Form N-CSR Northern Lights Fund For: May 31



News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.


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

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-23066

 

Northern Lights Fund Trust IV

(Exact name of registrant as specified
in charter)

 

225 Pictoria Drive, Suite 450 Cincinnati, OH 45246

(Address of principal executive offices) (Zip
code)

 

Jen Farrell, Gemini Fund Services, LLC.

80 Arkay Drive, Hauppauge, NY 11788

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 631-470-2600

 

Date of fiscal year end: 5/31

 

Date of reporting period: 5/31/21

 

Item 1. Reports to Stockholders.

 

 

 

 

 

STERLING
CAPITAL FOCUS EQUITY ETF 

LCG

  

 

 

Annual
Report 

May
31, 2021

  

 

 

 

 

 

1-888-637-7798 

www.sterlingcapital.com/etf

 

 

  

 

 

 

 

 

 

 

 

This
report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized
for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be
considered an offer of sale or solicitation of an offer to buy shares of the Sterling Capital Focus Equity ETF. Such offering is made
only by prospectus, which includes details as to offering price and other material information. 

 

Distributed
by Northern Lights Distributors LLC 

Member
FINRA

Investment
Strategy

 

The
Focus Equity ETF seeks to outperform the Russell 1000® Growth Index with a concentrated portfolio consisting of 15 to 30 stocks.
We utilize a bottom-up fundamental investment process to select stocks in companies that fit within our “Four M” framework.

 

More
specifically, we seek equity investment opportunities with the following fundamental attributes:

 

1. Markets
that are large and/or growing, and that provide companies with visible organic reinvestment
opportunities;

 

2. Business
Models that support our investment pillars, which include growth, profitability,
and financial health attributes;

 

3. Management
teams who generate results, and have ownership incentives aligned with our own, whether
as a founder or significant stockholder; and

 

4. Tangible
business Momentum that validates our investment thesis.

 

Period
Performance

 

The
Focus Equity ETF returned +10.32% in fiscal year 2021, which is comprised of the period from inception (08.26.2020) through 05.31.2021.
This performance is compared to a 14.0% return for the Russell 1000® Growth Index over the same time period. On a sector basis, we
estimate that we attained positive attribution from a combination of sector allocation and stock selection in the Healthcare and Industrials
sectors. The main source of underperformance in the period was primarily stock selection in the Information Technology sector and, secondarily,
in Financials.

 

Our
top sources of positive attribution in the portfolio were primarily driven by unique factors, in our view. For example, IDEXX Laboratories
drove +168 basis points of positive attribution over the performance period, driven by increases in both consumer pet ownership and in
the frequency of IDEXX lab services utilized by existing pet owners. HEICO drove +151 basis points of positive attribution in anticipation
of a recovery in consumer and business travel that we believe should help the company’s aerospace parts business. Old Dominion
added +66 basis points of positive attribution, and we believe the company’s freight services also benefit from rising e-commerce
adoption.

  

As
for negative attributors, we note that, within Information Technology, four of our five stocks with the largest negative attribution
(Coupa Software, Adobe, Unity Software, and Okta) were Software-as -a-Service (SaaS) companies. Combined, these holdings drove 256 basis
points of portfolio attribution headwind versus our primary benchmark. While company fundamentals in these holdings remain strong in
our view, we believe the rising interest rate environment thus far in 2021 created a style-factor headwind on performance. Our investment
thesis on each of these holdings is long-term in nature and is not contingent on short-term interest rate fluctuations. We believe our
SaaS exposures continue to offer the potential for attractive upside, driven by the opportunity to produce above-average, durable, organic
revenue growth and, in turn, attractive long-term earnings potential.

 

As
for other key sources of negative attribution in the Focus Equity ETF portfolio, we regard them as largely idiosyncratic. Among them
is Information Technology holding Mastercard, which drove 96 basis points of negative portfolio attribution. Although the stock rose
+3.1% for the period, it fell well short of the Russell 1000® Growth Index’s return of +14.0%. We believe recovery was comparatively
slow for cross-border transactions, a key profit driver for Mastercard, when compared to general consumer and business travel, but we
also view a recovery in travel as a key opportunity for the stock on a go-forward basis. Other idiosyncratic sources of relative underperformance
in the period were Kinsale Capital (-78 basis points in attribution), which was sold from the portfolio, and CoStar Group ( -61 basis
points in attribution), whose failed bid to acquire CoreLogic in March 2021 caused stock volatility that has since resolved.

 

Investment
Changes

 

From
inception through 05.31.2021, we added eight new positions (Atlassian, Carvana, Casella, MarketAxess, ServiceNow, Shopify, Twilio, and
Unity Software) and sold six positions (Adobe, Apollo, Brookfield, Guidewire, Kinsale, and Verisk).

 

We
added exposure to the real-time 3D gaming market via Unity Software, which enables its 1.4 million developers to leverage one
neutral set of tools to create, deploy, and monetize graphical effects across a variety of gaming industry platforms. The company estimates
that more than 70% of the top 1,000 mobile game titles are designed on its platform. We like Unity Software’s primary end market,
since gaming continues to take share from all other forms of entertainment, including television, film, radio, and live performances.

 

We
added e-commerce growth exposure via Shopify, whose small and mid-size business (or SMB) marketplace has already grown its aggregate
client retail dollar share larger than that of the e-commerce share of large peers such as 

Walmart.
The business enjoyed pandemic-fueled tailwinds, and now the platform is building out its payment, order fulfillment, and lending services
which we think have staying power to create a powerful network effect. We believe e-commerce adoption remains elevated, and Shopify is
now growing its presence with larger merchants, which monetize at higher rates.

 

We
added Carvana, a name that is emblematic of our holdings. We view the company as a business disruptor in the automotive dealership
market, which we estimate is quite large at more than $1 trillion in sales, or 20% of the U.S. retail economy. This market is also quite
fragmented, by our estimate, as the largest domestic used car dealer still has just 1.9% market share. Carvana executes its digital playbook
to upend the traditional used car sales model, creating a new way to buy cars, leveraging its proprietary logistics network to become
the second-largest used auto retailer in just eight years, and still maintaining its position as the fastest-growing company in the industry.

 

We
invested in digitizing workflows via our new positions in Atlassian, ServiceNow, Twilio, and MarketAxess. We believe
chief information officers across industries are learning that digital transformation is just a buzzword, unless it is accompanied by
the implementation of high-functioning software tools. To this end, we believe Atlassian and ServiceNow are both key platforms that allow
software engineers to drive transformation, and both are well-positioned market share gainers in their key end markets. For Twillio,
the digitization theme focuses on helping various service providers automate communications between themselves and customers. Examples
of this dynamic include the messaging, call, and email automation underlying key digital services such as WhatsApp and Uber. Finally,
MarketAxess, is digitizing a yet-different type of workflow – bond trading. More specifically, whereas asset owners and dealers
are rapidly moving off telephones to transact, MarketAxess is one of the leading electronic platforms enabling, for example, anonymous
open-trading.

 

Finally,
we added exposure to environmental services via Casella – a regional, vertically-integrated solid waste services company. The
management team revamped the operating model to create a waste services platform poised for growth, and the path forward via both organic
expansion and M&A is clear and attractive, in our view.

 

Manager
Discussion

 

From
inception through 05.31.2021, the U.S. five-year Treasury yield more than doubled, climbing from 29 basis points (bps) to 80 bps. Historically
speaking, equity valuations typically fall when bond yields rise (since those yields inform discount rates for valuation modeling), and
this higher yield modestly reduces the value of a dollar discounted back five years (our typical planning horizon). That modest valuation
haircut is important to keep in context when considering the Focus Equity ETF’s SaaS exposures which, as described above, were
material detractors in portfolio performance during our fiscal year.

 

We
acknowledge that it is possible that these more-severe interest rate and inflation assumptions are warranted. However, when we combine
the previous data with additional empirical evidence that shows the market’s historically poor track record of predicting future
interest rate levels/direction1, we take the valuation backdrop – particularly as it applies to the Focus Equity ETF’s
SaaS exposures – in stride. Over longer periods of time, we believe business strength should outweigh shorter-term trading sentiment
and market valuations should ultimately reflect fundamental quality. In summary, we believe certain market prices, when informed by inputs
with a history of questionable accuracy, are better defined over a longer investment horizon by durable business strength. We are positioned
for the longer horizon in the Focus Equity ETF.

 

We
believe software will be the fastest-growing segment of the ~$1 trillion dollar market for global IT spending in the coming years. And
much like IBM mainframes gave way to Microsoft’s PCs and servers, and Siebel Systems’ CRM was disrupted by Salesforce, there’s
a generational shift in technology architecture occurring today in the cloud. We believe our SaaS positions represent a collection of
franchises well-positioned to capitalize on key IT spending trends, as enterprises rapidly reallocate resources toward cloud-enabled
technologies. We believe it’s unlikely that short-term interest rate market dynamics will meaningfully push this longer-term technology
migration off course.

 

We
close with a reminder that, as the founder-led company descriptions above attest, we continue to value innovators with ownership mindsets.
To that end, it’s important to reemphasize that the Focus Equity ETF remains the largest family investment for both your lead and
associate portfolio managers. Put simply, we eat our own cooking and are strongly incentivized to continuously protect and grow your
Focus Equity ETF investment.

 

Thanks
for your trust and investment in the Focus Equity ETF. 

 

1 JP
Morgan analysis, https://www.bloomberg.com/news/articles/2021-03-25/history-says-bond-traders-are-terrible-at-timing-fed-liftoff?sref=qY9Fpdgs.

Focus
Equity Team: 

Lead
Manager Portfolio Colin R. Ducharme, CFA® 

Associate
Portfolio Manager Jeremy M. Lopez, CFA®

 

The
securities described are neither a recommendation nor a solicitation. Security information is being obtained from resources the firm
believes to be accurate, but no warrant is made as to the accuracy or completeness of the information.

 

The
Chartered Financial Analyst® (CFA) charter is a graduate-level investment credential awarded by the CFA Institute —
the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour
examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit
to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.

 

Performance
is compared to an index, however, the volatility of an index varies greatly. Indices are unmanaged and investments cannot be made directly
in an index.

 

The
Russell 1000® Growth Index
measures the performance of the large-cap growth segment of the U.S. equity universe. It includes
those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Growth
Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely reconstituted
annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.
Investors cannot invest directly in an index.

 

Past
performance is not indicative of future results. Any type of investing involves risk and there are no guarantees.

 

The
opinions contained in the preceding commentary reflect those of Sterling Capital Management LLC, and not those of Truist Financial Corporation
or its executives. The stated opinions are for general information only and are educational in nature. These opinions are not meant to
be predictions or an offer of individual or personalized investment advice. They are not intended as an offer or solicitation with respect
to the purchase or sale of any security. This information and these opinions are subject to change without notice. All opinions and information
herein have been obtained or derived from sources believed to be reliable. Any type of investing involves risk and there are no guarantees.
Sterling Capital Management LLC does not assume liability for any loss which may result from the reliance by any person upon such information
or opinions.

 

Investment
advisory services are available through Sterling Capital Management LLC, a separate subsidiary of Truist Financial Corporation. Sterling
Capital Management LLC manages customized investment portfolios, provides asset allocation analysis and offers other investment-related
services to affluent individuals and businesses. Securities and other investments held in investment management or investment advisory
accounts at Sterling Capital Management LLC are not deposits or other obligations of Truist Financial Corporation, Truist Bank or any
affiliate, are not guaranteed by Truist Bank or any other bank, are not insured by the FDIC or any other federal government agency, and
are subject to investment risk, including possible loss of principal invested.

 

Sterling
Capital does not provide tax or legal advice. You should consult with your individual tax or legal professional before taking any action
that may have tax or legal implications.

 

3128-NLD-06/28/2021

Sterling
Capital Focus Equity ETF
 

PORTFOLIO
REVIEW (Unaudited)

May
31, 2021

 

The
Fund’s performance figures* for the period ended May 31, 2021, compared to its benchmark:

 

    Average
Annual
Fund/Index   Since
Inception** –
 
  May
31, 2021
Sterling
Capital Focus Equity ETF
  10.32%
Sterling
Capital Focus Equity ETF – Market Price
10.40%
Russell
1000 Growth Index ***
  14.00%

 

Comparison
of Change in Value of $10,000 Investment

 

 

Performance
figures include the change in value of the stocks in the index and the reinvestment of dividends. The index returns do not reflect expenses,
which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of Fund shares. Beginning November 2, 2020, market price returns are calculated using the closing
price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint
price and accounted for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally
determined for most funds). The total operating expense ratio, as stated in the fee table in the Fund’s Prospectus dated August 21, 2020,
is 0.59%. For performance information current to the most recent month-end table, please call 1-888-637-7798. THE FUND’S RETURNS REPRESENT
PAST PERFORMANCE AND ARE NOT PREDICTIVE OF FUTURE RESULTS.

  

* Performance
data quoted is historical.

 

** Inception
date is August 26, 2020.

  

*** The
Russell 1000 Growth Index measures the performance of the large-cap growth segment of the
U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book
ratios and higher forecasted growth values. You cannot invest directly in an index.

 

Please
refer to the Portfolio of Investments in this annual report for a detailed listing of the Fund’s holdings. 

Sterling
Capital Focus Equity ETF 

PORTFOLIO
REVIEW (Unaudited) (Continued)

May
31, 2021

 

Portfolio
Composition as of May 31, 2021 

 

Sectors   % of Net Assets  
IT Services     21.7 %
Software     18.6 %
Capital Markets     12.8 %
Health Care Equipment & Supplies     7.7 %
Professional Services     7.0 %
Aerospace & Defense     6.4 %
Interactive Media & Services     4.7 %
Road & Rail     4.7 %
Commercial Services & Supplies     4.1 %
Internet & Catalog Retail     3.8 %
Health Care Technology     3.7 %
Diversified Financial Services     3.4 %
Specialty Retail     1.3 %
Other Assets Less Liabilities     0.1 %
      100.0 %

 

Please
refer to the Portfolio of Investments in this annual report for a detailed listing of the Fund’s holdings.

Sterling
Capital Focus Equity ETF
PORTFOLIO
OF INVESTMENTS
May
31, 2021

  

Shares         Fair Value  
        COMMON STOCK – 99.9%        
        AEROSPACE & DEFENSE – 6.4%        
  10,354     HEICO Corp. – Class A   $ 1,371,491  
                 
        CAPITAL MARKETS – 12.8%        
  2,998     Moody’s Corp.     1,005,379  
  4,593     S&P Global, Inc.     1,742,906  
              2,748,285  
        COMMERCIAL SERVICES & SUPPLIES – 4.1%        
  12,976     Casella Waste Systems, Inc. – Class A *     874,972  
                 
        DIVERSIFIED FINANCIAL SERVICES – 3.4%        
  774     MarketAxess Holdings, Inc.     361,102  
  775     MSCI, Inc.     362,801  
              723,903  
        HEALTH CARE EQUIPMENT & SUPPLIES – 7.7%        
  2,945     IDEXX Laboratories, Inc. *     1,643,634  
                 
        HEALTH CARE TECHNOLOGY – 3.7%        
  2,698     Veeva Systems, Inc. – Class A *     786,035  
                 
        INTERACTIVE MEDIA & SERVICES – 4.7%        
  418     Alphabet, Inc. – Class C *     1,008,032  
                 
        INTERNET & CATALOG RETAIL – 3.8%        
  249     Amazon.com, Inc. *     802,544  
                 
        IT SERVICES – 21.7%        
  5,551     Mastercard, Inc. – Class A     2,001,580  
  2,542     Okta, Inc. *     565,442  
  361     Shopify, Inc. – Class A *     448,676  
  2,118     Twilio, Inc. – Class A*     711,648  
  3,988     Visa, Inc. – Class A     906,472  
              4,633,818  
        PROFESSIONAL SERVICES – 7.0%        
  1,763     CoStar Group, Inc. *     1,505,602  
                 
        ROAD & RAIL – 4.7%        
  3,784     Old Dominion Freight Line, Inc.     1,004,463  
                 
        SOFTWARE – 18.6%        
  1,898     Atlassian Corp PLC – Class A *     442,765  
  1,964     Coupa Software, Inc. *     467,825  
  7,626     Microsoft Corp.     1,904,060  
  896     ServiceNow, Inc. *     424,597  
  2,797     Unity Software, Inc. *     264,205  
  2,063     Workday, Inc. – Class A *     471,849  
              3,975,301  
        SPECIALTY RETAIL – 1.3%        
  1,012     Carvana Co. *     268,271  
                 
        TOTAL COMMON STOCK (Cost – $20,246,989)     21,346,351  
                 
        TOTAL INVESTMENTS – 99.9% (Cost – $20,246,989)   $ 21,346,351  
        OTHER ASSETS LESS LIABILITIES – NET – 0.1%     26,177  
        NET ASSETS – 100.0%   $ 21,372,528  

 

MSCI   Morgan
Stanley Capital International

 

 

*   Non-income
producing security.

 

See
accompanying notes to financial statements.
 

Sterling
Capital Focus Equity ETF
STATEMENT
OF ASSETS AND LIABILITIES
May
31, 2021

  

ASSETS      
Investment securities:        
Securities at Cost   $ 20,246,989  
Securities at Value   $ 21,346,351  
Cash     29,999  
Dividends receivable     13,006  
TOTAL ASSETS     21,389,356  
         
LIABILITIES        
Investment advisory fee payable     16,828  
TOTAL LIABILITIES     16,828  
NET ASSETS   $ 21,372,528  
         
Net Assets Consist of:        
Paid in capital   $ 20,357,784  
Accumulated earnings     1,014,744  
NET ASSETS   $ 21,372,528  
         
Net Asset Value Per Share:        
Net Assets   $ 21,372,528  
Shares of beneficial interest outstanding (a)     775,000  
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share   $ 27.58  

 

(a) Unlimited
number of shares of beneficial interest authorized, no par value.

 

See
accompanying notes to financial statements. 

Sterling
Capital Focus Equity ETF
STATEMENT
OF OPERATIONS
For
the Period Ended May 31, 2021*

  

INVESTMENT INCOME      
Dividends (net of $796 foreign withholding taxes)   $ 62,470  
         
EXPENSES        
Investment advisory fees     82,778  
         
NET INVESTMENT LOSS     (20,308 )
         
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS        
Net realized gain (loss) on investment transactions     1,003,948  
Net change in unrealized appreciation on investments     1,099,362  
         
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS     2,103,310  
         
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 2,083,002  

 

* Sterling
Capital Focus Equity ETF commenced operations on August 26, 2020.

 

See
accompanying notes to financial statements.
 

Sterling
Capital Focus Equity ETF
STATEMENT
OF CHANGES IN NET ASSETS

  

    For the  
    Period Ended  
    May 31, 2021*  
FROM OPERATIONS:        
Net investment loss   $ (20,308 )
Net realized gain (loss) on investment transactions     1,003,948  
Net change in unrealized appreciation on investments     1,099,362  
Net increase in net assets resulting from operations     2,083,002  
         
FROM SHARES OF BENEFICIAL INTEREST:        
Proceeds from shares sold     28,558,543  
Payments for shares redeemed     (9,269,017 )
Net increase in net assets from shares of beneficial interest     19,289,526  
         
TOTAL INCREASE IN NET ASSETS     21,372,528  
         
NET ASSETS:        
Beginning of Period      
End of Period   $ 21,372,528  
         
SHARE ACTIVITY        
Shares Sold     1,125,000  
Shares Redeemed     (350,000 )
Net increase in shares of beneficial interest outstanding     775,000  

 

* Sterling
Capital Focus Equity ETF commenced operations on August 26, 2020.

 

See
accompanying notes to financial statements.
 

Sterling
Capital Focus Equity ETF
FINANCIAL
HIGHLIGHTS
 
Per
Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented

  

    For the  
    Period Ended  
    May 31, 2021 *  
       
Net asset value, beginning of period   $ 25.00  
Activity from investment operations:        
Net investment loss (1)     (0.03 )
Net realized and unrealized gain on investments     2.61  
Total from investment operations     2.58  
Net asset value, end of period   $ 27.58  
Market price, end of period   $ 27.60  
Total return (2,3)     10.32 %
Net assets, end of period (000s)   $ 21,373  
Ratio of gross expenses to average net assets (4)     0.59 %
Ratio of net expenses to average net assets (4)     0.59 %
Ratio of net investment income to average net assets (4)     (0.14 )%
Portfolio Turnover Rate (2,5)     32 %
         
* The
Sterling Capital Focus Equity ETF commenced operations on August 26, 2020.

 

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

 

 

(3) Total
returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

 

 

(5) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(Note 5)

 

See
accompanying notes to financial statements.

STERLING
CAPITAL FOCUS EQUITY ETF
NOTES
TO FINANCIAL STATEMENTS
May
31, 2021

 

 

The
Sterling Capital Focus Equity ETF(the “Fund”) is a non-diversified series of Northern Lights Fund Trust IV (the
“Trust”), a trust organized under the laws of the State of Delaware on June 2, 2015, and registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The
Fund’s investment objective is long-term capital appreciation. The Fund commenced operations on August 26,
2020.

 

2. SIGNIFICANT
ACCOUNTING POLICIES

 

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

 

Security
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. In the absence of a sale,such securities shall be valued at the mean between the
current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until
maturity, at time of purchase, may be valued at amortized cost which approximates fair value. 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. Securities traded on a foreign exchange which has not closed by the valuation time or
for which the official closing prices are not available at the time the net asset value per share (“NAV”)is
determined may use alternative market prices provided by a pricing service.

 

The
Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). Mutual
funds are valued at their respective NAV as reported by such investment companies. Exchange-traded funds (“ETFs”)
are valued at the last reported sale price or official closing price. Mutual funds value securities in their portfolios for
which market quotations are readily available at their market values (generally the last reported sale price) and all other
securities and assets at their fair value to the methods established by the board of directors of the open-end funds. The
shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per
share, which is different than the NAV. The difference represents a market premium or market discount of such shares. There
can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF
purchased by the Fund will not change.

 

The
Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or
temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable.
These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated
execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust,
(ii) administrator, and (iii) adviser. The committee may also enlist third party consultants such as a valuation specialist
from a public accounting firm, valuation consultant, or financial officer of a security issuer on an as-needed basis to
assist in determining a security-specific fair value.

STERLING
CAPITAL FOCUS EQUITY ETF
NOTES
TO FINANCIAL STATEMENTS(Continued)
May
31, 2021

 

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

 

The
Fund utilizes various methods to measure the fair value 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

STERLING
CAPITAL FOCUS EQUITY ETF
NOTES
TO FINANCIAL STATEMENTS(Continued)
May
31, 2021

 

investing
in those securities. The following tables summarize the inputs used as of May 31, 2021 for the Fund’s investments
measured at fair value:

 

Assets *   Level 1     Level 2     Level 3     Total  
Common Stock   $ 21,346,351     $     $     $ 21,346,351  
Total   $ 21,346,351     $     $     $ 21,346,351  

 

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

 

* Please
refer to the Portfolio of Investments for industry classifications.

 

Security
Transactions and Related Income
– Security transactions are accounted for on the trade date. Interest income is
recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of
the respective securities using effective yield method. Dividend income and expense are recorded on the ex-dividend date.
Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold
with the net sales proceeds. Withholding taxes on foreign dividends and foreign capital gain taxes have been provided for in
accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

 

Dividends
and Distributions to Shareholders
– Dividends from net investment income, if any, are declared and paid annually. Distributable
net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions
from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP and are recorded
on the ex-dividend date. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital
loss carryforwards, etc.) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified
within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Any such reclassifications will have no effect on net assets, results of operations, or net asset value per share of the Fund.

 

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

 

The
Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to
be sustained assuming examination by tax authorities. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio
and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any,
related to unrecognized tax benefits as income tax expenses in the Statement of Operations. During the period ended May 31,
2021, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

 

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

 

Indemnification
– The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their
duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of
representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements
is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on
experience, the risk of loss due to these warranties and indemnities appears to be remote.

STERLING
CAPITAL FOCUS EQUITY ETF
NOTES
TO FINANCIAL STATEMENTS(Continued)
May
31, 2021

 

3. INVESTMENT
TRANSACTIONS

 

For
the period ended May 31, 2021, cost of purchases and proceeds from sales of portfolio securities, other than in-kind
transactions,short-term investments and U.S. government securities, amounted to $5,592,191 and $5,548,665, respectively. For
the period ended May 31, 2021, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions,
amounted to $28,408,578 and $9,209,063, respectively. For the period ended May 31, 2021, the Fund had $1,077,710 in net
realized gains from in-kind transactions.

 

4. INVESTMENT
ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

 

Sterling
Capital Management LLC, (the “Adviser”)serves as the Fund’s investment adviser. Pursuant to an investment
advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily
operations of the Fund, manages the Fund’s portfolio and supervises the performance of administrative and professional
services provided by others. The Adviser pays all operating expenses of the Fund, except for the fee payments under the
investment advisory agreement, brokerage fees and commissions, indirect costs of investing in other investment companies,
taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), such extraordinary or
non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the
Trust’s Trustees and officers with respect thereto, and authorized expenses pursuant to Rule 12b-1 under the 1940 Act.
As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee,
computed and accrued daily and paid monthly, at an annual rate of 0.59% of the Fund’s average daily net assets. For the
period ended May 31, 2021, the Fund incurred $82,778 in advisory fees.

 

Northern
Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter and national distributor for the
shares of the Fund. The Trust, with respect to the Fund, has adopted the Trust’s ETF Distribution Plan pursuant to Rule
12b-1 of the 1940 Act(the “Plan”), which allows the Fund to pay the Fund’s distributor an annual fee for
distribution and shareholder servicing expenses of up to 0.25% of the Fund’s average daily net assets. As of May 31,
2021, the Plan has not been activated. For the period ended May 31, 2021, the Fund did not incur any distribution
fees.

 

The
Adviser’s unitary management fee is designed to pay the Fund’s expenses and to compensate the Adviser for providing
services for the Fund. Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the
costs of transfer agency, custody, fund administration,legal, audit and other services and Independent Trustees’ fees, but
not payments under the Fund’s 12b-1 plan, brokerage fees and commissions, taxes, borrowing costs (such as dividend expense
on securities sold short and interest), fees and expenses of other investment companies in which the Fund may invest, and extraordinary
or non-recurring expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees
and officers with respect thereto). The Adviser, and not the Fund’s shareholders, would benefit from any reduction in fees
paid for third-party services, including reductions based on increases in net assets.

 

Gemini
Fund Services, LLC (“GFS”)
– GFS, an affiliate of the Distributor,provides administration and fund
accounting services to the Trust. Pursuant to separate servicing agreements with GFS, the Adviser pays GFS customary fees for
providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of GFS,
and are not paid any fees directly by the Fund for serving in such capacities.

 

Northern
Lights Compliance Services, LLC (“NLCS”)
– NLCS, an affiliate of GFS and the Distributor,provides a
Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between
NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Adviser.

 

Blu
Giant, LLC (“Blu Giant”)
– Blu Giant, an affiliate of GFS and the Distributor,provides EDGAR conversion
and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these
services, Blu

STERLING
CAPITAL FOCUS EQUITY ETF
NOTES
TO FINANCIAL STATEMENTS(Continued)
May
31, 2021

 

Giant
receives customary fees from the Adviser.

 

Each
Trustee who is not affiliated with the Trust or an adviser receives quarterly fees. For the period ended May 31, 2021, the
Trustees received fees in the amount of $8,696, with respect to the Fund, paid by the Adviser.

 

5. CAPITAL
SHARE TRANSACTIONS

 

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

 

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

 

  Maximum Additional Variable Charge for Cash
Fee for In-Kind and Cash Purchases Purchases*
$250 2.00%

 

* As
a percentage of the amount invested.

 

6. AGGREGATE
UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

 

At
May 31, 2021, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation)
of securities, are as follows:

 

          Gross Unrealized     Gross Unrealized     Net Unrealized  
Fund   Tax Cost     Appreciation     Depreciation     Appreciation  
Sterling Capital Focus Equity ETF   $ 20,246,989     $ 1,617,005     $ (517,643 )   $ 1,099,362  

 

7. TAX
COMPONENTS OF CAPITAL

 

As
of May 31, 2021, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

 

Post October Loss     Unrealized     Total  
and     Appreciation/     Accumulated  
Late Year Loss     (Depreciation)     Earnings/(Deficit)  
$ (84,618 )   $ 1,099,362     $ 1,014,744  

 

Late
year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the

STERLING
CAPITAL FOCUS EQUITY ETF
NOTES
TO FINANCIAL STATEMENTS(Continued)
May
31, 2021

 

following
fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $22,310.

 

Capital
losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal
year for tax purposes. The Fund incurred and elected to defer such capital losses of $62,308.

 

Permanent
book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and tax adjustments for
transfers in kind, resulted in reclassifications for the Fund for the fiscal period ended May 31, 2021 as follows:

 

      Accumulated  
Paid In Capital     Earnings (Losses)  
$ 1,068,258     $ (1,068,258 )

 

 

Subsequent
events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements
were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial
statements.

(COHEN & CO LOGO)

 

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To
the Shareholders of Sterling Capital Focus Equity ETF and

Board
of Trustees of Northern Lights Fund Trust IV

 

Opinion
on the Financial Statements

 

We
have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Sterling Capital
Focus Equity ETF (the “Fund”), a series of Northern Lights Fund Trust IV, as of May 31, 2021, and the related statements
of operations and changes in net assets, the related notes, and the financial highlights for the period August 26, 2020 (commencement
of operations) through May 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2021, the results
of its operations, the changes in net assets, and the financial highlights for the period August 26, 2020 (commencement of operations)
through May 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

 

Basis
for Opinion

 

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

 

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

 

Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as
of May 31, 2021, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our
audit provides a reasonable basis for our opinion.

 

We
have served as the auditor of one or more investment companies advised by Sterling Capital Management LLC since 2019.

 

(-s- COHEN & COMPANY, LTD)

 

COHEN
& COMPANY, LTD.

Milwaukee,
Wisconsin

July
30, 2021

 

COHEN
& COMPANY, LTD.

800.229.1099
| 866.818.4538
fax
|
cohencpa.com

 

Registered
with the Public Company Accounting Oversight Board

STERLING
CAPITAL FOCUS EQUITY ETF
EXPENSE
EXAMPLE(Unaudited)
May
31, 2021

 

As
a shareholder of the Fund you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees and
other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the
Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The
example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December
1, 2020 to May 31, 2021 (the “period”).

 

Actual
Expenses

 

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

 

Hypothetical
Example for Comparison Purposes

 

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

 

Please
note that the expenses shown in the table are meant to highlight your on going costs only and do not reflect any
transactional costs, such as contingent deferred sales charges(loads), or redemption fees. Therefore, the table is useful in
comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been higher.

 

         
    Ending    
  Beginning Account Annualized Expenses
Paid
  Account
Value
Value Expense During
Period
  12/1/20 5/31/21 Ratio 12/1/20-5/31/21*
Actual        
  $1,000.00 $
1,068.60
0.59% $3.04
Hypothetical        
   (5%
return before expenses)
       
  $1,000.00 $
1,021.99
0.59% $2.97

 

* Expenses
are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by
the number of days in the period (182), divided by the number of days in the fiscal year (365).

 

For
more information about current performance, holdings, or historical premiums/discounts, please visit the Fund’s website
at https://sterlingcapital.com/etf/.

STERLING
CAPITAL FOCUS EQUITY ETF
SUPPLEMENTAL
INFORMATION (Unaudited)
May
31, 2021

 

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

 

Independent
Trustees

 

Name
and Year
of Birth
Position/Term
of Office*
Principal
Occupation During the Past
Five Years
Number
of
Funds in
Fund
Complex**
Overseen by
Trustee
Other
Directorships held
by Trustee During the Past
Five Years
Joseph
Breslin
Year of Birth:
1953
Independent
Trustee and Chairman of the Board since 2015
President
and Consultant, Adviser Counsel, Inc. (formerly J.E. Breslin & Co.) (management consulting firm to investment advisers),
(since 2009); Senior Counsel, White Oak Global Advisors, LLC. (since 2016).
1 Northern
Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Director, Kinetics Mutual Funds, Inc. (since
2000); Trustee, Kinetics Portfolios Trust (since 2000); Trustee, Forethought Variable Insurance Trust (since 2013); Trustee,
BlueArc Multi- Strategy Fund (2014-2017); Hatteras Trust (2004-2016)
Thomas
Sarkany
Year of Birth:
1946
Independent
Trustee since 2015
Founder
and President, TTS Consultants, LLC (financial services) (since 2010).
1 Northern
Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Arrow Investments Trust (since 2014), Arrow ETF
Trust (since 2012), Trustee, Northern Lights Fund Trust II (since 2011); Director, Aquila Distributors (since 1981)
Charles
Ranson
Year of Birth:
1947
Independent
Trustee since 2015
Principal,
Ranson & Associates (strategic analysis and planning, including risk assessment and capital formation for entrepreneurial
ventures) (since 2003).
1 Northern
Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Advisors Preferred Trust (since November 2012)

 

5/31/21
– NLFT IV_v1

STERLING
CAPITAL FOCUS EQUITY ETF
SUPPLEMENTAL
INFORMATION (Unaudited)(Continued)
May
31, 2021

 

Officers

 

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

 

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

 

** As of May 31, 2021,
the Trust was comprised of 27 other active portfolios managed by unaffiliated investment advisers. The term “Fund
Complex” applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for
investment purposes, nor do they share the same investment adviser with any other series.

 

The
Fund’s SAI includes additional information about the Trustees and is available free of charge, upon request, by calling
toll-free at 1-888-637-7798.

 

5/31/21
– NLFT IV_v1

PRIVACY
NOTICE

 

Northern
Lights Fund Trust IV

 

Rev.
August 2015

 

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

 

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

 

What?

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

 

●        
Social Security number and wire transfer instructions

 

●        
account transactions and transaction history

 

●        
investment experience and purchase history

 

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

 

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

 

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

 

QUESTIONS?   Call
1-402-493-4603

PRIVACY
NOTICE

 

Northern
Lights Fund Trust IV

 

 

What
we do:

 

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

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

 

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

 

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

We
collect your personal information, for example, when you

●  
  open an account or deposit money

 

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

 

●    
seek advice about your investments

 

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

 

Why
can’t I limit all sharing?

Federal
law gives you the right to limit only:

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

 

●    
affiliates from using your information to market to you.

 

●    
sharing for nonaffiliates to market to you.

 

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

 

Definitions
Affiliates

Companies
related by common ownership or control. They can be financial and nonfinancial companies.

 

●    
Northern Lights Fund Trust IV has no affiliates.

Nonaffiliates

Companies
not related by common ownership or control. They can be financial and nonfinancial companies.

 

● 
   Northern Lights Fund Trust IV does not share with nonaffiliates
so they can market to you.

Joint
marketing

A
formal agreement between nonaffiliated financial companies that together market financial
products or services to you.

 

● 
   Northern Lights Fund Trust IV does not jointly market.

PROXY
VOTING POLICY

 

Information
regarding how the Fund voted proxies relating to portfolio securities for the twelve month period ended June 30 as well as a description
of the policies and procedures that the Fund uses to determine how to vote proxies will be available without charge, upon request,
by calling 1-844-663-7871 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

 

PORTFOLIO
HOLDINGS

 

The
Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an
exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the
SEC’s website at www.sec.gov.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADVISER
Sterling
Capital Management LLC
350
Congress Street, #1000
Charlotte,
NC 28209
 
ADMINISTRATOR
Gemini
Fund Services, LLC
4221
North 203rd Street, Suite 100
Elkhorn,
NE 68022-3474
 
 
SCFETF-AR21

 

(a) Include a copy of the report transmitted to stockholders
pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

(b) Include a copy
of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures
specified by paragraph (c)(3) of that rule.
Not applicable

 

Item 2. Code of Ethics.

 

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

 

(b)        For purposes of this
item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

 

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits
to, the Commission and in other public communications made by the registrant;

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

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

(5)        Accountability
for adherence to the code.

 

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

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

 

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

 

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

 

Item 3. Audit Committee Financial Expert.

 

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

 

Item 4. Principal Accountant Fees and Services.

 

2021 – $13,000

 

2021 – None

 

2021 – $3,500

 

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

 

2021 – None

 

(e) (1) Audit Committee’s Pre-Approval Policies

 

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

 

(2) Percentages of Services Approved by the Audit Committee
    2021
Audit-Related Fees:     0.00 %
Tax Fees:     0.00 %
All Other Fees:     0.00 %

 

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

 

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

 

2021 – $3,500

 

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

 

Item 5. Audit Committee of Listed Companies.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange
Act. The registrant’s audit committee members are Joseph Breslin, Thomas Sarkany and Charles Ranson.

 

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

 

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

 

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

 

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

 

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

 

Item 11. Controls and Procedures.

 

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

 

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

 

Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
Not applicable.

 

Item 13. Exhibits.

 

(a)(1) Code of Ethics filed herewith.

 

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

 

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

 

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

 

SIGNATURES

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

 

(Registrant) Northern Lights Fund Trust IV

 

By (Signature and Title)

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

 

 

Date 8/6/2021

 

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

 

By (Signature and Title)

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

 

 

Date 8/6/2021

 

 

By (Signature and Title)

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

 

Date 8/6/2021

CERTIFICATIONS

 

I, Wendy Wang, certify that:

 

1.       I
have reviewed this report on Form N-CSR of the Sterling Capital Focus Equity ETF (a series of Northern Lights Fund Trust IV);

 

2.       Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;

 

3.       Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.       The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)       designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;

b)       designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

d)       disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.       The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions):

 

a)       all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information;
and

b)       any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.

 

 

Date: 8/6/2021                                                           /s/
Wendy Wang

Wendy Wang, Principal Executive Officer/President

 

 

I, Sam Singh, certify that:

 

1.       I
have reviewed this report on Form N-CSR of the Sterling Capital Focus Equity ETF (a series of Northern Lights Fund Trust IV);

 

2.       Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;

 

3.       Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.       The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)       designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;

b)       designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

d)       disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.       The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions):

 

a)       all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information;
and

b)       any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.

 

 

Date: 8/6/2021                                                          /s/
Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

 

certification

Wendy Wang, Principal
Executive Officer/President, and Sam Singh, Principal Financial Officer/Treasurer of Northern Lights Fund Trust IV (the “Registrant”),
each certify to the best of his knowledge that:

1.       The
Registrant’s periodic report on Form N-CSR for the period ended May 31, 2021 (the “Form N-CSR”) fully complies
with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.       The
information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

Principal Executive Officer/President   Principal Financial Officer/Treasurer
Northern Lights Fund Trust IV   Northern Lights Fund Trust IV
     
     
/s/ Wendy Wang   /s/ Sam Singh
Wendy Wang   Sam Singh
Date: 8/6/2021   Date: 8/6/2021

 

 

A signed original of this written statement
required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Funds Trust IV and will be retained
by Northern Lights Fund Trust IV and furnished to the Securities and Exchange Commission (the “Commission”) or its
staff upon request.

 

This certification is being furnished to the
Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

 

Attachment 12.B – Trust
Code of Ethics

 

Northern Lights Fund Trust IV

CODE OF ETHICS

 

 

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

 

1. The interests of the Funds must always be paramount

 

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

 

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

 

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

 

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

 

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

 

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

 

4. Access Persons must comply with all applicable laws

 

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

 

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

 

 

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

 

a. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;
b. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust
c. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and
d. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

 

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

 

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

 

4. “Code” means this Code of Ethics.

 

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

 

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

 

7. “Funds” means series of the Trust.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

16. “Advisers” means the Advisers to the Trust.

 

17. “Trust” mean Northern Lights Fund Trust IV.

 

III. PROHIBITED ACTIONS AND ACTIVITIES

 

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

 

a. is being considered for purchase or sale by a Fund, or
b. is being purchased or sold by a Fund.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

a. to employ any device, scheme or artifice to defraud the Trust;
b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a
material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;
c. to engage in any act, practice or course of business that operates or would operate as a fraud
or deceit upon the Trust; or
d. to engage in any manipulative practice with respect to the Trust.

 

 

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

 

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

 

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

 

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

 

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

 

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

 

V. PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS

 

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

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

 

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

 

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

 

VI. REPORTING AND MONITORING

 

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

 

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

 

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

 

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

 

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

 

2. INITIAL HOLDINGS REPORT

 

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

 

3. ANNUAL HOLDINGS REPORTS

 

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

 

4. QUARTERLY TRANSACTION REPORTS

 

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

 

a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;
b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);
c. The price of the Covered Security at which the transaction was effected; and
d. The name of the broker, dealer, or bank with or through whom the transaction was effected.
e. The date the Access Person Submits the Report.

 

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

 

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

 

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

 

VII. ENFORCEMENTS AND PENALTIES

 

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

 

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

 

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

 

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

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

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

 

 

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

 

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

 

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

 

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

 



Source link Shopify Affiliate

Post Author: Adam Jacob

Leave a Reply

Your email address will not be published. Required fields are marked *