FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Inspire 100 ETF

(BIBL) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire 100 ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/bibl. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire 100 ETF	$19	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a NAV return of 19.77% for the first 6 months of the 2026 fiscal year. This strong performance was driven predominantly by the upward momentum in the US large-cap equity market, even with the short correction in March due to the military actions in Iran. The sectors that helped support the Fund's positive performance were Materials, Information Technology, Energy, and Industrials. The sectors that caused the most drag on performance were Consumer Discretionary and Health Care. Although there was volatility in the markets during the period due to uncertainty about the resolution of the Iran conflict, the Fund performed in line with the broader large-cap market. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations, considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

Table Summary
	Inspire 100 ETF - NAV	Inspire 100 Index	S&P 500^® Index
Oct-2017	$10,000	$10,000	$10,000
May-2018	$10,707	$10,758	$10,642
May-2019	$10,626	$10,742	$11,045
May-2020	$12,398	$12,477	$12,463
May-2021	$17,602	$18,230	$17,488
May-2022	$16,200	$16,872	$17,435
May-2023	$15,461	$16,178	$17,945
May-2024	$19,243	$20,230	$23,003
May-2025	$20,424	$21,552	$26,113
May-2026	$28,271	$29,926	$33,890

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 years	Since Inception (October 30, 2017)
Inspire 100 ETF - NAV	19.77%	38.42%	9.94%	12.87%
Inspire 100 Index	19.91%	38.86%	10.42%	13.62%
S&P 500^® Index	11.34%	29.78%	14.15%	15.28%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-877-658-9473.

Fund Statistics

Net Assets$459,983,965
Number of Portfolio Holdings101
Advisory Fee (net of waivers)$479,113
Portfolio Turnover5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.9%
Money Market Funds	0.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market Funds	0.1%
Consumer Staples	0.4%
Consumer Discretionary	0.5%
Utilities	3.4%
Health Care	3.7%
Materials	4.7%
Energy	6.6%
Financials	7.3%
Real Estate	14.0%
Technology	29.3%
Industrials	29.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Caterpillar, Inc.	8.8%
KLA Corporation	5.4%
Arista Networks, Inc.	4.8%
Amphenol Corporation, Class A	4.3%
Welltower, Inc.	3.3%
Interactive Brokers Group, Inc., Class A	3.3%
Prologis, Inc.	3.0%
Vertiv Holdings Company, Class A	2.8%
Progressive Corporation (The)	2.5%
Parker-Hannifin Corporation	2.3%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire 100 ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/bibl), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-BIBL

Inspire 500 ETF

(PTL) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire 500 ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/ptl. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire 500 ETF	$5	0.09%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 13.17%. This strong positive performance was driven by upward momentum over the past several months in the broader US large cap markets. The sectors that contributed most to the positive performance within the Fund were Energy, Information Technology, Materials, and Industrials. The sectors that caused the largest drag on performance were Health Care, Financials, and Consumer Discretionary. During the last several months, the adviser has seen a minor correction and strong recovery in the broader US large cap market due to uncertainty about the path forward in the Iran war. The Fund performed better than the broader large-cap market during the period due to the Fund having minimal exposure to the Mega Cap Growth stocks that have been the driving force in the US large-cap markets for the past couple of years but have been a drag on the market during the last several months. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire 500 ETF - NAV	Inspire 500 Index	S&P 500^® Index
Mar-2024	$10,000	$10,000	$10,000
May-2024	$9,860	$9,862	$10,138
May-2025	$11,155	$11,163	$11,509
May-2026	$14,671	$14,700	$14,937

Average Annual Total Returns

Table Summary
	6 Months	1 Year	Since Inception (March 25, 2024)
Inspire 500 ETF - NAV	13.17%	31.52%	19.19%
Inspire 500 Index	13.20%	31.68%	19.30%
S&P 500^® Index	11.34%	29.78%	20.17%

Fund Statistics

Net Assets$843,201,434
Number of Portfolio Holdings484
Advisory Fee $307,362
Portfolio Turnover2%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%
Right	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.4%
Communications	1.2%
Consumer Staples	2.3%
Utilities	4.3%
Health Care	4.8%
Real Estate	5.6%
Consumer Discretionary	6.3%
Materials	6.8%
Financials	7.1%
Energy	9.3%
Industrials	18.7%
Technology	33.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Broadcom, Inc.	12.9%
Exxon Mobil Corporation	3.5%
Caterpillar, Inc.	2.1%
Home Depot, Inc. (The)	1.9%
Palantir Technologies, Inc., Class A	1.9%
QUALCOMM, Inc.	1.5%
GE Vernova, Inc.	1.5%
Linde PLC	1.4%
KLA Corporation	1.2%
Arista Networks, Inc.	1.1%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire 500 ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/ptl), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-PTL

Inspire Corporate Bond ETF

(IBD) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire Corporate Bond ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/ibd. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Corporate Bond ETF	$21	0.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 0.66%. This slightly positive performance was driven by falling interest rates on the short end of the yield curve versus interest rates rising on the intermediate and long end of the yield curve, as expectations for rate cuts by the Federal Reserve may be off the table until 2027. The investment-grade quality bond portfolio of the Fund performed in line with the broader fixed income market even though the Fund had no exposure to US Treasuries or mortgage-backed securities. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire Corporate Bond ETF - NAV	Inspire Corporate Bond Impact Index	Bloomberg Intermediate Corporate Index	Bloomberg U.S. Intermediate Credit Index
07/10/17	$10,000	$10,000	$10,000	$10,000
05/31/18	$9,925	$10,011	$9,983	$9,982
05/31/19	$10,490	$10,680	$10,644	$10,629
05/31/20	$11,022	$11,588	$11,410	$11,377
05/31/21	$11,301	$12,151	$11,849	$11,759
05/31/22	$10,428	$11,237	$10,989	$10,937
05/31/23	$10,400	$11,245	$10,992	$10,936
05/31/24	$10,830	$11,827	$11,540	$11,438
05/31/25	$11,547	$12,659	$12,359	$12,240
05/31/26	$12,095	$13,332	$13,024	$12,882

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 years	Since Inception (July 10, 2017)
Inspire Corporate Bond ETF - NAV	0.66%	4.74%	1.37%	2.16%
Inspire Corporate Bond Impact Index	0.99%	5.31%	1.87%	3.29%
Bloomberg Intermediate Corporate Index	0.82%	5.38%	1.91%	3.02%
Bloomberg U.S. Intermediate Credit Index	0.78%	5.25%	1.84%	2.89%

Fund Statistics

Net Assets$466,800,827
Number of Portfolio Holdings251
Advisory Fee $701,348
Portfolio Turnover9%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	99.4%
Money Market Funds	0.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.7%
Money Market Funds	0.6%
Financials	4.9%
Consumer Discretionary	5.3%
Consumer Staples	5.9%
Materials	7.1%
Health Care	7.2%
Utilities	8.1%
Energy	9.5%
Technology	13.7%
Real Estate	18.3%
Industrials	18.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Trimble, Inc., 4.900%, 06/15/28	2.2%
Amphenol Corporation, 4.350%, 06/01/29	2.2%
Alexandria Real Estate Equities, Inc., 4.900%, 12/15/30	2.2%
Valero Energy Corporation, 4.350%, 06/01/28	2.2%
Cboe Global Markets, Inc., 3.650%, 01/12/27	2.2%
Camden Property Trust, 4.900%, 01/15/34	2.2%
AutoZone, Inc., 3.750%, 06/01/27	2.2%
Automatic Data Processing, Inc., 4.450%, 09/09/34	2.1%
Baxter International, Inc., 3.950%, 04/01/30	2.1%
Jabil, Inc., 3.600%, 01/15/30	2.1%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire Corporate Bond ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/ibd), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-IBD

Inspire Growth ETF

(GLRY) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire Growth ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/glry. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Growth ETF	$43	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 13.68%. This strong positive performance was driven predominantly by the upward trajectory of the US large-cap and mid-cap markets during the period. The Fund’s focus on the momentum factor, which was in favor over the period, as well as security selection in the Energy, Industrials and Information Technology sectors helped achieve the positive performance within the Fund during the period. The sectors that caused the largest drag on performance were Communication Services and Utilities. Although there was volatility in the markets during the period due to uncertainty about the resolution of the Iran war, the Fund performed well versus the broader large-cap and mid-cap markets. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire Growth ETF - NAV	S&P MidCap 400^® Index	S&P Composite 1500^® Index
Dec-2020	$10,000	$10,000	$10,000
May-2021	$11,788	$12,269	$11,548
May-2022	$9,660	$11,469	$11,443
May-2023	$9,806	$11,168	$11,712
May-2024	$12,893	$14,068	$14,975
May-2025	$13,732	$14,373	$16,845
May-2026	$17,834	$18,092	$21,844

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 years	Since Inception (December 7, 2020)
Inspire Growth ETF - NAV	13.68%	29.88%	8.63%	11.14%
S&P MidCap 400^® Index	13.35%	25.88%	8.08%	11.43%
S&P Composite 1500^® Index	11.54%	29.67%	13.60%	15.33%

Fund Statistics

Net Assets$163,666,611
Number of Portfolio Holdings33
Advisory Fee $461,291
Portfolio Turnover15%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.0%^{Footnote Reference*}
Materials	1.8%
Real Estate	2.6%
Utilities	3.0%
Communications	4.7%
Energy	4.9%
Consumer Staples	5.1%
Consumer Discretionary	7.4%
Health Care	8.1%
Financials	10.2%
Technology	23.0%
Industrials	29.2%

Footnote	Description
Footnote^*	Percentage rounds to less than 0.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
KLA Corporation	5.9%
Monolithic Power Systems, Inc.	5.6%
Broadcom, Inc.	5.6%
Curtiss-Wright Corporation	5.0%
AppLovin Corporation, Class A	4.7%
EMCOR Group, Inc.	4.7%
Amphenol Corporation, Class A	4.7%
BWX Technologies, Inc.	4.1%
United Therapeutics Corporation	3.8%
Casey's General Stores, Inc.	3.8%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire Growth ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/glry), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-GLRY

Inspire Fidelis Multi Factor ETF

(FDLS) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire Fidelis Multi Factor ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/fdls. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Fidelis Multi Factor ETF	$31	0.58%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 13.27%. This strong positive performance was driven predominantly by the upward momentum in the US equity markets, and in particular the small and mid-cap segments of the markets, during the period. It is also worth noting that the international markets helped with positive performance during the period. Security selection in the Information Technology, Real Estate, and Energy sectors contributed most to the positive performance. The sectors that caused the largest drag on performance were Health Care, Utilities, and Consumer Discretionary. Although there was volatility in the global markets during the period due to the Iran war and geopolitical tensions with Russia and China, the Fund performed in line with the broader global markets. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire Fidelis Multi Factor ETF - NAV	WI Fidelis Multi-Cap, Multi-Factor Index	S&P Global 1200 Index	MSCI ACWI Index
08/23/22	$10,000	$10,000	$10,000	$10,000
09/30/22	$8,808	$8,841	$8,736	$8,746
12/31/22	$9,799	$9,899	$9,661	$9,600
03/31/23	$10,120	$10,239	$10,404	$10,301
06/30/23	$10,970	$11,126	$11,118	$10,938
09/30/23	$10,721	$10,896	$10,711	$10,566
12/31/23	$11,897	$12,125	$11,920	$11,731
03/31/24	$12,384	$12,654	$13,001	$12,693
06/30/24	$12,064	$12,336	$13,409	$13,057
09/30/24	$12,846	$13,164	$14,261	$13,921
12/31/24	$12,782	$13,173	$14,181	$13,783
03/31/25	$12,230	$12,622	$14,008	$13,601
06/30/25	$13,834	$14,312	$15,609	$15,168
09/30/25	$15,242	$15,801	$16,824	$16,325
12/31/25	$15,642	$16,239	$17,440	$16,862
03/31/26	$16,226	$16,885	$16,953	$16,322
05/31/26	$17,784	$18,490	$19,668	$18,911

Average Annual Total Returns

Table Summary
	6 Months	1 Year	Since Inception (August 23, 2022)
Inspire Fidelis Multi Factor ETF - NAV	13.27%	35.72%	16.50%
WI Fidelis Multi-Cap, Multi-Factor Index	13.45%	36.53%	17.71%
S&P Global 1200 Index	14.04%	31.64%	19.65%
MSCI ACWI Index	13.32%	30.27%	18.41%

Fund Statistics

Net Assets$201,576,203
Number of Portfolio Holdings101
Advisory Fee $360,108
Portfolio Turnover119%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%
Money Market Funds	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.2%
Utilities	1.7%
Real Estate	2.2%
Communications	2.5%
Consumer Discretionary	4.4%
Consumer Staples	5.1%
Materials	6.0%
Energy	7.9%
Health Care	11.8%
Financials	13.6%
Industrials	22.1%
Technology	22.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Sanmina Corporation	1.9%
MYR Group, Inc.	1.6%
ViaSat, Inc.	1.5%
Taboola.com Ltd.	1.4%
ArcBest Corporation	1.4%
Amkor Technology, Inc.	1.4%
Microchip Technology, Inc.	1.3%
China Yuchai International Ltd.	1.3%
Industrial Logistics Properties Trust	1.3%
Constellium S.E.	1.3%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire Fidelis Multi Factor ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/fdls), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-FDLS

Inspire Global Hope ETF

(BLES) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire Global Hope ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/bles. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Global Hope ETF	$29	0.54%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 12.43%. This strong performance was driven by the upward momentum and global security selection in the Information Technology, Energy and Materials sectors. The other sectors that helped achieve this positive performance came from Industrials, Utilities, and Communication Services. The sectors that caused the largest drag on performance were Health Care and Consumer Discretionary. Although the adviser did see volatility in the global markets during the period due to the war in Iran as well as geopolitical tensions with Russia and China, the Fund performed in line with the broader international large-cap market. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations, considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire Global Hope ETF - NAV	Inspire Global Hope Index	S&P Global 1200 Index
Feb-2017	$10,000	$10,000	$10,000
May-2017	$10,408	$10,461	$10,496
May-2018	$11,488	$11,565	$11,794
May-2019	$11,150	$11,448	$11,817
May-2020	$10,979	$11,135	$12,628
May-2021	$17,169	$17,304	$17,872
May-2022	$16,061	$16,310	$17,129
May-2023	$15,496	$15,880	$17,532
May-2024	$18,542	$19,132	$21,913
May-2025	$20,055	$20,918	$24,964
May-2026	$24,841	$26,076	$32,862

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 years	Since Inception (February 27, 2017)
Inspire Global Hope ETF - NAV	12.43%	23.86%	7.67%	10.33%
Inspire Global Hope Index	12.64%	24.66%	8.55%	10.91%
S&P Global 1200 Index	14.04%	31.64%	12.95%	13.72%

Fund Statistics

Table Summary
Net Assets	$156,108,716
Number of Portfolio Holdings	401
Advisory Fee	$208,671
Portfolio Turnover	11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.6%
Money Market Funds	1.2%
Preferred Stocks	0.2%
Right	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market Funds	1.2%
Communications	1.4%
Consumer Staples	5.2%
Consumer Discretionary	5.5%
Energy	6.0%
Health Care	6.4%
Utilities	6.8%
Real Estate	7.3%
Materials	11.0%
Financials	12.4%
Technology	17.8%
Industrials	18.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Investments Money Market Government Portfolio, Institutional Class	1.2%
Bloom Energy Corporation, Class A	0.5%
Marvell Technology, Inc.	0.5%
Infineon Technologies A.G.	0.5%
Super Micro Computer, Inc.	0.5%
ON Semiconductor Corporation	0.5%
Semtech Corporation	0.5%
STMicroelectronics N.V.	0.5%
Datadog, Inc., Class A	0.5%
Western Digital Corporation	0.5%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire Global Hope ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/bles), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-BLES

Inspire International ETF

(WWJD) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire International ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/wwjd. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire International ETF	$34	0.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 11.03%. This positive performance was driven predominantly by the upward momentum in the International and Emerging markets during the period. Security selection in the Information Technology, Energy, and Materials sectors helped achieve this positive performance. The sectors that caused the largest drag on performance were Health Care and Consumer Discretionary. Although there was volatility in the international markets during the period due to the war in Iran and the closure of the Hormuz Strait, the Fund performed in line with the broader global international markets. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire International ETF - NAV	Inspire International NTR Index	S&P International 700 TR	Inspire Global Hope Ex-US GTR Index
09/30/19	$10,000	$10,000	$10,000	$10,000
05/31/20	$9,215	$9,166	$9,323	$8,789
05/31/21	$14,592	$14,352	$13,393	$13,823
05/31/22	$13,202	$13,013	$11,981	$12,609
05/31/23	$13,019	$12,320	$12,132	$12,570
05/31/24	$15,072	$14,275	$14,422	$14,670
05/31/25	$17,042	$16,247	$16,566	$16,821
05/31/26	$20,601	$19,766	$22,474	$20,606

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 years	Since Inception (September 30, 2019)
Inspire International ETF - NAV	11.03%	20.88%	7.14%	11.45%
Inspire International NTR Index	11.37%	21.66%	6.61%	10.76%
S&P International 700 TR	20.06%	35.66%	10.91%	12.91%
Inspire Global Hope Ex-US GTR Index	11.86%	22.50%	8.31%	11.45%

Fund Statistics

Table Summary
Net Assets	$514,290,410
Number of Portfolio Holdings	201
Advisory Fee	$1,048,338
Portfolio Turnover	14%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.6%
Money Market Funds	0.9%
Preferred Stocks	0.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.7%
Money Market Funds	0.9%
Real Estate	2.8%
Communications	2.9%
Consumer Discretionary	5.0%
Health Care	5.6%
Energy	6.5%
Consumer Staples	7.1%
Technology	8.9%
Utilities	9.6%
Materials	14.7%
Financials	17.4%
Industrials	17.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Infineon Technologies A.G.	1.0%
STMicroelectronics N.V.	1.0%
Renesas Electronics Corporation	0.9%
Fidelity Investments Money Market Government Portfolio, Institutional Class	0.9%
NXP Semiconductors N.V.	0.8%
Samsung SDI Company Ltd.	0.7%
Intertek Group plc	0.7%
Edenred S.E.	0.7%
FANUC Corporation	0.7%
Tate & Lyle plc	0.7%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire International ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/wwjd), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-WWJD

Inspire Small/Mid Cap ETF

(ISMD) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire Small/Mid Cap ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/ismd. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Small/Mid Cap ETF	$24	0.44%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 22.90%. This strong positive performance was driven predominantly by the upward momentum of the US midcap and small cap markets during the period. Security selection in the Energy, Information Technology, and Materials sectors helped the performance of the Fund from a positive perspective but the sectors that caused the largest drag to performance were Consumer Staples and Utilities. Although there was volatility and a market correction in the markets during the period due to uncertainty about the path forward in the Iran war, the Fund performed in line with the broader small and mid-cap markets. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire Small/Mid Cap ETF - NAV	Inspire Small/Mid Cap Index	Russell 2000^® Index	S&P SmallCap 600^® Equal Weight Index
02/27/17	$10,000	$10,000	$10,000	$10,000
05/31/17	$9,728	$9,734	$9,767	$9,579
05/31/18	$11,504	$11,689	$11,796	$11,782
05/31/19	$10,492	$10,580	$10,729	$10,196
05/31/20	$9,549	$9,694	$10,360	$9,131
05/31/21	$15,997	$16,937	$17,048	$17,639
05/31/22	$14,856	$15,892	$14,165	$15,993
05/31/23	$14,244	$15,301	$13,502	$14,536
05/31/24	$17,194	$18,579	$16,218	$16,926
05/31/25	$16,835	$18,265	$16,410	$16,424
05/31/26	$23,430	$25,557	$23,480	$22,039

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 years	Since Inception (February 27, 2017)
Inspire Small/Mid Cap ETF - NAV	22.90%	39.18%	7.93%	9.64%
Inspire Small/Mid Cap Index	23.18%	39.93%	8.58%	10.67%
Russell 2000^® Index	17.47%	43.08%	6.61%	9.66%
S&P SmallCap 600^® Equal Weight Index	16.48%	34.19%	4.55%	8.91%

Fund Statistics

Net Assets$316,824,054
Number of Portfolio Holdings499
Advisory Fee $392,704
Portfolio Turnover17%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.7%
Money Market Funds	1.3%
Right	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	1.3%
Communications	2.6%
Utilities	2.7%
Consumer Staples	4.8%
Energy	5.3%
Materials	7.1%
Real Estate	7.8%
Health Care	9.6%
Consumer Discretionary	11.6%
Financials	15.1%
Industrials	15.2%
Technology	17.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
agilon health, Inc.	2.0%
Fidelity Investments Money Market Government Portfolio, Institutional Class	1.3%
MaxLinear, Inc., Class A	0.9%
Ambiq Micro, Inc.	0.5%
Penguin Solutions, Inc.	0.5%
Vishay Intertechnology, Inc.	0.5%
Redwire Corporation	0.5%
Kopin Corporation	0.4%
Aehr Test Systems	0.4%
T1 Energy, Inc.	0.4%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire Small/Mid Cap ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/ismd), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-ISMD

Inspire Capital Appreciation ETF

(RISN) NYSE Arca, Inc.

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Inspire Capital Appreciation ETF for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.inspireetf.com/etf/risn. You can also request this information by contacting us at 1-877-658-9473.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inspire Capital Appreciation ETF	$36	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund had a return on the NAV for the first 6 months of the 2026 fiscal year of 4.64%. Since the Fund has a current target of 80% to be invested in US large cap stocks, most of this positive performance was driven by the upward momentum in the US large-cap equity markets during the period. Security selection in the Communication Services and Energy sectors helped with positive performance, but the sectors that caused the largest drag on performance were the Health Care and Consumer Discretionary sectors. The Fund is also currently invested at a 20% level in Treasury exposure, which was only slightly positive within the Fund for the period due to the belief that interest rate cuts by the Federal Reserve will not resume until 2027 at the earliest. Although there was volatility in both the equity and fixed income markets during the period, the Fund performed in line with the broader large-cap market as well as the intermediate fixed income markets. During the six-month period ended May 31, 2026, the Fund's use of the current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Inspire Capital Appreciation ETF - NAV	S&P Target Risk Moderate Index
Jul-2020	$10,000	$10,000
May-2021	$11,922	$11,202
May-2022	$11,205	$10,396
May-2023	$10,561	$10,348
May-2024	$12,317	$11,462
May-2025	$12,936	$12,457
May-2026	$15,027	$14,337

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 years	Since Inception (July 15, 2020)
Inspire Capital Appreciation ETF - NAV	4.64%	16.17%	4.74%	7.18%
S&P Target Risk Moderate Index	5.60%	15.09%	5.06%	6.32%

Fund Statistics

Net Assets$87,303,103
Number of Portfolio Holdings28
Advisory Fee $215,493
Portfolio Turnover9%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	80.8%
Exchange-Traded Funds	19.2%
Money Market Funds	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.4%
Materials	2.7%
Communications	4.0%
Health Care	4.5%
Energy	6.8%
Consumer Discretionary	15.7%
Fixed Income	19.1%
Industrials	20.1%
Technology	26.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Schwab Short-Term U.S. Treasury ETF	19.1%
Fortinet, Inc.	4.9%
Super Micro Computer, Inc.	4.2%
Old Dominion Freight Line, Inc.	4.1%
Landstar System, Inc.	4.1%
Sirius XM Holdings, Inc.	4.0%
Texas Pacific Land Corporation	3.7%
Deckers Outdoor Corporation	3.3%
Mueller Industries, Inc.	3.2%
Hess Midstream, L.P., Class A	3.1%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

Inspire Capital Appreciation ETF

Semi-Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (www.inspireetf.com/etf/risn), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053126-RISN

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

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

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

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

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

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies,” including FASB Accounting Standard Update (“ASU”) 2013-08.

Operating Segments – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the Funds’ portfolio managers and the chief financial officer of the Trust. The Funds operate as a single operating segment. The Funds’ income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

Accounting Pronouncement – The Funds adopted the FASB ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on any Fund’s financial statements.

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

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

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

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

Fixed Income Risk – When a Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by a Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by a Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest

payments) . These risks could affect the value of a particular investment by each Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Foreign Securities Risk – Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

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

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

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

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

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

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

The inputs used to measure value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily

an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2026 for the Funds’ assets measured at value:

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

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

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

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for BLES, ISMD, BIBL, WWJD, RISN, GLRY, FDLS, PTL and monthly for IBD. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

Federal Income Taxes – The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years November 30, 2023 - November 30, 2025 or expected to be taken in the Funds’ November 30, 2026, year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

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

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would

involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

For the six months ended May 31, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

For the six months ended May 31, 2026, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

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

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund’s average daily net assets. For the six months ended May 31, 2026, each Fund incurred the following in advisory fees:

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed for BIBL and GLRY, at least until March 31, 2027, to waive a portion of its advisory fee and has agreed to reimburse BIBL and GLRY for other expenses to the extent necessary so that total expenses incurred (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 0.35% and 0.80% of average daily net assets for BIBL and GLRY, respectively.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and BIBL’s and GLRY’s operating expenses are subsequently lower than its expense limitation, or limitation in place at time of waiver, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense cap in place at the time such expenses were waived, and (ii) the Fund’s current expense cap at the time of recoupment. If a Fund’s operating expenses subsequently exceeds the expense limitation, the reimbursements for the Fund shall be suspended. For the six months ended May 31, 2026, the Adviser waived fees and/or reimbursed expenses in the amount of $112,827 and $0 for BIBL and GLRY, respectively, pursuant to the Waiver Agreement.

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

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

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

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

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

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

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.

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

For the six months ended May 31, 2026, the fixed and variable fees were as follows:

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

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

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

At November 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carry forwards utilized were as follows:

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

At May 31, 2026, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

Effective July 24, 2025, under an agreement (the “Securities Lending Agreement”) with Mitsubishi UFJ Trust and Banking Corporation, each Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Custodian. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is held by the Custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. Prior to July 24, 2025, the Funds had a Securities Lending Agreement with Brown Brothers Harriman & Co.

As of May 31, 2026, the table below shows the securities on loan and collateral for the loan, both of which are presented gross on the Statements of Assets and Liabilities. All individual open security loan transactions were overcollateralized. The remaining contractual maturity of those transactions are overnight and continuous. This cash is invested in the Fidelity Investments Money Market Government Portfolio – Institutional Class.

As of May 31, 2026 the collateral consisted of institutional government money market funds. The following table breaks out the Funds’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of May 31, 2026:

It is each Fund’s policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower’s failure to pay or perform), the right to net a third-party borrower’s rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

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:

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

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on January 29, 2026 (the “Meeting”), the Board discussed the renewal of investment advisory agreements (the “Inspire Advisory Agreements”) between Inspire Investing, LLC (“Inspire”) and the Trust, with respect to the Inspire 100 ETF (“Inspire 100”), Inspire 500 ETF (“Inspire 500”), Inspire Corporate Bond ETF (“Inspire CB”), Inspire Fidelis Multi-Factor ETF (“Inspire FMF”), Inspire Global Hope ETF (“Inspire GH”), Inspire Capital Appreciation ETF (“Inspire CA”), Inspire International ETF (“Inspire IE”), Inspire Small/Mid Cap ETF (“Inspire SMC”) and Inspire Growth ETF (“Inspire GE”). In considering the renewal of the Inspire Advisory Agreements, the Board received materials specifically relating to the Inspire Advisory Agreements.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Inspire Advisory Agreements. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Inspire Advisory Agreements on behalf of Inspire 100, Inspire 500, Inspire CB, Inspire GE, Inspire FMF, Inspire GH, Inspire IE, Inspire SMC and Inspire CA and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Inspire Advisory Agreements.

Nature, Extent and Quality of Services. The Board reviewed the key personnel servicing the Inspire ETFs, noting the experience of each. The Board reviewed the investment advisory services provided by Inspire, including portfolio design, trade order management, including pre-trade compliance, proxy voting and sales services. The Board observed that Inspire reported no compliance issues, regulatory examination or material litigation or administrative action since the last approval of the advisory agreements. The Board concluded it could expect Inspire to continue to provide satisfactory services to the Inspire ETFs and their shareholders. Performance.

Inspire 100. The Board noted that Inspire 100 maintained a tight bid/ask spread with low tracking error to the index it seeks to track. The Board further noted that Inspire 100 slightly underperformed the index it seeks to track, the Inspire 100 Index, across all periods. The Board considered Inspire’s explanation that the underperformance relative to the index was attributed in large part to Inspire 100’s expense ratio. The Board further noted that Inspire 100 ranked 12th out of 15 peers with respect to its net returns for the 1-year period ended October 31, 2025. The Board further considered Inspire’s explanation that the Inspire 100’s underperformance compared to its peer group was due to Inspire 100’s nature of being a passively managed ETF and the inability to hold mega-cap growth stocks that have performed well. The Board concluded that Inspire 100’s tracking error was acceptable.

Inspire CB. The Board observed that Inspire CB maintained a tight bid/ask spread with low tracking error to the index it seeks to track. The Board further observed that Inspire CB ranked 10th out of 10 peers with respect to its net returns for the 1-year period and 3-year period ended October 31, 2025 and underperformed the benchmark index it seeks to track, the Inspire Corporate Bond Index, across all periods. The Board noted that Inspire CB outperformed its peer group median and Morningstar category median for the 5-year period ended October 31, 2025. The Board noted Inspire’s explanation that the underperformance was attributed in large part to Inspire CB’s expenses, the cash reserves held, and the optimized process used to replicate the characteristics of the index. The Board concluded that Inspire CB’s tracking error and performance were acceptable.

Inspire CA. The Board noted that Inspire CA underperformed its benchmark index, the S&P Target Risk Moderate Index, but outperformed the medians of its peer group and Morningstar category for the 1-year period ended October 31, 2025. The Board further noted that Inspire CA underperformed its peer group and Morningstar category medians but outperformed its benchmark index for the 5-year and since inception periods ended October 31, 2025. The Board observed that Inspire CA ranked in the second quartile of its peer group and Morningstar category with respect to net returns for the 1-year period ended October 31, 2025. The Board concluded that Inspire CA’s performance was acceptable.

Inspire FMF. The Board noted that Inspire FMF maintained a tight bid/ask spread with low tracking error to the index it seeks to track. The Board observed that Inspire FMF outperformed its peer group and Morningstar category medians and slightly underperformed its benchmark index, the WI Fidelis Multi-Cap Multi-Factor Index across all periods ended October 31, 2025. The Board further observed that Inspire FMF ranked in the first quartile of its peer group and Morningstar category in terms of net returns across all periods. The Board concluded that Inspire FMF’s tracking error and performance were acceptable.

Inspire GH. The Board observed that Inspire GH maintained a fairly tight bid/ask spread with low tracking error to the index it seeks to track. The Board further observed that Inspire GH underperformed the peer group and Morningstar category medians and trailed the benchmark index it seeks to track, the Inspire Global Hope Index, for the 1-year, 3-year, 5-year and since inception periods ended October 31, 2025. The Board considered Inspire’s assertion that the underperformance was attributed in large part to Inspire GH’s expense ratio and small cash

reserves. The Board concluded that Inspire GH’s tracking error and performance were acceptable.

Inspire IE. The Board observed that Inspire IE maintained a fairly tight bid/ask spread with low tracking error to the index it seeks to track. The Board further observed that Inspire IE underperformed its peer group and Morningstar category medians and slightly underperformed the benchmark index it seeks to track, the Inspire International Index, for the 1-year period ended October 31, 2025. The Board noted that Inspire IE outperformed its benchmark index across the 3-year, 5-year and since inception periods ended October 31, 2025 and outperformed the peer group and Morningstar category medians for the 5-year and since inception periods. The Board concluded that Inspire IE’s tracking error and performance were acceptable.

Inspire SMC. The Board observed that Inspire SMC maintained a fairly tight bid/ask, spread and low tracking error to the index it seeks to track. The Board further observed that Inspire SMC underperformed its peer group and Morningstar category medians for the 1-year, 3-year and since inception periods ended October 31, 2025 but outperformed the medians for the 5-year period ended October 31, 2025. The Board noted that Inspire SMC trailed its benchmark index, the Inspire Small/Mid Cap Index, for the 1-year and 5-year periods but outperformed the benchmark index for the 3-year and since inception periods. The Board noted that Inspire SMC ranked 9th out of 12 peers with respect to its net returns for the 1-year period ended October 31, 2025. The Board considered Inspire’s explanation that the underperformance relative to its index was attributed in large part to the Inspire SMC’s expense ratio and the cash reserves in its portfolio. The Board further considered Inspire’s explanation that the underperformance relative to its peer group was attributed to Inspire SMC’s nature of being a passively-managed ETF, stock selection and the faith-based screening process. The Board concluded that Inspire SMC’s tracking error and performance were acceptable.

Inspire GE. The Board observed that Inspire GE outperformed its benchmark index, the S&P Midcap 400 Index and Morningstar category and peer group medians for the 1-year and 3-year periods ended October 31, 2025. The Board further observed that Inspire GE slightly underperformed its benchmark index, across the same period. The Board noted that Inspire GE underperformed in benchmark indices and the peer group median but outperformed its Morningstar category median since inception. The Board noted that Inspire GE ranked in the first quartile of its peer group and Morningstar category in terms of net returns for the 1-year and 3-year periods ended October 31, 2025. The Board concluded that Inspire GE’s performance was acceptable.

Inspire 500. The Board observed that Inspire 500 maintained a fairly tight bid/ask, spread and low tracking error to the index it seeks to track. The Board further observed that Inspire 500 outperformed its peer group and Morningstar category medians for the 1-year period ended October 31, 2025. The Board noted that Inspire 500 underperformed its peer group and Morningstar category medians since inception. The Board further noted that Inspire 500 slightly underperformed the benchmark index that it seeks to track, the Inspire 500 Index, during the same periods. The Board acknowledged Inspire’s explanation that the underperformance was

attributed in large part to Inspire 500’s expenses. The Board concluded that Inspire 500’s tracking error and performance were acceptable.

Inspire 100. The Board observed that Inspire’s advisory fee for Inspire 100 of 0.30% and net expense ratio of 0.35% were higher than its peer group and Morningstar category medians and averages, but below the highs of each. The Board noted that the advisory fee for Inspire 100 ranked 10th out of 15 peers. The Board acknowledged Inspire’s explanation that the advisory fee was reasonable given the size of Inspire 100 and its biblically responsible investing. The Board noted Inspire’s intention to enter into an expense limitation agreement with respect to Inspire 100. The Board concluded that the advisory fee for Inspire 100 was not unreasonable.

Inspire CB. The Board observed that Inspire’s advisory fee for Inspire CB of 0.30% and net expense ratio of 0.42% were higher than its peer group and Morningstar category medians and averages, but lower than the highs of the Morningstar category. The Board further observed that the advisory fee for Inspire CB ranked 10th out of 10 peers. The Board acknowledged Inspire’s explanation that the advisory fee was reasonable given the size of Inspire CB and its biblically responsible investing. The Board concluded that the advisory fee for Inspire CB was not unreasonable.

Inspire CA. The Board observed that Inspire’s advisory fee for Inspire ME of 0.50% was lower than the peer group and Morningstar category medians and averages. The Board further observed that Inspire CA’s net expense ratio of 0.72% was lower than the Morningstar category and peer group averages and peer group median and equal to the Morningstar category median. The Board noted that the advisory fee for Inspire CA ranked 2nd out of 15 peers. The Board concluded that the advisory fee for Inspire CA was not unreasonable.

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

Inspire GH. The Board observed that Inspire GH’s advisory fee of 0.30% for Inspire GH was lower than the peer group average and equal to the peer group median. The Board further observed that the advisory fee was higher than the Morningstar category average and median but lower than the high. The Board noted that Inspire GH’s net expense ratio of 0.60% was higher than its Morningstar category and peer group medians and averages but lower than the high of the Morningstar category. The Board further noted that the advisory fee for Inspire GH ranked 5th out of 10 peers. The Board concluded that the advisory fee for Inspire GH was not unreasonable.

Inspire IE. The Board noted that Inspire’s advisory fee for Inspire IE of 0.45% was higher than the peer group and Morningstar category medians and averages but below the highs of each. The

Board further noted that the net expense ratio of Inspire IE of 0.64% was greater than Morningstar category and peer group medians and averages and higher than the peer group high but lower than the high of the Morningstar category. The Board observed that the advisory fee for Inspire IE ranked 14th out of 15 peers. The Board concluded that the advisory fee for Inspire IE was not unreasonable.

Inspire SMC. The Board observed that Inspire’s advisory fee of 0.30% for Inspire SMC was higher than its Morningstar category average and median and lower than its peer group average and median and the Morningstar category high of 0.74%. The Board further observed that the net expense ratio of 0.49% of Inspire SMC was higher than the peer group and Morningstar category medians and averages but lower than the highs of each, which were 0.60%. The Board noted that the advisory fee for Inspire SMC ranked 6th out of 12 peers. The Board concluded that the advisory fee for Inspire SMC was not unreasonable.

Inspire GE. The Board observed that Inspire’s advisory fee of 0.65% for Inspire GE was equal to the peer group and Morningstar category medians and the peer group average. The Board further observed that Inspire GE’s advisory fee ranked 7th out of 14 peers. The Board noted that Inspire GE’s net expense ratio of 0.80% was higher than its peer group and Morningstar category averages and medians but lower than the highs of each. The Board further noted Inspire’s intent to enter into an expense limitation agreement with respect to Inspire GE. The Board concluded that the advisory fee for Inspire GE was not unreasonable.

Inspire 500. The Board observed that Inspire’s advisory fee of 0.09% for Inspire 500 and net expense ratio of 0.09% were lower than the peer group and Morningstar category medians and averages and noted that on an absolute basis, the fee and net expense ratio were low. The Board concluded that the advisory fee for Inspire 500 was not unreasonable.

Profitability. The Board reviewed the profitability analysis provided by Inspire of each of the Inspire ETFs. The Board observed that Inspire was earning a modest profit for each of Inspire 100, Inspire SMC, Inspire GH and Inspire GE and a reasonable profit for each of Inspire CB and Inspire IE. The Board further observed that Inspire was operating at a loss with respect to Inspire 500, Inspire CA and Inspire FMF. The Board determined that excessive profitability was not an issue for Inspire with respect to any of the Inspire ETFs at this time.

Economies of Scale. The Board considered whether economies of scale had been reached with respect to the management of the Inspire ETFs. The Board noted that Inspire had indicated a willingness to evaluate the appropriateness of breakpoints at higher asset levels. The Board agreed to monitor and revisit the issue at the appropriate time.

Conclusion. Having requested such information from Inspire as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreements, and with the advice of independent counsel, the Board determined that renewal of the advisory agreements between Inspire and the Trust, on behalf of each of the Inspire ETFs, was in the best interests of the Inspire ETFs and their shareholders.

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

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.

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.

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

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

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

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

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

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

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

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

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

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.

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.

225 Pictoria Drive, Suite 450, Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

Shares			Fair Value
		COMMON STOCKS — 98.3%
		AEROSPACE & DEFENSE - 0.3%
	552	Curtiss-Wright Corporation	$	412,681

		APPAREL & TEXTILE PRODUCTS - 0.7%
	3,679	Deckers Outdoor Corporation^(a)		418,854
	189	Hermes International SCA		357,186
	75,197	PRADA SpA		351,955
				1,127,995
		ASSET MANAGEMENT - 1.0%
	11,246	3i Group PLC		344,574
	9,029	Brookfield Corporation		411,257
	4,857	Julius Baer Group Ltd.		398,423
	335	Partners Group Holding A.G.		355,072
				1,509,326
		AUTOMOTIVE - 1.8%
	6,655	BorgWarner, Inc.		477,962
	5,146	Continental A.G.		428,393
	29,494	Denso Corporation		353,339
	1,069	Ferrari N.V.		363,706
	130,472	Geely Automobile Holdings Ltd.		313,324
	11,228	Mahindra & Mahindra Ltd.		361,542
	1,211	Samsung SDI Company Ltd.^(a)		552,386
				2,850,652
		BANKING - 4.7%
	1,208,614	Bank Mandiri Persero Tbk P.T.		275,745
	5,893	Bank Polska Kasa Opieki S.A.		393,072
	1,690,981	Bank Rakyat Indonesia Persero Tbk P.T.		278,946
	3,032	Commonwealth Bank of Australia		359,673
	7,485	Danske Bank A/S		394,144
	190	First Citizens BancShares, Inc., Class A		378,197
	374,495	First Financial Holding Company Ltd.		327,031
	33,076	Grupo Financiero Banorte SAB de CV		344,559
	59,886	Intesa Sanpaolo SpA		405,690
	20,472	KakaoBank Corporation		304,031
	2,952	KBC Group N.V.		392,418

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		BANKING - 4.7% (Continued)
	12,386	National Australia Bank Ltd.	$	332,377
	3,234	OTP Bank Nyrt		443,102
	14,648	Powszechna Kasa Oszczednosci Bank Polski S.A.		416,021
	13,856	Regions Financial Corporation		387,968
	79,343	SCB X PCL		327,985
	3,873	SouthState Bank Corporation		366,967
	20,101	Standard Bank Group Ltd.		389,755
	12,380	United Overseas Bank Ltd.		364,745
	5,143	Western Alliance Bancorp		409,639
				7,292,065
		BEVERAGES - 0.2%
	1,882	Coca-Cola Consolidated, Inc.		326,075

		BIOTECH & PHARMA - 2.3%
	2,479	Celltrion, Inc.		317,043
	6,453	Chugai Pharmaceutical Company Ltd.		319,763
	3,628	CSL Ltd.		251,960
	1,351	Genmab A/S^(a)		359,288
	70,516	H Lundbeck A/S		404,998
	3,869	Incyte Corporation^(a)		374,287
	2,719	Neurocrine Biosciences, Inc.^(a)		430,417
	13,235	Roivant Sciences Ltd.^(a)		396,918
	7,541	Royalty Pharma plc, Class A		420,486
	1,205	UCB S.A.		353,825
				3,628,985
		CHEMICALS - 3.8%
	6,170	Akzo Nobel N.V.		472,610
	1,976	Albemarle Corporation		348,606
	2,554	CF Industries Holdings, Inc.		286,942
	1,195,973	Chandra Asri Pacific Tbk P.T.		119,377
	35,668	Clariant A.G.		366,762
	9,277	Croda International plc		379,951
	437	EMS-Chemie Holding A.G.		399,518
	18,290	Evonik Industries A.G.		358,673

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED – 1.2%
		MONEY MARKET FUND – 1.2%
	1,835,375	Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.55% (Cost $1,835,375)^(c)(f)	$	1,835,375

		TOTAL INVESTMENTS - 99.7% (Cost $129,990,068)	$	155,562,370
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%		546,346
		NET ASSETS - 100.0%	$	156,108,716

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

ASA	- Allmennaksjeselskap

CVR	- Contingent Value Right

KGaA	- Kommanditgesellschaft auf Aktien

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

N.V.	- Naamloze Vennootschap

OYJ	- Julkinen osakeyhtiö

PLC	- Public Limited Company

P.T.	- Perseroan Terbatas

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

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

S.E.	- Societas Europaea

SpA	- Società per azioni

Diversification of Assets
Country	Percentage of Net Assets
Common Stocks
United States	48.8%
Switzerland	4.0%
Japan	4.0%
Canada	3.7%
Australia	3.4%
Germany	3.2%
United Kingdom	2.9%
Netherlands	2.5%
France	2.2%
Italy	1.9%
Denmark	1.4%
Hong Kong	1.4%
Finland	1.4%
Austria	1.3%
Spain	1.2%
Belgium	1.0%
Ireland	1.0%
South Africa	1.0%
South Korea	1.0%
Sweden	0.9%
Taiwan	0.9%
Norway	0.8%
Philippines	0.8%
Brazil	0.8%
Thailand	0.8%
Poland	0.8%
Singapore	0.6%
Indonesia	0.6%
Hungary	0.5%
Mexico	0.5%
Bermuda	0.5%
Portugal	0.4%
Israel	0.4%
Chile	0.4%
New Zealand	0.3%
Curaçao	0.2%
India	0.2%
Turkey	0.2%
Guernsey	0.2%
Cayman Islands	0.2%
Total Common Stocks	98.3%
Preferred Stock
Chile	0.2%
Total Preferred Stock	0.2%
Short-Term Investment	1.2%
Other Assets Less Liabilities - Net	0.3%
Total Net Assets	100.0%

Shares			Fair Value
		COMMON STOCKS — 98.9%
		ADVERTISING & MARKETING - 0.5%
	23,380	Advantage Solutions, Inc.^(a)	$	874,880
	136,822	TechTarget, Inc.^(a)		628,013
				1,502,893
		AEROSPACE & DEFENSE - 1.2%
	4,945	AAR Corporation^(a)		556,906
	32,443	Amprius Technologies, Inc.^(a)		657,944
	6,662	Hexcel Corporation		598,181
	26,221	Innovative Solutions and Support, Inc.^(a)		452,050
	63,215	Redwire Corporation^(a)		1,553,193
				3,818,274
		APPAREL & TEXTILE PRODUCTS - 0.5%
	21,928	Movado Group, Inc.		839,404
	14,165	Oxford Industries, Inc.		632,042
				1,471,446
		ASSET MANAGEMENT - 0.8%
	8,606	Cohen & Steers, Inc.		600,699
	67,958	Compass Diversified Holdings		771,324
	14,670	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		601,470
	6,032	Oppenheimer Holdings, Inc., Class A		552,953
				2,526,446
		AUTOMOTIVE - 2.7%
	26,972	Adient plc^(a)		616,580
	40,693	Aeva Technologies, Inc.^(a),(b)		1,146,729
	19,268	Cooper-Standard Holdings, Inc.^(a)		584,398
	16,170	Dana, Inc.		572,580
	92,191	Dauch Corporation^(a)		612,148
	32,816	Fox Factory Holding Corporation^(a)		592,001
	24,623	Gentex Corporation		594,892
	19,508	Gentherm, Inc.^(a)		676,733
	82,344	Goodyear Tire & Rubber Company (The)^(a)		502,298
	4,459	Lear Corporation		638,172
	571,143	SES AI Corporation^(a)		748,197
	15,489	Standard Motor Products, Inc.		607,014

Shares			Fair Value
		COMMON STOCKS — 98.9% (Continued)
		AUTOMOTIVE - 2.7% (Continued)
	5,896	Visteon Corporation	$	697,438
				8,589,180
		BANKING - 10.5%
	7,734	1st Source Corporation		570,924
	22,667	Alerus Financial Corporation		647,822
	6,854	Ameris Bancorp		577,861
	4,914	BancFirst Corporation		541,965
	11,897	BankUnited, Inc.		551,902
	16,489	Bar Harbor Bankshares		576,126
	30,208	Bridgewater Bancshares, Inc.^(a)		569,723
	16,881	Byline Bancorp, Inc.		558,592
	11,255	Camden National Corporation		563,088
	12,312	Capital City Bank Group, Inc.		561,920
	4,500	City Holding Company		559,395
	9,162	Community Financial System, Inc.		583,070
	7,776	Customers Bancorp, Inc.^(a)		584,289
	21,448	Eagle Bancorp, Inc.		585,316
	40,708	Farmers National Banc Corporation		577,239
	10,305	FB Financial Corporation		542,970
	33,545	First Bank		524,644
	21,265	First Busey Corporation		582,023
	30,510	First Commonwealth Financial Corporation		577,859
	19,215	First Financial Bancorp		591,053
	18,135	First Financial Bankshares, Inc.		592,652
	15,883	First Interstate BancSystem, Inc., Class A		565,435
	13,836	First Merchants Corporation		557,591
	14,151	Five Star Bancorp		597,597
	41,202	Flagstar Financial, Inc.		579,300
	32,111	FNB Corporation		561,300
	26,462	Fulton Financial Corporation		573,961
	11,945	Glacier Bancorp, Inc.		567,985
	8,508	Great Southern Bancorp, Inc.		610,448
	14,974	Hilltop Holdings, Inc.		564,819
	19,893	Home BancShares, Inc.		532,337

Shares			Fair Value
		COLLATERAL FOR SECURITIES LOANED – 1.3%
		MONEY MARKET FUND – 1.3%
	4,230,713	Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.55% (Cost $4,230,713)^(c)(e)	$	4,230,713

		TOTAL INVESTMENTS - 100.2% (Cost $266,591,060)	$	317,377,641
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(553,587	)
		NET ASSETS - 100.0%	$	316,824,054

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 98.7%
		AUTOMOTIVE — 0.6%
	1,000,000	BorgWarner, Inc.	2.6500	07/01/27	$	982,654
	1,000,000	BorgWarner, Inc.	4.9500	08/15/29		1,011,383
	1,000,000	BorgWarner, Inc.	5.4000	08/15/34		1,018,949
						3,012,986
		BANKING — 0.6%
	1,000,000	First-Citizens Bank & Trust Company	6.1250	03/09/28		1,023,420
	1,000,000	Regions Financial Corporation	1.8000	08/12/28		943,277
	1,000,000	Zions Bancorp NA	3.2500	10/29/29		941,926
						2,908,623
		BEVERAGES — 0.4%
	1,000,000	Coca-Cola Consolidated, Inc.	5.2500	06/01/29		1,019,350
	1,000,000	Coca-Cola Consolidated, Inc.	5.4500	06/01/34		1,028,586
						2,047,936
		BIOTECH & PHARMA — 0.2%
	1,000,000	Royalty Pharma plc	5.4000	09/02/34		1,012,401

		CHEMICALS — 0.6%
	1,000,000	Albemarle Corporation^(a)	5.0500	06/01/32		1,002,383
	1,000,000	Cabot Corporation	5.0000	06/30/32		1,001,365
	1,000,000	International Flavors & Fragrances, Inc.	4.4500	09/26/28		998,233
						3,001,981
		COMMERCIAL SUPPORT SERVICES — 3.7%
	1,000,000	Cintas Corp No 2	3.7000	04/01/27		997,273
	1,000,000	Cintas Corp No 2	4.0000	05/01/32		969,945
	1,000,000	Republic Services, Inc.	3.3750	11/15/27		989,294
	1,000,000	Republic Services, Inc.	3.9500	05/15/28		994,710
	1,000,000	Republic Services, Inc.	2.3000	03/01/30		925,094
	1,000,000	Republic Services, Inc.	1.4500	02/15/31		869,514
	10,200,000	Republic Services, Inc.	1.7500	02/15/32		8,745,205
	1,000,000	Waste Connections, Inc.	4.2500	12/01/28		997,840
	1,000,000	Waste Management, Inc.	3.1500	11/15/27		985,991
	1,000,000	Waste Management, Inc.	4.6250	02/15/33		997,230
						17,472,096

LLC	- Limited Liability Company

LP	- Limited Partnership

MSCI	- Morgan Stanley Capital International

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

Shares			Fair Value
		COMMON STOCKS — 99.6%
		BANKING - 0.7%
	1,098	First Citizens BancShares, Inc., Class A	$	2,185,580
	10,508	Western Alliance Bancorp		836,962
				3,022,542
		BIOTECH & PHARMA - 0.4%
	19,789	Incyte Corporation^(a)		1,914,388

		CHEMICALS - 0.4%
	10,487	Albemarle Corporation		1,850,117

		COMMERCIAL SUPPORT SERVICES - 3.1%
	45,811	Cintas Corporation		7,845,592
	31,646	Republic Services, Inc.		6,343,124
				14,188,716
		CONSTRUCTION MATERIALS - 0.3%
	4,107	Carlisle Companies, Inc.		1,416,135

		DATA CENTER REIT - 1.5%
	35,146	Digital Realty Trust, Inc.		6,677,740

		DIVERSIFIED INDUSTRIALS - 3.0%
	13,429	Dover Corporation		2,838,353
	12,733	Parker-Hannifin Corporation		10,754,674
				13,593,027
		ELECTRIC UTILITIES - 2.8%
	67,148	CenterPoint Energy, Inc.		2,837,674
	31,171	CMS Energy Corporation		2,262,079
	43,154	Entergy Corporation		4,705,944
	23,469	Evergy, Inc.		1,925,397
	20,918	OGE Energy Corporation		987,957
				12,719,051
		ELECTRICAL EQUIPMENT - 8.1%
	13,974	A O Smith Corporation		792,605
	134,465	Amphenol Corporation, Class A		20,003,014
	14,878	Nextpower, Inc., Class A^(a)		2,326,919

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		ELECTRICAL EQUIPMENT - 8.1% (Continued)
	24,062	Trimble, Inc.^(a)	$	1,357,337
	40,875	Vertiv Holdings Company, Class A		12,904,647
				37,384,522
		ENGINEERING & CONSTRUCTION - 0.8%
	4,395	EMCOR Group, Inc.		3,633,874

		FOOD - 0.2%
	49,064	Conagra Brands, Inc.		651,569
	13,255	Lamb Weston Holdings, Inc.		572,351
				1,223,920
		GAS & WATER UTILITIES - 0.6%
	16,913	Atmos Energy Corporation		2,860,496

		HEALTH CARE FACILITIES & SERVICES - 0.9%
	16,446	IQVIA Holdings, Inc.^(a)		2,996,626
	5,699	Molina Healthcare, Inc.^(a)		989,346
				3,985,972
		HEALTH CARE REIT - 4.4%
	18,103	Alexandria Real Estate Equities, Inc.		899,357
	50,858	Ventas, Inc.		4,293,432
	74,026	Welltower, Inc.		15,199,759
				20,392,548
		HOTEL REIT - 0.3%
	67,262	Host Hotels & Resorts, Inc.		1,545,681

		INDUSTRIAL INTERMEDIATE PRODUCTS - 0.2%
	1,998	Valmont Industries, Inc.		1,038,580

		INDUSTRIAL REIT - 3.0%
	96,235	Prologis, Inc.		13,806,835

		INDUSTRIAL SUPPORT SERVICES - 1.7%
	6,434	United Rentals, Inc.		6,406,141

Shares			Fair Value
		COMMON STOCKS — 97.9%
		APPAREL & TEXTILE PRODUCTS - 0.9%
	1,271	Hermes International SCA	$	2,402,030
	506,633	PRADA SpA		2,371,265
				4,773,295
		ASSET MANAGEMENT - 2.0%
	75,840	3i Group PLC		2,323,717
	60,903	Brookfield Corporation		2,774,039
	32,723	Julius Baer Group Ltd.		2,684,289
	2,260	Partners Group Holding A.G.		2,395,408
				10,177,453
		AUTOMOTIVE - 3.1%
	34,676	Continental A.G.		2,886,700
	198,863	Denso Corporation		2,382,385
	7,208	Ferrari N.V.		2,452,378
	878,488	Geely Automobile Holdings Ltd.		2,109,662
	75,776	Mahindra & Mahindra Ltd. - GDR		2,439,987
	8,456	Samsung SDI Company Ltd.^(a)		3,857,117
				16,128,229
		BANKING - 7.7%
	8,499,983	Bank Mandiri Persero Tbk P.T.		1,939,268
	41,437	Bank Polska Kasa Opieki S.A.		2,763,914
	11,893,498	Bank Rakyat Indonesia Persero Tbk P.T.		1,961,965
	20,414	Commonwealth Bank of Australia		2,421,622
	50,451	Danske Bank A/S		2,656,638
	2,614,974	First Financial Holding Company Ltd.		2,283,548
	222,774	Grupo Financiero Banorte SAB de CV		2,320,680
	403,600	Intesa Sanpaolo SpA		2,734,140
	142,949	KakaoBank Corporation		2,122,944
	19,884	KBC Group N.V.		2,643,236
	83,462	National Australia Bank Ltd.		2,239,693
	22,734	OTP Bank Nyrt		3,114,872
	103,004	Powszechna Kasa Oszczednosci Bank Polski S.A.		2,925,443
	534,373	SCB X PCL		2,208,967
	135,513	Standard Bank Group Ltd.		2,627,572

Shares			Fair Value
		COMMON STOCKS — 97.9% (Continued)
		BANKING - 7.7% (Continued)
	83,399	United Overseas Bank Ltd.	$	2,457,140
				39,421,642
		BIOTECH & PHARMA - 2.7%
	17,310	Celltrion, Inc.		2,213,802
	43,462	Chugai Pharmaceutical Company Ltd.		2,153,657
	24,454	CSL Ltd.		1,698,297
	9,114	Genmab A/S^(a)		2,423,796
	475,561	H Lundbeck A/S		2,731,313
	8,125	UCB S.A.		2,385,747
				13,606,612
		CHEMICALS - 5.7%
	41,547	Akzo Nobel N.V.		3,182,427
	8,411,333	Chandra Asri Pacific Tbk P.T.		839,581
	240,080	Clariant A.G.		2,468,661
	62,439	Croda International plc		2,557,266
	2,942	EMS-Chemie Holding A.G.		2,689,658
	123,233	Evonik Industries A.G.		2,416,643
	701	Givaudan S.A.		2,604,813
	30,871	Nutrien Ltd.		2,113,557
	77,306	Solvay S.A.		2,333,970
	41,984	Syensqo S.A.		3,291,326
	27,778	Symrise A.G.		2,563,276
	41,178	Yara International ASA		2,239,041
				29,300,219
		COMMERCIAL SUPPORT SERVICES - 2.2%
	170,322	ALS Ltd.		2,888,287
	77,995	Bureau Veritas S.A.		2,365,691
	49,088	Intertek Group plc		3,517,146
	22,385	SGS S.A.		2,549,304
				11,320,428
		CONSTRUCTION MATERIALS - 2.1%
	29,012	Holcim A.G.		2,878,004
	376,016	Siam Cement PCL (The) - GDR		2,623,341
	14,522	Sika A.G.		2,852,522

Diversification of Assets
Country	Percentage of Net Assets
Common Stocks
Japan		8.1	%
Switzerland		7.7	%
Canada		7.6	%
Australia		7.0	%
Germany		6.6	%
United Kingdom		5.3	%
Netherlands		4.8	%
France		4.6	%
Italy		3.9	%
Denmark		2.9	%
Hong Kong		2.8	%
Finland		2.8	%
Austria		2.6	%
Spain		2.4	%
Belgium		2.1	%
South Korea		2.0	%
South Africa		2.0	%
Taiwan		1.9	%
Sweden		1.9	%
Brazil		1.7	%
Philippines		1.7	%
Norway		1.7	%
Poland		1.6	%
Ireland		1.6	%
Thailand		1.5	%
Singapore		1.3	%
Indonesia		1.2	%
Hungary		1.1	%
Mexico		0.9	%
Chile		0.9	%
Portugal		0.9	%
Israel		0.9	%
New Zealand		0.5	%
Turkey		0.5	%
India		0.5	%
Cayman Islands		0.4	%
Total Common Stocks		97.9	%
Preferred Stock
Chile		0.5	%
Total Preferred Stock		0.5	%
Collateral For Securities Loaned		0.9	%
Other Assets In Excess Of Liabilities		0.7	%
Total Net Assets		100.0	%

Shares			Fair Value
		COMMON STOCKS — 80.5%
		APPAREL & TEXTILE PRODUCTS - 3.3%
	24,966	Deckers Outdoor Corporation^(a)	$	2,842,379

		CABLE & SATELLITE - 4.0%
	119,586	Sirius XM Holdings, Inc.		3,530,179

		CONSUMER SERVICES - 2.6%
	14,934	Grand Canyon Education, Inc.^(a)		2,237,860

		ELECTRICAL EQUIPMENT - 2.9%
	5,016	Lennox International, Inc.		2,518,835

		FORESTRY, PAPER & WOOD PRODUCTS - 2.7%
	30,780	Louisiana-Pacific Corporation		2,350,976

		HEALTH CARE FACILITIES & SERVICES - 2.2%
	4,332	Medpace Holdings, Inc.^(a)		1,936,881

		INDUSTRIAL INTERMEDIATE PRODUCTS - 3.2%
	21,432	Mueller Industries, Inc.		2,756,155

		INDUSTRIAL SUPPORT SERVICES - 3.0%
	58,596	Fastenal Company		2,589,943

		MEDICAL EQUIPMENT & DEVICES - 2.3%
	3,534	IDEXX Laboratories, Inc.^(a)		1,991,515

		OIL & GAS PRODUCERS - 6.8%
	73,302	Hess Midstream, L.P., Class A		2,748,825
	8,208	Texas Pacific Land Corporation		3,225,744
				5,974,569
		RETAIL - DISCRETIONARY - 7.6%
	684	AutoZone, Inc.^(a)		2,007,670
	7,182	Home Depot, Inc. (The)		2,277,699

Shares			Fair Value
		COMMON STOCKS — 80.5% (Continued)
		RETAIL - DISCRETIONARY - 7.6% (Continued)
	27,246	O’Reilly Automotive, Inc.^(a)	$	2,367,133
				6,652,502
		SOFTWARE - 9.5%
	30,894	Fortinet, Inc.^(a)		4,262,445
	14,136	Manhattan Associates, Inc.^(a)		2,121,107
	17,442	Qualys, Inc.^(a)		1,906,236
				8,289,788
		TECHNOLOGY HARDWARE - 7.2%
	79,800	Super Micro Computer, Inc.^(a)		3,677,982
	4,446	Ubiquiti, Inc.		2,595,842
				6,273,824
		TECHNOLOGY SERVICES - 10.0%
	9,576	Automatic Data Processing, Inc.		2,124,340
	1,368	Fair Isaac Corporation^(a)		1,710,807
	4,332	MSCI, Inc.		2,735,137
	22,116	Paychex, Inc.		2,144,810
				8,715,094
		TRANSPORTATION & LOGISTICS - 11.0%
	16,188	Expeditors International of Washington, Inc.		2,557,542
	17,100	Landstar System, Inc.		3,537,990
	15,732	Old Dominion Freight Line, Inc.		3,542,060
				9,637,592
		WHOLESALE - DISCRETIONARY - 2.2%
	10,716	Pool Corporation		1,943,882


		TOTAL COMMON STOCKS (Cost $65,336,750)		70,241,974

Shares			Fair Value
		EXCHANGE-TRADED FUND — 19.1%
		FIXED INCOME - 19.1%
	689,358	Schwab Short-Term U.S. Treasury ETF (Cost $16,774,429)	$	16,682,464

		TOTAL INVESTMENTS - 99.6% (Cost $82,111,179)	$	86,924,438
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		378,665
		NET ASSETS - 100.0%	$	87,303,103

ETF	- Exchange-Traded Fund

L.P.	- Limited Partnership

MSCI	- Morgan Stanley Capital International

Shares			Fair Value
		COMMON STOCKS — 100.0%
		ADVERTISING & MARKETING - 4.7%
	12,640	AppLovin Corporation, Class A^(a)	$	7,749,458

		AEROSPACE & DEFENSE - 5.0%
	10,902	Curtiss-Wright Corporation		8,150,444

		ASSET MANAGEMENT - 3.7%
	10,744	Affiliated Managers Group, Inc.		3,253,820
	50,246	Federated Hermes, Inc., Class B		2,816,791
				6,070,611
		BIOTECH & PHARMA - 5.9%
	66,834	Exelixis, Inc.^(a)		3,373,780
	11,218	United Therapeutics Corporation^(a)		6,246,407
				9,620,187
		COMMERCIAL SUPPORT SERVICES - 2.5%
	48,348	Brady Corporation, Class A		4,161,796

		ELECTRIC UTILITIES - 3.0%
	36,024	NRG Energy, Inc.		4,830,098

		ELECTRICAL EQUIPMENT - 8.8%
	51,192	Amphenol Corporation, Class A		7,615,321
	34,602	BWX Technologies, Inc.		6,777,840
				14,393,161
		ENGINEERING & CONSTRUCTION - 7.9%
	2,844	Comfort Systems USA, Inc.		5,199,429
	9,322	EMCOR Group, Inc.		7,707,616
				12,907,045
		HEALTH CARE FACILITIES & SERVICES - 2.2%
	34,128	Encompass Health Corporation		3,612,449

		HEALTH CARE REIT - 2.6%
	91,166	Omega Healthcare Investors, Inc.		4,262,922

Shares			Fair Value
		COMMON STOCKS — 100.0% (Continued)
		INDUSTRIAL INTERMEDIATE PRODUCTS - 1.8%
	22,910	Mueller Industries, Inc.	$	2,946,226

		INSTITUTIONAL FINANCIAL SERVICES - 2.4%
	44,082	SEI Investments Company		3,873,926

		INSURANCE - 4.1%
	88,480	Old Republic International Corporation		3,294,110
	17,380	Reinsurance Group of America, Inc.		3,488,862
				6,782,972
		LEISURE FACILITIES & SERVICES - 1.6%
	12,482	TKO Group Holdings, Inc.		2,561,057

		MACHINERY - 3.2%
	70,152	Flowserve Corporation		5,297,178

		METALS & MINING - 1.8%
	26,702	Newmont Corporation		2,932,147

		OIL & GAS PRODUCERS - 4.8%
	7,584	Murphy USA, Inc.		3,837,732
	10,428	Texas Pacific Land Corporation		4,098,204
				7,935,936
		RETAIL - CONSUMER STAPLES - 3.8%
	8,058	Casey’s General Stores, Inc.		6,181,614

		RETAIL - DISCRETIONARY - 5.8%
	21,962	AutoNation, Inc.^(a)		4,122,706
	4,266	Dillard’s, Inc., Class A		2,517,836
	9,164	Group 1 Automotive, Inc.		2,898,940
				9,539,482
		SEMICONDUCTORS - 20.5%
	63,360	ACM Research, Inc., Class A^(a)		5,484,442
	20,382	Broadcom, Inc.		9,106,066
	5,056	KLA Corporation		9,716,165

Shares			Fair Value
		COMMON STOCKS — 99.8%
		ADVERTISING & MARKETING - 1.4%
	581,214	Taboola.com Ltd.^(a)	$	2,836,325

		AEROSPACE & DEFENSE - 2.0%
	16,694	AAR Corporation^(a)		1,880,078
	12,338	ATI, Inc.^(a)		2,161,124
				4,041,202
		ASSET MANAGEMENT - 1.7%
	159,687	Patria Investments Ltd., Class A		1,850,773
	98,860	XP, Inc., Class A		1,647,996
				3,498,769
		BANKING - 5.0%
	53,000	Atlantic Union Bankshares Corporation		1,993,860
	5,572	Credicorp Ltd.		1,909,134
	50,060	Five Star Bancorp		2,114,033
	81,369	Northrim BanCorp, Inc.		2,010,628
	13,930	Popular, Inc.		2,069,023
				10,096,678
		BEVERAGES - 0.7%
	43,449	Celsius Holdings, Inc.^(a)		1,445,548

		BIOTECH & PHARMA - 3.0%
	566,621	Ironwood Pharmaceuticals, Inc.^(a)		2,022,837
	39,291	Kiniksa Pharmaceuticals International plc^(a)		1,900,899
	70,911	Rigel Pharmaceuticals, Inc.^(a)		2,162,076
				6,085,812
		CHEMICALS - 0.8%
	13,620	CF Industries Holdings, Inc.		1,530,207

		COMMERCIAL SUPPORT SERVICES - 1.0%
	280,747	Quad/Graphics, Inc.		2,091,565

		CONSTRUCTION MATERIALS - 0.9%
	13,355	Advanced Drainage Systems, Inc.		1,858,482

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		CONSUMER SERVICES - 2.0%
	52,558	Perdoceo Education Corporation	$	1,701,828
	64,564	PROG Holdings, Inc.		2,374,018
				4,075,846
		CONTAINERS & PACKAGING - 1.0%
	88,976	Myers Industries, Inc.		2,028,653

		DIVERSIFIED INDUSTRIALS - 0.9%
	9,729	ITT, Inc.		1,897,155

		ELECTRIC UTILITIES - 0.8%
	15,765	Consolidated Edison, Inc.		1,665,257

		ELECTRICAL EQUIPMENT - 4.0%
	15,920	Belden, Inc.		1,672,874
	78,762	Kimball Electronics, Inc.^(a)		2,042,299
	5,373	Littelfuse, Inc.		2,508,492
	8,778	SPX Technologies, Inc.^(a)		1,901,841
				8,125,506
		ENGINEERING & CONSTRUCTION - 5.5%
	2,388	EMCOR Group, Inc.		1,974,446
	219,828	IHS Holding Ltd.^(a)		1,824,572
	128,775	Mistras Group, Inc.^(a)		2,263,865
	6,744	MYR Group, Inc.^(a)		3,136,366
	25,782	Tutor Perini Corporation		1,843,155
				11,042,404
		FOOD - 1.6%
	118,447	Herbalife Ltd.^(a)		1,416,626
	23,703	John B Sanfilippo & Son, Inc.		1,775,592
				3,192,218
		GAS & WATER UTILITIES - 0.9%
	58,793	Consolidated Water Company Ltd.		1,774,373

		HEALTH CARE FACILITIES & SERVICES - 5.2%
	41,259	BrightSpring Health Services, Inc.^(a)		2,544,854

Shares			Expiration Date	Exercise Price	Fair Value
		RIGHT — 0.0%^(b)
		ASSET MANAGEMENT - 0.0% ^(b)(Cost $0)
	9,894	TPG, Inc. - CVR^(a)(c)(d)	12/31/2027	$3	$	—

		TOTAL INVESTMENTS - 99.6% (Cost $692,961,034)			$	839,682,739
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%				3,518,695
		NET ASSETS - 100.0%			$	843,201,434

	Inspire Global Hope		Inspire Small/Mid		Inspire Corporate			Inspire 100
	ETF		Cap ETF		Bond ETF			ETF
ASSETS
Investment securities:
At cost	$	129,990,068	$	266,591,060	$	463,863,130		$	348,069,349
At value (includes securities on loan with a market value of $1,761,470, $4,129,941, $2,522,154, $235,185)	$	155,562,370	$	317,377,641	$	463,713,610		$	458,745,949
Cash		1,575,057		3,283,965		784,155			1,391,568
Foreign currencies (Cost $229,639, $0, $0 and $0, respectively)		211,501		—		—			—
Reclaims receivable		467,529		—		—			—
Dividends and interest receivable		189,547		490,363		5,088,030			255,434
Prepaid expenses		15,000		8,728		3,097			3,476
TOTAL ASSETS		158,021,004		321,160,697		469,588,892			460,396,427

LIABILITIES
Securities lending collateral payable		1,835,375		4,230,713		2,616,060			251,498
Investment advisory fees payable		39,807		75,004		118,787			95,804
Custody fees payable		22,883		2,021		17,653			34,862
Payable to related parties		9,634		12,536		29,319			23,447
Accrued expenses and other liabilities		4,589		16,369		6,246			6,851
TOTAL LIABILITIES		1,912,288		4,336,643		2,788,065			412,462
NET ASSETS	$	156,108,716	$	316,824,054	$	466,800,827		$	459,983,965

Net Assets Consist Of:
Paid in capital	$	126,043,393	$	261,754,143	$	485,264,222		$	392,355,178
Accumulated earnings (deficit)		30,065,323		55,069,911		(18,463,395	)		67,628,787
NET ASSETS	$	156,108,716	$	316,824,054	$	466,800,827		$	459,983,965

Net Asset Value Per Share:
Net Assets	$	156,108,716	$	316,824,054	$	466,800,827		$	459,983,965
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,250,000		6,750,000		19,600,000			8,500,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	48.03	$	46.94	$	23.82		$	54.12

	Inspire International		Inspire Capital			Inspire		Inspire Fidelis Multi		Inspire 500
	ETF		Appreciation ETF			Growth ETF		Factor ETF		ETF
ASSETS
Investment securities:
At cost	$	429,376,962	$	82,111,179		$	119,590,702	$	177,809,134	$	692,961,034
At value (includes securities on loan with a market value of $4,270,189, $0, $0, $0, $0)	$	510,588,712	$	86,924,438		$	163,604,602	$	201,149,951	$	839,682,739
Cash		3,911,313		430,024			122,328		214,255		2,853,474
Foreign currencies (Cost $1,522,593, $0, $0, $0 and $0, respectively)		1,391,861		—			—		—		—
Reclaims receivable		2,245,279		8,984			—		8,872		—
Dividends and interest receivable		824,398		7,653			48,706		305,062		731,021
Prepaid expenses		2,695		2,000			1,445		2,000		—
TOTAL ASSETS		518,964,258		87,373,099			163,777,081		201,680,140		843,267,234

LIABILITIES
Securities lending collateral payable		4,454,333		—			—		—		—
Investment advisory fees payable		193,600		35,798			87,988		76,155		65,800
Custody fees payable		10,282		16,392			10,711		12,534		—
Payable to related parties		12,815		5,510			8,898		6,651		—
Accrued expenses and other liabilities		2,818		12,296			2,873		8,597		—
TOTAL LIABILITIES		4,673,848		69,996			110,470		103,937		65,800
NET ASSETS	$	514,290,410	$	87,303,103		$	163,666,611	$	201,576,203	$	843,201,434

Net Assets Consist Of:
Paid in capital	$	422,888,885	$	89,039,538		$	131,853,918	$	178,554,236	$	695,108,540
Accumulated earnings (deficit)		91,401,525		(1,736,435	)		31,812,693		23,021,967		148,092,894
NET ASSETS	$	514,290,410	$	87,303,103		$	163,666,611	$	201,576,203	$	843,201,434

Net Asset Value Per Share:
Net Assets	$	514,290,410	$	87,303,103		$	163,666,611	$	201,576,203	$	843,201,434
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		13,050,000		2,850,000			3,950,000		4,975,000		2,950,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	39.41	$	30.63		$	41.43	$	40.52	$	285.83

	Six Months Ended
	May 31, 2026			Year Ended
	(Unaudited)			November 30, 2025
FROM OPERATIONS
Net investment income	$	1,388,246		$	2,026,226
Net realized gain on in-kind redemptions, investments and foreign currency transactions		5,629,828			9,668,685
Net change in unrealized appreciation on investments and foreign currency translations		9,577,390			2,046,186
Net increase in net assets resulting from operations		16,595,464			13,741,097

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:		(923,255	)		(2,046,360	)
Net decrease in net assets resulting from distributions to shareholders		(923,255	)		(2,046,360	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		24,581,508			39,556,120
Cost of shares redeemed		(11,078,581	)		(34,021,369	)
Net increase in net assets resulting from shares of beneficial interest		13,502,927			5,534,751

TOTAL INCREASE IN NET ASSETS		29,175,136			17,229,488

NET ASSETS
Beginning of Period		126,933,580			109,704,092
End of Period	$	156,108,716		$	126,933,580

SHARE ACTIVITY
Shares Sold		550,000			1,000,000
Shares Redeemed		(250,000	)		(850,000	)
Net increase in shares of beneficial interest outstanding		300,000			150,000

BLES
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	153,377,891	$	—	$	—		$	153,377,891
Collateral For Securities Loaned		1,835,375		—		—			1,835,375
Preferred Stock		349,104		—		—			349,104
Rights		—		—		—	^		—
Total	$	155,562,370	$	—	$	—		$	155,562,370

ISMD
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	313,146,928	$	—	$	—		$	313,146,928
Collateral For Securities Loaned		4,230,713		—		—			4,230,713
Rights		—		—		—	^		—
Total	$	317,377,641	$	—	$	—		$	317,377,641

IBD
Assets *	Level 1		Level 2		Level 3			Total
Corporate Bonds	$	—	$	461,097,550	$	—		$	461,097,550
Collateral For Securities Loaned		2,616,060		—		—			2,616,060
Total	$	2,616,060	$	461,097,550	$	—		$	463,713,610

BIBL
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	458,494,451	$	—	$	—		$	458,494,451
Collateral For Securities Loaned		251,498		—		—			251,498
Total	$	458,745,949	$	—	$	—		$	458,745,949

WWJD
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	503,696,561	$	—	$	—		$	503,696,561
Collateral For Securities Loaned		4,454,333		—		—			4,454,333
Preferred Stock		2,437,818		—		—			2,437,818
Total	$	510,588,712	$	—	$	—		$	510,588,712

RISN
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	70,241,974	$	—	$	—		$	70,241,974
Exchange Traded Fund		16,682,464		—		—			16,682,464
Total	$	86,924,438	$	—	$	—		$	86,924,438

GLRY
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	163,604,602	$	—	$	—		$	163,604,602
Total	$	163,604,602	$	—	$	—		$	163,604,602

FDLS
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	201,149,951	$	—	$	—		$	201,149,951
Total	$	201,149,951	$	—	$	—		$	201,149,951

PTL
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	839,682,739	$	—	$	—		$	839,682,739
Right		—		—		—	^		—
Total	$	839,682,739	$	—	$	—		$	839,682,739

Ticker	Purchases		Sales
BLES	$	16,354,634	$	15,829,795
ISMD	$	44,286,349	$	44,890,372
IBD	$	51,373,393	$	43,175,207
BIBL	$	21,621,917	$	21,262,703
WWJD	$	78,921,588	$	66,715,930
RISN	$	7,444,853	$	7,693,146
GLRY	$	21,559,479	$	21,500,926
FDLS	$	192,703,767	$	189,503,813
PTL	$	10,772,481	$	10,426,525