | 489248 |
| 5661 | Spire, Inc. | 501904 |
| 15171 | York Water Company (The) | 495030 |
|  |  | 4355158 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 18639 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 320591 |
| 3911 | Addus HomeCare Corporation<sup>(a)</sup> | 470102 |
| 448050 | agilon health, Inc.<sup>(a)</sup> | 291725 |
| 5961 | CorVel Corporation<sup>(a)</sup> | 436226 |
| 31652 | Ginkgo Bioworks Holdings, Inc.<sup>(a)</sup> | 293731 |
| 3798 | National HealthCare Corporation | 517629 |
| 59779 | NeoGenomics, Inc.<sup>(a)</sup> | 723326 |
| 6056 | RadNet, Inc.<sup>(a)</sup> | 501376 |
| 35942 | Select Medical Holdings Corporation | 556742 |
| 21326 | Surgery Partners, Inc.<sup>(a)</sup> | 364035 |
|  |  | 4475483 |
|  | **HEALTH CARE REIT - 1.1%** |  |
| 13307 | CareTrust REIT, Inc. | 499412 |
| 104891 | Diversified Healthcare Trust | 506624 |
| 91024 | Medical Properties Trust, Inc. | 524297 |
| 5805 | National Health Investors, Inc. | 461381 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **HEALTH CARE REIT - 1.1% (Continued)** |  |
| 24758 | Sabra Health Care REIT, Inc. | $483029 |
|  |  | 2474743 |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 9850 | HNI Corporation | 408972 |
|  | **HOME CONSTRUCTION - 1.9%** |  |
| 6248 | Green Brick Partners, Inc.<sup>(a)</sup> | 424114 |
| 6060 | Griffon Corporation | 454500 |
| 15947 | Interface, Inc. | 445081 |
| 93990 | JELD-WEN Holding, Inc.<sup>(a)</sup> | 250953 |
| 7252 | KB Home | 466521 |
| 8925 | LGI Homes, Inc.<sup>(a)</sup> | 464279 |
| 3195 | M/I Homes, Inc.<sup>(a)</sup> | 439600 |
| 6372 | Meritage Homes Corporation | 465666 |
| 6991 | Taylor Morrison Home Corporation<sup>(a)</sup> | 438266 |
| 13585 | Tri Pointe Homes, Inc.<sup>(a)</sup> | 463520 |
|  |  | 4312500 |
|  | **HOTEL REIT – 1.2%** |  |
| 57976 | DiamondRock Hospitality Company | 528161 |
| 40517 | Pebblebrook Hotel Trust | 459463 |
| 64096 | RLJ Lodging Trust | 483284 |
| 5151 | Ryman Hospitality Properties, Inc. | 491560 |
| 171014 | Service Properties Trust | 297564 |
| 33636 | Xenia Hotels & Resorts, Inc. | 470231 |
|  |  | 2730263 |
|  | **HOUSEHOLD PRODUCTS - 1.4%** |  |
| 14135 | Central Garden & Pet Company<sup>(a)</sup> | 482851 |
| 22667 | Edgewell Personal Care Company | 404833 |
| 18541 | Energizer Holdings, Inc. | 338002 |
| 18313 | Helen of Troy Ltd.<sup>(a)</sup> | 347031 |
| 125405 | Honest Company, Inc. (The)<sup>(a)</sup> | 337339 |
| 4691 | Interparfums, Inc. | 381238 |
| 37858 | Nu Skin Enterprises, Inc., Class A | 374416 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 1.4% (Continued)** |  |
| 32454 | Quanex Building Products Corporation | $420604 |
|  |  | 3086314 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.2%** |  |
| 2042 | Enpro, Inc. | 455060 |
| 7349 | Gibraltar Industries, Inc.<sup>(a)</sup> | 367156 |
| 46757 | Janus International Group, Inc.<sup>(a)</sup> | 290361 |
| 2178 | Standex International Corporation | 533958 |
| 6138 | Timken Company (The) | 499572 |
| 1190 | Valmont Industries, Inc. | 491434 |
|  |  | 2637541 |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 8966 | First Industrial Realty Trust, Inc. | 513213 |
| 10301 | LXP Industrial Trust | 499599 |
|  |  | 1012812 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.1%** |  |
| 46474 | Hudson Technologies, Inc.<sup>(a)</sup> | 316023 |
|  | **INFRASTRUCTURE REIT - 0.2%** |  |
| 75407 | Uniti Group, Inc.<sup>(a)</sup> | 480343 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.2%** |  |
| 23949 | Amerant Bancorp, Inc. | 450481 |
|  | **INSURANCE - 2.2%** |  |
| 10527 | AMERISAFE, Inc. | 429502 |
| 10864 | Employers Holdings, Inc. | 432930 |
| 51853 | Genworth Financial, Inc., Class A<sup>(a)</sup> | 450084 |
| 10217 | Horace Mann Educators Corporation | 467734 |
| 8952 | Kemper Corporation | 364525 |
| 5443 | Mercury General Corporation | 506852 |
| 12037 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 459212 |
| 19237 | ProAssurance Corporation<sup>(a)</sup> | 463227 |
| 7076 | RLI Corporation | 436306 |
| 6528 | Safety Insurance Group, Inc. | 496259 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **INSURANCE - 2.2% (Continued)** |  |
| 10663 | Trupanion, Inc.<sup>(a)</sup> | $376297 |
|  |  | 4882928 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 28382 | Angi, Inc.<sup>(a)</sup> | 324122 |
| 37765 | Cars.com, Inc.<sup>(a)</sup> | 438075 |
| 19764 | Groupon, Inc.<sup>(a)</sup> | 334209 |
| 16342 | HealthStream, Inc. | 411001 |
| 39681 | Serve Robotics, Inc.<sup>(a),(b)</sup> | 407127 |
|  |  | 1914534 |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 8446 | Cheesecake Factory, Inc. (The)<sup>(b)</sup> | 402536 |
| 16470 | Cinemark Holdings, Inc. | 450949 |
| 7768 | Kura Sushi USA, Inc.<sup>(a)</sup> | 381642 |
| 36054 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 433730 |
| 8926 | United Parks & Resorts, Inc.<sup>(a)</sup> | 322139 |
|  |  | 1990996 |
|  | **LEISURE PRODUCTS - 1.4%** |  |
| 7297 | Brunswick Corporation | 482405 |
| 11516 | Johnson Outdoors, Inc., Class A | 472041 |
| 7939 | Polaris, Inc. | 526832 |
| 4472 | Thor Industries, Inc. | 472333 |
| 48578 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 625684 |
| 13801 | Winnebago Industries, Inc. | 499458 |
|  |  | 3078753 |
|  | **MACHINERY - 3.0%** |  |
| 8658 | Albany International Corporation, Class A | 412813 |
| 9588 | Astec Industries, Inc. | 424365 |
| 9014 | CECO Environmental Corporation<sup>(a)</sup> | 470080 |
| 32182 | Columbus McKinnon Corporation | 529072 |
| 29928 | Energy Recovery, Inc.<sup>(a)</sup> | 432460 |
| 4848 | Franklin Electric Company, Inc. | 461287 |
| 9944 | Gorman-Rupp Company (The) | 462297 |
| 8868 | Helios Technologies, Inc. | 478783 |
| 17067 | Hillenbrand, Inc. | 543413 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **MACHINERY - 3.0% (Continued)** |  |
| 12520 | Hyster-Yale Materials Handling, Inc., Class A | $364082 |
| 3286 | John Bean Technologies Corporation | 461782 |
| 1553 | Kadant, Inc. | 431920 |
| 22049 | Kennametal, Inc. | 610317 |
| 3283 | Lindsay Corporation | 377315 |
| 5693 | Tennant Company | 416329 |
|  |  | 6876315 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.1%** |  |
| 20268 | Castle Biosciences, Inc.<sup>(a)</sup> | 809706 |
| 32707 | Embecta Corporation | 417178 |
| 5659 | Glaukos Corporation<sup>(a)</sup> | 601495 |
| 9468 | Haemonetics Corporation<sup>(a)</sup> | 770222 |
| 3847 | ICU Medical, Inc.<sup>(a)</sup> | 571049 |
| 32205 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 422530 |
| 63830 | Myriad Genetics, Inc.<sup>(a)</sup> | 487023 |
| 80822 | Neogen Corporation<sup>(a)</sup> | 483316 |
| 15156 | Omnicell, Inc.<sup>(a)</sup> | 553346 |
| 31523 | Orthofix Medical, Inc.<sup>(a)</sup> | 507205 |
| 26073 | Pulse Biosciences, Inc.<sup>(a),(b)</sup> | 356939 |
| 70999 | SS Innovations International, Inc.<sup>(a)</sup> | 477823 |
| 38014 | Tandem Diabetes Care, Inc.<sup>(a)</sup> | 798673 |
| 16400 | Twist Bioscience Corporation<sup>(a)</sup> | 524964 |
| 2312 | UFP Technologies, Inc.<sup>(a)</sup> | 524107 |
| 37217 | Varex Imaging Corporation<sup>(a)</sup> | 430601 |
| 13443 | Veracyte, Inc.<sup>(a)</sup> | 636392 |
|  |  | 9372569 |
|  | **METALS & MINING - 0.5%** |  |
| 24036 | Compass Minerals International, Inc.<sup>(a)</sup> | 456444 |
| 38140 | Hecla Mining Company | 641514 |
|  |  | 1097958 |
|  | **MORTGAGE FINANCE - 0.8%** |  |
| 45557 | Apollo Commercial Real Estate Finance, Inc. | 461492 |
| 50217 | MFA Financial, Inc. | 483088 |
| 38913 | PennyMac Mortgage Investment Trust | 499642 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **MORTGAGE FINANCE - 0.8% (Continued)** |  |
| 79705 | Redwood Trust, Inc. | $439175 |
|  |  | 1883397 |
|  | **MULTI ASSET CLASS REIT – 0.9%** |  |
| 25371 | Alexander & Baldwin, Inc. | 396549 |
| 22711 | American Assets Trust, Inc. | 442865 |
| 65833 | Armada Hoffler Properties, Inc. | 432523 |
| 37789 | Gladstone Commercial Corporation | 417946 |
| 30361 | Veris Residential, Inc. | 457237 |
|  |  | 2147120 |
|  | **OFFICE REIT - 1.5%** |  |
| 112987 | Brandywine Realty Trust | 387545 |
| 60247 | Empire State Realty Trust, Inc., Class A | 423536 |
| 14503 | Highwoods Properties, Inc. | 403183 |
| 167207 | Hudson Pacific Properties, Inc.<sup>(a)</sup> | 331070 |
| 20741 | JBG SMITH Properties | 378108 |
| 10923 | Kilroy Realty Corporation | 468487 |
| 70564 | Paramount Group, Inc.<sup>(a)</sup> | 465017 |
| 51277 | Piedmont Office Realty Trust, Inc., Class A | 448161 |
|  |  | 3305107 |
|  | **OIL & GAS PRODUCERS - 0.9%** |  |
| 178873 | Clean Energy Fuels Corporation<sup>(a)</sup> | 389943 |
| 65275 | HighPeak Energy, Inc.<sup>(b)</sup> | 437995 |
| 278007 | Kosmos Energy Ltd.<sup>(a)</sup> | 311368 |
| 13029 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 594774 |
| 18653 | SM Energy Company | 355340 |
|  |  | 2089420 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.7%** |  |
| 30262 | DNOW, Inc.<sup>(a)</sup> | 422458 |
| 38846 | Expro Group Holdings N.V.<sup>(a)</sup> | 541902 |
| 24892 | Innovex International, Inc.<sup>(a)</sup> | 548122 |
| 11292 | Nabors Industries Ltd.<sup>(a)</sup> | 563132 |
| 44980 | National Energy Services Reunited Corporation<sup>(a)</sup> | 627021 |
| 18624 | Oceaneering International, Inc.<sup>(a)</sup> | 454426 |
| 88071 | ProPetro Holding Corporation<sup>(a)</sup> | 842838 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.7% (Continued)** |  |
| 96952 | RPC, Inc. | $515785 |
| 43170 | Select Water Solutions, Inc., Class A | 436017 |
| 80259 | TETRA Technologies, Inc.<sup>(a)</sup> | 623612 |
| 8654 | Tidewater, Inc.<sup>(a)</sup> | 467489 |
|  |  | 6042802 |
|  | **PUBLISHING & BROADCASTING - 0.5%** |  |
| 292083 | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 581245 |
| 16855 | Scholastic Corporation | 497897 |
|  |  | 1079142 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.7%** |  |
| 55468 | Kennedy-Wilson Holdings, Inc. | 539704 |
| 3951 | McGrath RentCorporation | 407269 |
| 9327 | St Joe Company (The) | 562698 |
|  |  | 1509671 |
|  | **REAL ESTATE SERVICES - 0.4%** |  |
| 15724 | Marcus & Millichap, Inc. | 460713 |
| 30241 | RMR Group, Inc. (The), Class A | 461175 |
|  |  | 921888 |
|  | **RENEWABLE ENERGY - 1.7%** |  |
| 13743 | Ameresco, Inc., Class A<sup>(a)</sup> | 477020 |
| 56625 | Array Technologies, Inc.<sup>(a)</sup> | 425254 |
| 4085 | EnerSys | 584604 |
| 40517 | Eos Energy Enterprises, Inc.<sup>(a),(b)</sup> | 609781 |
| 42731 | Fluence Energy, Inc.<sup>(a)</sup> | 839236 |
| 52502 | Green Plains, Inc.<sup>(a)</sup> | 542346 |
| 198065 | Plug Power, Inc.<sup>(a),(b)</sup> | 398111 |
|  |  | 3876352 |
|  | **RESIDENTIAL REIT - 1.0%** |  |
| 81288 | Apartment Investment and Management Company | 464154 |
| 27372 | Elme Communities | 475178 |
| 28157 | Independence Realty Trust, Inc. | 482893 |
| 14323 | NexPoint Residential Trust, Inc. | 455615 |
| 31077 | UMH Properties, Inc. | 470195 |
|  |  | 2348035 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 28753 | Grocery Outlet Holding Corporation<sup>(a)</sup> | $320021 |
| 11537 | Natural Grocers by Vitamin Cottage, Inc. | 320152 |
|  |  | 640173 |
|  | **RETAIL - DISCRETIONARY - 2.0%** |  |
| 1888 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 439092 |
| 2874 | Avis Budget Group, Inc.<sup>(a)</sup> | 390519 |
| 15665 | Ethan Allen Interiors, Inc. | 370321 |
| 97567 | EVgo, Inc.<sup>(a)</sup> | 316117 |
| 13447 | La-Z-Boy, Inc. | 523356 |
| 25681 | Monro, Inc. | 480492 |
| 15810 | National Vision Holdings, Inc.<sup>(a)</sup> | 456119 |
| 4462 | Patrick Industries, Inc. | 482878 |
| 6065 | Sonic Automotive, Inc., Class A | 382277 |
| 12851 | Valvoline, Inc.<sup>(a)</sup> | 402365 |
| 927 | Winmark Corporation | 381006 |
|  |  | 4624542 |
|  | **RETAIL REIT - 1.4%** |  |
| 22903 | Acadia Realty Trust | 471115 |
| 1968 | Alexander's, Inc. | 417078 |
| 18914 | Four Corners Property Trust, Inc. | 454693 |
| 20948 | Kite Realty Group Trust | 484737 |
| 25357 | Macerich Company (The) | 440198 |
| 14765 | Saul Centers, Inc. | 459192 |
| 13637 | Tanger, Inc. | 457930 |
|  |  | 3184943 |
|  | **SEMICONDUCTORS - 4.2%** |  |
| 15327 | Aehr Test Systems<sup>(a)</sup> | 352061 |
| 15424 | Ambiq Micro, Inc.<sup>(a)</sup> | 378042 |
| 16250 | Amkor Technology, Inc. | 591339 |
| 17474 | CEVA, Inc.<sup>(a)</sup> | 377264 |
| 3683 | Cirrus Logic, Inc.<sup>(a)</sup> | 443212 |
| 22700 | Cohu, Inc.<sup>(a)</sup> | 552064 |
| 8673 | Diodes, Inc.<sup>(a)</sup> | 400779 |
| 12671 | FormFactor, Inc.<sup>(a)</sup> | 697159 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **SEMICONDUCTORS - 4.2% (Continued)** |  |
| 2553 | Impinj, Inc.<sup>(a)</sup> | $438784 |
| 5828 | IPG Photonics Corporation<sup>(a)</sup> | 464142 |
| 28700 | MaxLinear, Inc., Class A<sup>(a)</sup> | 446859 |
| 3729 | MKS, Inc. | 583178 |
| 17561 | Penguin Solutions, Inc.<sup>(a)</sup> | 355259 |
| 20109 | Photronics, Inc.<sup>(a)</sup> | 460697 |
| 11477 | Power Integrations, Inc. | 385627 |
| 6459 | Semtech Corporation<sup>(a)</sup> | 478999 |
| 3519 | Silicon Laboratories, Inc.<sup>(a)</sup> | 448954 |
| 24732 | SkyWater Technology, Inc.<sup>(a)</sup> | 380625 |
| 16935 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | 429472 |
| 15166 | Veeco Instruments, Inc.<sup>(a)</sup> | 443302 |
| 30163 | Vishay Intertechnology, Inc. | 412328 |
|  |  | 9520146 |
|  | **SOFTWARE - 3.6%** |  |
| 8745 | ACI Worldwide, Inc.<sup>(a)</sup> | 409791 |
| 43050 | Amplitude, Inc., Class A<sup>(a)</sup> | 442554 |
| 7176 | Blackbaud, Inc.<sup>(a)</sup> | 404583 |
| 7520 | Calix, Inc.<sup>(a)</sup> | 415630 |
| 43661 | Cantaloupe, Inc.<sup>(a)</sup> | 465863 |
| 114089 | Definitive Healthcare Corporation<sup>(a)</sup> | 324013 |
| 12657 | Digi International, Inc.<sup>(a)</sup> | 529442 |
| 8973 | Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 440215 |
| 43130 | Jamf Holding Corporation<sup>(a)</sup> | 557671 |
| 20873 | Omada Health, Inc.<sup>(a)</sup> | 390951 |
| 17873 | PDF Solutions, Inc.<sup>(a)</sup> | 484358 |
| 19621 | Phreesia, Inc.<sup>(a)</sup> | 402034 |
| 10505 | Progress Software Corporation<sup>(a)</sup> | 435012 |
| 20144 | PROS Holdings, Inc.<sup>(a)</sup> | 468147 |
| 6375 | Q2 Holdings, Inc.<sup>(a)</sup> | 459829 |
| 3487 | Qualys, Inc.<sup>(a)</sup> | 491144 |
| 4431 | SPS Commerce, Inc.<sup>(a)</sup> | 369191 |
| 8030 | Varonis Systems, Inc.<sup>(a)</sup> | 265552 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **SOFTWARE - 3.6% (Continued)** |  |
| 69086 | Weave Communications, Inc.<sup>(a)</sup> | $440769 |
|  |  | 8196749 |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 11056 | Encore Capital Group, Inc.<sup>(a)</sup> | 573697 |
| 4010 | Enova International, Inc.<sup>(a)</sup> | 525671 |
| 16267 | MGIC Investment Corporation | 461169 |
| 3681 | Nelnet, Inc., Class A | 475732 |
| 29889 | PRA Group, Inc.<sup>(a)</sup> | 484202 |
| 2728 | World Acceptance Corporation<sup>(a)</sup> | 421912 |
|  |  | 2942383 |
|  | **STEEL - 0.4%** |  |
| 8057 | Commercial Metals Company | 513876 |
| 27918 | Metallus, Inc.<sup>(a)</sup> | 472093 |
|  |  | 985969 |
|  | **TECHNOLOGY HARDWARE - 3.1%** |  |
| 49200 | ADTRAN Holdings, Inc.<sup>(a)</sup> | 390156 |
| 3814 | Arrow Electronics, Inc.<sup>(a)</sup> | 411950 |
| 11971 | Benchmark Electronics, Inc. | 537857 |
| 29812 | CommScope Holding Company, Inc.<sup>(a)</sup> | 588488 |
| 22060 | Daktronics, Inc.<sup>(a)</sup> | 417596 |
| 8092 | Diebold Nixdorf, Inc.<sup>(a)</sup> | 522096 |
| 45333 | Harmonic, Inc.<sup>(a)</sup> | 433383 |
| 19798 | Knowles Corporation<sup>(a)</sup> | 445059 |
| 17867 | NetScout Systems, Inc.<sup>(a)</sup> | 480265 |
| 11660 | PAR Technology Corporation<sup>(a)</sup> | 402387 |
| 3190 | Plexus Corporation<sup>(a)</sup> | 456011 |
| 88071 | Powerfleet, Inc.<sup>(a)</sup> | 437713 |
| 41205 | Stratasys Ltd.<sup>(a)</sup> | 362192 |
| 8012 | TTM Technologies, Inc.<sup>(a)</sup> | 562282 |
| 15751 | ViaSat, Inc.<sup>(a)</sup> | 540732 |
|  |  | 6988167 |
|  | **TECHNOLOGY SERVICES - 1.4%** |  |
| 10481 | ExlService Holdings, Inc.<sup>(a)</sup> | 416410 |
| 4973 | ICF International, Inc. | 388093 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.4% (Continued)** |  |
| 9759 | KBR, Inc. | $402266 |
| 5051 | MAXIMUS, Inc. | 434841 |
| 88239 | Repay Holdings Corporation<sup>(a)</sup> | 292953 |
| 25854 | TaskUS, Inc., Class A<sup>(a)</sup> | 296545 |
| 67470 | Telos Corporation<sup>(a)</sup> | 389977 |
| 2930 | WEX, Inc.<sup>(a)</sup> | 434695 |
|  |  | 3055780 |
|  | **TELECOMMUNICATIONS - 0.4%** |  |
| 26431 | Iridium Communications, Inc. | 433468 |
| 11761 | Telephone and Data Systems, Inc. | 473616 |
|  |  | 907084 |
|  | **TIMBER REIT - 0.2%** |  |
| 18435 | Rayonier, Inc. | 409441 |
|  | **TRANSPORTATION & LOGISTICS - 3.2%** |  |
| 7594 | Allegiant Travel Company<sup>(a)</sup> | 577144 |
| 6605 | ArcBest Corporation | 423843 |
| 21306 | Covenant Logistics Group, Inc., Class A | 424842 |
| 48681 | CryoPort, Inc.<sup>(a)</sup> | 468311 |
| 15486 | Dorian, L.P.G Ltd. | 383743 |
| 17999 | Forward Air Corporation<sup>(a)</sup> | 413437 |
| 25927 | Genco Shipping & Trading Ltd. | 490539 |
| 55071 | Heartland Express, Inc. | 432858 |
| 13400 | Hub Group, Inc., Class A | 516838 |
| 11680 | Knight-Swift Transportation Holdings, Inc. | 534944 |
| 3765 | Landstar System, Inc. | 492613 |
| 43292 | Marten Transport Ltd. | 443743 |
| 4681 | Matson, Inc. | 510135 |
| 17624 | Werner Enterprises, Inc. | 450469 |
| 250811 | Wheels Up Experience, Inc.<sup>(a)</sup> | 192272 |
| 17784 | World Kinect Corporation | 412233 |
|  |  | 7167964 |
|  | **TRANSPORTATION EQUIPMENT - 1.0%** |  |
| 5437 | Allison Transmission Holdings, Inc. | 482044 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |  |  |
|  | **TRANSPORTATION EQUIPMENT - 1.0% (Continued)** |  |  |  |
| 8019 | Blue Bird Corporation<sup>(a)</sup> |  |  | $418752 |
| 9995 | Greenbrier Companies, Inc. (The) |  |  | 444578 |
| 16636 | Trinity Industries, Inc. |  |  | 441187 |
| 47142 | Wabash National Corporation |  |  | 397878 |
|  |  |  |  | 2184439 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8%** |  |  |  |
| 11649 | Andersons, Inc. (The) |  |  | 599923 |
| 17929 | Calavo Growers, Inc. |  |  | 367365 |
| 38394 | Mission Produce, Inc.<sup>(a)</sup> |  |  | 461496 |
| 12267 | United Natural Foods, Inc.<sup>(a)</sup> |  |  | 457682 |
|  |  |  |  | 1886466 |
|  | **WHOLESALE - DISCRETIONARY - 0.8%** |  |  |  |
| 6499 | ePlus, Inc. |  |  | 582311 |
| 16035 | OPENLANE, Inc.<sup>(a)</sup> |  |  | 407930 |
| 10491 | ScanSource, Inc.<sup>(a)</sup> |  |  | 431390 |
| 48835 | ThredUp, Inc.<sup>(a)</sup> |  |  | 367239 |
|  |  |  |  | 1788870 |
|  | **TOTAL COMMON STOCKS (Cost $216,038,371)** |  |  | 225080519 |
|  |  | **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> | 1/23/2031 | $12.00 |  |
| 31022 | Roche Holding A.G. - CVR <sup>(a)(f)(g)</sup> | 12/31/2035 | $6.00 |  |
| 44117 | Sage Therapeutics, Inc. - CVR <sup>(a)(f)(g)</sup> | 12/31/2030 | $3.50 |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.0% <sup>(d)</sup>** |  |  |  |
| 26350 | Zimmer Biomet Holdings, Inc. - CVR <sup>(a)(f)(g)</sup> | 12/31/2026 | $1.00 |  |
|  | **TOTAL RIGHTS (Cost $0)** |  |  |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.0%** |  |
|  | **MONEY MARKET FUND - 1.0%** |  |
| 2179984 | Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.90% **(Cost $2,179,984)** <sup>(c)(e)</sup> | $2179984 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $218,218,355)** | $227260503 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (686002) |
|  | **NET ASSETS - 100.0%** | $226574501 |

---

---

| | |
|:---|:---|
| CVR | - Contingent Value Right |
| LTD | - Limited Company |
| N.V. | - Naamloze 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 November 30, 2025 was $2,131,966.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at November 30, 2025. Total collateral had a value of $2,179,984 at November 30, 2025.

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

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of November 30, 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 November 30, 2025 was $0, representing 0% of net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6%** |  |  |  |
|  | **AUTOMOTIVE — 0.4%** |  |  |  |
| 1000000 | BorgWarner, Inc. | 2.6500 | 07/01/27 | $979370 |
| 1000000 | BorgWarner, Inc. | 5.4000 | 08/15/34 | 1038991 |
|  |  |  |  | 2018361 |
|  | **BANKING — 0.6%** |  |  |  |
| 1000000 | First-Citizens Bank & Trust Company | 6.1250 | 03/09/28 | 1037551 |
| 1000000 | Regions Financial Corporation | 1.8000 | 08/12/28 | 942983 |
| 1000000 | Zions Bancorp NA | 3.2500 | 10/29/29 | 934524 |
|  |  |  |  | 2915058 |
|  | **BEVERAGES — 0.5%** |  |  |  |
| 1000000 | Coca-Cola Consolidated, Inc. | 5.2500 | 06/01/29 | 1036903 |
| 1000000 | Coca-Cola Consolidated, Inc. | 5.4500 | 06/01/34 | 1055407 |
|  |  |  |  | 2092310 |
|  | **BIOTECH & PHARMA — 0.2%** |  |  |  |
| 1000000 | Royalty Pharma plc<sup>(a)</sup> | 5.4000 | 09/02/34 | 1029595 |
|  | **CHEMICALS — 0.7%** |  |  |  |
| 1000000 | Albemarle Corporation | 4.6500 | 06/01/27 | 1003004 |
| 1000000 | Albemarle Corporation | 5.0500 | 06/01/32 | 1004047 |
| 1000000 | Cabot Corporation | 5.0000 | 06/30/32 | 1020413 |
|  |  |  |  | 3027464 |
|  | **COMMERCIAL SUPPORT SERVICES — 4.0%** |  |  |  |
| 1000000 | Cintas Corp No 2 | 3.7000 | 04/01/27 | 997283 |
| 1000000 | Cintas Corp No 2 | 4.0000 | 05/01/32 | 986253 |
| 1000000 | Republic Services, Inc. | 3.3750 | 11/15/27 | 992087 |
| 9200000 | Republic Services, Inc. | 3.9500 | 05/15/28 | 9223060 |
| 1000000 | Republic Services, Inc. | 2.3000 | 03/01/30 | 931659 |
| 1000000 | Republic Services, Inc. | 1.4500 | 02/15/31 | 875550 |
| 1000000 | Republic Services, Inc. | 1.7500 | 02/15/32 | 865778 |
| 1000000 | Waste Connections, Inc. | 4.2500 | 12/01/28 | 1008457 |
| 1000000 | Waste Management, Inc. | 3.1500 | 11/15/27 | 986963 |
| 1000000 | Waste Management, Inc. | 4.6250 | 02/15/33 | 1020218 |
|  |  |  |  | 17887308 |
|  | **CONSTRUCTION MATERIALS — 2.6%** |  |  |  |
| 1000000 | Carlisle Companies, Inc. | 3.7500 | 12/01/27 | 995072 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **CONSTRUCTION MATERIALS — 2.6% (Continued)** |  |  |  |
| 9200000 | Carlisle Companies, Inc. | 2.7500 | 03/01/30 | $8686851 |
| 1000000 | Carlisle Companies, Inc. | 2.2000 | 03/01/32 | 874458 |
| 1000000 | Vulcan Materials Company<sup>(a)</sup> | 3.9000 | 04/01/27 | 998821 |
|  |  |  |  | 11555202 |
|  | **CONTAINERS & PACKAGING — 2.5%** |  |  |  |
| 1000000 | Amcor Finance USA, Inc. | 4.5000 | 05/15/28 | 1005798 |
| 1000000 | Amcor Flexibles North America, Inc. | 2.6300 | 06/19/30 | 928561 |
| 9200000 | Amcor Flexibles North America, Inc.<sup>(a)</sup> | 2.6900 | 05/25/31 | 8417045 |
| 1000000 | AptarGroup, Inc. | 3.6000 | 03/15/32 | 936770 |
|  |  |  |  | 11288174 |
|  | **DIVERSIFIED INDUSTRIALS — 2.9%** |  |  |  |
| 1000000 | Parker-Hannifin Corporation | 3.2500 | 03/01/27 | 992408 |
| 1000000 | Parker-Hannifin Corporation | 4.2500 | 09/15/27 | 1007440 |
| 9200000 | Parker-Hannifin Corporation | 3.2500 | 06/14/29 | 8981634 |
| 1000000 | Parker-Hannifin Corporation | 4.5000 | 09/15/29 | 1016447 |
| 1000000 | Parker-Hannifin Corporation | 4.2000 | 11/21/34 | 980921 |
|  |  |  |  | 12978850 |
|  | **ELECTRIC UTILITIES — 3.9%** |  |  |  |
| 1000000 | CenterPoint Energy, Inc. | 2.9500 | 03/01/30 | 948694 |
| 1000000 | CenterPoint Energy, Inc. | 2.6500 | 06/01/31 | 914344 |
| 1000000 | DTE Energy Company | 5.8500 | 06/01/34 | 1071226 |
| 1000000 | Entergy Corporation | 1.9000 | 06/15/28 | 949148 |
| 1000000 | Entergy Corporation | 2.8000 | 06/15/30 | 938942 |
| 1000000 | Entergy Corporation | 2.4000 | 06/15/31 | 900964 |
| 9200000 | Evergy, Inc. | 2.9000 | 09/15/29 | 8778038 |
| 1000000 | Eversource Energy | 5.9500 | 07/15/34 | 1063808 |
| 1000000 | Public Service Enterprise Group, Inc. | 5.4000 | 03/15/35 | 1036317 |
| 1000000 | WEC Energy Group, Inc. | 1.3750 | 10/15/27 | 953470 |
|  |  |  |  | 17554951 |
|  | **ELECTRICAL EQUIPMENT — 5.5%** |  |  |  |
| 1000000 | Amphenol Corporation | 5.0500 | 04/05/27 | 1014756 |
| 9200000 | Amphenol Corporation | 4.3500 | 06/01/29 | 9312202 |
| 1000000 | Amphenol Corporation | 2.8000 | 02/15/30 | 951282 |
| 1000000 | Amphenol Corporation | 2.2000 | 09/15/31 | 895587 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 5.5% (Continued)** |  |  |  |
| 1000000 | Amphenol Corporation | 5.2500 | 04/05/34 | $1048117 |
| 1000000 | Roper Technologies, Inc. | 3.8000 | 12/15/26 | 997827 |
| 9200000 | Trimble, Inc. | 4.9000 | 06/15/28 | 9344261 |
| 1000000 | Trimble, Inc. | 6.1000 | 03/15/33 | 1079380 |
|  |  |  |  | 24643412 |
|  | **ENGINEERING & CONSTRUCTION — 0.4%** |  |  |  |
| 1000000 | Quanta Services, Inc. | 4.5000 | 01/15/31 | 1005067 |
| 1000000 | Quanta Services, Inc.<sup>(a)</sup> | 5.2500 | 08/09/34 | 1035404 |
|  |  |  |  | 2040471 |
|  | **FOOD — 4.6%** |  |  |  |
| 1000000 | Campbell Soup Company | 4.1500 | 03/15/28 | 1002389 |
| 1000000 | Campbell Soup Company | 5.4000 | 03/21/34 | 1031034 |
| 9200000 | Conagra Brands, Inc. | 1.3750 | 11/01/27 | 8725203 |
| 1000000 | Conagra Brands, Inc. | 4.8500 | 11/01/28 | 1013966 |
| 1000000 | Conagra Brands, Inc. | 5.7500 | 08/01/35 | 1030433 |
| 1000000 | McCormick & Co, Inc. | 3.4000 | 08/15/27 | 990773 |
| 1000000 | McCormick & Co, Inc. | 2.5000 | 04/15/30 | 932186 |
| 1000000 | McCormick & Co, Inc. | 4.9500 | 04/15/33 | 1022477 |
| 1000000 | Mondelez International, Inc. | 2.6250 | 03/17/27 | 982484 |
| 1000000 | Mondelez International, Inc. | 4.7500 | 02/20/29 | 1023254 |
| 1000000 | Mondelez International, Inc. | 2.7500 | 04/13/30 | 944408 |
| 1000000 | Mondelez International, Inc. | 4.7500 | 08/28/34 | 1002479 |
| 1000000 | The Campbell's Company | 5.2000 | 03/19/27 | 1013927 |
|  |  |  |  | 20715013 |
|  | **GAS & WATER UTILITIES — 4.3%** |  |  |  |
| 1000000 | Atmos Energy Corporation | 3.0000 | 06/15/27 | 988695 |
| 9200000 | Atmos Energy Corporation | 2.6250 | 09/15/29 | 8751243 |
| 1000000 | Atmos Energy Corporation | 1.5000 | 01/15/31 | 878293 |
| 1000000 | Atmos Energy Corporation | 5.9000 | 11/15/33 | 1091444 |
| 1000000 | CenterPoint Energy Resources Corporation | 1.7500 | 10/01/30 | 892331 |
| 1000000 | Essential Utilities, Inc. | 4.8000 | 08/15/27 | 1010963 |
| 1000000 | Essential Utilities, Inc. | 2.7040 | 04/15/30 | 939307 |
| 1000000 | Essential Utilities, Inc. | 5.3750 | 01/15/34 | 1036514 |
| 1000000 | National Fuel Gas Company | 2.9500 | 03/01/31 | 914748 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **GAS & WATER UTILITIES — 4.3% (Continued)** |  |  |  |
| 1000000 | National Fuel Gas Company | 5.9500 | 03/15/35 | $1053703 |
| 1000000 | NiSource, Inc. | 1.7000 | 02/15/31 | 876139 |
| 1000000 | NiSource, Inc. | 5.4000 | 06/30/33 | 1041698 |
|  |  |  |  | 19475078 |
|  | **HOME CONSTRUCTION — 1.6%** |  |  |  |
| 1000000 | DR Horton, Inc. | 1.3000 | 10/15/26 | 977136 |
| 1000000 | Fortune Brands Innovations, Inc. | 3.2500 | 09/15/29 | 964408 |
| 1000000 | Fortune Brands Innovations, Inc. | 5.8750 | 06/01/33 | 1061620 |
| 1000000 | Masco Corporation | 2.0000 | 02/15/31 | 887730 |
| 1000000 | Mohawk Industries, Inc. | 5.8500 | 09/18/28 | 1043927 |
| 1000000 | Mohawk Industries, Inc. | 3.6250 | 05/15/30 | 970473 |
| 1000000 | PulteGroup, Inc. | 6.3750 | 05/15/33 | 1101274 |
|  |  |  |  | 7006568 |
|  | **HOUSEHOLD PRODUCTS — 0.5%** |  |  |  |
| 1000000 | Kenvue, Inc. | 4.8500 | 05/22/32 | 1026176 |
| 1000000 | Kenvue, Inc.<sup>(a)</sup> | 4.9000 | 03/22/33 | 1025891 |
|  |  |  |  | 2052067 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.3%** |  |  |  |
| 9200000 | Cboe Global Markets, Inc. | 3.6500 | 01/12/27 | 9165965 |
| 1000000 | Nasdaq, Inc. | 5.5500 | 02/15/34 | 1057168 |
|  |  |  |  | 10223133 |
|  | **INSURANCE — 1.8%** |  |  |  |
| 1000000 | Globe Life, Inc. | 5.8500 | 09/15/34 | 1053111 |
| 1000000 | Loews Corporation | 3.2000 | 05/15/30 | 959324 |
| 1000000 | Primerica, Inc. | 2.8000 | 11/19/31 | 908011 |
| 1000000 | Progressive Corporation (The) | 3.2000 | 03/26/30 | 967255 |
| 1000000 | Progressive Corporation (The) | 4.9500 | 06/15/33 | 1031482 |
| 1000000 | Reinsurance Group of America, Inc. | 3.9000 | 05/15/29 | 990588 |
| 1000000 | Reinsurance Group of America, Inc. | 3.1500 | 06/15/30 | 948617 |
| 1000000 | Reinsurance Group of America, Inc. | 6.0000 | 09/15/33 | 1072797 |
|  |  |  |  | 7931185 |
|  | **LEISURE PRODUCTS — 0.2%** |  |  |  |
| 1000000 | Brunswick Corporation | 4.4000 | 09/15/32 | 956821 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **MACHINERY — 4.9%** |  |  |  |
| 1000000 | AGCO Corporation | 5.4500 | 03/21/27 | $1013011 |
| 1000000 | AGCO Corporation | 5.8000 | 03/21/34 | 1046877 |
| 9200000 | Caterpillar, Inc. | 2.6000 | 09/19/29 | 8796049 |
| 1000000 | Caterpillar, Inc. | 1.9000 | 03/12/31 | 901626 |
| 1000000 | Caterpillar, Inc. | 5.2000 | 05/15/35 | 1047343 |
| 1000000 | Ingersoll Rand, Inc. | 5.4000 | 08/14/28 | 1035189 |
| 1000000 | Ingersoll Rand, Inc. | 5.1760 | 06/15/29 | 1037035 |
| 1000000 | Ingersoll Rand, Inc. | 5.3140 | 06/15/31 | 1050383 |
| 1000000 | Ingersoll Rand, Inc. | 5.7000 | 08/14/33 | 1067608 |
| 1000000 | Nordson Corporation | 5.8000 | 09/15/33 | 1071410 |
| 1000000 | Stanley Black & Decker, Inc. | 6.0000 | 03/06/28 | 1037798 |
| 1000000 | Stanley Black & Decker, Inc.<sup>(a)</sup> | 2.3000 | 03/15/30 | 914070 |
| 1000000 | Stanley Black & Decker, Inc. | 3.0000 | 05/15/32 | 905115 |
| 1000000 | Veralto Corporation | 5.4500 | 09/18/33 | 1050210 |
|  |  |  |  | 21973724 |
|  | **MEDICAL EQUIPMENT & DEVICES — 5.5%** |  |  |  |
| 1000000 | Baxter International, Inc. | 1.9150 | 02/01/27 | 974436 |
| 1000000 | Baxter International, Inc. | 2.2720 | 12/01/28 | 941948 |
| 9200000 | Baxter International, Inc. | 3.9500 | 04/01/30 | 8965949 |
| 9200000 | Baxter International, Inc. | 2.5390 | 02/01/32 | 8044655 |
| 1000000 | DENTSPLY SIRONA, Inc. | 3.2500 | 06/01/30 | 923871 |
| 1000000 | GE HealthCare Technologies, Inc. | 4.8000 | 01/15/31 | 1020562 |
| 1000000 | GE HealthCare Technologies, Inc. | 5.5000 | 06/15/35 | 1044819 |
| 1000000 | Revvity, Inc.<sup>(a)</sup> | 2.2500 | 09/15/31 | 883052 |
| 1000000 | Solventum Corporation | 5.4500 | 03/13/31 | 1044472 |
| 1000000 | Solventum Corporation | 5.6000 | 03/23/34 | 1045425 |
|  |  |  |  | 24889189 |
|  | **METALS & MINING — 1.9%** |  |  |  |
| 9200000 | Newmont Corporation<sup>(a)</sup> | 2.6000 | 07/15/32 | 8385917 |
|  | **OIL & GAS PRODUCERS — 8.8%** |  |  |  |
| 1000000 | Cheniere Energy Partners, L.P. | 5.9500 | 06/30/33 | 1063104 |
| 1000000 | Devon Energy Corporation | 4.5000 | 01/15/30 | 1001657 |
| 1000000 | Devon Energy Corporation | 7.8750 | 09/30/31 | 1165455 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS — 8.8% (Continued)** |  |  |  |
| 1000000 | Devon Energy Corporation | 5.2000 | 09/15/34 | $1004689 |
| 1000000 | Diamondback Energy, Inc. | 3.2500 | 12/01/26 | 991821 |
| 1000000 | Diamondback Energy, Inc. | 3.5000 | 12/01/29 | 970368 |
| 9200000 | Diamondback Energy, Inc. | 3.1250 | 03/24/31 | 8603979 |
| 1000000 | Diamondback Energy, Inc. | 5.5500 | 04/01/35 | 1034403 |
| 1000000 | EQT Corporation | 5.7000 | 04/01/28 | 1033200 |
| 1000000 | EQT Corporation | 7.0000 | 02/01/30 | 1088301 |
| 1000000 | EQT Corporation | 5.7500 | 02/01/34 | 1053911 |
| 1000000 | Kinder Morgan, Inc. | 4.3000 | 03/01/28 | 1005880 |
| 1000000 | Kinder Morgan, Inc. | 7.8000 | 08/01/31 | 1164766 |
| 1000000 | Kinder Morgan, Inc. | 5.2000 | 06/01/33 | 1032820 |
| 1000000 | MPLX, L.P. | 4.9500 | 09/01/32 | 1008353 |
| 1000000 | MPLX, L.P. | 5.4000 | 04/01/35 | 1014569 |
| 1000000 | ONEOK, Inc. | 4.0000 | 07/13/27 | 998875 |
| 1000000 | ONEOK, Inc. | 6.0000 | 06/15/35 | 1059267 |
| 1000000 | Targa Resources Corporation | 6.1500 | 03/01/29 | 1055298 |
| 1000000 | Targa Resources Corporation | 6.1250 | 03/15/33 | 1072753 |
| 1000000 | Targa Resources Partners, L.P. / Targa Resources | 5.0000 | 01/15/28 | 1000190 |
| 1000000 | Tennessee Gas Pipeline Company, LLC | 7.0000 | 10/15/28 | 1077362 |
| 9200000 | Valero Energy Corporation | 4.3500 | 06/01/28 | 9254329 |
|  |  |  |  | 39755350 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.4%** |  |  |  |
| 1000000 | Schlumberger Holdings Corporation<sup>(c)</sup> | 3.9000 | 05/17/28 | 998996 |
| 1000000 | Schlumberger Holdings Corporation<sup>(c)</sup> | 4.3000 | 05/01/29 | 1006115 |
|  |  |  |  | 2005111 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 18.1%** |  |  |  |
| 1000000 | Alexandria Real Estate Equities, Inc. | 3.9500 | 01/15/28 | 994691 |
| 1000000 | Alexandria Real Estate Equities, Inc. | 4.7000 | 07/01/30 | 1011673 |
| 9200000 | Alexandria Real Estate Equities, Inc.<sup>(a)</sup> | 4.9000 | 12/15/30 | 9350244 |
| 1000000 | Alexandria Real Estate Equities, Inc. | 3.3750 | 08/15/31 | 938884 |
| 1000000 | Alexandria Real Estate Equities, Inc. | 2.0000 | 05/18/32 | 848261 |
| 1000000 | Boston Properties, L.P. | 4.5000 | 12/01/28 | 1005895 |
| 1000000 | Boston Properties, L.P. | 3.4000 | 06/21/29 | 966260 |
| 9200000 | Boston Properties, L.P. | 3.2500 | 01/30/31 | 8627391 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 18.1% (Continued)** |  |  |  |
| 1000000 | Boston Properties, L.P. | 2.5500 | 04/01/32 | $873194 |
| 9200000 | Camden Property Trust | 4.9000 | 01/15/34 | 9369287 |
| 1000000 | Crown Castle, Inc. | 3.3000 | 07/01/30 | 950883 |
| 1000000 | Crown Castle, Inc. | 2.5000 | 07/15/31 | 895865 |
| 1000000 | Crown Castle, Inc. | 5.8000 | 03/01/34 | 1054782 |
| 1000000 | Digital Realty Trust, L.P. | 3.7000 | 08/15/27 | 993381 |
| 1000000 | Digital Realty Trust, L.P. | 4.4500 | 07/15/28 | 1008383 |
| 1000000 | Digital Realty Trust, L.P. | 3.6000 | 07/01/29 | 981735 |
| 1000000 | Extra Space Storage, L.P. | 3.9000 | 04/01/29 | 989631 |
| 9200000 | Extra Space Storage, L.P.<sup>(a)</sup> | 2.5500 | 06/01/31 | 8371913 |
| 1000000 | Extra Space Storage, L.P. | 2.3500 | 03/15/32 | 874968 |
| 1000000 | Invitation Homes Operating Partnership, L.P. | 2.0000 | 08/15/31 | 872362 |
| 1000000 | Kite Realty Group Trust | 4.7500 | 09/15/30 | 1011795 |
| 1000000 | LXP Industrial Trust | 2.7000 | 09/15/30 | 920206 |
| 1000000 | LXP Industrial Trust | 2.3750 | 10/01/31 | 875242 |
| 1000000 | National Health Investors, Inc. | 3.0000 | 02/01/31 | 910178 |
| 1000000 | NNN REIT, Inc. | 2.5000 | 04/15/30 | 932342 |
| 1000000 | NNN REIT, Inc. | 5.6000 | 10/15/33 | 1054045 |
| 1000000 | Omega Healthcare Investors, Inc. | 4.7500 | 01/15/28 | 1009420 |
| 1000000 | Omega Healthcare Investors, Inc. | 3.6250 | 10/01/29 | 966042 |
| 1000000 | Omega Healthcare Investors, Inc. | 3.2500 | 04/15/33 | 893159 |
| 1000000 | Prologis, L.P. | 3.8750 | 09/15/28 | 999092 |
| 1000000 | Prologis, L.P. | 2.2500 | 04/15/30 | 928055 |
| 1000000 | Prologis, L.P. | 1.2500 | 10/15/30 | 876135 |
| 1000000 | Prologis, L.P. | 1.6250 | 03/15/31 | 876340 |
| 1000000 | Public Storage Operating Company | 3.0940 | 09/15/27 | 987175 |
| 9200000 | Sun Communities Operating, L.P. | 2.3000 | 11/01/28 | 8756559 |
| 1000000 | Sun Communities Operating, L.P. | 2.7000 | 07/15/31 | 912516 |
| 1000000 | UDR, Inc. | 3.2000 | 01/15/30 | 961586 |
| 1000000 | UDR, Inc. | 2.1000 | 08/01/32 | 860442 |
| 1000000 | Ventas Realty, L.P. | 3.2500 | 10/15/26 | 993247 |
| 1000000 | Ventas Realty, L.P. | 4.0000 | 03/01/28 | 998216 |
| 1000000 | Ventas Realty, L.P. | 4.4000 | 01/15/29 | 1005588 |
| 1000000 | Ventas Realty, L.P. | 4.7500 | 11/15/30 | 1017179 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 18.1% (Continued)** |  |  |  |
| 1000000 | WP Carey, Inc. | 2.4000 | 02/01/31 | $900607 |
| 1000000 | WP Carey, Inc. | 2.2500 | 04/01/33 | 847803 |
|  |  |  |  | 81472652 |
|  | **RETAIL - DISCRETIONARY — 2.9%** |  |  |  |
| 9200000 | AutoZone, Inc.<sup>(a)</sup> | 3.7500 | 06/01/27 | 9160925 |
| 1000000 | Genuine Parts Company | 6.5000 | 11/01/28 | 1059906 |
| 1000000 | Genuine Parts Company | 1.8750 | 11/01/30 | 876329 |
| 1000000 | Genuine Parts Company | 2.7500 | 02/01/32 | 886878 |
| 1000000 | Tractor Supply Company | 5.2500 | 05/15/33 | 1042260 |
|  |  |  |  | 13026298 |
|  | **SEMICONDUCTORS — 2.9%** |  |  |  |
| 1000000 | Broadcom, Inc. | 4.1100 | 09/15/28 | 1004382 |
| 1000000 | Broadcom, Inc. | 5.2000 | 07/15/35 | 1041718 |
| 1000000 | KLA Corporation | 4.1000 | 03/15/29 | 1003726 |
| 1000000 | KLA Corporation | 4.6500 | 07/15/32 | 1021975 |
| 1000000 | KLA Corporation | 4.7000 | 02/01/34 | 1012813 |
| 1000000 | Marvell Technology, Inc. | 2.9500 | 04/15/31 | 928270 |
| 1000000 | Marvell Technology, Inc. | 5.4500 | 07/15/35 | 1034512 |
| 1000000 | QUALCOMM, Inc. | 3.2500 | 05/20/27 | 992966 |
| 1000000 | QUALCOMM, Inc. | 1.3000 | 05/20/28 | 941397 |
| 1000000 | QUALCOMM, Inc. | 2.1500 | 05/20/30 | 922796 |
| 1000000 | QUALCOMM, Inc. | 4.7500 | 05/20/32 | 1028339 |
| 1000000 | QUALCOMM, Inc. | 5.4000 | 05/20/33 | 1066059 |
| 1000000 | Skyworks Solutions, Inc. | 3.0000 | 06/01/31 | 906531 |
|  |  |  |  | 12905484 |
|  | **SOFTWARE — 2.7%** |  |  |  |
| 9200000 | Fortinet, Inc. | 2.2000 | 03/15/31 | 8257051 |
| 1000000 | Roper Technologies, Inc. | 4.2000 | 09/15/28 | 1003256 |
| 1000000 | Roper Technologies, Inc. | 2.0000 | 06/30/30 | 904499 |
| 1000000 | Roper Technologies, Inc. | 1.7500 | 02/15/31 | 877312 |
| 1000000 | Roper Technologies, Inc. | 4.7500 | 02/15/32 | 1014697 |
|  |  |  |  | 12056815 |
|  | **SPECIALTY FINANCE — 0.2%** |  |  |  |
| 1000000 | Air Lease Corporation | 2.8750 | 01/15/32 | 898534 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **STEEL — 2.6%** |  |  |  |
| 9200000 | Nucor Corporation | 2.7000 | 06/01/30 | $8661656 |
| 1000000 | Steel Dynamics, Inc. | 3.4500 | 04/15/30 | 968512 |
| 1000000 | Steel Dynamics, Inc. | 3.2500 | 01/15/31 | 953589 |
| 1000000 | Steel Dynamics, Inc. | 5.2500 | 05/15/35 | 1027718 |
|  |  |  |  | 11611475 |
|  | **TECHNOLOGY HARDWARE — 3.9%** |  |  |  |
| 1000000 | Arrow Electronics, Inc. | 3.8750 | 01/12/28 | 992807 |
| 1000000 | Arrow Electronics, Inc. | 2.9500 | 02/15/32 | 900914 |
| 1000000 | Flex Ltd. | 5.2500 | 01/15/32 | 1021974 |
| 1000000 | Jabil, Inc. | 4.2500 | 05/15/27 | 1001010 |
| 1000000 | Jabil, Inc.<sup>(a)</sup> | 3.9500 | 01/12/28 | 997548 |
| 9200000 | Jabil, Inc. | 3.6000 | 01/15/30 | 8881509 |
| 1000000 | Jabil, Inc. | 3.0000 | 01/15/31 | 929762 |
| 1000000 | Teledyne FLIR, LLC | 2.5000 | 08/01/30 | 927552 |
| 1000000 | Western Digital Corporation | 2.8500 | 02/01/29 | 951265 |
| 1000000 | Western Digital Corporation | 3.1000 | 02/01/32 | 915802 |
|  |  |  |  | 17520143 |
|  | **TECHNOLOGY SERVICES — 2.2%** |  |  |  |
| 1000000 | Amdocs Ltd. | 2.5380 | 06/15/30 | 918677 |
| 1000000 | Automatic Data Processing, Inc.<sup>(a)</sup> | 4.4500 | 09/09/34 | 1001542 |
| 1000000 | Equifax, Inc. | 5.1000 | 12/15/27 | 1018347 |
| 1000000 | Kyndryl Holdings, Inc.<sup>(a)</sup> | 6.3500 | 02/20/34 | 1057949 |
| 1000000 | MSCI, Inc.<sup>(c)</sup> | 3.6250 | 11/01/31 | 944251 |
| 1000000 | MSCI, Inc. | 5.2500 | 09/01/35 | 1011627 |
| 1000000 | Paychex, Inc. | 5.3500 | 04/15/32 | 1040320 |
| 1000000 | Paychex, Inc.<sup>(a)</sup> | 5.6000 | 04/15/35 | 1052102 |
| 1000000 | Verisk Analytics, Inc. | 4.1250 | 03/15/29 | 1001806 |
| 1000000 | Verisk Analytics, Inc. | 5.7500 | 04/01/33 | 1065197 |
|  |  |  |  | 10111818 |
|  | **TRANSPORTATION & LOGISTICS — 1.2%** |  |  |  |
| 1000000 | CSX Corporation | 3.8000 | 03/01/28 | 999023 |
| 1000000 | CSX Corporation | 4.2500 | 03/15/29 | 1010400 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CORPORATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 98.6% (Continued)** |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 1.2% (Continued)** |  |  |  |
| 1000000 | Ryder System, Inc. | 5.2500 | 06/01/28 | $1027692 |
| 1000000 | Ryder System, Inc. | 5.3750 | 03/15/29 | 1037148 |
| 1000000 | Ryder System, Inc. | 6.6000 | 12/01/33 | 1123976 |
|  |  |  |  | 5198239 |
|  | **TRANSPORTATION EQUIPMENT — 0.7%** |  |  |  |
| 1000000 | Westinghouse Air Brake Technologies Corporation | 3.4500 | 11/15/26 | 994177 |
| 1000000 | Westinghouse Air Brake Technologies Corporation | 4.7000 | 09/15/28 | 1012362 |
| 1000000 | Westinghouse Air Brake Technologies Corporation | 5.6110 | 03/11/34 | 1061897 |
|  |  |  |  | 3068436 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |
| 1000000 | Archer-Daniels-Midland Company | 4.5000 | 08/15/33 | 1006121 |
|  | **TOTAL CORPORATE BONDS (Cost $435,668,065)** | **TOTAL CORPORATE BONDS (Cost $435,668,065)** |  | 443276327 |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.5%** | **COLLATERAL FOR SECURITIES LOANED - 2.5%** |  |  |
|  | **MONEY MARKET FUND – 2.5%** |  |  |  |
| 11279708 | Fidelity Investments Money Market Funds, Institutional Class, 3.90% **(Cost $11,279,708)** <sup>(b)(d)</sup> | Fidelity Investments Money Market Funds, Institutional Class, 3.90% **(Cost $11,279,708)** <sup>(b)(d)</sup> | Fidelity Investments Money Market Funds, Institutional Class, 3.90% **(Cost $11,279,708)** <sup>(b)(d)</sup> | 11279708 |
|  | **TOTAL INVESTMENTS - 101.1% (Cost $446,947,773)** | **TOTAL INVESTMENTS - 101.1% (Cost $446,947,773)** | **TOTAL INVESTMENTS - 101.1% (Cost $446,947,773)** | $454556035 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** |  | (5026118) |
|  | **NET ASSETS - 100.0%** |  |  | $449529917 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2025 was $10,949,534.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at November 30, 2025. Total collateral had a value of $11,279,708 at November 30, 2025.

<sup>(c)</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 November 30, 2025 the total market value of 144A securities is $2,949,362 or 0.7% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **BANKING - 1.0%** |  |
| 1350 | First Citizens BancShares, Inc., Class A | $2535152 |
| 11221 | Western Alliance Bancorp | 914848 |
|  |  | 3450000 |
|  | **BIOTECH & PHARMA - 0.6%** |  |
| 19356 | Incyte Corporation<sup>(a)</sup> | 2021928 |
|  | **CHEMICALS - 0.4%** |  |
| 11756 | Albemarle Corporation | 1528162 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.8%** |  |
| 38780 | Cintas Corporation | 7213856 |
| 30004 | Republic Services, Inc. | 6512668 |
|  |  | 13726524 |
|  | **CONSTRUCTION MATERIALS - 0.4%** |  |
| 4955 | Carlisle Companies, Inc. | 1576037 |
|  | **DATA CENTER REIT - 1.4%** |  |
| 31721 | Digital Realty Trust, Inc. | 5079167 |
|  | **DIVERSIFIED INDUSTRIALS - 3.7%** |  |
| 14288 | Dover Corporation | 2647281 |
| 12403 | Parker-Hannifin Corporation | 10687665 |
|  |  | 13334946 |
|  | **ELECTRIC UTILITIES - 3.0%** |  |
| 61313 | CenterPoint Energy, Inc. | 2451294 |
| 28099 | CMS Energy Corporation | 2119789 |
| 40602 | Entergy Corporation | 3959506 |
| 20838 | Evergy, Inc. | 1618071 |
| 18427 | OGE Energy Corporation | 843588 |
|  |  | 10992248 |
|  | **ELECTRICAL EQUIPMENT - 6.8%** |  |
| 13747 | A O Smith Corporation | 907027 |
| 106870 | Amphenol Corporation, Class A | 15057984 |
| 13733 | NEXTracker, Inc., Class A<sup>(a)</sup> | 1258217 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 6.8% (Continued)** |  |
| 23131 | Trimble, Inc.<sup>(a)</sup> | $1883326 |
| 30343 | Vertiv Holdings Company, Class A | 5453547 |
|  |  | 24560101 |
|  | **ENGINEERING & CONSTRUCTION - 0.7%** |  |
| 4163 | EMCOR Group, Inc. | 2560536 |
|  | **FOOD - 0.5%** |  |
| 49724 | Conagra Brands, Inc. | 887573 |
| 13453 | Lamb Weston Holdings, Inc. | 794534 |
|  |  | 1682107 |
|  | **GAS & WATER UTILITIES - 0.7%** |  |
| 14984 | Atmos Energy Corporation | 2642728 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.2%** |  |
| 16361 | IQVIA Holdings, Inc.<sup>(a)</sup> | 3763193 |
| 4791 | Molina Healthcare, Inc.<sup>(a)</sup> | 710314 |
|  |  | 4473507 |
|  | **HEALTH CARE REIT - 4.8%** |  |
| 17391 | Alexandria Real Estate Equities, Inc. | 933375 |
| 43255 | Ventas, Inc. | 3487651 |
| 62107 | Welltower, Inc. | 12931919 |
|  |  | 17352945 |
|  | **HOTEL REIT - 0.3%** |  |
| 68674 | Host Hotels & Resorts, Inc. | 1210723 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.2%** |  |
| 1892 | Valmont Industries, Inc. | 781339 |
|  | **INDUSTRIAL REIT - 3.3%** |  |
| 92054 | Prologis, Inc. | 11831701 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.8%** |  |
| 6387 | United Rentals, Inc. | 5206555 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.8% (Continued)** |  |
| 4043 | Watsco, Inc. | $1400495 |
|  |  | 6607050 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.0%** |  |
| 3635 | Evercore, Inc., Class A | 1163454 |
| 147532 | Interactive Brokers Group, Inc., Class A | 9592531 |
|  |  | 10755985 |
|  | **INSURANCE - 4.2%** |  |
| 19289 | Loews Corporation | 2080704 |
| 56877 | Progressive Corporation (The) | 13012889 |
|  |  | 15093593 |
|  | **MACHINERY - 7.9%** |  |
| 7531 | AGCO Corporation | 797985 |
| 40682 | Caterpillar, Inc. | 23423067 |
| 37675 | Ingersoll Rand, Inc. | 3026810 |
| 5466 | Nordson Corporation | 1299050 |
|  |  | 28546912 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.8%** |  |
| 8003 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 6025298 |
| 2148 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 3171995 |
| 9621 | STERIS PLC | 2561880 |
| 6719 | West Pharmaceutical Services, Inc. | 1862843 |
|  |  | 13622016 |
|  | **METALS & MINING - 2.0%** |  |
| 168644 | Freeport-McMoRan, Inc. | 7248319 |
|  | **MULTI ASSET CLASS REIT - 0.4%** |  |
| 21268 | WP Carey, Inc. | 1432825 |
|  | **OIL & GAS PRODUCERS - 4.3%** |  |
| 61179 | Devon Energy Corporation | 2267294 |
| 27124 | Diamondback Energy, Inc. | 4138851 |
| 202675 | Kinder Morgan, Inc. | 5537081 |
| 20170 | Targa Resources Corporation | 3536003 |
|  |  | 15479229 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.5%** |  |
| 152029 | SLB Ltd. | $5509531 |
|  | **RENEWABLE ENERGY - 0.7%** |  |
| 9561 | First Solar, Inc.<sup>(a)</sup> | 2609388 |
|  | **RESIDENTIAL REIT - 2.2%** |  |
| 19213 | Equity LifeStyle Properties, Inc. | 1207921 |
| 38227 | Equity Residential | 2360517 |
| 61341 | Invitation Homes, Inc. | 1729816 |
| 12271 | Sun Communities, Inc. | 1580996 |
| 33524 | UDR, Inc. | 1220944 |
|  |  | 8100194 |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 12201 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1022566 |
|  | **RETAIL - DISCRETIONARY - 0.9%** |  |
| 13262 | Builders FirstSource, Inc.<sup>(a)</sup> | 1488394 |
| 13631 | Genuine Parts Company | 1777483 |
|  |  | 3265877 |
|  | **RETAIL REIT - 2.0%** |  |
| 18371 | Regency Centers Corporation | 1307280 |
| 31034 | Simon Property Group, Inc. | 5782255 |
|  |  | 7089535 |
|  | **SELF-STORAGE REIT - 0.8%** |  |
| 21647 | Extra Space Storage, Inc. | 2882731 |
|  | **SEMICONDUCTORS - 7.5%** |  |
| 13224 | Entegris, Inc. | 1020099 |
| 10919 | KLA Corporation | 12834958 |
| 12235 | Lattice Semiconductor Corporation<sup>(a)</sup> | 859019 |
| 53976 | Microchip Technology, Inc. | 2892034 |
| 4426 | Monolithic Power Systems, Inc. | 4108081 |
| 40034 | ON Semiconductor Corporation<sup>(a)</sup> | 2011308 |
| 14171 | Skyworks Solutions, Inc. | 934577 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.5% (Continued)** |  |
| 13552 | Teradyne, Inc. | $2464973 |
|  |  | 27125049 |
|  | **SOFTWARE - 6.4%** |  |
| 34329 | Bentley Systems, Inc., Class B | 1440445 |
| 4224 | CommVault Systems, Inc.<sup>(a)</sup> | 521664 |
| 71475 | Fortinet, Inc.<sup>(a)</sup> | 5798766 |
| 6279 | Manhattan Associates, Inc.<sup>(a)</sup> | 1107930 |
| 26301 | Nutanix, Inc., Class A<sup>(a)</sup> | 1257188 |
| 11006 | Roper Technologies, Inc. | 4911097 |
| 62826 | Samsara, Inc., Class A<sup>(a)</sup> | 2389273 |
| 4560 | Tyler Technologies, Inc.<sup>(a)</sup> | 2141467 |
| 15069 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 3620930 |
|  |  | 23188760 |
|  | **SPECIALTY FINANCE - 0.3%** |  |
| 167244 | UWM Holdings Corporation | 978377 |
|  | **STEEL - 1.7%** |  |
| 23819 | Nucor Corporation | 3798892 |
| 13885 | Steel Dynamics, Inc. | 2330320 |
|  |  | 6129212 |
|  | **TECHNOLOGY HARDWARE - 6.7%** |  |
| 118457 | Arista Networks, Inc.<sup>(a)</sup> | 15479961 |
| 11257 | Ciena Corporation<sup>(a)</sup> | 2298792 |
| 10059 | Jabil, Inc. | 2119532 |
| 30416 | Pure Storage, Inc., Class A<sup>(a)</sup> | 2705807 |
| 48896 | Super Micro Computer, Inc.<sup>(a)</sup> | 1655130 |
|  |  | 24259222 |
|  | **TECHNOLOGY SERVICES - 5.8%** |  |
| 42860 | CoStar Group, Inc.<sup>(a)</sup> | 2948768 |
| 5907 | EPAM Systems, Inc.<sup>(a)</sup> | 1104609 |
| 2394 | Fair Isaac Corporation<sup>(a)</sup> | 4323157 |
| 18000 | Genpact Ltd. | 793080 |
| 7653 | MSCI, Inc. | 4314149 |
| 37372 | Paychex, Inc. | 4174079 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 100 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 5.8% (Continued)** |  |
| 14697 | Verisk Analytics, Inc. | $3307854 |
|  |  | 20965696 |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 10090 | JB Hunt Transport Services, Inc. | 1755256 |
| 21998 | Old Dominion Freight Line, Inc. | 2976110 |
|  |  | 4731366 |
|  | **TRANSPORTATION EQUIPMENT - 1.5%** |  |
| 51069 | PACCAR, Inc. | 5383694 |
|  | **TOTAL COMMON STOCKS (Cost $309,559,340)** | 360831826 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $309,559,340)** | $360831826 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 747450 |
|  | **NET ASSETS - 100.0%** | $361579276 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **APPAREL & TEXTILE PRODUCTS – 0.9%** |  |
| 819 | Hermes International SCA | $1995244 |
| 336293 | PRADA SpA | 1990349 |
|  |  | 3985593 |
|  | **ASSET MANAGEMENT - 1.8%** |  |
| 37396 | 3i Group PLC | 1563261 |
| 43656 | Brookfield Corporation | 2061140 |
| 29695 | Julius Baer Group Ltd. | 2122234 |
| 1559 | Partners Group Holding A.G. | 1849464 |
|  |  | 7596099 |
|  | **AUTOMOTIVE - 3.5%** |  |
| 11684 | Aumovio S.E.<sup>(a)</sup> | 502873 |
| 23243 | Continental A.G. | 1740259 |
| 139915 | Denso Corporation | 1844522 |
| 4195 | Ferrari N.V. | 1644021 |
| 837566 | Geely Automobile Holdings Ltd. | 1822349 |
| 51991 | Mahindra & Mahindra Ltd. - GDR | 2214817 |
| 13214 | Samsung SDI Company Ltd. | 2698278 |
| 18037 | Toyota Industries Corporation | 2018196 |
|  |  | 14485315 |
|  | **BANKING - 8.9%** |  |
| 144206 | Banco de Bogota S.A. | 1471568 |
| 7618584 | Bank Mandiri Persero Tbk P.T. | 2209147 |
| 42135 | Bank Polska Kasa Opieki S.A. | 2308443 |
| 8422558 | Bank Rakyat Indonesia Persero Tbk P.T. | 1860780 |
| 18257 | Commonwealth Bank of Australia | 1823309 |
| 47135 | Danske Bank A/S | 2167561 |
| 2019428 | First Financial Holding Company Ltd. | 1775887 |
| 204895 | Grupo Financiero Banorte SAB de CV | 1972323 |
| 133486 | Hang Seng Bank Ltd. | 2609451 |
| 310378 | Intesa Sanpaolo SpA | 2011336 |
| 113657 | KakaoBank Corporation | 1677683 |
| 17259 | KBC Group N.V. | 2125340 |
| 69413 | National Australia Bank Ltd. | 1822711 |
| 23133 | OTP Bank Nyrt | 2407971 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **BANKING - 8.9% (Continued)** |  |
| 104503 | Powszechna Kasa Oszczednosci Bank Polski S.A. | $2216279 |
| 507080 | SCB X PCL | 2052636 |
| 148397 | Standard Bank Group Ltd. | 2286473 |
| 75411 | United Overseas Bank Ltd. | 1977425 |
|  |  | 36776323 |
|  | **BIOTECH & PHARMA - 3.1%** |  |
| 15241 | Celltrion, Inc. | 1928622 |
| 47575 | Chugai Pharmaceutical Company Ltd. | 2550172 |
| 15454 | CSL Ltd. | 1885325 |
| 7024 | Genmab A/S<sup>(a)</sup> | 2225039 |
| 364653 | H Lundbeck A/S | 1982823 |
| 7581 | UCB S.A. | 2115117 |
|  |  | 12687098 |
|  | **CHEMICALS - 5.7%** |  |
| 28516 | Akzo Nobel N.V. | 1853871 |
| 4297664 | Chandra Asri Pacific Tbk P.T. | 1909270 |
| 220495 | Clariant A.G. | 1998610 |
| 55748 | Croda International plc | 2008684 |
| 2866 | EMS-Chemie Holding A.G. | 1955486 |
| 118120 | Evonik Industries A.G. | 1818390 |
| 500 | Givaudan S.A. | 2108547 |
| 34998 | Nutrien Ltd. | 2036034 |
| 64392 | Solvay S.A. | 2054269 |
| 25287 | Syensqo S.A. | 2061096 |
| 23450 | Symrise A.G. | 1943466 |
| 54545 | Yara International ASA | 1991687 |
|  |  | 23739410 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.1%** |  |
| 155978 | ALS Ltd. | 2280786 |
| 65519 | Bureau Veritas SA | 2096304 |
| 32353 | Intertek Group plc | 1981137 |
| 19733 | SGS S.A. | 2264298 |
|  |  | 8622525 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 1.9%** |  |
| 24209 | Holcim A.G. | $2267295 |
| 282197 | Siam Cement PCL (The) - GDR | 1638790 |
| 9108 | Sika A.G. | 1794588 |
| 63724 | Wienerberger A.G. | 2182288 |
|  |  | 7882961 |
|  | **CONTAINERS & PACKAGING - 0.5%** |  |
| 57830 | Huhtamaki OYJ | 1992519 |
|  | **DIVERSIFIED INDUSTRIALS - 0.5%** |  |
| 44857 | Alfa Laval A.B. | 2117456 |
|  | **ELECTRIC UTILITIES - 8.2%** |  |
| 241922 | CLP Holdings Ltd. | 2112921 |
| 107747 | E.ON S.E. | 1918697 |
| 428547 | EDP - Energias de Portugal S.A. | 1912055 |
| 151267 | EDP Renovaveis S.A. | 2012799 |
| 64084 | Endesa S.A. | 2323974 |
| 19549725 | Enel Americas S.A. | 1895143 |
| 216044 | Enel SpA | 2232622 |
| 7352533 | First Gen Corporation | 2103948 |
| 40321 | Fortis, Inc. | 2113730 |
| 107449 | Fortum OYJ | 2205696 |
| 107544 | Iberdrola S.A. | 2268779 |
| 45651 | RWE A.G. | 2316444 |
| 87611 | SSE PLC | 2549062 |
| 201689 | Terna - Rete Elettrica Nazionale | 2126392 |
| 744646 | Vector Ltd. | 2045215 |
| 28196 | Verbund A.G. | 2077084 |
|  |  | 34214561 |
|  | **ELECTRICAL EQUIPMENT - 2.6%** |  |
| 28299 | ABB Ltd. | 2033740 |
| 401895 | Delta Electronics Thailand PCL - GDR | 2515363 |
| 29811 | Kone OYJ, Class B | 2024520 |
| 7365 | Schneider Electric S.E. | 1973683 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 2.6% (Continued)** |  |
| 4880 | Trane Technologies PLC | $2056822 |
|  |  | 10604128 |
|  | **ENGINEERING & CONSTRUCTION - 1.9%** |  |
| 119344 | AFRY A.B. | 2003417 |
| 35590 | Ferrovial S.E. | 2331104 |
| 217571 | Worley Ltd. | 1900594 |
| 10370 | WSP Global, Inc. | 1813928 |
|  |  | 8049043 |
|  | **ENTERTAINMENT CONTENT - 0.5%** |  |
| 364429 | Bollore S.E. | 2020848 |
|  | **FOOD - 2.2%** |  |
| 71590 | Ajinomoto Company, Inc. | 1660269 |
| 566071 | Grupo Bimbo S.A.B. de C.V. | 1794066 |
| 783143 | Premier Foods PLC | 1853544 |
| 337189 | Tate & Lyle plc | 1671997 |
| 911562 | Wilmar International Ltd. | 2279151 |
|  |  | 9259027 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.9%** |  |
| 210260 | Suzano S.A. | 1880733 |
| 73854 | UPM-Kymmene OYJ | 2014278 |
|  |  | 3895011 |
|  | **GAS & WATER UTILITIES - 2.1%** |  |
| 455968 | Hera SpA | 2181452 |
| 2287949 | Hong Kong & China Gas Company Ltd. | 2127570 |
| 64933 | Naturgy Energy Group S.A. | 1997707 |
| 340140 | Snam SpA | 2262602 |
|  |  | 8569331 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 37112 | Fresenius S.E. & Company KGaA | 2037716 |
| 12371 | ICON plc<sup>(a)</sup> | 2288635 |
|  |  | 4326351 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 0.4%** |  |
| 26905 | SEB S.A. | $1520663 |
|  | **HOME CONSTRUCTION - 0.5%** |  |
| 2740 | Geberit A.G. | 2134250 |
|  | **HOUSEHOLD PRODUCTS - 0.9%** |  |
| 19491 | Beiersdorf A.G. | 2095170 |
| 9535 | LG H&H Company Ltd. | 1797511 |
|  |  | 3892681 |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 93023 | Goodman Group | 1807951 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.4%** |  |
| 30040 | Ashtead Group PLC | 1919824 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.0%** |  |
| 770690 | B3 S.A. - Brasil Bolsa Balcao | 2175656 |
| 7622 | Deutsche Boerse A.G. | 2038133 |
| 35284 | Hong Kong Exchanges & Clearing Ltd. | 1862596 |
| 17917 | London Stock Exchange Group plc | 2112709 |
|  |  | 8189094 |
|  | **INSURANCE - 6.1%** |  |
| 209874 | AIA Group Ltd. | 2172665 |
| 30110 | ASR Nederland N.V. | 2031552 |
| 315421 | BB Seguridade Participacoes S.A. | 2014256 |
| 260161 | Dai-ichi Life Insurance Co. Ltd. | 2029203 |
| 1166 | Fairfax Financial Holdings Ltd. | 2007729 |
| 10666 | Intact Financial Corporation | 2178245 |
| 630319 | Legal & General Group plc | 2060041 |
| 47588 | Power Corp of Canada | 2422833 |
| 143556 | Prudential PLC | 2077947 |
| 176979 | Sampo OYJ, A Shares | 2080838 |
| 1892 | Swiss Life Holding A.G. | 2074896 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **INSURANCE - 6.1% (Continued)** |  |
| 80554 | Tryg A/S | $1996107 |
|  |  | 25146312 |
|  | **INTERNET MEDIA & SERVICES - 1.3%** |  |
| 28190 | Naspers Ltd. | 1763055 |
| 28882 | Prosus N.V. | 1818025 |
| 13309 | REA Group Ltd. | 1707397 |
|  |  | 5288477 |
|  | **MACHINERY - 4.6%** |  |
| 28574 | ANDRITZ A.G. | 2063494 |
| 70617 | FANUC Corporation | 2271902 |
| 28000 | GEA Group AG | 1896984 |
| 30276 | KION Group A.G. | 2267188 |
| 14093 | Krones A.G. | 2135204 |
| 73173 | Sandvik A.B. | 2209478 |
| 6801 | SMC Corporation | 2389156 |
| 134987 | TOMRA Systems ASA | 1668787 |
| 284608 | Weg SA | 2341032 |
|  |  | 19243225 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 23350 | Coloplast A/S - Series B | 2106927 |
| 6273 | EssilorLuxottica S.A. | 2246491 |
| 7294 | Sonova Holding A.G. | 1817234 |
| 18497 | Straumann Holding A.G. | 2109574 |
|  |  | 8280226 |
|  | **METALS & MINING - 4.5%** |  |
| 12142 | Agnico Eagle Mines Ltd. | 2118153 |
| 53624 | Antofagasta plc | 1957707 |
| 73355 | BHP Group Ltd. | 2001639 |
| 164138 | Fortescue Ltd. | 2301221 |
| 9252 | Franco-Nevada Corporation | 1934162 |
| 25353 | Rio Tinto Ltd. | 2196120 |
| 1245006 | United Tractors Tbk P.T. | 2092824 |
| 27742 | Valterra Platinum Limited | 1930193 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **METALS & MINING - 4.5% (Continued)** |  |
| 18284 | Wheaton Precious Metals Corporation | $2007918 |
|  |  | 18539937 |
|  | **OIL & GAS PRODUCERS - 7.6%** |  |
| 78553 | Aker BP ASA | 1911960 |
| 62524 | Canadian Natural Resources Ltd. | 2115765 |
| 117105 | Cenovus Energy, Inc. | 2089051 |
| 8530 | Delek Group Ltd. | 2236604 |
| 317412 | ENEOS Holdings, Inc. | 2089707 |
| 114337 | Eni SpA | 2139773 |
| 80821 | Equinor ASA | 1861736 |
| 109798 | Inpex Corporation | 2341138 |
| 243488 | MOL Hungarian Oil & Gas plc | 2155941 |
| 37589 | OMV A.G. | 2079169 |
| 83073 | ORLEN S.A. | 2140104 |
| 445538 | Santos Ltd. | 1878898 |
| 32507 | TotalEnergies S.E. | 2141993 |
| 44849 | Tourmaline Oil Corporation | 2064192 |
| 131263 | Woodside Energy Group Ltd. | 2142876 |
|  |  | 31388907 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.4%** |  |
| 1987745 | New World Development Company Ltd.<sup>(a),(b)</sup> | 1753947 |
| 4938317 | SM Prime Holdings, Inc. | 1936925 |
| 45626 | Sumitomo Realty & Development Company Ltd. | 2202707 |
| 724409 | Swire Properties Ltd. | 1987394 |
| 65648 | Vonovia S.E. | 1989241 |
|  |  | 9870214 |
|  | **RETAIL - CONSUMER STAPLES - 3.6%** |  |
| 168457 | Aeon Company Ltd. | 3048943 |
| 38110 | Alimentation Couche-Tard, Inc. | 2081544 |
| 156459 | BIM Birlesik Magazalar A. . | 1976831 |
| 670950 | Cencosud S.A. | 2106859 |
| 83553 | Jeronimo Martins SGPS S.A. | 1981234 |
| 236608 | President Chain Store Corporation | 1805564 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 3.6% (Continued)** |  |
| 151820 | SM Investments Corporation | $1915873 |
|  |  | 14916848 |
|  | **SEMICONDUCTORS - 2.9%** |  |
| 19844 | Advantest Corporation | 2613526 |
| 6426 | Disco Corporation | 1798780 |
| 52197 | Infineon Technologies A.G. | 2199904 |
| 8950 | NXP Semiconductors N.V. | 1744713 |
| 172523 | Renesas Electronics Corporation | 2044695 |
| 71946 | STMicroelectronics N.V. | 1650585 |
|  |  | 12052203 |
|  | **SOFTWARE - 1.7%** |  |
| 9824 | Check Point Software Technologies Ltd.<sup>(a)</sup> | 1834828 |
| 753 | Constellation Software, Inc. | 1822435 |
| 60911 | Dassault Systemes S.E. | 1703671 |
| 33053 | WiseTech Global Ltd. | 1580466 |
|  |  | 6941400 |
|  | **STEEL - 0.6%** |  |
| 56985 | voestalpine A.G. | 2456569 |
|  | **TECHNOLOGY HARDWARE - 0.9%** |  |
| 8232 | Garmin Ltd. | 1607874 |
| 463048 | Wistron Corporation | 2131924 |
|  |  | 3739798 |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 85842 | Edenred S.E. | 1841321 |
| 15138 | Wolters Kluwer N.V. | 1608632 |
|  |  | 3449953 |
|  | **TELECOMMUNICATIONS - 1.1%** |  |
| 253012 | MTN Group Ltd. | 2334699 |
| 630572 | Singapore Telecommunications Ltd. | 2301642 |
|  |  | 4636341 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 4.6%** |  |
| 75607 | Aena SME S.A. 144A<sup>,(d)</sup> | $2057703 |
| 21497 | Canadian National Railway Company | 2058651 |
| 10068 | DSV A/S | 2295395 |
| 82722 | East Japan Railway Company | 2142420 |
| 1557693 | Eva Airways Corporation | 1692443 |
| 10645 | Kuehne + Nagel International A.G. | 2135203 |
| 85628 | Poste Italiane SpA 144A<sup>,(d)</sup> | 2047324 |
| 34942 | Ryanair Holdings plc - ADR | 2381647 |
| 223419 | Transurban Group | 2184301 |
|  |  | 18995087 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 35610 | ITOCHU Corporation | 2133564 |
|  | **TOTAL COMMON STOCKS (Cost $351,226,353)** | 407367123 |
|  | **PREFERRED STOCK — 0.7%** |  |
|  | **CHEMICALS — 0.7%** |  |
| 44252 | Sociedad Quimica y Minera de Chile S.A., Class B<sup>(a)</sup> **(Cost $1,842,868)** | 2843624 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED – 0.4%** |  |
|  | **MONEY MARKET FUND – 0.4%** |  |
| 1652323 | Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.90% **(Cost $1,652,323)** <sup>(c) (e)</sup> | $1652323 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $354,721,544)** | $411863070 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | 3135571 |
|  | **NET ASSETS - 100.0%** | $414998641 |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| ASA | - Allmennaksjeselskap |
| A. . | - Anonim Sirketi |
| GDR | - Global Depositary Receipt |
| KGaA | - Kommanditgesellschaft auf Aktien |
| LTD | - Limited Company |
| N.V. | - Naamloze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| P.T. | - Perseroan Terbatas |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| S.A.B. de C.V. | - Sociedad Anonima Bursátil de Capital Variable |
| S.E. | - Societas Europaea |
| 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 November 30, 2025 was $1,551,039.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at November 30, 2025. Total collateral had a value of $1,652,323 at November 30, 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 November 30, 2025 the total market value of 144A securities is $4,105,027 or 1.0% of net assets.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **NOVEMBER 30, 2025** |

---

---

| | |
|:---|:---|
| **Diversification of Assets** | |
| **Country** | **Percentage of Net Assets** |
| **Common Stocks** |  |
| Japan | 8.5% |
| Canada | 7.9% |
| Switzerland | 7.3% |
| Australia | 6.6% |
| Germany | 6.5% |
| United Kingdom | 5.2% |
| France | 4.2% |
| Italy | 4.1% |
| Netherlands | 3.5% |
| Hong Kong | 3.5% |
| Denmark | 3.1% |
| Austria | 2.6% |
| Spain | 2.6% |
| Finland | 2.5% |
| Brazil | 2.0% |
| Belgium | 2.0% |
| South Africa | 2.0% |
| Korea | 2.0% |
| Indonesia | 2.0% |
| Norway | 1.8% |
| Taiwan | 1.8% |
| Ireland | 1.6% |
| Poland | 1.6% |
| Singapore | 1.6% |
| Sweden | 1.5% |
| Thailand | 1.5% |
| Philippines | 1.4% |
| Hungary | 1.1% |
| Israel | 1.0% |
| Chile | 1.0% |
| Portugal | 0.9% |
| Mexico | 0.9% |
| India | 0.5% |
| New Zealand | 0.5% |
| Turkey | 0.5% |
| Cayman Islands | 0.4% |
| Colombia | 0.4% |
| **Total Common Stocks** | **98.1%** |
| **Preferred Stock** |  |
| Chile | 0.7% |
| **Total Preferred Stock** | **0.7%** |
| **Collateral For Securities Loaned** | **0.4%** |
| Other Assets In Excess Of Liabilities | 0.8% |
| **Total Net Assets** | **100.0%** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CAPITAL APPRECIATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.4%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.7%** |  |
| 27694 | Deckers Outdoor Corporation<sup>(a)</sup> | $2437903 |
|  | **CABLE & SATELLITE - 2.6%** |  |
| 111142 | Sirius XM Holdings, Inc. | 2362879 |
|  | **CONSUMER SERVICES - 2.5%** |  |
| 14152 | Grand Canyon Education, Inc.<sup>(a)</sup> | 2232336 |
|  | **DIVERSIFIED INDUSTRIALS - 2.7%** |  |
| 9638 | Illinois Tool Works, Inc. | 2402561 |
|  | **ELECTRICAL EQUIPMENT - 2.8%** |  |
| 5124 | Lennox International, Inc. | 2556210 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 2.8%** |  |
| 31110 | Louisiana-Pacific Corporation | 2551331 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.6%** |  |
| 3904 | Medpace Holdings, Inc.<sup>(a)</sup> | 2312964 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.7%** |  |
| 21960 | Mueller Industries, Inc. | 2412745 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.6%** |  |
| 58194 | Fastenal Company | 2351038 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.7%** |  |
| 3416 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 2571838 |
| 6222 | Waters Corporation<sup>(a)</sup> | 2510079 |
|  |  | 5081917 |
|  | **OIL & GAS PRODUCERS - 5.2%** |  |
| 71858 | Hess Midstream, L.P., Class A | 2420177 |
| 2562 | Texas Pacific Land Corporation - REIT | 2214311 |
|  |  | 4634488 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CAPITAL APPRECIATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.4% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 8.1%** |  |
| 610 | AutoZone, Inc.<sup>(a)</sup> | $2412141 |
| 6954 | Home Depot, Inc. (The) | 2482022 |
| 23668 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 2407036 |
|  |  | 7301199 |
|  | **SOFTWARE - 7.9%** |  |
| 29036 | Fortinet, Inc.<sup>(a)</sup> | 2355691 |
| 13542 | Manhattan Associates, Inc.<sup>(a)</sup> | 2389485 |
| 16714 | Qualys, Inc.<sup>(a)</sup> | 2354167 |
|  |  | 7099343 |
|  | **TECHNOLOGY HARDWARE - 8.2%** |  |
| 9150 | Seagate Technology Holdings PLC | 2531714 |
| 66612 | Super Micro Computer, Inc.<sup>(a)</sup> | 2254816 |
| 4392 | Ubiquiti, Inc. | 2560931 |
|  |  | 7347461 |
|  | **TECHNOLOGY SERVICES - 10.6%** |  |
| 9272 | Automatic Data Processing, Inc. | 2367142 |
| 1342 | Fair Isaac Corporation<sup>(a)</sup> | 2423424 |
| 4148 | MSCI, Inc. | 2338311 |
| 21106 | Paychex, Inc. | 2357329 |
|  |  | 9486206 |
|  | **TRANSPORTATION & LOGISTICS - 8.1%** |  |
| 16592 | Expeditors International of Washington, Inc. | 2437365 |
| 18544 | Landstar System, Inc. | 2426297 |
| 17812 | Old Dominion Freight Line, Inc. | 2409785 |
|  |  | 7273447 |
|  | **WHOLESALE - DISCRETIONARY - 2.6%** |  |
| 9638 | Pool Corporation | 2347817 |
|  | **TOTAL COMMON STOCKS (Cost $70,051,550)** | 72191845 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE CAPITAL APPRECIATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 19.5%** |  |
|  | **FIXED INCOME - 19.5%** |  |
| 715652 | Schwab Short-Term U.S. Treasury ETF **(Cost $17,413,591)** | $17483378 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $87,465,141)** | $89675223 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 48829 |
|  | **NET ASSETS - 100.0%** | $89724052 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LP | - Limited Partnership |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9%** |  |
|  | **ADVERTISING & MARKETING - 5.3%** |  |
| 10480 | AppLovin Corporation, Class A<sup>(a)</sup> | $6282550 |
|  | **AEROSPACE & DEFENSE - 6.1%** |  |
| 4061 | Axon Enterprise, Inc.<sup>(a)</sup> | 2193509 |
| 9039 | Curtiss-Wright Corporation | 5100617 |
|  |  | 7294126 |
|  | **BIOTECH & PHARMA - 5.8%** |  |
| 55544 | Exelixis, Inc.<sup>(a)</sup> | 2453378 |
| 9301 | United Therapeutics Corporation<sup>(a)</sup> | 4520287 |
|  |  | 6973665 |
|  | **CHEMICALS - 1.2%** |  |
| 11266 | Hawkins, Inc. | 1464805 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.6%** |  |
| 40217 | Brady Corporation, Class A | 3146578 |
|  | **CONSUMER SERVICES - 1.1%** |  |
| 20043 | Stride, Inc.<sup>(a)</sup> | 1273332 |
|  | **ELECTRIC UTILITIES - 4.2%** |  |
| 29868 | NRG Energy, Inc. | 5062327 |
|  | **ELECTRICAL EQUIPMENT - 9.3%** |  |
| 42575 | Amphenol Corporation, Class A | 5998818 |
| 28689 | BWX Technologies, Inc. | 5131888 |
|  |  | 11130706 |
|  | **ENGINEERING & CONSTRUCTION - 4.0%** |  |
| 7729 | EMCOR Group, Inc. | 4753876 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.8%** |  |
| 28296 | Encompass Health Corporation | 3288561 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **HEALTH CARE REIT - 2.9%** |  |
| 75718 | Omega Healthcare Investors, Inc. | $3476971 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.5%** |  |
| 36680 | SEI Investments Company | 2965945 |
| 67691 | Virtu Financial, Inc., Class A | 2420630 |
|  |  | 5386575 |
|  | **INSURANCE - 7.0%** |  |
| 5895 | Kinsale Capital Group, Inc. | 2268986 |
| 73491 | Old Republic International Corporation | 3387934 |
| 14410 | Reinsurance Group of America, Inc. | 2736027 |
|  |  | 8392947 |
|  | **LEISURE FACILITIES & SERVICES - 2.6%** |  |
| 113446 | Cinemark Holdings, Inc. | 3106151 |
|  | **MACHINERY - 6.1%** |  |
| 58295 | Flowserve Corporation | 4159348 |
| 19126 | MSA Safety, Inc. | 3085024 |
|  |  | 7244372 |
|  | **OIL & GAS PRODUCERS - 4.1%** |  |
| 6288 | Murphy USA, Inc. | 2421320 |
| 2882 | Texas Pacific Land Corporation - REIT | 2490884 |
|  |  | 4912204 |
|  | **RETAIL - CONSUMER STAPLES - 5.1%** |  |
| 25545 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2279380 |
| 6681 | Casey's General Stores, Inc. | 3811244 |
|  |  | 6090624 |
|  | **RETAIL - DISCRETIONARY - 5.8%** |  |
| 18209 | AutoNation, Inc.<sup>(a)</sup> | 3847380 |
| 7598 | Group 1 Automotive, Inc. | 3047102 |
|  |  | 6894482 |
|  | **SEMICONDUCTORS - 13.6%** |  |
| 16899 | Broadcom, Inc. | 6809621 |
| 4192 | KLA Corporation | 4927570 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.6% (Continued)** |  |
| 4847 | Monolithic Power Systems, Inc. | $4498840 |
|  |  | 16236031 |
|  | **SOFTWARE - 1.8%** |  |
| 17816 | CommVault Systems, Inc.<sup>(a)</sup> | 2200276 |
|  | **TECHNOLOGY HARDWARE - 4.0%** |  |
| 13493 | InterDigital, Inc. | 4827121 |
|  | **TOTAL COMMON STOCKS (Cost $96,024,070)** | 119438280 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $96,024,070)** | $119438280 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 106376 |
|  | **NET ASSETS - 100.0%** | $119544656 |

---

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** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **ADVERTISING & MARKETING - 0.7%** |  |
| 123173 | Nexxen International Ltd.<sup>(a)</sup> | $796929 |
|  | **ASSET MANAGEMENT - 2.9%** |  |
| 21613 | Federated Hermes, Inc., Class B | 1084324 |
| 9980 | Stifel Financial Corporation | 1217560 |
| 57301 | XP, Inc., Class A | 1129403 |
|  |  | 3431287 |
|  | **AUTOMOTIVE - 1.8%** |  |
| 9096 | Autoliv, Inc. | 1073237 |
| 28437 | Standard Motor Products, Inc. | 1067525 |
|  |  | 2140762 |
|  | **BANKING - 1.9%** |  |
| 4389 | Credicorp Ltd. | 1128894 |
| 18493 | Webster Financial Corporation | 1102183 |
|  |  | 2231077 |
|  | **BIOTECH & PHARMA - 8.8%** |  |
| 564874 | CytomX Therapeutics, Inc.<sup>(a)</sup> | 2417661 |
| 28477 | Exelixis, Inc.<sup>(a)</sup> | 1257829 |
| 28427 | Phibro Animal Health Corporation, Class A | 1190523 |
| 32782 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 1655163 |
| 32250 | Royalty Pharma plc, Class A | 1290645 |
| 79536 | Theravance Biopharma, Inc.<sup>(a)</sup> | 1614581 |
| 138904 | Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 997331 |
|  |  | 10423733 |
|  | **CHEMICALS - 0.9%** |  |
| 13711 | CF Industries Holdings, Inc. | 1079056 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 22478 | Heidrick & Struggles International, Inc. | 1323280 |
| 171716 | Quad/Graphics, Inc. | 985650 |
|  |  | 2308930 |
|  | **CONTAINERS & PACKAGING - 1.8%** |  |
| 12102 | Crown Holdings, Inc. | 1171836 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 1.8% (Continued)** |  |
| 28826 | TriMas Corporation | $982102 |
|  |  | 2153938 |
|  | **ELECTRIC UTILITIES - 1.0%** |  |
| 7018 | NRG Energy, Inc. | 1189481 |
|  | **ELECTRICAL EQUIPMENT - 10.5%** |  |
| 9442 | Amphenol Corporation, Class A | 1330378 |
| 4430 | Argan, Inc. | 1750735 |
| 7593 | Bel Fuse, Inc., Class B | 1169550 |
| 6618 | BWX Technologies, Inc. | 1183828 |
| 1876 | GE Vernova, Inc. | 1125169 |
| 6255 | Generac Holdings, Inc.<sup>(a)</sup> | 948446 |
| 9508 | Itron, Inc.<sup>(a)</sup> | 941672 |
| 34792 | Kimball Electronics, Inc.<sup>(a)</sup> | 1005489 |
| 16353 | NEXTracker, Inc., Class A<sup>(a)</sup> | 1498261 |
| 8106 | Vertiv Holdings Company, Class A | 1456891 |
|  |  | 12410419 |
|  | **ENGINEERING & CONSTRUCTION - 1.9%** |  |
| 1836 | EMCOR Group, Inc. | 1129269 |
| 9075 | Primoris Services Corporation | 1148532 |
|  |  | 2277801 |
|  | **FOOD - 2.6%** |  |
| 27848 | Pilgrim's Pride Corporation | 1059338 |
| 21332 | Tyson Foods, Inc., Class A | 1238322 |
| 24948 | Vital Farms, Inc.<sup>(a)</sup> | 815800 |
|  |  | 3113460 |
|  | **GAS & WATER UTILITIES - 1.0%** |  |
| 33365 | Consolidated Water Company Ltd. | 1142084 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.6%** |  |
| 12055 | HealthEquity, Inc.<sup>(a)</sup> | 1267945 |
| 69456 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 1673195 |
| 6050 | Tenet Healthcare Corporation<sup>(a)</sup> | 1311882 |
|  |  | 4253022 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 0.7%** |  |
| 22246 | Flexsteel Industries, Inc. | $879384 |
|  | **HOTEL REIT - 1.0%** |  |
| 65486 | Host Hotels & Resorts, Inc. | 1154518 |
|  | **HOUSEHOLD PRODUCTS - 0.8%** |  |
| 93705 | Nu Skin Enterprises, Inc., Class A | 926742 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.8%** |  |
| 31540 | Global Industrials, Co. | 903306 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.9%** |  |
| 3179 | Evercore, Inc., Class A | 1017503 |
| 3198 | Interactive Brokers Group, Inc., Class A | 207934 |
| 13354 | SEI Investments Company | 1079804 |
|  |  | 2305241 |
|  | **INSURANCE - 6.3%** |  |
| 8028 | Globe Life, Inc. | 1081612 |
| 47186 | Hamilton Insurance Group Ltd.<sup>(a)</sup> | 1287234 |
| 6244 | HCI Group, Inc. | 1109871 |
| 14548 | Mercury General Corporation | 1354710 |
| 29021 | Old Republic International Corporation | 1337868 |
| 35481 | United Fire Group, Inc. | 1296831 |
|  |  | 7468126 |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 58707 | Upwork, Inc.<sup>(a)</sup> | 1158876 |
|  | **LEISURE FACILITIES & SERVICES - 1.1%** |  |
| 26304 | Yum China Holdings, Inc. | 1266275 |
|  | **LEISURE PRODUCTS – 0.9%** |  |
| 30417 | Amer Sports, Inc.<sup>(a)</sup> | 1129383 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **MACHINERY - 1.8%** |  |
| 4804 | Lincoln Electric Holdings, Inc. | $1150222 |
| 78024 | Luxfer Holdings plc | 975300 |
|  |  | 2125522 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.0%** |  |
| 6545 | iRhythm Technologies, Inc.<sup>(a)</sup> | 1230525 |
|  | **METALS & MINING - 2.2%** |  |
| 70868 | Coeur Mining, Inc.<sup>(a)</sup> | 1223890 |
| 14713 | Newmont Corporation | 1334911 |
|  |  | 2558801 |
|  | **OIL & GAS PRODUCERS - 2.8%** |  |
| 20007 | California Resources Corporation | 955934 |
| 66208 | Plains All American Pipeline, L.P. | 1152681 |
| 7039 | Valero Energy Corporation | 1244214 |
|  |  | 3352829 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 3.1%** |  |
| 42254 | Natural Gas Services Group, Inc. | 1308606 |
| 80089 | Ranger Energy Services, Inc. | 1082002 |
| 29415 | TechnipFMC plc | 1331324 |
|  |  | 3721932 |
|  | **RETAIL - CONSUMER STAPLES - 0.7%** |  |
| 9384 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 786473 |
|  | **RETAIL - DISCRETIONARY - 2.6%** |  |
| 15541 | Build-A-Bear Workshop, Inc. | 825227 |
| 1895 | Dillard's, Inc., Class A | 1269764 |
| 6449 | Penske Automotive Group, Inc. | 1042932 |
|  |  | 3137923 |
|  | **SEMICONDUCTORS - 2.7%** |  |
| 31896 | ACM Research, Inc., Class A<sup>(a)</sup> | 1065645 |
| 9387 | Cirrus Logic, Inc.<sup>(a)</sup> | 1129632 |
| 46145 | Photronics, Inc.<sup>(a)</sup> | 1057182 |
|  |  | 3252459 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **SOFTWARE - 4.9%** |  |
| 69963 | Alignment Healthcare, Inc.<sup>(a)</sup> | $1343989 |
| 31074 | Clear Secure, Inc., Class A | 1103127 |
| 39584 | GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 1468566 |
| 111231 | Mitek Systems, Inc.<sup>(a)</sup> | 985507 |
| 70650 | OneSpan, Inc. | 861930 |
|  |  | 5763119 |
|  | **SPECIALTY FINANCE - 2.5%** |  |
| 64410 | EZCORP, Inc., Class A<sup>(a)</sup> | 1241825 |
| 162641 | Oportun Financial Corporation<sup>(a)</sup> | 840854 |
| 95528 | OppFi, Inc. | 945727 |
|  |  | 3028406 |
|  | **STEEL - 1.2%** |  |
| 4670 | Carpenter Technology Corporation | 1487582 |
|  | **TECHNOLOGY HARDWARE - 10.8%** |  |
| 69613 | CommScope Holding Company, Inc.<sup>(a)</sup> | 1374161 |
| 50701 | Daktronics, Inc.<sup>(a)</sup> | 959770 |
| 4846 | Garmin Ltd. | 946521 |
| 5164 | Jabil, Inc. | 1088106 |
| 29187 | NCR Atleos Corporation<sup>(a)</sup> | 1081962 |
| 21852 | TTM Technologies, Inc.<sup>(a)</sup> | 1533573 |
| 74544 | Turtle Beach Corporation<sup>(a)</sup> | 1034671 |
| 38257 | ViaSat, Inc.<sup>(a)</sup> | 1313363 |
| 93349 | Viavi Solutions, Inc.<sup>(a)</sup> | 1674681 |
| 10938 | Western Digital Corporation | 1786504 |
|  |  | 12793312 |
|  | **TECHNOLOGY SERVICES - 3.7%** |  |
| 27893 | Genpact Ltd. | 1228966 |
| 58147 | Magic Software Enterprises Ltd. | 1342032 |
| 60081 | StoneCompany Ltd.<sup>(a)</sup> | 1012365 |
| 65629 | TaskUS, Inc., Class A<sup>(a)</sup> | 752765 |
|  |  | 4336128 |
|  | **TELECOMMUNICATIONS - 1.8%** |  |
| 65605 | Spok Holdings, Inc. | 871234 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE FIDELIS MULTI FACTOR ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 1.8% (Continued)** |  |
| 30194 | Telephone and Data Systems, Inc. | $1215913 |
|  |  | 2087147 |
|  | **TRANSPORTATION & LOGISTICS - 2.2%** |  |
| 8410 | CH Robinson Worldwide, Inc. | 1336096 |
| 19370 | Delta Air Lines, Inc. | 1241617 |
|  |  | 2577713 |
|  | **TOTAL COMMON STOCKS (Cost $107,852,348)** | 118383701 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $107,852,348)** | $118383701 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 291238 |
|  | **NET ASSETS - 100.0%** | $118674939 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **ADVERTISING & MARKETING - 1.2%** |  |
| 9653 | AppLovin Corporation, Class A<sup>(a)</sup> | $5786779 |
| 19380 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 766673 |
|  |  | 6553452 |
|  | **AEROSPACE & DEFENSE - 0.5%** |  |
| 4903 | ATI, Inc.<sup>(a)</sup> | 494222 |
| 1256 | Curtiss-Wright Corporation | 708748 |
| 3792 | FTAI Aviation Ltd. | 656926 |
| 26482 | Joby Aviation, Inc.<sup>(a)</sup> | 382135 |
| 4262 | Karman Holdings, Inc.<sup>(a)</sup> | 285682 |
| 3400 | Loar Holdings, Inc.<sup>(a)</sup> | 232730 |
| 12216 | StandardAero, Inc.<sup>(a)</sup> | 319082 |
|  |  | 3079525 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 6373 | Deckers Outdoor Corporation<sup>(a)</sup> | 561015 |
|  | **ASSET MANAGEMENT - 0.4%** |  |
| 1022 | Affiliated Managers Group, Inc. | 274744 |
| 62974 | Blue Owl Capital, Inc. | 944611 |
| 2307 | Hamilton Lane, Inc., Class A | 285918 |
| 4158 | StepStone Group, Inc., Class A | 262619 |
| 3811 | Stifel Financial Corporation | 464942 |
|  |  | 2232834 |
|  | **AUTOMOTIVE - 0.1%** |  |
| 73119 | Aurora Innovation, Inc.<sup>(a)</sup> | 306369 |
| 8137 | BorgWarner, Inc. | 350379 |
|  |  | 656748 |
|  | **BANKING - 1.2%** |  |
| 2411 | BOK Financial Corporation | 271527 |
| 6858 | Cadence Bank | 273223 |
| 11513 | Columbia Banking System, Inc. | 319140 |
| 2454 | Cullen/Frost Bankers, Inc. | 303609 |
| 5300 | East West Bancorp, Inc. | 565510 |
| 518 | First Citizens BancShares, Inc., Class A | 972747 |
| 18759 | First Horizon Corporation | 419076 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **BANKING - 1.2% (Continued)** |  |
| 15026 | Old National Bancorp | $326515 |
| 3049 | Pinnacle Financial Partners, Inc. | 279532 |
| 34170 | Regions Financial Corporation | 869627 |
| 3904 | SouthState Bank Corporation | 349447 |
| 5456 | Synovus Financial Corporation | 262979 |
| 2954 | UMB Financial Corporation | 328130 |
| 6490 | Webster Financial Corporation | 386804 |
| 4284 | Western Alliance Bancorp | 349275 |
| 2613 | Wintrust Financial Corporation | 350194 |
| 5571 | Zions Bancorp National Association | 296544 |
|  |  | 6923879 |
|  | **BEVERAGES - 0.2%** |  |
| 9302 | Celsius Holdings, Inc.<sup>(a)</sup> | 380824 |
| 3370 | Coca-Cola Consolidated, Inc. | 549141 |
| 15395 | Primo Brands Corporation | 241548 |
|  |  | 1171513 |
|  | **BIOTECH & PHARMA - 1.5%** |  |
| 7310 | Bridgebio Pharma, Inc.<sup>(a)</sup> | 526393 |
| 9113 | Exelixis, Inc.<sup>(a)</sup> | 402521 |
| 7384 | Incyte Corporation<sup>(a)</sup> | 771333 |
| 8040 | Insmed, Inc.<sup>(a)</sup> | 1670470 |
| 5780 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 478179 |
| 2222 | Jazz Pharmaceuticals plc<sup>(a)</sup> | 392250 |
| 816 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 487136 |
| 3762 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 572426 |
| 6157 | REVOLUTION Medicines, Inc.<sup>(a)</sup> | 478768 |
| 2434 | Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 265525 |
| 21547 | Roivant Sciences Ltd.<sup>(a)</sup> | 448393 |
| 21928 | Royalty Pharma plc, Class A | 877559 |
| 26101 | Summit Therapeutics, Inc.<sup>(a)</sup> | 466947 |
| 1592 | United Therapeutics Corporation<sup>(a)</sup> | 773712 |
|  |  | 8611612 |
|  | **CHEMICALS - 2.0%** |  |
| 4496 | Albemarle Corporation | 584435 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **CHEMICALS - 2.0% (Continued)** |  |
| 9177 | Axalta Coating Systems Ltd.<sup>(a)</sup> | $276503 |
| 5668 | CF Industries Holdings, Inc. | 446072 |
| 10233 | International Flavors & Fragrances, Inc. | 710988 |
| 17494 | Linde PLC | 7178137 |
| 13436 | LyondellBasell Industries N.V., Class A | 658230 |
| 350 | NewMarket Corporation | 267236 |
| 5168 | RPM International, Inc. | 554268 |
| 5555 | Westlake Corporation | 371130 |
|  |  | 11046999 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 30571 | ADT, Inc. | 252211 |
| 14866 | Cintas Corporation | 2765373 |
| 2046 | Clean Harbors, Inc.<sup>(a)</sup> | 465588 |
| 11619 | Republic Services, Inc. | 2522020 |
| 17598 | Rollins, Inc. | 1081925 |
| 6756 | UL Solutions, Inc., Class A | 616215 |
| 14918 | Waste Management, Inc. | 3250184 |
|  |  | 10953516 |
|  | **CONSTRUCTION MATERIALS - 1.3%** |  |
| 3120 | Advanced Drainage Systems, Inc. | 475426 |
| 1902 | Carlisle Companies, Inc. | 604969 |
| 23471 | CRH PLC | 2815580 |
| 1233 | Eagle Materials, Inc. | 275847 |
| 2238 | Martin Marietta Materials, Inc. | 1394811 |
| 1810 | Simpson Manufacturing Company, Inc. | 302958 |
| 4924 | Trex Company, Inc.<sup>(a)</sup> | 172242 |
| 4790 | Vulcan Materials Company | 1423780 |
|  |  | 7465613 |
|  | **CONSUMER SERVICES - 0.1%** |  |
| 2275 | Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 233779 |
| 4952 | Service Corp International | 393338 |
| 1806 | Stride, Inc.<sup>(a)</sup> | 114735 |
|  |  | 741852 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 0.4%** |  |
| 2543 | AptarGroup, Inc. | $317239 |
| 4198 | Crown Holdings, Inc. | 406492 |
| 20181 | International Paper Company | 796746 |
| 3312 | Packaging Corporation of America | 675880 |
|  |  | 2196357 |
|  | **DATA CENTER REIT - 0.3%** |  |
| 12122 | Digital Realty Trust, Inc. | 1940975 |
|  | **DIVERSIFIED INDUSTRIALS - 1.5%** |  |
| 19577 | 3M Company | 3368223 |
| 5446 | Dover Corporation | 1009035 |
| 4740 | Parker-Hannifin Corporation | 4084458 |
|  |  | 8461716 |
|  | **E-COMMERCE DISCRETIONARY - 0.5%** |  |
| 15833 | Chewy, Inc., Class A<sup>(a)</sup> | 550513 |
| 66671 | Coupang, Inc.<sup>(a)</sup> | 1877456 |
| 4746 | Wayfair, Inc., Class A<sup>(a)</sup> | 525857 |
|  |  | 2953826 |
|  | **ELECTRIC UTILITIES - 4.2%** |  |
| 9633 | Ameren Corporation | 1024470 |
| 23341 | CenterPoint Energy, Inc. | 933173 |
| 10720 | CMS Energy Corporation | 808717 |
| 12885 | Consolidated Edison, Inc. | 1293139 |
| 7340 | DTE Energy Company | 1005800 |
| 14124 | Edison International | 831762 |
| 15502 | Entergy Corporation | 1511755 |
| 7957 | Evergy, Inc. | 617861 |
| 12219 | Eversource Energy | 820872 |
| 20360 | FirstEnergy Corporation | 971579 |
| 1888 | IDACORP, Inc. | 248801 |
| 71062 | NextEra Energy, Inc. | 6131940 |
| 6553 | NRG Energy, Inc. | 1110668 |
| 7037 | OGE Energy Corporation | 322154 |
| 3568 | Oklo, Inc.<sup>(a)</sup> | 326044 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 4.2% (Continued)** |  |
| 4352 | Pinnacle West Capital Corporation | $395423 |
| 17843 | Public Service Enterprise Group, Inc. | 1490247 |
| 1520 | Talen Energy Corporation<sup>(a)</sup> | 599290 |
| 12091 | Vistra Corporation | 2162596 |
| 11197 | WEC Energy Group, Inc. | 1254848 |
|  |  | 23861139 |
|  | **ELECTRICAL EQUIPMENT - 3.9%** |  |
| 5245 | A O Smith Corporation | 346065 |
| 2640 | AAON, Inc. | 246787 |
| 1115 | Acuity, Inc. | 408558 |
| 8654 | AMETEK, Inc. | 1712540 |
| 40736 | Amphenol Corporation, Class A | 5739702 |
| 5605 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 612290 |
| 3016 | BWX Technologies, Inc. | 539502 |
| 6178 | Cognex Corporation | 235382 |
| 9920 | GE Vernova, Inc. | 5949719 |
| 2391 | Generac Holdings, Inc.<sup>(a)</sup> | 362547 |
| 2011 | Hubbell, Inc. | 867606 |
| 1429 | Lennox International, Inc. | 712885 |
| 1898 | Modine Manufacturing Company<sup>(a)</sup> | 307723 |
| 4947 | NEXTracker, Inc., Class A<sup>(a)</sup> | 453244 |
| 10283 | NuScale Power Corporation<sup>(a)</sup> | 205660 |
| 1884 | SPX Technologies, Inc.<sup>(a)</sup> | 405135 |
| 8831 | Trimble, Inc.<sup>(a)</sup> | 719020 |
| 11561 | Vertiv Holdings Company, Class A | 2077859 |
|  |  | 21902224 |
|  | **ENGINEERING & CONSTRUCTION - 1.3%** |  |
| 1142 | Comfort Systems USA, Inc. | 1115665 |
| 1993 | Construction Partners, Inc., Class A<sup>(a)</sup> | 217237 |
| 932 | Dycom Industries, Inc.<sup>(a)</sup> | 336946 |
| 1589 | EMCOR Group, Inc. | 977346 |
| 5839 | Fluor Corporation<sup>(a)</sup> | 250668 |
| 677 | IES Holdings, Inc.<sup>(a)</sup> | 283372 |
| 1155 | Installed Building Products, Inc. | 309563 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 1.3% (Continued)** |  |
| 2435 | MasTec, Inc.<sup>(a)</sup> | $520798 |
| 5034 | Quanta Services, Inc. | 2340207 |
| 960 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 330538 |
| 10456 | Tetra Tech, Inc. | 363241 |
| 1166 | TopBuild Corporation<sup>(a)</sup> | 527615 |
|  |  | 7573196 |
|  | **ENTERTAINMENT CONTENT - 0.1%** |  |
| 33338 | Paramount Skydance Corporation, Class B | 534075 |
|  | **FOOD - 1.1%** |  |
| 18975 | Conagra Brands, Inc. | 338704 |
| 5132 | Lamb Weston Holdings, Inc. | 303096 |
| 10440 | McCormick & Company, Inc. | 704491 |
| 48408 | Mondelez International, Inc., Class A | 2786849 |
| 9610 | Pilgrim's Pride Corporation | 365564 |
| 14496 | Smithfield Foods, Inc. | 313259 |
| 12101 | The Campbell's Company | 368838 |
| 13568 | Tyson Foods, Inc., Class A | 787622 |
|  |  | 5968423 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.0%<sup>(b)</sup>** |  |
| 2903 | Louisiana-Pacific Corporation | 238075 |
|  | **GAS & WATER UTILITIES - 0.7%** |  |
| 7591 | American Water Works Company, Inc. | 987361 |
| 5757 | Atmos Energy Corporation | 1015362 |
| 10023 | Essential Utilities, Inc. | 396811 |
| 3118 | National Fuel Gas Company | 257079 |
| 16269 | NiSource, Inc. | 717951 |
| 8273 | UGI Corporation | 327197 |
|  |  | 3701761 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 554 | Chemed Corporation | 243311 |
| 3708 | Encompass Health Corporation | 430944 |
| 3974 | Ensign Group, Inc. (The) | 737336 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1% (Continued)** |  |
| 3155 | HealthEquity, Inc.<sup>(a)</sup> | $331843 |
| 6245 | IQVIA Holdings, Inc.<sup>(a)</sup> | 1436412 |
| 2993 | Labcorp Holdings, Inc. | 804459 |
| 999 | Medpace Holdings, Inc.<sup>(a)</sup> | 591868 |
| 1830 | Molina Healthcare, Inc.<sup>(a)</sup> | 271316 |
| 3106 | Tenet Healthcare Corporation<sup>(a)</sup> | 673505 |
| 2142 | Universal Health Services, Inc., Class B | 521855 |
|  |  | 6042849 |
|  | **HEALTH CARE REIT - 1.5%** |  |
| 12629 | Alexandria Real Estate Equities, Inc. | 677798 |
| 6502 | American Healthcare REIT, Inc. | 330172 |
| 8061 | CareTrust REIT, Inc. | 302529 |
| 24775 | Healthpeak Properties, Inc. | 452392 |
| 11254 | Omega Healthcare Investors, Inc. | 516784 |
| 16499 | Ventas, Inc. | 1330314 |
| 23742 | Welltower, Inc. | 4943558 |
|  |  | 8553547 |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 5871 | SharkNinja, Inc.<sup>(a)</sup> | 572833 |
| 8036 | Somnigroup International, Inc. | 735455 |
|  |  | 1308288 |
|  | **HOME CONSTRUCTION - 1.3%** |  |
| 1596 | Armstrong World Industries, Inc. | 302825 |
| 12049 | DR Horton, Inc. | 1915911 |
| 5115 | Fortune Brands Innovations, Inc. | 264087 |
| 10873 | Lennar Corporation, Class A | 1427625 |
| 8416 | Masco Corporation | 545946 |
| 2511 | Mohawk Industries, Inc.<sup>(a)</sup> | 291025 |
| 111 | NVR, Inc.<sup>(a)</sup> | 833309 |
| 7840 | PulteGroup, Inc. | 997170 |
| 3997 | Taylor Morrison Home Corporation<sup>(a)</sup> | 250572 |
| 3838 | Toll Brothers, Inc. | 536668 |
|  |  | 7365138 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HOTEL REIT - 0.1%** |  |
| 26198 | Host Hotels & Resorts, Inc. | $461871 |
|  | **HOUSEHOLD PRODUCTS - 0.3%** |  |
| 81379 | Kenvue, Inc. | 1411926 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.3%** |  |
| 1664 | Chart Industries, Inc.<sup>(a)</sup> | 339373 |
| 3970 | Mueller Industries, Inc. | 436184 |
| 1149 | RBC Bearings, Inc.<sup>(a)</sup> | 511270 |
| 711 | Valmont Industries, Inc. | 293622 |
|  |  | 1580449 |
|  | **INDUSTRIAL REIT - 1.1%** |  |
| 1965 | EastGroup Properties, Inc. | 356019 |
| 5001 | First Industrial Realty Trust, Inc. | 286257 |
| 8856 | Lineage, Inc. | 317222 |
| 35158 | Prologis, Inc. | 4518858 |
| 9221 | Rexford Industrial Realty, Inc. | 383686 |
| 7395 | STAG Industrial, Inc. | 290476 |
|  |  | 6152518 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.1%** |  |
| 15804 | API Group Corporation<sup>(a)</sup> | 625206 |
| 1437 | Applied Industrial Technologies, Inc. | 371924 |
| 9090 | Core & Main, Inc., Class A<sup>(a)</sup> | 439411 |
| 42062 | Fastenal Company | 1699305 |
| 1971 | SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 264666 |
| 6702 | U-Haul Holding Company<sup>(a)</sup> | 352860 |
| 2432 | United Rentals, Inc. | 1982518 |
| 1539 | Watsco, Inc. | 533110 |
|  |  | 6269000 |
|  | **INFRASTRUCTURE REIT - 0.4%** |  |
| 15790 | Crown Castle, Inc. | 1441311 |
| 3943 | SBA Communications Corporation, Class A | 766007 |
|  |  | 2207318 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.9%** |  |
| 3716 | Cboe Global Markets, Inc. | $959360 |
| 8962 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 2445013 |
| 1390 | Evercore, Inc., Class A | 444897 |
| 10479 | Galaxy Digital, Inc., Class A<sup>(a)</sup> | 278637 |
| 2513 | Houlihan Lokey, Inc. | 440780 |
| 56304 | Interactive Brokers Group, Inc., Class A | 3660885 |
| 22069 | Intercontinental Exchange, Inc. | 3471454 |
| 15185 | Jefferies Financial Group, Inc. | 874049 |
| 22980 | Nasdaq, Inc. | 2089342 |
| 1611 | PJT Partners, Inc., Class A | 270664 |
| 4732 | SEI Investments Company | 382630 |
| 8718 | Tradeweb Markets, Inc., Class A | 949041 |
|  |  | 16266752 |
|  | **INSURANCE - 2.9%** |  |
| 18994 | Aflac, Inc. | 2095229 |
| 2928 | American Financial Group, Inc. | 403244 |
| 12518 | Brown & Brown, Inc. | 1006823 |
| 5657 | Cincinnati Financial Corporation | 948057 |
| 20995 | Corebridge Financial, Inc. | 630270 |
| 2053 | Erie Indemnity Company, Class A | 606641 |
| 2965 | Globe Life, Inc. | 399474 |
| 2473 | Jackson Financial, Inc., Class A | 242379 |
| 920 | Kinsale Capital Group, Inc. | 354108 |
| 7360 | Loews Corporation | 793923 |
| 471 | Markel Group, Inc.<sup>(a)</sup> | 979887 |
| 8762 | Old Republic International Corporation | 403928 |
| 1187 | Primerica, Inc. | 305439 |
| 21813 | Progressive Corporation (The) | 4990597 |
| 2475 | Reinsurance Group of America, Inc. | 469928 |
| 9421 | Ryan Specialty Holdings, Inc. | 547077 |
| 13360 | W R Berkley Corporation | 1037938 |
|  |  | 16214942 |
|  | **LEISURE FACILITIES & SERVICES - 0.6%** |  |
| 2056 | Brinker International, Inc.<sup>(a)</sup> | 316192 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.6% (Continued)** |  |
| 4691 | CAVA Group, Inc.<sup>(a)</sup> | $229343 |
| 7653 | Dutch Bros, Inc.<sup>(a)</sup> | 448542 |
| 3122 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 349570 |
| 2491 | Texas Roadhouse, Inc. | 436548 |
| 7348 | TKO Group Holdings, Inc. | 1424704 |
| 1237 | Wingstop, Inc. | 327471 |
|  |  | 3532370 |
|  | **MACHINERY - 3.2%** |  |
| 2872 | AGCO Corporation | 304317 |
| 15515 | Caterpillar, Inc. | 8932917 |
| 2153 | Crane Company | 394537 |
| 4304 | Donaldson Company, Inc. | 386930 |
| 2305 | ESAB Corporation | 258713 |
| 2339 | Federal Signal Corporation | 266646 |
| 5046 | Flowserve Corporation | 360032 |
| 9788 | Gates Industrial Corporation PLC<sup>(a)</sup> | 222775 |
| 6226 | Graco, Inc. | 513271 |
| 2834 | IDEX Corporation | 492918 |
| 14395 | Ingersoll Rand, Inc. | 1156494 |
| 1926 | John Bean Technologies Corporation | 270661 |
| 2119 | Lincoln Electric Holdings, Inc. | 507352 |
| 2017 | Middleby Corporation (The)<sup>(a)</sup> | 238409 |
| 1437 | MSA Safety, Inc. | 231788 |
| 2083 | Nordson Corporation | 495046 |
| 2513 | Regal Rexnord Corporation | 366873 |
| 1832 | Snap-on, Inc. | 622972 |
| 5979 | Stanley Black & Decker, Inc. | 427618 |
| 3895 | Toro Company (The) | 271637 |
| 9260 | Veralto Corporation | 937297 |
| 1258 | Watts Water Technologies, Inc., Class A | 347057 |
| 6067 | Zurn Elkay Water Solutions Corporation | 289396 |
|  |  | 18295656 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.3%** |  |
| 2960 | Align Technology, Inc.<sup>(a)</sup> | 435682 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.3% (Continued)** |  |
| 20155 | Baxter International, Inc. | $377705 |
| 1012 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 328758 |
| 11876 | Caris Life Sciences, Inc.<sup>(a)</sup> | 303194 |
| 16980 | DexCom, Inc.<sup>(a)</sup> | 1077721 |
| 22612 | Edwards Lifesciences Corporation<sup>(a)</sup> | 1959782 |
| 7099 | Exact Sciences Corporation<sup>(a)</sup> | 719058 |
| 17742 | GE HealthCare Technologies, Inc. | 1419183 |
| 5259 | Globus Medical, Inc., Class A<sup>(a)</sup> | 478779 |
| 4421 | Guardant Health, Inc.<sup>(a)</sup> | 479325 |
| 8147 | Hologic, Inc.<sup>(a)</sup> | 610781 |
| 3053 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 2298542 |
| 2959 | Insulet Corporation<sup>(a)</sup> | 968155 |
| 2022 | Masimo Corporation<sup>(a)</sup> | 287993 |
| 818 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 1207957 |
| 1628 | Penumbra, Inc.<sup>(a)</sup> | 477281 |
| 1905 | Repligen Corporation<sup>(a)</sup> | 325793 |
| 5585 | ResMed, Inc. | 1428811 |
| 4253 | Revvity, Inc. | 444056 |
| 6594 | Solventum Corporation<sup>(a)</sup> | 562204 |
| 3667 | STERIS PLC | 976449 |
| 6480 | Tempus AI, Inc.<sup>(a)</sup> | 504986 |
| 2567 | West Pharmaceutical Services, Inc. | 711701 |
|  |  | 18383896 |
|  | **METALS & MINING - 2.0%** |  |
| 18293 | Coeur Mining, Inc.<sup>(a)</sup> | 315920 |
| 64357 | Freeport-McMoRan, Inc. | 2766064 |
| 20814 | Hecla Mining Company | 350091 |
| 6343 | MP Materials Corporation<sup>(a)</sup> | 392949 |
| 36812 | Newmont Corporation | 3339953 |
| 2286 | Royal Gold, Inc. | 465978 |
| 26047 | Southern Copper Corporation | 3510616 |
|  |  | 11141571 |
|  | **MORTGAGE FINANCE - 0.3%** |  |
| 40877 | AGNC Investment Corporation | 428800 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **MORTGAGE FINANCE - 0.3% (Continued)** |  |
| 26190 | Annaly Capital Management, Inc. | $597132 |
| 21633 | New Residential Investment Corporation | 248563 |
| 14486 | Starwood Property Trust, Inc. | 265673 |
|  |  | 1540168 |
|  | **MULTI ASSET CLASS REIT - 0.1%** |  |
| 8115 | WP Carey, Inc. | 546708 |
|  | **OFFICE REIT - 0.1%** |  |
| 6024 | BXP, Inc. | 435897 |
| 7209 | Vornado Realty Trust | 265435 |
|  |  | 701332 |
|  | **OIL & GAS PRODUCERS - 7.4%** |  |
| 16496 | Antero Midstream Corporation | 297093 |
| 10968 | Antero Resources Corporation<sup>(a)</sup> | 399564 |
| 12309 | APA Corporation | 307356 |
| 8147 | Cheniere Energy, Inc. | 1698324 |
| 28758 | Coterra Energy, Inc. | 771865 |
| 23357 | Devon Energy Corporation | 865610 |
| 10359 | Diamondback Energy, Inc. | 1580680 |
| 3478 | DT Midstream, Inc. | 422438 |
| 21384 | EOG Resources, Inc. | 2306264 |
| 21507 | EQT Corporation | 1308916 |
| 7847 | Expand Energy Corporation | 956785 |
| 155116 | Exxon Mobil Corporation | 17981046 |
| 9879 | Hess Midstream, L.P., Class A | 332725 |
| 6832 | HF Sinclair Corporation | 361481 |
| 77336 | Kinder Morgan, Inc. | 2112820 |
| 5832 | Kinetik Holdings, Inc. | 202254 |
| 722 | Murphy USA, Inc. | 278021 |
| 35399 | Occidental Petroleum Corporation | 1486758 |
| 22998 | ONEOK, Inc. | 1674714 |
| 9827 | Ovintiv, Inc. | 402514 |
| 32182 | Permian Resources Corporation | 466317 |
| 8049 | Range Resources Corporation | 317855 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 7.4% (Continued)** |  |
| 7679 | Targa Resources Corporation | $1346205 |
| 832 | Texas Pacific Land Corporation - REIT | 719089 |
| 10703 | Valero Energy Corporation | 1891862 |
| 85964 | Venture Global, Inc., Class A | 641291 |
| 13279 | Viper Energy, Inc., Class A | 485082 |
|  |  | 41614929 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.8%** |  |
| 34489 | Baker Hughes Company | 1731348 |
| 28104 | Halliburton Company | 736887 |
| 58038 | SLB Ltd. | 2103297 |
|  |  | 4571532 |
|  | **RENEWABLE ENERGY - 0.2%** |  |
| 3655 | First Solar, Inc.<sup>(a)</sup> | 997523 |
|  | **RESIDENTIAL REIT - 0.9%** |  |
| 14452 | American Homes 4 Rent, Class A | 464198 |
| 4132 | Camden Property Trust | 439397 |
| 7331 | Equity LifeStyle Properties, Inc. | 460900 |
| 14596 | Equity Residential | 901303 |
| 2378 | Essex Property Trust, Inc. | 626888 |
| 23414 | Invitation Homes, Inc. | 660275 |
| 4509 | Mid-America Apartment Communities, Inc. | 612728 |
| 4681 | Sun Communities, Inc. | 603100 |
| 12801 | UDR, Inc. | 466212 |
|  |  | 5235001 |
|  | **RETAIL - CONSUMER STAPLES - 0.6%** |  |
| 5187 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 462836 |
| 1273 | Casey's General Stores, Inc. | 726196 |
| 8657 | Dollar General Corporation | 947854 |
| 1882 | Five Below, Inc.<sup>(a)</sup> | 310323 |
| 2250 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 276998 |
| 4640 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 388878 |
|  |  | 3113085 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 4.8%** |  |
| 1457 | AutoNation, Inc.<sup>(a)</sup> | $307850 |
| 618 | AutoZone, Inc.<sup>(a)</sup> | 2443776 |
| 5049 | Builders FirstSource, Inc.<sup>(a)</sup> | 566649 |
| 7620 | Carvana Company<sup>(a)</sup> | 2853690 |
| 538 | Dillard's, Inc., Class A | 360492 |
| 1529 | FirstCash Holdings, Inc. | 242209 |
| 4737 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 301368 |
| 14154 | GameStop Corporation, Class A<sup>(a)</sup> | 318890 |
| 15670 | Gap, Inc. (The) | 424187 |
| 5214 | Genuine Parts Company | 679906 |
| 38527 | Home Depot, Inc. (The) | 13751056 |
| 1031 | Lithia Motors, Inc., Class A | 328724 |
| 31292 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 3182395 |
| 2661 | Penske Automotive Group, Inc. | 430337 |
| 20775 | Tractor Supply Company | 1138055 |
|  |  | 27329584 |
|  | **RETAIL REIT - 0.7%** |  |
| 4208 | Agree Realty Corporation | 316526 |
| 11499 | Brixmor Property Group, Inc. | 300584 |
| 3235 | Federal Realty Investment Trust | 319392 |
| 7118 | NNN REIT, Inc. | 294329 |
| 7014 | Regency Centers Corporation | 499116 |
| 11846 | Simon Property Group, Inc. | 2207147 |
|  |  | 3937094 |
|  | **SELF-STORAGE REIT - 0.6%** |  |
| 8596 | CubeSmart | 320029 |
| 8261 | Extra Space Storage, Inc. | 1100117 |
| 6671 | Public Storage | 1831456 |
|  |  | 3251602 |
|  | **SEMICONDUCTORS - 17.3%** |  |
| 6910 | Astera Labs, Inc.<sup>(a)</sup> | 1088809 |
| 184051 | Broadcom, Inc. | 74165192 |
| 5277 | Coherent Corp.<sup>(a)</sup> | 866800 |
| 5046 | Entegris, Inc. | 389248 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 17.3% (Continued)** |  |
| 4175 | KLA Corporation | $4907588 |
| 4672 | Lattice Semiconductor Corporation<sup>(a)</sup> | 328021 |
| 2886 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 505021 |
| 25381 | Marvell Technology, Inc. | 2269062 |
| 20599 | Microchip Technology, Inc. | 1103694 |
| 2217 | MKS, Inc. | 346717 |
| 1691 | Monolithic Power Systems, Inc. | 1569535 |
| 15267 | ON Semiconductor Corporation<sup>(a)</sup> | 767014 |
| 3482 | Qorvo, Inc.<sup>(a)</sup> | 299069 |
| 38804 | QUALCOMM, Inc. | 6522565 |
| 2865 | Rambus, Inc.<sup>(a)</sup> | 273808 |
| 3389 | Sandisk Corporation<sup>(a)</sup> | 756696 |
| 5416 | Skyworks Solutions, Inc. | 357185 |
| 5172 | Teradyne, Inc. | 940735 |
| 1795 | Universal Display Corporation | 213479 |
|  |  | 97670238 |
|  | **SOFTWARE - 7.2%** |  |
| 5510 | Akamai Technologies, Inc.<sup>(a)</sup> | 493255 |
| 44633 | American Bitcoin Corporation<sup>(a)</sup> | 189244 |
| 1391 | Appfolio, Inc., Class A<sup>(a)</sup> | 317537 |
| 13087 | Bentley Systems, Inc., Class B | 549131 |
| 1596 | CommVault Systems, Inc.<sup>(a)</sup> | 197106 |
| 13300 | Confluent, Inc., Class A<sup>(a)</sup> | 295925 |
| 13215 | Coreweave, Inc., Class A<sup>(a)</sup> | 966281 |
| 12502 | Datadog, Inc., Class A<sup>(a)</sup> | 2000445 |
| 8403 | DocuSign, Inc.<sup>(a)</sup> | 582748 |
| 11599 | Dynatrace, Inc.<sup>(a)</sup> | 516851 |
| 4364 | Elastic N.V.<sup>(a)</sup> | 307793 |
| 27359 | Fortinet, Inc.<sup>(a)</sup> | 2219636 |
| 3573 | Guidewire Software, Inc.<sup>(a)</sup> | 771697 |
| 7765 | IonQ, Inc.<sup>(a)</sup> | 382815 |
| 13707 | Klaviyo, Inc., Class A<sup>(a)</sup> | 391472 |
| 2396 | Manhattan Associates, Inc.<sup>(a)</sup> | 422774 |
| 3160 | MongoDB, Inc.<sup>(a)</sup> | 1050289 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SOFTWARE - 7.2% (Continued)** |  |
| 10018 | Nutanix, Inc., Class A<sup>(a)</sup> | $478860 |
| 75827 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 12773057 |
| 2319 | Paycom Software, Inc. | 373753 |
| 5459 | Procore Technologies, Inc.<sup>(a)</sup> | 404294 |
| 28434 | QXO, Inc.<sup>(a)</sup> | 532569 |
| 4221 | Roper Technologies, Inc. | 1883495 |
| 8532 | Rubrik, Inc., Class A<sup>(a)</sup> | 591438 |
| 18883 | SailPoint, Inc.<sup>(a)</sup> | 347825 |
| 23945 | Samsara, Inc., Class A<sup>(a)</sup> | 910628 |
| 3990 | ServiceTitan, Inc., Class A<sup>(a)</sup> | 356546 |
| 12715 | Snowflake, Inc., Class A<sup>(a)</sup> | 3194516 |
| 9091 | SS&C Technologies Holdings, Inc. | 781281 |
| 10856 | Strategy, Inc., Class A<sup>(a)</sup> | 1923466 |
| 1743 | Tyler Technologies, Inc.<sup>(a)</sup> | 818548 |
| 18003 | Unity Software, Inc.<sup>(a)</sup> | 765488 |
| 5806 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 1395124 |
| 6887 | Waystar Holding Corporation<sup>(a)</sup> | 254199 |
| 5475 | Zscaler, Inc.<sup>(a)</sup> | 1376963 |
|  |  | 40817049 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 4153 | Air Lease Corporation | 265501 |
| 5544 | BitMine Immersion Technologies, Inc. | 183617 |
| 7529 | Circle Internet Group, Inc.<sup>(a)</sup> | 601793 |
| 8499 | MGIC Investment Corporation | 240947 |
| 4818 | OneMain Holdings, Inc. | 298861 |
| 44006 | SoFi Technologies, Inc.<sup>(a)</sup> | 1307858 |
| 4803 | Upstart Holdings, Inc.<sup>(a)</sup> | 215943 |
| 63701 | UWM Holdings Corporation | 372651 |
|  |  | 3487171 |
|  | **SPECIALTY REIT - 0.1%** |  |
| 3956 | Lamar Advertising Company, Class A | 523735 |
|  | **STEEL - 0.7%** |  |
| 1904 | Carpenter Technology Corporation | 606500 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **STEEL - 0.7% (Continued)** |  |
| 4260 | Commercial Metals Company | $271703 |
| 9084 | Nucor Corporation | 1448807 |
| 2081 | Reliance, Inc. | 581265 |
| 5304 | Steel Dynamics, Inc. | 890170 |
|  |  | 3798445 |
|  | **TECHNOLOGY HARDWARE - 2.6%** |  |
| 45176 | Arista Networks, Inc.<sup>(a)</sup> | 5903599 |
| 1996 | Arrow Electronics, Inc.<sup>(a)</sup> | 215588 |
| 4289 | Ciena Corporation<sup>(a)</sup> | 875857 |
| 6670 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 1184592 |
| 3617 | Dolby Laboratories, Inc., Class A | 243967 |
| 13521 | Flex Ltd.<sup>(a)</sup> | 799226 |
| 834 | InterDigital, Inc. | 298364 |
| 3842 | Jabil, Inc. | 809548 |
| 11626 | Pure Storage, Inc., Class A<sup>(a)</sup> | 1034249 |
| 18666 | Super Micro Computer, Inc.<sup>(a)</sup> | 631844 |
| 1997 | Ubiquiti, Inc. | 1164431 |
| 10127 | Western Digital Corporation | 1654042 |
|  |  | 14815307 |
|  | **TECHNOLOGY SERVICES - 3.6%** |  |
| 14359 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | 1018771 |
| 4292 | Amdocs Ltd. | 328252 |
| 15359 | Automatic Data Processing, Inc. | 3921152 |
| 23746 | Block, Inc.<sup>(a)</sup> | 1586233 |
| 778 | CACI International, Inc., Class A<sup>(a)</sup> | 480104 |
| 5158 | CDW Corporation | 743887 |
| 16654 | Chime Financial, Inc.<sup>(a)</sup> | 351899 |
| 2829 | Corpay, Inc.<sup>(a)</sup> | 836818 |
| 16387 | CoStar Group, Inc.<sup>(a)</sup> | 1127426 |
| 2249 | EPAM Systems, Inc.<sup>(a)</sup> | 420563 |
| 4556 | Equifax, Inc. | 967558 |
| 6018 | ExlService Holdings, Inc.<sup>(a)</sup> | 239095 |
| 918 | Fair Isaac Corporation<sup>(a)</sup> | 1657751 |
| 6862 | Genpact Ltd. | 302340 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 3.6% (Continued)** |  |
| 2946 | Jack Henry & Associates, Inc. | $514018 |
| 9528 | Kyndryl Holdings, Inc.<sup>(a)</sup> | 246108 |
| 1483 | MarketAxess Holdings, Inc. | 243049 |
| 2926 | MSCI, Inc. | 1649445 |
| 14310 | Paychex, Inc. | 1598284 |
| 3753 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | 276896 |
| 24324 | Toast, Inc., Class A<sup>(a)</sup> | 831638 |
| 5668 | Verisk Analytics, Inc. | 1275697 |
|  |  | 20616984 |
|  | **TELECOMMUNICATIONS - 0.1%** |  |
| 10994 | AST SpaceMobile, Inc.<sup>(a)</sup> | 617863 |
|  | **TRANSPORTATION & LOGISTICS - 2.9%** |  |
| 4198 | CH Robinson Worldwide, Inc. | 666936 |
| 63395 | CSX Corporation | 2241648 |
| 26646 | Delta Air Lines, Inc. | 1708009 |
| 5026 | Expeditors International of Washington, Inc. | 738319 |
| 8421 | FedEx Corporation | 2321502 |
| 3851 | JB Hunt Transport Services, Inc. | 669920 |
| 6539 | Knight-Swift Transportation Holdings, Inc. | 299486 |
| 7672 | Norfolk Southern Corporation | 2240914 |
| 8412 | Old Dominion Freight Line, Inc. | 1138059 |
| 1502 | Ryder System, Inc. | 260161 |
| 1048 | Saia, Inc.<sup>(a)</sup> | 295075 |
| 32008 | United Parcel Service, Inc., Class B | 3066047 |
| 4538 | XPO, Inc.<sup>(a)</sup> | 644668 |
|  |  | 16290744 |
|  | **TRANSPORTATION EQUIPMENT - 0.6%** |  |
| 3296 | Allison Transmission Holdings, Inc. | 292223 |
| 19597 | PACCAR, Inc. | 2065916 |
| 6003 | Westinghouse Air Brake Technologies Corporation | 1251926 |
|  |  | 3610065 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.4%** |  |
| 18710 | Archer-Daniels-Midland Company | 1136445 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **INSPIRE 500 ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES - 0.4% (Continued)** |  |  |  |
| 7733 | Bunge Global S.A. |  |  | $742909 |
| 5850 | Performance Food Group Company<sup>(a)</sup> |  |  | 567860 |
|  |  |  |  | 2447214 |
|  | **WHOLESALE - DISCRETIONARY - 0.3%** |  |  |  |
| 39134 | Copart, Inc.<sup>(a)</sup> |  |  | 1525444 |
| 1502 | Pool Corporation |  |  | 365887 |
|  |  |  |  | 1891331 |
|  | **TOTAL COMMON STOCKS (Cost $499,546,495)** |  |  | 563943120 |
|  |  | **Expiration Date** | **Exercise Price** |  |
|  | **WARRANT — 0.0%<sup>(b)</sup>** |  |  |  |
|  | **RETAIL - DISCRETIONARY - 0.0% <sup>(b)</sup>** |  |  |  |
| 1272 | GameStop Corporation **(Cost $0)** <sup>(a)</sup> | 11/02/2026 | $32.00 | 4248 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $499,546,495)** |  |  | $563947368 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** |  |  | 1764311 |
|  | **NET ASSETS - 100.0%** |  |  | $565711679 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamloze 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** |
| **November 30, 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;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $110774986 | $218218355 | $446947773 | $309559340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $513,056, $2,131,966, $10,949,534, $0) | $126771856 | $227260503 | $454556035 | $360831826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 219014 | 1408851 | 3918777 | 660516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies (Cost $74,156, $0, $0 and $0, respectively) | 74303 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 409204 |  |  | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 123330 | 219826 | 4903649 | 213703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 4731 | 10360 | 19464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 127597707 | 228893911 | 463388821 | 361727546 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending collateral payable | 533842 | 2179984 | 11279708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  | 2403855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees payable | 63457 | 54402 | 22964 | 32108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 32190 | 52992 | 108877 | 81781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 5732 | 7883 | 17688 | 13360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 28906 | 24149 | 25812 | 21021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 664127 | 2319410 | 13858904 | 148270 |
| **NET ASSETS** | $**126933580** | $**226574501** | $**449529917** | $**361579276** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $112540466 | $226003027 | $461189145 | $362374770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 14393114 | 571474 | (11659228) | (795494) |
| **NET ASSETS** | $**126933580** | $**226574501** | $**449529917** | $**361579276** |
| **Net Asset Value Per Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**126933580** | $**226574501** | $**449529917** | $**361579276** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **2950000** | **5900000** | **18600000** | **7950000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**43.03** | $**38.40** | $**24.17** | $**45.48** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inspire International**<br>**ETF** | **Inspire Capital**<br>**Appreciation ETF** | **Inspire**<br>**Growth ETF** | **Inspire Fidelis Multi**<br>**Factor ETF** |<br>**Inspire 500 ETF** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $354721544 | $87465141 | $96024070 | $107852348 | $499546495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $1,551,039, $0, $0, $0, $0) | $411863070 | $89675223 | $119438280 | $118383701 | $563947368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 2570471 | 66016 | 136665 | 251119 | 1240295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies (Cost $424,047, $0, $0, $0 and $0, respectively) | 425206 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  | 1825188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 1641842 | 11126 |  | 13019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 425160 | 52424 | 41278 | 115002 | 566930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 5485 | 1609 | 2789 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 416931234 | 89806398 | 121444200 | 118762841 | 565754593 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending collateral payable | 1652323 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  | 1824399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 150745 | 37056 | 37773 | 40903 | 42914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees payable | 97973 | 14875 | 12268 | 24742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 5641 | 4541 | 6878 | 3181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 25911 | 25874 | 18226 | 19076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1932593 | 82346 | 1899544 | 87902 | 42914 |
| **NET ASSETS** | $**414998641** | $**89724052** | $**119544656** | $**118674939** | $**565711679** |
| **Net Assets Consist Of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $368223985 | $94978307 | $106703220 | $114580799 | $505445654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 46774656 | (5254255) | 12841436 | 4094140 | 60266025 |
| **NET ASSETS** | $**414998641** | $**89724052** | $**119544656** | $**118674939** | $**565711679** |
| **Net Asset Value Per Share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**414998641** | $**89724052** | $**119544656** | $**118674939** | $**565711679** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **11600000** | **3050000** | **3275000** | **3300000** | **2225000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**35.78** | $**29.42** | $**36.50** | $**35.96** | $**254.25** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended November 30, 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;&nbsp;Dividends | $3064146 | $3405706 | $— | $4593389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 18309 | 40297 | 18240597 | 18555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 7661 | 69284 | 1999 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (348652) | (38426) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2741464 | 3476861 | 18242596 | 4612837 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 356988 | 593852 | 1165525 | 969749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 137946 | 78230 | 25876 | 36749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 119999 | 128971 | 241744 | 179337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 23677 | 18048 | 18045 | 17142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 15212 | 15201 | 15220 | 15182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 14971 | 15711 | 15244 | 11185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 13180 | 14296 | 17599 | 15779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 12346 | 26235 | 29707 | 33222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 10826 | 16674 | 23799 | 20330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 4190 | 3989 | 5683 | 6181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 5903 | 9615 | 18915 | 9583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 715238 | 920822 | 1577357 | 1314439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser |  |  |  | (182987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 715238 | 920822 | 1577357 | 1131452 |
| **NET INVESTMENT INCOME** | 2026226 | 2556039 | 16665239 | 3481385 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 10629065 | 11117976 | 341138 | 29293025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (958762) | (275387) | (357054) | (2058938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1618) |  |  | (30) |
|  | 9668685 | 10842589 | (15916) | 27234057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2012418 | (21212994) | 7186190 | (4460451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 33768 |  |  |  |
|  | 2046186 | (21212994) | 7186190 | (4460451) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | 11714871 | (10370405) | 7170274 | 22773606 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**13741097** | $**(7814366)** | $**23835513** | $**26254991** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Inspire ETFs*** |
| **STATEMENTS OF OPERATIONS (Continued)** |
| **For the Year Ended November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inspire International**<br>**ETF** | **Inspire Capital**<br>**Appreciation ETF** | **Inspire**<br>**Growth ETF** | **Inspire Fidelis Multi**<br>**Factor ETF** | <br>**Inspire 500 ETF** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $11410338 | $1660225 | $880415 | $1334643 | $5462105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 30687 | 12349 | 4012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 59700 | 230 | 159 | 2724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclaim income | 690316 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (2254521) | (10163) | (573) | (17990) | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 9936520 | 1662641 | 884013 | 1319377 | 5461936 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 1548244 | 427187 | 529372 | 403832 | 329043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 215458 | 75701 | 67793 | 76259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 200272 | 18048 | 13730 | 25603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 33628 | 3410 | 13715 | 8657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 22094 | 10855 | 8706 | 11405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 18124 | 18065 | 17811 | 17794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 15853 | 12021 | 13433 | 12003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 15197 | 15095 | 15080 | 15119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 14859 | 13311 | 10465 | 10608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 4785 | 3292 | 2694 | 2993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 15416 | 12300 | 13826 | 10184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 2103930 | 609285 | 706625 | 594457 | 329043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser |  |  | (54103) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 2103930 | 609285 | 652522 | 594457 | 329043 |
| **NET INVESTMENT INCOME** | 7832590 | 1053356 | 231491 | 724920 | 5132893 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 21038543 | 10006669 | 4532922 | 19657777 | 22641576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (421764) | 935562 | (5434313) | (6608804) | (4750326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (21397) | (89) | (17) | 66 | 820 |
|  | 20595382 | 10942142 | (901408) | 13049039 | 17892070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 38615481 | (8034369) | 10257281 | (1225180) | 38870326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 96928 | 16 | 62 | 39 |  |
|  | 38712409 | (8034353) | 10257343 | (1225141) | 38870326 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 59307791 | 2907789 | 9355935 | 11823898 | 56762396 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**67140381** | $**3961145** | $**9587426** | $**12548818** | $**61895289** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2026226 | $2199441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 9668685 | 26944794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 2046186 | (1775682) |
| Net increase in net assets resulting from operations | 13741097 | 27368553 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (2046360) | (2698930) |
| Net decrease in net assets resulting from distributions to shareholders | (2046360) | (2698930) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 39556120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (34021369) | (81741323) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 5534751 | (81741323) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 17229488 | (57071700) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 109704092 | 166775792 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**126933580** | $**109704092** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (850000) | (2200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 150000 | (2200000) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2556039 | $2307550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions and investments | 10842589 | 19175485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (21212994) | 30220362 |
| Net increase (decrease) in net assets resulting from operations | (7814366) | 51703397 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (2406290) | (2458940) |
| Net decrease in net assets resulting from distributions to shareholders | (2406290) | (2458940) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 67455148 | 63933739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (43522560) | (69346878) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 23932588 | (5413139) |
| **TOTAL INCREASE IN NET ASSETS** | 13711932 | 43831318 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 212862569 | 169031251 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**226574501** | $**212862569** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1850000 | 1750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1200000) | (1950000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 650000 | (200000) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $16665239 | $12267879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions and investments | (15916) | 694305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 7186190 | 8382659 |
| Net increase in net assets resulting from operations | 23835513 | 21344843 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (16493690) | (12185950) |
| Net decrease in net assets resulting from distributions to shareholders | (16493690) | (12185950) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 138019765 | 166835228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (28381535) | (76104963) |
| Net increase in net assets resulting from shares of beneficial interest | 109638230 | 90730265 |
| **TOTAL INCREASE IN NET ASSETS** | 116980053 | 99889158 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 332549864 | 232660706 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**449529917** | $**332549864** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 5800000 | 7100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1200000) | (3200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 4600000 | 3900000 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $3481385 | $3340395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 27234057 | 34078726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (4460451) | 53538833 |
| Net increase in net assets resulting from operations | 26254991 | 90957954 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (3411235) | (3597375) |
| Net decrease in net assets resulting from distributions to shareholders | (3411235) | (3597375) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 94543194 | 116829272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (109249884) | (159284769) |
| Net decrease in net assets resulting from shares of beneficial interest | (14706690) | (42455497) |
| **TOTAL INCREASE IN NET ASSETS** | 8137066 | 44905082 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 353442210 | 308537128 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**361579276** | $**353442210** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2300000 | 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2700000) | (4200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (400000) | (1100000) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $7832590 | $6705509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 20595382 | 13342843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 38712409 | 5297249 |
| Net increase in net assets resulting from operations | 67140381 | 25345601 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (9143905) | (7509030) |
| Net decrease in net assets resulting from distributions to shareholders | (9143905) | (7509030) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 121684074 | 76917626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (66766457) | (20358989) |
| Net increase in net assets resulting from shares of beneficial interest | 54917617 | 56558637 |
| **TOTAL INCREASE IN NET ASSETS** | 112914093 | 74395208 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 302084548 | 227689340 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**414998641** | $**302084548** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3600000 | 2550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2050000) | (700000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1550000 | 1850000 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1053356 | $1233496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 10942142 | 8548754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (8034353) | 7521681 |
| Net increase in net assets resulting from operations | 3961145 | 17303931 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (1093312) | (1260097) |
| Net decrease in net assets resulting from distributions to shareholders | (1093312) | (1260097) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 34863885 | 6454888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (43608226) | (10328616) |
| Net decrease in net assets resulting from shares of beneficial interest | (8744341) | (3873728) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5876508) | 12170106 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 95600560 | 83430454 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**89724052** | $**95600560** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1275000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1600000) | (400000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (325000) | (150000) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $231491 | $391363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions, investments and foreign currency transactions | (901408) | 2929323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 10257343 | 12066443 |
| Net increase in net assets resulting from operations | 9587426 | 15387129 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (300102) | (497272) |
| Net decrease in net assets resulting from distributions to shareholders | (300102) | (497272) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 52073394 | 27151965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (16319619) | (12633966) |
| Net increase in net assets resulting from shares of beneficial interest | 35753775 | 14517999 |
| **TOTAL INCREASE IN NET ASSETS** | 45041099 | 29407856 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 74503557 | 45095701 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**119544656** | $**74503557** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1500000 | 925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (500000) | (425000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1000000 | 500000 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $724920 | $766170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions, investments and foreign currency transactions | 13049039 | 12042085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (1225141) | 6852844 |
| Net increase in net assets resulting from operations | 12548818 | 19661099 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (5892098) | (954623) |
| Net decrease in net assets resulting from distributions to shareholders | (5892098) | (954623) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 109760380 | 45394608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (92389091) | (40032935) |
| Net increase in net assets resulting from shares of beneficial interest | 17371289 | 5361673 |
| **TOTAL INCREASE IN NET ASSETS** | 24028009 | 24068149 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 94646930 | 70578781 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**118674939** | $**94646930** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3425000 | 1475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2900000) | (1300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 525000 | 175000 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Period Ended**<br>**November 30, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $5132893 | $1527948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions and investments | 17892070 | (151924) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 38870326 | 25530547 |
| Net increase in net assets resulting from operations | 61895289 | 26906571 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings: | (4691580) | (1049460) |
| Net decrease in net assets resulting from distributions to shareholders | (4691580) | (1049460) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 312063561 | 249123235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (68732380) | (9803557) |
| Net increase in net assets resulting from shares of beneficial interest | 243331181 | 239319678 |
| **TOTAL INCREASE IN NET ASSETS** | 300534890 | 265176789 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 265176789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $**565711679** | $**265176789** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1350000 | 1225000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (300000) | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1050000 | 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 Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $39.18 | $33.36 | $32.21 | $38.68 | $32.12 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.67 | 0.61 | 0.61 | 0.57 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.88 | 5.96 | 1.11 | (3.62) | 6.46 |
| Total from investment operations | 4.55 | 6.57 | 1.72 | (3.05) | 7.24 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.70) | (0.75) | (0.57) | (0.52) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (2.90) |  |
| Total distributions | (0.70) | (0.75) | (0.57) | (3.42) | (0.68) |
| Net asset value, end of year | $43.03 | $39.18 | $33.36 | $32.21 | $38.68 |
| Total return (3) | 11.77% | 19.83% | 5.43% | (8.59)% | 22.63% |
| Net assets, at end of year (000s) | $126934 | $109704 | $166776 | $136910 | $137329 |
| Ratio of gross expenses to average net assets | 0.60% | 0.58% | 0.56% | 0.61% (5) | 0.49% |
| Ratio of net expenses to average net assets | 0.60% | 0.58% | 0.56% | 0.61% (4) | 0.49% |
| Ratio of net investment income to average net assets | 1.70% | 1.67% | 1.87% | 1.74% | 2.08% |
| Portfolio Turnover Rate (2) | 29% | 41% | 41% | 51% | 94% |

---

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

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

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 Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $40.55 | $31.01 | $31.67 | $36.13 | $27.74 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.47 | 0.45 | 0.40 | 0.38 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.18) | 9.57 | (0.72) | (1.46) | 8.32 |
| Total from investment operations | (1.71) | 10.02 | (0.32) | (1.08) | 8.70 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.48) | (0.34) | (0.32) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (3.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.06) |  |
| Total distributions | (0.44) | (0.48) | (0.34) | (3.38) | (0.31) |
| Net asset value, end of year | $38.40 | $40.55 | $31.01 | $31.67 | $36.13 |
| Total return (3) | (4.16)% | 32.53% | (0.98)% | (3.34)% | 31.44% |
| Net assets, at end of year (000s) | $226575 | $212863 | $169031 | $125113 | $124658 |
| Ratio of gross expenses to average net assets | 0.47% | 0.49% | 0.53% | 0.54% | 0.48% (5) |
| Ratio of net expenses to average net assets | 0.47% | 0.49% | 0.53% | 0.54% | 0.52% (4) |
| Ratio of net investment income to average net assets | 1.29% | 1.25% | 1.30% | 1.21% | 1.08% |
| Portfolio Turnover Rate (2) | 47% | 46% | 44% | 43% | 168% |

---

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

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

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 Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $23.75 | $23.04 | $22.99 | $25.89 | $26.48 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 1.03 | 0.98 | 0.79 | 0.37 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.40 | 0.71 | 0.03 | (2.85) | (0.57) |
| Total from investment operations | 1.43 | 1.69 | 0.82 | (2.48) | (0.30) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (1.01) | (0.98) | (0.77) | (0.35) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.07) |  |
| Total distributions | (1.01) | (0.98) | (0.77 | (0.42) | (0.29) |
| Net asset value, end of year | $24.17 | $23.75 | $23.04 | $22.99 | $25.89 |
| Total return (3) | 6.16% | 7.44% | 3.62 | (9.64)% | (1.15)% |
| Net assets, at end of year (000s) | $449530 | $332550 | $232661 | $223013 | $238225 |
| Ratio of gross expenses to average net assets | 0.41% | 0.43% | 0.44 | 0.45% | 0.44% |
| Ratio of net expenses to average net assets | 0.41% | 0.43% | 0.44 | 0.45% | 0.44% |
| Ratio of net investment income to average net assets | 4.29% | 4.17% | 3.43 | 1.56% | 1.04% |
| Portfolio Turnover Rate (2) | 28% | 26% | 45 | 47% | 126% |

---

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

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

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 Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $42.33 | $32.65 | $31.72 | $44.17 | $35.98 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.44 | 0.38 | 0.34 | 0.35 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.15 | 9.70 | 0.89 | (5.81) | 8.39 |
| Total from investment operations | 3.59 | 10.08 | 1.23 | (5.46) | 8.82 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.40) | (0.30) | (0.33) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.66) | (0.20) |
| Total distributions | (0.44) | (0.40) | (0.30) | (6.99) | (0.63) |
| Net asset value, end of year | $45.48 | $42.33 | $32.65 | $31.72 | $44.17 |
| Total return (3) | 8.59% | 31.02% | 3.91% | (14.69)% | 24.79% |
| Net assets, at end of year (000s) | $361579 | $353442 | $308537 | $277538 | $295962 |
| Ratio of gross expenses to average net assets (4) | 0.41% | 0.41% | 0.43% | 0.45% | 0.42% |
| Ratio of net expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Ratio of net investment income to average net assets | 1.08% | 0.99% | 1.06% | 1.05% | 1.04% |
| Portfolio Turnover Rate (2) | 19% | 26% | 33% | 28% | 100% |

---

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

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

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 Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $30.06 | $27.77 | $26.32 | $33.64 | $29.40 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.75 | 0.72 | 0.70 | 0.61 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.83 | 2.38 | 1.38 | (3.36) | 4.22 |
| Total from investment operations | 6.58 | 3.10 | 2.08 | (2.75) | 5.03 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.86) | (0.81) | (0.63) | (0.60) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (3.97) |  |
| Total distributions | (0.86) | (0.81) | (0.63) | (4.57) | (0.79) |
| Net asset value, end of year | $35.78 | $30.06 | $27.77 | $26.32 | $33.64 |
| Total return (3) | 22.18% | 11.20% | 8.01% | (9.32)% | 17.11% |
| Net assets, at end of year (000s) | $414999 | $302085 | $227689 | $140829 | $111009 |
| Ratio of net expenses to average net assets | 0.61% | 0.66% | 0.73% | 0.80% | 0.69% |
| Ratio of net investment income to average net assets | 2.27% | 2.40% | 2.55% | 2.29% | 2.38% |
| Portfolio Turnover Rate (2) | 23% | 34% | 37% | 61% | 106% |

---

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

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $28.33 | $23.67 | $23.37 | $30.09 | $26.26 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.34 | 0.36 | 0.57 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.09 | 4.66 | 0.34 | (4.22) | 4.93 |
| Total from investment operations | 1.43 | 5.02 | 0.91 | (4.01) | 5.13 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.36) | (0.61) | (0.11) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (2.60) | (1.05) |
| Total distributions | (0.34) | (0.36) | (0.61) | (2.71) | (1.30) |
| Net asset value, end of year | $29.42 | $28.33 | $23.67 | $23.37 | $30.09 |
| Total return (3) | 5.12% | 21.38% | 4.03% | (14.63)% | 20.49% |
| Net assets, at end of year (000s) | $89724 | $95601 | $83430 | $105734 | $109824 |
| Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.71% | 0.69% | 0.69% |
| Ratio of net investment income to average net assets | 1.23% | 1.38% | 2.46% | 0.84% | 0.70% |
| Portfolio Turnover Rate (2) | 288% | 52% | 314% | 469% | 114% |

---

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

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **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;&nbsp;Net investment income (2) | 0.09 | 0.19 | 0.27 | 0.28 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.78 | 7.40 | 1.33 | (4.21) | 4.26 |
| Total from investment operations | 3.87 | 7.59 | 1.60 | (3.93) | 4.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.25) | (0.24) | (0.24) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.08) |  |
| Total distributions | (0.12) | (0.25) | (0.24) | (1.32) | (0.04) |
| Net asset value, end of period | $36.50 | $32.75 | $25.41 | $24.05 | $29.30 |
| Total return (4) | 11.90% | 30.00% | 6.72% | (13.89)% | 17.35% (6) |
| Net assets, at end of period (000s) | $119545 | $74504 | $45096 | $40282 | $43944 |
| Ratio of gross expenses to average net assets (5) | 0.87% | 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) | 0.28% | 0.64% | 1.11% | 1.18% | 0.27% |
| Portfolio Turnover Rate (3) | 26% | 82% | 11% | 95% | 270% (6) |

---

(1) The Inspire Growth 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 and Redemptions 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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **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;&nbsp;Net investment income (2) | 0.26 | 0.28 | 0.30 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.71 | 7.03 | 1.01 | 1.05 |
| Total from investment operations | 3.97 | 7.31 | 1.31 | 1.08 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.35) | (0.22) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.90) |  |  |  |
| Total distributions | (2.12) | (0.35) | (0.22) | (0.02) |
| Net asset value, end of period | $35.96 | $34.11 | $27.15 | $26.06 |
| Total return (4) | 12.65% | 27.12% | 5.09% | 4.33% (6) |
| Net assets, at end of period (000s) | $118675 | $94647 | $70579 | $46915 |
| Ratio of net expenses to average net assets (5) | 0.66% | 0.69% | 0.76% | 1.09% |
| Ratio of net investment income to average net assets (5) | 0.81% | 0.92% | 1.13% | 0.48% |
| Portfolio Turnover Rate (3) | 233% | 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 and Redemptions 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 Year or Period Presented |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Period Ended**<br>**November 30, 2024 (1)** |
| Net asset value, beginning of period | $225.68 | $200.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 3.23 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 28.40 | 24.95 |
| Total from investment operations | 31.63 | 26.91 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (3.06) | (1.23) |
| Total distributions | (3.06) | (1.23) |
| Net asset value, end of period | $254.25 | $225.68 |
| Total return (4) | 14.20% | 13.52% (6) |
| Net assets, at end of period (000s) | $565712 | $265177 |
| Ratio of net expenses to average net assets (5) | 0.09% | 0.09% |
| Ratio of net investment income to average net assets (5) | 1.40% | 1.38% |
| Portfolio Turnover Rate (3) | 30% | 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 and Redemptions 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 November 30, 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 Capital Appreciation ETF ("RISN") formerly known as "Inspire Tactical Balanced ETF", Inspire Growth ETF ("GLRY") formerly known as "Inspire Momentum ETF", 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.

**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 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.

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

**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 any 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 Chief Operating Decision Maker ("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 the Funds' portfolio managers and the Chief Financial Officer of the Trust. 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 ("NO. 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 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

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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 be illiquid; 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 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.

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

**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. 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 (Continued) November 30, 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 November 30, 2025 for the Funds' assets measured at value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BLES | BLES | BLES | BLES | BLES | BLES |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $125788260 | $— | $— |  | $125788260 |
| Collateral For Securities Loaned | 533842 |  |  |  | 533842 |
| Preferred Stock | 449754 |  |  |  | 449754 |
| Right |  |  |  | ^ |  |
| Total | $126771856 | $— | $— |  | $126771856 |
| ISMD | ISMD | ISMD | ISMD | ISMD | ISMD |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $225080519 | $— | $— |  | $225080519 |
| Collateral For Securities Loaned | 2179984 |  |  |  | 2179984 |
| Rights |  |  |  | ^ |  |
| Total | $227260503 | $— | $— |  | $227260503 |
| IBD | IBD | IBD | IBD | IBD | IBD |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Corporate Bonds | $— | $443276327 | $— |  | $443276327 |
| Collateral For Securities Loaned | 11279708 |  |  |  | 11279708 |
| Total | $11279708 | $443276327 | $— |  | $454556035 |
| BIBL | BIBL | BIBL | BIBL | BIBL | BIBL |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $360831826 | $— | $— |  | $360831826 |
| Total | $360831826 | $— | $— |  | $360831826 |
| WWJD | WWJD | WWJD | WWJD | WWJD | WWJD |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $407367123 | $— | $— |  | $407367123 |
| Collateral For Securities Loaned | 1652323 |  |  |  | 1652323 |
| Preferred Stock | 2843624 |  |  |  | 2843624 |
| Total | $411863070 | $— | $— |  | $411863070 |
| RISN | RISN | RISN | RISN | RISN | RISN |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $72191845 | $— | $— |  | $72191845 |
| Exchange Traded Fund | 17483378 |  |  |  | 17483378 |
| Total | $89675223 | $— | $— |  | $89675223 |
| GLRY | GLRY | GLRY | GLRY | GLRY | GLRY |
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $119438280 | $— | $— |  | $119438280 |
| Total | $119438280 | $— | $— |  | $119438280 |

---

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| FDLS | FDLS | FDLS | FDLS | FDLS |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $118383701 | $— | $— | $118383701 |
| Total | $118383701 | $— | $— | $118383701 |
| PTL | PTL | PTL | PTL | PTL |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $563943120 | $— | $— | $563943120 |
| Warrant |  | 4248 |  | 4248 |
| Total | $563943120 | $4248 | $— | $563947368 |

---

\* See Schedule of Investments for industry classification.

---

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

---

BLES and ISMD held Level 3 securities at the end of the year. 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, 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

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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.

**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.

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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

For the year ended November 30, 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** | $36198490 | $34416179 |
| **ISMD** | $95025308 | $93972094 |
| **IBD** | $127033620 | $107550449 |
| **BIBL** | $64326727 | $63838917 |
| **WWJD** | $88569194 | $80206152 |
| **RISN** | $249984574 | $246675985 |
| **GLRY** | $21915189 | $21863657 |
| **FDLS** | $214501064 | $212830914 |
| **PTL** | $113803922 | $111204502 |

---

For the year ended November 30, 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** | $36592433 | $32755387 |
| **ISMD** | $66854351 | $43229911 |
| **IBD** | $113361613 | $28262215 |
| **BIBL** | $93217731 | $108122311 |
| **WWJD** | $104833527 | $62723743 |
| **RISN** | $31626999 | $43333016 |
| **GLRY** | $51952196 | $16300910 |
| **FDLS** | $102557562 | $92172998 |
| **PTL** | $309486827 | $68947169 |

---

**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.

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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 year ended November 30, 2025, each Fund incurred the following in advisory fees:

---

| | | |
|:---|:---|:---|
| **Ticker** | **ANNUAL RATE** | **TOTAL ADVISORY FEE** |
| **BLES** | 0.30% | $356988 |
| **ISMD** | 0.30% | $593852 |
| **IBD** | 0.30% | $1165525 |
| **BIBL** | 0.30% | $969749 |
| **WWJD** | 0.45% | $1548244 |
| **RISN** | 0.50% | $427187 |
| **GLRY** | 0.65% | $529372 |
| **FDLS** | 0.45% | $403832 |
| **PTL** | 0.09% | $329043 |

---

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 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 year ended November 30, 2025, the Adviser waived fees and/or reimbursed expenses in the amount of $182,987 and $54,103 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** | **11/30/2026** | **11/30/2027** | **11/30/2028** |
| **BIBL** | $103906 | $186741 | $182987 |
| **GLRY** | $52197 | $101431 | $54103 |

---

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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 officers and Trustees, contractual indemnification of 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 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.

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

**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 shares 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 depository trust company ("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 year ended November 30, 2025, the fixed and variable fees were as follows:

---

| | | |
|:---|:---|:---|
| **Ticker** | **FIXED FEES** | **VARIABLE FEES** |
| **BLES** | $8500 | $— |
| **ISMD** | $9500 | $— |
| **IBD** | $11000 | $— |
| **BIBL** | $11750 | $— |
| **WWJD** | $20500 | $— |
| **RISN** | $5750 | $— |
| **GLRY** | $10750 | $— |
| **FDLS** | $6750 | $— |
| **PTL** | $43512 | $— |

---

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

---

| | | |
|:---|:---|:---|
| <br>**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.

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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

The tax character of fund distributions paid for the years ended November 30, 2025, and November 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the year ended November 30, 2025:** | **For the year ended November 30, 2025:** | **For the year ended November 30, 2025:** | **For the year ended November 30, 2025:** | **For the year ended November 30, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Ticker** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| BLES | $2046360 | $— | $— | $2046360 |
| ISMD | 2406290 |  |  | 2406290 |
| IBD | 16493690 |  |  | 16493690 |
| BIBL | 3411235 |  |  | 3411235 |
| WWJD | 9143905 |  |  | 9143905 |
| RISN | 1093312 |  |  | 1093312 |
| GLRY | 300102 |  |  | 300102 |
| FDLS | 2061497 | 3830601 |  | 5892098 |
| PTL | 4691580 |  |  | 4691580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the year ended November 30, 2024:** | **For the year ended November 30, 2024:** | **For the year ended November 30, 2024:** | **For the year ended November 30, 2024:** | **For the year ended November 30, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Ticker** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| BLES | $2698930 | $— | $— | $2698930 |
| ISMD | 2458940 |  |  | 2458940 |
| IBD | 12185950 |  |  | 12185950 |
| BIBL | 3597375 |  |  | 3597375 |
| WWJD | 7509030 |  |  | 7509030 |
| RISN | 1260097 |  |  | 1260097 |
| GLRY | 497272 |  |  | 497272 |
| FDLS | 954623 |  |  | 954623 |
| PTL | 1049460 |  |  | 1049460 |

---

As of November 30, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Ticker** | **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)** |
| BLES | $456323 | $— | $— | $(1295479) | $— | $15232270 | $14393114 |
| ISMD | 248090 |  |  | (7372858) |  | 7696242 | 571474 |
| IBD | 567228 |  |  | (19634003) |  | 7407547 | (11659228) |
| BIBL | 300419 |  |  | (52247444) |  | 51151531 | (795494) |
| WWJD | 1615122 |  |  | (7729768) |  | 52889302 | 46774656 |
| RISN | 75419 |  |  | (7481258) |  | 2151584 | (5254255) |
| GLRY |  |  |  | (10572774) |  | 23414210 | 12841436 |
| FDLS | 269795 |  |  | (6596919) |  | 10421264 | 4094140 |
| PTL | 857383 |  |  | (4584055) |  | 63992697 | 60266025 |

---

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.

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

At November 30, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ticker** | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| BLES | $— | $1295479 | $1295479 | $— |
| ISMD |  | 7372858 | 7372858 |  |
| IBD | 5298230 | 14335773 | 19634003 |  |
| BIBL | 16208531 | 36038913 | 52247444 |  |
| WWJD |  | 7729768 | 7729768 | 536220 |
| RISN | 6981929 | 499329 | 7481258 | 1167941 |
| GLRY | 9215364 | 1357410 | 10572774 |  |
| FDLS | 6596919 |  | 6596919 |  |
| PTL | 2581451 | 2002604 | 4584055 |  |

---

Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions, adjustments for prior year tax returns, and distributions in excess, resulted in reclassifications for the Funds for the year ended November 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Ticker** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| BLES | $10486408 | $(10486408) |
| ISMD | 10666606 | (10666606) |
| IBD | 341138 | (341138) |
| BIBL | 29279739 | (29279739) |
| WWJD | 20458475 | (20458475) |
| RISN | 10005494 | (10005494) |
| GLRY | 4476186 | (4476186) |
| FDLS | 19657958 | (19657958) |
| PTL | 22593356 | (22593356) |

---

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

At November 30, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Ticker** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| BLES | $111559831 | $23437623 | $(8225598) | $15212025 |
| ISMD | 219564261 | 32377296 | (24681054) | 7696242 |
| IBD | 447148488 | 8898702 | (1491155) | 7407547 |
| BIBL | 309680295 | 72777040 | (21625509) | 51151531 |
| WWJD | 359043799 | 74866325 | (22047054) | 52819271 |
| RISN | 87523548 | 3048676 | (897001) | 2151675 |
| GLRY | 96024070 | 27226295 | (3812085) | 23414210 |
| FDLS | 107962299 | 16160110 | (5738708) | 10421402 |
| PTL | 499954671 | 88401663 | (24408966) | 63992697 |

---

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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

Effective July 24, 2025, under an agreement (the "Securities Lending Agreement") with Mitsubishi UFJ Trust and Banking Corporation, 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 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. Prior to July 24, 2025, the Funds had a Securities Lending Agreement with Brown Brothers Harriman.

As of November 30, 2025, the below table shows the securities on loan and collateral for the loan, both of which are presented gross on the Statements 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** | $513056 | $533842 |
| **ISMD** | 2131966 | 2179984 |
| **IBD** | 10949534 | 11279708 |
| **WWJD** | 1551039 | 1652323 |

---

As of November 30, 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 November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and | Up to | | Greater than | |
| Collateral | Continuous | 30 Days | 30-90 days | 90 days | Total |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | $533842 | $— | $— | $— | $533842 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 2179984 |  |  |  | $2179984 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 11279708 |  |  |  | $11279708 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 1652323 |  |  |  | $1652323 |

---

***The Inspire ETFs* NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

**9.** **ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Fund management is evaluating the impacts of these changes on the Fund's financial statements.

**10.** **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.

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 November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Ticker | Income Dividend Per Share | Record Date | Payable Date |
| BLES | $0.2194 | 12/17/2025 | 12/24/2025 |
| ISMD | $0.1005 | 12/17/2025 | 12/24/2025 |
| IBD | $0.1210 | 12/17/2025 | 12/24/2025 |
| BIBL | $0.0961 | 12/17/2025 | 12/24/2025 |
| WWJD | $0.2856 | 12/17/2025 | 12/24/2025 |
| RISN | $0.0730 | 12/17/2025 | 12/24/2025 |
| GLRY | $0.0079 | 12/17/2025 | 12/24/2025 |
| FDLS | $0.0957 | 12/17/2025 | 12/24/2025 |
| PTL | $0.7576 | 12/17/2025 | 12/24/2025 |

---

![(COHEN LOGO)](in002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of the Inspire ETFs and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Northern Lights Fund Trust IV comprising the funds listed below (the "Funds"), as of November 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years/periods ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Statements of |  |
|  | Statements of | Changes in Net |  |
| Fund Name | Operations | Assets | Financial Highlights |
| Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF (formerly known as Inspire Tactical Balanced ETF), Inspire Growth ETF (formerly known as Inspire Momentum ETF), and Inspire Fidelis Multi Factor ETF | For the year ended November 30, 2025 | For the years ended November 30, 2025 and 2024 | For the years ended November 30, 2025, 2024, and 2023 |
| Inspire 500 ETF | For the year ended November 30, 2025 | For the year ended November 30, 2025, and for the period from March 25, 2024 (commencement of operations) through November 30, 2024 | For the year ended November 30, 2025, and for the period from March 25, 2024 (commencement of operations) through November 30, 2024 |

---

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](in003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 28, 2026

***The Inspire ETFs* Additional Information (Unaudited) November 30, 2025**

**FOREIGN TAX CREDIT (Unaudited)**

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended November 30, 2025 and November 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended 11/30/2025** | **Foreign Taxes Paid** | **Foreign Source Income** |
| Inspire International ETF | $0.10 | $0.79 |
| Inspire Global Hope ETF | 0.10 | 0.50 |

---

---

| | | |
|:---|:---|:---|
| **For fiscal year ended 11/30/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| Inspire International ETF | $0.10 | $0.78 |

---

***The Inspire ETFs* Additional Information (Unaudited) November 30, 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**

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on October 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 500 ETF ("Inspire 500"). 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 500, 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 Inspire 500. The Board noted that Inspire provided portfolio design, pre-trade compliance, trade order management and distribution efforts to the Inspire 500. The Board discussed the factors that Inspire considered when selecting broker-dealers for portfolio transactions. The Board reviewed Inspire's practices for monitoring compliance. The Board concluded that it could expect Inspire to continue providing high quality services to Inspire 500 and its shareholders.

*<u>Performance.</u>* The Board noted that Inspire 500 maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board observed that Inspire 500, with net returns of 17.08% for the 1-year period ended July 31, 2025, outperformed its Morningstar category median of 15.48% and peer group median of 15.29%. The Board further observed that Inspire 500 was in the first quartile of its peer group and Morningstar category in terms of net returns for the 1-year period ended July 31, 2025. The Board noted that Inspire 500

***The Inspire ETFs* Additional Information (Unaudited)(Continued) November 30, 2025**

underperformed its peer group and Morningstar category medians for the since inception period ended July 31, 2025. The Board concluded that Inspire 500's performance was acceptable.

*<u>Fees and Expenses.</u>* The Board observed that Inspire 500's advisory fee of 0.09% was lower than its peer group and Morningstar category medians and averages. The Board determined that Inspire's advisory fee for Inspire 500 was not unreasonable.

*<u>Profitability.</u>* The Board reviewed the profitability analysis provided by Inspire for Inspire 500. The Board observed that Inspire was operating Inspire 500 at a loss. The Board determined that excessive profitability was not an issue for Inspire with respect to Inspire 500 at this time.

*<u>Economies of Scale.</u>* The Board considered whether economies of scale had been reached with respect to the management of Inspire 500. 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 between Inspire and the Trust, on behalf of Inspire 500, was in the best interests of Inspire 500 and its 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) 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) 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) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(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>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Wendy Wang |
| Wendy Wang, Principal Executive Officer/President |

---

Date <u>02/06/2026</u> <br>

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 <u>02/06/2026</u> <br>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Sam Singh |
| Sam Singh, Principal Financial Officer/Treasurer |

---

Date <u>02/06/2026</u>

## 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 ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth 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: | 02/06/2026 | /s/ Wendy Wang |
|  |  | 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 ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth 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: | 02/06/2026 | /s/ Sam Singh |
|  |  | 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 November 30, 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 |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 02/06/2026 | Date: | 02/06/2026 |

---

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.

## Ex-99.Code

**Attachment 12.B – Trust Code of Ethics**

**<u>Northern Lights Fund Trust IV</u>**

**CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Introduction*** 

Northern Lights Fund Trust IV (the "Trust") and each series thereof (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**1.** **The interests of the Funds must always be paramount** 

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**2.** **Access Persons may not take advantage of their relationship with the Funds** 

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**3.** **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest** 

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**4.** **Access Persons must comply with all applicable laws** 

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

 ****

&nbsp;&nbsp;&nbsp;&nbsp;***II.***  ***DEFINITIONS*** 

**1.** **"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under
the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;a. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;b. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;c. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;d. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**2.** **"Beneficial Ownership"** means in general and subject to the specific provisions
of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any
contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**3.** **"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of each
Trust with respect to Trustees and officers of the respective Trust, or the CCO of the Advisers with respect to Advisers personnel.

**4.** **"Code"** means this Code of Ethics.

**5.** **"Covered Security"** means any Security, except (i) direct obligations of the
U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini,
NLCS, or NLD.

**6.** "**Decision Making Access Person"** means any Access Person who, in connection with
his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase
or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases
or sales. Decision Makers typically are Adviser personnel.

**7.** **"Funds"** means series of the Trust.

**8.** **"Immediate family"** means an individual's spouse, child, stepchild, grandchild,
parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary
interest" in securities, only ownership by "immediate family" members sharing the same household as the Access
Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**9.** **"Independent Trustees"** means those Trustees of the Trust that would not be deemed
an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**10.** **"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities
held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a
general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's
right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not
constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's
right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable;
and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company,
investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**11.** **"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit
or share in any profit derived from a transaction in securities.

**12.** **"Personal Securities Transaction"** means any transaction in a Covered Security
in which an Access Person has a direct or indirect Pecuniary Interest.

**13.** **"Purchase or Sale of a Security"** includes the writing of an option to purchase
or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation
to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the
recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted
List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**14.** **"Restricted List"** means the list of securities maintained by the Chief Compliance
Officer in which trading by Access Persons is generally prohibited.

**15.** **"Security"** means any note, stock, treasury stock, bond, debenture, evidence
of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization
certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as
"security", or any certificate or interest or participation in temporary or interim

certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**16.** **"Advisers"** means the Advisers to the Trust.

**17.** **"Trust"** mean Northern Lights Fund Trust IV.

&nbsp;&nbsp;&nbsp;&nbsp;***III.***  ***PROHIBITED ACTIONS AND ACTIVITIES*** 

1. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he
or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or
should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;a. is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;b. is being purchased or sold by a Fund.

2. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities
in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior written authorization from the
Chief Compliance Officer or his designee prior to such participation;

3. No Access Person, with the exception of the Independent Trustees, may purchase a Covered Security
in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written
authorization of the acquisition by the Chief Compliance Officer or his designee;

4. Access Persons may not accept any fee, commission, gift, entertainment, or services, other than
de minimus gifts or entertainment, from any single person or entity that does business with, on behalf of, or in hoping to do business
with the Trust. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates
which provide services to the Trust, or an Access Person of a Fund's investment Adviser or Sub-Adviser will be subject to the applicable
gift and gratuities policies of the Trust's principal underwriter or an Access Person of a Fund's investment Adviser or Sub-Adviser
as applicable;

5. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company
without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would
be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such
Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the
Trust.

6. Advanced notice should be given so that the Trust or Advisers may take such action concerning the
conflict as deemed appropriate by the Chief Compliance Officer or his designee.

7. Decision-Making Access Persons may execute a Personal Securities Transaction involving a Covered
Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance
Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance Officer or his
designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

8. It shall be a violation of this Code for any Access Person, in connection with the purchase or
sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a
material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud
or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;***IV.***  ***EXEMPTED TRANSACTIONS*** 

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

1. Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial
Ownership;

2. Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example,
the receipt of stock dividends);

3. Purchase of Securities made as part of automatic dividend reinvestment plans;

4. Purchases of Securities made as part of an employee benefit plan involving the periodic purchase
of company stock or mutual Funds; and

5. Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all
holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;***V.***  ***PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS*** 

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief

Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;***VI.***  ***REPORTING AND MONITORING*** 

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity, and other activities covered by this Code, of all Access Persons pursuant to the procedures established under this Code. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

2. INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

3. ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

4. QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates which provide services to the Trust or an Access Person of a Fund's investment Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, investment Adviser, or Sub-Adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

&nbsp;&nbsp;&nbsp;&nbsp;***VII.***  ***ENFORCEMENTS AND PENALTIES*** 

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trust Board of Trustees.

Upon being informed of a violation of this Code, the Trust Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

1. Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

2. Identify any violations of this Code and any significant remedial action taken during the prior year; and;

3. Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;***VIII.***  ***ACKNOWLEDGMENT*** 

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.