N-Q 1 inspire_nq.htm 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)

 

17605 Wright Street, Suit 2 Omaha, NE 68130

(Address of principal executive offices) (Zip code)

 

Wendy Wang, Gemini Fund Services, LLC.

80 Arkay Drive, Suite 110 Hauppauge NY 11788

(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: 2/28/18

 

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 28, 2018
Shares       Value
    COMMON STOCKS - 96.8%  
    AEROSPACE & DEFENSE - 1.1%  
 881   General Dynamics Corp.    $195,978
 1,263   Harris Corp.    197,217
 958   L3 Technologies, Inc.    198,833
         592,028
    APPAREL & TEXTILE PRODUCTS - 1.3%  
 1,964   Cie Financiere Richemont SA    173,031
 2,951   Michael Kors Holdings Ltd. *    185,706
 440   Swatch Group AG    186,140
 13,355   Under Armour, Inc. *    200,993
         745,870
    ASSET MANAGEMENT - 2.0%  
 3,646   E*TRADE Financial Corp. *    190,431
 4,162   Franklin Resources, Inc.    160,945
 1,720   Groupe Bruxelles Lambert SA    197,277
 4,975   Invesco Ltd.    161,887
 279   Partners Group Holding AG    202,818
 3,498   TD Ameritrade Holding Corp.    201,135
         1,114,493
    AUTOMOTIVE - 2.1%  
 3,520   BorgWarner, Inc.    172,762
 1,283   Cie Generale des Etablissements Michelin    198,262
 3,570   Delphi Automotive PLC    170,467
 45,812   GKN PLC    276,348
 5,783   Goodyear Tire & Rubber Co.    167,360
 4,283   Nokian Renkaat OYJ    197,301
         1,182,500
    BANKING - 4.1%    
 12,321   Commerzbank AG *    191,418
 2,922   Commonwealth Bank of Australia    173,938
 10,941   Credit Agricole SA    188,620
 4,816   Danske Bank A/S    194,224
 28,201   Investec PLC    246,740
 2,124   KBC Group NV    200,249
 2,516   Macquarie Group Ltd.    203,215
 1,438   mBank SA *    192,195
 88,654   Metropolitan Bank & Trust Co.    166,567
 22,598   Natixis SA    195,688
 9,671   People's United Financial, Inc.    185,103
 5,240   Raiffeisen Bank International AG *    204,447
         2,342,404
    BIOTECHNOLOGY & PHARMACEUTICAL - 2.5%  
 1,867   AbbVie, Inc.    216,255
 1,571   Alexion Pharmaceuticals, Inc. *    184,514
 1,884   BioMarin Pharmaceutical, Inc. *    152,924
 1,663   Celgene Corp. *    144,881
               

 

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    BIOTECHNOLOGY & PHARMACEUTICAL (continued) - 2.5%  
 1,886   Incyte Corp. *    $160,612
 468   Regeneron Pharmaceuticals, Inc. *    149,966
 2,514   UCB SA    208,747
 1,202   Vertex Pharmaceuticals, Inc. *    199,568
         1,417,467
    CHEMICALS - 5.7%  
 392,043   AKR Corporindo Tbk PT    173,944
 2,079   Akzo Nobel NV    202,244
 1,480   Arkema SA    193,956
 1,569   Avery Dennison Corp.    185,377
 2,927   Brenntag AG    183,779
 4,427   CF Industries Holdings, Inc.    182,569
 3,153   Croda International PLC    200,796
 2,076   Eastman Chemical Co.    209,842
 1,998   FMC Corp.    156,803
 80   Givaudan SA    182,594
 1,924   Imerys SA    196,646
 4,492   Johnson Matthey PLC    194,035
 7,718   K+S AG    216,034
 1,716   LyondellBasell Industries NV    185,706
 7,298   Mosaic Co.    192,083
 1,638   PPG Industries, Inc.    184,177
 450   Sherwin-Williams Co.    180,711
         3,221,296
    COMMERCIAL SERVICES - 2.6%  
 7,028   Bureau Veritas SA    184,377
 34,603   Capita PLC    83,984
 1,152   Cintas Corp.    196,600
 8,899   Compass Group PLC    189,563
 6,520   Edenred    230,055
 54,175   G4S PLC    195,869
 2,720   Intertek Group PLC    184,127
 2,908   Randstad Holding NV    208,761
         1,473,336
    CONSTRUCTION MATERIALS - 1.0%  
 10,814   James Hardie Industries PLC - ADR    192,553
 3,349   LafargeHolcim Ltd.    196,252
 921   Martin Marietta Materials, Inc.    187,819
         576,624
    CONSUMER PRODUCTS - 2.3%  
 4,802   Associated British Foods PLC    174,078
 1,523   JM Smucker Co.    192,355
 19,734   Natura Cosmeticos SA    205,070
 17,618   Orkla ASA    193,490
 18,259   Pioneer Foods Group Ltd.    203,415
 137,775   Sime Darby Plantation Berhad *    188,179

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    CONSUMER PRODUCTS (continued) - 2.3%  
 2,238   Tyson Foods, Inc.    $166,462
         1,323,049
    CONSUMER SERVICES - 0.3%  
 33,891   Kroton Educacional SA    159,923
         
    CONTAINERS & PACKAGING - 1.6%  
 15,623   Amcor Ltd.    169,222
 24,982   Brambles Ltd.    186,885
 3,202   International Paper Co.    190,807
 7,450   Mondi Ltd.    194,415
 3,736   Sealed Air Corp.    158,294
         899,623
    DISTRIBUTORS - CONSUMER STAPLES - 0.3%  
 2,985   Sysco Corp.    178,055
         
    DISTRIBUTORS - DISCRETIONARY - 0.7%  
 6,771   Bunzl PLC    182,390
 3,413   Fastenal Co.    186,759
         369,149
    ELECTRICAL EQUIPMENT - 2.9%  
 7,228   ABB Ltd.    176,369
 2,124   Allegion PLC    178,650
 2,554   AMETEK, Inc.    193,440
 2,284   Eaton Corp PLC    184,319
 4,882   Johnson Controls International PLC    179,999
 3,547   Kone OYJ    184,249
 5,773   Prysmian SpA    182,504
 720   Roper Technologies, Inc.    198,065
 800   Schindler Holding AG    187,588
         1,665,183
    ENGINEERING & CONSTRUCTION SERVICES - 1.7%  
 5,232   Boskalis Westminster    197,818
 3,605   Fluor Corp.    205,124
 2,749   Jacobs Engineering Group, Inc.    167,854
 14,788   LendLease Group    205,695
 4,840   Quanta Services, Inc. *    166,690
         943,181
    FOREST & PAPER PRODUCTS - 0.4%  
 6,000   UPM-Kymmene OYJ    206,584
         
    GAMING, LODGING & RESTAURANTS - 0.3%  
 3,558   Whitbread PLC    190,360
         
    HARDWARE - 1.4%  
 6,400   Juniper Networks, Inc.    164,224
 4,328   Seagate Technology PLC    231,115

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    HARDWARE (continued) - 1.4%  
 28,080   Telefonaktiebolaget LM Ericsson    $188,974
 2,229   Western Digital Corp.    194,012
         778,325
    HEALTH CARE FACILITIES & SERVICES - 1.3%  
 1,953   AmerisourceBergen Corp.    185,847
 2,578   DaVita, Inc. *    185,668
 2,543   Express Scripts Holding Co. *    191,869
 3,449   Ramsay Health Care Ltd.    171,740
         735,124
    HOME & OFFICE PRODUCTS - 2.4%  
 3,596   DR Horton, Inc.    150,672
 425   Geberit AG    192,567
 3,842   Leggett & Platt, Inc.    166,973
 2,962   Lennar Corp. - Class A    167,590
 663   Mohawk Industries, Inc. *    159,040
 5,314   Persimmon PLC    190,443
 1,081   Snap-on, Inc.    172,117
 1,097   Stanley Black & Decker, Inc.    174,631
         1,374,033
    INDUSTRIAL SERVICES - 0.3%  
 10,544   Rexel SA    186,148
         
    INSTITUTIONAL FINANCIAL SERVICES - 1.0%  
 2,676   Intercontinental Exchange, Inc.    195,562
 3,486   London Stock Exchange Group PLC    193,472
 2,360   Nasdaq, Inc.    190,570
         579,604
    INSURANCE - 3.6%  
 1,878   Assurant, Inc.    160,513
 2,364   Cincinnati Financial Corp.    176,331
 35,876   Direct Line Insurance Group PLC    189,225
 262   Gjensidige Forsikring ASA    4,803
 32,593   Insurance Australia Group Ltd.    208,264
 50,958   Legal & General Group PLC    184,378
 21,648   QBE Insurance Group Ltd.    171,897
 22,473   RSA Insurance Group PLC    195,510
 3,438   Sampo OYJ    195,569
 3,366   Unum Group    171,531
 1,160   Willis Towers Watson PLC    183,164
 5,017   XL Group Ltd.    212,269
         2,053,454
    INTEGRATED OILS - 0.5%  
 39,078   Petroleo Brasileiro SA *    255,127
         
    IRON & STEEL - 1.8%  
 9,908   Anglo American PLC    243,083

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    IRON & STEEL (continued) - 1.8%  
 9,828   BHP Billiton PLC    $200,983
 48,957   Fortescue Metals Group Ltd.    192,275
 3,027   Nucor Corp.    197,966
 3,760   Rio Tinto PLC    203,395
         1,037,702
    MACHINERY - 3.6%  
 8,046   Alfa Laval AB    194,510
 1,205   Deere & Co.    193,848
 1,918   Dover Corp.    191,992
 4,212   Flowserve Corp.    178,378
 1,102   Illinois Tool Works, Inc.    177,907
 10,774   IMI PLC    182,148
 936   Parker-Hannifin Corp.    167,048
 2,680   Pentair PLC    184,089
 10,378   Sandvik AB    193,519
 24,804   WEG SA    178,581
 2,756   Xylem, Inc.    205,543
         2,047,563
    MEDIA - 0.3%  
 4,132   Ctrip.com International Ltd. - ADR *    189,989
         
    MEDICAL EQUIPMENT & DEVICES - 4.1%  
 2,718   Agilent Technologies, Inc.    186,428
 2,800   Dentsply Sirona, Inc.    156,968
 1,600   Edwards Lifesciences Corp. *    213,872
 1,436   Essilor International SA    188,890
 1,122   IDEXX Laboratories, Inc. *    210,072
 878   Illumina, Inc. *    200,201
 480   Intuitive Surgical, Inc. *    204,696
 10,649   Smith & Nephew PLC    186,124
 1,178   Stryker Corp.    191,024
 925   Waters Corp. *    189,292
 6,602   William Demant Holding A/S *    237,053
 1,560   Zimmer Biomet Holdings, Inc.    181,350
         2,345,970
    METALS & MINING - 2.3%  
 14,110   Antofagasta PLC    169,141
 10,713   Freeport-McMoRan, Inc.    199,262
 10,218   Fresnillo PLC    171,692
 58,037   Grupo Mexico SAB de CV    196,379
 10,950   Newcrest Mining Ltd.    181,322
 5,071   Newmont Mining Corp.    193,712
 26,859   Norsk Hydro ASA    182,667
         1,294,175
    OIL, GAS & COAL - 10.0%  
 1,315,169   Adaro Energy Tbk PT *    224,799

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    OIL, GAS & COAL (continued) - 10.0%  
 3,688   Anadarko Petroleum Corp.    $210,364
 1,631   Andeavor    146,170
 4,608   Apache Corp.    157,363
 6,726   Cabot Oil & Gas Corp.    162,500
 6,948   Caltex Australia Ltd.    190,418
 3,632   ConocoPhillips    197,254
 14,976   Cosan SA Industria e Comercio    198,958
 4,992   Devon Energy Corp.    153,105
 10,892   Eni SpA    182,183
 1,878   EOG Resources, Inc.    190,467
 3,324   EQT Corp.    167,230
 13,106   Fugro NV - ADR *    190,778
 4,042   Halliburton Co.    187,630
 3,149   Helmerich & Payne, Inc.    203,268
 10,146   Kinder Morgan, Inc.    164,365
 4,164   Koninklijke Vopak NV    197,305
 12,118   Marathon Oil Corp.    175,953
 2,766   Marathon Petroleum Corp.    177,190
 6,513   Murphy Oil Corp.    165,105
 5,503   National Oilwell Varco, Inc.    193,100
 6,542   Newfield Exploration Co. *    152,625
 7,088   Noble Energy, Inc.    211,435
 2,575   Occidental Petroleum Corp.    168,920
 3,487   ONEOK, Inc.    196,423
 1,821   Phillips 66    164,564
 1,167   Pioneer Natural Resources Co.    198,658
 11,929   Range Resources Corp.    158,536
 6,678   TechnipFMC PLC *    192,460
 2,063   Valero Energy Corp.    186,536
 5,968   Williams Cos, Inc.    165,672
         5,631,334
    PASSENGER TRANSPORTATION - 1.2%  
 215,931   AirAsia Bhd    241,455
 9,635   easyJet PLC    222,897
 1,682   Ryanair Holdings PLC - ADR    203,959
         668,311
    REAL ESTATE - 5.9%  
 1,280   American Tower Corp.    178,342
 4,008   Apartment Investment & Management Co.    154,949
 1,000   AvalonBay Communities, Inc.    156,020
 8,702   Ayala Corp.    176,613
 205,542   Ayala Land, Inc.    162,208
 1,405   Boston Properties, Inc.    167,012
 20,347   British Land Co. PLC    176,061
 1,644   Crown Castle International Corp.    180,939
 400   Equinix, Inc.    156,840

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    REAL ESTATE (continued) - 5.9%  
 2,722   Equity Residential    $153,058
 721   Essex Property Trust, Inc.    161,381
 1,661   Fonciere Des Regions    174,121
 27,876   Goodman Group    178,341
 45,890   GPT Group    170,217
 25,102   Hammerson PLC    154,603
 6,779   HCP, Inc.    146,698
 13,350   Land Securities Group PLC    170,515
 2,798   Prologis, Inc.    169,783
 840   Public Storage    163,330
 1,118   Simon Property Group, Inc.    171,624
         3,322,655
    RENEWABLE ENERGY - 0.3%  
 2,750   Vestas Wind Systems A/S    199,826
         
    RETAIL - CONSUMER STAPLES - 1.7%  
 945   Costco Wholesale Corp.    180,400
 1,712   Dollar Tree, Inc. *    175,720
 56,776   J Sainsbury PLC    202,613
 63,352   Wm Morrison Supermarkets PLC    197,013
 8,908   Woolworths Ltd.    191,656
         947,402
    RETAIL - DISCRETIONARY - 4.1%  
 1,876   Advance Auto Parts, Inc.    214,333
 262   AutoZone, Inc. *    174,157
 2,685   CarMax, Inc. *    166,255
 4,512   JD.com, Inc. - ADR *    212,741
 41,158   Kingfisher PLC    202,964
 2,097   Lowe's Cos, Inc.    187,870
 3,156   Luxottica Group SpA    189,997
 3,215   Next PLC    215,111
 757   O'Reilly Automotive, Inc. *    184,852
 1,764   Pandora A/S    184,930
 2,395   Ross Stores, Inc.    187,026
 2,658   Tractor Supply Co.    172,584
         2,292,820
    SEMICONDUCTORS - 3.8%  
 2,118   Analog Devices, Inc.    190,938
 1,080   ASML Holding NV    212,468
 689   Broadcom Ltd.    169,811
 1,758   KLA-Tencor Corp.    199,199
 998   Lam Research Corp.    191,476
 2,004   Microchip Technology, Inc.    178,216
 4,289   Micron Technology, Inc. *    209,346
 950   NVIDIA Corp.    229,900
 1,601   NXP Semiconductors NV *    199,581

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    SEMICONDUCTORS (continued) - 3.8%  
 8,434   STMicroelectronics NV - ADR    $192,295
 2,604   Xilinx, Inc.    185,535
         2,158,765
    SOFTWARE - 1.0%  
 3,305   Gemalto NV    198,967
 17,470   Sage Group PLC    166,716
 19,071   Totvs SA    180,452
         546,135
    SPECIALTY FINANCE - 1.4%  
 1,920   Fidelity National Information Services, Inc.    186,586
 1,398   Fiserv, Inc. *    200,459
 2,337   Total System Services, Inc.    205,539
 9,434   Western Union Co.    186,982
         779,566
    TECHNOLOGY SERVICES - 1.0%  
 2,482   Cognizant Technology Solutions Corp.    203,574
 2,607   Paychex, Inc.    169,794
 1,915   Verisk Analytics, Inc. *    195,694
         569,062
    TELECOMMUNICATIONS - 0.8%  
 8,347   Eutelsat Communications SA    195,464
 19,229   Mobile TeleSystems PJSC - ADR    229,979
         425,443
    TRANSPORTATION & LOGISTICS - 4.0%  
 978   Aeroports de Paris    198,008
 19,946   Babcock International Group PLC    179,132
 2,110   CH Robinson Worldwide, Inc.    196,990
 2,824   Expeditors International of Washington, Inc.    183,447
 1,731   Fraport AG Frankfurt Airport Services Worldwide    177,638
 9,822   Grupo Aeroportuario del Sureste SAB de CV    173,862
 1,676   JB Hunt Transport Services, Inc.    198,723
 1,679   Kansas City Southern    173,004
 1,036   Kuehne + Nagel International AG    169,588
 1,289   Norfolk Southern Corp.    179,274
 30,727   Royal Mail PLC    237,088
 1,393   Union Pacific Corp.    181,438
         2,248,192
    TRANSPORTATION EQUIPMENT - 0.6%  
 2,526   PACCAR, Inc.    180,836
 9,422   Volvo AB    178,763
         359,599
    UTILITIES - 5.2%  
 129,086   Aboitiz Equity Ventures, Inc.    191,844
 16,842   AES Corp.    183,073
 9,758   AGL Energy Ltd.    166,222
 6,130   CenterPoint Energy, Inc.    165,817

 

 

Inspire Global Hope ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    UTILITIES (continued) - 5.2%  
     17,433   Cia de Saneamento Basico do Estado de Sao Paulo *  $            201,871
     90,168   Cia Energetica de Minas Gerais                  228,143
       3,832   CMS Energy Corp.                  162,668
       2,143   Dominion Energy, Inc.                  158,732
       2,170   Entergy Corp.                  164,529
       2,814   Eversource Energy                  160,398
       5,796   FirstEnergy Corp.                  187,385
     26,147   Origin Energy Ltd.                  184,394
       2,078   Pinnacle West Capital Corp.                  159,923
       5,355   PPL Corp.                  153,421
       4,094   SCANA Corp.                  162,409
       2,794   WEC Energy Group, Inc.                  167,416
       3,752   Xcel Energy, Inc.                  162,387
                     2,960,632
    WASTE & ENVIRONMENT SERVICES & EQUIPMENT - 0.3%  
       2,722   Republic Services, Inc.                  182,864
         
         
    TOTAL COMMON STOCKS (Cost $50,235,683)              54,770,945
         
    TOTAL INVESTMENTS - 96.8% (Cost $50,235,683) (a)  $       54,770,945
    OTHER ASSETS LESS LIABILITIES - 3.2%              1,812,856
    NET ASSETS - 100.0%    $       56,583,801
         
(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $50,358,940 and differs from value by net unrealized appreciation (depreciation) of securities as follows:
      Unrealized Appreciation:  $            6,186,874
      Unrealized Depreciation              (1,774,869)
      Net Unrealized Appreciation:  $            4,412,005
         
*   Non-Income producing security.    
AB - Aktiebolag    
ADR - American Depositary Receipt    
AG - ktiengesellschaft    
NV - Naamloze vennootschap    
OYJ - Osakeyhtiö    
PLC - Public Limited Company    
PT - Perseroan Terbatas    
SA  - Société anonyme    

 

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.
 
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 28, 2018 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  $54,770,945  $                -     $                -     $54,770,945
Total  $54,770,945  $                -     $                -     $54,770,945
         
There were no transfers into or out of Level 1 and Level 2 during the current period presented. It is the Fund’s policy to record transfers into or out of Level 1 and Level 2 at the end of the reporting period.
 
The Fund did not hold any Level 3 securities during the period.
         

 

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)
February 28, 2018
Shares       Value
    COMMON STOCKS - 98.7%  
    AEROSPACE & DEFENSE - 0.6%  
 4,191   American Outdoor Brands Corp. *    $37,719
 2,160   Axon Enterprise, Inc. *    75,233
 1,990   Triumph Group, Inc.    55,620
         168,572
    APPAREL & TEXTILE PRODUCTS - 1.2%  
 915   Albany International Corp.    58,240
 749   Deckers Outdoor Corp. *    70,840
 8,296   Fossil Group, Inc. *    111,000
 1,289   Steven Madden Ltd. *    56,587
 1,870   Wolverine World Wide, Inc.    54,754
         351,421
    ASSET MANAGEMENT - 1.3%  
 1,446   Artisan Partners Asset Management, Inc.    48,802
 1,219   Cohen & Steers, Inc.    48,760
 1,603   Federated Investors, Inc.    52,226
 1,973   Financial Engines, Inc.    66,096
 3,171   Kennedy-Wilson Holdings, Inc.    51,846
 21,973   Och-Ziff Capital Management Group LLC    58,668
 2,618   Waddell & Reed Financial, Inc.    52,360
         378,758
    AUTOMOTIVE - 1.3%  
 3,300   American Axle & Manufacturing Holdings, Inc. *    48,708
 1,650   Cooper Tire & Rubber Co.    51,728
 500   Cooper-Standard Holdings, Inc. *    60,920
 1,796   Dana, Inc.    47,720
 910   Dorman Products, Inc. *    62,790
 968   Tenneco, Inc.    50,868
 462   Visteon Corp. *    57,214
         379,948
    BANKING - 9.2%    
 1,232   Ameris Bancorp.    65,481
 2,245   Associated Banc-Corp.    55,451
 1,740   BancorpSouth, Inc.    54,810
 1,011   Banner Corp.    55,888
 2,061   BofI Holding, Inc. *    76,649
 4,169   Capitol Federal Financial, Inc.    52,071
 1,323   Cathay General Bancorp.    54,322
 1,279   Columbia Banking System, Inc.    53,437
 1,047   Community Bank System, Inc.    55,816
 2,434   CVB Financial Corp.    55,982
 966   Eagle Bancorp, Inc. *    58,974
 1,120   FCB Financial Holdings, Inc. *    60,088
 11,405   First BanCorp. *    68,772
 2,047   First Financial Bancorp.    55,678

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    BANKING (continued) - 9.2%  
 1,251   First Financial Bankshares, Inc.    $57,546
 2,820   First Horizon National Corp.    53,721
 1,437   First Interstate BancSystem, Inc.    56,761
 2,397   First Midwest Bancorp, Inc.    58,055
 1,521   Flagstar Bancorp, Inc. *    53,630
 3,985   FNB Corp.    55,870
 2,990   Fulton Financial Corp.    54,119
 1,399   Great Western Bancorp, Inc.    57,205
 1,168   Hancock Holding Co.    60,386
 2,313   Hilltop Holdings, Inc.    56,229
 3,081   Hope Bancorp, Inc.    55,643
 718   IBERIABANK Corp.    58,014
 1,438   International Bancshares Corp.    55,579
 1,356   LegacyTexas Financial Group, Inc.    56,803
 1,515   NBT Bancorp, Inc.    52,722
 3,369   Northwest Bancshares, Inc.    55,285
 3,268   Old National Bancorp.    55,556
 876   Pinnacle Financial Partners, Inc.    56,546
 2,165   Provident Financial Services, Inc.    53,865
 1,327   Renasant Corp.    55,416
 2,075   Simmons First National Corp.    59,034
 2,241   Sterling Bancorp.    52,103
 2,756   TCF Financial Corp.    61,459
 619   Texas Capital Bancshares, Inc. *    55,834
 1,735   Towne Bank/Portsmouth VA    49,534
 1,685   Trustmark Corp.    52,639
 1,534   Union Bankshares Corp.    57,341
 2,046   United Community Banks, Inc.    63,242
 4,766   Valley National Bancorp.    59,432
 1,694   Washington Federal, Inc.    58,782
 1,404   WesBanco, Inc.    57,859
 937   Westamerica Bancorporation    53,681
         2,623,310
    BIOTECHNOLOGY & PHARMACEUTICAL - 7.4%  
 965   Aerie Pharmaceuticals, Inc. *    49,360
 5,294   Alder Biopharmaceuticals, Inc. *    73,587
 5,212   Array BioPharma, Inc. *    90,272
 596   Avexis, Inc. *    73,743
 311   Bluebird Bio, Inc. *    62,511
 1,128   Cambrex Corp. *    58,600
 887   Clovis Oncology, Inc. *    51,508
 6,431   Coherus Biosciences, Inc. *    63,667
 958   Eagle Pharmaceuticals, Inc. *    53,782
 2,838   Five Prime Therapeutics, Inc. *    60,336
 2,890   Halozyme Therapeutics, Inc. *    56,817
 3,794   Horizon Pharma PLC *    55,317

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    BIOTECHNOLOGY & PHARMACEUTICAL  (continued) - 7.4%  
 3,052   Impax Laboratories, Inc. *    $62,261
 4,238   Innoviva, Inc. *    65,731
 909   Intercept Pharmaceuticals, Inc. *    54,294
 3,460   Ironwood Pharmaceuticals, Inc. *    49,132
 1,310   Juno Therapeutics, Inc. *    113,669
 5,585   Lexicon Pharmaceuticals, Inc. *    48,198
 414   Ligand Pharmaceuticals, Inc. *    62,882
 2,085   Medicines Co. *    63,843
 1,000   Nektar Therapeutics *    86,560
 19,624   Ophthotech Corp. *    53,181
 1,239   Pacira Pharmaceuticals, Inc. *    38,781
 1,210   Portola Pharmaceuticals, Inc. *    51,207
 1,249   Prestige Brands Holdings, Inc. *    42,216
 1,477   Prothena Corp PLC *    49,760
 580   Puma Biotechnology, Inc. *    37,903
 1,898   Radius Health, Inc. *    72,295
 351   Sage Therapeutics, Inc. *    56,637
 1,082   Sarepta Therapeutics, Inc. *    67,917
 1,227   Spark Therapeutics, Inc. *    70,062
 1,426   Supernus Pharmaceuticals, Inc. *    55,471
 2,013   Theravance Biopharma, Inc. *    53,063
 1,274   Ultragenyx Pharmaceutical, Inc. *    60,910
         2,065,473
    CHEMICALS - 2.8%  
 1,342   AdvanSix, Inc. *    55,492
 1,033   Cabot Corp.    62,166
 1,734   GCP Applied Technologies, Inc. *    53,321
 1,013   HB Fuller Co.    51,045
 807   Ingevity Corp. *    60,452
 827   Innospec, Inc.    53,714
 2,241   Kronos Worldwide, Inc.    48,070
 849   Minerals Technologies, Inc.    58,326
 1,287   PolyOne Corp.    53,166
 381   Quaker Chemical Corp.    54,304
 713   Stepan Co.    57,111
 809   Trinseo SA    64,396
 1,845   Univar, Inc. *    53,154
 493   WD-40 Co.    61,477
         786,194
    COMMERCIAL SERVICES - 2.2%  
 1,523   ABM Industries, Inc.    53,549
 1,446   Brady Corp.    54,080
 748   Deluxe Corp.    53,108
 1,317   FTI Consulting, Inc. *    62,808
 1,041   Healthcare Services Group, Inc.    47,293

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    COMMERCIAL SERVICES (continued) - 2.2%  
 3,414   HMS Holdings Corp. *    $54,760
 1,150   Insperity, Inc.    75,095
 1,355   Korn/Ferry International    56,788
 2,538   Quad/Graphics, Inc.    66,978
 1,311   TriNet Group, Inc. *    61,840
 339   UniFirst Corp.    52,647
         638,946
    CONSTRUCTION MATERIALS - 1.1%  
 1,204   Apogee Enterprises, Inc.    51,941
 2,134   Louisiana-Pacific Corp. *    60,819
 1,913   Summit Materials, Inc. *    60,508
 526   Trex Co., Inc. *    54,388
 2,666   Universal Forest Products, Inc.    87,818
         315,474
    CONSUMER PRODUCTS - 2.8%  
 1,650   B&G Foods, Inc.    45,705
 1,285   Cal-Maine Foods, Inc.    54,741
 1,525   Central Garden & Pet Co. *    58,911
 1,320   Clearwater Paper Corp. *    49,632
 251   Coca-Cola Bottling Co. Consolidated    46,839
 3,472   Darling Ingredients, Inc. *    63,156
 4,936   Dean Foods Co.    42,795
 1,220   Energizer Holdings, Inc.    66,466
 2,902   Flowers Foods, Inc.    60,187
 1,188   Fresh Del Monte Produce, Inc.    55,456
 378   J&J Snack Foods Corp.    50,777
 844   Nu Skin Enterprises, Inc.    59,418
 2,464   Revlon, Inc. *    48,541
 397   Sanderson Farms, Inc.    48,890
 1,456   Tootsie Roll Industries, Inc.    48,630
         800,144
    CONSUMER SERVICES - 0.9%  
 1,541   Aaron's, Inc.    71,210
 1,256   Adtalem Global Education, Inc. *    57,839
 618   Grand Canyon Education, Inc. *    60,657
 1,058   Matthews International Corp.    54,222
         243,928
    CONTAINERS & PACKAGING - 0.9%  
 1,188   Aaron's, Inc.    52,379
 971   Greif, Inc.    55,901
 2,623   KapStone Paper and Packaging Corp.    91,516
 1,926   Silgan Holdings, Inc.    54,795
         254,591
    DESIGN, MANUFACTURING & DISTRIBUTION - 0.4%  
 1,912   Fabrinet *    57,647

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    DESIGN, MANUFACTURING & DISTRIBUTION (continued) - 0.4%  
 924   Plexus Corp. *    $55,736
         113,383
    DISTRIBUTORS - CONSUMER STAPLES - 0.2%  
 1,113   United Natural Foods, Inc. *    47,492
         
    DISTRIBUTORS - DISCRETIONARY - 0.2%  
 1,682   G-III Apparel Group Ltd. *    62,083
         
    ELECTRICAL EQUIPMENT - 2.0%  
 1,669   AAON, Inc.    61,336
 715   Belden, Inc.    52,002
 1,454   Cree, Inc. *    55,005
 926   ESCO Technologies, Inc.    54,541
 1,163   Generac Holdings, Inc. *    51,730
 799   Itron, Inc. *    55,930
 296   Littelfuse, Inc.    61,420
 1,120   Orbotech Ltd. *    61,555
 865   OSI Systems, Inc. *    54,616
 757   Watts Water Technologies, Inc.    57,153
         565,288
    ENGINEERING & CONSTRUCTION SERVICES - 1.4%  
 3,195   Chicago Bridge & Iron Co. NV    55,785
 515   Dycom Industries, Inc. *    56,259
 765   Exponent, Inc.    59,479
 912   Granite Construction, Inc.    52,987
 3,096   KBR, Inc.    46,873
 1,214   MasTec, Inc. *    61,853
 828   TopBuild Corp. *    57,662
         390,898
    FOREST & PAPER PRODUCTS - 0.4%  
 1,174   Domtar Corp.    52,548
 642   Neenah Paper, Inc.    49,209
         101,757
    GAMING, LODGING & RESTAURANTS - 1.5%  
 1,205   Cheesecake Factory, Inc.    56,020
 1,158   DineEquity, Inc.    87,985
 3,201   Extended Stay America, Inc.    64,116
 574   Jack in the Box, Inc.    51,706
 1,001   Papa John's International, Inc.    57,798
 1,093   Texas Roadhouse, Inc.    60,399
 3,580   Wendy's Co.    57,101
         435,125
    HARDWARE - 3.1%  
 5,472   3D Systems Corp. *    51,984
 2,635   Ciena Corp. *    61,053
 3,398   Diebold Nixdorf, Inc.    53,349

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    HARDWARE (continued) - 3.1%  
 1,971   Electronics For Imaging, Inc. *    $53,986
 8,669   Fitbit, Inc. *    41,438
 7,079   GoPro, Inc. *    38,085
 759   InterDigital, Inc.    54,496
 3,709   Knowles Corp. *    53,558
 1,064   Lumentum Holdings, Inc. *    64,904
 1,028   NETGEAR, Inc. *    57,311
 1,894   NetScout Systems, Inc. *    50,286
 5,216   Pitney Bowes, Inc.    64,678
 1,112   Plantronics, Inc.    60,092
 3,404   Pure Storage, Inc. *    73,765
 3,115   VeriFone Systems, Inc. *    51,709
 6,579   Viavi Solutions, Inc. *    63,290
         893,984
    HEALTHCARE FACILITIES - SERVICES - 2.7%  
 1,793   Acadia Healthcare Co., Inc. *    68,313
 1,056   Amedisys, Inc. *    62,526
 5,922   Brookdale Senior Living, Inc. *    38,670
 542   Charles River Laboratories International, Inc. *    57,783
 238   Chemed Corp.    61,792
 1,181   HealthEquity, Inc. *    68,002
 1,156   LifePoint Health, Inc. *    53,292
 594   Magellan Health, Inc. *    59,935
 2,987   Owens & Minor, Inc.    49,017
 1,922   Premier, Inc. *    63,714
 3,418   Select Medical Holdings Corp. *    61,866
 1,386   Syneos Health, Inc. *    58,073
 3,969   Tenet Healthcare Corp. *    81,761
         784,744
    HOME & OFFICE PRODUCTS - 1.5%  
 962   Armstrong World Industries, Inc. *    58,009
 1,612   HNI Corp.    59,612
 746   iRobot Corp. *    50,691
 1,138   Meritage Homes Corp. *    48,251
 3,076   St Joe Co. *    54,138
 2,406   Taylor Morrison Home Corp. *    53,991
 3,194   TRI Pointe Group, Inc. *    48,964
 923   Tupperware Brands Corp.    45,273
         418,929
    INDUSTRIAL SERVICES - 0.9%  
 809   Anixter International, Inc. *    61,120
 927   Applied Industrial Technologies, Inc.    65,261
 8,369   Wesco Aircraft Holdings, Inc. *    74,903
 877   WESCO International, Inc. *    54,593
         255,877
         

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    INSTITUTIONAL FINANCIAL SERVICES - 0.2%  
 1,181   Houlihan Lokey, Inc.    $54,822
         
    INSURANCE - 2.3%  
 1,805   American Equity Investment Life Holding Co.    55,251
 918   Argo Group International Holdings Ltd.    53,474
 1,353   Aspen Insurance Holdings Ltd.    49,249
 766   FBL Financial Group, Inc.    49,713
 1,304   Horace Mann Educators Corp.    53,660
 811   Kemper Corp.    45,740
 8,016   Maiden Holdings Ltd.    48,096
 2,799   National General Holdings Corp.    64,321
 1,156   Navigators Group, Inc.    62,308
 552   Primerica, Inc.    53,820
 993   RLI Corp.    60,374
 956   Selective Insurance Group, Inc.    54,349
         650,355
    IRON & STEEL - 1.3%  
 10,361   AK Steel Holding Corp. *    53,463
 2,409   Allegheny Technologies, Inc.    62,417
 1,125   Carpenter Technology Corp.    57,307
 8,199   Cleveland-Cliffs, Inc. *    57,639
 2,761   Commercial Metals Co.    67,092
 1,351   Worthington Industries, Inc.    59,768
         357,686
    LEISURE PRODUCTS - 0.2%  
 3,853   Vista Outdoor, Inc. *    66,387
         
    LISTED BUSINESS DEVELOPMENT COMPANIES - 0.2%  
 1,400   Main Street Capital Corporation    49,826
         
    MACHINERY - 2.7%  
 2,185   Actuant Corp.    49,599
 508   Alamo Group, Inc.    56,464
 1,041   Astec Industries, Inc.    61,315
 1,294   Franklin Electric Co., Inc.    50,660
 1,276   Hillenbrand, Inc.    56,016
 1,083   ITT, Inc.    54,345
 507   John Bean Technologies Corp.    56,150
 1,217   Kennametal, Inc.    50,140
 691   MSA Safety, Inc.    55,715
 4,543   Mueller Water Products, Inc.    49,973
 747   Regal Beloit Corp.    54,008
 2,316   Rexnord Corp. *    67,118
 1,279   Terex Corp.    53,104
 2,463   Welbilt, Inc. *    48,792
         763,399

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    MANUFACTURED GOODS - 1.4%  
 1,165   AZZ, Inc.    $47,590
 898   Barnes Group, Inc.    54,158
 1,856   Gibraltar Industries, Inc. *    64,403
 567   Proto Labs, Inc. *    61,775
 461   RBC Bearings, Inc. *    55,551
 1,185   Timken Co.    51,903
 352   Valmont Industries, Inc.    51,779
         387,159
    MEDIA - 2.1%  
 83   Cable One, Inc.    56,520
 13,101   Clear Channel Outdoor Holdings, Inc. *    62,885
 3,595   EW Scripps Co. *    49,503
 787   GrubHub, Inc. *    78,236
 875   John Wiley & Sons, Inc.    56,219
 756   Nexstar Media Group, Inc.    54,016
 1,210   Shutterfly, Inc. *    92,843
 1,270   Sohu.com, Inc. *    42,735
 318   Stamps.com, Inc. *    60,754
 3,980   TiVo Corp.    59,700
         613,411
    MEDICAL EQUIPMENT & DEVICES - 4.1%  
 695   Analogic Corp.    58,032
 1,371   Catalent Inc. *    57,239
 1,104   Exact Sciences Corp. *    49,249
 1,601   Genomic Health, Inc. *    51,232
 1,450   Globus Medical, Inc. *    69,078
 984   Haemonetics Corp. *    69,766
 1,224   Halyard Health, Inc. *    60,441
 684   Hill-Rom Holdings, Inc.    57,223
 258   ICU Medical, Inc. *    59,663
 466   Inogen, Inc. *    56,302
 831   Insulet Corp. *    62,400
 1,137   Integra LifeSciences Holdings Corp. *    59,954
 708   LivaNova PLC *    63,536
 655   Masimo Corp. *    57,332
 1,268   Merit Medical Systems, Inc. *    57,694
 4,500   MiMedx Group, Inc. *    31,905
 1,617   Myriad Genetics, Inc. *    52,423
 1,435   Natus Medical, Inc. *    44,700
 932   Neogen Corp. *    54,308
 2,187   NxStage Medical, Inc. *    50,913
 577   Penumbra, Inc. *    62,431
         1,185,821
    METALS & MINING - 1.1%  
 7,498   Coeur Mining, Inc. *    57,360
 809   Compass Minerals International, Inc.    48,783

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    METALS & MINING (continued) - 1.1%  
 10,987   Fairmount Santrol Holdings, Inc. *    $49,222
 14,555   Hecla Mining Co.    53,271
 571   Kaiser Aluminum Corp.    57,311
 1,713   US Silica Holdings, Inc.    44,350
         310,297
    OIL, GAS & COAL - 6.8%  
 2,281   Alliance Holdings GP LP    58,097
 2,997   Alliance Resource Partners LP    53,347
 5,425   Callon Petroleum Co. *    57,342
 3,095   Carrizo Oil & Gas, Inc. *    43,485
 2,248   Crestwood Equity Partners LP    60,134
 1,599   CVR Energy, Inc.    47,362
 1,854   Dominion Energy Midstream Partners LP    46,721
 1,283   Dril-Quip, Inc. *    57,799
 6,898   Enerplus Corp.    76,223
 3,378   EnLink Midstream LLC    49,657
 4,311   Forum Energy Technologies, Inc. *    48,714
 9,712   Frank's International NV    50,794
 4,731   Gulfport Energy Corp. *    45,891
 1,679   Holly Energy Partners LP    49,363
 8,431   Kosmos Energy Ltd. *    45,443
 7,995   McDermott International, Inc. *    58,364
 3,561   MRC Global, Inc. *    58,863
 746   Murphy USA, Inc. *    56,032
 4,139   NGL Energy Partners LP    50,703
 15,258   Noble Corp PLC    59,201
 5,536   NOW, Inc. *    52,537
 7,259   Oasis Petroleum, Inc. *    57,201
 3,090   Oceaneering International, Inc.    56,794
 2,232   Oil States International, Inc .*    54,907
 1,720   PBF Energy, Inc.    50,413
 6,710   QEP Resources, Inc.    57,840
 2,631   Rice Midstream Partners LP    50,015
 1,974   SemGroup Corp.    43,823
 2,943   SM Energy Co.    53,975
 2,650   Summit Midstream Partners LP    44,652
 1,980   Sunoco LP    57,262
 6,695   Superior Energy Services, Inc.    57,242
 1,293   Valero Energy Partners LP    49,819
 2,623   Viper Energy Partners LP    59,332
 2,525   Whiting Petroleum Corp. *    68,705
 2,046   World Fuel Services Corp.    46,751
         1,934,803
    PASSENGER TRANSPORTATION - 0.4%  
 380   Allegiant Travel Co.    63,194
         

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    PASSENGER TRANSPORTATION (continued) - 0.4%  
 1,081   SkyWest, Inc.    $59,239
         122,433
    REAL ESTATE - 5.5%  
 1,948   Acadia Realty Trust    46,908
 1,450   American Assets Trust, Inc.    45,994
 3,077   Brandywine Realty Trust    48,186
 10,109   CBL & Associates Properties, Inc.    46,805
 2,015   Chesapeake Lodging Trust    52,108
 2,473   Columbia Property Trust, Inc.    51,512
 2,577   CoreCivic, Inc.    53,576
 502   CoreSite Realty Corp.    47,113
 6,077   Cousins Properties, Inc.    50,682
 4,856   DiamondRock Hospitality Co.    49,920
 1,572   Education Realty Trust, Inc.    48,952
 1,771   First Industrial Realty Trust, Inc.    49,641
 2,393   GEO Group, Inc.    50,971
 2,772   Kite Realty Group Trust    41,968
 5,708   Lexington Realty Trust    45,436
 1,185   LTC Properties, Inc.    43,786
 2,589   Mack-Cali Realty Corp.    43,728
 14,593   New York REIT, Inc.    31,667
 2,355   Outfront Media, Inc.    48,301
 1,486   Pebblebrook Hotel Trust    50,539
 3,080   Physicians Realty Trust    44,259
 2,746   Piedmont Office Realty Trust, Inc.    49,318
 1,106   Potlatch Corp.    56,572
 1,022   QTS Realty Trust, Inc.    32,980
 1,811   Rayonier, Inc.    61,556
 1,861   Rexford Industrial Realty, Inc.    50,247
 2,613   RLJ Lodging Trust    51,763
 823   Ryman Hospitality Properties, Inc.    56,754
 2,860   Sabra Health Care REIT, Inc.    48,277
 2,218   Select Income REIT    40,301
 1,991   STAG Industrial, Inc.    45,335
 1,716   Washington Real Estate Investment Trust    43,380
 2,554   Xenia Hotels & Resorts, Inc.    50,237
         1,578,772
    RECREATION FACILITIES & SERVICES - 0.4%  
 1,375   International Speedway Corp.    61,875
 4,295   SeaWorld Entertainment, Inc.    62,836
         124,711
    RENEWABLE ENERGY - 0.2%  
 797   Advanced Energy Industries, Inc. *    52,857

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    RETAIL - CONSUMER STAPLES - 1.0%  
 1,097   Big Lots, Inc.    $61,651
 853   Five Below, Inc. *    57,023
 643   PriceSmart, Inc.    50,636
 2,359   Sprouts Farmers Market, Inc. *    60,768
 1,387   Weis Markets, Inc.    51,693
         281,771
    RETAIL - DISCRETIONARY - 3.0%  
 2,838   Builders FirstSource, Inc. *    54,433
 6,604   Chico's FAS, Inc.    66,304
 420   Children's Place, Inc.    59,766
 1,005   Dillard's, Inc.    81,958
 2,651   DSW, Inc.    51,986
 841   FirstCash, Inc.    61,982
 1,833   Genesco, Inc. *    72,037
 2,311   Liberty Interactive Corporation    66,719
 480   Lithia Motors, Inc.    49,867
 1,034   Monro Muffler Brake, Inc.    52,631
 4,665   Party City Holdco, Inc. *    67,409
 571   RH *    48,466
 3,364   Sally Beauty Holdings, Inc. *    56,650
 718   Wayfair, Inc. *    55,587
         845,795
    SEMICONDUCTORS - 3.6%  
 5,599   Amkor Technology, Inc. *    56,270
 2,277   Brooks Automation, Inc.    60,819
 607   Cabot Microelectronics Corp.    61,853
 198   Coherent, Inc. *    41,414
 1,821   Entegris, Inc. *    60,457
 1,266   II-VI, Inc. *    48,741
 1,461   Inphi Corp. *    40,543
 1,870   Integrated Device Technology, Inc. *    56,736
 2,227   MaxLinear, Inc. *    50,620
 907   Mellanox Technologies Ltd. *    62,402
 7,861   Oclaro, Inc. *    56,363
 760   Power Integrations, Inc.    51,072
 3,909   Rambus, Inc. *    49,683
 1,575   Semtech Corp. *    52,999
 635   Silicon Laboratories, Inc. *    59,372
 1,075   Silicon Motion Technology Corp. - ADR    50,385
 1,407   Synaptics, Inc. *    65,383
 2,710   Vishay Intertechnology, Inc.    49,864
 2,411   Xperi Corp.    53,163
         1,028,139
    SOFTWARE - 4.9%  
 869   2U, Inc. *    71,936
 2,374   ACI Worldwide, Inc. *    56,145

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    SOFTWARE (continued) - 4.9%  
 2,064   Acxiom Corp. *    $56,492
 3,885   Allscripts Healthcare Solutions, Inc. *    53,885
 2,686   Box, Inc. *    64,625
 1,069   CommVault Systems, Inc. *    55,641
 1,623   Cornerstone OnDemand, Inc. *    66,543
 1,116   Envestnet, Inc. *    61,492
 4,361   Evolent Health, Inc. *    63,889
 3,925   FireEye, Inc. *    65,116
 626   HubSpot, Inc. *    69,517
 3,794   Inovalon Holdings, Inc. *    45,528
 495   LogMeIn, Inc.    57,197
 448   MicroStrategy, Inc. *    57,335
 954   New Relic, Inc. *    68,478
 1,148   Omnicell, Inc. *    50,110
 700   Paycom Software, Inc. *    69,244
 1,213   Paylocity Holding Corp. *    56,732
 1,167   Pegasystems, Inc.    67,686
 1,361   Progress Software Corp.    63,790
 1,249   RealPage, Inc. *    65,260
 6,153   Synchronoss Technologies, Inc. *    57,469
 1,343   Verint Systems, Inc. *    52,243
         1,396,353
    SPECIALTY FINANCE - 2.2%  
 2,523   Aircastle Ltd.    49,148
 3,018   Apollo Commercial Real Estate Finance, Inc.    55,109
 1,657   Blackhawk Network Holdings, Inc. *    74,151
 3,037   Cardtronics PLC *    67,968
 613   Ellie Mae, Inc. *    54,355
 943   Green Dot Corp. *    61,418
 3,053   Invesco Mortgage Capital, Inc.    46,925
 3,843   MGIC Investment Corp. *    52,995
 3,046   Nationstar Mortgage Holdings, Inc. *    52,147
 1,051   Nelnet, Inc.    58,162
 1,628   PRA Group, Inc. *    62,352
         634,730
    TECHNOLOGY SERVICES - 1.7%  
 406   CACI International, Inc. *    60,514
 2,394   Convergys Corp.    55,565
 921   ExlService Holdings, Inc. *    52,515
 1,123   ManTech International Corp.    63,304
 854   Medidata Solutions, Inc.*    56,074
 3,101   NIC, Inc.    41,864
 2,226   Syntel, Inc. *    59,768
 4,276   Travelport Worldwide Ltd.    60,933
 948   WageWorks, Inc. *    49,723
         500,260

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    TELECOMMUNICATIONS - 1.5%  
 3,952   8x8, Inc. *    $72,124
 1,231   Cogent Communications Holdings, Inc.    52,748
 4,481   Consolidated Communications Holdings, Inc.    51,800
 1,163   RingCentral, Inc. *    72,862
 2,193   Telephone & Data Systems, Inc.    61,492
 1,644   United States Cellular Corp. *    63,442
 5,569   Vonage Holdings Corp. *    56,525
         430,993
    TRANSPORTATION & LOGISTICS - 1.6%  
 1,037   Forward Air Corp.    55,998
 2,450   Heartland Express, Inc.    47,824
 1,224   Hub Group, Inc. *    53,428
 1,306   Knight Transportation, Inc. *    62,897
 572   Landstar System, Inc.    62,234
 1,765   Mobile Mini, Inc.    74,042
 1,403   Navistar International Corp. *    52,360
 1,484   Werner Enterprises, Inc.    55,279
         464,062
    UTILITIES - 3.5%  
 740   ALLETE, Inc.    50,431
 1,004   American States Water Co.    53,332
 1,082   Avista Corp.    51,752
 948   Black Hills Corp.    48,149
 1,302   California Water Service Group    49,411
 963   El Paso Electric Co.    46,802
 1,610   Hawaiian Electric Industries, Inc.    53,066
 860   MGE Energy, Inc.    45,150
 1,350   New Jersey Resources Corp.    51,435
 1,391   NextEra Energy Partners LP    54,583
 858   Northwest Natural Gas Co.    44,745
 963   NorthWestern Corp.    49,190
 3,060   NRG Yield, Inc.    47,889
 750   ONE Gas, Inc.    47,692
 938   Ormat Technologies, Inc.    58,700
 1,243   Otter Tail Corp.    49,471
 2,640   Pattern Energy Group, Inc.    49,025
 1,760   South Jersey Industries, Inc.    46,130
 2,401   Suburban Propane Partners LP    55,463
 4,739   TerraForm Power, Inc. *    54,546
         1,006,962

 

 

Inspire Small/Mid Cap Impact ETF
 PORTFOLIO OF INVESTMENTS (Continued)
February 28, 2018
Shares        Value
    WASTE & ENVIRONMENT SERVICES & EQUIPMENT - 0.8%  
          572   Cantel Medical Corp.    $              66,529
       1,091   Clean Harbors, Inc. *                    54,474
       3,930   Covanta Holding Corp.                    58,754
       1,253   Tetra Tech, Inc.                    61,334
                       241,091
         
    TOTAL COMMON STOCKS (Cost $27,883,736)            28,159,214
         
    TOTAL INVESTMENTS - 98.7% (Cost $27,883,736) (a)  $       28,159,214
    OTHER ASSETS LESS LIABILITIES - 1.3%                383,880
    NET ASSETS - 100.0%    $       28,543,094
         
(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $27,865,447 and differs from value by net unrealized appreciation (depreciation) of securities as follows:
      Unrealized Appreciation:  $            2,795,418
      Unrealized Depreciation              (2,501,651)
      Net Unrealized Appreciation:  $              293,767
         
* Non - Income producing security    
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    

 

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.
 
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 28, 2018 for the Fund’s assets and liabilities measured at fair value:
         
         
Inspire Small/Mid Cap Impact ETF
Assets * Level 1 Level 2 Level 3 Total
Common Stocks  $28,159,214  $                -     $                -     $28,159,214
Total  $28,159,214  $                -     $                -     $28,159,214
         
There were no transfers into or out of Level 1 and Level 2 during the current period presented. It is the Fund’s policy to record transfers into or out of Level 1 and Level 2 at the end of the reporting period.
 
The Fund did not hold any Level 3 securities during the period.

 

 

Inspire Corporate Bond Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)
February 28, 2018
Principal ($)        Value
    CORPORATE BONDS - 97.1%  
    AEROSPACE & DEFENSE - 2.3%  
         207,000   General Dynamics Corp., 3.875% due 7/15/2021  $    214,079
257,000   General Dynamics Corp., 2.250% due 11/15/2022     248,132
         100,000   Harris Corp., 1.999% due 4/27/2018        99,961
           20,000   Harris Corp., 3.832% due 4/27/2025        20,204
         100,000   L3 Technologies, Inc., 4.950% due 2/15/2021      104,410
         100,000   L3 Technologies, Inc., 3.850% due 12/15/2026      99,392
           786,178
    APPAREL & TEXTILE PRODUCTS - 0.6%  
         207,000   VF Corp., 3.500% due 9/1/2021      210,160
         
    AUTO PARTS MANUFACTURING - 0.6%  
         207,000   Aptiv PLC, 4.250% due 1/15/2026      211,869
         
    BANKS - 0.2%  
           69,000   People's United Financial, Inc., 3.650% due 12/6/2022      69,766
         
    BIOTECHNOLOGY - 2.3%  
         207,000   Celgene Corp., 2.250% due 5/15/2019      205,954
         207,000   Celgene Corp., 3.950% due 10/15/2020      212,117
         232,000   Celgene Corp., 3.625% due 5/15/2024      231,608
         125,000   Celgene Corp., 3.875% due 8/15/2025      124,838
           774,517
    CHEMICALS - 3.1%  
         250,000   LyondellBasell Industries NV, 5.000% due 4/15/2019    254,903
         250,000   LyondellBasell Industries NV, 6.000% due 11/15/2021    271,903
         275,000   LyondellBasell Industries NV, 5.750% due 4/15/2024    304,997
         226,000   PPG Industries, Inc., 3.600% due 11/15/2020             230,863
            1,062,666
    CONSUMER FINANCE - 1.6%  
         250,000   Fidelity National Information Services, Inc., 4.500% due 10/15/2022    262,083
         275,000   Fiserv, Inc., 3.500% due 10/1/2022      278,071
           540,154
    CONSUMER SERVICES - 0.2%  
           58,000   Block Financial LLC, 5.500% due 11/1/2022        61,420
         
    CONTAINERS & PACKAGING - 1.8%  
         207,000   Bemis Co., Inc., 6.800% due 8/1/2019      218,427
         275,000   International Paper Co., 3.650% due 6/15/2024    278,260
         125,000   International Paper Co., 3.000% due 2/15/2027    116,941
           613,628
    DEPARTMENT STORES - 0.3%  
         100,000   Kohl's Corp., 4.250% due 7/17/2025      101,751
         
    ELECTRICAL EQUIPMENT MANUFACTURING - 2.8%  
         346,000   Amphenol Corp., 2.550% due 1/30/2019      346,096

 

Inspire Corporate Bond Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Principal ($)        Value
    ELECTRICAL EQUIPMENT MANUFACTURING (continued) - 2.8%  
         207,000   Amphenol Corp., 4.000% due 2/1/2022    $      212,495
         100,000   Roper Technologies, Inc., 2.050% due 10/1/2018      99,763
         184,000   Roper Technologies, Inc., 6.250% due 9/1/2019    193,425
         100,000   Roper Technologies, Inc., 3.800% due 12/15/2026    100,133
           951,912
    EXPLORATION & PRODUCTION - 6.4%  
         332,000   ConocoPhillips Co., 2.400% due 12/15/2022      322,469
         332,000   ConocoPhillips Co., 3.350% due 11/15/2024      330,504
         307,000   EOG Resources, Inc., 5.625% due 6/1/2019      317,608
         100,000   EOG Resources, Inc., 2.450% due 4/1/2020        99,079
         232,000   EOG Resources, Inc., 2.625% due 3/15/2023      224,497
           35,000   EOG Resources, Inc., 4.150% due 1/15/2026        36,234
         115,000   Noble Energy, Inc., 3.900% due 11/15/2024      115,488
         207,000   Occidental Petroleum Corp., 4.100% due 2/1/2021    214,121
         100,000   Occidental Petroleum Corp., 2.600% due 4/15/2022      98,384
         332,000   Occidental Petroleum Corp., 2.700% due 2/15/2023    325,670
         125,000   Occidental Petroleum Corp., 3.400% due 4/15/2026    123,376
         2,207,430
    FINANCIAL SERVICES - 1.1%  
         115,000   Invesco Finance PLC, 4.000% due 1/30/2024      118,644
         215,000   Nasdaq, Inc., 5.550% due 1/15/2020      224,911
           39,000   Nasdaq, Inc., 4.250% due 6/1/2024        40,154
           383,709
    FOOD & BEVERAGE - 2.7%  
         207,000   Dr Pepper Snapple Group, Inc., 3.400% due 11/15/2025    201,328
         100,000   JM Smucker Co., 2.500% due 3/15/2020        99,349
         100,000   JM Smucker Co., 3.500% due 10/15/2021      101,805
         100,000   JM Smucker Co., 3.500% due 3/15/2025        99,422
         206,000   Mead Johnson Nutrition Co., 4.900% due 11/1/2019    212,929
         209,000   Mead Johnson Nutrition Co., 4.125% due 11/15/2025    213,382
           928,215
    HEALTHCARE FACILITIES & SERVICES - 3.8%  
         207,000   AmerisourceBergen Corp., 3.500%  due 11/15/2021    208,516
         232,000   AmerisourceBergen Corp., 3.400% due  5/15/2024    230,833
         207,000   AmerisourceBergen Corp., 3.250% due 3/1/2025    199,527
         284,000   Express Scripts Holding Co., 3.900% due 2/15/2022    289,211
         125,000   Express Scripts Holding Co., 4.500% due 2/25/2026    129,024
         125,000   Express Scripts Holding Co., 3.400% due 3/1/2027    118,651
         111,000   Medco Health Solutions, Inc., 7.125% due 3/15/2018    111,197
         1,286,959
    HOME IMPROVEMENT- 0.5%  
         184,000   Stanley Black & Decker, Inc., 3.400% due 12/1/2021    186,793
         
    INDUSTRIAL OTHER - 0.4%  
         139,000   Fluor Corp., 3.500% due 12/15/2024      139,752
         

 

Inspire Corporate Bond Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Principal ($)        Value
    LIFE INSURANCE - 0.6%  
         184,000   Unum Group, 5.625% due 9/15/2020    $      195,500
         
    MACHINERY MANUFACTURING - 4.2%  
           50,000   Caterpillar Financial Services Corp., 1.300% due  3/1/2018      50,000
         100,000   Caterpillar Financial Services Corp., 2.450% due  9/6/2018    100,146
         192,000   Caterpillar Financial Services Corp., 7.150% due  2/15/2019    200,319
         207,000   Dover Corp., 4.300% due 3/1/2021      215,299
         215,000   Illinois Tool Works, Inc., 1.950% due 3/1/2019    214,006
         285,000   Illinois Tool Works, Inc., 6.250% due 4/1/2019    295,934
         115,000   John Deere Capital Corp., 1.950% due 3/4/2019    114,471
         232,000   Parker-Hannifin Corp., 3.300% due 11/21/2024    231,000
           20,000   Pentair Finance SA, 2.650% due 12/1/2019        19,850
         1,441,025
    MASS MERCHANTS - 0.6%  
         192,000   Costco Wholesale Corporation, 1.700% due 12/15/2019    188,796
         
    MEDICAL EQUIPMENT & DEVICES MANUFACTURING - 3.2%  
         100,000   Stryker Corporation, 1.300% due 4/1/2018        99,941
         115,000   Stryker Corporation, 2.000% due 3/8/2019      114,340
         257,000   Stryker Corporation, 4.375% due 1/15/2020      265,153
         100,000   Stryker Corporation, 2.625% due 3/15/2021        99,033
         232,000   Stryker Corporation, 3.375% due 11/1/2025      229,375
         125,000   Stryker Corporation, 3.500% due 3/15/2026      124,983
           42,000   Zimmer Biomet Holdings, Inc., 4.625% due 11/30/2019      43,303
         125,000   Zimmer Biomet Holdings, Inc., 3.550% due 4/01/2025    121,413
         1,097,541
    METALS & MINING - 0.7%  
         247,000   Newmont Mining Corp., 5.125% due 10/1/2019    255,170
         
    OIL & GAS SERVICES & EQUIPMENT - 1.9%  
         110,000   Halliburton Co., 2.000% due 8/1/2018      109,789
         232,000   Halliburton Co., 3.800% due 11/15/2025      232,515
         332,000   National Oilwell Varco, Inc., 2.600% due 12/1/2022    317,946
           660,250
    PHARMACEUTICALS - 2.5%  
         100,000   AbbVie, Inc., 1.800% due 5/14/2018        99,942
         100,000   AbbVie, Inc., 2.000% due 11/6/2018        99,705
         115,000   AbbVie, Inc., 2.300% due 5/14/2021      112,274
         115,000   AbbVie, Inc., 2.850% due 5/14/2023      111,625
         125,000   AbbVie, Inc., 3.600% due 5/14/2025      123,817
         332,000   AbbVie, Inc., 3.200% due 5/14/2026      317,562
           864,925
    PIPELINE - 3.8%  
           40,000   Kinder Morgan Energy Partners LP, 9.000% due 2/1/2019      42,226
           65,000   Kinder Morgan Energy Partners LP, 6.850% due 2/15/2020      69,557
         140,000   Kinder Morgan Energy Partners LP, 5.300% due  9/15/2020    146,899

 

Inspire Corporate Bond Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Principal ($)        Value
    PIPELINE (continued) - 3.8%  
         100,000   Kinder Morgan Energy Partners LP, 3.950% due 9/1/2022  $      101,532
           39,000   Kinder Morgan Energy Partners LP, 4.300% due 5/1/2024      39,691
         125,000   Kinder Morgan, Inc.,  4.300% due 6/1/2025      126,326
         232,000   ONEOK Partners LP, 4.900% due 3/15/2025      244,122
         207,000   Williams Partners LP, 5.250% due 3/15/2020      215,917
         100,000   Williams Partners LP, 3.350% due 8/15/2022        99,133
         125,000   Williams Partners LP, 4.300% due 3/4/2024      128,288
           60,000   Williams Partners LP, 3.900% due 1/15/2025        59,641
           45,000   Williams Partners LP, 4.000% due 9/15/2025        44,932
         1,318,264
    RAILROAD - 3.8%  
         110,000   Norfolk Southern Corp., 3.250% due 12/1/2021    110,905
         207,000   Norfolk Southern Corp., 3.000% due 4/1/2022    206,506
         117,000   Norfolk Southern Corp., 3.850% due 1/15/2024    120,173
           40,000   Norfolk Southern Corp., 2.900% due 6/15/2026      37,897
         307,000   Union Pacific Corp., 4.000% due 2/1/2021      316,778
         232,000   Union Pacific Corp., 3.646% due 2/15/2024      237,773
           45,000   Union Pacific Corp., 3.750% due 3/15/2024        46,298
         125,000   Union Pacific Corp., 2.750% due 3/1/2026      119,309
         125,000   Union Pacific Corp., 3.000% due 4/15/2027      120,932
         1,316,571
    REAL ESTATE - 16.3%  
         263,000   American Tower Corp., 3.400% due 2/15/2019    264,332
         100,000   American Tower Corp., 3.125% due 1/15/2027      92,835
         207,000   AvalonBay Communities, Inc., 2.950% due 9/15/2022    204,948
           40,000   AvalonBay Communities, Inc., 2.850% due 3/15/2023      39,240
           74,000   Boston Properties LP, 5.875% due 10/15/2019      77,277
           35,000   Boston Properties LP, 5.625% due 11/15/2020      37,335
         307,000   Boston Properties LP, 4.125% due 5/15/2021      316,960
         100,000   Boston Properties LP, 2.750% due 10/1/2026        92,705
         207,000   CC Holdings GS V LLC, 3.849% due 4/15/2023    208,774
         100,000   Crown Castle International Corp., 5.250% due 1/15/2023    107,277
         142,000   ERP Operating LP, 4.625% due 12/15/2021      149,789
         184,000   ERP Operating LP, 3.000% due 4/15/2023      182,954
         161,000   HCP, Inc., 3.750% due 2/1/2019      162,114
           43,000   HCP, Inc., 4.000% due 12/1/2022        44,294
         207,000   Kimco Realty Corp., 3.400% due 11/1/2022      207,833
         100,000   Kimco Realty Corp., 2.700% due 3/1/2024        94,495
         207,000   Prologis LP, 4.250% due 8/15/2023      216,691
         207,000   Prologis LP, 3.750% due 11/1/2025      210,836
         100,000   Simon Property Group LP, 2.200% due 2/1/2019      99,712
         100,000   Simon Property Group LP, 4.375% due 3/1/2021    103,865
         207,000   Simon Property Group LP, 2.500% due 7/15/2021    204,390
         279,000   Simon Property Group LP, 4.125% due 12/1/2021    289,087
         207,000   Simon Property Group LP, 2.750% due 2/1/2023    202,821
         192,000   Simon Property Group LP, 3.750% due 2/1/2024    195,876

 

Inspire Corporate Bond Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Principal ($)        Value
    REAL ESTATE (continued) - 16.3%  
         307,000   Ventas Realty LP, 4.250% due 3/1/2022    $      316,514
         207,000   Ventas Realty LP, 3.750% due 5/1/2024      208,160
         207,000   Ventas Realty LP, 3.500% due 2/1/2025      203,289
           10,000   Ventas Realty LP, 4.125% due 1/15/2026        10,112
         115,000   Ventas Realty LP, 3.250% due 10/15/2026      108,927
         207,000   Welltower, Inc., 4.125% due 4/1/2019      209,326
         100,000   Welltower, Inc., 6.125% due 4/15/2020      106,829
         207,000   Welltower, Inc., 4.950% due 1/15/2021      216,492
         207,000   Welltower, Inc., 4.500% due 1/15/2024      215,603
         207,000   Welltower, Inc., 4.000% due 6/1/2025      209,078
         5,610,770
    REFINING & MARKETING - 4.0%  
         244,000   Marathon Petroleum Corp., 2.700% 12/14/2018    244,696
         232,000   Marathon Petroleum Corp., 3.625% due 9/15/2024    231,304
         307,000   Phillips 66, 4.300% due 4/1/2022      319,034
         207,000   Valero Energy Corp., 9.375% due 3/15/2019      220,999
         307,000   Valero Energy Corp., 6.125% due 2/1/2020      325,826
           35,000   Valero Energy Corp., 3.400% due 9/15/2026        33,490
         1,375,349
    RETAIL - CONSUMER DISCRETIONARY - 6.2%  
         142,000   AutoZone, Inc., 4.000% due 11/15/2020      146,031
           50,000   AutoZone, Inc., 2.500% due 4/15/2021        49,114
         232,000   AutoZone, Inc., 3.125% due 7/15/2023      228,402
         125,000   AutoZone, Inc., 3.750% due 6/1/2027      122,723
         307,000   Lowe's Companies, Inc., 4.625% due 4/15/2020    316,881
         184,000   Lowe's Companies, Inc., 3.750% due 4/15/2021    188,883
         207,000   Lowe's Companies, Inc., 3.800% due 11/15/2021    213,189
         207,000   Lowe's Companies, Inc., 3.120% due 4/15/2022    207,625
         232,000   Lowe's Companies, Inc., 3.125% due 9/15/2024    228,447
         145,000   Lowe's Companies, Inc., 3.375% due 9/15/2025    142,811
         125,000   Lowe's Companies, Inc., 2.500% due 4/15/2026    115,457
         125,000   Lowe's Companies, Inc., 3.100% due 5/3/2027    119,742
           44,000   O'Reilly Automotive, Inc., 4.875% due 1/14/2021      45,975
         2,125,280
    RETAIL - CONSUMER STAPLES - 1.8%  
         207,000   Sysco Corp., 2.600% due 6/12/2022      201,525
         207,000   Sysco Corp., 3.750% due 10/1/2025      209,343
         100,000   Sysco Corp., 3.300% due 7/15/2026        97,328
         100,000   Sysco Corp., 3.250% due 7/15/2027        96,486
           604,682
    SEMICONDUCTORS - 2.9%  
         232,000   Analog Devices, Inc., 3.900% due 12/15/2025      235,313
         457,000   Broadcom Corp., 2.375% due 1/15/2020      451,593
         200,000   Broadcom Corp., 3.875% due 1/15/2027      192,119
         115,000   Lam Research Corp., 3.800% due 3/15/2025      116,868
           995,893

 

Inspire Corporate Bond Impact ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Principal ($)        Value
    UTILITIES - 13.9%  
      184,000   CenterPoint Energy Resources Corp., 4.500% due 1/15/2021  $      190,455
      100,000   Dominion Energy, Inc., 6.400% due 6/15/2018    101,150
      111,000   Dominion Energy, Inc., 1.900% due 6/15/2018    110,889
      250,000   Dominion Energy, Inc., 1.875% due 1/15/2019    248,677
      250,000   Dominion Energy, Inc., 2.962% due 7/1/2019 +    250,392
      207,000   Dominion Energy, Inc., 5.200% due 8/15/2019    213,964
      100,000   Dominion Energy, Inc., 2.579% due 7/1/2020        98,850
      250,000   Dominion Energy, Inc., 4.450% due 3/15/2021    258,826
      252,000   Dominion Energy, Inc., 3.625% due 12/1/2024    252,092
      232,000   Dominion Energy, Inc., 3.900% due 10/1/2025    235,028
      207,000   Entergy Texas, Inc., 7.125% due 2/1/2019      215,101
        70,000   Kentucky Utilities Co., 3.300% due 10/1/2025      68,798
      207,000   NiSource Finance Corp., 6.800% due 1/15/2019    214,149
      125,000   NiSource Finance Corp., 3.490% due 5/15/2027    122,173
      207,000   NSTAR Electric Co., 2.375% due 10/15/2022      200,354
      207,000   PPL Capital Funding, Inc., 4.200% due 6/15/2022    215,006
      275,000   PPL Capital Funding, Inc., 3.500% due 12/1/2022    276,578
      207,000   PPL Electric Utilities Corp., 3.000% due 9/15/2021    207,752
        10,000   PPL Electric Utilities Corp., 2.500% due 9/1/2022        9,742
      307,000   Public Service Co of Colorado, 5.125% due 6/1/2019    316,467
      207,000   Public Service Co of Colorado, 3.200% due 11/15/2020    209,440
      232,000   Virginia Electric & Power Co., 2.750% due 3/15/2023    227,121
      100,000   WEC Energy Group, Inc., 1.650% due 6/15/2018      99,824
      232,000   WEC Energy Group, Inc., 3.550% due 6/15/2025    232,508
      207,000   Xcel Energy, Inc., 4.700% due 5/15/2020      213,398
         4,788,734
         
    TOTAL CORPORATE BONDS (Cost $33,900,929)          33,355,629
       
    TOTAL INVESTMENTS - 97.1% (Cost $33,900,929) (a)  $     33,355,629
    OTHER ASSETS LESS LIABILITIES - 2.9%  1,005,118
    NET ASSETS - 100.0%    $     34,360,747
         
(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $33,900,929 and differs
     from value by net unrealized appreciation (depreciation) of securities as follows:
      Unrealized Appreciation:  $                  2,820
      Unrealized Depreciation     (548,120)
      Net Unrealized Depreciation:  $             (545,300)
         
NV - Naamloze vennootschap    
LLC - Limited Liability Company    
LP - Limited Partnership    
PLC - Public Limited Company    
+ Step Coupon    
         

 

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.
 
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.
d
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with in those securities. The following table summarizes the inputs used as of February 28, 2018 for the Fund’[s assets and liabilities measured at fair value:
         
Inspire Corporate Bond Impact ETF
Assets * Level 1 Level 2 Level 3 Total
Corporate Bonds  $                -     $33,355,629  $                -     $33,355,629
Total  $                -     $33,355,629  $                -     $33,355,629
         
There were no transfers into or out of Level 1 and Level 2 during the current period presented. It is the Fund’s policy to record transfers into or out of Level 1 and Level 2 at the end of the reporting period.
 
The Fund did not hold any Level 3 securities during the period.
         

 

 

Inspire 100 ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)
February 28, 2018
 
Shares       Value
    COMMON STOCKS - 98.8%  
    AEROSPACE & DEFENSE - 3.2%  
 1,064   General Dynamics Corp.    $236,687
 406   Harris Corp.    63,397
 152   Huntington Ingalls Industries, Inc.    39,825
         339,909
    ASSET MANAGEMENT - 1.0%  
 1,786   TD Ameritrade Holding Corp.    102,695
         
    AUTOMOTIVE - 2.8%  
 1,084   Aptiv PLC    99,002
 590   Tesla, Inc. *    202,405
         301,407
    BANKING - 0.4%    
          156   SVB Financial Group *   38,841
         
    BIOTECHNOLOGY & PHARMACEUTICAL - 9.6%  
       5,522   AbbVie, Inc.             639,613
          882   Alexion Pharmaceuticals, Inc. *             103,591
          407   Regeneron Pharmaceuticals, Inc. *             130,419
          899   Vertex Pharmaceuticals, Inc. *             149,261
               1,022,884
    CHEMICALS - 0.7%  
          368   Albemarle Corp.   36,958
          266   International Flavors & Fragrances, Inc.   37,573
        74,531
    COMMERCIAL SERVICES - 1.8%  
          362   Cintas Corp.   61,779
          988   Ecolab, Inc.             128,885
                  190,664
    CONSTRUCTION MATERIALS - 0.9%  
          200   Martin Marietta Materials, Inc.   40,786
          432   Vulcan Materials Co.   50,859
        91,645
    CONSUMER PRODUCTS - 2.0%  
          624   Dr Pepper Snapple Group, Inc.   72,540
          440   McCormick & Co., Inc.   46,983
       1,196   Tyson Foods, Inc.   88,958
                  208,481
    CONTAINERS & PACKAGING - 1.3%  
       1,400   International Paper Co.   83,426
          830   WestRock Co.   54,581
                  138,007
    DISTRIBUTORS - CONSUMER STAPLES - 1.0%  
       1,744   Sysco Corp.             104,030
         
         

 

Inspire 100 ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    ELECTRICAL EQUIPMENT - 10.3%  
          772   AMETEK, Inc.    $         58,471
       1,046   Amphenol Corp.   95,594
          588   AO Smith Corp.   37,744
       1,508   Eaton Corp PLC             121,696
       2,126   Emerson Electric Co.             151,073
       2,560   Honeywell International, Inc.             386,842
       3,176   Johnson Controls International PLC             117,099
       1,176   TE Connectivity Ltd.             121,234
               1,089,753
    HARDWARE - 2.5%  
          624   Garmin Ltd.   36,966
       1,368   Juniper Networks, Inc.   35,103
          904   NetApp, Inc.   54,737
          896   Seagate Technology PLC   47,846
          992   Western Digital Corp.   86,344
                  260,996
    HEALTH CARE FACILITIES & SERVICES - 3.3%  
          753   AmerisourceBergen Corp.   71,655
          588   Centene Corp. *   59,635
          596   DaVita, Inc. *   42,924
       1,898   Express Scripts Holding Co. *             143,204
          548   Henry Schein, Inc. *   36,272
                  353,690
    HOME & OFFICE PRODUCTS - 1.0%  
          186   Snap-on, Inc.   29,615
          510   Stanley Black & Decker, Inc.   81,187
                  110,802
    INDUSTRIAL SERVICES - 0.5%  
          288   United Rentals, Inc. *   50,426
         
    INSTITUTIONAL FINANCIAL SERVICES - 0.5%  
          592   Nasdaq, Inc.   47,804
         
    INSURANCE - 1.1%  
       1,352   Aflac, Inc.             120,166
         
    IRON & STEEL - 0.6%  
       1,050   Nucor Corp.   68,670
         
    MACHINERY - 5.4%  
       1,080   Deere & Co.             173,740
          528   Dover Corp.   52,853
       1,148   Illinois Tool Works, Inc.             185,333
          440   Parker-Hannifin Corp.   78,527
          610   Pentair PLC   41,901
         

 

Inspire 100 ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    MACHINERY (continued) - 5.4%  
          610   Xylem, Inc.    $         45,494
                  577,848
    MEDICAL EQUIPMENT & DEVICES - 1.8%  
       1,084   Agilent Technologies, Inc.   74,352
          492   Illumina, Inc. *             112,186
                  186,538
    METALS & MINING - 0.7%  
       1,860   Newmont Mining Corp.   71,052
         
    OIL, GAS & COAL - 8.4%  
          814   Cheniere Energy, Inc. *   42,751
       4,130   ConocoPhillips             224,300
       3,140   Halliburton Co.             145,759
          594   Pioneer Natural Resources Co.             101,117
       5,086   Schlumberger Ltd.             333,845
       1,610   TechnipFMC PLC *   46,400
                  894,172
    REAL ESTATE - 8.3%  
       1,444   American Tower Corp.             201,193
       1,348   Crown Castle International Corp.             148,361
          264   Equinix, Inc.             103,514
       1,258   Equity Residential   70,737
          261   Federal Realty Investment Trust   29,738
       1,812   Prologis, Inc.             109,952
       1,164   Simon Property Group, Inc.             178,686
          368   SL Green Realty Corp.   35,667
                  877,848
    RETAIL - DISCRETIONARY - 2.4%  
       2,902   Lowe's Cos, Inc.             259,990
         
    SEMICONDUCTORS - 7.6%  
       1,242   Analog Devices, Inc.             111,966
       3,573   Micron Technology, Inc. *             174,398
       1,902   NVIDIA Corp.             460,284
          852   Xilinx, Inc.   60,705
                  807,353
    SOFTWARE - 2.0%  
          498   Citrix Systems, Inc. *   45,816
          314   Palo Alto Networks, Inc. *   54,438
          500   Synopsys, Inc. *   42,335
          708   Workday, Inc. *   89,682
                  232,271
    SPECIALTY FINANCE - 1.8%  
          710   Fiserv, Inc. *             101,807
       2,594   Synchrony Financial   94,396
                  196,203

 

Inspire 100 ETF
 PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
February 28, 2018
Shares       Value
    TECHNOLOGY SERVICES - 3.5%  
       1,826   Cognizant Technology Solutions Corp.    $       149,769
          416   Equifax, Inc.   47,008
          304   Gartner, Inc. *   34,477
       1,216   Paychex, Inc.   79,198
          552   Verisk Analytics, Inc. *   56,409
                  366,861
    TRANSPORTATION & LOGISTICS - 3.7%  
          368   JB Hunt Transport Services, Inc.   43,634
       2,722   Union Pacific Corp.             354,540
                  398,174
    TRANSPORTATION EQUIPMENT - 0.8%  
       1,232   PACCAR, Inc.   88,199
         
    UTILITIES - 6.0%  
          770   Alliant Energy Corp.   29,760
       1,656   American Electric Power Co., Inc.             108,600
          584   American Water Works Co., Inc.   46,346
       1,460   CenterPoint Energy, Inc.   39,493
       2,140   Dominion Energy, Inc.             158,510
          576   Entergy Corp.   43,672
       1,070   Eversource Energy   60,990
       1,706   Public Service Enterprise Group, Inc.   82,622
       1,046   WEC Energy Group, Inc.   62,676
                  632,669
    WASTE & ENVIRONMENT SERVICES & EQUIPMENT - 1.9%  
       1,132   Republic Services, Inc.   76,048
       1,424   Waste Management, Inc.             122,919
                  198,967
         
    TOTAL COMMON STOCKS (Cost $10,251,797)      10,503,546
         
    TOTAL INVESTMENTS - 98.8% (Cost $10,251,797) (a)  $  10,503,546
    OTHER ASSETS LESS LIABILITIES - 1.2%           124,808
    NET ASSETS - 100.0%    $  10,628,354
         
(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $10,251,457 and differs
     from value by net unrealized appreciation (depreciation) of securities as follows:
      Unrealized Appreciation:  $         467,017
      Unrealized Depreciation            (214,928)
      Net Unrealized Appreciation:  $         252,089
         
*   Non-Income producing security.    
PLC - Public Limited Company    
         
         
         
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.
         
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 28, 2018 for the Fund’s assets and liabilities measured at fair value:
         
         
Inspire 100 ETF
Assets * Level 1 Level 2 Level 3 Total
Common Stocks  $10,503,546  $                  -     $                  -     $10,503,546
Total  $10,503,546  $                  -     $                  -     $10,503,546
         
There were no transfers into or out of Level 1 and Level 2 during the current period presented. It is the Fund’s policy to record transfers into or out of Level 1 and Level 2 at the end of the reporting period.
 
The Fund did not hold any Level 3 securities during the period.

 

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

 

By

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

 

Date 4/27/18

 

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

 

By

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

 

Date 4/27/18

 

By

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

 

Date 4/27/18