STERLING CAPITAL FOCUS EQUITY ETF

LCG

STERLING CAPITAL DIVERSE MULTI-MANAGER

ACTIVE ETF

DEIF

Semi-Annual Report

November 30, 2022

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 Funds. 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

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

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. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. 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 September 28, 2022, 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.

Portfolio Composition as of November 30, 2022

* Less than 0.1%

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

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

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. The market price returns are calculated using the closing price and account 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 September 28, 2022, is 0.65%. 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.

Portfolio Composition as of November 30, 2022

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

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

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

See accompanying notes to financial statements.

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

See accompanying notes to financial statements.

STERLING CAPITAL ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)
November 30, 2022

The Sterling Capital Focus Equity ETF and the Sterling Capital Diverse Multi-Manager Active ETF (each a “Fund” and collectively the “Funds”) are each 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. Each Fund’s investment objective is long-term capital appreciation. The Sterling Capital Focus Equity ETF commenced operations on August 26, 2020 and the Sterling Capital Diverse Multi-Manager Active ETF commenced operations on December 13, 2021.

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

Security Valuation – The Funds record their investments at fair value. 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 Funds 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 Funds will not change.

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

STERLING CAPITAL ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
November 30, 2022

specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

STERLING CAPITAL ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
November 30, 2022

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2022 for the Funds’ investments measured at fair value:

The Funds did not hold any Level 2 or 3 securities during the period.

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 is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid annually for each Fund. Distributable net realized capital gains, if any, are declared and distributed annually for each Fund. 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 NAV per share of the Fund.

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to the uncertain tax positions taken on returns filed for open tax year ended May 31, 2022 or expected to be taken on the Funds’ May 31, 2023 year- end tax return. The Funds identify their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the six months ended November 30, 2022, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which there is reasonable possibility that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

STERLING CAPITAL ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
November 30, 2022

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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

For the period ended November 30, 2022, 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 the following:

For the six months ended November 30, 2022, cost of purchases and proceeds from sales of portfolio securities for in- kind transactions, amounted to the following:

Sterling Capital Management LLC, (the “Adviser”) serves as the Funds’ 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 Funds, manages each Fund’s portfolio and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each 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 Sterling Capital Focus Equity ETF and 0.65% of the Fund’s average daily net assets for the Sterling Capital Diverse Multi-Manager Active ETF. For the six months ended November 30, 2022, the Sterling Capital Focus Equity ETF incurred $158,238 in advisory fees and the Sterling Capital Diverse Multi-Manager Active ETF incurred $302,484 in advisory fees. Boston Common Asset Management, LLC, GQG Partners LLC and EARNEST Partners, LLC serve as the investment sub-advisers for the Sterling Capital Diverse Multi- Manager Active ETF (collectively the “Sub-Advisers”). Under the terms of such agreements, the Sub-Advisers receive customary fees from the Adviser.

Northern Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter and national distributor for the shares of the Funds. The Trust, with respect to the Funds, has adopted the Trust’s ETF Distribution Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”), which allows the Funds to pay the 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 November 30, 2022, the Plan has not been activated. For the six months ended November 30, 2022, the Funds did not incur any distribution fees.

STERLING CAPITAL ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
November 30, 2022

The Adviser’s unitary management fee is designed to pay each 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 Funds, 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 Funds may invest, and extraordinary or non-recurring expenses (including litigation to which the Trust or the Funds may be a party and indemnification of the Trustees and officers with respect thereto). The Adviser, and not the Funds’ shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

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

Northern Lights Compliance Services, LLC (“NLCS”) - NLCS, an affiliate of UFS 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 UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Adviser.

Each Trustee who is not affiliated with the Trust or an adviser receives quarterly fees. For the six months ended November 30, 2022, the Trustees received fees in the amount of $5,459 and $5,646, for the Sterling Capital Focus Equity ETF and the Sterling Capital Diverse Multi-Manager Active ETF, respectively, paid by the Adviser.

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Funds 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 Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds generally impose transaction fees on purchases and redemptions of the Fund’s 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 their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets.

STERLING CAPITAL ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
November 30, 2022

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

At November 30, 2022, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

The tax character of distributions paid during the fiscal year/period ended May 31, 2022 and the fiscal period ended May 31, 2021 were as follows:

As of May 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and C-corporation return of capital distributions.

STERLING CAPITAL ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
November 30, 2022

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Sterling Capital Focus Equity ETF incurred and elected to defer such late year losses of $66,901.

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 Funds incurred and elected to defer such capital losses as follows:

At May 31, 2022, the Sterling Capital Focus Equity ETF had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and tax adjustments for transfers in kind and adjustments for prior year tax returns resulted in reclassifications for the Sterling Capital Focus Equity ETF for the fiscal year/period ended May 31, 2022 as follows:

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

On December 29, 2022, the Sterling Capital Diverse Multi-Manager Active ETF made an income distribution of $0.3559 per share.

STERLING CAPITAL ETFs
LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

November 30, 2022

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

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

STERLING CAPITAL ETFs
EXPENSE EXAMPLE (Unaudited)
November 30, 2022

As a shareholder of each 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 for the period of time as indicated in the table below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as 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.

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

STERLING CAPITAL ETFs
SUPPLEMENTAL INFORMATION (Unaudited)
November 30, 2022

Renewal of the Investment Sub-Advisory Agreement between Sterling Capital Management LLC and Boston Common Asset Management, LLC

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on July 18 and 19, 2022 (the “Meeting”), the Trustees, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment sub-advisory agreement (the “BCAM Sub-Advisory Agreement”) between Boston Common Asset Management, LLC, (“BCAM”) and Sterling Capital Management LLC, with respect to Sterling Capital Diverse Multi-Manager Active ETF (“Sterling DMM”). In considering the renewal of the BCAM Sub-Advisory Agreement the Board received materials specifically relating to the BCAM Sub-Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the BCAM Sub-Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the BCAM Sub-Advisory Agreement on behalf of Sterling DMM and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the BCAM Sub-Advisory Agreement.

Nature, Extent & Quality of Services. The Board observed that BCAM was a registered investment adviser that integrated both financial and Environmental, Social and Governance (“ESG”) analysis into its investment process to identify companies. The Board considered that the adviser conducted a due diligence review of BCAM and stated that it was comfortable with BCAM’s financial condition. The Board noted that the adviser expressed confidence in BCAM’s compliance policies and procedures that it had the capabilities, resources and personnel necessary to continue to provide sufficient sub-advisory services to the adviser. The Board noted that BCAM represented that it had no material compliance or litigation issues that could be expected to disrupt its ability to operate. The Board concluded that BCAM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the BCAM Sub-Advisory Agreement. The Board discussed BCAM’s recent enhancements to its cybersecurity program. The Board concluded that the services provided by BCAM to Sterling DMM, its shareholders and to the adviser were satisfactory.

Performance. The Board reviewed the data on BCAM’s performance provided by BCAM. The Board discussed BCAM’s experience in managing a similar strategy within its SMA accounts. The Board recognized that the performance of the sleeve sub-advised by BCAM was only available for a four-month period and that BCAM should be afforded an opportunity to manage its sleeve of Sterling DMM over a full market cycle. After further discussion, the Board concluded that sub- advisory performance provided by BCAM was in line with the adviser’s and the Board’s expectations.

Fees and Expenses. The Board noted the sub-advisory fee paid by the adviser, not Sterling DMM, to BCAM for sub-advising Sterling DMM. The Board concluded that the sub-advisory fee was not unreasonable.

STERLING CAPITAL ETFs
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

November 30, 2022

Profitability. The Board noted that BCAM receives no other compensation from either Sterling DMM or the adviser except the sub-advisory fee earned pursuant to the BCAM Sub-Advisory Agreement payable by the adviser The Board reviewed BCAM’s profitability analysis and concluded that BCAM’s profitability from its relationship with Sterling DMM was not excessive in light of the services provided by BCAM.

Economies of Scale. The Board noted that economies of scale were not an issue at this time. The Board noted that consideration of economies of scale would be revisited to the extent assets of Sterling DMM grew significantly.

Conclusion. Having requested and received such information from BCAM believed to be reasonably necessary to evaluate the terms of the BCAM Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that the sub-advisory fee structure was not unreasonable and that renewal of the BCAM Sub-Advisory Agreement was in the best interests of the Trust and the shareholders of Sterling DMM.

STERLING CAPITAL ETFs
SUPPLEMENTAL INFORMATION (Unaudited)

November 30, 2022

Renewal of the Investment Sub-Advisory Agreement between Sterling Capital Management LLP and EARNEST Partners, LLC

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on July 18 and 19, 2022 (the “Meeting”), the Board, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment sub-advisory agreement (the “EP Sub-Advisory Agreement”) between EARNEST Partners, LLC (“EP”) and Sterling Capital Management LLC, with respect to Sterling Capital Diverse Multi-Manager Active ETF (“Sterling DMM”). In considering the renewal of the EP Sub-Advisory Agreement the Board received materials specifically relating to the EP Sub-Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the EP Sub-Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the EP Sub-Advisory Agreement on behalf of Sterling DMM and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the EP Sub-Advisory Agreement.

Nature, Extent & Quality of Services. The Board observed that EP began investment management services in 1999. The Board noted that the adviser performed a due diligence review and remarked that it was satisfied with EP’s financial condition. The Board reviewed the materials provided by EP describing its Return Pattern Recognition® investment strategy. The Board took note of the adviser’s statements that EP had adequate compliance policies and procedures and sufficient capabilities, resources and personnel to provide sub-advisory services to Sterling DMM. The Board further noted that EP represented that it had no material compliance or litigation issues that could be expected to create any material operational issues. The Board concluded that EP had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the EP Sub-Advisory Agreement and that the nature, overall quality and extent of investment sub-advisory services provided to the Sterling DMM was satisfactory. The Board remarked that EP used a variety of methods to verify the resiliency of its cybersecurity program. The Board concluded that EP provided quality services to Sterling DMM, its shareholders and to the adviser.

Performance. The Board reviewed the data regarding the performance of the sleeve of Sterling DMM sub-advised by EP as reported by EP. The Board noted the sleeve sub-advised by EP had outperformed its benchmark. The Board concluded that EP provided sub-advisory services in line with the adviser’s and the Board’s expectations.

Fees and Expenses. The Board noted the sub-advisory fee paid by the adviser, and not Sterling DMM, to EP for sub-advising Sterling DMM. The Board concluded that the sub-advisory fee payable to EP was not unreasonable.

STERLING CAPITAL ETFs
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
November 30, 2022

Profitability. The Board noted that EP receives no other compensation from either Sterling DMM or the adviser except the sub-advisory fee earned pursuant to the EP Sub-Advisory Agreement payable by the adviser. The Board reviewed EP’s profitability analysis and concluded that EP’s profitability from its relationship with Sterling DMM was not excessive in light of the services provided by EP.

Economies of Scale. The Board noted that economies of scale were not an issue at this time. The Board noted that consideration of economies of scale would be revisited to the extent assets of Sterling DMM grew significantly.

Conclusion. Having requested and received such information from EP as the Board believed to be reasonably necessary to evaluate the terms of the EP Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that the sub-advisory fee structure was not unreasonable and that renewal of the EP Sub-Advisory Agreement was in the best interests of the Trust and the shareholders of Sterling DMM.

STERLING CAPITAL ETFs
SUPPLEMENTAL INFORMATION (Unaudited)

November 30, 2022

Renewal of the Investment Sub-Advisory Agreement between Sterling Capital Management LLC and GQG Partners, LLC

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on July 18 and 19, 2022 (the “Meeting”), the Board, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment sub-advisory agreement (the “GQG Sub-Advisory Agreement”) between GQG Partners, LLC (“GQG”) and Sterling Capital Management LLC, with respect to Sterling Capital Diverse Multi-Manager Active ETF (“Sterling DMM”). In considering the renewal of the GQG Sub-Advisory Agreement the Board received materials specifically relating to the GQG Sub-Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the GQG Sub-Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the GQG Sub-Advisory Agreement on behalf of Sterling DMM and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the GQG Sub-Advisory Agreement.

Nature, Extent & Quality of Services. The Board observed that GQG has been providing investment advisory and sub-advisory services since 2016. The Board noted that the adviser performed a due diligence review and concluded that it was comfortable with GQG’s financial condition. The Board reviewed the materials provided by GQG describing its proprietary quantitative scoring and ranking system for investment selection. The Board took note of the adviser’s report that GQG had adequate compliance policies and procedures the capabilities, resources and personnel necessary to continue to provide sufficient sub-advisory services to the adviser. The Board concluded that GQG had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the GQG Sub-Advisory Agreement and that the nature, overall quality and extent of investment sub-advisory services provided to Sterling DMM were satisfactory. The Board took note that GQG reported no cybersecurity incidents since the approval of the GQG Sub-Advisory Agreement and had a robust cybersecurity program in place. The Board concluded that quality services provided by GQG to Sterling DMM, its shareholders and to adviser was satisfactory.

Performance. The Board reviewed the data regarding the performance of the sleeve of Sterling DMM sub-advised by GQG as reported by GQG, and noted that the sleeve sub-advised by GQG had outperformed its benchmark. After further discussion, the Board concluded that sub-advisory services provided by GQG were in line with the adviser’s and the Board’s expectations.

Fees and Expenses. The Board noted the sub-advisory fee was paid by adviser, and not Sterling DMM, to GQG for sub-advising Sterling DMM. The Board concluded that the sub-advisory fee payable to GQG was not unreasonable.

STERLING CAPITAL ETFs
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
November 30, 2022

Profitability. The Board noted that GQG would receive no other compensation from either Sterling DMM or the adviser except the sub-advisory fee earned pursuant to the GQG Sub-Advisory Agreement payable by the adviser. The Board reviewed a profitability analysis that was provided by GQG and noted that GQG reported sub-advising Sterling DMM at a loss.

Economies of Scale. The Board noted that economies of scale were not an issue at this time. The Board noted that consideration of economies of scale would be revisited to the extent assets of Sterling DMM grew significantly.

Conclusion. Having requested and received such information from GQG as the Board believed to be reasonably necessary to evaluate the terms of the GQG Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that the sub-advisory fee structure was not unreasonable and that renewal of the GQG Sub-Advisory Agreement was in the best interests of the Trust and the shareholders of Sterling DMM.

PRIVACY NOTICE

Northern Lights Fund Trust IV

Rev. August 2015

PRIVACY NOTICE

Northern Lights Fund Trust IV

PROXY VOTING POLICY

Information regarding how the Funds 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 Funds use 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 Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.