Monarch Ambassador Income ETF

MAMB

Monarch Blue Chips Core ETF

MBCC

Monarch ProCap ETF

MPRO

Annual Report

February 28, 2023

1-541-291-4405

www.monarchfunds.com

Distributed by Northern Lights Distributors, LLC.

Member FINRA/SIPC

February 28, 2023

Dear Shareholders,

We are pleased to provide our Annual Letter to Shareholders of the Monarch Ambassador Income ETF, the Monarch Blue Chips Core ETF and the Monarch ProCap ETF.

The Monarch Funds are advised by Kingsview Wealth Management, LLC, an SEC-registered investment adviser comprised of experienced thought leaders and innovators within the financial industry. We are committed to a culture of excellence, providing services to serve a broad range of investors due to our diverse offerings.

Our dynamic approach to investment management creates a methodology that attempts to give investors robust exposure to traditional & non-traditional asset classes and allows our portfolio management team to be opportunistic in the process. Our Portfolio Investment Team has extensive experience developing a wide range of investment strategies and products that can help all types of investors meet their financial objectives.

Performance Review

Although most investors realized the decade-long bull market would not last forever, few predicted how deeply and aggressively the market would make its pullback. Equity and bond indices posted negative returns for the fiscal period ended February 28, 2023. While a pullback in the equity markets may have been overdue, the surprising and somewhat unprecedented additional blitz on the fixed income markets left many investors searching for safety and liquidity.

For the fiscal period ended February 28, 2023, the S&P 500 Total Return Index posted a loss of -7.69% while the NASDAQ Index fell -16.70% and the Russell 1000 Value Total Return Index declined -2.81%. Fixed income also saw declines across the board as treasuries fell with the ICE US Treasury 3-7 Year Bond Index down -7.84% for the fiscal period ended February 28, 2023, while the Bloomberg US Aggregate Bond Total Return Index was down -9.72%. High yield saw the iBoxx USD Liquid High Yield Index decline -5.36% for the fiscal period ended February 28, 2023. Not surprisingly, the recent downturn in equity and fixed income performance was accompanied by elevated levels of market volatility. The CBOE Volatility Index, which began the fiscal year near 30 and peaked above 36, finished the fiscal year above 20.

The end of the bull market and subsequent nosedive into the bear market in 2022 were preceded by a series of pain points for investors and consumers, which included high inflation across most sectors of the economy. The Federal Reserve (the “Fed”) increased rates six times

during calendar year 2022, including three consecutive 75 basis point raises to close out 2022. We expect those rate hikes will make their way through the economy’s gears in the first two quarters of 2023, with the potential to restore a healthier economic backdrop for the fiscal year’s second half and beyond.

The Monarch Funds employ fully objective and proprietary investment models. These models are continually subject to rigorous analysis of all relevant data in an effort to determine the current phase of the economic cycle and the optimal allocations for each strategy, seeking potential pockets for outperformance in an otherwise uncertain growth environment.

Monarch Ambassador Income ETF (MAMB)

The Monarch Ambassador Income ETF aims to provide investors conservative growth with reduced volatility due to investment choice flexibility and an attempt at low correlation. Fixed income investments span various durations as well as issuer and credit quality. Alternative allocations to traditional fixed income highlight a broad range from commodity ETFs, such as gold, to currency ETFs. The strategy employs the belief that one must look beyond traditional options when selecting their fixed income and total return exposure. Non-traditional options can be advantageous and complement, or in some cases offset, the risks that traditional fixed income markets encounter.

For the fiscal period ended February 28, 2023, the Monarch Ambassador Income ETF returned -10.14%. The Kingsview Ambassador Income Index, which the Fund seeks to replicate before fees and expenses, returned -9.91% over the same period. This compares to a loss of -9.72% for the Bloomberg US Aggregate Bond Total Return Index (the “AGG”). With the Fed tightening rates at a historic pace and persistently stubborn inflation plaguing businesses and consumers, the interest rate yield curve varied widely between durations and credit qualities of debt. As the Fund attempted to navigate this volatility, some underlying components experienced a similar volatility profile to that of the AGG (or in some cases slightly more volatility). In addition, several of the Fund’s allocations negatively contributed to the Fund’s performance due to their higher sensitivity to upward interest rate movement. As a result, the Fund slightly underperformed the AGG for the fiscal period.

Monarch Blue Chips Core ETF (MBCC)

The Monarch Blue Chips Core ETF adheres to a strict set of portfolio mandates in an attempt to make prudent allocation decisions regardless of market cycle. The result is continuous allocation to what the Fund believes are 24 high conviction companies. Portfolios that feature increased position exposure provide diversified stock selection that many fundamental investors have accepted as industry standard. In doing so, returns tend to track that of the

Kingsview Blue Chips Core Index which represents the Fund’s benchmark. The Fund provides for the investor searching for alpha, a fleet of what it believes are high quality names based on a proven, repeatable process.

For the fiscal period ended February 28, 2023, the Monarch Blue Chips Core ETF returned -7.23%. The Kingsview Blue Chips Core Index, which MBCC seeks to replicate before fees and expenses, returned -7.05% over the same period. This compares to a loss of -7.69% for the S&P 500 Total Return Index. High inflation and a slowing economic environment throughout the fiscal year led the Fund to more of a balance between growth versus value as the Fund increased exposure to sectors like energy, utilities and consumer staples with corresponding reductions in technology and consumer discretionary stocks. The net impact of the Fund’s active stock selections resulted in the Fund slightly overperforming the S&P 500 Total Return Index during the fiscal period.

Monarch ProCap ETF (MPRO)

The Monarch ProCap ETF’s proprietary analysis of economic data results in the attempt to optimally position the Fund for the current economic outlook. As changes to the economic cycle occur, the Fund attempts to properly adjust equity, fixed income and alternative allocations to maximize returns. Equity investments feature specific sector selection while fixed income investments span various durations as well as issuer and credit quality. Alternative investments highlight a broad range from commodity ETFs, such as gold, to currency ETFs.

For the fiscal period ended February 28, 2023, the Monarch ProCap ETF returned -4.93%. The Kingsview ProCap Index, which the Fund seeks to replicate before fees and expenses, returned -4.82% over the same period. This compares to a loss of -8.23% for the S&P Target Risk Moderate Total Return Index. In general, the Fund’s implementation of tactical positioning between fixed income instruments and equity instruments proved timely during the fiscal year and led to a reduction in overall volatility and positive upside capture versus the S&P Target Risk Moderate Total Return Index. The sector selections on the equity side of the portfolio’s ledger had a particularly positive contributory effect to the outperformance, while the fixed income expressions kept solid pace with the stated benchmark during the fiscal period.

Investment Outlook

While the recent rate hikes by the Fed have yet to take full effect in the US economy with respect to GDP, employment numbers, and other economic indicators, we expect the Fed to add at least 1-2 more hikes during the early part of 2023 in their continued effort to combat inflation and temper employment. Once their interest rate targets are met, we may see the Fed pause and

remain in a holding pattern for multiple quarters, allowing those elevated rates to make their way through the economy.

The aggressive rate hikes from the Fed in 2022 have invited many investors back into the fixed income space, as previously suppressed yields returned to levels that can be seen as “worthy of investment.” We expect rates to peak in the next 3-6 months, allowing the yield curve to normalize shortly after. Additionally, last year’s historically poor equity market performance pulled most company valuations down from near all-time highs at the start of 2022. However, the bear market pullback may have set up a buying opportunity for investors in 2023. The potential benefits of sector-style investing may continue as the economy progresses through its cycles.

It is our feeling that this is creating an opportunistic setup for the Monarch Funds’ long-term outperformance to their major comparative benchmarks due to stretched conditions in the asset classes owned within each Fund. With the market headwinds related to inflation and overall economic health still persisting, we must stay the course on our time-tested and proven processes even when it feels like there is no end to current conditions. Given our latest performance metrics and our strict adherence to our disciplined approach to the data, we are pleased with the results and positioning the Monarch Funds are currently demonstrating.

We thank you for your continued support and confidence in our management.

Sincerely,

Scott Martin, Chief Investment Officer
Kingsview Wealth Management, LLC

Portfolio Investment Team

Scott D. Martin, CIMA®, is Chief Investment Officer of Kingsview Wealth Management, a Registered Investment Advisor based in Chicago, Illinois. He also serves as a Contributor to the Fox News Channel and is a Contributor to The Futures Institute at the Chicago Mercantile Exchange (CME). Prior to Kingsview, Mr. Martin was Chief Market Strategist at United Advisors, LLC, a wealth management firm based in New York City, where he was co-chairman of the firm’s investment committee and was responsible for portfolio strategy utilized by both firm and third-party clients. Mr. Martin began his highly regarded career at Astor Asset Management in Chicago, where he was co-portfolio manager on all of Astor’s ETF-based separate account programs and Astor’s mutual fund complex, which launched in 2009.

Neil R. Peplinski, CFA®, is a portfolio manager at Kingsview. With over 20 years of professional experience, Neil is responsible for research, investment analysis and the development of new investment strategy models. Prior to Kingsview, he co-founded Cedar Capital, a partner company of Good Harbor Financial, where he served as Chief Investment Officer. He also served as portfolio manager and quantitative analyst for Allstate Investments. Neil earned an MBA with High Honors from The University of Chicago Booth School of Business, an MSEE from the University of Michigan and a BSEE from The Michigan Technological University, where he graduated summa cum laude.

Yash Patel, CFA®, is a portfolio manager at Kingsview and brings over 15 years of professional experience to the firm. Prior to Kingsview, Yash served as Cedar Capital’s Chief Operating Officer at Cedar Capital, where his responsibilities include the management and leadership of operations, technology, trading, and portfolio management. Yash was also a quantitative equity analyst for Allstate Investments, developing and implementing model-driven trading strategies. Previous to that, he worked and consulted for hedge funds, including Bridgewater Associates and Citadel Investment Group. Yash earned an MBA with Honors from The University of Chicago Booth School of Business and a BS CSE from The Ohio State University.

The S&P 500 Total Return Index is the total return version of the S&P 500 Index which includes the effects of reinvested dividends. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy through changes in the aggregate market value representing all major industries.

The Bloomberg US Aggregate Bond Total Return Index is an index designed to provide a measure of the performance of the U.S. investment grade bond market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass through securities and asset backed securities that are publicly offered for sale in the U.S. The securities in the index must have at least 1 year to maturity. In addition, the securities must be denominated is US dollars and must be fixed rate, nonconvertible, and taxable.

The S&P Target Risk Moderate Total Return Index is a multi-asset class index, corresponding to a moderate risk level. The asset class mix is determined once per year through a process designed to reflect the overall opportunity of the markets represented, adjusted for specific risk levels.

The NASDAQ Composite Index is a market-capitalization weighted index of the more than 3,000 common equities listed on the NASDAQ stock exchange.

The Russell 1000 Value Total Return Index measures the performance of those Russell 1000 companies with higher I/B/E/S forecast medium-term growth (2-year) and sales per share historical growth (5-year) measures.

The ICE U.S. Treasury 3-7 Year Bond Index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to three years and less than seven years.

The iBoxx USD Liquid High Yield Index is a modified market-value weighted index designed to provide a balanced representation of U.S. dollar-denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by the index provider.

The CBOE Volatility Index (the “VIX”) reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of S&P 500 index options.

Investments cannot be made directly in an index. Unmanaged index returns assume the reinvestment of any distributions and do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.

This information is being provided for informational purposes only, is subject to change. The opinions expressed in this letter represent the current, good-faith views of the author at the time of publication. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable. Fund holdings are subject to change without notice.

5268-NLD-03142023

The Fund’s performance figures* for the year ended February 28, 2023, as compared to its benchmarks:

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the Market Price Return is based on the Market Price per share of the Fund. Market price returns are calculated using the closing price and account for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least June 30, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 1.25% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses, before fee waivers and/or expense reimbursements, are 1.75% per the June 28, 2022 prospectus. After fee waivers and/or expense reimbursements, the Fund’s total annual expenses are 1.56% of net assets per the June 28, 2022 prospectus. The Fund’s total return would have been lower had the adviser not waived a portion of the Fund’s expenses. Please see the Financial Highlights for a more recent expense ratio.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Comparison of Change in Vale of a $10,000 Investment

The Fund’s holdings by asset class as of February 28, 2023 are as follows:

Please refer to the Schedule of Investments in this Annual Report for a detailed listing of the Fund’s holdings.

The Fund’s performance figures* for the year ended February 28, 2023, as compared to its benchmarks:

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the Market Price Return is based on the Market Price per share of the Fund. Market Price returns are calculated using the closing price and account for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least June 30, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 1.25% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses, before fee waivers and/or expense reimbursements, are 1.46% per the June 28, 2022 prospectus. After fee waivers and/or expense reimbursements, the Fund’s total annual expenses are 1.25% of net assets per the June 28, 2022 prospectus. The Fund’s total return would have been lower had the adviser not waived a portion of the Fund’s expenses. Please see the Financial Highlights for a more recent expense ratio.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Comparison of Change in Vale of a $10,000 Investment

The Fund’s holdings by asset class as of February 28, 2023 are as follows:

Please refer to the Schedule of Investments in this Annual Report for a detailed listing of the Fund’s holdings.

The Fund’s performance figures* for the year ended February 28, 2023, as compared to its benchmarks:

The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the Market Price Return is based on the Market Price per share of the Fund. Market Price returns are calculated using the closing price and account for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least June 30, 2023 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 1.25% of average daily net assets. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund by the adviser in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Fund’s adviser. The Fund’s total annual operating expenses are 1.35% per the June 28, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Comparison of Change in Vale of a $10,000 Investment

The Fund’s holdings by asset class as of February 28, 2023 are as follows:

Please refer to the Schedule of Investments in this Annual Report for a detailed listing of the Fund’s holdings.

ETF - Exchange-Traded Fund

MBS - Mortgage Backed Security

SPDR - Standard & Poor’s Depositary Receipt

See accompanying notes to financial statements.

See accompanying notes to financial statements.

Ltd. - Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

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.

The Monarch Ambassador Income ETF (“MAMB”), Monarch Blue Chips Core ETF (“MBCC”), and Monarch ProCap ETF (“MPRO”) (each a “Fund” and collectively the “Funds”) are each diversified series of Northern Lights Fund Trust IV (the “Trust”), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. MAMB’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Kingsview Ambassador Income Index. MBCC’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Kingsview Blue Chips Core Index. MPRO’s investment objective seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Kingsview ProCap Index. The investment objectives are non-fundamental. The Funds commenced operations on March 23, 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 period. Actual results could differ from those estimates. The Funds are each 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”.

Securities valuation – Securities listed on an exchange, including exchange – traded funds, are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

Each 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 the Adviser as its valuation designee (the “Valuation Designee”). 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 -specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval 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 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 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.

Exchange Traded Funds – Each Fund may invest in ETFs. An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. An ETF, like a mutual fund, is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF’s underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect a Fund’s performance.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2023 for the Funds’ assets measured at value:

The Funds did not hold any Level 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 the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net realized capital gains, if any, are declared and distributed annually no later than December 31 of each year. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year ended February 28, 2022, or expected to be taken in the funds’ February 28, 2023 year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. For the year ended February 28, 2023, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

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

For the year ended February 28, 2023, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

For the year ended February 28, 2023, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

The business activities of the Funds are overseen by the Board. Kingsview Wealth Management LLC (the “Adviser”) serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust (the “Advisory Agreement”). The Adviser has engaged Penserra Capital Management LLC, as the sub-adviser (the “Sub-Adviser”), to manage the assets of the Funds.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 0.85% of it’s average daily net assets. For the year ended February 28, 2023, the Adviser earned $317,348, $265,750, and $731,944 in investment advisory fees for MAMB, MBCC, and MPRO, respectively.

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed, at least until June 30, 2023, to waive a portion of its advisory fee and has agreed to reimburse each Fund for other expenses to the extent necessary so that total expenses incurred (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 1.25% of average daily net assets for each Fund, herein referred to as the “Expense Limitation.”

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and a Fund’s operating expenses are subsequently lower than its Expense Limitation, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that Fund’s operating expenses to exceed the Expense Limitation in place at the time of waiver and at the time of reimbursement. If a Fund’s operating expenses subsequently exceed the Expense Limitation, the reimbursements

for the Fund shall be suspended. For the year ended February 28, 2023, the Adviser waived fees and/or reimbursed expenses in the amount of $25,327, $48,986, and $0 for MAMB, MBCC and MPRO, respectively, pursuant to the Waiver Agreement.

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

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

The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC, (the “Distributor”) to serve as the principal underwriter and distributor for the Funds.

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

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

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS 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 each Fund.

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 Funds.

Shares are not individually redeemable and may be redeemed by the Funds at net asset value (“NAV”) only in large blocks known as “Creation Units.” Shares are created and redeemed by each 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 a 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 a 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, each Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their 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”). Transaction Fees may be used to cover the custodial and other costs incurred by a Fund.

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

*      The maximum Transaction Fee is 2.00% as a percentage of the amount invested.

For the year ended February 28, 2023, the fixed and variable fees were as follows:

The tax character of fund distributions paid for the periods ended February 28, 2023 and February 28, 2022 was as follows:

As of February 28, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

The difference between book basis and tax basis accumulated net realized losses and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales.

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 February 28, 2023, the Funds 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 tax adjustments for realized gain (loss) on in-kind redemptions, resulted in reclassifications for the Funds for the year ended February 28, 2023 as follows:

MPRO currently invests a significant portion of its assets in the iShares Core U.S. Aggregate Bond ETF (“iShares”). MPRO may redeem its investment in iShares at any time if the Adviser determines that it is in the best interest of MPRO and its shareholders to do so. MPRO’s performance will be directly affected by the performance of iShares. The financial statements of iShares, including the portfolio of investments, can be found on the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with MPRO’s financial statements. As of February 28, 2023, MPRO’s investment in iShares represented 50.2% of MPRO’s net assets.

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Companies that are affiliates, if any, at February 28, 2023 are noted in the Fund’s Portfolio of Investments. Transactions during the period with the companies that are affiliated or were affiliates at the beginning of the period are as follows:

As of February 28, 2023, the Funds did not hold any affiliated investments.

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Monarch Ambassador Income ETF, Monarch Blue Chips Core ETF and Monarch ProCap ETF and Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Monarch Ambassador Income ETF, Monarch Blue Chips Core ETF and Monarch ProCap ETF (the “Funds”), each a series of Northern Lights Fund Trust IV, as of February 28, 2023, the related statements of operations for the year then ended, the statements of changes in net assets, the related notes, and the financial highlights for the year then ended and for the period March 23, 2021 (commencement of operations) through February 28, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2023, the results of their operations for the year then ended, the changes in net assets, and the financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 February 28, 2023, by correspondence with the custodian. Our audits 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 audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2021.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

April 28, 2023

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2022 through February 28, 2023.

Actual Expenses

The “Actual” lines in the table 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” lines in the table below provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. 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 brokerage commissions paid on purchases and sales of Fund shares. 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.

LIQUIDITY RISK MANAGEMENT PROGRAM

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 year ended February 28, 2023, 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.

Renewal of the Investment Advisory Agreement with Kingsview Wealth Management LLC

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on October 25, 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 an investment advisory agreement (the “Kingsview Advisory Agreement”) between Kingsview Wealth Management LLC (“KWM”) and the Trust, with respect to Monarch Ambassador Income ETF (“Monarch AI”), Monarch Blue Chips Core ETF (“Monarch BC”) and Monarch ProCap ETF (“Monarch PC”, each a “Monarch ETF” and collectively, the “Monarch ETFs”). In considering the renewal of the Kingsview Advisory Agreement, the Board received materials specifically relating to the Kingsview Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Kingsview 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 Kingsview Advisory Agreement on behalf of Monarch AI, Monarch BC and Monarch PC 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 Kingsview Advisory Agreement.

Nature, Extent and Quality of Services. The Board noted that KWM had approximately $219 million in assets under management and had been in operation since August 2015. The Board noted KWM’s investment decisions were made through combined fundamental, quantitative and technical research in determining security selection. The Board noted KWM’s well qualified investment team. The Board noted KWM’s robust compliance program. The Board noted the sub-adviser had experience managing passive ETFs and that KWM also used an index calculation service provider each of which were well established in the investment industry. The Board concluded that KWM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures to continue to perform its duties under the KWM Advisory Agreement and that the nature, overall quality and extent of the management services provided by KWM to the Monarch ETFs was satisfactory and reliable. After further discussion, the Board concluded that KWM provided a level of service consistent with its expectations.

Performance. The Board discussed the reports prepared by Broadridge and reviewed the performance of the Monarch ETFs as compared to their respective Broadridge selected peer group, Morningstar category and benchmark for the for the one year and since-inception periods ended July 31, 2022, as applicable.

Monarch AI—The Board noted that Monarch AI underperformed its respective peer group and Morningstar category but outperformed the Bloomberg US Universal Total Return Index for the one-year period and since- inception periods. The Board considered that, as a passively managed ETF, Monarch AI seeks to track its own Kingsview benchmark index. The Board noted the low tracking error between the Kingsview benchmark index and Monarch AI performance as presented by KWM. The Board recognized that unlike Monarch AI, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. The Board concluded that the performance obtained by KWM for Monarch AI was satisfactory.

Monarch BCC—The Board noted that Monarch BCC underperformed its respective peer group,

Morningstar category averages and the Russell 1000 Growth Total Return Index for the one- year period and since-inception periods. The Board considered that, as a passively managed ETF, Monarch BCC seeks to track its own Kingsview benchmark index. The Board noted the relatively low tracking error between the Kingsview benchmark index and Monarch BCC performance. The Board recognized that unlike Monarch BCC, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. The Board concluded that the performance obtained by KWM for Monarch BCC was satisfactory.

Monarch PC—The Board noted that Monarch PC outperformed its peer group median, its Morningstar category median and the Morningstar Moderate Target Risk Total Return Index for the one-year and since inception periods and noted that Monarch PC ranked in the first quartile of the peer group for both periods. The Board considered that, as a passively managed ETF, Monarch PC seeks to track its own Kingsview benchmark index. The Board noted the Adviser’s assertion of relatively low tracking error between the Kingsview benchmark index and Monarch PC’s performance. The Board recognized that unlike Monarch PC, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. The Board concluded that the performance obtained by KWM for Monarch PC was satisfactory

Fees and Expenses. The Board discussed the comparison of advisory fees and total operating expense data and reviewed the advisory fees for each Monarch ETF and their overall expenses compared to their respective Broadridge selected peer group and Morningstar category

Monarch AI—The Board noted KWM’s advisory fee of 0.85% of average net daily assets, was higher than the 0.62% average fee charged by funds in the applicable Morningstar category but below the high of 2.63% in the Broadridge selected peer group. The Board considered Monarch AI’s net expense ratio and noted that at 1.25%, Monarch AI’s net expense ratio was higher than the Morningstar category average of 0.86% and Broadridge selected peer group average of 1.14% but below the high of 2.63% of its Morningstar category and below the high of 1.70% of its Broadridge selected peer group. The Board noted KWM paid the sub-adviser a fee based on the aggregated assets of Monarch AI. The Board further noted that KWM had agreed to an expense limitation agreement of 1.25% of Monarch AI’s average daily net assets. After further discussion, the Board concluded that the advisory fee was not unreasonable.

Monarch BCC—The Board noted KWM advisory fee of 0.85% of average net daily assets was higher than the 0.55% average fee charged by funds in its Morningstar category but below the category high of 2.00%. The Board further noted that the advisory fee was higher than the 0.70% average fee charged by funds in the applicable Broadridge selected peer group but below the high of 1.21%. The Board considered Monarch BCC’s net expense ratio and noted that at 1.25%, Monarch BCC’s net expense ratio was higher than Morningstar average of 0.65% but below the high of 2.05% and higher that the as Broadridge selected peer group average of 0.90% but below the peer group high of 1.85%. The Board noted KWM paid the sub-adviser a fee based on the aggregated assets of Monarch BCC. The Board further noted that KWM had agreed to an expense limitation agreement of 1.25% of Monarch BCC’s average daily net assets. After further discussion, the Board concluded that the proposed advisory fee was not unreasonable.

Monarch PC—The Board noted that the advisory fee of 0.85% of average daily net assets was higher than the 0.77% average fee charged by funds in the Morningstar category but below the high of 1.55%. The Board further noted the advisory fee was higher than the 0.85% average fee charged by funds in the Broadridge selected peer group but below the high of 0.90%. The Board considered the ETF’s net expense ratio and noted that at 1.17%, Monarch PC’s net expense ratio was higher than Morningstar

average of 1.00% but below the high of 2.41%. The Board noted Monarch PC’s net expense ratio was higher than the 1.12% of its Broadridge selected peer group average but lower than its high of 1.62%. The Board noted KWM paid the sub-advisor a fee based on the aggregated assets of Monarch PC. The Board further noted that KWM had agreed to an expense limitation agreement of 1.25% of Monarch PC’s average daily net assets. After further discussion, the Board concluded that the proposed advisory fee was not unreasonable.

Profitability: The Board reviewed KWM’s profitability analysis in connection with the advisory services it provided to each of the Monarch ETFs. The Board noted KWM was providing investment management services to the Monarch ETFs each at a modest profit. The Board concluded, therefore, that KWM’s profitability with respect to each Monarch ETF was not excessive.

Economies of Scale. The Board noted KWM’s assertion that economies of scale had not yet been reached. The Board noted that consideration of economies of scale would be revisited as each Monarch ETF’s assets grow significantly.

Conclusion. Having requested and received such information from KWM as the Board believed to be reasonably necessary to evaluate the terms of the KWM Advisory Agreement, and as assisted by the advice of independent counsel, the Board determined that renewal of the KWM Advisory Agreement was in the best interests of each of the Monarch ETFs and its shareholders.

Renewal of Investment Sub-Advisory Agreement between Kingsview Wealth Management LLC and Penserra Capital Management LLC

In connection with 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 an investment sub-advisory agreement between KWM and Penserra Capital Management LLC (“PCM”) with respect to the Monarch ETFs (the “Penserra Sub-Advisory Agreement”). In considering the renewal of the Penserra Sub-Advisory Agreement, the Board received materials specifically relating to the Penserra 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 Penserra 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 Penserra Sub-Advisory Agreement 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 Penserra Sub-Advisory Agreement.

Nature, Extent & Quality of Services. The Trustees observed that PCM started managing index strategies in 2014. In consideration of the financial condition of PCM, the Board noted that the adviser stated that it was comfortable with PCM’s financial condition. The Board reviewed the materials provided by PCM describing its investment process and compliance monitoring. The Board observed that PCM selected broker/dealers on the basis of best execution. The Board observed the adviser’s assertion that PCM had the capabilities, resources and personnel necessary to continue to provide index sub-advisory services to each of the Monarch ETFs. The Board further noted that PCM represented that it had no material compliance or litigation issues that were expected to create any material issues for its ability to operate. The Board concluded that PCM’s quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality and extent of investment sub-advisory services provided to the Monarch ETFs are satisfactory. The Board concluded that PCM provided a level of service consistent with its expectations.

Performance. The Board noted Monarch AI, Monarch BC and Monarch PC each underperformed its respective Kingsview index for the one-year and since inception periods. After further discussion, the Board concluded that PCM tracked the respective index of each Monarch ETF in line with the adviser’s and the Board’s expectations, recognizing that an ETF cannot precisely track its index because of expenses and other factors.

Fees and Expenses. The Board noted the sub-advisory fee payable by the adviser to PCM for sub-advising each Monarch ETF. The Board discussed the sub-advisory fee relative to the advisory fee noting that PCM receives a sub-advisory fee based on the aggregated assets of each Monarch ETF as follows: 0.05% on the first $100 million 0.04% on the next $400 million; 0.03% on the next $500 million; and 0.02% on net assets in excess of $1 billion and that the adviser, rather than each Monarch ETF was responsible for the payment of such fee. The Board concluded that the sub-advisory fee payable to PCM was not unreasonable.

Profitability. The Board reviewed PCM’s profitability analysis in connection with the sub-advisory services it provides to each of the Monarch ETFs. The Board noted that PCM was managing each of the

Monarch ETFs at a loss. The Board noted that PCM received no other compensation from either a Monarch ETF or the adviser except the sub-advisory fee earned pursuant to the Penserra Sub-Advisory Agreement payable by the adviser. The Board concluded, therefore, that PCM’s profitability with respect to each ETF was not excessive.

Economies of Scale. The Board noted PCM’s assertion that economies of scale had not yet been reached. The Board noted that consideration of economies of scale would be revisited to the extent assets of the Monarch ETFs grow significantly.

Conclusion. Having requested and received such information from PCM as the Board believed to be reasonably necessary to evaluate the terms of the Penserra 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 Penserra Sub-Advisory Agreement was in the best interests of the Trust and the shareholders of the Monarch ETFs.

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 Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, Nebraska 68154.

Independent Trustees

2/28/23 – NLFT IV_v2

Officers