Form N-CSR Northern Lights Fund For: Nov 30

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February 8, 2023 12:58 PM EST

E-mail

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 811-23066

Northern Lights Fund Trust IV

(Exact name of registrant as specified in charter)

225 Pictoria Drive , Suite 450,Cincinnati, Ohio 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-490-4300

Date of fiscal year end: 11/30

Date of reporting period: 11/30/22

Item 1. Reports to Stockholders.

Inspire Global Hope ETF (BLES)

Inspire Small/Mid Cap ETF (ISMD)

Inspire Corporate Bond ETF (IBD)

Inspire 100 ETF (BIBL)

Inspire International ETF (WWJD)

(formerly known as Inspire International ESG ETF)

Inspire Tactical Balanced ETF (RISN)

(formerly known as Inspire Tactical Balanced ESG ETF)

Inspire Faithward Mid Cap Momentum ETF (GLRY)

(formerly known as Inspire Faithward Mid Cap Momentum ESG ETF)

Inspire Fidelis Multi Factor ETF (FDLS)

Annual Report

November 30, 2022

1-877-658-9473

www.inspireetf.com

INSPIRE ETF ANNUAL REPORT

SHAREHOLDER LETTER (unaudited)

Dear Shareholders:

We are honored and privileged to present you with the Annual Report for the Inspire Investing suite of Exchange Traded Funds (ETFs) as of November 30, 2022.

With a slowing economy, the highest inflation numbers in four decades and the Federal Reserve raising interest rates at an accelerated rate over the past year we have seen the much anticipated correction in the equity markets turn into a true bear market. Not all the headwinds are resolved, but we are exceedingly grateful to look back at 2022 and see the protection and provision that God gave us at Inspire, as well as our advisors and clients. We could not do what we do without you and we sincerely appreciate the trust you have placed in Inspire by investing in one or more of the ETFs.

BLES – Inspire Global Hope ETF

As the global economy slowed down due to high inflation and increased interest rates, BLES participated in the market correction with negative returns over the past twelve months ended November 30, 2022. BLES has a target weight of 50% US Large Cap stocks, 40% international developed markets stocks and 10% emerging markets stocks. The US markets along with the international and emerging markets all slipped into bear market territory during the year but rallied to finish the fiscal year just outside the “correction” threshold of down -10% or more. For the twelve months ended November 30, 2022, BLES was down -8.54% on a market price basis and -8.59% on the NAV. Since inception (2-27-2017) BLES has an annualized return of 8.14% on a market price basis and 8.09 on the NAV.

ISMD – Inspire Small/Mid Cap ETF

The small cap and mid cap markets actually outperformed the large cap market for the year by being down less. Even with the small cap and mid cap markets outperforming the large cap markets they fell short of positive returns. For the twelve months ended November 30, 2022, ISMD returned -4.07% on a market price basis and -3.34% on the NAV. Since inception (2-27-2017), ISMD has an annualized return of 7.36% on a market price basis and 7.49% on the NAV.

IBD – Inspire Corporate Bond ETF

The Federal Reserve jumped off the sidelines and initiated the most aggressive interest rate increase path over the past year that we have seen in quite some time as well as trimming their balance sheet at the same time. Due to rising inflation and a slowing economy, interest rates rose dramatically during the year across the yield curve manifesting in negative total returns for IBD over the past fiscal year. We believe interest rates will continue to move upward for the next 6 months but should peak in early 2023. For the twelve months ended November 30, 2022, IBD returned -9.20% on a market price basis and -9.64% on the NAV. Since inception (7-10-2017), IBD has an annualized return of 0.36% on a market price basis and 0.31% on the NAV.

BIBL – Inspire 100 ETF

BIBL has 100 US Large Cap positions that are capitalization weighted and is designed to give advisors and investors a biblically responsible alternative to the popular market cap weighted

funds that are so prevalent in the marketplace (i.e. SPY or VOO). BIBL suffered along with the correction in the US and global markets and suffered double-digit negative returns this year. For the twelve months ended November 30, 2022, BIBL was down -14.85% on a market price basis and -14.69% on the NAV. Since inception (10-30-2017) BIBL has an annualized return of 9.61% on a market price basis and 9.64% on the NAV.

WWJD – Inspire International ETF

WWJD reached its 3^rd anniversary on 9-30-2022 and holds approximately 200 stocks with an 80% exposure to international developed markets and 20% to emerging markets. Although the international and emerging markets participated in the global market correction along with the US large cap markets, the performance has been in line with expectations given the global market pullback. We believe the global economy will recover in the coming couple of years and the international and emerging markets should play a more positive role in portfolios in 2023. For the twelve months ended November 30, 2022, WWJD was down -9.34% on a market price basis and -9.32% on the NAV. Since inception (9-30-2019), WWJD has an annualized return of 7.95% on a market price basis and 7.69% on the NAV.

RISN – Inspire Tactical Balanced ETF

RISN was launched in the middle of the pandemic on 7-15-2020 and now has more than two full years of history. RISN holds an 80% exposure to US large cap stocks and 20% to US fixed income during normal market condition but is adjusted to a neutral allocation of 50% US large cap stocks/50% US fixed income or a conservative allocation of 20% US large cap stocks/80% US fixed income when deemed appropriate by the portfolio managers. RISN has been in a very defensive/conservative allocation most of the fiscal year due to the risk metrics seen during the market correction/bear market. It is possible for the fund to transition toward the normal market allocation targets in 2023 but that will depend on how the market and economy move in the next few months. For the twelve months ended November 30, 2022, RISN was down -14.56% on a market price basis and -14.63% on the NAV. Since inception (7-15-2020), RISN has an annualized return of 3.40% on a market price basis and 3.36% on the NAV.

GLRY – Inspire Faithward Mid Cap Momentum ETF

GLRY was launched as an active fund in the mid cap momentum space. GLRY will hold between 35 and 45 stocks that have a market capitalization between $3 billion and $13 billion and that the portfolio managers believe have the best opportunity for outperformance in the near term. GLRY utilizes a dual screening approach that overlays a quantitative investment screening process, called FEVRR, on top of the Inspire Impact Score methodology, which identifies some of the most inspiring, biblically aligned companies in the world. The FEVRR process screens companies based on financial health, earnings trends, valuation, relative strength, and risk to find high-quality stocks with strong earning potential. For the twelve months ended November 30, 2022, GLRY was down -14.07% on a market price basis and -13.89% on the NAV. Since inception (12-07-2020), GLRY has an annualized return of 0.49% on a market price basis and 0.53% on the NAV.

FDLS – Inspire Fidelis Multi Factor ETF

FDLS was launched on 8-23-2022 as a globally diversified fund with exposure to companies across the large cap, mid cap, small cap and micro space as well as international developed and emerging markets. FDLS holds 100 positions to replicate the holdings and weights of the WI Fidelis Multi-Cap, Multi-Factor Index. In addition to using the Inspire Impact Score as one of the factors, the index also incorporates fundamental and quantitative factor analysis to select the constituents on a quarterly rebalancing

schedule. Since FDLS has less than twelve months of history as of November 30, 2022, the performance since inception (8-23-2022), is 4.69% on a market price basis and 4.33% on the NAV.

Closing Comments

2022 has been another challenging year as the world saw a slowing economy, rising interest rates, high inflation and continued geo-political tensions that have brought on a global correction in the capital markets. Some believe this is a bear market that isn’t ready to go into hibernation yet. We have all been subject to some difficulties this year but we are thankful to God our Father for His provision and protection. We pray the Lord has protected and provided for you and your family and will keep you safe and healthy in the coming year. We are also grateful to be part of the mission of making a positive impact in the world through these ETFs alongside you, our brothers and sisters in Christ and fellow shareholders.

Even with the many challenges mentioned above we hope that we can return to a more normal year in 2023. The bottom line is that - God is Sovereign, and our trust is in Him, not in politicians or the markets.

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

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

Sincerely,

Darrell Jayroe

Senior Portfolio Manager

Inspire Investing

The views in this report were those of the Author as of November 30, 2022 and may not reflect their views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

Inspire, the Adviser, provides certain indices that the Inspire ETFs track. The indices use software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies, and practices when assigning Inspire Impact Scores to a company. The securities with the highest Inspire Impact Scores are included in the indices and are equally weighted. As an ETF may not fully replicate its index, it is subject to the risk that investment management strategy may not produce the intended results. There is no guarantee that the Funds will achieve their objective, generate positive returns, or avoid losses.

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

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

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

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

Inspire and Foreside Distributors, LLC are not affiliated.

Inspire Global Hope ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire Global Hope ETF - NAV	(8.59)%	7.99%	6.80%	8.09%
Inspire Global Hope ETF - Market Price	(8.54)%	7.67%	6.92%	8.14%
Inspire Global Hope Large Cap Equal Weight Index ***	(8.25)%	7.85%	7.19%	8.47%
S&P Global 1200 Total Return Index ****	(9.40)%	8.01%	7.81%	9.47%

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

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) did not exceed 0.52% of average daily net assets. Effective April 1, 2022 the Fund does not have a waiver agreement in place. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.49% per the March 30, 2022 prospectus.

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

***

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

****

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

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

Inspire Global Hope ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Oil & Gas Producers		7.9	%
Banking		7.0	%
Electric Utilities		6.2	%
Medical Equipment & Devices		4.3	%
Chemicals		4.1	%
Semiconductors		3.6	%
Metals & Mining		3.5	%
Insurance		3.5	%
Software		3.4	%
Technology Services		3.3	%
Collateral For Securities Loaned		0.7	%
Other Sectors		52.0	%
Other Assets in Excess of Liabilities		0.5	%
		100.0	%

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

Inspire Small/Mid Cap ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire Small/Mid Cap Impact ETF - NAV	(3.34)%	9.07%	7.06%	7.49%
Inspire Small/Mid Cap Impact ETF - Market Price	(4.07)%	8.80%	6.91%	7.36%
Inspire Small/Mid Cap Impact Equal Weight Index ***	(2.87)%	11.06%	8.41%	8.82%
S&P SmallCap 600 Equal Weight Total Return Index ****	(5.98)%	12.25%	8.09%	8.63%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) did not exceed 0.60% of average daily net assets. Effective April 1, 2022 the Fund does not have a waiver agreement in place. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.48% per the March 30, 2022 prospectus.

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

***

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

****

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

Inspire Small/Mid Cap ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Banking		10.1	%
Machinery		4.4	%
Semiconductors		4.1	%
Biotech & Pharma		3.9	%
Software		3.9	%
Chemicals		3.8	%
Technology Hardware		3.8	%
Insurance		3.4	%
Retail - Discretionary		3.1	%
Home Construction		3.0	%
Collateral For Securities Loaned		0.8	%
Other Sectors		55.6	%
Other Assets in Excess of Liabilities		0.1	%
		100.0	%

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

Inspire Corporate Bond ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire Corporate Bond Impact ETF - NAV	(9.64)%	(2.07)%	0.26%	0.31%
Inspire Corporate Bond Impact ETF - Market Price	(9.20)%	(2.05)%	0.20%	0.36%
Inspire Corporate Bond Impact Equal Weight Index ***	(9.36)%	(0.39)%	1.69%	1.76%
Bloomberg U.S. Intermediate Credit Total Return Index ****	(8.93)%	(1.08)%	1.15%	1.23%

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

***

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

****

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

Inspire Corporate Bond ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Real Estate Investment Trusts		20.0	%
Oil & Gas Producers		11.0	%
Electric Utilities		6.5	%
Commercial Support Services		6.3	%
Technology Services		6.2	%
Electrical Equipment		4.2	%
Semiconductors		3.5	%
Oil & Gas Services & Equipment		3.4	%
Food		2.9	%
Medical Equipment & Devices		2.8	%
Other Sectors		32.0	%
Other Assets in Excess of Liabilities		1.2	%
		100.0	%

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

Inspire 100 ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

				Annualized
		Annualized	Annualized	Since Inception** -
	One Year	Three Year	Five Year	November 30, 2022
Inspire 100 ETF - NAV	(14.69)%	9.55%	9.21%	9.64%
Inspire 100 ETF - Market Price	(14.85)%	9.50%	9.18%	9.61%
Inspire 100 Index ***	(14.61)%	10.50%	10.17%	10.58%
S&P 500 Total Return Index ****	(9.21)%	10.91%	10.98%	11.47%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.35% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated by the Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 0.42% per the March 30, 2022 prospectus.

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

***

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

****

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

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

Inspire 100 ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Technology Services		10.9	%
Semiconductors		10.0	%
Medical Equipment & Devices		10.0	%
Software		8.2	%
Commercial Support Services		4.7	%
Electrical Equipment		4.6	%
Residential Reit		3.7	%
Metals & Mining		3.5	%
Industrial Reit		3.2	%
Oil & Gas Producers		3.0	%
Other Sectors		38.1	%
Other Assets in Excess of Liabilities		0.1	%
		100.0	%

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

Inspire International ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmarks:

			Annualized
		Annualized	Since Inception** -
	One Year	Three Year	November 30, 2022
Inspire International ETF - NAV	(9.32)%	6.04%	7.69%
Inspire International ETF - Market Price	(9.34)%	6.04%	7.95%
Inspire Global Hope Ex-US Index ***	(9.18)%	4.34%	6.01%
S&P International 700 Total Return Index ****	(9.72)%	3.22%	4.49%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser had contractually agreed to reduce its fees and/or absorb expenses of the Fund until March 31, 2022 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) did not exceed 0.80% of average daily net assets. Effective April 1, 2022 the Fund does not have a aiver agreement in place. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. The Fund’s total annual operating expenses (gross) are 0.69% per the March 30, 2022 prospectus.

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

***

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

****

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

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

Inspire International ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Banking		11.4	%
Electric Utilities		8.8	%
Oil & Gas Producers		7.9	%
Metals & Mining		5.9	%
Chemicals		4.7	%
Insurance		4.4	%
Transportation & Logistics		4.1	%
Telecommunications		3.2	%
Real Estate Owners & Developers		3.1	%
Machinery		3.1	%
Collateral For Securities Loaned		0.4	%
Other Sectors		43.0	%
Other Assets in Excess of Liabilities		0.0	% *
		100.0	%

Amount Less than 0.1%

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

Inspire Tactical Balanced ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmark:

		Since Inception** -
	One Year	November 30, 2022
Inspire Tactical Balanced ETF - NAV	(14.63)%	3.36%
Inspire Tactical Balanced ETF - Market Price	(14.56)%	3.40%
S&P Target Risk Moderate Index ***	(10.80)%	0.64%

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

***

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

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

Inspire Tactical Balanced ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

The Fund’s Top Asset Types are as follows:

Asset Type	% of Net Assets
Exchange Traded Fund
Fixed Income		93.6	%
Common Stock
Technology Services		0.6	%
Medical Equipment & Devices		0.6	%
Semiconductors		0.6	%
Software		0.5	%
Commercial Support Services		0.3	%
Electrical Equipment		0.3	%
Residential Reit		0.2	%
Metals & Mining		0.2	%
Industrial Reit		0.2	%
Oil & Gas Producers		0.2	%
Other Sectors		1.9	%
Other Assets in Excess of Liabilities		0.8	%
		100.0	%

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

Inspire Faithward Mid Cap Momentum ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmark:

		Since Inception** -
	One Year	November 30, 2022
Inspire Faithward Mid Cap Momentum ETF - NAV	(13.89)%	0.53%
Inspire Faithward Mid Cap Momentum ETF - Market Price	(14.07)%	0.49%
S&P MidCap 400 Index® ***	(3.29)%	8.98%

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least March 31, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.80% of average daily net assets. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund if such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. This agreement may be terminated by the Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses (gross) are 1.02% per the March 30, 2022 prospectus.

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

***

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

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

Inspire Faithward Mid Cap Momentum ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Insurance		10.3	%
Oil & Gas Producers		7.6	%
Retail - Discretionary		5.9	%
Health Care Facilities & Services		5.5	%
Chemicals		5.3	%
Retail - Consumer Staples		5.3	%
Steel		5.3	%
Gas & Water Utilities		5.2	%
Semiconductors		3.6	%
Construction Materials		3.0	%
Other Sectors		41.4	%
Other Assets in Excess of Liabilities		1.6	%
		100.0	%

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

Inspire Fidelis Multi Factor ETF

PORTFOLIO REVIEW (Unaudited)

November 30, 2022

The Fund’s performance figures* for the periods ended November 30, 2022, as compared to its benchmark:

	Since Inception** -
	November 30, 2022
Inspire Fidelis Multi Factor ETF - NAV	4.33%
Inspire Fidelis Multi Factor ETF - Market Price	4.69%
WI Fidelis Multi-Cap, Multi-Factor Index ***	4.92%

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

***

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

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

Inspire Fidelis Multi Factor ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
November 30, 2022

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

(LINE GRAPH)

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

Sectors/Industries	% of Net Assets
Banking		8.7	%
Technology Hardware		8.2	%
Semiconductors		7.1	%
Biotech & Pharma		6.9	%
Oil & Gas Producers		6.6	%
Retail - Discretionary		6.6	%
Electrical Equipment		5.0	%
Steel		4.6	%
Commercial Support Services		4.2	%
Software		3.8	%
Other Sectors		36.3	%
Other Assets in Excess of Liabilities		2.0	%
		100.0	%

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

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8%
		AEROSPACE & DEFENSE - 1.6%
	2,035	HEICO Corporation	$	330,301
	3,216	Safran S.A.		393,438
	865	Teledyne Technologies, Inc.^(a)		363,387
	5,002	Textron, Inc.		357,043
	2,684	Thales S.A.		341,582
	557	TransDigm Group, Inc.		350,075
				2,135,826
		APPAREL & TEXTILE PRODUCTS - 0.8%
	3,115	Cie Financiere Richemont S.A.		408,344
	252	Hermes International		404,991
	63,286	PRADA SpA		346,378
				1,159,713
		ASSET MANAGEMENT - 2.0%
	24,406	3i Group plc		396,777
	7,082	Brookfield Asset Management, Inc., Class A		333,894
	4,048	Charles Schwab Corporation (The)		334,122
	4,202	Groupe Bruxelles Lambert S.A.		335,442
	20,439	Investor A.B.		375,742
	6,500	KKR & Company, Inc.		337,480
	1,347	LPL Financial Holdings, Inc.		318,848
	367	Partners Group Holding A.G.		358,739
				2,791,044
		AUTOMOTIVE - 1.5%
	13,072	Cie Generale des Etablissements Michelin SCA		363,981
	6,631	Continental A.G.		395,732
	6,033	Denso Corporation		328,293
	1,577	Ferrari N.V.		351,750
	209,741	Geely Automobile Holdings Ltd.		305,585
	5,894	Toyota Industries Corporation		333,363
				2,078,704
		BANKING - 7.0%
	480,916	Bank Mandiri Persero Tbk P.T.		323,696
	992,962	Bank Rakyat Indonesia Persero Tbk P.T.		316,234
	6,681	Canadian Imperial Bank of Commerce		321,792

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		BANKING - 7.0% (Continued)
	4,847	Commonwealth Bank of Australia	$	354,872
	36,170	Credit Agricole S.A.		362,152
	23,471	Danske Bank A/S		418,723
	4,348	East West Bancorp, Inc.		305,273
	12,733	First Horizon Corporation		316,415
	2,226	First Republic Bank		284,060
	45,470	Grupo Financiero Banorte S.A.B. de C.V.		365,007
	13,949	ICICI Bank Ltd. - ADR		330,870
	177,775	Intesa Sanpaolo SpA		393,039
	20,327	KakaoBank Corporation^(a)		390,484
	6,207	KBC Group N.V.		341,068
	1,660	M&T Bank Corporation		282,233
	2,829	Macquarie Group Ltd.		343,179
	158,781	Malayan Banking Bhd		308,240
	15,419	National Australia Bank Ltd.		330,108
	15,841	OTP Bank Nyrt		433,179
	66,575	Powszechna Kasa Oszczednosci Bank Polski S.A.		420,666
	323,612	Public Bank Bhd		327,579
	14,572	Regions Financial Corporation		338,216
	29,200	Skandinaviska Enskilda Banken A.B.		354,344
	36,971	Standard Bank Group Ltd.		385,492
	866	SVB Financial Group^(a)		200,721
	35,791	Svenska Handelsbanken A.B., A Shares		360,177
	22,342	Swedbank A.B., A Shares		360,076
	16,094	United Overseas Bank Ltd.		369,006
				9,636,901
		BEVERAGES - 0.5%
	6,887	Coca-Cola Europacific Partners plc		365,631
	3,351	Monster Beverage Corporation^(a)		344,684
				710,315
		BIOTECH & PHARMA - 1.8%
	1,442	Alnylam Pharmaceuticals, Inc.^(a)		318,091
	969	Biohaven Ltd.^(a)		15,330
	2,449	Celltrion, Inc.		330,540

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		BIOTECH & PHARMA - 1.8% (Continued)
	11,658	Chugai Pharmaceutical Company Ltd.	$	305,963
	1,574	CSL Ltd.		320,644
	4,708	Horizon Therapeutics plc^(a)		472,165
	4,401	Incyte Corporation^(a)		350,628
	4,225	UCB S.A.		337,982
				2,451,343
		CABLE & SATELLITE - 0.3%
	3,890	Liberty Broadband Corporation - Series A^(a)		350,878

		CHEMICALS - 4.1%
	2,573	Air Liquide S.A.		370,535
	5,178	Akzo Nobel N.V.		368,037
	1,108	Albemarle Corporation		308,013
	3,044	CF Industries Holdings, Inc.		329,330
	1,845,839	Chandra Asri Petrochemical Tbk P.T.		282,123
	460	EMS-Chemie Holding A.G.		316,940
	96	Givaudan S.A.		321,184
	2,590	Koninklijke DSM N.V.		330,024
	3,905	LyondellBasell Industries N.V., Class A		331,964
	6,058	Mosaic Company (The)		310,775
	5,867	Novozymes A/S, Class B		336,906
	3,484	Nutrien Ltd.		280,008
	2,636	PPG Industries, Inc.		356,440
	3,501	RPM International, Inc.		362,774
	3,106	Sociedad Quimica y Minera de Chile S.A., Class B		307,356
	2,998	Symrise A.G.		340,313
	3,386	Westlake Corporation		364,503
				5,617,225
		COMMERCIAL SUPPORT SERVICES - 1.9%
	753	Cintas Corporation		347,721
	6,354	Edenred		347,424
	4,983	Eurofins Scientific S.E.		344,833
	2,151	Republic Services, Inc.		299,613
	8,435	Rollins, Inc.		341,111

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		COMMERCIAL SUPPORT SERVICES - 1.9% (Continued)
	137	SGS S.A.	$	318,504
	2,157	Waste Connections, Inc.^(b)		311,309
	1,827	Waste Management, Inc.		306,424
				2,616,939
		CONSTRUCTION MATERIALS - 2.2%
	2,343	Advanced Drainage Systems, Inc.		227,880
	1,042	Carlisle Companies, Inc.		274,161
	8,183	Cie de Saint-Gobain		372,958
	9,149	CRH plc		363,161
	7,075	Holcim Ltd.		364,554
	901	Martin Marietta Materials, Inc.		330,198
	34,148	Siam Cement PCL (The) - ADR		326,561
	1,456	Sika A.G.		364,654
	1,849	Vulcan Materials Company		338,977
				2,963,104
		CONTAINERS & PACKAGING - 0.8%
	27,298	Amcor plc - ADR		332,980
	9,228	International Paper Company		342,543
	2,616	Packaging Corp of America		355,489
				1,031,012
		DATA CENTER REIT - 0.2%
	2,963	Digital Realty Trust, Inc.		333,219

		DIVERSIFIED INDUSTRIALS - 0.8%
	12,013	Alfa Laval A.B.		340,645
	2,506	Dover Corporation		355,727
	1,614	Illinois Tool Works, Inc.		367,137
				1,063,509
		ELECTRIC UTILITIES - 6.2%
	3,010,534	AC Energy Corporation		379,452
	12,969	AES Corporation (The)		375,063
	5,533	Alliant Energy Corporation		311,508
	6,991	Avangrid, Inc.		299,005
	10,431	CenterPoint Energy, Inc.		324,508

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		ELECTRIC UTILITIES - 6.2% (Continued)
	38,929	CLP Holdings Ltd.	$	282,096
	38,087	E.ON S.E.		362,061
	67,605	EDP - Energias de Portugal S.A.		318,303
	14,180	EDP Renovaveis S.A.		325,765
	7,169	Emera, Inc.		279,105
	19,397	Endesa S.A.		357,707
	2,765,202	Enel Americas S.A.		365,256
	71,397	Enel SpA		381,905
	25,456	Engie S.A.		385,102
	2,908	Entergy Corporation		338,113
	4,930	Evergy, Inc.		291,905
	7,650	Fortis, Inc.^(b)		307,897
	22,324	Fortum OYJ		353,886
	213,058	Gulf Energy Development PCL - ADR		321,391
	31,431	Iberdrola S.A.		353,017
	17,430	SSE plc		359,014
	164,748	Tenaga Nasional Bhd		349,100
	47,754	Terna Rete Elettrica Nazionale SpA		363,703
	3,470	Verbund A.G.		311,100
	3,276	WEC Energy Group, Inc.		324,783
				8,420,745
		ELECTRICAL EQUIPMENT - 2.1%
	2,569	AMETEK, Inc.		365,877
	4,354	Amphenol Corporation, Class A		350,192
	15,810	Assa Abloy A.B., Class B		358,863
	16,867	Delta Electronics Thailand PCL		322,602
	1,652	Generac Holdings, Inc.^(a)		174,319
	1,846	Keysight Technologies, Inc.^(a)		333,923
	810	Roper Technologies, Inc.		355,501
	1,864	Schindler Holding A.G.		348,946
	5,347	Trimble, Inc.^(a)		319,483
				2,929,706
		ENGINEERING & CONSTRUCTION - 0.7%
	12,970	Ferrovial S.A.		345,939

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		ENGINEERING & CONSTRUCTION - 0.7% (Continued)
	2,294	Quanta Services, Inc.	$	343,825
	15,589	Sitios Latinoamerica S.A.B. de C.V.^(a)		6,950
	2,654	WSP Global, Inc.		318,343
				1,015,057
		ENTERTAINMENT CONTENT - 0.3%
	63,404	Bollore S.E.		354,079

		FOOD - 2.6%
	10,676	Ajinomoto Company, Inc.		335,162
	154	Barry Callebaut A.G.		312,947
	6,241	Campbell Soup Company		334,954
	74,635	China Mengniu Dairy Company Ltd.		332,528
	30	Chocoladefabriken Lindt & Spruengli A.G.		314,488
	8,946	Conagra Brands, Inc.		339,769
	4,457	Darling Ingredients, Inc.^(a)		320,146
	82,496	Grupo Bimbo S.A.B. de C.V.		350,126
	6,453	Hormel Foods Corporation		303,291
	3,780	Lamb Weston Holdings, Inc.		328,482
	108,945	Wilmar International Ltd.		328,251
				3,600,144
		FORESTRY, PAPER & WOOD PRODUCTS - 0.8%
	23,409	Stora Enso OYJ, R Shares		340,843
	35,806	Suzano S.A.		364,460
	9,338	UPM-Kymmene OYJ		340,227
				1,045,530
		GAS & WATER UTILITIES - 1.0%
	2,872	Atmos Energy Corporation		345,214
	334,122	Hong Kong & China Gas Company Ltd.		284,040
	12,729	Naturgy Energy Group S.A.		355,160
	71,797	Snam SpA		364,147
				1,348,561
		HEALTH CARE FACILITIES & SERVICES - 1.6%
	4,042	Catalent, Inc.^(a)		202,625
	643	Elevance Health, Inc.		342,668

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 1.6% (Continued)
	13,640	Fresenius S.E. & Company KGaA	$	377,452
	1,586	ICON plc^(a)		341,688
	229,589	IHH Healthcare Bhd		299,543
	1,610	IQVIA Holdings, Inc.^(a)		351,012
	887	Molina Healthcare, Inc.^(a)		298,715
				2,213,703
		HEALTH CARE REIT - 0.5%
	12,749	Healthpeak Properties, Inc.		334,789
	7,279	Ventas, Inc.		338,692
				673,481
		HOME CONSTRUCTION - 1.0%
	4,328	DR Horton, Inc.		372,208
	683	Geberit A.G.		322,482
	3,903	Lennar Corporation, Class A		342,800
	73	NVR, Inc.^(a)		338,648
				1,376,138
		HOUSEHOLD PRODUCTS - 1.0%
	2,982	Beiersdorf A.G.		322,962
	4,093	Church & Dwight Company, Inc.		335,094
	14,885	Essity A.B. - Series B		362,395
	643	LG Household & Health Care Ltd.		323,472
				1,343,923
		INDUSTRIAL REIT - 0.8%
	27,807	Goodman Group		360,895
	5,739	Prologis, Inc.		675,996
				1,036,891
		INDUSTRIAL SUPPORT SERVICES - 1.0%
	6,654	Ashtead Group plc		399,095
	6,357	Fastenal Company		327,449
	1,078	United Rentals, Inc.^(a)		380,566
	1,133	Watsco, Inc.		304,754
				1,411,864
		INSTITUTIONAL FINANCIAL SERVICES - 1.7%
	121,780	B3 S.A. - Brasil Bolsa Balcao		299,336

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 1.7% (Continued)
	2,490	Cboe Global Markets, Inc.	$	315,832
	1,788	Deutsche Boerse A.G.		327,682
	8,527	Hong Kong Exchanges & Clearing Ltd.		334,060
	4,542	Interactive Brokers Group, Inc., Class A		364,722
	3,216	Intercontinental Exchange, Inc.		348,325
	3,491	London Stock Exchange Group plc		347,135
				2,337,092
		INSURANCE - 3.5%
	4,846	Brown & Brown, Inc.		288,773
	3,265	Cincinnati Financial Corporation		362,284
	18,163	Dai-ichi Life Holdings, Inc.		334,562
	636	Fairfax Financial Holdings Ltd.		364,903
	2,038	Intact Financial Corporation		304,921
	123,275	Legal & General Group plc		373,926
	5,860	Loews Corporation		340,759
	268	Markel Corporation^(a)		355,057
	12,872	Power Corp of Canada		323,819
	30,067	Prudential plc		355,017
	6,881	Sampo OYJ, A Shares		347,993
	660	Swiss Life Holding A.G.		349,843
	14,291	Tryg A/S		330,937
	4,533	W R Berkley Corporation		345,777
				4,778,571
		INTERNET MEDIA & SERVICES - 1.4%
	177	Booking Holdings, Inc.^(a)		368,064
	17,793,885	GoTo Gojek Tokopedia Tbk P.T.^(a)		171,828
	2,356	Naspers Ltd., N Shares		359,763
	5,613	Prosus N.V.		365,447
	3,817	REA Group Ltd.		319,491
	29,201	Snap, Inc., Class A^(a)		301,062
				1,885,655
		MACHINERY – 2.9%
	32,177	Atlas Copco A.B.		395,864
	1,788	Caterpillar, Inc.		422,700

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		MACHINERY – 2.9% (Continued)
	25,941	CNH Industrial N.V.	$	412,709
	2,049	FANUC Corporation		302,192
	4,857	Graco, Inc.		339,844
	1,377	Nordson Corporation		325,647
	1,200	Parker-Hannifin Corporation		358,728
	21,946	Sandvik A.B.		399,265
	707	SMC Corporation		316,216
	1,451	Snap-on, Inc.		349,111
	49,903	WEG S.A.		373,850
				3,996,126
		MEDICAL EQUIPMENT & DEVICES - 4.3%
	1,184	ABIOMED, Inc.^(a)		447,302
	1,402	Align Technology, Inc.^(a)		275,717
	701	Bio-Rad Laboratories, Inc., Class A^(a)		290,712
	2,900	Coloplast A/S - Series B		338,253
	3,523	Edwards Lifesciences Corporation^(a)		272,152
	2,150	EssilorLuxottica S.A.		397,161
	4,521	Hologic, Inc.^(a)		344,319
	889	IDEXX Laboratories, Inc.^(a)		378,598
	1,271	Insulet Corporation^(a)		380,499
	1,561	Intuitive Surgical, Inc.^(a)		422,079
	267	Mettler-Toledo International, Inc.^(a)		392,373
	1,551	Repligen Corporation^(a)		277,381
	1,343	ResMed, Inc.		309,159
	1,332	Sonova Holding A.G.		340,636
	1,436	Stryker Corporation		335,866
	1,082	Waters Corporation^(a)		375,021
	1,183	West Pharmaceutical Services, Inc.		277,603
				5,854,831
		METALS & MINING - 3.5%
	6,844	Agnico Eagle Mines Ltd.		344,703
	4,123	Anglo American Platinum Ltd.		410,200
	22,554	Antofagasta plc		382,983
	11,824	BHP Group Ltd.		365,347

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		METALS & MINING - 3.5% (Continued)
	26,896	Fortescue Metals Group Ltd.	$	353,818
	2,430	Franco-Nevada Corporation		354,955
	10,662	Freeport-McMoRan, Inc.		424,347
	6,978	Newmont Corporation		331,246
	55,077	Norsk Hydro ASA		405,950
	4,964	Rio Tinto Ltd.		369,369
	118,700	South32 Ltd.		323,903
	6,506	Southern Copper Corporation		396,996
	8,900	Wheaton Precious Metals Corporation		347,356
				4,811,173
		MULTI ASSET CLASS REIT - 0.5%
	35,937	Segro plc		342,616
	4,202	WP Carey, Inc.		331,118
				673,734
		OFFICE REIT - 0.4%
	2,078	Alexandria Real Estate Equities, Inc.		323,358
	3,883	Boston Properties, Inc.		279,887
				603,245
		OIL & GAS PRODUCERS - 7.9%
	10,233	Aker BP ASA		355,086
	9,628	Antero Resources Corporation^(a)		351,903
	8,631	APA Corporation		404,362
	6,271	Canadian Natural Resources Ltd.		374,397
	19,074	Cenovus Energy, Inc.		379,308
	3,124	Chesapeake Energy Corporation		323,334
	11,211	Coterra Energy, Inc.		312,899
	4,886	Devon Energy Corporation		334,789
	2,445	Diamondback Energy, Inc.		361,909
	89,319	ENEOS Holdings, Inc.		301,430
	27,553	Eni SpA		411,199
	2,636	EOG Resources, Inc.		374,127
	7,322	EQT Corporation		310,526
	8,974	Equinor ASA		345,482
	30,980	Inpex Corporation		343,938

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		OIL & GAS PRODUCERS - 7.9% (Continued)
	17,593	Kinder Morgan, Inc.	$	336,378
	52,467	MOL Hungarian Oil & Gas plc		376,366
	4,776	Occidental Petroleum Corporation		331,884
	8,054	OMV A.G.		420,910
	5,720	ONEOK, Inc.		382,782
	6,410	Ovintiv, Inc.		357,422
	27,359	Polski Koncern Naftowy ORLEN S.A.		398,186
	69,145	PTT Exploration & Production PCL - ADR		369,980
	64,290	Santos Ltd.		322,934
	4,846	Targa Resources Corporation - Series MLP		360,494
	6,256	TotalEnergies S.E.^,(b)		393,102
	5,622	Tourmaline Oil Corporation		342,170
	2,737	Valero Energy Corporation		365,718
	10,249	Williams Companies, Inc. (The)		355,640
	14,242	Woodside Energy Group Ltd.		360,497
				10,759,152
		OIL & GAS SERVICES & EQUIPMENT - 0.6%
	11,936	Halliburton Company		452,255
	8,199	Schlumberger N.V.		422,658
				874,913
		PUBLISHING & BROADCASTING - 0.2%
	5,583	Liberty Media Corp-Liberty Formula One - Series A^(a)		306,898

		REAL ESTATE OWNERS & DEVELOPERS - 1.6%
	48,703	CK Asset Holdings Ltd.		290,257
	65,806	Hongkong Land Holdings Ltd.		263,882
	234,807	Sino Land Company Ltd.		291,902
	537,932	SM Prime Holdings, Inc.		347,114
	12,997	Sumitomo Realty & Development Company Ltd.		349,764
	137,322	Swire Properties Ltd.		307,318
	13,765	Vonovia S.E.		336,883
				2,187,120
		RENEWABLE ENERGY - 0.7%
	1,054	Enphase Energy, Inc.^(a)		337,902

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		RENEWABLE ENERGY - 0.7% (Continued)
	2,211	First Solar, Inc.^(a)	$	381,464
	13,804	Plug Power, Inc.^(a)		220,312
				939,678
		RESIDENTIAL REIT - 1.7%
	2,455	Camden Property Trust		295,410
	4,633	Equity LifeStyle Properties, Inc.		307,724
	4,346	Equity Residential		281,882
	1,208	Essex Property Trust, Inc.		266,219
	8,651	Invitation Homes, Inc.		282,282
	1,880	Mid-America Apartment Communities, Inc.		309,974
	2,158	Sun Communities, Inc.		317,010
	7,019	UDR, Inc.		291,078
				2,351,579
		RETAIL - CONSUMER STAPLES - 1.2%
	15,682	Aeon Company Ltd.		320,604
	228,864	Cencosud S.A.		339,198
	1,218	Dollar General Corporation		311,418
	2,165	Dollar Tree, Inc.^(a)		325,378
	15,598	Jeronimo Martins SGPS S.A.		344,528
				1,641,126
		RETAIL - DISCRETIONARY - 1.3%
	136	AutoZone, Inc.^(a)		350,744
	4,409	CarMax, Inc.^(a)		305,808
	1,962	Genuine Parts Company		359,693
	22,579	SM Investments Corporation		375,850
	1,583	Tractor Supply Company		358,249
				1,750,344
		RETAIL REIT – 0.8%
	15,897	Kimco Realty Corporation		364,359
	5,034	Realty Income Corporation		317,494
	3,252	Simon Property Group, Inc.		388,418
				1,070,271
		SELF-STORAGE REIT - 0.4%
	1,701	Extra Space Storage, Inc.		273,334

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		SELF-STORAGE REIT - 0.4% (Continued)
	1,001	Public Storage	$	298,258
				571,592
		SEMICONDUCTORS - 3.6%
	2,093	Analog Devices, Inc.		359,808
	705	ASML Holding N.V.		412,143
	657	Broadcom, Inc.		362,027
	3,487	Entegris, Inc.		269,510
	13,622	Infineon Technologies A.G.		447,348
	966	KLA Corporation		379,782
	4,763	Microchip Technology, Inc.		377,182
	808	Monolithic Power Systems, Inc.		308,624
	1,970	NXP Semiconductors N.V.		346,405
	4,676	ON Semiconductor Corporation^(a)		351,635
	3,409	Skyworks Solutions, Inc.		325,969
	9,525	STMicroelectronics N.V.		357,808
	3,884	Teradyne, Inc.		362,960
	2,801	Wolfspeed, Inc.^(a)		254,667
				4,915,868
		SOFTWARE - 3.4%
	1,313	ANSYS, Inc.^(a)		333,896
	1,786	Cadence Design Systems, Inc.^(a)		307,263
	2,606	Check Point Software Technologies Ltd.^(a)		346,156
	5,207	Cloudflare, Inc., Class A^(a)		255,872
	8,706	Dassault Systemes S.E.		318,243
	3,540	Datadog, Inc.^(a)		268,261
	5,389	DocuSign, Inc.^(a)		253,660
	5,937	Fortinet, Inc.^(a)		315,611
	1,077	HubSpot, Inc.^(a)		326,363
	1,540	Nice Ltd.^(a)		292,065
	767	ServiceNow, Inc.^(a)		319,302
	6,118	SS&C Technologies Holdings, Inc.		328,904
	958	Synopsys, Inc.^(a)		325,279
	841	Tyler Technologies, Inc.^(a)		288,244

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		SOFTWARE - 3.4% (Continued)
	1,772	Veeva Systems, Inc., Class A^(a)	$	337,319
				4,616,438
		STEEL - 0.9%
	2,729	Nucor Corporation		409,214
	1,671	Reliance Steel & Aluminum Company		353,066
	4,123	Steel Dynamics, Inc.		428,503
				1,190,783
		TECHNOLOGY HARDWARE - 1.3%
	2,584	Arista Networks, Inc.^(a)		359,951
	3,619	Garmin Ltd.		336,531
	4,690	NetApp, Inc.		317,091
	740	Samsung SDI Company Ltd.		413,696
	1,103	Zebra Technologies Corporation, Class A^(a)		298,119
				1,725,388
		TECHNOLOGY SERVICES - 3.3%
	5,083	Cognizant Technology Solutions Corporation, Class A		316,213
	4,181	CoStar Group, Inc.^(a)		338,828
	808	EPAM Systems, Inc.^(a)		297,813
	1,710	Equifax, Inc.		337,503
	3,865	Fidelity National Information Services, Inc.		280,522
	1,658	FleetCor Technologies, Inc.^(a)		325,300
	1,053	Gartner, Inc.^(a)		368,939
	2,706	Global Payments, Inc.		280,829
	1,604	Jack Henry & Associates, Inc.		303,717
	689	MSCI, Inc.		349,895
	2,594	Paychex, Inc.		321,734
	1,711	Verisk Analytics, Inc.		314,328
	3,596	WNS Holdings Ltd. - ADR^(a)		303,215
	3,034	Wolters Kluwer N.V.		332,545
				4,471,381
		TELECOMMUNICATIONS - 1.6%
	353,441	America Movil S.A.B. de C.V.		343,544
	108,916	Koninklijke KPN N.V.		333,852
	44,446	MTN Group Ltd.		362,558

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		TELECOMMUNICATIONS - 1.6% (Continued)
	157,501	Singapore Telecommunications Ltd.	$	314,824
	39,060	Telefonica Brasil S.A.		285,772
	102,181	Telia Company A.B.		278,556
	116,318	Telstra Group Ltd.		314,245
				2,233,351
		TIMBER REIT - 0.2%
	10,238	Weyerhaeuser Company		334,885

		TRANSPORTATION & LOGISTICS - 3.1%
	2,785	Aena SME S.A.^,(a)		357,773
	13,262	Atlantia SpA		316,834
	11,001	CSX Corporation		359,623
	2,532	DSV A/S		396,441
	5,604	East Japan Railway Company		317,002
	3,307	Expeditors International of Washington, Inc.		383,810
	1,853	JB Hunt Transport Services, Inc.		340,748
	1,419	Kuehne + Nagel International A.G.		342,791
	1,173	Old Dominion Freight Line, Inc.		354,962
	39,066	Poste Italiane SpA		382,031
	4,994	Ryanair Holdings plc - ADR^(a)		377,996
	34,717	Transurban Group		336,754
				4,266,765
		TRANSPORTATION EQUIPMENT - 0.5%
	3,486	PACCAR, Inc.		369,202
	20,123	Volvo A.B.		382,967
				752,169
		WHOLESALE - CONSUMER STAPLES - 0.5%
	3,554	Bunge Ltd.		372,602
	11,795	ITOCHU Corporation		366,191
				738,793
		WHOLESALE - DISCRETIONARY - 0.7%
	5,462	Copart, Inc.^(a)		363,550
	6,175	LKQ Corporation		335,488

See accompanying notes to financial statements.

INSPIRE GLOBAL HOPE ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		WHOLESALE - DISCRETIONARY - 0.7% (Continued)
	914	Pool Corporation	$	301,081
				1,000,119

		TOTAL COMMON STOCKS (Cost $127,998,560)		135,348,594

		COLLATERAL FOR SECURITIES LOANED — 0.7%
		MONEY MARKET FUND - 0.7%
	944,652	Fidelity Government Portfolio - Institutional Class, 3.60% (Cost $944,652)^(c)(d)		944,652

		TOTAL INVESTMENTS - 99.5% (Cost $128,943,212)	$	136,293,246
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%		616,705
		NET ASSETS - 100.0%	$	136,909,951

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

A/S	- Anonim Sirketi

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

N.V.	- Naamioze Vennootschap

OYJ	- Julkinen osakeyhtiö

PLC	- Public Limited Company

P.T.	- Perseroan Terbatas

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.A.B. de C.V.	- Sociedad Anonima Bursátil de Capital Variable

S.E.	- Societas Europaea

SpA	- Società per azioni

^(a)

- Non-income producing security.

^(b)

- All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $883,352.

^(c)

- Security was purchased with cash received as collateral for securities on loan at November 30, 2022. Total collateral had a value of $944,652 at November 30, 2022.

^(d)

- Rate disclosed is the seven day effective yield as of November 30, 2022.

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1%
		ADVERTISING & MARKETING - 0.2%
	20,540	QuinStreet, Inc.^(a)	$	292,284

		AEROSPACE & DEFENSE - 1.4%
	6,018	AAR Corporation^(a)		280,198
	5,396	Aerojet Rocketdyne Holdings, Inc.^(a)		280,592
	2,587	AeroVironment, Inc.^(a)		237,978
	4,170	Hexcel Corporation		249,992
	974	Huntington Ingalls Industries, Inc.		225,929
	9,839	Spirit AeroSystems Holdings, Inc., Class A		257,880
	2,686	Woodward, Inc.		257,319
				1,789,888
		APPAREL & TEXTILE PRODUCTS - 0.8%
	30,967	Hanesbrands, Inc.		208,098
	6,411	Kontoor Brands, Inc.		278,558
	2,402	Oxford Industries, Inc.		271,090
	6,799	Skechers USA, Inc., Class A^(a)		286,714
				1,044,460
		ASSET MANAGEMENT - 0.6%
	4,844	B Riley Financial, Inc.		212,748
	3,444	Cohen & Steers, Inc.		228,165
	4,155	Stifel Financial Corporation		266,959
				707,872
		AUTOMOTIVE - 1.8%
	18,861	Dana, Inc.		332,142
	2,626	Dorman Products, Inc.^(a)		235,395
	9,059	Gentex Corporation		261,805
	4,337	Gentherm, Inc.^(a)		310,486
	21,374	Goodyear Tire & Rubber Company (The)^(a)		239,816
	1,802	Lear Corporation		259,920
	6,636	Standard Motor Products, Inc.		254,889
	2,032	Visteon Corporation^(a)		298,298
				2,192,751
		BANKING - 10.1%
	4,824	Ameris Bancorp		255,093

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BANKING - 10.1% (Continued)
	2,411	BancFirst Corporation	$	245,777
	6,308	BankUnited, Inc.		231,630
	18,512	Brookline Bancorp, Inc.		263,241
	10,645	Byline Bancorp, Inc.		242,600
	2,432	City Holding Company		247,869
	3,258	Commerce Bancshares, Inc.		244,089
	3,591	Community Bank System, Inc.		233,918
	7,316	Customers Bancorp, Inc.^(a)		236,087
	4,812	Eagle Bancorp, Inc.		226,934
	3,212	East West Bancorp, Inc.		225,515
	5,644	FB Financial Corporation		241,620
	9,806	First Busey Corporation		255,642
	16,797	First Commonwealth Financial Corporation		247,252
	10,231	First Financial Bancorp		270,405
	5,155	First Financial Bankshares, Inc.		190,477
	9,426	First Horizon Corporation		234,236
	5,345	First Interstate BancSystem, Inc., Class A		233,149
	6,457	Flagstar Bancorp, Inc.		242,396
	18,577	FNB Corporation		261,936
	13,646	Fulton Financial Corporation		253,679
	4,390	Glacier Bancorp, Inc.		254,181
	8,679	Hilltop Holdings, Inc.		258,634
	9,585	Home BancShares, Inc.		243,938
	17,056	Hope Bancorp, Inc.		232,303
	3,513	Independent Bank Group, Inc.		231,647
	5,075	International Bancshares Corporation		267,351
	13,439	Lakeland Bancorp, Inc.		251,041
	5,683	NBT Bancorp, Inc.		262,327
	25,283	New York Community Bancorp, Inc.^(b)		236,396
	15,929	Northwest Bancshares, Inc.		243,554
	3,234	Prosperity Bancshares, Inc.		244,393
	6,895	Renasant Corporation		281,110
	7,358	S&T Bancorp, Inc.		275,337
	6,117	Sandy Spring Bancorp, Inc.		212,994

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BANKING - 10.1% (Continued)
	2,696	ServisFirst Bancshares, Inc.	$	204,411
	6,099	Southside Bancshares, Inc.		221,638
	5,742	Synovus Financial Corporation		241,910
	3,654	Texas Capital Bancshares, Inc.^(a)		219,203
	16,590	TFS Financial Corporation		226,454
	8,038	Towne Bank		259,627
	2,559	UMB Financial Corporation		218,846
	12,620	Umpqua Holdings Corporation		255,807
	6,033	United Bankshares, Inc.		258,755
	6,516	United Community Banks, Inc.		253,929
	19,961	Valley National Bancorp		252,706
	4,767	Webster Financial Corporation		259,039
	6,463	WesBanco, Inc.		261,428
	4,124	Westamerica BanCorporation		254,657
	3,281	Western Alliance Bancorp		224,880
	2,644	Wintrust Financial Corporation		241,741
	4,238	Zions Bancorp NA		219,613
				12,653,395
		BEVERAGES - 0.2%
	524	Coca-Cola Consolidated, Inc.		257,703

		BIOTECH & PHARMA - 4.0%
	7,624	Agios Pharmaceuticals, Inc.^(a)		229,787
	20,658	Amicus Therapeutics, Inc.^(a)		249,962
	8,244	Arcus Biosciences, Inc.^(a)		289,941
	17,117	BioCryst Pharmaceuticals, Inc.^(a)		228,683
	716	Biohaven Ltd.^(a)		11,327
	22,454	Coherus Biosciences, Inc.^(a)		154,034
	4,451	Cytokinetics, Inc.^(a)		189,168
	11,658	Deciphera Pharmaceuticals, Inc.^(a)		185,479
	10,265	Emergent BioSolutions, Inc.^(a)		126,260
	4,161	Enanta Pharmaceuticals, Inc.^(a)		182,210
	13,746	Exelixis, Inc.^(a)		234,782
	5,452	Halozyme Therapeutics, Inc.^(a)		312,181

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		BIOTECH & PHARMA - 4.0% (Continued)
	2,958	Heska Corporation^(a)	$	190,347
	4,635	Intra-Cellular Therapies, Inc.^(a)		251,310
	20,798	Ironwood Pharmaceuticals, Inc.^(a)		251,864
	3,086	Mirati Therapeutics, Inc.^(a)		281,999
	67,396	Nektar Therapeutics^(a)		188,709
	2,029	Neurocrine Biosciences, Inc.^(a)		257,805
	4,055	Pacira BioSciences, Inc.^(a)		195,654
	4,328	Prestige Consumer Healthcare, Inc.^(a)		265,999
	7,997	Revance Therapeutics, Inc.^(a)		173,615
	5,507	Sage Therapeutics, Inc.^(a)		226,007
	1,951	Sarepta Therapeutics, Inc.^(a)		239,602
				4,916,725
		BUSINESS DEVELOPMENT COMPANIES - 0.4%
	18,617	Hercules Capital, Inc.^(b)		263,617
	18,705	New Mountain Finance Corporation		238,863
				502,480
		CABLE & SATELLITE - 0.1%
	253	Cable One, Inc.		183,245

		CHEMICALS - 3.8%
	6,719	AdvanSix, Inc.		276,554
	1,774	Balchem Corporation		249,779
	3,376	Cabot Corporation		248,541
	8,755	Chemours Company (The)		271,843
	35,589	Codexis, Inc.^(a)		194,672
	3,591	HB Fuller Company		288,393
	3,557	Ingevity Corporation^(a)		278,406
	2,518	Innospec, Inc.		279,221
	2,696	Materion Corporation		217,190
	4,365	Minerals Technologies, Inc.		263,166
	716	NewMarket Corporation		226,270
	5,031	Olin Corporation		286,666
	1,494	Quaker Houghton		294,004
	892	Rogers Corporation^(a)		97,264

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		CHEMICALS - 3.8% (Continued)
	2,588	RPM International, Inc.	$	268,169
	3,110	Sensient Technologies Corporation		232,348
	11,965	Trinseo plc		294,936
	8,508	Valvoline, Inc.		280,594
	1,227	WD-40 Company		205,523
				4,753,539
		COMMERCIAL SUPPORT SERVICES - 2.5%
	5,664	ABM Industries, Inc.		267,228
	5,168	Brady Corporation, Class A		247,547
	4,452	Brink’s Company (The)		266,007
	5,047	CBIZ, Inc.^(a)		250,584
	1,558	CorVel Corporation^(a)		238,327
	5,989	Forrester Research, Inc.^(a)		210,693
	57,908	Harsco Corporation^(a)		433,151
	2,113	Insperity, Inc.		250,496
	4,596	Korn Ferry		262,110
	11,303	TrueBlue, Inc.^(a)		243,919
	1,282	UniFirst Corporation		248,400
	6,829	Viad Corporation^(a)		202,207
				3,120,669
		CONSTRUCTION MATERIALS - 1.0%
	769	Carlisle Companies, Inc.		202,332
	2,012	Eagle Materials, Inc.		274,316
	7,885	MDU Resources Group, Inc.		248,299
	2,759	Simpson Manufacturing Company, Inc.		256,725
	8,998	Summit Materials, Inc., Class A^(a)		272,549
				1,254,221
		CONSUMER SERVICES - 1.1%
	2,622	Grand Canyon Education, Inc.^(a)		296,470
	9,624	Matthews International Corporation, Class A		304,695
	1,990	Medifast, Inc.		250,840
	12,548	Rent-A-Center, Inc.		302,281
	3,738	Service Corp International		267,080
				1,421,366

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		CONTAINERS & PACKAGING - 0.4%
	2,271	AptarGroup, Inc.	$	241,044
	5,131	Silgan Holdings, Inc.		271,430
				512,474
		ELECTRIC UTILITIES - 1.6%
	4,309	ALLETE, Inc.		285,256
	3,187	Black Hills Corporation		228,285
	6,228	Hawaiian Electric Industries, Inc.		255,846
	2,178	IDACORP, Inc.		240,734
	3,283	MGE Energy, Inc.		236,409
	5,915	OGE Energy Corporation		239,321
	2,504	Ormat Technologies, Inc.		226,437
	4,716	PNM Resources, Inc.		231,084
				1,943,372
		ELECTRICAL EQUIPMENT - 2.7%
	3,996	AAON, Inc.		316,723
	2,786	Advanced Energy Industries, Inc.		258,095
	3,327	Alarm.com Holdings, Inc.^(a)		166,017
	2,770	Atkore International Group, Inc.^(a)		338,356
	2,334	Badger Meter, Inc.		270,324
	3,593	Belden, Inc.		289,021
	5,208	Cognex Corporation		259,254
	7,860	FARO Technologies, Inc.^(a)		235,171
	5,122	Itron, Inc.^(a)		272,388
	5,715	National Instruments Corporation		234,429
	2,993	OSI Systems, Inc.^(a)		264,821
	13,577	SMART Global Holdings, Inc.^(a)		229,587
	1,715	Watts Water Technologies, Inc., Class A		271,742
				3,405,928
		ENGINEERING & CONSTRUCTION - 1.9%
	3,163	AECOM		268,855
	2,216	Comfort Systems USA, Inc.		280,900
	1,868	EMCOR Group, Inc.		289,353
	2,460	Exponent, Inc.		254,389
	2,666	Installed Building Products, Inc.		226,423

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		ENGINEERING & CONSTRUCTION - 1.9% (Continued)
	4,991	KBR, Inc.	$	257,885
	3,392	MasTec, Inc.^(a)		308,095
	1,678	Tetra Tech, Inc.		259,402
	1,309	TopBuild Corporation^(a)		201,691
				2,346,993
		FOOD - 2.5%
	3,881	Cal-Maine Foods, Inc.		226,185
	3,263	Darling Ingredients, Inc.^(a)		234,381
	8,728	Flowers Foods, Inc.		262,276
	9,280	Fresh Del Monte Produce, Inc.		256,870
	12,784	Hain Celestial Group, Inc. (The)^(a)		239,572
	10,843	Herbalife Nutrition Ltd.^(a)		189,969
	2,703	Ingredion, Inc.		264,813
	1,666	J & J Snack Foods Corporation		273,258
	2,848	John B Sanfilippo & Son, Inc.		241,197
	2,787	Lamb Weston Holdings, Inc.		242,190
	1,435	Lancaster Colony Corporation		297,247
	16,228	Phibro Animal Health Corporation, Class A		199,767
	2,633	Post Holdings, Inc.^(a)		246,475
				3,174,200
		FORESTRY, PAPER & WOOD PRODUCTS - 0.4%
	4,213	Louisiana-Pacific Corporation		268,789
	4,911	Trex Company, Inc.^(a)		225,366
				494,155
		GAS & WATER UTILITIES - 1.8%
	2,767	American States Water Company		271,138
	2,117	Atmos Energy Corporation		254,463
	1,869	Chesapeake Utilities Corporation		223,775
	3,503	National Fuel Gas Company		232,004
	5,567	New Jersey Resources Corporation		276,958
	3,064	ONE Gas, Inc.		266,415
	6,453	South Jersey Industries, Inc.		223,919
	3,093	Southwest Gas Holdings, Inc.		211,747

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		GAS & WATER UTILITIES - 1.8% (Continued)
	3,460	Spire, Inc.	$	256,386
				2,216,805
		HEALTH CARE FACILITIES & SERVICES - 2.9%
	2,759	Acadia Healthcare Company, Inc.^(a)		245,717
	2,264	Addus HomeCare Corporation^(a)		249,674
	2,228	Amedisys, Inc.^(a)		202,949
	494	Chemed Corporation		256,880
	100,311	Community Health Systems, Inc.^(a)		344,066
	2,713	Ensign Group, Inc. (The)		257,735
	3,213	HealthEquity, Inc.^(a)		203,961
	1,318	LHC Group, Inc.^(a)		215,374
	1,374	Medpace Holdings, Inc.^(a)		288,389
	3,405	National HealthCare Corporation		209,884
	8,949	Owens & Minor, Inc.		184,439
	6,360	Premier, Inc., Class A		212,106
	9,751	Select Medical Holdings Corporation		239,680
	9,217	Surgery Partners, Inc.^(a)		260,933
	4,178	Tenet Healthcare Corporation^(a)		192,940
				3,564,727
		HEALTH CARE REIT – 0.9%
	11,915	CareTrust REIT, Inc.		235,917
	18,169	Medical Properties Trust, Inc.		238,377
	7,311	Omega Healthcare Investors, Inc.		221,377
	14,562	Physicians Realty Trust		217,411
	16,426	Sabra Health Care REIT, Inc.		212,060
				1,125,142
		HOME & OFFICE PRODUCTS - 0.7%
	8,130	HNI Corporation		235,770
	15,511	Newell Brands, Inc.		201,178
	8,928	Tempur Sealy International, Inc.		283,643
	32,926	Tupperware Brands Corporation^(a)		152,447
				873,038
		HOME CONSTRUCTION - 3.0%
	4,917	American Woodmark Corporation^(a)		266,501

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		HOME CONSTRUCTION - 3.0% (Continued)
	2,735	Armstrong World Industries, Inc.	$	208,981
	4,020	Fortune Brands Home & Security, Inc.		262,667
	7,306	Griffon Corporation		257,975
	24,001	Interface, Inc.		259,931
	8,318	KB Home		261,102
	2,650	LGI Homes, Inc.^(a)		263,251
	5,961	M/I Homes, Inc.^(a)		269,318
	3,032	Masonite International Corporation^(a)		228,219
	3,069	Meritage Homes Corporation^(a)		265,192
	4,919	Patrick Industries, Inc.		275,120
	10,294	PGT Innovations, Inc.^(a)		203,718
	9,245	Taylor Morrison Home Corporation^(a)		280,955
	5,135	Toll Brothers, Inc.		246,018
	14,273	Tri Pointe Homes, Inc.^(a)		263,194
				3,812,142
		HOTEL REIT - 0.8%
	28,681	DiamondRock Hospitality Company		269,888
	21,291	RLJ Lodging Trust		258,047
	2,930	Ryman Hospitality Properties, Inc.		268,183
	15,629	Xenia Hotels & Resorts, Inc.		240,999
				1,037,117
		HOUSEHOLD PRODUCTS - 1.0%
	5,769	Edgewell Personal Care Company		249,278
	8,579	Energizer Holdings, Inc.		292,458
	2,243	Helen of Troy Ltd.^(a)		221,025
	2,857	Inter Parfums, Inc.		272,244
	6,463	Nu Skin Enterprises, Inc., Class A		269,572
				1,304,577
		INDUSTRIAL INTERMEDIATE PROD - 0.7%
	1,170	Chart Industries, Inc.^(a)		167,298
	5,928	Proto Labs, Inc.^(a)		157,211
	3,650	Timken Company (The)		277,327
	803	Valmont Industries, Inc.		271,944
				873,780

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		INDUSTRIAL REIT - 0.6%
	1,494	EastGroup Properties, Inc.	$	231,929
	4,810	First Industrial Realty Trust, Inc.		243,146
	4,146	Rexford Industrial Realty, Inc.		229,232
				704,307
		INDUSTRIAL SUPPORT SERVICES - 0.8%
	2,098	Applied Industrial Technologies, Inc.		277,965
	8,029	Textainer Group Holdings Ltd.		244,724
	838	Watsco, Inc.		225,405
	1,808	WESCO International, Inc.^(a)		233,087
				981,181
		INSTITUTIONAL FINANCIAL SERVICES - 0.5%
	2,622	Evercore, Inc., Class A		302,002
	4,396	SEI Investments Company		273,783
				575,785
		INSURANCE - 3.4%
	1,754	American Financial Group, Inc.		249,454
	4,615	AMERISAFE, Inc.		273,993
	1,485	Assurant, Inc.		190,407
	11,992	CNO Financial Group, Inc.		281,572
	6,253	Employers Holdings, Inc.		290,577
	61,619	Genworth Financial, Inc., Class A^(a)		309,943
	1,683	Hanover Insurance Group, Inc. (The)		247,906
	6,115	Horace Mann Educators Corporation		235,978
	5,232	Kemper Corporation		297,804
	7,584	Mercury General Corporation		275,148
	10,588	NMI Holdings, Inc., Class A^(a)		227,960
	1,746	Primerica, Inc.		260,206
	11,043	ProAssurance Corporation		220,750
	1,715	Reinsurance Group of America, Inc.		247,646
	2,107	RLI Corporation		274,057
	2,644	Safety Insurance Group, Inc.		242,561
	3,634	Trupanion, Inc.^(a)		189,949
				4,315,911

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		INTERNET MEDIA & SERVICES - 0.3%
	10,144	HealthStream, Inc.^(a)	$	257,658
	3,643	TechTarget, Inc.^(a)		166,339
				423,997
		LEISURE FACILITIES & SERVICES - 2.2%
	9,043	BJ’s Restaurants, Inc.^(a)		290,099
	7,366	Cheesecake Factory, Inc. (The)		258,105
	17,809	Cinemark Holdings, Inc.^(a)		242,380
	2,918	Jack in the Box, Inc.		210,971
	1,770	Marriott Vacations Worldwide Corporation		263,695
	3,081	Papa John’s International, Inc.		256,524
	4,744	SeaWorld Entertainment, Inc.^(a)		270,693
	4,790	Shake Shack, Inc., Class A^(a)		251,954
	6,739	St Joe Company (The)		258,980
	2,471	Texas Roadhouse, Inc.		245,420
	11,539	Wendy’s Company (The)		260,320
				2,809,141
		LEISURE PRODUCTS - 1.6%
	3,295	Brunswick Corporation		244,489
	2,727	Fox Factory Holding Corporation^(a)		289,335
	2,255	Polaris, Inc.		257,205
	4,246	Sturm Ruger & Company, Inc.		233,233
	3,082	Thor Industries, Inc.		265,483
	11,181	Topgolf Callaway Brands Corporation^(a)		234,242
	8,871	Vista Outdoor, Inc.^(a)		248,122
	4,054	Winnebago Industries, Inc.		237,524
				2,009,633
		MACHINERY - 4.4%
	2,244	AGCO Corporation		297,824
	2,736	Albany International Corporation, Class A		277,348
	2,464	Crane Holdings Company		261,036
	1,551	Curtiss-Wright Corporation		273,984
	4,401	Donaldson Company, Inc.		268,109
	2,940	ESCO Technologies, Inc.		276,389
	2,640	Franklin Electric Company, Inc.		219,912

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		MACHINERY - 4.4% (Continued)
	3,598	Graco, Inc.	$	251,752
	5,873	Hillenbrand, Inc.		293,650
	2,508	John Bean Technologies Corporation		230,385
	1,293	Kadant, Inc.		249,601
	10,480	Kennametal, Inc.		276,882
	1,716	Lincoln Electric Holdings, Inc.		253,762
	1,016	Nordson Corporation		240,274
	3,066	Oshkosh Corporation		282,287
	1,537	Regal Rexnord Corporation		201,516
	2,641	Standex International Corporation		277,437
	3,813	Tennant Company		242,240
	7,250	Terex Corporation		332,848
	2,502	Toro Company (The)		277,697
	8,799	Zurn Elkay Water Solutions Corporation		213,024
				5,497,957
		MEDICAL EQUIPMENT & DEVICES - 1.9%
	15,583	Artivion, Inc.^(a)		199,307
	6,640	Exact Sciences Corporation^(a)		298,467
	4,051	Glaukos Corporation^(a)		188,655
	3,620	Globus Medical, Inc., Class A^(a)		267,482
	2,913	Haemonetics Corporation^(a)		248,508
	1,433	ICU Medical, Inc.^(a)		228,177
	5,091	Integra LifeSciences Holdings Corporation^(a)		279,699
	11,306	Myriad Genetics, Inc.^(a)		229,060
	15,444	Neogen Corporation^(a)		255,753
	4,922	NuVasive, Inc.^(a)		191,170
				2,386,278
		METALS & MINING - 1.0%
	62,976	Coeur Mining, Inc.^(a)		220,416
	5,608	Compass Minerals International, Inc.		248,715
	1,866	Encore Wire Corporation		272,641
	54,738	Hecla Mining Company		298,322
	2,299	Royal Gold, Inc.		258,247
				1,298,341

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		MORTGAGE FINANCE - 0.5%
	25,984	Apollo Commercial Real Estate Finance, Inc. - REIT	$	321,162
	19,430	Invesco Mortgage Capital, Inc.^(b) - REIT		255,116
				576,278
		MULTI ASSET CLASS REIT - 0.4%
	12,289	Elme Communities		242,831
	23,519	LXP Industrial Trust		253,064
				495,895
		OFFICE REIT - 1.0%
	9,280	Corporate Office Properties Trust		257,706
	8,003	Highwoods Properties, Inc.		238,489
	5,122	Kilroy Realty Corporation		221,373
	20,423	Piedmont Office Realty Trust, Inc., Class A		212,603
	18,968	Veris Residential, Inc.^(a)		304,626
				1,234,797
		OIL & GAS PRODUCERS - 0.8%
	1,577	Chord Energy Corporation		240,540
	5,757	SM Energy Company		248,184
	35,312	Southwestern Energy Company^(a)		244,359
	9,211	World Fuel Services Corporation		262,053
				995,136
		OIL & GAS SERVICES & EQUIPMENT - 0.3%
	27,094	Oceaneering International, Inc.^(a)		411,558

		PUBLISHING & BROADCASTING - 0.9%
	19,106	EW Scripps Company (The), Class A^(a)		286,208
	140,960	Gannett Company, Inc.^(a)		352,401
	7,011	Scholastic Corporation		288,292
	3,113	World Wrestling Entertainment, Inc., Class A		248,666
				1,175,567
		RENEWABLE ENERGY - 0.6%
	3,244	Ameresco, Inc., Class A^(a)		212,547
	3,708	EnerSys		280,251
	7,431	Green Plains, Inc.^(a)		256,815
				749,613

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		RESIDENTIAL REIT - 0.2%
	12,883	Independence Realty Trust, Inc.	$	233,440

		RETAIL - CONSUMER STAPLES - 1.3%
	13,785	Big Lots, Inc.		268,807
	1,064	Casey’s General Stores, Inc.		258,573
	1,566	Five Below, Inc.^(a)		251,907
	4,179	Ollie’s Bargain Outlet Holdings, Inc.^(a)		254,501
	7,778	Sprouts Farmers Market, Inc.^(a)		267,019
	3,027	Weis Markets, Inc.		263,985
				1,564,792
		RETAIL - DISCRETIONARY - 3.1%
	1,427	Asbury Automotive Group, Inc.^(a)		267,734
	1,452	Avis Budget Group, Inc.^(a)		324,666
	3,662	Builders FirstSource, Inc.^(a)		234,112
	1,928	Burlington Stores, Inc.^(a)		377,270
	791	Dillard’s, Inc., Class A^(b)		284,523
	27,233	EVgo, Inc.^(a)		174,291
	4,324	Hibbett, Inc.		288,238
	1,005	Lithia Motors, Inc.		240,507
	7,228	MarineMax, Inc.^(a)		238,741
	4,962	Monro, Inc.		225,622
	6,602	National Vision Holdings, Inc.^(a)		267,117
	4,919	Rush Enterprises, Inc., Class A		253,476
	17,104	Sally Beauty Holdings, Inc.^(a)		201,143
	6,379	Sleep Number Corporation^(a)		186,586
	4,972	Sonic Automotive, Inc., Class A		264,212
				3,828,238
		RETAIL REIT - 1.5%
	17,063	Acadia Realty Trust		262,429
	8,916	Four Corners Property Trust, Inc.		241,980
	12,514	Kite Realty Group Trust		285,319
	5,409	National Retail Properties, Inc.		250,761
	15,668	Retail Opportunity Investments Corporation		238,937
	5,751	Saul Centers, Inc.		247,868

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		RETAIL REIT - 1.5% (Continued)
	15,765	Tanger Factory Outlet Centers, Inc.	$	306,630
				1,833,924
		SEMICONDUCTORS - 4.1%
	12,646	Amkor Technology, Inc.		354,341
	3,573	Axcelis Technologies, Inc.^(a)		285,340
	5,032	Azenta, Inc.		302,977
	8,222	CEVA, Inc.^(a)		223,392
	3,135	Cirrus Logic, Inc.^(a)		234,216
	8,389	Cohu, Inc.^(a)		300,494
	3,321	Diodes, Inc.^(a)		306,296
	8,603	FormFactor, Inc.^(a)		198,471
	2,556	IPG Photonics Corporation^(a)		232,673
	4,387	Lattice Semiconductor Corporation^(a)		319,505
	6,604	MaxLinear, Inc., A^(a)		241,706
	2,612	MKS Instruments, Inc.		219,042
	3,356	Power Integrations, Inc.		270,091
	7,333	Semtech Corporation^(a)		225,416
	1,749	Silicon Laboratories, Inc.^(a)		254,375
	2,177	Synaptics, Inc.^(a)		230,697
	2,286	Universal Display Corporation		257,449
	11,772	Veeco Instruments, Inc.^(a)		234,027
	12,117	Vishay Intertechnology, Inc.		279,176
	2,089	Wolfspeed, Inc.^(a)		189,932
				5,159,616
		SOFTWARE - 3.9%
	62,426	8x8, Inc.^(a)		267,183
	10,312	ACI Worldwide, Inc.^(a)		215,521
	18,215	Alignment Healthcare, Inc.^(a)		242,260
	14,156	Allscripts Healthcare Solutions, Inc.^(a)		268,115
	3,862	Alteryx, Inc., Class A^(a)		173,211
	4,889	Blackbaud, Inc.^(a)		289,770
	3,525	Calix, Inc.^(a)		251,333
	4,068	CommVault Systems, Inc.^(a)		268,488
	6,244	Digi International, Inc.^(a)		265,183

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		SOFTWARE - 3.9% (Continued)
	3,503	Guidewire Software, Inc.^(a)	$	207,763
	22,873	LivePerson, Inc.^(a)		268,529
	1,621	Manhattan Associates, Inc.^(a)		204,149
	1,016	MicroStrategy, Inc., Class A^(a),(b)		201,259
	3,766	New Relic, Inc.^(a)		211,913
	2,478	Omnicell, Inc.^(a)		127,890
	6,704	Pegasystems, Inc.		243,020
	5,066	Progress Software Corporation		270,118
	6,700	Q2 Holdings, Inc.^(a)		182,240
	1,547	Qualys, Inc.^(a)		190,776
	5,026	Rapid7, Inc.^(a)		147,764
	1,736	SPS Commerce, Inc.^(a)		246,963
	8,141	Varonis Systems, Inc.^(a)		172,915
				4,916,363
		SPECIALTY FINANCE - 1.5%
	4,742	Encore Capital Group, Inc.^(a)		238,997
	6,182	Essent Group Ltd.		247,836
	4,678	First American Financial Corporation		255,653
	9,043	LendingTree, Inc.^(a)		216,580
	16,823	MGIC Investment Corporation		230,980
	2,723	Nelnet, Inc., Class A		268,324
	2,576	Walker & Dunlop, Inc.		230,063
	2,228	World Acceptance Corporation^(a)		157,987
				1,846,420
		SPECIALTY REIT - 0.2%
	2,615	Lamar Advertising Company, Class A		261,866

		STEEL - 1.2%
	8,113	ATI, Inc.^(a)		247,528
	6,088	Commercial Metals Company		299,651
	1,237	Reliance Steel & Aluminum Company		261,366
	3,039	Steel Dynamics, Inc.		315,843
	5,655	Worthington Industries, Inc.		320,865
				1,445,253

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		TECHNOLOGY HARDWARE - 3.8%
	11,020	ADTRAN Holdings, Inc.	$	223,375
	2,339	Arrow Electronics, Inc.^(a)		254,343
	8,703	Benchmark Electronics, Inc.		251,256
	16,536	Extreme Networks, Inc.^(a)		346,760
	1,490	F5, Inc.^(a)		230,369
	43,746	GoPro, Inc., Class A^(a)		239,728
	16,482	Harmonic, Inc.^(a)		252,834
	5,336	InterDigital, Inc.		267,707
	3,740	Jabil, Inc.		269,991
	17,694	Knowles Corporation^(a)		276,026
	3,146	Lumentum Holdings, Inc.^(a)		172,841
	11,339	NCR Corporation^(a)		270,662
	6,888	NetScout Systems, Inc.^(a)		256,785
	2,463	Plexus Corporation^(a)		271,472
	4,681	Sanmina Corporation^(a)		309,367
	3,916	Super Micro Computer, Inc.^(a)		353,341
	16,363	TTM Technologies, Inc.^(a)		262,953
	7,138	ViaSat, Inc.^(a)		243,334
				4,753,144
		TECHNOLOGY SERVICES - 2.7%
	826	CACI International, Inc., Class A^(a)		257,960
	4,078	CSG Systems International, Inc.		252,184
	1,464	ExlService Holdings, Inc.^(a)		274,061
	523	Fair Isaac Corporation^(a)		324,113
	4,932	Genpact Ltd.		227,415
	1,978	ICF International, Inc.		214,356
	1,183	Jack Henry & Associates, Inc.		224,001
	969	MarketAxess Holdings, Inc.		259,614
	3,727	MAXIMUS, Inc.		262,008
	3,316	Perficient, Inc.^(a)		235,602
	41,842	Sabre Corporation^(a)		255,655
	2,439	Science Applications International Corporation		268,558
	1,699	WEX, Inc.^(a)		287,368
				3,342,895

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		TELECOMMUNICATIONS - 1.3%
	51,843	Consolidated Communications Holdings, Inc.^(a)	$	239,515
	13,087	EchoStar Corporation, Class A^(a)		227,714
	135,640	Globalstar, Inc.^(a)		257,716
	4,861	Iridium Communications, Inc.^(a)		258,118
	12,679	Shenandoah Telecommunications Company		246,860
	6,402	Switch, Inc., Class A		219,269
	15,516	Telephone and Data Systems, Inc.		163,539
				1,612,731
		TIMBER REIT - 0.2%
	7,196	Rayonier, Inc.		258,192

		TRANSPORTATION & LOGISTICS - 2.4%
	8,953	Air Transport Services Group, Inc.^(a)		251,042
	2,955	Allegiant Travel Company^(a)		244,113
	8,850	CryoPort, Inc.^(a)		174,788
	2,389	Forward Air Corporation		268,452
	15,081	Heartland Express, Inc.		252,456
	3,127	Hub Group, Inc., Class A^(a)		263,137
	4,408	Knight-Swift Transportation Holdings, Inc.		244,335
	1,494	Landstar System, Inc.		258,432
	3,505	Matson, Inc.		223,479
	2,857	Ryder System, Inc.		267,101
	1,135	Saia, Inc.^(a)		276,474
	5,736	Werner Enterprises, Inc.		252,269
				2,976,078
		TRANSPORTATION EQUIPMENT - 0.2%
	6,383	Allison Transmission Holdings, Inc.		285,958

		WHOLESALE - CONSUMER STAPLES - 0.2%
	6,950	Andersons, Inc. (The)		267,575

		WHOLESALE - DISCRETIONARY - 0.9%
	5,192	ePlus, Inc.^(a)		257,835
	19,323	KAR Auction Services, Inc.^(a)		265,498

See accompanying notes to financial statements.

INSPIRE SMALL/MID CAP ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		WHOLESALE - DISCRETIONARY - 0.9% (Continued)
	8,166	ScanSource, Inc.^(a)	$	243,837
	2,206	Veritiv Corporation		296,795
				1,063,965

		TOTAL COMMON STOCKS (Cost $122,472,333)		124,066,873

		COLLATERAL FOR SECURITIES LOANED — 0.8%
		MONEY MARKET FUND - 0.8%
	955,613	Fidelity Government Portfolio - Institutional Class, 3.60% (Cost $955,613)^(c)(d)		955,613

		TOTAL INVESTMENTS - 99.9% (Cost $123,427,946)	$	125,022,486
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		90,288
		NET ASSETS - 100.0%	$	125,112,774

^(a)

Non-income producing security.

^(b)

All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $933,413.

^(c)

Security was purchased with cash received as collateral for securities on loan at November 30, 2022. Total collateral had a value of $955,613 at November 30, 2022.

^(d)

Rate disclosed is the seven day effective yield as of November 30, 2022.

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8%
		AEROSPACE & DEFENSE — 1.5%
	800,000	Teledyne Technologies, Inc.	0.9500	04/01/24	$	755,353
	800,000	Teledyne Technologies, Inc.	1.6000	04/01/26		711,547
	1,500,000	Teledyne Technologies, Inc.	2.2500	04/01/28		1,291,964
	800,000	Textron, Inc.	3.0000	06/01/30		681,797
						3,440,661
		ASSET MANAGEMENT — 0.4%
	1,000,000	Charles Schwab Corporation (The)	0.9000	03/11/26		890,546

		BANKING — 2.1%
	1,000,000	CIT Group, Inc.	6.1250	03/09/28		1,025,425
	800,000	M&T Bank Corporation	3.5500	07/26/23		792,096
	350,000	Regions Financial Corporation	1.8000	08/12/28		297,515
	1,500,000	SVB Financial Group	2.1000	05/15/28		1,230,352
	800,000	SVB Financial Group	3.1250	06/05/30		653,566
	1,000,000	SVB Financial Group	1.8000	02/02/31		718,669
						4,717,623
		BIOTECH & PHARMA — 0.4%
	1,000,000	Royalty Pharma plc	1.2000	09/02/25		895,440

		CHEMICALS — 1.8%
	1,000,000	LYB International Finance III, LLC	1.2500	10/01/25		890,038
	1,000,000	Mosaic Company (The)	4.0500	11/15/27		953,188
	800,000	PPG Industries, Inc.	1.2000	03/15/26		709,728
	1,500,000	PPG Industries, Inc.	3.7500	03/15/28		1,407,498
						3,960,452
		COMMERCIAL SUPPORT SERVICES — 6.3%
	1,000,000	Cintas Corp No 2	3.4500	05/01/25		970,948
	902,000	Cintas Corp No 2	3.7000	04/01/27		872,632
	1,000,000	Cintas Corp No 2	4.0000	05/01/32		944,667
	1,500,000	Republic Services, Inc.	2.5000	08/15/24		1,437,984
	338,000	Republic Services, Inc.	3.2000	03/15/25		324,611
	1,000,000	Republic Services, Inc. B	3.3750	11/15/27		938,557
	1,500,000	Republic Services, Inc.	3.9500	05/15/28		1,434,977
	950,000	Republic Services, Inc.	2.3000	03/01/30		803,077

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		COMMERCIAL SUPPORT SERVICES — 6.3% (Continued)
	1,000,000	Republic Services, Inc.	1.4500	02/15/31	$	773,516
	1,000,000	Republic Services, Inc.	1.7500	02/15/32		775,978
	1,700,000	Waste Connections, Inc.	4.2500	12/01/28		1,638,573
	800,000	Waste Management, Inc.	2.4000	05/15/23		790,950
	800,000	Waste Management, Inc. Series 19-SFR4 A	3.1250	03/01/25		772,796
	1,000,000	Waste Management, Inc.	0.7500	11/15/25		894,524
	800,000	Waste Management, Inc.	3.1500	11/15/27		747,811
						14,121,601
		CONSTRUCTION MATERIALS — 1.6%
	1,000,000	Carlisle Companies, Inc.	3.7500	12/01/27		936,594
	1,000,000	Carlisle Companies, Inc.	2.7500	03/01/30		835,016
	1,000,000	Carlisle Companies, Inc.	2.2000	03/01/32		765,275
	800,000	Martin Marietta Materials, Inc.	0.6500	07/15/23		777,427
	338,000	Vulcan Materials Company	3.9000	04/01/27		322,464
						3,636,776
		CONTAINERS & PACKAGING — 1.3%
	1,000,000	Amcor Finance USA, Inc.	3.6250	04/28/26		946,881
	400,000	Amcor Finance USA, Inc.	4.5000	05/15/28		372,524
	1,000,000	Amcor Flexibles North America, Inc.	2.6900	05/25/31		805,552
	800,000	Bemis Company, Inc.	2.6300	06/19/30		650,862
						2,775,819
		DIVERSIFIED INDUSTRIALS — 2.3%
	800,000	Dover Corporation	3.1500	11/15/25		764,854
	800,000	Illinois Tool Works, Inc.	3.5000	03/01/24		789,540
	1,000,000	Illinois Tool Works, Inc.	2.6500	11/15/26		933,151
	800,000	Parker-Hannifin Corporation	3.2500	03/01/27		748,684
	1,000,000	Parker-Hannifin Corporation	4.2500	09/15/27		969,173
	1,000,000	Parker-Hannifin Corporation	4.5000	09/15/29		969,787
						5,175,189
		ELECTRIC UTILITIES — 6.5%
	1,000,000	AES Corporation (The)	1.3750	01/15/26		887,784
	1,000,000	Alliant Energy Finance, LLC^(a)	3.7500	06/15/23		991,966
	1,000,000	Avangrid, Inc.	3.1500	12/01/24		958,696
	1,260,000	Avangrid, Inc.	3.8000	06/01/29		1,150,963

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		ELECTRIC UTILITIES — 6.5% (Continued)
	800,000	CenterPoint Energy, Inc.	1.4500	06/01/26	$	712,291
	1,000,000	CenterPoint Energy, Inc.	4.2500	11/01/28		942,309
	1,000,000	CenterPoint Energy, Inc.	2.9500	03/01/30		862,491
	400,000	CenterPoint Energy, Inc.	2.6500	06/01/31		329,664
	1,000,000	Emera US Finance, L.P.	3.5500	06/15/26		937,304
	1,000,000	Entergy Arkansas, LLC	3.5000	04/01/26		965,261
	800,000	Entergy Corporation	0.9000	09/15/25		712,967
	800,000	Entergy Corporation	1.9000	06/15/28		677,396
	800,000	Evergy, Inc.	2.4500	09/15/24		758,789
	1,500,000	Evergy, Inc.	2.9000	09/15/29		1,292,552
	800,000	WEC Energy Group, Inc.	0.5500	09/15/23		771,782
	1,700,000	WEC Energy Group, Inc.	1.3750	10/15/27		1,442,250
						14,394,465
		ELECTRICAL EQUIPMENT — 4.2%
	1,000,000	Amphenol Corporation	2.0500	03/01/25		941,740
	1,417,000	Amphenol Corporation	4.3500	06/01/29		1,366,928
	1,000,000	Amphenol Corporation	2.8000	02/15/30		862,046
	1,000,000	Amphenol Corporation	2.2000	09/15/31		800,723
	800,000	Keysight Technologies, Inc.	4.5500	10/30/24		789,301
	800,000	Keysight Technologies, Inc.	4.6000	04/06/27		776,908
	800,000	Keysight Technologies, Inc.	3.0000	10/30/29		695,457
	800,000	Roper Technologies, Inc.	3.6500	09/15/23		790,523
	800,000	Trimble, Inc.	4.7500	12/01/24		792,720
	1,500,000	Trimble, Inc.	4.9000	06/15/28		1,452,353
						9,268,699
		ENGINEERING & CONSTRUCTION — 0.6%
	800,000	Quanta Services, Inc. B	2.9000	10/01/30		663,496
	1,000,000	Quanta Services, Inc.	2.3500	01/15/32		767,837
						1,431,333
		FOOD — 2.9%
	1,000,000	Campbell Soup Company	4.1500	03/15/28		965,859
	800,000	Conagra Brands, Inc.	0.5000	08/11/23		774,370
	800,000	Conagra Brands, Inc.	4.6000	11/01/25		790,159
	1,500,000	Conagra Brands, Inc.	1.3750	11/01/27		1,246,842

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		FOOD — 2.9% (Continued)
	706,000	Conagra Brands, Inc.	4.8500	11/01/28	$	689,010
	800,000	Hormel Foods Corporation	0.6500	06/03/24		752,339
	800,000	Hormel Foods Corporation	1.7000	06/03/28		692,487
	800,000	Hormel Foods Corporation	1.8000	06/11/30		652,238
						6,563,304
		GAS & WATER UTILITIES — 0.7%
	1,000,000	Atmos Energy Corporation	1.5000	01/15/31		777,092
	1,000,000	CenterPoint Energy Resources Corporation	1.7500	10/01/30		796,372
						1,573,464
		HEALTH CARE FACILITIES & SERVICES — 0.4%
	1,000,000	Anthem, Inc.	1.5000	03/15/26		899,563

		HOME CONSTRUCTION — 2.7%
	800,000	DR Horton, Inc.	5.7500	08/15/23		801,999
	800,000	DR Horton, Inc.	2.5000	10/15/24		762,642
	1,000,000	DR Horton, Inc.	2.6000	10/15/25		932,659
	1,500,000	DR Horton, Inc.	1.3000	10/15/26		1,287,190
	1,500,000	Lennar Corporation	4.8750	12/15/23		1,491,813
	800,000	Lennar Corporation	5.8750	11/15/24		804,101
						6,080,404
		HOUSEHOLD PRODUCTS — 0.3%
	800,000	Church & Dwight Company, Inc.	3.1500	08/01/27		751,006

		INSTITUTIONAL FINANCIAL SERVICES — 0.8%
	1,802,000	Cboe Global Markets, Inc.	3.6500	01/12/27		1,720,732

		INSURANCE — 1.2%
	1,000,000	Arch Capital Finance, LLC	4.0110	12/15/26		960,526
	800,000	Brown & Brown, Inc.	4.2000	09/15/24		787,590
	1,000,000	Loews Corporation	3.7500	04/01/26		971,450
						2,719,566
		INTERNET MEDIA & SERVICES — 1.5%
	800,000	Booking Holdings, Inc.	3.6500	03/15/25		784,781
	1,000,000	Booking Holdings, Inc.	3.6000	06/01/26		964,928

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		INTERNET MEDIA & SERVICES — 1.5% (Continued)
	800,000	Booking Holdings, Inc.	3.5500	03/15/28	$	750,104
	920,000	Booking Holdings, Inc.	4.6250	04/13/30		895,045
						3,394,858
		MACHINERY — 2.7%
	1,000,000	Caterpillar Financial Services Corporation	0.8000	11/13/25		898,760
	1,000,000	Caterpillar Financial Services Corporation	0.9000	03/02/26		896,615
	1,500,000	Caterpillar, Inc.	2.6000	09/19/29		1,336,766
	1,000,000	CNH Industrial Capital, LLC	1.8750	01/15/26		905,146
	812,000	Parker-Hannifin Corporation	3.3000	11/21/24		785,308
	1,313,000	Parker-Hannifin Corporation	3.2500	06/14/29		1,183,372
						6,005,967
		MEDICAL EQUIPMENT & DEVICES — 2.8%
	1,500,000	Edwards Lifesciences Corporation	4.3000	06/15/28		1,446,834
	800,000	Stryker Corporation	0.6000	12/01/23		764,440
	1,000,000	Stryker Corporation	3.3750	11/01/25		966,152
	1,000,000	Stryker Corporation	3.5000	03/15/26		968,943
	800,000	Stryker Corporation	3.6500	03/07/28		762,948
	1,500,000	Stryker Corporation	1.9500	06/15/30		1,231,633
						6,140,950
		OIL & GAS PRODUCERS — 11.0%
	1,000,000	Continental Resources, Inc.	4.3750	01/15/28		919,112
	1,000,000	Devon Energy Corporation	5.8500	12/15/25		1,022,278
	1,000,000	Devon Energy Corporation	4.5000	01/15/30		936,590
	400,000	Devon Energy Corporation	7.8750	09/30/31		455,471
	1,500,000	Diamondback Energy, Inc.	3.1250	03/24/31		1,259,017
	800,000	EOG Resources, Inc.	3.1500	04/01/25		773,745
	1,000,000	EOG Resources, Inc.	4.1500	01/15/26		985,862
	1,000,000	EQT Corporation	3.9000	10/01/27		925,502
	1,000,000	EQT Corporation	5.7000	04/01/28		1,000,240
	800,000	Kinder Morgan Energy Partners, L.P.	3.5000	09/01/23		789,439
	800,000	Kinder Morgan, Inc.	4.3000	06/01/25		787,932
	920,000	Kinder Morgan, Inc.	4.3000	03/01/28		886,550
	800,000	Kinder Morgan, Inc.	7.8000	08/01/31		900,769
	1,000,000	Newfield Exploration Company	5.3750	01/01/26		994,238

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		OIL & GAS PRODUCERS — 11.0% (Continued)
	812,000	ONEOK Partners, L.P.	4.9000	03/15/25	$	801,572
	800,000	ONEOK, Inc.	7.5000	09/01/23		808,683
	1,000,000	ONEOK, Inc.	5.8500	01/15/26		1,013,497
	800,000	ONEOK, Inc.	4.0000	07/13/27		749,686
	1,000,000	Targa Resources Partners, L.P. / Targa Resources	5.0000	01/15/28		948,485
	1,000,000	Tennessee Gas Pipeline Company, LLC	7.0000	10/15/28		1,070,775
	1,000,000	Transcontinental Gas Pipe Line Company, LLC	7.8500	02/01/26		1,074,817
	902,000	Valero Energy Corporation	3.4000	09/15/26		854,397
	1,000,000	Valero Energy Corporation	4.3500	06/01/28		974,136
	1,437,000	Williams Companies, Inc.	3.9000	01/15/25		1,403,197
	1,500,000	Williams Companies, Inc. (The)	4.5000	11/15/23		1,488,438
	800,000	Williams Companies, Inc. (The)	3.7500	06/15/27		756,035
						24,580,463
		OIL & GAS SERVICES & EQUIPMENT — 3.4%
	1,858,000	Halliburton Company	3.8000	11/15/25		1,817,228
	1,000,000	Schlumberger Holdings Corporation^(a)	4.0000	12/21/25		972,577
	1,000,000	Schlumberger Holdings Corporation	4.0000	12/21/25		972,577
	1,000,000	Schlumberger Holdings Corporation^(a)	3.9000	05/17/28		943,479
	1,000,000	Schlumberger Holdings Corporation	3.9000	05/17/28		943,479
	1,000,000	Schlumberger Holdings Corporation^(a)	4.3000	05/01/29		948,762
	1,000,000	Schlumberger Holdings Corporation	4.3000	05/01/29		948,762
						7,546,864
		REAL ESTATE INVESTMENT TRUSTS — 20.0%
	800,000	Alexandria Real Estate Equities, Inc.	3.9500	01/15/28		751,566
	1,500,000	Alexandria Real Estate Equities, Inc.	2.7500	12/15/29		1,267,383
	1,000,000	Alexandria Real Estate Equities, Inc.	4.7000	07/01/30		957,779
	1,000,000	Alexandria Real Estate Equities, Inc.	4.9000	12/15/30		971,895
	1,000,000	Alexandria Real Estate Equities, Inc.	3.3750	08/15/31		870,617
	1,000,000	Alexandria Real Estate Equities, Inc.	2.0000	05/18/32		762,309
	1,000,000	Boston Properties, L.P.	3.6500	02/01/26		950,590
	1,000,000	Boston Properties, L.P.	4.5000	12/01/28		930,784
	1,000,000	Boston Properties, L.P.	3.4000	06/21/29		862,921
	1,000,000	Boston Properties, L.P.	2.9000	03/15/30		814,789
	1,000,000	Boston Properties, L.P.	3.2500	01/30/31		834,148

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 20.0% (Continued)
	1,000,000	Boston Properties, L.P.	2.5500	04/01/32	$	760,272
	890,000	Digital Realty Trust, L.P.	3.7000	08/15/27		829,416
	1,000,000	Digital Realty Trust, L.P.	4.4500	07/15/28		952,544
	800,000	Digital Realty Trust, L.P.	3.6000	07/01/29		724,274
	1,000,000	Extra Space Storage, L.P.	3.9000	04/01/29		901,104
	1,000,000	Extra Space Storage, L.P.	2.5500	06/01/31		786,337
	1,000,000	Extra Space Storage, L.P.	2.3500	03/15/32		758,611
	800,000	Invitation Homes Operating Partnership, L.P.	2.0000	08/15/31		590,351
	902,000	Kimco Realty Corporation	2.7000	03/01/24		873,590
	800,000	Kimco Realty Corporation	2.8000	10/01/26		732,771
	1,500,000	Kimco Realty Corporation	1.9000	03/01/28		1,260,003
	800,000	Kimco Realty Corporation	2.7000	10/01/30		658,257
	1,000,000	Prologis, L.P.	3.8750	09/15/28		948,990
	1,000,000	Prologis, L.P.	2.2500	04/15/30		834,815
	1,000,000	Prologis, L.P.	1.2500	10/15/30		763,916
	1,000,000	Prologis, L.P.	1.6250	03/15/31		769,336
	1,000,000	Public Storage	0.8750	02/15/26		883,020
	800,000	Public Storage	3.0940	09/15/27		748,048
	800,000	Realty Income Corporation	3.8750	04/15/25		782,953
	1,000,000	Realty Income Corporation	4.6250	11/01/25		993,076
	902,000	Realty Income Corporation	4.1250	10/15/26		874,409
	1,000,000	Realty Income Corporation	3.4000	01/15/28		922,956
	1,000,000	Realty Income Corporation	3.6500	01/15/28		936,371
	1,500,000	Realty Income Corporation	2.2000	06/15/28		1,285,855
	1,500,000	Realty Income Corporation	3.2500	06/15/29		1,334,905
	1,000,000	Realty Income Corporation	3.1000	12/15/29		872,043
	1,000,000	Realty Income Corporation	3.2500	01/15/31		872,213
	1,000,000	Simon Property Group, L.P.	3.3000	01/15/26		952,242
	400,000	Sun Communities Operating, L.P.	2.3000	11/01/28		328,877
	800,000	Sun Communities Operating, L.P.	2.7000	07/15/31		620,884
	800,000	UDR, Inc.	3.2000	01/15/30		687,141
	1,000,000	Ventas Realty, L.P.	4.1250	01/15/26		966,327
	902,000	Ventas Realty, L.P.	3.2500	10/15/26		834,509
	800,000	Ventas Realty, L.P.	4.0000	03/01/28		745,112

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 20.0% (Continued)
	1,130,000	Ventas Realty, L.P.	4.4000	01/15/29	$	1,060,113
	1,000,000	Ventas Realty, L.P.	3.0000	01/15/30		847,846
	1,000,000	Ventas Realty, L.P.	4.7500	11/15/30		940,353
	1,000,000	Ventas Realty, L.P.	2.5000	09/01/31		785,202
	800,000	WP Carey, Inc.	4.6000	04/01/24		795,174
	800,000	WP Carey, Inc.	4.0000	02/01/25		778,000
	800,000	WP Carey, Inc.	2.4000	02/01/31		633,875
						44,600,872
		RETAIL - CONSUMER STAPLES — 1.5%
	1,000,000	Dollar General Corporation	4.1500	11/01/25		978,420
	1,500,000	Dollar General Corporation	3.8750	04/15/27		1,442,467
	917,000	Dollar Tree, Inc.	4.2000	05/15/28		874,895
						3,295,782
		RETAIL - DISCRETIONARY — 1.4%
	902,000	AutoZone, Inc.	3.7500	06/01/27		863,071
	800,000	Genuine Parts Company	1.8750	11/01/30		614,504
	1,000,000	Genuine Parts Company	2.7500	02/01/32		806,625
	980,000	Tractor Supply Company	1.7500	11/01/30		760,205
						3,044,405
		SEMICONDUCTORS — 3.5%
	262,000	Analog Devices, Inc.	2.9500	04/01/25		252,703
	1,000,000	Analog Devices, Inc.	3.5000	12/05/26		958,837
	1,500,000	Analog Devices, Inc.	1.7000	10/01/28		1,281,909
	1,000,000	Analog Devices, Inc.	2.1000	10/01/31		817,503
	1,000,000	Broadcom, Inc.	3.4590	09/15/26		943,762
	50,000	Broadcom, Inc.	4.1100	09/15/28		46,674
	800,000	KLA Corporation	4.6500	11/01/24		797,217
	980,000	KLA Corporation	4.1000	03/15/29		953,079
	800,000	Microchip Technology, Inc.	4.3330	06/01/23		796,689
	1,000,000	Microchip Technology, Inc.	4.2500	09/01/25		972,551
						7,820,924
		SOFTWARE — 1.4%
	1,000,000	Fortinet, Inc.	1.0000	03/15/26		879,410
	1,000,000	Fortinet, Inc.	2.2000	03/15/31		777,892

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		SOFTWARE — 1.4% (Continued)
	800,000	Roper Technologies, Inc.	2.3500	09/15/24	$	765,625
	800,000	ServiceNow, Inc.	1.4000	09/01/30		617,391
						3,040,318
		STEEL — 1.6%
	800,000	Nucor Corporation	2.0000	06/01/25		746,358
	1,500,000	Nucor Corporation	2.7000	06/01/30		1,279,684
	800,000	Steel Dynamics, Inc.	2.8000	12/15/24		760,802
	800,000	Steel Dynamics, Inc.	3.4500	04/15/30		703,341
						3,490,185
		TECHNOLOGY HARDWARE — 1.6%
	1,000,000	FLIR Systems, Inc.	2.5000	08/01/30		817,040
	800,000	NetApp, Inc.	3.3000	09/29/24		774,378
	800,000	NetApp, Inc.	2.3750	06/22/27		717,596
	1,500,000	NetApp, Inc.	2.7000	06/22/30		1,249,041
						3,558,055
		TECHNOLOGY SERVICES — 6.2%
	800,000	Equifax, Inc.	3.9500	06/15/23		794,939
	800,000	Equifax, Inc.	2.6000	12/01/24		762,382
	1,000,000	Equifax, Inc.	2.6000	12/15/25		929,464
	1,000,000	Equifax, Inc.	5.1000	12/15/27		985,179
	1,000,000	Fidelity National Information Services, Inc.	0.6000	03/01/24		945,989
	920,000	Fidelity National Information Services, Inc.	1.1500	03/01/26		811,126
	920,000	Fidelity National Information Services, Inc.	1.6500	03/01/28		771,973
	800,000	Global Payments, Inc.	3.7500	06/01/23		793,429
	920,000	Global Payments, Inc.	2.6500	02/15/25		864,161
	1,000,000	Global Payments, Inc.	1.2000	03/01/26		871,417
	1,000,000	Global Payments, Inc.	4.8000	04/01/26		976,766
	800,000	Global Payments, Inc.	4.4500	06/01/28		746,448
	890,000	Global Payments, Inc.	3.2000	08/15/29		759,146
	1,000,000	Global Payments, Inc.	5.3000	08/15/29		967,621
	1,160,000	Verisk Analytics, Inc.	4.0000	06/15/25		1,129,412
	800,000	Verisk Analytics, Inc.	4.1250	03/15/29		755,143
						13,864,595

See accompanying notes to financial statements.

INSPIRE CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.8% (Continued)
		TRANSPORTATION & LOGISTICS — 2.2%
	800,000	CSX Corporation	3.4000	08/01/24	$	781,430
	800,000	CSX Corporation	3.3500	11/01/25		770,552
	1,000,000	CSX Corporation	3.8000	03/01/28		958,789
	920,000	CSX Corporation	4.2500	03/15/29		887,142
	800,000	JB Hunt Transport Services, Inc.	3.8750	03/01/26		777,418
	800,000	Kansas City Southern	3.0000	05/15/23		791,714
						4,967,045
		TOTAL CORPORATE BONDS (Cost $234,610,066)				220,367,926

		TOTAL INVESTMENTS - 98.8% (Cost $234,610,066)			$	220,367,926
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%				2,644,655
		NET ASSETS - 100.0%			$	223,012,581

^(a)

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, 2022 the total market value of 144A securities is $3,856,784 or 1.7% of net assets.

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9%
		AEROSPACE & DEFENSE - 0.7%
	4,701	Teledyne Technologies, Inc.^(a)	$	1,974,890

		ASSET MANAGEMENT - 0.7%
	8,036	LPL Financial Holdings, Inc.		1,902,202

		BANKING - 1.3%
	1,591	First Citizens BancShares, Inc., Class A		1,298,988
	6,299	Signature Bank		878,711
	5,954	SVB Financial Group^(a)		1,380,017
				3,557,716
		BIOTECH & PHARMA - 1.6%
	12,071	Alnylam Pharmaceuticals, Inc.^(a)		2,662,742
	3,633	Biohaven Ltd.^(a)		57,474
	22,321	Incyte Corporation^(a)		1,778,314
				4,498,530
		CHEMICALS - 1.8%
	11,805	Albemarle Corporation		3,281,672
	34,790	Mosaic Company (The)		1,784,727
				5,066,399
		COMMERCIAL SUPPORT SERVICES - 4.7%
	10,248	Cintas Corporation		4,732,321
	31,934	Republic Services, Inc.		4,448,087
	25,987	Waste Connections, Inc.		3,755,122
				12,935,530
		CONSTRUCTION MATERIALS - 0.8%
	8,437	Advanced Drainage Systems, Inc.		820,583
	5,220	Carlisle Companies, Inc.		1,373,434
				2,194,017
		CONTAINERS & PACKAGING - 0.4%
	12,355	Crown Holdings, Inc.		1,015,705

		DATA CENTER REIT - 1.2%
	29,786	Digital Realty Trust, Inc.		3,349,733

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		DIVERSIFIED INDUSTRIALS - 0.7%
	14,449	Dover Corporation	$	2,051,036

		ELECTRIC UTILITIES - 2.5%
	66,950	AES Corporation (The)		1,936,194
	25,333	Alliant Energy Corporation		1,426,248
	39,211	Avangrid, Inc.		1,677,054
	63,231	CenterPoint Energy, Inc.		1,967,117
				7,006,613
		ELECTRICAL EQUIPMENT - 4.6%
	60,111	Amphenol Corporation, Class A		4,834,728
	18,005	Keysight Technologies, Inc.^(a)		3,256,924
	10,739	Roper Technologies, Inc.		4,713,240
				12,804,892
		ENGINEERING & CONSTRUCTION - 0.8%
	14,366	Quanta Services, Inc.		2,153,176

		FOOD - 1.8%
	16,214	Darling Ingredients, Inc.^(a)		1,164,652
	55,633	Hormel Foods Corporation		2,614,751
	14,509	Lamb Weston Holdings, Inc.		1,260,832
				5,040,235
		HEALTH CARE FACILITIES & SERVICES - 1.0%
	18,223	Catalent, Inc.^(a)		913,519
	5,845	Molina Healthcare, Inc.^(a)		1,968,421
				2,881,940
		HEALTH CARE REIT - 0.7%
	40,086	Ventas, Inc.		1,865,202

		INDUSTRIAL REIT - 3.2%
	74,681	Prologis, Inc.		8,796,674

		INDUSTRIAL SUPPORT SERVICES - 0.9%
	7,047	United Rentals, Inc.^(a)		2,487,802

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 1.2%
	43,149	Interactive Brokers Group, Inc., Class A	$	3,464,865

		INSURANCE - 0.5%
	24,479	Loews Corporation		1,423,454

		MACHINERY - 1.9%
	5,749	Nordson Corporation		1,359,581
	12,996	Parker-Hannifin Corporation		3,885,024
				5,244,605
		MEDICAL EQUIPMENT & DEVICES - 10.0%
	62,614	Edwards Lifesciences Corporation^(a)		4,836,932
	8,390	IDEXX Laboratories, Inc.^(a)		3,573,049
	36,059	Intuitive Surgical, Inc.^(a)		9,749,992
	2,274	Mettler-Toledo International, Inc.^(a)		3,341,779
	5,608	Repligen Corporation^(a)		1,002,935
	14,773	ResMed, Inc.		3,400,745
	7,438	West Pharmaceutical Services, Inc.		1,745,401
				27,650,833
		METALS & MINING - 3.5%
	145,191	Freeport-McMoRan, Inc.		5,778,601
	80,111	Newmont Corporation		3,802,869
				9,581,470
		MULTI ASSET CLASS REIT - 0.6%
	19,582	WP Carey, Inc.		1,543,062

		OFFICE REIT - 1.3%
	16,524	Alexandria Real Estate Equities, Inc.		2,571,300
	15,948	Boston Properties, Inc.		1,149,532
				3,720,832
		OIL & GAS PRODUCERS – 3.0%
	31,152	Antero Resources Corporation^(a)		1,138,606
	66,196	Devon Energy Corporation		4,535,750
	18,044	Diamondback Energy, Inc.		2,670,873
				8,345,229

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 2.7%
	142,897	Schlumberger Ltd	$	7,366,340

		RENEWABLE ENERGY - 2.3%
	13,721	Enphase Energy, Inc.^(a)		4,398,816
	10,712	First Solar, Inc.^(a)		1,848,141
				6,246,957
		RESIDENTIAL REIT - 3.7%
	10,824	Camden Property Trust		1,302,452
	18,625	Equity LifeStyle Properties, Inc.		1,237,073
	38,109	Equity Residential		2,471,750
	61,390	Invitation Homes, Inc.		2,003,156
	12,443	Sun Communities, Inc.		1,827,877
	33,069	UDR, Inc.		1,371,371
				10,213,679
		RETAIL - DISCRETIONARY – 0.9%
	14,221	Genuine Parts Company		2,607,136

		RETAIL REIT - 1.4%
	62,468	Realty Income Corporation		3,939,856

		SELF-STORAGE REIT - 0.8%
	13,558	Extra Space Storage, Inc.		2,178,635

		SEMICONDUCTORS - 10.0%
	52,021	Analog Devices, Inc.		8,942,931
	14,992	Entegris, Inc.		1,158,732
	14,364	KLA Corporation		5,647,207
	55,965	Microchip Technology, Inc.		4,431,868
	43,832	ON Semiconductor Corporation^(a)		3,296,166
	16,304	Skyworks Solutions, Inc.		1,558,988
	15,925	Teradyne, Inc.		1,488,191
	12,509	Wolfspeed, Inc.^(a)		1,137,318
				27,661,401

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		SOFTWARE - 8.2%
	8,793	ANSYS, Inc.^(a)	$	2,236,060
	20,066	DocuSign, Inc.^(a)		944,507
	4,864	HubSpot, Inc.^(a)		1,473,938
	20,423	ServiceNow, Inc.^(a)		8,502,096
	15,412	Synopsys, Inc.^(a)		5,232,990
	4,214	Tyler Technologies, Inc.^(a)		1,444,306
	15,693	Veeva Systems, Inc., Class A^(a)		2,987,319
				22,821,216
		STEEL - 2.1%
	26,450	Nucor Corporation		3,966,178
	18,570	Steel Dynamics, Inc.		1,929,980
				5,896,158
		TECHNOLOGY HARDWARE - 1.1%
	22,262	NetApp, Inc.		1,505,134
	5,222	Zebra Technologies Corporation, Class A^(a)		1,411,402
				2,916,536
		TECHNOLOGY SERVICES - 10.9%
	40,978	CoStar Group, Inc.^(a)		3,320,857
	5,795	EPAM Systems, Inc.^(a)		2,135,921
	2,547	Fair Isaac Corporation^(a)		1,578,427
	61,335	Fidelity National Information Services, Inc.		4,451,694
	7,618	FleetCor Technologies, Inc.^(a)		1,494,652
	8,035	Gartner, Inc.^(a)		2,815,223
	28,012	Global Payments, Inc.		2,907,085
	8,159	MSCI, Inc.		4,143,385
	36,320	Paychex, Inc.		4,504,769
	15,885	Verisk Analytics, Inc.		2,918,233
				30,270,246
		TRANSPORTATION & LOGISTICS - 2.6%
	16,572	Expeditors International of Washington, Inc.		1,923,346
	10,447	JB Hunt Transport Services, Inc.		1,921,099
	11,276	Old Dominion Freight Line, Inc.		3,412,231
				7,256,676

See accompanying notes to financial statements.

INSPIRE 100 ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		TRANSPORTATION EQUIPMENT - 1.3%
	35,008	PACCAR, Inc.	$	3,707,697

		WHOLESALE - DISCRETIONARY - 0.5%
	27,956	LKQ Corporation		1,518,849

		TOTAL COMMON STOCKS (Cost $292,287,196)		277,158,024

		TOTAL INVESTMENTS - 99.9% (Cost $292,287,196)	$	277,158,024
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		379,997
		NET ASSETS - 100.0%	$	277,538,021

LTD

- Limited Company

MSCI

- Morgan Stanley Capital International

REIT

- Real Estate Investment Trust

^(a)

- Non-income producing security.

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6%
		AEROSPACE & DEFENSE - 1.0%
	6,466	Safran S.A.	$	791,037
	5,384	Thales S.A.		685,201
				1,476,238
		APPAREL & TEXTILE PRODUCTS - 1.7%
	6,254	Cie Financiere Richemont S.A.		819,834
	505	Hermes International		811,588
	127,693	PRADA SpA		698,892
				2,330,314
		ASSET MANAGEMENT - 2.6%
	49,069	3i Group plc		797,733
	14,273	Brookfield Asset Management, Inc., Class A		672,926
	8,429	Groupe Bruxelles Lambert S.A.		672,880
	39,833	Investor A.B.		732,272
	737	Partners Group Holding A.G.		720,411
				3,596,222
		AUTOMOTIVE – 3.0%
	26,269	Cie Generale des Etablissements Michelin SCA		731,443
	13,300	Continental A.G.		793,733
	13,000	Denso Corporation		707,410
	3,180	Ferrari N.V.		709,299
	429,577	Geely Automobile Holdings Ltd.		625,878
	12,444	Toyota Industries Corporation		703,830
				4,271,593
		BANKING - 11.4%
	963,541	Bank Mandiri Persero Tbk P.T.		648,543
	1,990,071	Bank Rakyat Indonesia Persero Tbk P.T.		633,789
	13,455	Canadian Imperial Bank of Commerce		648,064
	10,126	Commonwealth Bank of Australia		741,373
	72,787	Credit Agricole S.A.		728,780
	47,133	Danske Bank A/S		840,854
	91,566	Grupo Financiero Banorte S.A.B. de C.V.		735,040
	28,091	ICICI Bank Ltd. - ADR		666,319
	357,138	Intesa Sanpaolo SpA		789,588
	42,237	KakaoBank Corporation^(a)		811,378

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		BANKING - 11.4% (Continued)
	12,459	KBC Group N.V.	$	684,609
	6,012	Macquarie Group Ltd.		729,300
	320,216	Malayan Banking Bhd		621,632
	31,876	National Australia Bank Ltd.		682,439
	32,514	OTP Bank Nyrt		889,106
	134,235	Powszechna Kasa Oszczednosci Bank Polski S.A.		848,187
	649,517	Public Bank Bhd		657,480
	55,727	Skandinaviska Enskilda Banken A.B.		676,250
	75,117	Standard Bank Group Ltd.		783,235
	71,897	Svenska Handelsbanken A.B., A Shares		723,523
	44,818	Swedbank A.B., A Shares		722,313
	32,253	United Overseas Bank Ltd.		739,503
				16,001,305
		BEVERAGES - 0.5%
	13,653	Coca-Cola Europacific Partners plc		724,838

		BIOTECH & PHARMA - 1.8%
	4,757	Celltrion, Inc.		642,049
	23,365	Chugai Pharmaceutical Company Ltd.		613,212
	3,222	CSL Ltd.		656,363
	8,494	UCB S.A.		679,485
				2,591,109
		CHEMICALS - 4.7%
	5,166	Air Liquide S.A.		743,952
	10,380	Akzo Nobel N.V.		737,782
	3,699,831	Chandra Asri Petrochemical Tbk P.T.		565,492
	923	EMS-Chemie Holding A.G.		635,946
	194	Givaudan S.A.		649,058
	5,201	Koninklijke DSM N.V.		662,724
	11,776	Novozymes A/S, Class B		676,224
	7,024	Nutrien Ltd.		564,516
	6,595	Sociedad Quimica y Minera de Chile S.A., Class B		652,612
	6,016	Symrise A.G.		682,896
				6,571,202

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		COMMERCIAL SUPPORT SERVICES - 1.4%
	12,759	Edenred	$	697,638
	9,981	Eurofins Scientific S.E.		690,704
	276	SGS S.A.		641,657
				2,029,999
		CONSTRUCTION MATERIALS - 2.5%
	16,146	Cie de Saint-Gobain		735,891
	18,392	CRH plc		730,052
	14,198	Holcim Ltd.		731,580
	68,429	Siam Cement PCL (The) - ADR		654,394
	2,909	Sika A.G.		728,556
				3,580,473
		CONTAINERS & PACKAGING - 0.5%
	54,756	Amcor plc - ADR		667,910

		DIVERSIFIED INDUSTRIALS - 0.5%
	23,367	Alfa Laval A.B.		662,604

		ELECTRIC UTILITIES - 8.8%
	6,205,242	AC Energy Corporation		782,119
	78,316	CLP Holdings Ltd.		567,510
	76,573	E.ON S.E.		727,914
	135,882	EDP - Energias de Portugal S.A.		639,769
	28,481	EDP Renovaveis S.A.		654,309
	13,893	Emera, Inc.		540,885
	39,015	Endesa S.A.		719,489
	5,463,337	Enel Americas S.A. ^(a)		721,652
	143,176	Enel SpA		765,853
	51,117	Engie S.A.		773,306
	15,391	Fortis, Inc.^(b)		619,457
	44,719	Fortum OYJ		708,897
	426,902	Gulf Energy Development PCL - ADR		643,968
	63,200	Iberdrola S.A.		709,831
	35,095	SSE plc		722,869
	341,299	Tenaga Nasional Bhd		723,211

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		ELECTRIC UTILITIES - 8.8% (Continued)
	96,233	Terna Rete Elettrica Nazionale SpA	$	732,927
	7,010	Verbund A.G.		628,475
				12,382,441
		ELECTRICAL EQUIPMENT - 1.5%
	31,728	Assa Abloy A.B., Class B		720,177
	33,805	Delta Electronics Thailand PCL		646,562
	3,742	Schindler Holding A.G.		700,513
				2,067,252
		ENGINEERING & CONSTRUCTION - 1.0%
	25,974	Ferrovial S.A.		692,784
	33,121	Sitios Latinoamerica S.A.B. de C.V.^(a)		14,766
	5,347	WSP Global, Inc.		641,365
				1,348,915
		ENTERTAINMENT CONTENT - 0.5%
	127,218	Bollore S.E.		710,449

		FOOD - 2.8%
	21,398	Ajinomoto Company, Inc.		671,767
	310	Barry Callebaut A.G.		629,959
	146,754	China Mengniu Dairy Company Ltd.		653,847
	60	Chocoladefabriken Lindt & Spruengli A.G.		628,976
	166,643	Grupo Bimbo S.A.B. de C.V.		707,256
	218,361	Wilmar International Ltd.		657,922
				3,949,727
		FORESTRY, PAPER & WOOD PRODUCTS - 1.5%
	45,856	Stora Enso OYJ, R Shares		667,678
	70,866	Suzano S.A.		721,328
	18,786	UPM-Kymmene OYJ		684,462
				2,073,468
		GAS & WATER UTILITIES - 1.4%
	671,679	Hong Kong & China Gas Company Ltd.		571,001
	25,643	Naturgy Energy Group S.A.		715,482
	147,689	Snam SpA		749,062
				2,035,545

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 1.5%
	27,370	Fresenius S.E. & Company KGaA	$	757,395
	3,196	ICON plc^(a)		688,546
	465,671	IHH Healthcare Bhd		607,556
				2,053,497
		HOME CONSTRUCTION - 0.5%
	1,372	Geberit A.G.		647,796

		HOUSEHOLD PRODUCTS - 1.4%
	5,986	Beiersdorf A.G.		648,307
	29,262	Essity A.B. - Series B		712,422
	1,338	LG Household & Health Care Ltd.		673,104
				2,033,833
		INDUSTRIAL REIT - 0.5%
	58,198	Goodman Group		755,326

		INDUSTRIAL SUPPORT SERVICES - 0.6%
	13,027	Ashtead Group plc		781,334

		INSTITUTIONAL FINANCIAL SERVICES - 1.9%
	252,333	B3 S.A. - Brasil Bolsa Balcao		620,236
	3,603	Deutsche Boerse A.G.		660,312
	17,240	Hong Kong Exchanges & Clearing Ltd.		675,407
	7,016	London Stock Exchange Group plc		697,650
				2,653,605
		INSURANCE - 4.4%
	37,354	Dai-ichi Life Holdings, Inc.		688,059
	1,282	Fairfax Financial Holdings Ltd.		735,542
	4,105	Intact Financial Corporation		614,181
	247,847	Legal & General Group plc		751,785
	25,931	Power Corp of Canada		652,343
	60,519	Prudential plc		714,581
	13,823	Sampo OYJ, A Shares		699,071
	1,324	Swiss Life Holding A.G.		701,805

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		INSURANCE - 4.4% (Continued)
	28,685	Tryg A/S	$	664,260
				6,221,627
		INTERNET MEDIA & SERVICES - 1.8%
	36,669,696	GoTo Gojek Tokopedia Tbk P.T.^(a)		354,104
	4,693	Naspers Ltd., N Shares		716,625
	11,299	Prosus N.V.		735,648
	7,996	REA Group Ltd.		669,282
				2,475,659
		MACHINERY - 3.1%
	61,832	Atlas Copco A.B.		760,700
	52,241	CNH Industrial N.V.		831,133
	4,226	FANUC Corporation		623,262
	42,782	Sandvik A.B.		778,335
	1,471	SMC Corporation		657,925
	100,258	WEG S.A.		751,085
				4,402,440
		MEDICAL EQUIPMENT & DEVICES - 1.5%
	5,817	Coloplast A/S - Series B		678,488
	4,319	EssilorLuxottica S.A.		797,832
	2,671	Sonova Holding A.G.		683,062
				2,159,382
		METALS & MINING - 5.9%
	13,797	Agnico Eagle Mines Ltd.		694,896
	8,289	Anglo American Platinum Ltd.		824,680
	48,073	Antofagasta plc		816,315
	23,697	BHP Group Ltd.		732,207
	53,913	Fortescue Metals Group Ltd.		709,227
	4,982	Franco-Nevada Corporation		727,730
	110,097	Norsk Hydro ASA		811,479
	9,948	Rio Tinto Ltd.		740,225
	246,090	South32 Ltd.		671,519
	13,116	Southern Copper Corporation		800,338
	18,390	Wheaton Precious Metals Corporation		717,740
				8,246,356

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		MULTI ASSET CLASS REIT - 0.5%
	69,609	Segro plc	$	663,638

		OIL & GAS PRODUCERS - 7.9%
	20,613	Aker BP ASA		715,272
	13,011	Canadian Natural Resources Ltd.		776,795
	40,109	Cenovus Energy, Inc.		797,612
	184,082	ENEOS Holdings, Inc.		621,232
	55,456	Eni SpA		827,622
	18,052	Equinor ASA		694,967
	62,098	Inpex Corporation		689,408
	105,408	MOL Hungarian Oil & Gas plc		756,132
	16,306	OMV A.G.		852,167
	55,206	Polski Koncern Naftowy ORLEN S.A.		803,475
	138,564	PTT Exploration & Production PCL - ADR		741,427
	128,850	Santos Ltd.		647,224
	12,596	TotalEnergies S.E.		791,482
	11,329	Tourmaline Oil Corporation		689,513
	28,549	Woodside Energy Group Ltd.		722,639
				11,126,967
		REAL ESTATE OWNERS & DEVELOPERS - 3.1%
	98,475	CK Asset Holdings Ltd.		586,884
	131,903	Hongkong Land Holdings Ltd.		528,931
	447,786	Sino Land Company Ltd.		556,668
	1,154,464	SM Prime Holdings, Inc.		744,948
	26,044	Sumitomo Realty & Development Company Ltd.		700,874
	275,031	Swire Properties Ltd.		615,502
	27,647	Vonovia S.E.		676,629
				4,410,436
		RETAIL - CONSUMER STAPLES - 1.4%
	31,430	Aeon Company Ltd.		642,557
	464,306	Cencosud S.A.		688,146
	31,400	Jeronimo Martins SGPS S.A.		693,561
				2,024,264

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		RETAIL - DISCRETIONARY - 0.6%
	47,930	SM Investments Corporation	$	797,842

		SEMICONDUCTORS - 2.2%
	1,441	ASML Holding N.V.		842,410
	26,749	Infineon Technologies A.G.		878,442
	3,975	NXP Semiconductors N.V.		698,964
	19,152	STMicroelectronics N.V.		719,447
				3,139,263
		SOFTWARE - 1.4%
	5,256	Check Point Software Technologies Ltd.^(a)		698,154
	16,920	Dassault Systemes S.E.		618,502
	3,138	Nice Ltd.^(a)		595,130
				1,911,786
		SPECIALTY FINANCE - 0.0%^(d)
	1	Isracard Ltd.		2

		TECHNOLOGY HARDWARE - 1.1%
	7,300	Garmin Ltd.		678,827
	1,551	Samsung SDI Company Ltd.		867,085
				1,545,912
		TECHNOLOGY SERVICES - 0.9%
	7,259	WNS Holdings Ltd. - ADR^(a)		612,079
	6,095	Wolters Kluwer N.V.		668,050
				1,280,129
		TELECOMMUNICATIONS - 3.2%
	712,719	America Movil S.A.B. de C.V.		692,764
	218,644	Koninklijke KPN N.V.		670,192
	88,714	MTN Group Ltd.		723,665
	315,675	Singapore Telecommunications Ltd.		630,993
	80,624	Telefonica Brasil S.A.		589,864
	204,979	Telia Company A.B.		558,793
	238,537	Telstra Group Ltd.		644,432
				4,510,703

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		TRANSPORTATION & LOGISTICS - 4.1%
	5,686	Aena SME S.A.^,(a)	$	730,448
	26,608	Atlantia SpA		635,676
	5,084	DSV A/S		796,013
	11,537	East Japan Railway Company		652,614
	2,850	Kuehne + Nagel International A.G.		688,481
	78,488	Poste Italiane SpA		767,544
	10,080	Ryanair Holdings plc - ADR^(a)		762,955
	74,422	Transurban Group		721,891
				5,755,622
		TRANSPORTATION EQUIPMENT - 0.5%
	40,468	Volvo A.B.		770,158

		WHOLESALE - CONSUMER STAPLES - 0.5%
	24,455	ITOCHU Corporation		759,238

		TOTAL COMMON STOCKS (Cost $140,202,997)		140,198,419

See accompanying notes to financial statements.

INSPIRE INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED — 0.4%
		MONEY MARKET FUND - 0.4%
	588,390	Fidelity Government Portfolio - Institutional Class, 3.60% (Cost $588,390) ^(c)(e)		588,390

		TOTAL INVESTMENTS - 100.0% (Cost $140,791,387)	$	140,786,809
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%^(d)		42,062
		NET ASSETS - 100.0%	$	140,828,871

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

A/S	- Anonim Sirketi

LTD	- Limited Company

N.V.	- Naamioze Vennootschap

OYJ	- Julkinen osakeyhtiö

PLC	- Public Limited Company

P.T.	- Perseroan Terbatas

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.A.B. de C.V.	- Sociedad Anonima Bursátil de Capital Variable

S.E.	- Societas Europaea

SpA	- Società per azioni

^(a)

- Non-income producing security.

^(b)

- All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $545,387.

^(c)

- Security was purchased with cash received as collateral for securities on loan at November 30, 2022. Total collateral had a value of $588,390 at November 30, 2022.

^(d)

- Percentage rounds to less than 0.1%.

^(e)

- Rate disclosed is the seven day effective yield as of November 30, 2022.

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 5.6%
		AEROSPACE & DEFENSE - 0.0%^(a)
	99	Teledyne Technologies, Inc.^(b)	$	41,590

		ASSET MANAGEMENT - 0.0%^(a)
	171	LPL Financial Holdings, Inc.		40,477

		BANKING - 0.1%
	34	First Citizens BancShares, Inc., Class A		27,760
	133	Signature Bank		18,554
	126	SVB Financial Group^(b)		29,204
				75,518
		BIOTECH & PHARMA - 0.1%
	258	Alnylam Pharmaceuticals, Inc.^(b)		56,912
	77	Biohaven Ltd.^(b)		1,218
	474	Incyte Corporation^(b)		37,764
				95,894
		CHEMICALS - 0.1%
	252	Albemarle Corporation		70,054
	741	Mosaic Company (The)		38,013
				108,067
		COMMERCIAL SUPPORT SERVICES - 0.3%
	218	Cintas Corporation		100,667
	679	Republic Services, Inc.		94,578
	553	Waste Connections, Inc.		79,909
				275,154
		CONSTRUCTION MATERIALS - 0.0%^(a)
	179	Advanced Drainage Systems, Inc.		17,410
	110	Carlisle Companies, Inc.		28,942
				46,352
		CONTAINERS & PACKAGING - 0.0%^(a)
	264	Crown Holdings, Inc.		21,703

		DATA CENTER REIT - 0.1%
	632	Digital Realty Trust, Inc.		71,075

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 5.6% (Continued)
		DIVERSIFIED INDUSTRIALS - 0.0%^(a)
	307	Dover Corporation	$	43,579

		ELECTRIC UTILITIES - 0.1%
	1,424	AES Corporation (The)		41,182
	538	Alliant Energy Corporation		30,289
	833	Avangrid, Inc.		35,627
	1,345	CenterPoint Energy, Inc.		41,844
				148,942
		ELECTRICAL EQUIPMENT - 0.3%
	1,279	Amphenol Corporation, Class A		102,870
	383	Keysight Technologies, Inc.^(b)		69,281
	229	Roper Technologies, Inc.		100,506
				272,657
		ENGINEERING & CONSTRUCTION - 0.0%^(a)
	305	Quanta Services, Inc.		45,713

		FOOD - 0.1%
	345	Darling Ingredients, Inc.^(b)		24,781
	1,182	Hormel Foods Corporation		55,555
	308	Lamb Weston Holdings, Inc.		26,765
				107,101
		HEALTH CARE FACILITIES & SERVICES - 0.1%
	388	Catalent, Inc.^(b)		19,450
	124	Molina Healthcare, Inc.^(b)		41,760
				61,210
		HEALTH CARE REIT - 0.0%^(a)
	852	Ventas, Inc.		39,644

		INDUSTRIAL REIT - 0.2%
	1,587	Prologis, Inc.		186,933

		INDUSTRIAL SUPPORT SERVICES - 0.1%
	150	United Rentals, Inc.^(b)		52,955

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 5.6% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 0.1%
	918	Interactive Brokers Group, Inc., Class A	$	73,715

		INSURANCE - 0.0%^(a)
	520	Loews Corporation		30,238

		MACHINERY - 0.1%
	122	Nordson Corporation		28,852
	275	Parker-Hannifin Corporation		82,208
				111,060
		MEDICAL EQUIPMENT & DEVICES - 0.6%
	1,331	Edwards Lifesciences Corporation^(b)		102,820
	178	IDEXX Laboratories, Inc.^(b)		75,805
	767	Intuitive Surgical, Inc.^(b)		207,389
	49	Mettler-Toledo International, Inc.^(b)		72,008
	119	Repligen Corporation^(b)		21,282
	313	ResMed, Inc.		72,053
	158	West Pharmaceutical Services, Inc.		37,076
				588,433
		METALS & MINING - 0.2%
	3,092	Freeport-McMoRan, Inc.		123,062
	1,704	Newmont Corporation		80,889
				203,951
		MULTI ASSET CLASS REIT - 0.0%^(a)
	417	WP Carey, Inc.		32,860

		OFFICE REIT - 0.1%
	352	Alexandria Real Estate Equities, Inc.		54,775
	339	Boston Properties, Inc.		24,435
				79,210
		OIL & GAS PRODUCERS - 0.2%
	662	Antero Resources Corporation^(b)		24,196
	1,406	Devon Energy Corporation		96,339
	384	Diamondback Energy, Inc.		56,840
				177,375

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 5.6% (Continued)
		OIL & GAS SERVICES & EQUIPMENT - 0.1%
	3,035	Schlumberger N.V.	$	156,454

		RENEWABLE ENERGY - 0.1%
	291	Enphase Energy, Inc.^(b)		93,292
	228	First Solar, Inc.^(b)		39,337
				132,629
		RESIDENTIAL REIT - 0.2%
	231	Camden Property Trust		27,796
	397	Equity LifeStyle Properties, Inc.		26,369
	811	Equity Residential		52,601
	1,307	Invitation Homes, Inc.		42,647
	266	Sun Communities, Inc.		39,075
	703	UDR, Inc.		29,153
				217,641
		RETAIL - DISCRETIONARY - 0.1%
	302	Genuine Parts Company		55,366

		RETAIL REIT - 0.1%
	1,330	Realty Income Corporation		83,883

		SELF-STORAGE REIT - 0.0%^(a)
	288	Extra Space Storage, Inc.		46,279

		SEMICONDUCTORS - 0.6%
	1,107	Analog Devices, Inc.		190,303
	319	Entegris, Inc.		24,656
	305	KLA Corporation		119,911
	1,190	Microchip Technology, Inc.		94,236
	933	ON Semiconductor Corporation^(b)		70,162
	347	Skyworks Solutions, Inc.		33,180
	338	Teradyne, Inc.		31,586
	267	Wolfspeed, Inc.^(b)		24,276
				588,310

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 5.6% (Continued)
		SOFTWARE - 0.5%
	187	ANSYS, Inc.^(b)	$	47,554
	428	DocuSign, Inc.^(b)		20,146
	103	HubSpot, Inc.^(b)		31,212
	435	ServiceNow, Inc.^(b)		181,090
	327	Synopsys, Inc.^(b)		111,030
	91	Tyler Technologies, Inc.^(b)		31,189
	333	Veeva Systems, Inc., Class A^(b)		63,390
				485,611
		STEEL - 0.1%
	563	Nucor Corporation		84,422
	395	Steel Dynamics, Inc.		41,052
				125,474
		TECHNOLOGY HARDWARE - 0.1%
	472	NetApp, Inc.		31,912
	110	Zebra Technologies Corporation, Class A^(b)		29,731
				61,643
		TECHNOLOGY SERVICES - 0.6%
	871	CoStar Group, Inc.^(b)		70,586
	123	EPAM Systems, Inc.^(b)		45,335
	55	Fair Isaac Corporation^(b)		34,085
	1,305	Fidelity National Information Services, Inc.		94,717
	162	FleetCor Technologies, Inc.^(b)		31,784
	171	Gartner, Inc.^(b)		59,913
	596	Global Payments, Inc.		61,853
	173	MSCI, Inc.		87,855
	773	Paychex, Inc.		95,874
	338	Verisk Analytics, Inc.		62,094
				644,096
		TRANSPORTATION & LOGISTICS - 0.1%
	353	Expeditors International of Washington, Inc.		40,969
	223	JB Hunt Transport Services, Inc.		41,007
	241	Old Dominion Freight Line, Inc.		72,930
				154,906

See accompanying notes to financial statements.

INSPIRE TACTICAL BALANCED ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 5.6% (Continued)
		TRANSPORTATION EQUIPMENT - 0.1%
	744	PACCAR, Inc.	$	78,797

		WHOLESALE - DISCRETIONARY - 0.0%^(a)
	595	LKQ Corporation		32,326

		TOTAL COMMON STOCKS (Cost $4,887,461)		5,894,821

		EXCHANGE-TRADED FUNDS — 93.6%
		FIXED INCOME - 93.6%
	980,792	iShares Treasury Floating Rate Bond ETF		49,559,419
	982,818	WisdomTree Floating Rate Treasury Fund		49,386,605
		TOTAL EXCHANGE-TRADED FUNDS (Cost $98,950,152)		98,946,024

		TOTAL INVESTMENTS - 99.2% (Cost $103,837,613)	$	104,840,845
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%		893,043
		NET ASSETS - 100.0%	$	105,733,888

ETF	- Exchange-Traded Fund

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

NV	- Naamioze Vennootschap

REIT	- Real Estate Investment Trust

^(a)

- Percentage rounds to less than 0.1%.

^(b)

- Non-income producing security.

See accompanying notes to financial statements.

INSPIRE FAITHWARD MID CAP MOMENTUM ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.4%
		BIOTECH & PHARMA - 2.7%
	3,886	United Therapeutics Corporation^(a)	$	1,087,653

		CHEMICALS - 5.3%
	18,023	Olin Corporation		1,026,951
	10,385	Westlake Corporation		1,117,944
				2,144,895
		COMMERCIAL SUPPORT SERVICES - 2.8%
	6,499	FTI Consulting, Inc.^(a)		1,123,157

		CONSTRUCTION MATERIALS - 3.0%
	4,623	Carlisle Companies, Inc.		1,216,358

		ELECTRIC UTILITIES - 2.8%
	27,604	OGE Energy Corporation		1,116,858

		ENGINEERING & CONSTRUCTION - 2.7%
	11,993	MasTec, Inc.^(a)		1,089,324

		GAS & WATER UTILITIES - 5.2%
	16,348	National Fuel Gas Company		1,082,728
	14,740	Southwest Gas Holdings, Inc.		1,009,100
				2,091,828
		HEALTH CARE FACILITIES & SERVICES - 5.5%
	2,144	Chemed Corporation		1,114,880
	18,961	Encompass Health Corporation		1,108,839
				2,223,719
		INDUSTRIAL INTERMEDIATE PROD - 2.7%
	3,216	Valmont Industries, Inc.		1,089,131

		INDUSTRIAL SUPPORT SERVICES - 2.6%
	3,953	Watsco, Inc.		1,063,278

See accompanying notes to financial statements.

INSPIRE FAITHWARD MID CAP MOMENTUM ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.4% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES – 3.0%
	19,028	SEI Investments Company	$	1,185,064

		INSURANCE - 10.3%
	7,102	American Financial Group, Inc.		1,010,046
	3,216	Kinsale Capital Group, Inc.		991,203
	44,756	Old Republic International Corporation		1,096,523
	7,236	Reinsurance Group of America, Inc.		1,044,878
				4,142,650
		LEISURE PRODUCTS - 2.8%
	9,983	Polaris, Inc.		1,138,661

		MACHINERY - 2.6%
	6,030	Curtiss-Wright Corporation		1,065,200

		OIL & GAS PRODUCERS - 7.6%
	16,415	HF Sinclair Corporation		1,023,311
	22,110	Murphy Oil Corporation		1,043,592
	3,417	Murphy USA, Inc.		1,010,783
				3,077,686
		OIL & GAS SERVICES & EQUIPMENT - 2.5%
	44,622	NOV, Inc.		1,002,210

		RETAIL - CONSUMER STAPLES - 5.3%
	13,534	BJ’s Wholesale Club Holdings, Inc.^(a)		1,018,298
	4,623	Casey’s General Stores, Inc.		1,123,482
				2,141,780
		RETAIL - DISCRETIONARY - 5.9%
	9,782	AutoNation, Inc.^(a)		1,212,087
	18,291	Builders FirstSource, Inc.^(a)		1,169,344
				2,381,431
		RETAIL REIT - 2.7%
	9,849	Federal Realty Investment Trust		1,094,224

See accompanying notes to financial statements.

INSPIRE FAITHWARD MID CAP MOMENTUM ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.4% (Continued)
		SELF-STORAGE REIT - 2.7%
	10,050	Life Storage, Inc.	$	1,080,275

		SEMICONDUCTORS - 3.6%
	19,765	Lattice Semiconductor Corporation^(a)		1,439,485

		SOFTWARE - 2.9%
	9,313	Qualys, Inc.^(a)		1,148,479

		SPECIALTY REITS - 2.9%
	11,658	Lamar Advertising Company, Class A		1,167,432

		STEEL - 5.3%
	5,092	Reliance Steel & Aluminum Company		1,075,889
	33,500	Ternium S.A. - ADR		1,054,915
				2,130,804
		TRANSPORTATION & LOGISTICS - 3.0%
	21,507	Knight-Swift Transportation Holdings, Inc.		1,192,132

		TOTAL COMMON STOCKS (Cost $38,230,874)		39,633,714

		TOTAL INVESTMENTS - 98.4% (Cost $38,230,874)	$	39,633,714
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.6%		648,546
		NET ASSETS - 100.0%	$	40,282,260

ADR	- American Depositary Receipt

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

^(a)

- Non-income producing security.

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.0%
		BANKING - 8.7%
	15,120	Bancolombia S.A. - ADR	$	402,192
	13,095	Capital City Bank Group, Inc.		460,944
	28,296	First BanCorporation		435,192
	12,588	First Business Financial Services, Inc.		482,372
	17,994	First Horizon Corporation		447,151
	17,406	Hanmi Financial Corporation		470,832
	2,301	M&T Bank Corporation		391,216
	14,535	Mid Penn Bancorp, Inc.		479,655
	12,441	Peapack-Gladstone Financial Corporation		512,818
				4,082,372
		BIOTECH & PHARMA - 6.9%
	31,131	Catalyst Pharmaceuticals, Inc.^(a)		522,067
	16,707	Corcept Therapeutics, Inc.^(a)		422,353
	8,211	Dr Reddy’s Laboratories Ltd. - ADR		462,361
	36,918	Dynavax Technologies Corporation^(a)		458,152
	24,696	Exelixis, Inc.^(a)		421,808
	6,120	Incyte Corporation^(a)		487,580
	33,768	Innoviva, Inc.^(a)		443,374
				3,217,695
		CHEMICALS - 0.8%
	4,749	Nutrien Ltd.		381,820

		COMMERCIAL SUPPORT SERVICES - 4.2%
	5,184	Barrett Business Services, Inc.		509,743
	14,472	Cross Country Healthcare, Inc.^(a)		517,808
	22,179	Hackett Group, Inc. (The)		512,335
	13,608	Heritage-Crystal Clean, Inc.^(a)		430,013
				1,969,899
		CONSTRUCTION MATERIALS - 1.5%
	3,168	Advanced Drainage Systems, Inc.		308,120
	1,440	Carlisle Companies, Inc.		378,878
				686,998

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		E-COMMERCE DISCRETIONARY - 1.0%
	40,152	Vipshop Holdings Ltd. - ADR^(a)	$	447,695

		ELECTRIC UTILITIES - 1.8%
	6,048	Otter Tail Corporation		360,642
	16,128	Pampa Energia S.A. - ADR^(a)		462,067
				822,709
		ELECTRICAL EQUIPMENT - 5.0%
	14,688	Allied Motion Technologies, Inc.		520,543
	5,760	Amphenol Corporation, Class A		463,277
	2,520	Keysight Technologies, Inc.^(a)		455,843
	12,534	nVent Electric plc		501,485
	23,778	SMART Global Holdings, Inc.^(a)		402,086
				2,343,234
		ENGINEERING & CONSTRUCTION - 0.0%^(b)
	24,225	Sitios Latinoamerica S.A.B. de C.V.^(a)		10,800

		ENTERTAINMENT CONTENT - 0.8%
	5,043	NetEase, Inc. - ADR		358,658

		FOOD - 3.8%
	5,616	Darling Ingredients, Inc.^(a)		403,397
	17,700	Hostess Brands, Inc.^(a)		467,280
	5,469	Lamb Weston Holdings, Inc.		475,256
	16,416	Pilgrim’s Pride Corporation^(a)		429,443
				1,775,376
		FORESTRY, PAPER & WOOD PRODUCTS - 0.9%
	31,749	Mercer International, Inc.		438,136

		HEALTH CARE FACILITIES & SERVICES - 1.9%
	4,965	Ensign Group, Inc. (The)		471,675
	1,224	Molina Healthcare, Inc.^(a)		412,206
				883,881
		HOME CONSTRUCTION - 2.0%
	5,832	DR Horton, Inc.		501,552

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		HOME CONSTRUCTION - 2.0% (Continued)
	18,828	Green Brick Partners, Inc.^(a)	$	455,261
				956,813
		INDUSTRIAL SUPPORT SERVICES - 2.4%
	14,406	Titan Machinery, Inc.^(a)		634,296
	1,440	United Rentals, Inc.^(a)		508,363
				1,142,659
		INSURANCE - 3.2%
	8,928	Arch Capital Group Ltd.^(a)		534,877
	1,512	Everest Re Group Ltd.		510,965
	6,264	W R Berkley Corporation		477,818
				1,523,660
		MACHINERY - 0.9%
	1,872	Nordson Corporation		442,709

		MEDICAL EQUIPMENT & DEVICES - 2.3%
	51,201	EDAP TMS S.A. - ADR^(a)		579,596
	6,267	Hologic, Inc.^(a)		477,295
				1,056,891
		METALS & MINING - 1.1%
	3,528	Encore Wire Corporation		515,476

		OIL & GAS PRODUCERS - 6.6%
	7,776	Canadian Natural Resources Ltd.		464,383
	6,129	Devon Energy Corporation		419,959
	3,171	Diamondback Energy, Inc.		469,371
	9,138	Imperial Oil Ltd.		521,323
	1,512	Murphy USA, Inc.		447,265
	13,605	Suncor Energy, Inc.		447,196
	17,043	Vermilion Energy, Inc.		337,111
				3,106,608
		RETAIL - DISCRETIONARY - 6.6%
	2,598	Avis Budget Group, Inc.^(a)		580,913
	12,732	Buckle, Inc. (The)		559,571
	7,344	Builders FirstSource, Inc.^(a)		469,502

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		RETAIL - DISCRETIONARY - 6.6% (Continued)
	84,063	Chico’s FAS, Inc.^(a)	$	493,450
	2,664	Genuine Parts Company		488,391
	3,960	Penske Automotive Group, Inc.		500,742
				3,092,569
		SELF-STORAGE REIT - 0.8%
	2,235	Extra Space Storage, Inc.		359,142

		SEMICONDUCTORS - 7.1%
	23,385	Amkor Technology, Inc.		655,248
	864	Broadcom, Inc.		476,090
	9,864	CTS Corporation		419,220
	5,976	ON Semiconductor Corporation^(a)		449,395
	4,245	Skyworks Solutions, Inc.		405,907
	21,249	Veeco Instruments, Inc.^(a)		422,430
	22,320	Vishay Intertechnology, Inc.		514,253
				3,342,543
		SOFTWARE - 3.8%
	7,485	Calix, Inc.^(a)		533,681
	12,177	Digi International, Inc.^(a)		517,157
	10,725	Donnelley Financial Solutions, Inc.^(a)		409,481
	2,739	Qualys, Inc.^(a)		337,773
				1,798,092
		SPECIALTY FINANCE - 2.2%
	12,591	Enova International, Inc.^(a)		507,921
	51,195	EZCORP, Inc., Class A^(a)		512,974
				1,020,895
		STEEL - 4.6%
	3,600	Nucor Corporation		539,820
	2,373	Reliance Steel & Aluminum Company		501,391
	5,472	Steel Dynamics, Inc.		568,705
	15,408	Tenaris S.A. - ADR		531,114
				2,141,030
		TECHNOLOGY HARDWARE - 8.2%
	32,898	A10 Networks, Inc.		615,522

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		TECHNOLOGY HARDWARE - 8.2% (Continued)
	32,262	Extreme Networks, Inc.^(a)	$	676,534
	37,704	Harmonic, Inc.^(a)		578,379
	7,128	Jabil, Inc.		514,570
	8,928	Sanmina Corporation^(a)		590,052
	13,749	Sierra Wireless, Inc.^(a)		403,258
	28,809	TTM Technologies, Inc.^(a)		462,961
				3,841,276
		TECHNOLOGY SERVICES - 1.0%
	5,253	Amdocs Ltd.		466,782

		TELECOMMUNICATIONS - 1.8%
	24,927	America Movil S.A.B. de C.V., Class L - ADR		485,079
	14,184	Telekomunikasi Indonesia Persero Tbk P.T. - ADR		361,408
				846,487
		TIMBER REIT - 0.9%
	13,392	Weyerhaeuser Company		438,052

		TRANSPORTATION & LOGISTICS - 2.9%
	5,619	Hub Group, Inc., Class A^(a)		472,839
	2,448	JB Hunt Transport Services, Inc.		450,163
	21,237	Marten Transport Ltd.		452,560
				1,375,562

See accompanying notes to financial statements.

INSPIRE FIDELIS MULTI FACTOR ETF

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022

Shares			Fair Value
		WHOLESALE - DISCRETIONARY - 2.3%
	55,818	Hudson Technologies, Inc.^(a)	$	630,185
	8,424	LKQ Corporation		457,676
				1,087,861

		TOTAL COMMON STOCKS (Cost $42,246,390)		45,974,380

		TOTAL INVESTMENTS - 98.0% (Cost $42,246,390)	$	45,974,380
		OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%		940,918
		NET ASSETS - 100.0%	$	46,915,298

ADR	- American Depositary Receipt

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.A.B de CV	- Sociedad Anonima de Capital Variable

^(a)

- Non-income producing security.

^(b)

- Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2022

	Inspire Global Hope		Inspire Small/Mid		Inspire Corporate
	ETF		Cap ETF		Bond ETF			Inspire 100 ETF
ASSETS
Investment securities:
At cost	$	128,943,212	$	123,427,946	$	234,610,066		$	292,287,196
At value (includes securities on loan with a market value of $883,352, $933,413, $0, $0)	$	136,293,246	$	125,022,486	$	220,367,926		$	277,158,024
Cash		995,172		961,746		1,495,736			289,758
Foreign currencies (Cost $173,755, $0, $0 and $0, respectively)		177,532		—		—			—
Receivable for investments sold		—		—		34,387,706			—
Dividends and interest receivable		467,082		145,623		2,195,395			194,823
Prepaid expenses		—		5,064		6,292			8,219
TOTAL ASSETS		137,933,032		126,134,919		258,453,055			277,650,824

LIABILITIES
Payable for Fund shares repurchased		—		—		34,387,706			—
Payable for investments purchased		—		—		939,468			—
Securities lending collateral payable		944,652		955,613		—			—
Investment advisory fees payable		32,443		27,984		62,763			53,057
Payable to related parties		15,842		14,915		24,149			24,817
Accrued expenses and other liabilities		30,144		23,633		26,388			34,929
TOTAL LIABILITIES		1,023,081		1,022,145		35,440,474			112,803
NET ASSETS	$	136,909,951	$	125,112,774	$	223,012,581		$	277,538,021

Net Assets Consist Of:
Paid in capital	$	135,484,557	$	124,885,511	$	249,298,822		$	320,671,548
Accumulated earnings (deficit)		1,425,394		227,263		(26,286,241	)		(43,133,527	)
NET ASSETS	$	136,909,951	$	125,112,774	$	223,012,581		$	277,538,021

Net Asset Value Per Share:
Net Assets	$	136,909,951	$	125,112,774	$	223,012,581		$	277,538,021
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		4,250,000		3,950,000		9,700,000			8,750,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	32.21	$	31.67	$	22.99		$	31.72

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

November 30, 2022

							Inspire Faithward Mid
	Inspire International			Inspire Tactical			Cap			Inspire Fidelis Multi
	ETF			Balanced ETF			Momentum ETF			Factor ETF
ASSETS
Investment securities:
At cost	$	140,791,387		$	103,837,613		$	38,230,874		$	42,246,390
At value (includes securities on loan with a market value of $545,387, $0, $0, $0)	$	140,786,809		$	104,840,845		$	39,633,714		$	45,974,380
Cash		47,990			964,794			625,392			947,144
Foreign currencies (Cost $168,554, $0, $0, and $0, respectively)		170,089			—			—			—
Dividends and interest receivable		508,609			6,094			42,389			30,528
Prepaid expenses		3,488			2,699			2,616			22,608
TOTAL ASSETS		141,516,985			105,814,432			40,304,111			46,974,660

LIABILITIES
Securities lending collateral payable		588,390			—			—			—
Investment advisory fees payable		49,943			44,017			1,453			16,435
Payable to related parties		19,071			13,482			4,970			10,030
Accrued expenses and other liabilities		30,710			23,045			15,428			32,897
TOTAL LIABILITIES		688,114			80,544			21,851			59,362
NET ASSETS	$	140,828,871		$	105,733,888		$	40,282,260		$	46,915,298

Net Assets Consist Of:
Paid in capital	$	151,877,526		$	118,307,377		$	45,488,916		$	45,809,388
Accumulated earnings (deficit)		(11,048,655	)		(12,573,489	)		(5,206,656	)		1,105,910
NET ASSETS	$	140,828,871		$	105,733,888		$	40,282,260		$	46,915,298

Net Asset Value Per Share:
Net Assets	$	140,828,871		$	105,733,888		$	40,282,260		$	46,915,298
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		5,350,000			4,525,000			1,675,000			1,800,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	26.32		$	23.37		$	24.05		$	26.06

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF OPERATIONS

For the Year Ended November 30, 2022

	Inspire Global Hope			Inspire Small/Mid			Inspire Corporate
	ETF			Cap ETF			Bond ETF			Inspire 100 ETF
INVESTMENT INCOME
Dividends	$	3,471,747		$	1,974,634		$	—		$	3,966,915
Interest		7,223			6,567			4,744,781			3,853
Securities lending income		11,664			43,730			—			3,118
Less: Foreign withholding taxes		(338,253	)		(582	)		—			(994	)
TOTAL INVESTMENT INCOME		3,152,381			2,024,349			4,744,781			3,972,892

EXPENSES
Investment advisory fees		402,577			345,969			709,037			853,271
Custodian fees		186,349			94,666			41,406			86,686
Administrative services		123,448			80,200			168,523			160,161
Trustees fees and expenses		18,509			17,439			20,674			22,999
Transfer agent fees		16,228			12,910			12,456			12,338
Printing and postage expenses		15,711			17,140			26,386			46,208
Audit fees		15,014			14,993			14,927			15,007
Legal fees		11,606			10,561			11,672			20,600
Professional fees		11,097			13,883			20,810			31,404
Insurance expense		1,821			1,814			3,510			3,506
Other Expenses		19,133			13,893			23,127			22,850
TOTAL EXPENSES		821,493			623,468			1,052,528			1,275,030

Less: Fees waived by the Adviser		(3,420	)		—			—			(279,811	)
NET EXPENSES		818,073			623,468			1,052,528			995,219

NET INVESTMENT INCOME		2,334,308			1,400,881			3,692,253			2,977,673

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions		—			3,105,797			(3,768,328	)		9,202,366
Investments		(6,094,522	)		(1,869,349	)		(12,198,109	)		(28,725,054	)
Foreign currency transactions		831			(3	)		—			—
		(6,093,691	)		1,236,445			(15,966,437	)		(19,522,688	)
Net change in unrealized appreciation (depreciation) on:
Investments		(8,746,252	)		(5,788,115	)		(11,760,519	)		(32,276,314	)
Foreign currency translations		(23,279	)		11			—			—
		(8,769,531	)		(5,788,104	)		(11,760,519	)		(32,276,314	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(14,863,222	)		(4,551,659	)		(27,726,956	)		(51,799,002	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,528,914	)	$	(3,150,778	)	$	(24,034,703	)	$	(48,821,329	)

See accompanying notes to financial statements.

The Inspire ETFs

STATEMENTS OF OPERATIONS (Continued)

For the Year or Period Ended November 30, 2022

							Inspire Faithward
	Inspire International			Inspire Tactical			Mid Cap			Inspire Fidelis Multi
	ETF			Balanced ETF			Momentum ETF			Factor ETF *
INVESTMENT INCOME
Dividends	$	4,235,978		$	1,675,082		$	567,424		$	175,315
Interest		7,224			5,606			1,550			840
Securities lending income		25,722			16,577			—			—
Less: Foreign withholding taxes		(605,058	)		(22	)		(127	)		(3,557	)
TOTAL INVESTMENT INCOME		3,663,866			1,697,243			568,847			172,598

EXPENSES
Investment advisory fees		532,835			554,868			173,966			49,119
Custodian fees		187,194			49,176			21,599			8,931
Administrative services		107,544			70,407			49,510			15,584
Printing and postage expenses		20,750			9,157			13,867			11,700
Transfer agent fees		19,000			11,954			9,424			3,013
Trustees fees and expenses		18,807			16,309			13,580			2,565
Audit fees		14,967			14,986			15,251			15,030
Professional fees		14,165			13,986			10,235			2,853
Legal fees		11,414			12,777			18,467			5,841
Insurance expense		3,498			1,810			1,803			64
Other Expenses		16,519			12,471			13,727			5,460
TOTAL EXPENSES		946,693			767,901			341,429			120,160

Less: Fees waived by the Adviser		—			—			(88,117	)		—
NET EXPENSES		946,693			767,901			253,312			120,160

NET INVESTMENT INCOME		2,717,173			929,342			315,535			52,438

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions		687,774			106,222			1,260,197			64,481
Investments		(10,908,931	)		(13,927,294	)		(6,681,464	)		(2,671,628	)
Foreign currency transactions		(214,114	)		—			5			(141	)
		(10,435,271	)		(13,821,072	)		(5,421,262	)		(2,607,288	)
Net change in unrealized appreciation (depreciation) on:
Investments		(3,237,825	)		(5,117,127	)		1,738,275			3,727,990
Foreign currency translations		(3,622	)		—			(19	)		4
		(3,241,447	)		(5,117,127	)		1,738,256			3,727,994

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(13,676,718	)		(18,938,199	)		(3,683,006	)		1,120,706

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,959,545	)	$	(18,008,857	)	$	(3,367,471	)	$	1,173,144

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

See accompanying notes to financial statements.

100

Inspire Global Hope ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2022			November 30, 2021
FROM OPERATIONS
Net investment income	$	2,334,308		$	2,758,181
Net realized gain (loss) on investments and foreign currency transactions		(6,093,691	)		20,956,535
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(8,769,531	)		1,676,880
Net increase (decrease) in net assets resulting from operations		(12,528,914	)		25,391,596

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(12,383,320	)		(2,405,165	)
Net decrease in net assets resulting from distributions to shareholders		(12,383,320	)		(2,405,165	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		24,488,819			16,826,653
Cost of shares redeemed		—			(22,942,204	)
Transaction fees (Note 5)		4,500			5,000
Net increase (decrease) in net assets resulting from shares of beneficial interest		24,493,319			(6,110,551	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(418,915	)		16,875,880

NET ASSETS
Beginning of Year		137,328,866			120,452,986
End of Year	$	136,909,951		$	137,328,866

SHARE ACTIVITY
Shares Sold		700,000			450,000
Shares Redeemed		—			(650,000	)
Net increase (decrease) in shares of beneficial interest outstanding		700,000			(200,000	)

See accompanying notes to financial statements.

101

Inspire Small/Mid Cap ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2022			November 30, 2021
FROM OPERATIONS
Net investment income	$	1,400,881		$	1,232,021
Net realized gain on investments and foreign currency transactions		1,236,445			29,850,226
Net change in unrealized depreciation on investments and foreign currency translations		(5,788,104	)		(4,504,325	)
Net increase (decrease) in net assets resulting from operations		(3,150,778	)		26,577,922

DISTRIBUTIONS TO SHAREHOLDERS
From return of capital		(226,508	)		—
From distributable earnings:		(11,493,232	)		(1,008,145	)
Net decrease in net assets resulting from distributions to shareholders		(11,719,740	)		(1,008,145	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		41,691,699			23,410,418
Cost of shares redeemed		(26,373,245	)		(10,314,230	)
Transaction fees (Note 5)		7,000			4,000
Net increase in net assets resulting from shares of beneficial interest		15,325,454			13,100,188

TOTAL INCREASE IN NET ASSETS		454,936			38,669,965

NET ASSETS
Beginning of Year		124,657,838			85,987,873
End of Year	$	125,112,774		$	124,657,838

SHARE ACTIVITY
Shares Sold		1,350,000			650,000
Shares Redeemed		(850,000	)		(300,000	)
Net increase in shares of beneficial interest outstanding		500,000			350,000

See accompanying notes to financial statements.

102

Inspire Corporate Bond ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2022			November 30, 2021
FROM OPERATIONS
Net investment income	$	3,692,253		$	1,997,066
Net realized gain (loss) on investments		(15,966,437	)		3,197,394
Net change in unrealized depreciation on investments		(11,760,519	)		(7,460,826	)
Net decrease in net assets resulting from operations		(24,034,703	)		(2,266,366	)

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(4,205,140	)		(2,091,010	)
Net decrease in net assets resulting from distributions to shareholders		(4,205,140	)		(2,091,010	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		81,092,592			118,021,775
Cost of shares redeemed		(68,069,358	)		(42,275,130	)
Transaction fees (Note 5)		4,500			6,750
Net increase in net assets resulting from shares of beneficial interest		13,027,734			75,753,395

TOTAL INCREASE (DECREASE) IN NET ASSETS		(15,212,109	)		71,396,019

NET ASSETS
Beginning of Year		238,224,690			166,828,671
End of Year	$	223,012,581		$	238,224,690

SHARE ACTIVITY
Shares Sold		3,400,000			4,500,000
Shares Redeemed		(2,900,000	)		(1,600,000	)
Net increase in shares of beneficial interest outstanding		500,000			2,900,000

See accompanying notes to financial statements.

103

Inspire 100 ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2022			November 30, 2021
FROM OPERATIONS
Net investment income	$	2,977,673		$	2,395,648
Net realized gain (loss) on investments		(19,522,688	)		53,803,970
Net change in unrealized depreciation on investments		(32,276,314	)		(9,930,520	)
Net increase (decrease) in net assets resulting from operations		(48,821,329	)		46,269,098

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(47,948,095	)		(3,163,725	)
Net decrease in net assets resulting from distributions to shareholders		(47,948,095	)		(3,163,725	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		135,768,391			126,510,363
Cost of shares redeemed		(57,439,730	)		(22,987,934	)
Transaction fees (Note 5)		17,250			13,250
Net increase in net assets resulting from shares of beneficial interest		78,345,911			103,535,679

TOTAL INCREASE (DECREASE) IN NET ASSETS		(18,423,513	)		146,641,052

NET ASSETS
Beginning of Year		295,961,534			149,320,482
End of Year	$	277,538,021		$	295,961,534

SHARE ACTIVITY
Shares Sold		3,850,000			3,100,000
Shares Redeemed		(1,800,000	)		(550,000	)
Net increase in shares of beneficial interest outstanding		2,050,000			2,550,000

See accompanying notes to financial statements.

104

Inspire International ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2022			November 30, 2021
FROM OPERATIONS
Net investment income	$	2,717,173		$	2,310,590
Net realized gain (loss) on investments and foreign currency transactions		(10,435,271	)		18,893,284
Net change in unrealized depreciation on investments and foreign currency translations		(3,241,447	)		(8,512,922	)
Net increase (decrease) in net assets resulting from operations		(10,959,545	)		12,690,952

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(15,197,630	)		(2,312,460	)
Net decrease in net assets resulting from distributions to shareholders		(15,197,630	)		(2,312,460	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		61,144,967			38,749,118
Cost of shares redeemed		(5,175,616	)		(16,028,210	)
Transaction fees (Note 5)		8,000			7,500
Net increase in net assets resulting from shares of beneficial interest		55,977,351			22,728,408

TOTAL INCREASE IN NET ASSETS		29,820,176			33,106,900

NET ASSETS
Beginning of Year		111,008,695			77,901,795
End of Year	$	140,828,871		$	111,008,695

SHARE ACTIVITY
Shares Sold		2,200,000			1,150,000
Shares Redeemed		(150,000	)		(500,000	)
Net increase in shares of beneficial interest outstanding		2,050,000			650,000

See accompanying notes to financial statements.

105

Inspire Tactical Balanced ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	November 30, 2022			November 30, 2021
FROM OPERATIONS
Net investment income	$	929,342		$	642,124
Net realized gain (loss) on investments		(13,821,072	)		11,271,049
Net change in unrealized appreciation (depreciation) on investments		(5,117,127	)		4,294,080
Net increase (decrease) in net assets resulting from operations		(18,008,857	)		16,207,253

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(10,101,833	)		(3,641,975	)
Net decrease in net assets resulting from distributions to shareholders		(10,101,833	)		(3,641,975	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		32,986,481			29,948,906
Cost of shares redeemed		(8,975,358	)		(4,250,027	)
Transaction fees (Note 5)		9,250			7,750
Net increase in net assets resulting from shares of beneficial interest		24,020,373			25,706,629

TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,090,317	)		38,271,907

NET ASSETS
Beginning of Year		109,824,205			71,552,298
End of Year	$	105,733,888		$	109,824,205

SHARE ACTIVITY
Shares Sold		1,250,000			1,075,000
Shares Redeemed		(375,000	)		(150,000	)
Net increase in shares of beneficial interest outstanding		875,000			925,000

See accompanying notes to financial statements.

106

Inspire Faithward Mid Cap Momentum ETF

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended			Period Ended
	November 30, 2022			November 30, 2021 (a)
FROM OPERATIONS
Net investment income	$	315,535		$	108,082
Net realized gain (loss) on investments and foreign currency transactions		(5,421,262	)		3,906,784
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,738,256			(335,449	)
Net increase (decrease) in net assets resulting from operations		(3,367,471	)		3,679,417

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(1,890,822	)		(58,050	)
Net decrease in net assets resulting from distributions to shareholders		(1,890,822	)		(58,050	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		25,843,038			59,461,608
Cost of shares redeemed		(24,250,314	)		(19,147,396	)
Transaction fees (Note 5)		4,000			8,250
Net increase in net assets resulting from shares of beneficial interest		1,596,724			40,322,462

TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,661,569	)		43,943,829

NET ASSETS
Beginning of Period		43,943,829			—
End of Period	$	40,282,260		$	43,943,829

SHARE ACTIVITY
Shares Sold		1,100,000			2,125,000
Shares Redeemed		(925,000	)		(625,000	)
Net increase in shares of beneficial interest outstanding		175,000			1,500,000

(a)

The Inspire Faithward Mid Cap Momentum ETF commenced operations on December 7, 2020.

See accompanying notes to financial statements.

107

Inspire Fidelis Multi Factor ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	November 30, 2022 (a)
FROM OPERATIONS
Net investment income	$	52,438
Net realized loss on investments		(2,607,288	)
Net change in unrealized appreciation on investments		3,727,994
Net increase in net assets resulting from operations		1,173,144

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(33,425	)
Net decrease in net assets resulting from distributions to shareholders		(33,425	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		46,975,373
Cost of shares redeemed		(1,202,044	)
Transaction fees (Note 5)		2,250
Net increase in net assets resulting from shares of beneficial interest		45,775,579

TOTAL INCREASE IN NET ASSETS		46,915,298

NET ASSETS
Beginning of Period		—
End of Period	$	46,915,298

SHARE ACTIVITY
Shares Sold		1,850,000
Shares Redeemed		(50,000	)
Net increase in shares of beneficial interest outstanding		1,800,000

(a)

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

See accompanying notes to financial statements.

108

Inspire Global Hope ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2022			November 30, 2021			November 30, 2020			November 30, 2019			November 30, 2018
Net asset value, beginning of year	$	38.68		$	32.12		$	29.21		$	26.20		$	27.86
Activity from investment operations:
Net investment income (1)		0.57			0.78			0.50			0.67			0.48
Net realized and unrealized gain (loss) on investments		(3.62	)		6.46			2.96			3.08			(1.49	)
Total from investment operations		(3.05	)		7.24			3.46			3.75			(1.01	)
Less distributions from:
Net investment income		(0.52	)		(0.68	)		(0.52	)		(0.58	)		(0.49	)
Net realized gains		(2.90	)		—			(0.03	)		(0.16	)		(0.16	)
Total distributions		(3.42	)		(0.68	)		(0.55	)		(0.74	)		(0.65	)
Net asset value, end of year	$	32.21		$	38.68		$	32.12		$	29.21		$	26.20
Total return (3)		(8.59	)%		22.63	%		12.35	%		14.60	%		(3.74	)%
Net assets, at end of year (000s)	$	136,910		$	137,329		$	120,453		$	160,673		$	87,770
Ratio of gross expenses to average net assets		0.61	% (5)		0.49	%		0.61	%		0.52	% (5)		0.62	%
Ratio of net expenses to average net assets		0.61	% (4)		0.49	%		0.61	%		0.54	% (4)		0.62	%
Ratio of net investment income to average net assets		1.74	%		2.08	%		1.82	%		2.42	%		1.71	%
Portfolio Turnover Rate (2)		51	%		94	%		36	%		22	%		22	%

(1)

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

(2)

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

(3)

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

(4)

Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods.

(5)

Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods.

See accompanying notes to financial statements.

109

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			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2022			November 30, 2021			November 30, 2020			November 30, 2019			November 30, 2018
Net asset value, beginning of year	$	36.13		$	27.74		$	27.56		$	26.73		$	26.82
Activity from investment operations:
Net investment income (1)		0.38			0.38			0.37			0.32			0.30
Net realized and unrealized gain (loss) on investments		(1.46	)		8.32			0.13	(4)		1.29			0.20	(4)
Total from investment operations		(1.08	)		8.70			0.50			1.61			0.50
Less distributions from:
Net investment income		(0.32	)		(0.31	)		(0.31	)		(0.22	)		(0.21	)
Net realized gains		(3.00	)		—			(0.01	)		(0.56	)		(0.38	)
Return of capital		(0.06	)		—			—			—			—
Total distributions		(3.38	)		(0.31	)		(0.32	)		(0.78	)		(0.59	)
Net asset value, end of year	$	31.67		$	36.13		$	27.74		$	27.56		$	26.73
Total return (3)		(3.34	)%		31.44	%		2.12	%		6.42	%		1.89	%
Net assets, at end of year (000s)	$	125,113		$	124,658		$	85,988		$	99,226		$	50,788
Ratio of gross expenses to average net assets		0.54	%		0.48	% (6)		0.57	% (6)		0.64	%		0.71	%
Ratio of net expenses to average net assets		0.54	%		0.52	% (5)		0.60	% (5)		0.60	%		0.62	%
Ratio of net investment income to average net assets		1.21	%		1.08	%		1.53	%		1.24	%		1.07	%
Portfolio Turnover Rate (2)		43	%		168	%		92	%		42	%		24	%

(1)

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

(2)

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

(3)

(4)

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

(5)

Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods.

(6)

Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods.

See accompanying notes to financial statements.

110

Inspire Corporate Bond ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2022			November 30, 2021			November 30, 2020			November 30, 2019			November 30, 2018
Net asset value, beginning of year	$	25.89		$	26.48		$	25.69		$	24.18		$	24.95
Activity from investment operations:
Net investment income (1)		0.37			0.27			0.45			0.64			0.56
Net realized and unrealized gain (loss) on investments		(2.85	)		(0.57	)		0.86			1.49			(0.81	)
Total from investment operations		(2.48	)		(0.30	)		1.31			2.13			(0.25	)
Less distributions from:
Net investment income		(0.35	)		(0.29	)		(0.44	)		(0.62	)		(0.52	)
Net realized gains		(0.07	)		—			(0.08	)		—			(0.00	) (6)
Total distributions		(0.42	)		(0.29	)		(0.52	)		(0.62	)		(0.52	)
Net asset value, end of year	$	22.99		$	25.89		$	26.48		$	25.69		$	24.18
Total return (3)		(9.64	)%		(1.15	)%		5.16	%		8.91	%		(0.99	)%
Net assets, at end of year (000s)	$	223,013		$	238,225		$	166,829		$	138,723		$	58,031
Ratio of gross expenses to average net assets		0.45	%		0.44	%		0.49	%		0.50% (5)			0.68	%
Ratio of net expenses to average net assets		0.45	%		0.44	%		0.49	%		0.58% (4)			0.62	%
Ratio of net investment income to average net assets		1.56	%		1.04	%		1.75	%		2.52	%		2.27	%
Portfolio Turnover Rate (2)		47	%		126	%		35	%		18	%		5	%

(1)

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

(2)

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

(3)

(4)

Represents the ratio of expenses to average net assets after adviser recapture of waived/reimbursed fees from prior periods.

(5)

Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from prior periods.

(6)

Represents less than $0.005.

See accompanying notes to financial statements.

111

Inspire 100 ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2022			November 30, 2021			November 30, 2020			November 30, 2019			November 30, 2018
Net asset value, beginning of year	$	44.17		$	35.98		$	29.52		$	26.06		$	25.69
Activity from investment operations:
Net investment income (1)		0.35			0.43			0.41			0.43			0.61
Net realized and unrealized gain (loss) on investments		(5.81	)		8.39			6.43			3.35			0.19	(4)
Total from investment operations		(5.46	)		8.82			6.84			3.78			0.80
Less distributions from:
Net investment income		(0.33	)		(0.43	)		(0.38	)		(0.31	)		(0.42	)
Net realized gains		(6.66	)		(0.20	)		—			(0.01	)		—
Return of capital		—			—			—			—			(0.01	)
Total distributions		(6.99	)		(0.63	)		(0.38	)		(0.32	)		(0.43	)
Net asset value, end of year	$	31.72		$	44.17		$	35.98		$	29.52		$	26.06
Total return (3)		(14.69	)%		24.79	%		23.50	%		14.64	%		3.09	%
Net assets, at end of year (000s)	$	277,538		$	295,962		$	149,320		$	92,986		$	39,085
Ratio of gross expenses to average net assets (5)		0.45	%		0.42	%		0.48	%		0.57	%		0.84	%
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		1.05	%		1.04	%		1.31	%		1.59	%		2.27	%
Portfolio Turnover Rate (2)		28	%		100	%		60	%		23	%		8	%

(1)

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

(2)

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

(3)

(4)

(5)

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

See accompanying notes to financial statements.

112

Inspire International ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

	Year Ended			Year Ended			Year Ended			Period Ended
	November 30, 2022			November 30, 2021			November 30, 2020			November 30, 2019 (1)
Net asset value, beginning of period	$	33.64		$	29.40		$	26.51		$	25.00
Activity from investment operations:
Net investment income (loss) (2)		0.61			0.81			0.36			(0.05	)
Net realized and unrealized gain (loss) on investments		(3.36	)		4.22			2.81			1.56
Total from investment operations		(2.75	)		5.03			3.17			1.51
Less distributions from:
Net investment income		(0.60	)		(0.79	)		(0.28	)		—
Net realized gains		(3.97	)		—			—			—
Total distributions		(4.57	)		(0.79	)		(0.28	)		—
Net asset value, end of period	$	26.32		$	33.64		$	29.40		$	26.51
Total return (4)		(9.32	)%		17.11	%		12.29	%		6.04	% (6)
Net assets, at end of period (000s)	$	140,829		$	111,009		$	77,902		$	11,930
Ratio of net expenses to average net assets (5)		0.80	%		0.69	%		0.94	%		2.44	%
Ratio of net investment income (loss) to average net assets (5)		2.29	%		2.38	%		1.44	%		(1.16	)%
Portfolio Turnover Rate (3)		61	%		106	%		27	%		0	% (6)

(1)

The Inspire International ETF commenced operations on September 30, 2019.

(2)

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

(3)

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

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

113

Inspire Tactical Balanced ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year or Period Presented

	Year Ended			Year Ended			Period Ended
	November 30, 2022			November 30, 2021			November 30, 2020 (1)
Net asset value, beginning of period	$	30.09		$	26.26		$	25.00
Activity from investment operations:
Net investment income (2)		0.21			0.20			0.08
Net realized and unrealized gain (loss) on investments		(4.22	)		4.93			1.21
Total from investment operations		(4.01	)		5.13			1.29
Less distributions from:
Net investment income		(0.11	)		(0.25	)		(0.03	)
Net realized gains		(2.60	)		(1.05	)		—
Total distributions		(2.71	)		(1.30	)		(0.03	)
Net asset value, end of period	$	23.37		$	30.09		$	26.26
Total return (4)		(14.63	)%		20.49	%		5.18	% (6)
Net assets, at end of period (000s)	$	105,734		$	109,824		$	71,552
Ratio of net expenses to average net assets (5)		0.69	%		0.69	%		0.80	%
Ratio of net investment income to average net assets (5)		0.84	%		0.70	%		0.81	%
Portfolio Turnover Rate (3)		469	%		114	%		282	% (6)

(1)

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

(2)

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

(3)

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

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

114

Inspire Faithward Mid Cap Momentum ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Year Ended			Period Ended
	November 30, 2022			November 30, 2021 (1)
Net asset value, beginning of period	$	29.30		$	25.00
Activity from investment operations:
Net investment income (2)		0.28			0.08
Net realized and unrealized gain (loss) on investments		(4.21	)		4.26
Total from investment operations		(3.93	)		4.34
Less distributions from:
Net investment income		(0.24	)		(0.04	)
Net realized gains		(1.08	)		—
Total distributions		(1.32	)		(0.04	)
Net asset value, end of period	$	24.05		$	29.30
Total return (4)		(13.89	)%		17.35	% (6)
Net assets, at end of period (000s)	$	40,282		$	43,944
Ratio of gross expenses to average net assets (5)		1.28	%		1.02	%
Ratio of net expenses to average net assets (5)		0.95	%		1.02	%
Ratio of net investment income to average net assets (5)		1.18	%		0.27	%
Portfolio Turnover Rate (3)		95	%		270	% (6)

(1)

The Inspire Faithward Mid Cap Momentum ETF commenced operations on December 7, 2020.

(2)

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

(3)

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

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

115

Inspire Fidelis Multi Factor ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Year Ended
	November 30, 2022 (1)
Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.03
Net realized and unrealized gain on investments		1.05
Total from investment operations		1.08
Less distributions from:
Net investment income		(0.02	)
Total distributions		(0.02	)
Net asset value, end of period	$	26.06
Total return (4)		4.33	% (6)
Net assets, at end of period (000s)	$	46,915
Ratio of net expenses to average net assets (5)		1.09	%
Ratio of net investment income to average net assets (5)		0.48	%
Portfolio Turnover Rate (3)		61	% (6)

(1)

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

(2)

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

(3)

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

(4)

(5)

Annualized for periods less than one year.

(6)

Not annualized.

See accompanying notes to financial statements.

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The Inspire ETFs

NOTES TO FINANCIAL STATEMENTS

November 30, 2022

ORGANIZATION

The Inspire Global Hope ETF (“BLES”), Inspire Small/Mid Cap ETF (“ISMD”), Inspire Corporate Bond ETF (“IBD”), Inspire 100 ETF (“BIBL”), Inspire International ETF (“WWJD”), Inspire Tactical Balanced ETF (“RISN”), Inspire Faithward Mid Cap Momentum ETF (“GLRY”), and Inspire Fidelis Multi Factor ETF (“FDLS”) (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 Large Cap Equal Weight 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 Impact Equal Weight 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 Impact Equal Weight 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 Global Hope ex-US Index. RISN’s investment objective seeks to provide capital appreciation with lower volatility than the US 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. midcap 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. 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.

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 accounting principles generally accepted 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.

Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid

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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 securities, 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 securities are valued using the “fair value” procedures approved by the Board. The Board has designated the 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 – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to 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 securities, 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 the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of

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November 30, 2022

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 the 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 the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments) . These risks could affect the value of a particular investment by each Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Foreign Securities Risk – Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. The lack of readily available public information may lead to inaccurate Inspire Impact Scores. Not all countries and jurisdictions monitor or regulate Inspire Impact Score factors so that there may be no relevant information available for certain factors. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

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.

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November 30, 2022

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 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, 2022 for the Funds’ assets measured at value:

BLES
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	134,246,178	$	1,102,416	$	—	$	135,348,594
Collateral For Securities Loaned		944,652		—		—		944,652
Total	$	135,190,830	$	1,102,416	$	—	$	136,293,246

ISMD
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	124,066,873	$	—	$	—	$	124,066,873
Collateral For Securities Loaned		955,613		—		—		955,613
Total	$	125,022,486	$	—	$	—	$	125,022,486

IBD
Assets *	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	220,367,926	$	—	$	220,367,926
Total	$	—	$	220,367,926	$	—	$	220,367,926

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November 30, 2022

BIBL
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	277,158,024	$	—	$	—	$	277,158,024
Total	$	277,158,024	$	—	$	—	$	277,158,024

WWJD
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	137,873,510	$	2,324,909	$	—	$	140,198,419
Collateral For Securities Loaned		588,390		—		—		588,390
Total	$	138,461,900	$	2,324,909	$	—	$	140,786,809

RISN
Common Stocks	$	5,894,821	$	—	$	—	$	5,894,821
Exchange Traded Funds		98,946,024		—		—		98,946,024
Total	$	104,840,845	$	—	$	—	$	104,840,845

GLRY
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	39,633,714	$	—	$	—	$	39,633,714
Total	$	39,633,714	$	—	$	—	$	39,633,714

FDLS
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	45,974,380	$	—	$	—	$	45,974,380
Total	$	45,974,380	$	—	$	—	$	45,974,380

The Funds did not hold any Level 3 securities during the period.

See Schedule of Investments for industry classification.

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.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for BLES, ISMD, BIBL, WWJD, RISN, GLRY and FDLS 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,

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November 30, 2022

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

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 Statement 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.

Federal Income Taxes – The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax position 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 or expected to be taken in each Fund’s November 30, 2022 year-end tax return. Each Fund identified 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.

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November 30, 2022

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.

INVESTMENT TRANSACTIONS

For the year or period ended November 30, 2022, 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	$	67,736,999	$	75,000,522
ISMD	$	49,649,061	$	57,173,078
IBD	$	115,321,567	$	107,941,660
BIBL	$	80,932,206	$	127,591,091
WWJD	$	75,362,830	$	71,225,985
RISN	$	516,643,450	$	523,451,688
GLRY	$	25,829,344	$	27,200,324
FDLS	$	25,644,579	$	26,222,722

For the year or period ended November 30, 2022, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

Ticker	Purchases		Sales
BLES	$	21,581,386	$	—
ISMD	$	39,903,402	$	26,233,105
IBD	$	78,680,719	$	65,821,057
BIBL	$	138,426,219	$	57,086,532
WWJD	$	56,223,824	$	4,396,822
RISN	$	29,963,515	$	8,310,208
GLRY	$	25,500,897	$	24,281,759
FDLS	$	46,625,074	$	1,193,393

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November 30, 2022

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 Adviser has engaged SevenOneSeven Capital Management, LTD as the sub-adviser (the “Sub-Adviser”) to manage the assets of GLRY. The Sub-Advisor is paid by the Advisor, not the Funds. The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Foreside Financial Services, LLC (the “Distributor”) to serve as the principal underwriter and distributor for the Funds.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund’s average daily net assets. For the year or period ended November 30, 2022, each Fund incurred the following in advisory fees:

Ticker	ANNUAL RATE	TOTAL ADVISORY FEE
BLES	0.30%	$	402,577
ISMD	0.30%	$	345,969
IBD	0.30%	$	709,037
BIBL	0.30%	$	853,271
WWJD	0.45%	$	532,835
RISN	0.50%	$	554,868
GLRY	0.65%	$	173,966
FDLS	0.45%	$	49,119

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed for BIBL and GLRY, at least until March 31, 2023, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that total expenses incurred (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including, for example, option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.52%, 0.35% and 0.80% of average daily net assets for BLES, BIBL and GLRY, respectively. Effective April 1, 2022, the BLES, ISMD and WWJD do not have a Waiver Agreement in place. BLES, ISMD, IBD, WWJD, RISN and FDLS currently do not have a Waiver Agreement in place.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and a Fund’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 operating expense to exceed the expense limitation. If a Fund’s operating expenses subsequently exceed the expense limitation, the

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November 30, 2022

reimbursements for the Fund shall be suspended. For the year or period ended November 30, 2022, the Adviser waived fees and/or reimbursed expenses in the amount of $3,420, $279,811, and $88,117 for BLES, 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	11/30/2023		11/30/2024		11/30/2025
BLES	$	—	$	—	$	3,420
BIBL	$	133,196	$	168,196	$	279,811
GLRY	$	—	$	—	$	88,117

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.

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.

Ultimus Fund Solutions, LLC (“UFS”) - 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.

Northern Lights Compliance Services, LLC (“NLCS”) - 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.

Blu Giant, LLC (“Blu Giant”) – 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.

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November 30, 2022

CAPITAL SHARE TRANSACTIONS

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

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

	Fee for In-Kind and Cash	Maximum Additional Variable
Ticker	Purchases	Charge for Cash Purchases*
BLES	$500	0.00%
ISMD	$250	0.00%
IBD	$250	0.00%
BIBL	$250	0.00%
WWJD	$500	0.00%
RISN	$250	0.00%
GLRY	$250	2.00%
FDLS	$250	0.00%

The maximum Transaction Fee may be up to 2.00% as a percentage of the amount invested.

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November 30, 2022

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended November 30, 2022, and November 30, 2021, was as follows:

For the period ended November 30, 2022:

	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Inspire Global Hope ETF	$	4,957,965	$	7,425,355	$	—	$	12,383,320
Inspire Small/Mid Cap Impact ETF		11,493,232		—		226,508		11,719,740
Inspire Corporate Bond Impact ETF		3,574,103		631,037		—		4,205,140
Inspire 100 ETF		13,552,964		34,395,131		—		47,948,095
Inspire International ETF		5,448,753		9,748,877		—		15,197,630
Inspire Tactical Balanced ETF		9,905,373		196,460		—		10,101,833
Inspire Faithward Mid Cap Momentum ETF		1,890,822		—		—		1,890,822
Inspire Fidelis Multi Factor ETF		33,425		—		—		33,425

For the period ended November 30, 2021:

	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Inspire Global Hope ETF	$	2,405,165	$	—	$	—	$	2,405,165
Inspire Small/Mid Cap Impact ETF		1,008,145		—		—		1,008,145
Inspire Corporate Bond Impact ETF		2,091,010		—		—		2,091,010
Inspire 100 ETF		3,163,725		—		—		3,163,725
Inspire International ETF *		2,505,170		—		—		2,505,170
Inspire Tactical Balanced ETF		3,640,613		1,362		—		3,641,975
Inspire Faithward Mid Cap Momentum ETF		58,050		—		—		58,050
Inspire Fidelis Multi Factor ETF		—		—		—		—

The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $192,710 for fiscal year ended November 30, 2021, for Inspire International ETF, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes.

As of November 30, 2022, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Accumulated
Portfolio	Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Deficit)
Inspire Global Hope ETF	$	114,250	$	—	$	—		$	(5,858,856	)	$	—	$	7,170,000		$	1,425,394
Inspire Small/Mid Cap Impact ETF		—		—		—			(961,753	)		—		1,189,016			227,263
Inspire Corporate Bond Impact ETF		167,932		—		—			(12,139,799	)		—		(14,314,374	)		(26,286,241	)
Inspire 100 ETF		—		—		—			(26,493,350	)		—		(16,640,177	)		(43,133,527	)
Inspire International ETF		79,979		—		—			(10,793,991	)		—		(334,643	)		(11,048,655	)
Inspire Tactical Balanced ETF		585,694		—		—			(13,982,031	)		—		822,848			(12,573,489	)
Inspire Faithward Mid Cap Momentum ETF		49,609		—		(546,233	)		(6,113,422	)		—		1,403,390			(5,206,656	)
Inspire Fidelis Multi Factor ETF		46,146		—		—			(2,651,006	)		—		3,710,770			1,105,910

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November 30, 2022

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 and adjustments for real estate investment trusts, passive foreign investment companies, and C-Corporation return of capital distributions.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following funds incurred and elected to defer such capital losses as follows:

	Post October
Portfolio	Losses
Inspire Global Hope ETF	$	—
Inspire Small/Mid Cap Impact ETF		—
Inspire Corporate Bond Impact ETF		—
Inspire 100 ETF		—
Inspire International ETF		—
Inspire Tactical Balanced ETF		—
Inspire Faithward Mid Cap Momentum ETF		546,233
Inspire Fidelis Multi Factor ETF		—

At November 30, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring
Portfolio	Short-Term		Long-Term		Total
Inspire Global Hope ETF	$	3,909,697	$	1,949,159	$	5,858,856
Inspire Small/Mid Cap Impact ETF		—		961,753		961,753
Inspire Corporate Bond Impact ETF		4,223,831		7,915,968		12,139,799
Inspire 100 ETF		16,563,119		9,930,231		26,493,350
Inspire International ETF		6,646,268		4,147,723		10,793,991
Inspire Tactical Balanced ETF		13,982,031		—		13,982,031
Inspire Faithward Mid Cap Momentum ETF		4,724,490		1,388,932		6,113,422
Inspire Fidelis Multi Factor ETF		2,651,006		—		2,651,006

Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions, adjustments for prior year tax returns, non-deductible expenses and distributions in excess, resulted in reclassifications for the Funds for the year ended November 30, 2022, as follows:

	Paid
	In			Accumulated
Portfolio	Capital			Earnings (Losses)
Inspire Global Hope ETF	$	181		$	(181	)
Inspire Small/Mid Cap Impact ETF		2,904,386			(2,904,386	)
Inspire Corporate Bond Impact ETF		(3,768,328	)		3,768,328
Inspire 100 ETF		8,988,019			(8,988,019	)
Inspire International ETF		687,774			(687,774	)
Inspire Tactical Balanced ETF		62,415			(62,415	)
Inspire Faithward Mid Cap Momentum ETF		1,257,767			(1,257,767	)
Inspire Fidelis Multi Factor ETF		33,809			(33,809	)

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November 30, 2022

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
Portfolio	Cost		Appreciation		Depreciation			(Depreciation)
Inspire Global Hope ETF	$	129,114,266	$	19,052,905	$	(11,873,925	)	$	7,178,980
Inspire Small/Mid Cap Impact ETF		123,833,470		13,757,113		(12,568,097	)		1,189,016
Inspire Corporate Bond Impact ETF		234,682,300		1,178,131		(15,492,505	)		(14,314,374	)
Inspire 100 ETF		293,798,201		23,692,457		(40,332,634	)		(16,640,177	)
Inspire International ETF		141,112,046		10,735,321		(11,060,558	)		(325,237	)
Inspire Tactical Balanced ETF		104,017,997		1,194,725		(371,877	)		822,848
Inspire Faithward Mid Cap Momentum ETF		38,230,291		2,181,030		(777,607	)		1,403,423
Inspire Fidelis Multi Factor ETF		42,263,614		4,718,244		(1,007,478	)		3,710,766

SECURITIES LENDING

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

As of November 30, 2022, the below table shows the securities loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities. All individual open security loan transactions were over collateralized. The remaining contractual maturity of those transactions are overnight and continuous. This cash is invested in the Fidelity Government Portfolio – Institutional Class.

	Fair Value of		Collateral Value of
Ticker	Securities on Loan		Securities on Loan
BLES	$	883,352	$	944,652
ISMD		933,413		955,613
WWJD		545,387		588,390

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November 30, 2022

The following table is a summary of the Funds’ securities loaned and related collateral, which are subject to a netting agreement as of November 30, 2022:

							Gross Amounts Not Offset in the Statement of Assets & Liabilities
ETF	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts of Assets Presented in the Statement of Assets & Liabilities		Financial Instruments		Collateral Received		Net Amount
BLES Securities Lending	$	944,652	$	—	$	944,652	$	—	$	944,652	$	—
ISMD Securities Lending	$	955,613	$	—	$	955,613	$	—	$	955,613	$	—
WWJD Securities Lending	$	588,390	$	—	$	588,390	$	—	$	588,390	$	—

It is each Fund’s policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. As of November 30, 2022, the collateral consisted of institutional government money market funds.

UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES

RISN currently invests a significant portion of its assets in the iShares Treasury Floating Rate Bond ETF (“TFLO”) and WisdomTree Floating Rate Treasury Fund (“USFR”). RISN may redeem its investments in TFLO and USFR at any time if the Adviser determines that it is in the best interest of RISN and its shareholders to do so. RISN’s performance will be directly affected by the performance of TFLO and USFR. The financial statements for TFLO and USFR, including the portfolio of investments, can be found on the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the RISN’s financial statements. As of November 30, 2022, TFLO and USFR comprise 46.87% and 46.71% of RISN’s net assets, respectively.

10.

RECENT ACCOUNTING PRONOUNCEMENTS AND REPORTING UPDATES

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (’‘ASU 2020-04’’). The amendments in ASU 2020-04 provided optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates. ASU 2020-04 was effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022.

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November 30, 2022

11.

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, 2022:

Ticker	Dividend Per Share		Ex Date	Record Date	Payable Date
BLES	$	0.0534	12/14/2022	12/15/2022	12/20/2022
ISMD	$	0.0239	12/14/2022	12/15/2022	12/20/2022
IBD	$	0.0803	12/14/2022	12/15/2022	12/20/2022
BIBL	$	0.0567	12/14/2022	12/15/2022	12/20/2022
WWJD	$	0.0231	12/14/2022	12/15/2022	12/20/2022
RISN	$	0.2310	12/14/2022	12/15/2022	12/20/2022
GLRY	$	0.0541	12/14/2022	12/15/2022	12/20/2022
FDLS	$	0.0567	12/14/2022	12/15/2022	12/20/2022

131

(LOGO)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Northern Lights Fund Trust IV and the Shareholders of Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Tactical Balanced ETF, Inspire Faithward Mid Cap Momentum ETF, and Inspire Fidelis Multi Factor ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF (formerly known as Inspire International ESG ETF), Inspire Tactical Balanced ETF (formerly known as Inspire Tactical Balanced ESG ETF), Inspire Faithward Mid Cap Momentum ETF (formerly known as Inspire Faithward Mid Cap Momentum ESG ETF), and Inspire Fidelis Multi Factor ETF, each a series of shares of beneficial interest in Northern Lights Fund Trust IV (the “Funds”), including the schedules of investments, as of November 30, 2022, and the related statements of operations, statements of changes in net assets, and the financial highlights as noted in the table 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 the Funds as of November 30, 2022, and the results of their operations, the changes in their net assets, and their financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund	Statement of Operations, Statements of Changes, and Financial Highlights Presented
Inspire Global Hope ETF	The statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended
Inspire Small/Mid Cap ETF	The statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended
Inspire Corporate Bond ETF	The statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended
Inspire 100 ETF	The statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended
Inspire International ETF	The statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the years in the two-year period ended November 30, 2022 and the financial highlights for each of the years in the three-year period ended November 30, 2022 and for the period from September 30, 2019 (commencement of operations) to November 30, 2019
Inspire Tactical Balanced ETF	The statement of operations for the year ended November 30, 2022, the statements of changes in net assets and the financial highlights for each of the years in the two-year period ended November 30, 2022 and the financial highlights for the period from July 15, 2020 (commencement of operations) to November 30, 2020
Inspire Faithward Mid Cap Momentum ETF	The statement of operations for the year ended November 30, 2022, the statements of changes in net assets and the financial highlights for the year then ended and for the period from December 7, 2020 (commencement of operations) to November 30, 2021
Inspire Fidelis Multi Factor ETF	The statement of operations, the statement of changes in net assets and the financial highlights for the period from August 23, 2022 (commencement of operations) to November 30, 2022

132

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 law 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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, 2022 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. 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.

(SIGNATURE)

BBD, LLP

We have served as the auditor of one or more of the Funds in the Northern Lights Fund Trust IV since 2015.

Philadelphia, Pennsylvania

January 27, 2023

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EXPENSE EXAMPLES (Unaudited)

November 30, 2022

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 through November 30, 2022.

Actual Expenses

The “Actual” lines in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” lines in the table below provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses Paid	Expenses Paid
	Account Value	Account Value	During Period*	During Period**
Actual	6/1/2022	11/30/2022	6/1/22 - 11/30/2022	6/1/22 - 11/30/2022
BLES	$1,000.00	$974.10	$3.77	0.76%
ISMD	$1,000.00	$1,020.30	$2.52	0.50%
IBD	$1,000.00	$974.90	$2.39	0.48%
BIBL	$1,000.00	$985.60	$1.74	0.35%
WWJD	$1,000.00	$957.80	$4.48	0.91%
RISN	$1,000.00	$965.50	$3.39	0.69%
GLRY	$1,000.00	$1,046.10	$4.86	0.95%
FDLS ***	$1,000.00	$1,042.90	$3.02	1.09%

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EXPENSE EXAMPLES (Unaudited)(Continued)

November 30, 2022

	Beginning	Ending	Expenses Paid	Expenses Paid
Hypothetical	Account Value	Account Value	During Period*	During Period**
(5% return before expenses)	6/1/2022	11/30/2022	6/1/22 - 11/30/2022	6/1/22 - 11/30/2022
BLES	$1,000.00	$1,021.25	$3.86	0.76%
ISMD	$1,000.00	$1,022.57	$2.52	0.50%
IBD	$1,000.00	$1,022.65	$2.45	0.48%
BIBL	$1,000.00	$1,023.31	$1.78	0.35%
WWJD	$1,000.00	$1,020.49	$4.63	0.91%
RISN	$1,000.00	$1,021.62	$3.48	0.69%
GLRY	$1,000.00	$1,020.32	$4.80	0.95%
FDLS ***	$1,000.00	$1,010.61	$2.97	1.09%

Expenses are equal to the average account value over the period, multiplied by each Fund’s annualized expense ratio net of waived/reimbursed fees, multiplied by the number of days in the period (183) divided by the number of days in the fiscal year (365). “Hypothetical” expense information is presented on the basis of the full one -half year period to enable a comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period but is multiplied by 183/365 (to reflect the full half-year period).

Annualized.

***

FDLS commenced operations on August 23, 2022 therefore its “Actual” expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the period (99) divided by the number of days in the fiscal year (365).

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The Inspire ETFs

SUPPLEMENTAL INFORMATION

(Unaudited) November 30, 2022

Approval of the Investment Advisory Agreement with Inspire Investing, LLC

In connection with meetings of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on April 25, 2022 and August 11, 2022, the Trustees, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), discussed the approval of an investment advisory agreement (the “Inspire Advisory Agreement”) between Inspire Investing, LLC (“Inspire”) and the Trust, with respect to Inspire Fidelis Multi Factor ETF (“Inspire FE”). In considering the approval of the Inspire Advisory Agreement, the Board received materials specifically relating to the Inspire Advisory Agreement in advance of their meetings.

The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Inspire Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided, including a peer group for Inspire FE that were independently sourced by Broadridge Financial Solutions, Inc. (“Broadridge”) 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 approval of the Inspire Advisory Agreement.

Nature, Extent and Quality of Services. The Board noted that Inspire had approximately $1.9 billion in assets under management and had been in operation since August 2015. The Board further noted that Inspire currently advises five index Biblically Responsible Investing ETFs in the Trust and noted the portfolio management teams experience in managing those ETFs using its proprietary selection methodology, Inspire Impact Score©. The Board noted Inspire’s use of an index provider and Inspire’s oversight. The Board reviewed Inspire’s practices for monitoring compliance as set forth in the investment adviser questionnaire response. The Trust CCO noted the adequacy of Inspire’s compliance program. The Board observed that Inspire selected broker/dealers on the basis of best execution. The Board noted that Inspire monitors daily trading on the listing exchange by, among other means, using a third-party data and analysis provider. After further discussion, the Board concluded that Inspire has the ability to provide a level of service consistent with the Board’s expectations.

Performance. The Board recognized that Inspire FE has not yet begun operations and has no prior investment performance.

Fees and Expenses. The Board discussed the report prepared by Broadridge and reviewed the report prepared by Broadridge regarding Inspire FE’s fees and expenses. The Board discussed that the proposed advisory fee of 0.45% was higher than the Broadridge peer group average of 0.38% but included the costs associated with offering a fund utilizing a third party index provider. They further noted that the Inspire FE’s net expense ratio was higher than its peer group average and Morningstar category average, but noted Inspire’s assertion of the index licensing fee. After further discussion, the Board concluded that the proposed advisory fee was not unreasonable.

Profitability. The Board reviewed a profitability analysis provided by Inspire and considered whether the level of anticipated profit was reasonable. They noted Inspire anticipated realizing a profit in connection with its relationship with Inspire FE, but agreed that such profit was not excessive, both in actual dollars and as a percentage of revenue. The Board concluded, after further discussion, that excessive profit was not a concern at this time.

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SUPPLEMENTAL INFORMATION

(Unaudited)(Continued) November 30, 2022

Economies of Scale. The Board noted that economies of scale was not an issue at this time as Inspire FE had not yet launched. The Board noted that consideration of economies of scale would be revisited to the extent assets of Inspire FE grow significantly.

Conclusion. Having requested and received such information from Inspire as the Board believed to be reasonably necessary to evaluate the terms of the Inspire Advisory Agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the Inspire Advisory Agreement is in the best interests of Inspire FE and its future shareholders.

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The Inspire ETFs

SUPPLEMENTAL INFORMATION (Unaudited)

November 30, 2022

The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, Nebraska 68154.

Independent Trustees * **

Name, Address and Year of Birth	Position/Term of Office *	Principal Occupation During the Past Five Years	Number of Funds in Fund Complex** Overseen by Trustee	Other Directorships held by Trustee During the Past Five Years
Joseph Breslin Year of Birth: 1953	Independent Trustee and Chairman of the Board since 2015	President and Consultant, Adviser Counsel, Inc. (formerly J.E. Breslin & Co.) (management consulting firm to investment advisers), (since 2009); Senior Counsel, White Oak Global Advisors, LLC. (since 2016).	8	Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Director, Kinetics Mutual Funds, Inc. (since 2000); Trustee, Kinetics Portfolios Trust (since 2000); Trustee, Forethought Variable Insurance Trust (since 2013); Trustee, BlueArc Multi- Strategy Fund (2014-2017);
Thomas Sarkany Year of Birth: 1946	Independent Trustee since 2015	Founder and President, TTS Consultants, LLC (financial services) (since 2010).	8	Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Arrow Investments Trust (since 2014), Arrow ETF Trust (since 2012), Trustee, Northern Lights Fund Trust II (since 2011); Director, Aquila Distributors (since 1981)
Charles Ranson Year of Birth: 1947	Independent Trustee since 2015	Principal, Ranson & Associates (strategic analysis and planning, including risk assessment and capital formation for entrepreneurial ventures) (since 2003).	8	Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Advisors Preferred Trust (since November 2012)

11/30/22 – NLFT IV_v1

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SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

November 30, 2022

Officers

Name, Address and Year of Birth	Position/Term of Office *	Principal Occupation During the Past Five Years	Number of Funds in Fund Complex** Overseen by Trustee	Other Directorships held by Trustee During the Past Five Years
Wendy Wang 80 Arkay Drive Hauppauge, NY 11788 Year of Birth: 1970	President since 2015	Senior Vice President, Director of Tax and Compliance Administration, Ultimus Fund Solutions, LLC (since 2012).	N/A	N/A
Sam Singh 80 Arkay Drive Hauppauge, NY 11788 Year of Birth: 1976	Treasurer since 2015	Vice President, Ultimus Fund Solutions, LLC (since 2015); Assistant Vice President, Gemini Fund Services, LLC (2011-2014).	N/A	N/A
Jennifer Farrell 80 Arkay Drive Hauppauge, NY 11788 Year of Birth: 1969	Secretary since 2017	Associate Director (since 2022) and Manager, Legal Administration) (2018- 2022, Ultimus Fund Solutions, LLC; Senior Paralegal, Gemini Fund Services, LLC (since 2015); Legal Trainer, Gemini Fund Services, LLC (2013-2015); Senior Paralegal, Gemini Fund Services, LLC (2006-2012).	N/A	N/A
James Ash Year of Birth: 1976	Chief Compliance Officer since 2019	Senior Compliance Officer, Northern Lights Compliance, LLC (since 2019); Senior Vice President, National Sales Gemini Fund Services, LLC (2017-2019); Senior Vice President and Director of Legal Administration, Gemini Fund Services, LLC (2012 - 2017).	N/A	N/A

The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

As of November 30, 2022, the Trust was comprised of 30 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

The Funds SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-877-658-9473.

11/30/22 – NLFT IV_v1

140

The Inspire ETFs

Additional Information (Unaudited)

November 30, 2022

LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, the Funds’ investment strategies and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; their short and long-term cash flow projections; and their cash holdings and access to other funding sources.

During the year ended November 30, 2022, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Funds’ investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

141

PRIVACY NOTICE

Northern Lights Fund Trust IV

Rev. August 2015

FACTS

WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

● Social Security number and wire transfer instructions

● account transactions and transaction history

● investment experience and purchase history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust IV chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Northern Lights Fund Trust IV share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For nonaffiliates to market to you	NO	We don’t share

QUESTIONS?

Call 1-402-493-4603

142

PRIVACY NOTICE

Northern Lights Fund Trust IV

Page 2

What we do:

How does Northern Lights Fund Trust IV protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Northern Lights Fund Trust IV collect my personal information?

We collect your personal information, for example, when you

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

● sharing for affiliates’ everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for nonaffiliates to market to you.

State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust IV has no affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust IV does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Northern Lights Fund Trust IV does not jointly market.

143

PROXY VOTING POLICY

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 calling 1-877-658-9473 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

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.

PREMIUM/DISCOUNT INFORMATION

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

INVESTMENT SUB-ADVISER

Seven One Seven Capital Management LTD

1755 Oregon Pike

Lancaster, PA 17601

ADMINISTRATOR

Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022-3474

INSPIRE-A22

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, 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) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)

Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4)

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant’ website.

(f) A copy of the Code of Ethics is attached as an exhibit.

Item 3. Audit Committee Financial Expert.

(a) The Registrant’s board of trustees has determined that Joseph Breslin is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Breslin is independent for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

2022 – $99,200

2021 – $96,000

(b)

Audit-Related Fees

2022 – None

2021 – None

(c)

Tax Fees

2022 – $24,800

2021 – $24,000

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

2022 - None

2021 - None

(e)

(1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2)

Percentages of Services Approved by the Audit Committee

2022 2021

Audit-Related Fees: 0.00% 0.00%

Tax Fees: 0.00% 0.00%

All Other Fees: 0.00% 0.00%

(f)

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

2022 - $24,800

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Companies. The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant’s audit committee members are Joseph Breslin, Charles Ranson and Thomas T. Sarkany

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

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) Northern Lights Fund Trust IV

By (Signature and Title)

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

Date 2/7/23

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 2/7/23

By (Signature and Title)

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

Date 2/7/23

ATTACHMENTS / EXHIBITS

cert1.htm

cert2.htm

coe.htm