Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

united states
securities and exchange commission
washington, d.c. 20549

form n-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-23066

Northern Lights Fund Trust IV

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

Wendy Wang, Gemini Fund Services, LLC.

4221 North 203^rd Street, Suite 100, Elkhorn, Nebraska 68022-3474

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2612

Date of fiscal year end: 11/30

Date of reporting period: 2/29/20

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

February 29, 2020

Shares			Value
		COMMON STOCKS - 98.0%
		AEROSPACE & DEFENSE - 0.4%
	2,500	Harris Corp.	$	494,325

		APPAREL & TEXTILE PRODUCTS - 1.2%
	13,486	Capri Holdings Ltd.*		348,209
	6,400	Cie Financiere Richemont SA		432,419
	1,800	Swatch Group AG		412,645
	5,000	VF Corp. ^		360,000
				1,553,273
		ASSET MANAGEMENT - 2.0%
	10,900	E*TRADE Financial Corp.		499,002
	19,100	Franklin Resources, Inc.		415,616
	4,712	Groupe Bruxelles Lambert SA		423,802
	27,560	Invesco Ltd.		396,864
	159,100	Melrose Industries PLC		425,540
	600	Partners Group Holding AG		515,109
				2,675,933
		AUTOMOTIVE - 1.2%
	11,400	BorgWarner, Inc.		360,240
	4,210	Cie Generale des Etablissements Michelin		445,060
	17,500	Nokian Renkaat OYJ		453,276
	14,100	Valeo SA		352,820
				1,611,396
		BANKING - 4.5%
	60,830	Bank Hapoalim		475,120
	70,100	Bank Leumi Le-Israel		454,965
	82,800	Commerzbank AG *		473,949
	8,900	Commonwealth Bank of Australia		469,276
	34,600	Credit Agricole SA		410,849
	31,400	Danske Bank A/S		483,013
	86,200	Investec PLC		431,715
	6,700	KBC Group NV		441,724
	5,200	Macquarie Group Ltd.		452,045
	4,900	mBank SA *		370,355
	304,640	Metropolitan Bank & Trust Co.		334,970
	111,790	Natixis SA		450,292
	29,600	People’s United Financial, Inc.		414,104
	19,910	Raiffeisen Bank International AG *		408,425
				6,070,802
		BIOTECHNOLOGY & PHARMACEUTICAL - 2.2%
	4,610	Alexion Pharmaceuticals, Inc. *		433,478
	5,800	BioMarin Pharmaceutical, Inc. *		524,146
	5,500	Incyte Corp. *		414,755
	1,300	Regeneron Pharmaceuticals, Inc. *		577,941
	4,300	Seattle Genetics, Inc. *		489,598
	2,300	Vertex Pharmaceuticals, Inc. *		515,269
				2,955,187

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		CHEMICALS - 5.6%
	1,716,640	AKR Corporindo Tbk PT	$	317,065
	5,014	Akzo Nobel NV		397,375
	4,700	Arkema SA		439,141
	3,700	Avery Dennison Corp.		423,613
	9,200	Brenntag AG		408,373
	10,400	CF Industries Holdings, Inc.		383,344
	7,500	Croda International PLC		436,262
	6,300	Eastman Chemical Co.		387,513
	4,900	FMC Corp.		456,190
	200	Givaudan SA		621,106
	12,200	Imerys SA		470,110
	105,300	Israel Chemicals Ltd.		389,966
	12,390	Johnson Matthey PLC		397,385
	40,300	K+S AG		327,137
	5,301	LyondellBasell Industries NV		378,809
	22,970	Mosaic Co.		391,179
	3,700	PPG Industries, Inc.		386,465
	900	Sherwin-Williams Co.		465,075
				7,476,108
		COMMERCIAL SERVICES - 2.0%
	19,005	Bureau Veritas SA		460,317
	1,900	Cintas Corp.		506,806
	9,600	Edenred		497,413
	179,300	G4S PLC		391,968
	6,591	Intertek Group PLC		443,665
	8,200	Randstad Holding NV		420,731
				2,720,900
		CONSTRUCTION MATERIALS - 1.3%
	23,085	ACC Ltd.		422,515
	25,300	James Hardie Industries PLC - ADR		460,493
	9,214	LafargeHolcim Ltd.		425,598
	1,800	Martin Marietta Materials, Inc.		409,554
				1,718,160
		CONSUMER PRODUCTS - 2.0%
	15,065	Associated British Foods PLC		433,919
	4,800	JM Smucker Co.		494,352
	48,545	Natura Cosmeticos SA		484,950
	50,400	Orkla ASA		421,534
	64,630	Pioneer Foods Group Ltd.		447,683
	364,990	Sime Darby Plantation Berhad *		429,502
				2,711,940
		CONSUMER SERVICES - 0.3%
	172,805	Cogna Educacao		379,955

		CONTAINERS & PACKAGING - 1.6%
	45,800	Amcor Ltd. - ADR		425,816
	7,600	Ball Corp.		535,496
	60,250	Brambles Ltd.		464,600

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		CONTAINERS & PACKAGING (continued) - 1.6%
	10,710	International Paper Co.	$	395,842
	12,400	Sealed Air Corp.		375,844
				2,197,598
		DISTRIBUTORS - CONSUMER STAPLES - 0.3%
	5,910	Sysco Corp.		393,902

		DISTRIBUTORS - DISCRETIONARY - 0.3%
	17,900	Bunzl PLC		427,551

		ELECTRICAL EQUIPMENT - 3.1%
	20,700	ABB Ltd.		445,030
	4,000	Allegion PLC		459,960
	5,110	AMETEK, Inc.		439,460
	5,300	Eaton Corp PLC		480,816
	12,100	Johnson Controls International PLC		442,497
	7,600	Kone OYJ		425,759
	20,400	Prysmian SpA		479,091
	1,400	Roper Technologies, Inc.		492,380
	2,000	Schindler Holding AG		443,205
				4,108,198
		ENGINEERING & CONSTRUCTION SERVICES - 1.6%
	19,800	Boskalis Westminster		430,528
	27,000	Fluor Corp.		251,640
	5,600	Jacobs Engineering Group, Inc.		517,104
	39,250	LendLease Group		446,153
	4,600	Vinci SA		459,710
				2,105,135
		FOREST & PAPER PRODUCTS - 0.3%
	14,400	UPM-Kymmene OYJ		438,624

		GAMING, LODGING & RESTAURANTS - 0.3%
	7,900	Whitbread PLC		392,931

		HARDWARE - 1.6%
	2,400	Arista Networks, Inc.*		463,488
	20,500	Juniper Networks, Inc.		435,010
	8,400	Seagate Technology PLC		402,780
	55,180	Telefonaktiebolaget LM Ericsson		436,427
	8,000	Western Digital Corp.		444,480
				2,182,185
		HEALTH CARE FACILITIES & SERVICES - 1.4%
	5,800	AmerisourceBergen Corp.		489,056
	6,700	DaVita, Inc. *		520,054
	3,400	HCA Healthcare, Inc.		431,834
	9,700	Ramsay Health Care Ltd.		425,340
				1,866,284

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		HOME & OFFICE PRODUCTS - 2.8%
	9,400	DR Horton, Inc.	$	500,738
	900	Geberit AG		445,374
	9,800	Leggett & Platt, Inc. ^		388,668
	8,800	Lennar Corp. - Class A ^		530,992
	3,700	Mohawk Industries, Inc. *		448,255
	14,700	Persimmon PLC		533,060
	3,000	Snap-on, Inc. ^		434,250
	3,000	Stanley Black & Decker, Inc.		431,100
				3,712,437
		INDUSTRIAL SERVICES - 0.7%
	13,500	Fastenal Co.		461,970
	37,600	Rexel SA		458,449
				920,419
		INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	5,400	Intercontinental Exchange, Inc.		481,788
	5,100	London Stock Exchange Group PLC		493,518
	4,700	Nasdaq, Inc.		481,985
				1,457,291
		INSURANCE - 3.3%
	3,900	Assurant, Inc.		470,301
	4,800	Cincinnati Financial Corp. ^		447,552
	121,000	Direct Line Insurance Group PLC		474,479
	24,100	Gjensidige Forsikring ASA		480,891
	91,900	Insurance Australia Group Ltd.		378,031
	124,500	Legal & General Group PLC		413,462
	55,300	QBE Insurance Group Ltd.		484,547
	68,100	RSA Insurance Group PLC		451,274
	11,500	Sampo OYJ		465,875
	17,100	Unum Group		398,601
				4,465,013
		IRON & STEEL - 1.8%
	17,700	Anglo American PLC		405,094
	21,610	BHP Billiton PLC		391,513
	66,100	Fortescue Metals Group Ltd.		429,589
	8,800	Nucor Corp.		363,880
	8,500	Rio Tinto PLC		391,723
	72,960	Tata Steel Ltd.		385,942
				2,367,741
		MACHINERY - 3.4%
	19,400	Alfa Laval AB		432,418
	2,900	Deere & Co.		453,792
	4,300	Dover Corp.		441,782
	9,890	Flowserve Corp. ^		397,479
	2,800	Illinois Tool Works, Inc.		469,784
	31,900	IMI PLC		409,904
	2,400	Parker-Hannifin Corp.		443,448
	25,300	Sandvik AB		413,355

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		MACHINERY (continued) - 3.4%
	57,285	WEG SA	$	543,437
	6,300	Xylem, Inc. ^		487,242
				4,492,641
		MEDIA - 0.7%
	3,000	Naspers Ltd.		454,046
	14,500	Trip.com Group Limited * - ADR		440,220
				894,266
		MEDICAL EQUIPMENT & DEVICES - 4.7%
	5,800	Agilent Technologies, Inc.		447,006
	4,000	Coloplast A/S		531,989
	15,900	Demant A/S*		482,622
	8,700	Dentsply Sirona, Inc.		428,388
	2,100	Edwards Lifesciences Corp. *		430,164
	3,200	Essilor International SA		432,702
	1,900	IDEXX Laboratories, Inc. *		483,569
	1,500	Illumina, Inc. *		398,505
	800	Intuitive Surgical, Inc. *		427,168
	600	Mettler-Toledo International, Inc.*		421,020
	20,500	Smith & Nephew PLC		455,351
	3,500	Varian Medical Systems, Inc.*		430,395
	2,100	Waters Corp. * ^		409,269
	3,300	Zimmer Biomet Holdings, Inc.		449,295
				6,227,443
		METALS & MINING - 2.5%
	40,903	Antofagasta PLC		392,886
	19,000	Boliden AB		388,815
	38,400	Freeport-McMoRan, Inc.		382,464
	64,100	Fresnillo PLC		494,361
	176,900	Grupo Mexico SAB de CV		415,610
	24,700	Newcrest Mining Ltd.		418,836
	11,800	Newmont Mining Corp.		526,634
	136,000	Norsk Hydro ASA		382,795
				3,402,401
		OIL, GAS & COAL - 7.4%
	4,408,800	Adaro Energy Tbk PT *		354,916
	19,100	Apache Corp.		475,972
	28,600	Cabot Oil & Gas Corp.		398,398
	21,100	Caltex Australia Ltd.		444,858
	7,700	ConocoPhillips		372,834
	27,930	Cosan SA Industria e Comercio		449,626
	18,580	Devon Energy Corp.		301,739
	32,100	Eni SpA		393,434
	5,890	EOG Resources, Inc.		372,601
	46,200	EQT Corp.		271,194
	20,620	Halliburton Co.		349,715
	11,320	Helmerich & Payne, Inc.		417,595
	23,600	Kinder Morgan, Inc.		452,412

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		OIL, GAS & COAL (continued) - 7.4%
	9,090	Koninklijke Vopak NV	$	430,849
	36,600	Marathon Oil Corp.		303,048
	8,310	Marathon Petroleum Corp.		394,060
	20,000	National Oilwell Varco, Inc.		374,200
	20,300	Noble Energy, Inc.		321,349
	12,500	Occidental Petroleum Corp.		409,250
	6,600	ONEOK, Inc.		440,352
	63,460	Petroleo Brasileiro SA *		352,348
	4,400	Phillips 66		329,384
	3,300	Pioneer Natural Resources Co.		405,174
	23,600	TechnipFMC PLC		350,224
	5,200	Valero Energy Corp. ^		344,500
	20,900	Williams Cos, Inc.		398,145
				9,908,177
		PASSENGER TRANSPORTATION - 0.8%
	1,139,620	AirAsia Bhd		270,373
	27,100	easyJet PLC		380,936
	5,800	Ryanair Holdings PLC - ADR		415,744
				1,067,053
		REAL ESTATE - 7.0%
	2,200	American Tower Corp.		498,960
	9,800	Apartment Investment & Management Co.		468,832
	2,400	AvalonBay Communities, Inc.		481,416
	26,080	Ayala Corp.		338,951
	429,360	Ayala Land, Inc.		328,495
	3,700	Boston Properties, Inc.		477,078
	62,000	British Land Co PLC		396,755
	4,463	COVIVIO		470,629
	3,600	Crown Castle International Corp.		515,844
	900	Equinix, Inc.		515,520
	6,200	Equity Residential		465,620
	1,700	Essex Property Trust, Inc.		481,712
	52,600	Goodman Group		508,030
	123,400	GPT Group		459,869
	126,100	Hammerson PLC		335,987
	14,380	Healthpeak Properties, Inc.		454,983
	39,700	Land Securities Group PLC		423,216
	18,900	Macerich Co. ^		385,938
	5,700	Prologis, Inc.		480,396
	2,400	Public Storage		501,888
	3,400	Simon Property Group, Inc.		418,472
				9,408,591
		RENEWABLE ENERGY - 0.4%
	5,000	Vestas Wind Systems A/S		477,279

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		RETAIL - CONSUMER STAPLES - 1.7%
	1,700	Costco Wholesale Corp.	$	477,938
	5,400	Dollar Tree, Inc. *		448,362
	164,200	J Sainsbury PLC		410,552
	190,200	Wm Morrison Supermarkets PLC		416,039
	19,300	Woolworths Ltd.		482,815
				2,235,706
		RETAIL - DISCRETIONARY - 4.2%
	3,100	Advance Auto Parts, Inc.		412,238
	400	AutoZone, Inc. * ^		413,004
	5,600	CarMax, Inc. *		488,936
	4,810	Genuine Parts Co.		419,625
	176,737	Kingfisher PLC		427,451
	9,800	Kohl’s Corp.		383,670
	4,200	Lowe’s Cos, Inc.		447,594
	177,900	Marks & Spencer Group PLC		359,935
	5,400	Next PLC		419,501
	1,100	O’Reilly Automotive, Inc. *		405,592
	11,600	Pandora A/S		517,837
	4,300	Ross Stores, Inc.		467,754
	5,300	Tractor Supply Co.		469,103
				5,632,240
		SEMICONDUCTORS - 4.2%
	4,199	Analog Devices, Inc. ^		457,901
	1,700	ASML Holding NV		463,293
	1,600	Broadcom Ltd.		436,192
	2,800	KLA-Tencor Corp.		430,388
	1,700	Lam Research Corp.		498,831
	8,100	Maxim Integrated Products, Inc.		450,522
	4,800	Microchip Technology, Inc. ^		435,408
	9,000	Micron Technology, Inc. *		473,040
	2,100	NVIDIA Corp.		567,147
	3,900	NXP Semiconductors NV		443,391
	18,300	STMicroelectronics NV - ADR ^		501,420
	5,100	Xilinx, Inc.		425,799
				5,583,332
		SOFTWARE - 2.6%
	4,100	Atlassian Corp. PLC *		594,336
	6,800	Cerner Corp. * ^		471,036
	50,800	Sage Group PLC		442,399
	1,800	ServiceNow, Inc.*		586,962
	3,300	Splunk, Inc. *		486,189
	28,595	Totvs SA		445,564
	3,500	Veeva Systems, Inc.*		496,895
				3,523,381

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		SPECIALTY FINANCE - 1.7%
	3,600	Fidelity National Information	$	502,992
	4,410	Fiserv, Inc. *		482,278
	1,700	FleetCor Technologies, Inc.*		451,843
	13,965	Housing Development Finance Corp.		421,025
	18,400	Western Union Co. ^		411,976
				2,270,114
		TECHNOLOGY SERVICES - 2.1%
	8,000	Cognizant Technology Solutions		487,440
	14,470	Experian PLC		478,883
	46,075	Infosys Ltd.		467,150
	5,900	Paychex, Inc.		457,132
	15,295	Tata Consultancy Services Ltd.		423,907
	3,300	Verisk Analytics, Inc.		511,863
				2,826,375
		TELECOMMUNICATIONS - 1.0%
	12,200	China Telecom Corp. Ltd. - ADR		462,014
	30,200	Eutelsat Communications SA		406,040
	49,500	Mobile TeleSystems PJSC - ADR		480,150
				1,348,204
		TRANSPORTATION & LOGISTICS - 3.8%
	2,500	Aeroports de Paris		367,432
	62,200	Babcock International Group PLC		352,353
	6,400	CH Robinson Worldwide, Inc. ^		440,960
	6,500	Expeditors International of Washington, Inc. ^		457,730
	6,000	Fraport AG Frankfurt Airport		375,275
	26,800	Grupo Aeroportuario del Sureste		443,700
	4,300	JB Hunt Transport Services, Inc.		414,692
	3,300	Kansas City Southern		497,244
	3,000	Kuehne + Nagel International AG		435,611
	2,600	Norfolk Southern Corp.		474,110
	164,900	Royal Mail PLC		342,164
	2,763	Union Pacific Corp.		441,555
				5,042,826
		TRANSPORTATION EQUIPMENT - 0.6%
	6,300	PACCAR, Inc.		421,470
	29,400	Volvo AB		451,533
				873,003
		UTILITIES - 6.0%
	390,160	Aboitiz Equity Ventures, Inc.		326,441
	25,300	AES Corp.		423,269
	34,200	AGL Energy Ltd.		422,046
	18,600	CenterPoint Energy, Inc.		428,172
	32,205	Cia de Saneamento Basico do Estado de Sao Paulo *		416,442
	141,265	Cia Energetica de Minas Gerais		431,781
	8,000	CMS Energy Corp.		483,360
	6,100	Dominion Energy, Inc.		476,898
	4,200	Entergy Corp.		491,022
	5,900	Eversource Energy		510,114

Inspire Global Hope ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		UTILITIES (continued) - 6.0%
	10,300	FirstEnergy Corp.	$	458,659
	18,200	NiSource, Inc.		491,764
	293,265	NTPC Ltd.		432,984
	83,700	Origin Energy Ltd.		376,680
	5,600	Pinnacle West Capital Corp.		501,144
	14,000	PPL Corp.		420,140
	5,400	WEC Energy Group, Inc.		498,582
	7,900	Xcel Energy, Inc.		492,328
				8,081,826
		WASTE & ENVIRONMENT SERVICES & EQUIPMENT - 0.3%
	10,900	Pentair PLC		429,351

		TOTAL COMMON STOCKS (Cost $135,373,868)		131,127,497

		COLLATERAL FOR SECURITIES LOANED - 4.6% ^^
		MONEY MARKET FUNDS - 4.6%
	1,225,152	Fidelity Government Portfolio - Institutional Class, to yield 1.48% +		1,225,152
	4,900,607	Goldman Sachs Financial Square Prime Obligations Fund - Institutional Class, to yield 1.67% +		4,900,607
		TOTAL MONEY MARKET FUNDS (Cost $6,125,759)		6,125,759

		TOTAL INVESTMENTS - 102.6% (Cost $141,499,627)	$	137,253,256
		LIABILITIES IN EXCESS OF OTHER ASSETS - 2.6%		(3,509,216	)
		NET ASSETS - 100.0%	$	133,744,040

Non-Income producing security.

All or a portion of this security is segregated as collateral for securities on loan as of February 29, 2020. The total value of securities on loan as of February 29, 2020 is $6,000,285.

These securities were purchased with cash collateral held from securities on loan. The total value of such securities as February 29, 2020 is $6,125,759.

Money market fund; interest rate reflects seven-day effective yield on February 29, 2020.

AB - Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Allmennaksjeselskap

A/S - Aktieselskab

NV - Naamloze vennootschap

OYJ - Osakeyhtiö

PLC - Public Limited Company

PT - Perseroan Terbatas

SA - Société anonyme

SAB de CV - Sociedad Anonima Bursatil de Capital Variable

SpA - Societa per azioni

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update “ASU” 2013-08.

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the last bid price on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the last reported bid price on the valuation date. Index options and options not listed on a security exchange or board of trade shall be valued at the last reported bid price on the valuation date. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the 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. 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.

Securities traded on a foreign exchange which has not closed by the Valuation Time or for which the official closing prices are not available at the time the NAV is determined will be valued using alternative market prices provided by a pricing service.

Securities Lending – Under an agreement (the “Securities Lending Agreement”) with the Brown Bothers Harriman & Co. (“BBH”), the Fund can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency). Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Fund’s security lending procedures. The Fund continues to receive interest or dividends on the securities loaned. The Fund has the right under the Securities Lending Agency Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Fund could experience delays or losses on recovery. Additionally, the Fund is subject to the risk of loss from investments made with the cash received as collateral. The Fund manages 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 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.

The Fund utilizes various methods to measure the fair value of all of its 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 Fund has 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 Fund’s 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 fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair 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 table summarizes the inputs used as of February 29, 2020 for the Fund’s assets and liabilities measured at fair value:

Inspire Global Hope ETF
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	131,127,497	$	—	$	—	$	131,127,497
Money Market Funds		6,125,759		—		—		6,125,759
Total	$	137,253,256	$	—	$	—	$	137,253,256

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

Aggregate Unrealized Appreciation and Depreciation – Tax Basis

		Gross		Gross			Net Unrealized
		Unrealized		Unrealized			Appreciation/
Tax Cost		Appreciation		Depreciation			(Depreciation)
$	142,416,084	$	11,806,074	$	(16,968,902	)	$	(5,162,828	)

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

February 29, 2020

Shares			Value
		COMMON STOCKS - 98.7%
		AEROSPACE & DEFENSE - 1.2%
	3,726	AAR Corp. ^	$	128,733
	4,209	Aerojet Rocketdyne Holdings, Inc.*		207,420
	2,964	Aerovironment, Inc.*		152,320
	2,691	Axon Enterprise, Inc.* ^		208,203
	3,105	Barnes Group, Inc. ^		166,739
	2,208	Moog, Inc.		170,281
				1,033,696
		APPAREL & TEXTILE PRODUCTS - 0.7%
	4,830	Crocs, Inc.*		126,401
	2,484	Oxford Industries, Inc. ^		150,009
	4,416	Steven Madden Ltd. ^		144,403
	5,658	Wolverine World Wide, Inc.		148,749
				569,562
		ASSET MANAGEMENT - 1.7%
	6,360	Artisan Partners Asset Management, Inc.		181,769
	7,590	Blucora, Inc. *		132,066
	3,036	Cohen & Steers, Inc.		190,205
	5,649	Federated Investors, Inc. ^		162,974
	8,268	Kennedy-Wilson Holdings, Inc.		167,096
	5,244	Legg Mason, Inc.		261,256
	3,160	Stifel Financial Corp.		172,030
	11,523	Waddell & Reed Financial, Inc.		158,556
				1,425,952
		AUTOMOTIVE - 1.7%
	18,009	American Axle & Manufacturing Holdings, Inc. *		113,997
	6,762	Cooper Tire & Rubber Co.		172,363
	5,796	Cooper-Standard Holdings, Inc. *		100,155
	10,488	Dana, Inc.		150,817
	2,553	Dorman Products, Inc. * ^		154,814
	4,494	Gentherm, Inc.*		183,265
	4,899	Methode Electronics, Inc.		150,203
	3,588	Standard Motor Products, Inc.		157,872
	14,127	Tenneco, Inc.		129,545
	2,208	Visteon Corp. *		143,608
				1,456,639
		BANKING - 8.4%
	4,629	Ameris Bancorp		158,219
	4,821	Atlantic Union Bankshares Corp.		143,377
	6,561	Axos Financial, Inc.*		163,435
	6,222	BancorpSouth Bank		152,252
	2,142	Bank of Hawaii Corp.		159,408
	3,240	Banner Corp.		147,874
	11,523	Brookline Bancorp, Inc.		159,824
	13,014	Capitol Federal Financial, Inc.		158,836
	5,146	Cathay General Bancorp		158,394

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		BANKING (continued) - 8.4%
	2,346	City Holding Co.	$	164,032
	4,692	Columbia Banking System, Inc.		155,774
	2,691	Community Bank System, Inc.		163,640
	8,472	CVB Financial Corp. ^		157,071
	18,447	First BanCorp/Puerto Rico		146,469
	7,452	First Financial Bancorp		153,511
	4,516	First Interstate BancSystem, Inc.		153,815
	8,349	First Midwest Bancorp, Inc. ^		151,534
	11,049	Fulton Financial Corp. ^		159,658
	4,209	Glacier Bancorp, Inc.		156,954
	5,595	Great Western Bancorp, Inc.		150,338
	4,416	Hancock Whitney Corp.		147,936
	7,443	Hilltop Holdings, Inc.		155,038
	9,585	Home BancShares, Inc.		160,645
	12,621	Hope Bancorp, Inc.		154,102
	4,632	International Bancshares Corp.		157,951
	4,692	NBT Bancorp, Inc.		158,073
	10,947	Northwest Bancshares, Inc.		152,054
	10,422	Old National Bancorp		164,251
	2,619	Prosperity Bancshares, Inc. ^		169,187
	7,728	Provident Financial Services, Inc.		154,405
	5,169	Renasant Corp. ^		146,438
	4,905	S&T Bancorp, Inc.		161,227
	5,037	ServisFirst Bancshares, Inc.		174,028
	7,179	Simmons First National Corp.		153,487
	5,322	Southside Bancshares, Inc.		171,475
	4,140	TCF Financial Corp.		150,862
	3,149	Texas Capital Bancshares, Inc.		148,255
	2,211	Tompkins Financial Corp.		175,730
	6,546	Towne Bank/Portsmouth VA		150,951
	5,376	Trustmark Corp.		144,614
	6,567	United Community Banks, Inc.		162,665
	16,701	Valley National Bancorp		155,319
	5,106	Washington Federal, Inc.		153,129
	4,821	WesBanco, Inc.		147,571
	2,901	Westamerica Bancorporation		167,736
				7,051,544
		BIOTECHNOLOGY & PHARMACEUTICAL - 4.4%
	7,791	Aerie Pharmaceuticals, Inc.* ^		136,343
	17,595	Clovis Oncology, Inc.* ^		132,490
	10,557	Coherus Biosciences, Inc. *		204,278
	3,519	Emergent BioSolutions, Inc.*		206,495
	3,036	Enanta Pharmaceuticals, Inc.* ^		154,472
	10,626	Halozyme Therapeutics, Inc.*		207,951
	13,593	Innoviva, Inc.* ^		183,098

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		BIOTECHNOLOGY & PHARMACEUTICAL (continued) - 4.4%
	1,587	Intercept Pharmaceuticals, Inc.*	$	145,909
	14,145	Ironwood Pharmaceuticals, Inc.* ^		170,306
	1,722	Ligand Pharmaceuticals, Inc.*		161,179
	10,074	Momenta Pharmaceuticals, Inc.*		284,993
	4,209	Pacira Pharmaceuticals, Inc.* ^		182,586
	8,226	Phibro Animal Health Corp. ^		207,707
	7,383	Portola Pharmaceuticals, Inc.* ^		74,642
	4,830	Prestige Consumer Healthcare, Inc.* ^		180,449
	23,391	Puma Biotechnology, Inc.*		251,570
	9,039	Radius Health, Inc. * ^		190,361
	22,356	Spectrum Pharmaceuticals, Inc.*		63,938
	8,280	Supernus Pharmaceuticals, Inc.* ^		148,957
	7,935	Theravance Biopharma, Inc.*		193,217
	4,416	Ultragenyx Pharmaceutical, Inc.*		247,649
				3,728,590
		CHEMICALS - 3.0%
	1,860	Balchem Corp.		175,696
	3,999	Cabot Corp.		149,483
	8,418	GCP Applied Technologies, Inc. *		163,898
	3,867	HB Fuller Co. ^		151,702
	1,863	Innospec, Inc.		161,224
	14,727	Kronos Worldwide, Inc.		147,123
	3,243	Materion Corp.		147,038
	3,456	Minerals Technologies, Inc.		155,071
	11,109	Olin Corp.		179,855
	5,244	PolyOne Corp.		129,841
	1,173	Quaker Chemical Corp. ^		184,830
	2,967	Sensient Technologies Corp.		145,917
	1,932	Stepan Co.		169,688
	5,244	Trinseo SA		114,739
	8,302	Univar, Inc. *		141,051
	966	WD-40 Co.		166,625
				2,483,781
		COMMERCIAL SERVICES - 2.3%
	5,040	ABM Industries, Inc.		165,917
	3,318	AMN Healthcare Services, Inc.*		244,205
	3,453	Brady Corp. ^		163,465
	2,277	Corvel Corp.*		156,976
	1,725	FTI Consulting, Inc. * ^		194,218
	7,935	Healthcare Services Group, Inc.		218,530
	6,486	HMS Holdings Corp. * ^		148,983
	4,554	Korn/Ferry International		159,299
	3,381	TriNet Group, Inc. *		178,720
	966	UniFirst Corp.		179,492
	2,757	Viad Corp.		138,401
				1,948,206

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		CONSTRUCTION MATERIALS - 1.3%
	5,391	Boise Cascade Co	$	191,273
	2,139	Eagle Materials, Inc.		168,831
	6,555	Louisiana-Pacific Corp.		186,490
	2,415	Simpson Manufacturing Co,. Inc.		191,823
	7,728	Summit Materials, Inc.*		151,005
	4,002	Universal Forest Products, Inc.		187,534
				1,076,956
		CONSUMER PRODUCTS - 3.2%
	10,764	B&G Foods, Inc. ^		159,307
	4,416	Cal-Maine Foods, Inc.		154,074
	6,210	Central Garden & Pet Co. *		166,304
	690	Coca-Cola Bottling Co. Consolidated ^		135,502
	6,969	Darling Ingredients, Inc. *		179,103
	6,210	Edgewell Personal Care Co. ^		188,536
	3,795	Energizer Holdings, Inc.		163,147
	5,520	Fresh Del Monte Produce, Inc.		151,358
	7,521	Hain Celestial Group, Inc.*		178,473
	1,104	Helen of Troy Ltd.*		181,718
	2,691	Inter Parfums, Inc.		161,621
	1,035	J&J Snack Foods Corp.		166,449
	4,761	Nu Skin Enterprises, Inc. ^		116,740
	8,625	Revlon, Inc. * ^		149,299
	1,104	Sanderson Farms, Inc. ^		136,410
	5,520	Tootsie Roll Industries, Inc. ^		177,082
	4,002	Treehouse Foods, Inc*		152,516
				2,717,639
		CONSUMER SERVICES - 1.4%
	7,935	2U, Inc. *		186,552
	3,312	Aaron’s, Inc.		130,261
	5,520	Adtalem Global Education, Inc. * ^		170,402
	5,319	Matthews International Corp. ^		157,230
	1,863	Medifast, Inc. ^		154,834
	6,975	Rent-A-Center, Inc. ^		148,498
	1,242	Strategic Education, Inc. ^		183,046
				1,130,823
		CONTAINERS & PACKAGING - 0.6%
	4,347	Greif, Inc.		153,623
	16,491	O-I Glass, Inc. ^		178,103
	6,135	Silgan Holdings, Inc.		175,645
				507,371
		DESIGN, MANUFACTURING & DISTRIBUTION - 0.6%
	5,589	Benchmark Electronics, Inc. ^		151,909
	2,967	Fabrinet* ^		163,541
	2,484	Plexus Corp.* ^		164,813
				480,263

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		DISTRIBUTORS - CONSUMER STAPLES - 0.3%
	7,521	Andersons, Inc. ^	$	138,161
	2,070	Calavo Growers, Inc. ^		149,972
				288,133
		DISTRIBUTORS - DISCRETIONARY - 0.5%
	2,208	ePlus, Inc.*		167,278
	5,934	G-III Apparel Group Ltd. * ^		132,684
	2,829	Insight Enterprises, Inc.*		155,850
				455,812
		ELECTRICAL EQUIPMENT - 2.1%
	3,792	AAON, Inc.		208,598
	2,760	Advanced Energy Industries, Inc. * ^		164,151
	2,967	Badger Meter, Inc. ^		178,643
	3,591	Belden, Inc. ^		143,389
	3,105	FARO Technologies, Inc.*		177,730
	1,932	Generac Holdings, Inc. *		198,977
	2,418	Itron, Inc. *		183,381
	1,863	OSI Systems, Inc. *		151,406
	3,795	SPX Corp.		159,124
	1,932	Watts Water Technologies, Inc.		181,434
				1,746,833
		ENGINEERING & CONSTRUCTION SERVICES - 1.6%
	3,864	Comfort Systems USA, Inc.		163,138
	4,071	Dycom Industries, Inc. *		120,339
	2,760	Exponent, Inc.		203,274
	6,900	Granite Construction, Inc. ^		140,208
	2,760	Installed Building Products, Inc.*		182,298
	6,279	KBR, Inc.		163,003
	2,895	MasTec, Inc. * ^		142,087
	1,935	TopBuild Corp. *		195,435
				1,309,782
		FOREST & PAPER PRODUCTS - 0.2%
	2,691	Neenah Paper, Inc.		155,459

		GAMING, LODGING & RESTAURANTS - 1.5%
	4,899	Cheesecake Factory, Inc. ^		174,551
	2,346	Dine Brands Global, Inc. ^		192,020
	12,678	Extended Stay America, Inc.		139,204
	2,484	Jack in the Box, Inc. ^		171,048
	3,036	Papa John’s International, Inc.		174,904
	3,174	Shake Shack, Inc.*		188,663
	2,208	Wingstop, Inc. ^		186,466
				1,226,856
		HARDWARE - 3.2%
	21,663	3D Systems Corp. * ^		198,433
	3,105	Cubic Corp.		169,036
	29,532	Fitbit, Inc. *		188,709

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		HARDWARE (continued) - 3.2%
	3,375	InterDigital, Inc.	$	178,504
	8,970	Knowles Corp. * ^		149,081
	2,484	Lumentum Holdings, Inc. *		193,305
	2,622	Mercury Systems, Inc.*		192,612
	5,589	NCR Corp.*		140,843
	7,935	NetGear, Inc. * ^		149,733
	7,716	NetScout Systems, Inc. *		198,301
	48,093	Pitney Bowes, Inc. ^		164,478
	7,176	Plantronics, Inc. ^		98,526
	6,694	Super Micro Computer, Inc. *		169,894
	12,972	TTM Technologies, Inc.*		168,506
	12,408	Viavi Solutions, Inc. *		163,662
	4,278	Vicor Corp.*		184,981
				2,708,604
		HEALTHCARE FACILITIES - SERVICES - 1.9%
	5,577	Acadia Healthcare Co., Inc. * ^		165,079
	27,324	Brookdale Senior Living, Inc. * ^		179,519
	4,209	Ensign Group, Inc.		187,301
	1,521	LHC Group, Inc.*		184,741
	2,484	Magellan Health, Inc. *		149,065
	6,969	MEDNAX, Inc.*		119,100
	8,556	Select Medical Holdings Corp. * ^		204,831
	4,968	Tenet Healthcare Corp. *		130,559
	9,660	Tivity Health, Inc. *		122,392
	1,725	US Physical Therapy, Inc.		179,780
				1,622,367
		HOME & OFFICE PRODUCTS - 2.9%
	1,863	American Woodmark Corp.*		156,064
	2,070	Armstrong World Industries, Inc.		207,311
	966	Cavco Industries, Inc.*		194,862
	4,416	Herman Miller, Inc.		151,204
	5,250	HNI Corp.		172,358
	3,864	iRobot Corp.* ^		185,433
	5,799	KB Home		188,989
	2,760	LGI Homes, Inc.*		207,966
	5,037	MDC Holdings, Inc. ^		198,156
	3,036	Meritage Homes Corp.*		192,665
	8,763	Taylor Morrison Home Corp.*		197,343
	2,139	Tempur Sealy International, Inc.*		159,890
	12,282	TRI Pointe Group, Inc.*		188,283
	22,011	Tupperware Brands Corp.		62,731
				2,463,255
		INDUSTRIAL SERVICES - 0.8%
	2,208	Anixter International, Inc. *		215,302
	2,898	Applied Industrial Technologies, Inc.		170,953
	3,036	Kaman Corp. ^		168,377
	3,200	WESCO International, Inc. *		129,824
				684,456

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		INSTITUTIONAL FINANCIAL SERVICES - 0.3%
	4,005	Houlihan Lokey, Inc.	$	205,136

		INSURANCE - 3.2%
	6,417	American Equity Investment Life Holding Co.		162,222
	2,754	Amerisafe, Inc. ^		179,478
	2,898	Argo Group International Holdings Ltd.		163,041
	10,350	CNO Financial Group, Inc.		165,807
	2,001	eHealth, Inc.*		234,817
	4,485	Employers Holdings, Inc. ^		172,852
	3,312	FBL Financial Group		158,181
	41,052	Genworth Financial, Inc.*		160,103
	4,347	Horace Mann Educators Corp.		169,229
	4,002	Mercury General Corp.		173,327
	8,487	National General Holdings Corp.		165,242
	5,244	ProAssurance Corp.		142,375
	2,139	RLI Corp. ^		171,933
	2,001	Safety Insurance Group, Inc.		157,559
	4,347	United Fire Group, Inc.		166,664
	6,411	Universal Insurance Holdings, Inc. ^		132,644
				2,675,474
		IRON & STEEL - 0.9%
	9,384	Allegheny Technologies, Inc. ^		160,373
	3,933	Carpenter Technology Corp. ^		144,538
	24,108	Cleveland-Cliffs, Inc. * ^		140,067
	8,901	Commercial Metals Co. ^		162,532
	4,485	Worthington Industries, Inc.		142,623
				750,133
		LEISURE PRODUCTS - 0.8%
	9,609	Callaway Golf Co. ^		163,161
	2,901	Fox Factory Holding Corp.*		183,923
	2,622	Thor Industries, Inc. ^		197,725
	2,277	Winnebago Industries, Inc.		118,154
				662,963
		MACHINERY - 2.9%
	1,515	Alamo Group, Inc.		167,817
	2,484	Albany International Corp.		159,150
	7,468	Enerpac Tool Group Corp.		159,591
	5,715	Federal Signal Corp.		165,735
	3,381	Franklin Electric Co., Inc.		174,764
	6,012	Hillenbrand, Inc.		140,681
	1,797	John Bean Technologies Corp.		174,057
	5,175	Kennametal, Inc. ^		143,865
	16,929	Mueller Water Products, Inc.		185,373
	2,208	Regal Beloit Corp.		171,429
	5,865	Rexnord Corp. *		171,023
	3,933	SPX Flow, Inc.*		144,656
	2,556	Tennant Co.		182,856
	6,348	Terex Corp.		139,719
	12,075	Welbilt, Inc. *		159,632
				2,440,348

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		MANUFACTURED GOODS - 2.0%
	4,071	AZZ, Inc.	$	150,179
	2,967	Chart Industries, Inc.*		168,882
	2,898	EnPro Industries, Inc.		156,347
	3,795	Gibraltar Industries, Inc. * ^		192,293
	6,354	Mueller Industries, Inc.		177,785
	1,932	Proto Labs, Inc. *		169,320
	5,301	Raven Industries, Inc.		152,192
	1,242	RBC Bearings, Inc. *		212,618
	3,448	Timken Co.		154,608
	1,311	Valmont Industries, Inc.		152,364
				1,686,588
		MEDIA - 0.9%
	72,381	Clear Channel Outdoor Holdings, Inc.*		149,829
	12,558	EW Scripps Co. ^		149,440
	4,002	John Wiley & Sons, Inc.		148,834
	2,277	Stamps.com, Inc. * ^		321,307
				769,410
		MEDICAL EQUIPMENT & DEVICES - 2.9%
	5,934	Avanos Medical, Inc. * ^		192,321
	4,425	BioTelemetry, Inc.*		189,036
	2,760	Cantel Medical Corp.		174,156
	7,452	CryoLife, Inc.		190,995
	2,691	Inogen, Inc. *		123,194
	2,343	Integer Holdings Corp.* ^		211,268
	8,196	Luminex Corp. ^		202,933
	5,856	Merit Medical Systems, Inc. *		210,875
	7,038	Myriad Genetics, Inc. *		124,010
	5,862	Natus Medical, Inc. *		157,571
	2,829	Neogen Corp. * ^		171,862
	2,484	NuVasive, Inc. *		163,472
	2,070	Repligen Corp.*		177,192
	6,408	Varex Imaging Corp. *		148,794
				2,437,679
		METALS & MINING - 0.9%
	3,171	Compass Minerals International, Inc.		172,978
	3,237	Encore Wire Corp.		158,516
	8,418	Harsco Corp.		100,932
	64,446	Hecla Mining Co. ^		170,137
	1,725	Kaiser Aluminum Corp.		163,099
				765,662
		OIL, GAS & COAL - 4.8%
	17,802	Alliance Resource Partners LP		119,985
	19,941	Archrock, Inc.		140,584
	78,414	Callon Petroleum Co. * ^		178,000
	6,348	Crestwood Equity Partners LP		132,292
	31,533	Diamond Offshore Drilling, Inc. ^		96,176

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		OIL, GAS & COAL (continued) - 4.8%
	4,071	Dril-Quip, Inc. *	$	145,009
	28,221	Enerplus Corp.		122,479
	32,154	EnLink Midstream LLC		122,507
	35,913	Frank’s International NV		140,779
	63,204	Gulfport Energy Corp. *		51,802
	20,493	Helix Energy Solutions Group, Inc *		137,508
	8,694	Holly Energy Partners LP		180,314
	35,121	Kosmos Energy Ltd.		107,119
	14,154	MRC Global, Inc. *		123,140
	1,587	Murphy USA, Inc. * ^		154,733
	64,860	Nabors Industries Ltd.		114,154
	17,526	NGL Energy Partners LP		143,012
	16,905	NOW, Inc. * ^		149,271
	64,239	Oasis Petroleum, Inc. *		105,031
	12,894	Oceaneering International, Inc.		135,903
	11,937	Oil States International, Inc.*		94,422
	18,822	Patterson-UTI Energy, Inc.		107,850
	7,383	PDC Energy, Inc.*		140,498
	46,782	QEP Resources, Inc.		105,260
	18,216	SM Energy Co. ^		119,679
	84,042	Southwestern Energy Co.* ^		119,340
	6,348	Sunoco LP		171,586
	33,534	US Silica Holdings, Inc.		153,921
	37,260	Valaris PLC* ^		137,489
	7,728	Viper Energy Partners LP		137,790
	28,221	Whiting Petroleum Corp. * ^		52,209
	4,359	World Fuel Services Corp.		123,273
				4,063,115
		PASSENGER TRANSPORTATION - 0.5%
	1,104	Allegiant Travel Co.		149,636
	6,705	Hawaiian Holdings, Inc. ^		140,000
	2,967	SkyWest, Inc.		134,702
				424,338
		REAL ESTATE - 7.9%
	7,383	Acadia Realty Trust		168,628
	2,829	Agree Realty Corp.		203,179
	9,315	Alexander & Baldwin, Inc.		175,122
	4,278	American Assets Trust, Inc.		177,323
	12,207	Brandywine Realty Trust		165,771
	9,384	CareTrust REIT, Inc.		195,844
	9,384	Columbia Property Trust, Inc.		176,982
	10,749	CoreCivic, Inc.		159,193
	6,077	Corporate Office Properties Trust		153,991
	17,832	DiamondRock Hospitality Co.		162,628
	24,012	Diversified Healthcare Trust		151,035
	6,969	Four Corners Property Trust, Inc.		199,941

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		REAL ESTATE (continued) - 7.9%
	11,730	GEO Group, Inc.	$	171,727
	5,790	Getty Realty Corp.		164,089
	13,662	Independence Realty Trust, Inc.		181,158
	10,281	Kite Realty Group Trust		166,038
	17,574	Lexington Realty Trust		182,242
	4,347	LTC Properties, Inc.		194,876
	8,559	Mack-Cali Realty Corp.		162,450
	6,216	Office Properties Income Trust		181,072
	7,245	Outfront Media, Inc.		190,833
	10,350	Physicians Realty Trust		195,201
	8,910	Piedmont Office Realty Trust, Inc.		192,367
	4,416	PotlatchDeltic Corp.		162,244
	3,657	QTS Realty Trust, Inc.		205,414
	11,178	Retail Opportunity Investments Corp.		167,670
	4,134	Rexford Industrial Realty, Inc.		193,347
	10,551	RLJ Lodging Trust		139,379
	3,726	Saul Centers, Inc.		160,255
	6,069	STAG Industrial, Inc.		169,811
	15,748	Summit Hotel Properties, Inc.		145,984
	12,972	Tanger Factory Outlet Centers, Inc. ^		155,405
	6,348	Taubman Centers, Inc.		330,477
	23,676	Uniti Group, Inc.		231,078
	10,212	Urban Edge Properties		165,434
	6,696	Washington Real Estate Investment Trust		179,788
	8,544	Xenia Hotels & Resorts, Inc.		127,818
				6,605,794
		RECREATION FACILITIES & SERVICES - 0.2%
	5,865	SeaWorld Entertainment, Inc.		159,587

		RENEWABLE ENERGY - 0.2%
	2,553	EnerSys		157,214

		RETAIL - CONSUMER STAPLES - 0.7%
	6,693	Big Lots, Inc.		105,816
	2,550	PriceSmart, Inc.		142,010
	9,510	Sprouts Farmers Market, Inc. * ^		151,970
	4,755	Weis Markets, Inc. ^		177,124
				576,920
		RETAIL - DISCRETIONARY - 2.9%
	1,656	Asbury Automotive Group, Inc.* ^		146,788
	7,728	Builders FirstSource, Inc. *		175,503
	7,920	Caleres, Inc.		91,318
	3,036	Children’s Place, Inc. ^		174,874
	12,213	Designer Brands, Inc.		164,998
	4,071	Dicks Sporting Goods, Inc. ^		148,225
	2,691	Dillard’s, Inc. ^		151,476

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		RETAIL - DISCRETIONARY (continued) - 2.9%
	1,863	Group 1 Automotive, Inc. ^	$	158,783
	6,210	La-Z Boy, Inc. ^		177,917
	1,242	Lithia Motors, Inc.		147,997
	31,326	Michaels Cos., Inc.*		134,389
	2,343	Monro, Inc.		131,489
	95,703	Party City Holdco, Inc. *		190,449
	897	RH * ^		162,716
	10,833	Sally Beauty Holdings, Inc. * ^		134,763
	3,933	Sleep Number Corp.* ^		173,249
				2,464,934
		SEMICONDUCTORS - 3.4%
	14,697	Amkor Technology, Inc. * ^		153,363
	4,770	Brooks Automation, Inc.		164,613
	1,380	Cabot Microelectronics Corp.		192,206
	2,415	Cirrus Logic, Inc. *		165,766
	1,173	Coherent, Inc. * ^		150,977
	3,657	Diodes, Inc.* ^		160,944
	5,727	II-VI, Inc. *		170,035
	2,622	Inphi Corp. *		195,759
	7,536	Kulicke & Soffa Industries, Inc.		172,047
	9,177	MaxLinear, Inc. *		141,876
	2,001	Power Integrations, Inc. ^		174,187
	13,713	Rambus, Inc. * ^		191,708
	3,870	Semtech Corp. *		152,826
	3,933	Silicon Motion Technology Corp. - ADR		146,386
	2,829	Synaptics, Inc. *		186,855
	9,108	Vishay Intertechnology, Inc.		170,319
	10,626	Xperi Corp.		182,661
				2,872,528
		SOFTWARE - 4.3%
	5,106	ACI Worldwide, Inc. *		142,304
	19,734	Allscripts Healthcare Solutions, Inc. *		148,794
	2,415	Blackbaud, Inc. ^		163,737
	3,657	Bottomline Technologies de, Inc. *		161,932
	10,680	Box, Inc. *		178,890
	4,062	CommVault Systems, Inc. * ^		169,385
	3,306	Cornerstone OnDemand, Inc. *		135,645
	5,796	Ebix, Inc. ^		153,246
	2,691	Envestnet, Inc. *		203,117
	25,599	Evolent Health, Inc. *		236,535
	11,799	FireEye, Inc. *		156,160
	10,848	Inovalon Holdings, Inc. * ^		211,319
	2,415	Manhattan Associates, Inc.*		162,674
	1,311	MicroStrategy, Inc. *		177,195
	12,420	NextGen Healthcare, Inc.* ^		162,454

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		SOFTWARE (continued) - 4.3%
	2,346	Omnicell, Inc. *	$	191,128
	4,476	Progress Software Corp.		166,910
	2,277	Qualys, Inc. * ^		182,570
	3,381	SPS commerce, Inc.*		177,840
	22,665	TiVo Corp.		171,574
	3,588	Verint Systems, Inc. * ^		196,909
				3,650,318
		SPECIALTY FINANCE - 3.3%
	6,072	Aircastle Ltd.		193,393
	10,281	Apollo Commercial Real Estate Finance, Inc.		166,552
	4,554	Cardtronics PLC * ^		165,173
	3,939	Deluxe Corp.		131,169
	5,244	Encore Capital Group, Inc. *		194,867
	4,752	Flagstar Bancorp, Inc.		151,494
	2,349	GATX Corp. ^		168,024
	8,280	Green Dot Corp. * ^		282,845
	10,852	Invesco Mortgage Capital, Inc.		174,500
	15,180	Mr. Cooper Group, Inc.*		194,759
	3,243	Nelnet, Inc. ^		172,203
	5,175	PRA Group, Inc. *		200,893
	4,623	Stewart Information Services Corp.		167,260
	2,967	Walker & Dunlop, Inc.		192,410
	2,277	World Acceptance Corp.*		177,834
				2,733,376
		TECHNOLOGY SERVICES - 2.1%
	4,554	CoreLogic, Inc.*		206,615
	3,726	CSG Systems International, Inc.		164,875
	2,832	ExlService Holdings, Inc. *		211,409
	3,733	LiveRamp Holdings, Inc.* ^		132,297
	2,415	ManTech International Corp.		180,884
	8,979	NIC, Inc.		164,226
	4,209	Perficient, Inc. *		172,443
	5,175	Sykes Enterprises, Inc.*		163,944
	5,106	TTEC Holdings, Inc.		191,117
	4,278	Virtusa Corp.*		188,702
				1,776,512
		TELECOMMUNICATIONS - 1.4%
	10,557	8x8, Inc. * ^		195,304
	3,312	ATN International, Inc. ^		178,517
	2,967	Cogen Communications Holdings, Inc.		216,620
	7,797	Iridium Communications, Inc.* ^		211,065
	7,728	Telephone & Data Systems, Inc.		155,642
	25,875	Vonage Holdings Corp.*		231,840
				1,188,988
		TRANSPORTATION & LOGISTICS - 1.7%
	2,901	Forward Air Corp.		171,188
	9,315	Heartland Express, Inc.		166,831
	3,939	Hub Group, Inc. * ^		182,100
	8,616	Marten Transport Ltd.		168,356

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		TRANSPORTATION & LOGISTICS (continued)- 1.7%
	4,761	Matson, Inc.	$	158,113
	5,106	Mobile Mini, Inc. ^		199,083
	2,139	Saia, Inc.*		186,756
	5,313	Werner Enterprises, Inc. ^		178,516
				1,410,943
		TRANSPORTATION EQUIPMENT - 0.7%
	6,075	Greenbrier Co., Inc.		147,197
	6,342	Navistar International Corp.*		230,278
	8,556	Trinity Industries, Inc.		174,114
				551,589
		UTILITIES - 3.3%
	2,208	American States Water Co.		169,111
	3,795	California Water Service Group		182,008
	9,660	Clearway Energy, Inc.		203,246
	2,757	El Paso Electric Co.		187,117
	2,415	MGE Energy, Inc.		172,286
	3,657	NextEra Energy Partners LP ^		210,899
	2,616	Northwest Natural Gas Co.		172,054
	2,691	NorthWestern Corp.		189,285
	2,481	Ormat Technologies, Inc.		172,876
	3,726	Otter Tail Corp.		181,121
	7,107	Pattern Energy Group, Inc. ^		192,244
	3,795	PNM Resources, Inc.		178,669
	6,003	South Jersey Industries, Inc.		162,381
	8,832	Suburban Propane Partners LP		172,842
	12,696	TerraForm Power, Inc.		238,558
				2,784,697

Inspire Small/Mid Cap Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		WASTE & ENVIRONMENT SERVICES & EQUIPMENT - 1.0%
	2,349	Clean Harbors, Inc. *	$	163,302
	12,834	Covanta Holding Corp.		171,462
	2,139	ESCO Technologies, Inc.		194,478
	2,208	Tetra Tech, Inc.		178,561
	3,381	US Ecology, Inc. ^		142,205
				850,008

		TOTAL COMMON STOCKS (Cost $91,592,088)		82,936,833

		COLLATERAL FOR SECURITIES LOANED - 18.8% ^^
		MONEY MARKET FUNDS - 18.8%
	3,163,228	Fidelity Government Portfolio - Institutional Class, to yield 1.48% +		3,163,228
	12,652,914	Goldman Sachs Financial Square Prime Obligations Fund - Institutional Class, to yield 1.67% +		12,652,914
		TOTAL MONEY MARKET FUNDS (Cost $15,816,142)		15,816,142

		TOTAL INVESTMENTS - 117.5% (Cost $107,408,230)	$	98,752,975
		LIABILITIES IN EXCESS OF OTHER ASSETS - (17.5)%		(14,721,635	)
		NET ASSETS - 100.0%	$	84,031,340

Non-Income producing security.

All or a portion of this security is segregated as collateral for securities on loan as of February 29, 2020. The total value of securities on loan as of February 29, 2020 is $14,936,995.

These securities were purchased with cash collateral held from securities on loan. The total value of such securities as February 29, 2020 is $15,816,142.

Money market fund; interest rate reflects seven-day effective yield on February 29, 2020.

ADR - American Depositary Receipt

NV - Naamloze vennootschap

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Société anonyme

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

Inspire Small/Mid Cap Impact ETF
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	82,936,833	$	—	$	—	$	82,936,833
Money Market Funds		15,816,142		—		—		15,816,142
Total	$	98,752,975	$	—	$	—	$	98,752,975

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

Aggregate Unrealized Appreciation and Depreciation – Tax Basis

		Unrealized		Unrealized			Appreciation/
Tax Cost		Appreciation		Depreciation			(Depreciation)
$	108,133,676	$	5,500,652	$	(14,881,353	)	$	(9,380,701	)

Inspire Corporate Bond Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

February 29, 2020

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS - 96.7%
		AEROSPACE & DEFENSE - 0.2%
	20,000	Harris Corp.	3.832	4/27/2025	$	22,048
	100,000	L3 Technologies, Inc.	4.950	2/15/2021		102,127
	100,000	L3 Technologies, Inc.	3.850	12/15/2026		106,211
						230,386
		APPAREL & TEXTILE PRODUCTS - 0.9%
	1,012,000	VF Corp.	3.500	9/1/2021		1,041,934

		AUTO PARTS MANUFACTURING - 1.0%
	1,012,000	Aptiv PLC	4.250	1/15/2026		1,138,369

		BANKS - 0.6%
	631,000	People’s United Financial, Inc.	3.650	12/6/2022		659,705

		BIOTECHNOLOGY - 1.8%
	943,000	Celgene Corp.	3.950	10/15/2020		956,940
	876,000	Celgene Corp.	3.625	5/15/2024		937,567
	125,000	Celgene Corp.	3.875	8/15/2025		135,639
						2,030,146
		CHEMICALS - 1.2%
	250,000	LyondellBasell Industries NV	6.000	11/15/2021		266,240
	275,000	LyondellBasell Industries NV	5.750	4/15/2024		315,557
	801,000	PPG Industries, Inc.	3.600	11/15/2020		812,771
						1,394,568
		CONSUMER FINANCE - 0.9%
	1,012,000	Fiserv, Inc.	3.500	10/1/2022		1,058,274

		CONSUMER SERVICES - 0.1%
	58,000	Block Financial LLC	5.500	11/1/2022		62,825

		CONTAINERS & PACKAGING - 1.2%
	275,000	International Paper Co.	3.650	6/15/2024		297,061
	992,000	International Paper Co.	3.000	2/15/2027		1,065,709
						1,362,770
		DEPARTMENT STORES - 0.1%
	100,000	Kohl’s Corp.	4.250	7/17/2025		108,186

		ELECTRICAL EQUIPMENT MANUFACTURING - 1.8%
	897,000	Amphenol Corp.	4.000	2/1/2022		934,543
	1,012,000	Roper Technologies, Inc.	3.800	12/15/2026		1,125,758
						2,060,301

Inspire Corporate Bond Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		EXPLORATION & PRODUCTION - 7.9%
	988,000	Apache Corp.	4.375	10/15/2028	$	1,040,560
	999,000	ConocoPhillips Co.	2.400	12/15/2022		1,019,277
	1,022,000	ConocoPhillips Co.	3.350	11/15/2024		1,096,585
	100,000	EOG Resources, Inc.	2.450	4/1/2020		100,049
	922,000	EOG Resources, Inc.	2.625	3/15/2023		949,473
	539,000	EOG Resources, Inc.	4.150	1/15/2026		605,303
	1,012,000	Noble Energy, Inc.	3.900	11/15/2024		1,077,352
	1,012,000	Occidental Petroleum Corp.	4.100	2/1/2021		1,024,129
	100,000	Occidental Petroleum Corp.	2.600	4/15/2022		101,850
	1,022,000	Occidental Petroleum Corp.	2.700	2/15/2023		1,035,597
	1,042,000	Occidental Petroleum Corp.	3.400	4/15/2026		1,066,980
						9,117,155
		FINANCIAL SERVICES - 4.1%
	200,000	Brookfield Finance, Inc.	4.850	3/29/2029		237,999
	1,012,000	Cboe Global Markets, Inc.	3.650	1/12/2027		1,124,422
	1,012,000	Invesco Finance PLC	4.000	1/30/2024		1,107,694
	1,009,000	Nasdaq, Inc.	3.850	6/1/2024		1,110,869
	1,012,000	Nasdaq, Inc.	4.250	6/30/2026		1,109,765
						4,690,749
		FOOD & BEVERAGE - 2.3%
	100,000	JM Smucker Co.	2.500	3/15/2020		100,008
	1,012,000	JM Smucker Co.	3.500	10/15/2021		1,044,638
	442,000	JM Smucker Co.	3.500	3/15/2025		480,150
	899,000	Mead Johnson Nutrition Co.	4.125	11/15/2025		1,011,264
						2,636,060
		HEALTHCARE FACILITIES & SERVICES - 4.5%
	874,000	AmerisourceBergen Corp.	3.500	11/15/2021		898,495
	922,000	AmerisourceBergen Corp.	3.400	5/15/2024		980,884
	1,012,000	AmerisourceBergen Corp.	3.250	3/1/2025		1,080,369
	974,000	Express Scripts Holding Co.	3.900	2/15/2022		1,013,042
	125,000	Express Scripts Holding Co.	4.500	2/25/2026		140,767
	1,042,000	Express Scripts Holding Co.	3.400	3/1/2027		1,089,877
						5,203,434
		HOME IMPROVEMENT- 0.9%
	1,012,000	Stanley Black & Decker, Inc.	3.400	12/1/2021		1,043,298

		INDUSTRIAL OTHER - 0.9%
	1,012,000	Fluor Corp.	3.500	12/15/2024		980,943

		LIFE INSURANCE - 1.7%
	1,012,000	Torchmark Corp.	4.550	9/15/2028		1,181,350
	828,000	Unum Group	5.625	9/15/2020		845,465
						2,026,815

Inspire Corporate Bond Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		MACHINERY MANUFACTURING - 2.8%
	1,012,000	Illinois Tool Works, Inc.	2.650	11/15/2026	$	1,089,704
	1,012,000	John Deere Capital Corp.	3.050	1/6/2028		1,110,617
	922,000	Parker-Hannifin Corp.	3.300	11/21/2024		988,715
						3,189,036

		MEDICAL EQUIPMENT & DEVICES MANUFACTURING - 0.8%
	895,000	Zimmer Biomet Holdings, Inc.	3.550	4/1/2025		961,524

		OIL & GAS SERVICES & EQUIPMENT - 2.1%
	1,002,000	Baker Hughes	3.337	12/15/2027		1,053,552
	1,022,000	Halliburton Co.	3.800	11/15/2025		1,121,825
	228,000	National Oilwell Varco, Inc.	2.600	12/1/2022		232,193
						2,407,570
		PHARMACEUTICALS - 1.0%
	1,012,000	Zoetis, Inc.	3.900	8/20/2028		1,158,152

		PIPELINE - 5.0%
	140,000	Kinder Morgan Energy Partners LP	5.300	9/15/2020		142,549
	696,000	Kinder Morgan Energy Partners LP	3.950	9/1/2022		729,282
	39,000	Kinder Morgan Energy Partners LP	4.300	5/1/2024		42,293
	125,000	Kinder Morgan, Inc.	4.300	6/1/2025		137,944
	922,000	ONEOK Partners LP	4.900	3/15/2025		1,036,503
	759,000	Williams Partners LP	5.250	3/15/2020		759,920
	1,012,000	Williams Partners LP	3.350	8/15/2022		1,051,085
	375,000	Williams Partners LP	4.300	3/4/2024		405,459
	1,012,000	Williams Partners LP	3.900	1/15/2025		1,086,094
	385,000	Williams Partners LP	4.000	9/15/2025		417,116
						5,808,245
		RAILROAD - 5.8%
	630,000	Norfolk Southern Corp.	3.250	12/1/2021		647,367
	1,012,000	Norfolk Southern Corp.	3.000	4/1/2022		1,040,524
	117,000	Norfolk Southern Corp.	3.850	1/15/2024		126,846
	1,012,000	Norfolk Southern Corp.	2.900	6/15/2026		1,083,769

Inspire Corporate Bond Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		RAILROAD (continued) - 5.8%
	997,000	Union Pacific Corp.	4.000	2/1/2021	$	1,012,487
	1,012,000	Union Pacific Corp.	3.646	2/15/2024		1,091,753
	195,000	Union Pacific Corp.	3.750	3/15/2024		210,843
	125,000	Union Pacific Corp.	2.750	3/1/2026		131,341
	183,000	Union Pacific Corp.	3.000	4/15/2027		196,007
	1,012,000	Union Pacific Corp.	3.950	9/10/2028		1,153,552
						6,694,489
		REAL ESTATE - 16.1%
	972,000	American Tower Corp.	3.125	1/15/2027		1,023,240
	874,000	AvalonBay Communities, Inc.	2.950	9/15/2022		905,667
	40,000	AvalonBay Communities, Inc.	2.850	3/15/2023		41,691
	997,000	Boston Properties LP	4.125	5/15/2021		1,022,752
	1,012,000	Boston Properties LP	2.750	10/1/2026		1,071,826
	897,000	CC Holdings GS V LLC / Crown Castle GS III Corp.	3.849	4/15/2023		952,914
	100,000	Crown Castle International Corp.	5.250	1/15/2023		109,780
	809,000	ERP Operating LP	4.625	12/15/2021		849,217
	812,000	ERP Operating LP	3.000	4/15/2023		848,192
	1,012,000	Kimco Realty Corp.	3.400	11/1/2022		1,059,213
	100,000	Kimco Realty Corp.	2.700	3/1/2024		103,157
	897,000	Prologis LP	3.750	11/1/2025		976,907
	897,000	Prologis LP	4.250	8/15/2023		996,210
	884,000	Realty Income Corp.	3.000	1/15/2027		948,975
	1,012,000	Simon Property Group LP	2.500	7/15/2021		1,024,564
	230,000	Simon Property Group LP	2.750	2/1/2023		237,054
	1,012,000	Simon Property Group LP	3.750	2/1/2024		1,089,659
	897,000	Ventas Realty LP	3.750	5/1/2024		965,387
	1,012,000	Ventas Realty LP	3.500	2/1/2025		1,080,332
	10,000	Ventas Realty LP	4.125	1/15/2026		11,090
	1,012,000	Ventas Realty LP	3.250	10/15/2026		1,086,848
	897,000	Welltower, Inc.	4.500	1/15/2024		985,348
	1,012,000	Welltower, Inc.	4.000	6/1/2025		1,118,053
						18,508,076
		REFINING & MARKETING - 2.7%
	922,000	Marathon Petroleum Corp.	3.625	9/15/2024		982,380
	997,000	Phillips 66	4.300	4/1/2022		1,049,555
	1,012,000	Valero Energy Corp.	3.400	9/15/2026		1,081,468
						3,113,403

Inspire Corporate Bond Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		RETAIL - CONSUMER DISCRETIONARY - 11.0%
	740,000	AutoZone, Inc.	4.000	11/15/2020	$	747,192
	150,000	AutoZone, Inc.	2.500	4/15/2021		151,904
	922,000	AutoZone, Inc.	3.125	7/15/2023		968,250
	972,000	AutoZone, Inc.	3.125	4/21/2026		1,040,049
	1,012,000	AutoZone, Inc.	3.750	6/1/2027		1,127,532
	974,000	Lowe’s Companies, Inc.	4.625	4/15/2020		976,130
	1,012,000	Lowe’s Companies, Inc.	3.750	4/15/2021		1,031,390
	1,012,000	Lowe’s Companies, Inc.	3.800	11/15/2021		1,049,124
	897,000	Lowe’s Companies, Inc.	3.120	4/15/2022		923,447
	1,012,000	Lowe’s Companies, Inc.	3.125	9/15/2024		1,079,745
	145,000	Lowe’s Companies, Inc.	3.375	9/15/2025		157,802
	992,000	Lowe’s Companies, Inc.	2.500	4/15/2026		1,026,979
	1,265,000	Lowe’s Companies, Inc.	3.100	5/3/2027		1,365,846
	1,012,000	O’Reilly Automotive, Inc.	4.875	1/14/2021		1,031,909
						12,677,299
		RETAIL - CONSUMER STAPLES - 3.7%
	1,012,000	Sysco Corp.	2.600	6/12/2022		1,039,296
	897,000	Sysco Corp.	3.750	10/1/2025		999,109
	1,017,000	Sysco Corp.	3.300	7/15/2026		1,106,803
	1,012,000	Sysco Corp.	3.250	7/15/2027		1,104,802
						4,250,010
		SEMICONDUCTORS - 3.1%
	1,012,000	Analog Devices, Inc.	3.900	12/15/2025		1,123,236
	1,265,000	Broadcom Corp.	3.875	1/15/2027		1,323,139
	1,012,000	Lam Research Corp.	3.800	3/15/2025		1,114,386
						3,560,761
		UTILITIES - 10.5%
	736,000	CenterPoint Energy Resources Corp.	4.500	1/15/2021		747,577
	888,000	Consolidated Edison Co.	4.000	12/1/2028		1,035,986
	1,100,000	Dominion Energy, Inc.	2.579	7/1/2020		1,101,965
	922,000	Dominion Energy, Inc.	3.900	10/1/2025		1,018,851
	70,000	Kentucky Utilities Co.	3.300	10/1/2025		75,824
	1,012,000	NiSource Finance Corp.	3.490	5/15/2027		1,103,440
	974,000	NSTAR Electric Co.	2.375	10/15/2022		1,000,622
	1,012,000	PPL Capital Funding, Inc.	4.200	6/15/2022		1,064,588
	1,012,000	PPL Capital Funding, Inc.	3.500	12/1/2022		1,057,933
	782,000	PPL Electric Utilities Corp.	3.000	9/15/2021		799,050
	10,000	PPL Electric Utilities Corp.	2.500	9/1/2022		10,250
	1,012,000	Public Service Co of Colorado	3.200	11/15/2020		1,015,396

Inspire Corporate Bond Impact ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		UTILITIES (continued) - 10.5%
	1,012,000	Virginia Electric & Power Co.	2.750	3/15/2023	$	1,044,855
	922,000	WEC Energy Group, Inc.	3.550	6/15/2025		1,004,969
						12,081,306

		TOTAL CORPORATE BONDS (Cost $107,465,262)				111,255,789

		TOTAL INVESTMENTS - 96.7% (Cost - $107,465,262)			$	111,255,789
		OTHER ASSETS LESS LIABILITIES - 3.3%				3,807,502
		NET ASSETS - 100.0%			$	115,063,291

NV - Naamloze vennootschap

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SA - Société Anonyme

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 exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the last bid price on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the last reported bid price on the valuation date. Index options and options not listed on a security exchange or board of trade shall be valued at the last reported bid price on the valuation date. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the 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. 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.

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

Inspire Corporate Bond Impact ETF
Assets *	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	111,255,789	$	—	$	111,255,789
Total	$	—	$	111,255,789	$	—	$	111,255,789

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

Aggregate Unrealized Appreciation and Depreciation - Tax Basis

		Gross		Gross			Net Unrealized
		Unrealized		Unrealized			Appreciation/
Tax Cost		Appreciation		Depreciation			(Depreciation)
$	107,465,262	$	3,825,980	$	(35,453	)	$	3,790,527

Inspire 100 ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

February 29, 2020

Shares			Value
		COMMON STOCKS - 98.6%
		AEROSPACE & DEFENSE - 1.3%
	5,040	Harris Corp.	$	996,559

		AUTOMOTIVE - 3.2%
	5,488	Aptiv PLC		428,668
	3,136	Tesla, Inc. *		2,094,817
				2,523,485
		BANKING - 0.3%
	1,064	SVB Financial Group *		221,482

		BIOTECHNOLOGY & PHARMACEUTICAL - 5.0%
	4,704	Alexion Pharmaceuticals, Inc. *		442,317
	2,352	Regeneron Pharmaceuticals, Inc. *		1,045,629
	5,040	Vertex Pharmaceuticals, Inc. *		1,129,111
	10,640	Zoetis, Inc.		1,417,567
				4,034,624
		CHEMICALS - 0.3%
	2,296	International Flavors & Fragrances, Inc. ^		275,015

		COMMERCIAL SERVICES - 2.2%
	2,296	Cintas Corp.		612,435
	6,496	Ecolab, Inc. ^		1,172,203
				1,784,638
		CONSTRUCTION MATERIALS - 0.9%
	1,400	Martin Marietta Materials, Inc.		318,542
	3,024	Vulcan Materials Co.		363,666
				682,208
		CONSUMER PRODUCTS - 0.6%
	3,024	McCormick & Co., Inc. ^		442,079

		CONTAINERS & PACKAGING - 0.6%
	8,400	International Paper Co.		310,464
	5,656	WestRock Co.		188,062
				498,526
		DISTRIBUTORS - CONSUMER STAPLES - 0.9%
	11,256	Sysco Corp.		750,212

		ELECTRICAL EQUIPMENT - 8.6%
	4,928	AMETEK, Inc.		423,808
	6,384	Amphenol Corp. ^		585,285
	8,736	Eaton Corp PLC		792,530

Inspire 100 ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		ELECTRICAL EQUIPMENT (continued) - 8.6%
	13,160	Emerson Electric Co.	$	843,688
	7,336	Fortive Corp. ^		507,358
	15,232	Honeywell International, Inc. ^		2,470,173
	17,528	Johnson Controls International PLC		640,999
	7,560	TE Connectivity Ltd.		626,497
				6,890,338
		HARDWARE - 1.6%
	3,920	Garmin Ltd.		346,489
	4,872	NetApp, Inc. ^		227,620
	5,432	Seagate Technology PLC		260,464
	7,448	Western Digital Corp.		413,811
				1,248,384
		HEALTHCARE FACILITIES & SERVICES - 2.0%
	4,480	AmerisourceBergen Corp.		377,754
	7,672	Centene Corp. *		406,769
	3,304	Henry Schein, Inc. * ^		201,346
	4,424	IQVIA Holdings, Inc. *		617,104
				1,602,973
		HOME & OFFICE PRODUCTS - 0.6%
	3,304	Stanley Black & Decker, Inc.		474,785

		INDUSTRIAL SERVICES - 0.2%
	1,512	United Rentals, Inc. *		200,310

		INSTITUTIONAL FINANCIAL SERVICES - 0.5%
	3,640	Nasdaq, Inc.		373,282

		INSURANCE - 0.9%
	16,296	Aflac, Inc.		698,284

		IRON & STEEL - 0.3%
	6,608	Nucor Corp.		273,241

		MACHINERY - 6.0%
	11,648	Caterpillar, Inc.		1,447,148
	6,888	Deere & Co. ^		1,077,834
	3,024	Dover Corp.		310,686
	6,608	Illinois Tool Works, Inc.		1,108,690
	2,800	Parker-Hannifin Corp.		517,356
	4,032	Xylem, Inc. ^		311,835
				4,773,549

Inspire 100 ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		MEDICAL EQUIPMENT & DEVICES - 6.1%
	6,832	Agilent Technologies, Inc.	$	526,542
	1,400	Align Technology, Inc. *		305,690
	17,808	Danaher Corp.		2,574,681
	3,360	Illumina, Inc. *		892,651
	4,480	Zimmer Biomet Holdings, Inc.		609,952
				4,909,516
		METALS & MINING - 1.0%
	17,304	Newmont Goldcorp Corp.		772,278

		OIL, GAS & COAL - 4.2%
	5,824	Cheniere Energy, Inc. *		298,713
	25,200	ConocoPhillips		1,220,184
	19,320	Halliburton Co.		327,667
	3,976	Pioneer Natural Resources Co.		488,173
	30,968	Schlumberger Ltd.		838,923
	11,872	TechnipFMC PLC		176,180
				3,349,840
		REAL ESTATE - 9.8%
	10,136	American Tower Corp.		2,298,845
	9,184	Crown Castle International Corp.		1,315,975
	1,904	Equinix, Inc.		1,090,611
	8,120	Equity Residential		609,812
	13,832	Prologis, Inc.		1,165,761
	6,776	Realty Income Corp.		490,515
	6,832	Simon Property Group, Inc.		840,883
				7,812,402
		RETAIL - DISCRETIONARY - 2.3%
	17,024	Lowe’s Cos, Inc.		1,814,248

		SEMICONDUCTORS - 10.1%
	21,448	Advanced Micro Devices, Inc. *		975,455
	8,624	Analog Devices, Inc. ^		940,447
	18,816	Applied Materials, Inc.		1,093,586
	23,296	Micron Technology, Inc. *		1,224,438
	12,544	NVIDIA Corp.		3,387,758
	5,992	Xilinx, Inc.		500,272
				8,121,956
		SOFTWARE - 2.6%
	2,632	Citrix Systems, Inc.		272,122
	2,016	Palo Alto Networks, Inc. *		372,194
	3,416	Synopsys, Inc. *		471,169
	5,656	Workday, Inc. * ^		979,902
				2,095,387
		SPECIALTY FINANCE - 2.0%
	15,064	Fiserv, Inc. *		1,647,399

Inspire 100 ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		TECHNOLOGY SERVICES - 5.1%
	4,480	Accenture PLC	$	809,043
	12,264	Cognizant Technology Solutions Corp.		747,246
	2,856	Equifax, Inc.		405,666
	1,904	Gartner, Inc. *		246,358
	8,680	IHS Markit Ltd.*		618,363
	8,064	Paychex, Inc.		624,799
	3,976	Verisk Analytics, Inc.		616,717
				4,068,192
		TRANSPORTATION & LOGISTICS - 4.9%
	17,472	CSX Corp. ^		1,230,902
	2,240	JB Hunt Transport Services, Inc.		216,026
	15,344	Union Pacific Corp. ^		2,452,125
				3,899,053
		TRANSPORTATION EQUIPMENT - 0.6%
	7,224	PACCAR, Inc.		483,286

		UTILITIES - 11.8%
	5,264	Alliant Energy Corp.		274,360
	10,808	American Electric Power Co., Inc.		964,722
	4,032	American Water Works Co., Inc.		498,597
	10,976	CenterPoint Energy, Inc.		252,667
	7,448	Consolidated Edison, Inc.		587,051
	17,920	Dominion Energy, Inc. ^		1,400,986
	4,200	DTE Energy Co.		469,014
	4,312	Entergy Corp.		504,116
	7,392	Eversource Energy		639,112
	10,528	NextEra Energy, Inc.		2,661,057
	11,144	Public Service Enterprise Group, Inc.		571,799
	7,000	WEC Energy Group, Inc.		646,310
				9,469,791
		WASTE & ENVIRONMENT SERVICES & EQUIPMENT - 2.1%
	7,056	Republic Services, Inc.		636,874
	9,800	Waste Management, Inc.		1,085,938
				1,722,812

		TOTAL COMMON STOCKS (Cost $75,381,602)		78,910,134

		COLLATERAL FOR SECURITIES LOANED - 9.3% ^^
		MONEY MARKET FUNDS - 9.3%
	1,494,521	Fidelity Government Portfolio - Institutional Class, to yield 1.48% +		1,494,521
	5,978,084	Goldman Sachs Financial Square Prime Obligations Fund - Institutional Class, to yield 1.67% +		5,978,084
		TOTAL MONEY MARKET FUNDS (Cost $7,472,605)		7,472,605

		TOTAL INVESTMENTS - 107.9% (Cost $82,854,207)	$	86,382,739
		LIABILITIES IN EXCESS OF OTHER ASSETS - 7.9%		(6,385,921	)
		NET ASSETS - 100.0%	$	79,996,818

Non-Income producing security.

All or a portion of this security is segregated as collateral for securities on loan as of February 29, 2020. The total value of securities on loan as of February 29, 2020 is $7,321,471.

These securities were purchased with cash collateral held from securities on loan. The total value of such securities as February 29, 2020 is $7,472,605.

AB - Aktiebolag

ADR - American Depository Receipt

AG - ktiengesellschaft

NV - Naamloze vennootschap

OYJ - Osakeyhtiö

Money market fund; interest rate reflects seven-day effective yield on February 29, 2020.

PLC - Public Limited Company

Securities Lending - Under an agreement (the “Securities Lending Agreement”) with the Brown Bothers Harriman & Co. (“BBH”), the Fund can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency). Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Fund’s security lending procedures. The Fund continues to receive interest or dividends on the securities loaned. The Fund has the right under the Securities Lending Agency Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Fund could experience delays or losses on recovery. Additionally, the Fund is subject to the risk of loss from investments made with the cash received as collateral. The Fund manages 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 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.

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

Inspire 100 ETF
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	78,910,134	$	—	$	—	$	78,910,134
Money Market Funds		7,472,605		—		—		7,472,605
Total	$	86,382,739	$	—	$	—	$	86,382,739

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

Aggregate Unrealized Appreciation and Depreciation – Tax Basis

		Gross		Gross			Net Unrealized
		Unrealized		Unrealized			Appreciation/
Tax Cost		Appreciation		Depreciation			(Depreciation)
$	83,484,549	$	7,120,167	$	(4,221,977	)	$	2,898,190

Inspire International ESG ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

February 29, 2020

Shares			Value
		COMMON STOCKS - 84.4%
		APPAREL & TEXTILE PRODUCTS - 1.8%
	7,260	Capri Holdings Ltd. *	$	187,453
	3,480	Cie Financiere Richemont SA		235,128
	990	Swatch Group AG		226,955
				649,536
		ASSET MANAGEMENT - 2.0%
	2,601	Groupe Bruxelles Lambert SA		233,937
	86,700	Melrose Industries PLC		231,894
	300	Partners Group Holding AG		257,555
				723,386
		AUTOMOTIVE - 1.9%
	2,250	Cie Generale des Etablissements Michelin		237,858
	9,540	Nokian Renkaat OYJ		247,100
	7,755	Valeo SA		194,051
				679,009
		BANKING - 8.2%
	33,630	Bank Hapoalim BM		262,671
	38,250	Bank Leumi Le-Israel		248,251
	45,210	Commerzbank AG *		258,783
	4,860	Commonwealth Bank of Australia		256,256
	18,870	Credit Agricole SA		224,067
	17,238	Danske Bank A/S		265,165
	47,010	Investec PLC		235,440
	3,660	KBC Group NV		241,300
	2,802	Macquarie Group Ltd.		243,583
	2,670	mBank SA *		201,806
	83,978	Metropolitan Bank & Trust Co.		92,339
	62,250	Natixis SA		250,744
	10,737	Raiffeisen Bank International AG *		220,254
				3,000,659
		CHEMICALS - 6.6%
	925,767	AKR Corporindo Tbk PT		170,990
	2,670	AKZO Nobel NV		211,606
	2,550	Arkema SA		238,257
	5,031	Brenntag AG		223,318
	4,080	Croda International PLC		237,327
	90	Givaudan SA		279,498
	6,690	Imerys SA		257,790
	57,450	Israel Chemicals Ltd.		212,759
	6,810	Johnson Matthey PLC		218,417
	21,960	K+S AG		178,261
	2,880	LyondellBasell Industries NV		205,805
				2,434,028

Inspire International ESG ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		COMMERCIAL SERVICES - 3.3%
	10,227	Bureau Veritas SA	$	247,706
	5,250	Edenred		272,023
	97,740	G4S PLC		213,669
	3,588	Intertek Group PLC		241,522
	4,470	Randstad Holding NV		229,349
				1,204,269
		CONSTRUCTION MATERIALS - 1.3%
	13,800	James Hardie Industries PLC - ADR		251,178
	4,959	LafargeHolcim Ltd.		229,058
				480,236
		CONSUMER PRODUCTS - 1.8%
	8,040	Associated British Foods PLC		231,577
	26,886	Orkla ASA		224,868
	29,128	Pioneer Foods Group Ltd.		201,766
				658,211
		CONTAINERS & PACKAGING - 1.3%
	24,960	AMCOR PLC - ADR		232,061
	32,451	Brambles Ltd.		250,237
				482,298
		DISTRIBUTORS - CONSUMER STAPLES - 0.6%
	9,687	Bunzl PLC		231,379

		ELECTRICAL EQUIPMENT - 4.7%
	11,340	ABB Ltd.		243,799
	2,190	Allegion PLC		251,828
	2,880	Eaton Corp PLC		261,274
	6,630	Johnson Controls International PLC		242,459
	4,170	Kone OYJ		233,607
	11,166	Prysmian SpA		262,232
	1,080	Schindler Holding AG		239,331
				1,734,530
		ENGINEERING & CONSTRUCTION SERVICES - 2.0%
	10,830	Boskalis Westminster		235,486
	21,537	LendLease Group		244,810
	2,490	Vinci SA		248,843
				729,139
		FOREST & PAPER PRODUCTS - 0.7%
	7,860	UPM-Kymmene OYJ		239,416

		GAMING, LODGING, & RESTAURANTS - 0.6%
	4,290	Whitbread PLC		213,376

		HARDWARE - 1.3%
	4,590	Seagate Technology PLC		220,091
	30,810	Telefonaktiebolaget LM Ericsson		243,681
				463,772

Inspire International ESG ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		HEALTHCARE FACILITIES & SERVICES - 0.6%
	5,310	Ramsay Health Care Ltd.	$	232,841

		HOME & OFFICE PRODUCTS - 1.4%
	480	Geberit AG		237,533
	7,980	Persimmon PLC		289,375
				526,908
		INDUSTRIAL SERVICES - 0.7%
	20,550	Rexel SA		250,562

		INSTITUTIONAL FINANCIAL SERVICES - 0.7%
	2,721	London Stock Exchange Group PLC		263,307

		INSURANCE - 4.7%
	66,138	Direct Line Insurance Group PLC		259,348
	13,110	Gjensidige Forsikring ASA		261,597
	50,130	Insurance Australia Group Ltd.		206,210
	67,860	Legal & General Group PLC		225,362
	30,180	QBE Insurance Group Ltd.		264,442
	37,353	RSA Insurance Group PLC		247,525
	6,270	Sampo OYJ		254,003
				1,718,487
		IRON & STEEL - 2.4%
	9,338	Anglo American PLC		213,716
	11,664	BHP GROUP PLC		211,319
	36,030	Fortescue Metals Group Ltd.		234,162
	4,620	Rio Tinto PLC		212,913
				872,110
		MACHINERY - 1.9%
	10,590	Alfa Laval AB		236,047
	17,400	IMI PLC		223,584
	13,800	Sandvik AB		225,466
				685,097
		MEDIA - 1.3%
	1,650	Naspers Ltd.		249,725
	7,854	Trip.com Group Ltd. * - ADR		238,447
				488,172
		MEDICAL EQUIPMENT & DEVICES - 2.8%
	2,190	Coloplast A/S		291,264
	8,700	Demant A/S *		264,076
	1,770	EssilorLuxottica SA		239,338
	11,160	Smith & Nephew PLC		247,889
				1,042,567

Inspire International ESG ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		METALS & MINING - 3.7%
	22,668	Antofagasta PLC	$	217,733
	10,353	Boliden AB		211,863
	34,950	Fresnillo PLC		269,546
	96,480	Grupo Mexico SAB de CV		226,671
	13,440	Newcrest Mining Ltd.		227,901
	74,070	Norsk Hydro ASA		208,483
				1,362,197
		OIL, GAS & COAL - 2.9%
	2,289,898	Adaro Energy Tbk PT *		184,341
	11,520	Caltex Australia Ltd.		242,880
	17,520	Eni SpA		214,734
	5,040	Koninklijke Vopak NV		238,886
	12,870	TechnipFMC PLC		190,991
				1,071,832
		PASSENGER TRANSPORTATION - 1.2%
	14,790	easyJet PLC		207,899
	3,150	Ryanair Holdings PLC - ADR *		225,792
				433,691
		REAL ESTATE - 4.3%
	6,523	Ayala Corp.		84,777
	108,801	Ayala Land, Inc.		83,241
	33,810	British Land Co. PLC		216,359
	2,391	Covivio		252,134
	28,680	Goodman Group		277,002
	67,320	GPT Group		250,878
	68,730	Hammerson PLC		183,128
	21,630	Land Securities Group PLC		230,583
				1,578,102
		RENEWABLE ENERGY - 0.7%
	2,730	Vestas Wind Systems A/S		260,594

		RETAIL - CONSUMER STAPLES - 2.0%
	89,520	J Sainsbury PLC		223,828
	103,680	Wm Morrison Supermarkets PLC		226,787
	10,530	Woolworths Ltd.		263,422
				714,037
		RETAIL - DISCRETIONARY - 2.6%
	95,160	Kingfisher PLC		230,151
	96,990	Marks & Spencer Group PLC		196,234
	2,940	Next PLC		228,395
	6,330	Pandora A/S		282,578
				937,358

Inspire International ESG ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

February 29, 2020

Shares			Value
		SEMICONDUCTORS - 2.1%
	930	ASML Holding NV	$	253,449
	2,100	NXP Semiconductors NV		238,749
	9,990	STMicroelectronics NV - ADR		273,726
				765,924
		SOFTWARE - 1.5%
	2,250	Atlassian Corp PLC *		326,160
	27,690	Sage Group PLC		241,142
				567,302
		TECHNOLOGY SERVICES - 0.7%
	8,040	Experian PLC		266,083

		TELECOMMUNICATIONS - 2.0%
	6,570	China Telecom Corp. Ltd. - ADR		248,806
	16,470	Eutelsat Communications SA		221,440
	26,970	Mobile TeleSystems PJSC - ADR		261,609
				731,855
		TRANSPORTATION & LOGISTICS - 4.1%
	1,389	Aeroports de Paris		204,145
	33,900	Babcock International Group PLC		192,038
	3,240	Fraport AG Frankfurt Airport Services		202,648
	14,610	Grupo Aeroportuario del Sureste SAB de CV		241,883
	1,659	Kuehne + Nagel International AG		240,893
	89,880	Royal Mail PLC		186,499
	16,020	Volvo AB		246,039
				1,514,145
		UTILITIES - 1.4%
	97,381	Aboitiz Equity Ventures, Inc.		81,477
	18,660	AGL Energy Ltd.		230,274
	45,750	Origin Energy Ltd.		205,891
				517,642
		WASTE & ENVIRONMENT SERVICES & EQUIPMENT - 0.6%
	5,940	Pentair PLC		233,977

		TOTAL COMMON STOCKS (Cost $34,080,824)		30,958,034

		TOTAL INVESTMENTS - 84.4% (Cost $34,080,824)	$	30,958,034
		OTHER ASSETS LESS LIABILITIES - 15.6%		5,705,002
		NET ASSETS - 100.0%	$	36,663,036

Non-Income producing security.

AB - Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Allmennaksjeselskap

A/S - Aktieselskab

NV - Naamloze vennootschap

OYJ - Osakeyhtiö

PJSC - Public joint stock company

PLC - Public Limited Company

PT - Perseroan Terbatas

SA - Société anonyme

SAB de CV - Sociedad Anonima Bursatil de Capital Variable

SpA - Societa per azioni

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

Inspire International ESG ETF
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	30,958,034	$	—	$	—	$	30,958,034
Total	$	30,958,034	$	—	$	—	$	30,958,034

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

Aggregate Unrealized Appreciation and Depreciation – Tax Basis

							Net Unrealized
		Gross Unrealized		Gross Unrealized			Appreciation/
Tax Cost		Appreciation		Depreciation			(Depreciation)
$	34,089,906	$	113,353	$	(3,245,225	)	$	(3,131,872	)

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 3. Exhibits.

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.

SIGNATURES

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

Northern Lights Fund Trust IV

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

Date 4/28/20

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.

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

Date 4/28/20

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

Date 4/28/20

Affinity World Leaders E... (AMEX:WLDR)
過去株価チャート
から 4 2024 まで 5 2024