# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-000873
**Filing Date:** 2026-2
**Character Count:** 108822
**Document Hash:** 9c58e7513da91431338691ee56d194d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000873.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001580642-26-000873

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust IV
- **CENTRAL INDEX KEY:** 0001644419

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0916

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 26606401

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68154-1150

## Series and Classes Contracts Data

### Moerus Worldwide Value Fund (Series ID: S000053886)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000169568 | Moerus Worldwide Value Fund Class N             | MOWNX           |
| C000169569 | Moerus Worldwide Value Fund Institutional Class | MOWIX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

 **FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23066</u>

<u>Northern Lights Fund Trust IV</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(631) 490-4300</u>

Date of fiscal year end: <u>11/30</u> <br>Date of reporting period: <u>11/30/2025</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;

# Moerus Worldwide Value Fund

# Class N (MOWNX)

#### Annual Shareholder Report - November 30, 2025
![Image](i54f0766c2d57a437231d810f.jpg)

## Fund Overview
This annual shareholder report contains important information about Moerus Worldwide Value Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://www.moeruscap.com/regulatory-resources/**. You can also request this information by contacting us at 1-844-663-7871.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $174 | 1.50% |

---

## How did the Fund perform during the reporting period?
The Moerus Worldwide Value Fund ("the Fund") returned +32.42% (net of fees) for the Class N Share Class during the twelve months ended November 30, 2025. By comparison, the MSCI All Country World ex USA Index ("MSCI ACWI ex USA") returned +26.04% (net), while the MSCI All Country World Index ("MSCI ACWI") returned +18.21% (net). In relative terms, international equities outperformed U.S. equities (as evidenced by the MSCI ACWI ex USA's outperformance of the MSCI ACWI) as U.S. stocks lagged amid investor concerns regarding ongoing tariff negotiations and their potential implications. With respect to the Fund's strategy, the above market environment was generally supportive of the Fund's relative performance as compared to the heavily U.S.-weighted MSCI ACWI, though it was not a factor as compared to the MSCI ACWI ex USA, which excludes the U.S. During this period, the Fund significantly outperformed both the MSCI ACWI and the MSCI ACWI ex USA. The Fund's value-conscious, opportunistic, and flexible approach typically results in a portfolio of bottom-up investments that tends to have high active share and low overlap with broader market indices. During the twelve months ended November 30, 2025, the Fund's strong absolute performance and meaningful relative outperformance of both the MSCI ACWI and the MSCI ACWI ex USA was driven by significant individual contributors to performance that included (in order of magnitude): Canadian holding company Dundee Corp.; PGM producer Valterra Platinum Ltd; Hong Kong property broker Midland Holdings Ltd; Brazilian bank Banco Bradesco S.A.; and Canadian copper producer Capstone Copper Corp. On the negative side, the most significant detractors from the Fund's absolute performance during the period included: Brazilian beauty products retailer Natura Cosmeticos S.A.; Bermuda reinsurer Conduit Holdings Ltd; U.S. financial services provider The Westaim Corp.; Canadian miner Teck Resources Ltd.; and Canadian uranium producer Cameco Corp.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ifca2f8e91828b2346a2b5dac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Moerus Worldwide Value Fund - Class N** | **MSCI ACWI ex USA Index** | **MSCI ACWI Index Net** |
| **May-2016** | $10000 | $10000 | $10000 |
| **Nov-2016** | $10600 | $10136 | $10367 |
| **Nov-2017** | $12913 | $12933 | $12921 |
| **Nov-2018** | $11132 | $11883 | $12795 |
| **Nov-2019** | $11521 | $13214 | $14545 |
| **Nov-2020** | $10206 | $14472 | $16727 |
| **Nov-2021** | $12032 | $15795 | $19951 |
| **Nov-2022** | $13631 | $13920 | $17633 |
| **Nov-2023** | $15879 | $15209 | $19751 |
| **Nov-2024** | $20113 | $17191 | $24909 |
| **Nov-2025** | $26633 | $21667 | $29444 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2016)** |
| Moerus Worldwide Value Fund - Class N | 32.42% | 21.15% | 10.86% |
| MSCI ACWI ex USA Index | 26.04% | 8.41% | 8.48% |
| MSCI ACWI Index Net | 18.21% | 11.97% | 12.04% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic1f48644164f840351932b7c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.5% |
| Consumer Staples | 2.5% |
| Consumer Discretionary | 4.7% |
| Industrials | 5.1% |
| Energy | 11.8% |
| Real Estate | 14.6% |
| Materials | 18.8% |
| Financials | 37.0% |

---

## **Fund Statistics** 
* Net Assets$230,441,306

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$1,613,687

* Portfolio Turnover46%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2246c13ffa84866627a25a79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.5% |
| Money Market Funds | 5.5% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](i728a973632aaef71c948b6bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.5% |
| Other Countries | 9.7% |
| Chile | 2.5% |
| Australia | 2.8% |
| Italy | 4.6% |
| Brazil | 5.0% |
| South Africa | 7.0% |
| India | 7.5% |
| Hong Kong | 8.3% |
| United Kingdom | 9.4% |
| United States | 14.7% |
| Canada | 23.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Dundee Corporation - Class A | 4.7% |
| Valterra Platinum Limited | 4.6% |
| Midland Holdings Ltd. | 3.8% |
| Valaris Ltd. | 3.6% |
| Cromwell Property Group | 2.8% |
| Exor N.V. | 2.7% |
| Travis Perkins plc | 2.7% |
| International Petroleum Corporation | 2.6% |
| Hong Kong Exchanges & Clearing Ltd. | 2.6% |
| Jefferies Financial Group, Inc. | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website **https://www.moeruscap.com/regulatory-resources/** , including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Moerus Worldwide Value Fund - Class N (MOWNX)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-MOWNX

![Image](i54f0766c2d57a437231d810f.jpg)

# Moerus Worldwide Value Fund

# Institutional Class (MOWIX)

#### Annual Shareholder Report - November 30, 2025
![Image](i54f0766c2d57a437231d810f.jpg)

## Fund Overview
This annual shareholder report contains important information about Moerus Worldwide Value Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://www.moeruscap.com/regulatory-resources/**. You can also request this information by contacting us at 1-844-663-7871.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $145 | 1.25% |

---

## How did the Fund perform during the reporting period?
The Moerus Worldwide Value Fund ("the Fund") returned +32.74% (net of fees) for the Institutional Class during the twelve months ended November 30, 2025. By comparison, the MSCI All Country World ex USA Index ("MSCI ACWI ex USA") returned +26.04% (net), while the MSCI All Country World Index ("MSCI ACWI") returned +18.21% (net). In relative terms, international equities outperformed U.S. equities (as evidenced by the MSCI ACWI ex USA's outperformance of the MSCI ACWI) as U.S. stocks lagged amid investor concerns regarding ongoing tariff negotiations and their potential implications. With respect to the Fund's strategy, the above market environment was generally supportive of the Fund's relative performance as compared to the heavily U.S.-weighted MSCI ACWI, though it was not a factor as compared to the MSCI ACWI ex USA, which excludes the U.S. During this period, the Fund significantly outperformed both the MSCI ACWI and the MSCI ACWI ex USA. The Fund's value-conscious, opportunistic, and flexible approach typically results in a portfolio of bottom-up investments that tends to have high active share and low overlap with broader market indices. During the twelve months ended November 30, 2025, the Fund's strong absolute performance and meaningful relative outperformance of both the MSCI ACWI and the MSCI ACWI ex USA was driven by significant individual contributors to performance that included (in order of magnitude): Canadian holding company Dundee Corp.; PGM producer Valterra Platinum Ltd; Hong Kong property broker Midland Holdings Ltd; Brazilian bank Banco Bradesco S.A.; and Canadian copper producer Capstone Copper Corp. On the negative side, the most significant detractors from the Fund's absolute performance during the period included: Brazilian beauty products retailer Natura Cosmeticos S.A.; Bermuda reinsurer Conduit Holdings Ltd; U.S. financial services provider The Westaim Corp.; Canadian miner Teck Resources Ltd.; and Canadian uranium producer Cameco Corp.

## How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](i52a6834ce851bc5a2f6f54cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Moerus Worldwide Value Fund - Institutional Class** | **MSCI ACWI ex USA Index** | **MSCI ACWI Index Net** |
| **May-2016** | $100000 | $100000 | $100000 |
| **Nov-2016** | $106100 | $101365 | $103669 |
| **Nov-2017** | $129617 | $129331 | $129211 |
| **Nov-2018** | $112054 | $118834 | $127947 |
| **Nov-2019** | $116173 | $132138 | $145445 |
| **Nov-2020** | $103200 | $144721 | $167275 |
| **Nov-2021** | $121971 | $157948 | $199509 |
| **Nov-2022** | $138561 | $139197 | $176325 |
| **Nov-2023** | $161821 | $152088 | $197509 |
| **Nov-2024** | $205362 | $171912 | $249093 |
| **Nov-2025** | $272594 | $216671 | $294443 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2016)** |
| Moerus Worldwide Value Fund - Institutional Class | 32.74% | 21.44% | 11.13% |
| MSCI ACWI ex USA Index | 26.04% | 8.41% | 8.48% |
| MSCI ACWI Index Net | 18.21% | 11.97% | 12.04% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic1f48644164f840351932b7c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.5% |
| Consumer Staples | 2.5% |
| Consumer Discretionary | 4.7% |
| Industrials | 5.1% |
| Energy | 11.8% |
| Real Estate | 14.6% |
| Materials | 18.8% |
| Financials | 37.0% |

---

## **Fund Statistics** 
* Net Assets$230,441,306

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$1,613,687

* Portfolio Turnover46%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2246c13ffa84866627a25a79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.5% |
| Money Market Funds | 5.5% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](i728a973632aaef71c948b6bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.5% |
| Other Countries | 9.7% |
| Chile | 2.5% |
| Australia | 2.8% |
| Italy | 4.6% |
| Brazil | 5.0% |
| South Africa | 7.0% |
| India | 7.5% |
| Hong Kong | 8.3% |
| United Kingdom | 9.4% |
| United States | 14.7% |
| Canada | 23.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Dundee Corporation - Class A | 4.7% |
| Valterra Platinum Limited | 4.6% |
| Midland Holdings Ltd. | 3.8% |
| Valaris Ltd. | 3.6% |
| Cromwell Property Group | 2.8% |
| Exor N.V. | 2.7% |
| Travis Perkins plc | 2.7% |
| International Petroleum Corporation | 2.6% |
| Hong Kong Exchanges & Clearing Ltd. | 2.6% |
| Jefferies Financial Group, Inc. | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website **https://www.moeruscap.com/regulatory-resources/** , including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Moerus Worldwide Value Fund - Institutional Class (MOWIX)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-MOWIX

![Image](i54f0766c2d57a437231d810f.jpg)

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** 

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

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's Board of Trustees has determined that Mr. Joseph Breslin are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Breslin is independent for purposes of this Item.

(a)(2) Not applicable

(a)(3) Not applicable

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| 2025 | $15850 |
| 2024 | $15350 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| | |
|:---|:---|
| 2025 | $3500 |
| 2024 | $3550 |

---

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

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended November 30, 2025 and 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended November 30, 2024 and 2023 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable |
| (i) | Not applicable |
| (j) | Not applicable |

---

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to open-end investment companies

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(MOERUS LOGO)](mo001_v1.jpg) |
| **Moerus Worldwide Value Fund** |
| Class N Shares (MOWNX) |
| Institutional Class Shares (MOWIX) |
| **Annual Financial Statements** |
| **and Additional Information** |
| **November 30, 2025** |

---

---

| |
|:---|
| **MOERUS WORLDWIDE VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.5%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.4%** |  |
| 2229165 | Samsonite Group S.A. | $5505801 |
|  | **ASSET MANAGEMENT - 12.1%** |  |
| 71416 | Aker ASA, Class A | 5568320 |
| 3960053 | Dundee Corporation, Class A<sup>(a)</sup> | 10938042 |
| 72926 | Exor N.V. | 6142027 |
| 309940 | Fairfax India Holdings Corporation<sup>(a)</sup> | 5123308 |
|  |  | 27771697 |
|  | **BANKING - 10.6%** |  |
| 1559867 | Banco Bradesco S.A. - ADR | 5771508 |
| 303941 | Grupo Cibest S.A. | 5174739 |
| 4950940 | IDFC First Bank Ltd. | 4440243 |
| 210628 | Standard Chartered plc | 4665907 |
| 60163 | UniCredit SpA | 4473140 |
|  |  | 24525537 |
|  | **CHEMICALS - 1.9%** |  |
| 76657 | Nutrien Ltd. | 4459138 |
|  | **HOUSEHOLD PRODUCTS - 2.5%** |  |
| 3752358 | Natura Cosmeticos S.A.<sup>(a)</sup> | 5799028 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.7%** |  |
| 725920 | Travis Perkins plc | 6116197 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 9.7%** |  |
| 3922581 | Edelweiss Financial Services Ltd. | 4839885 |
| 113443 | Hong Kong Exchanges & Clearing Ltd. | 5988506 |
| 102569 | Jefferies Financial Group, Inc. | 5903872 |
| 712005 | JSE Ltd. | 5534742 |
|  |  | 22267005 |
|  | **INSURANCE - 3.3%** |  |
| 11901444 | Turkiye Sigorta A/S | 3393884 |
| 267367 | Westaim Corporation (The)<sup>(a)</sup> | 4304687 |
|  |  | 7698571 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MOERUS WORLDWIDE VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.5% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.3%** |  |
| 701931 | Arcos Dorados Holdings, Inc., Class A | $5327656 |
|  | **METALS & MINING - 16.8%** |  |
| 144470 | Anglo American plc | 5452167 |
| 385971 | Capstone Copper Corporation<sup>(a)</sup> | 3427502 |
| 2774571 | Magna Mining, Inc.<sup>(a)</sup> | 5380423 |
| 574881 | Major Drilling Group International, Inc.<sup>(a)</sup> | 5364223 |
| 1418390 | New Found Gold Corporation<sup>(a)</sup> | 3359501 |
| 153901 | Valterra Platinum Limited | 10707901 |
| 45825 | Wheaton Precious Metals Corporation | 5043041 |
|  |  | 38734758 |
|  | **OIL & GAS PRODUCERS - 6.4%** |  |
| 325752 | Cenovus Energy, Inc. | 5811131 |
| 617600 | Greenfire Resources Ltd.<sup>(a)</sup> | 2841643 |
| 320409 | International Petroleum Corporation<sup>(a)</sup> | 6027630 |
|  |  | 14680404 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 5.4%** |  |
| 78341 | Tidewater, Inc.<sup>(a)</sup> | 4231981 |
| 147042 | Valaris Ltd.<sup>(a)</sup> | 8294639 |
|  |  | 12526620 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 2.8%** |  |
| 21450604 | Cromwell Property Group | 6391216 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 3.1%** |  |
| 3316301 | Sino Land Company Ltd. | 4446860 |
| 2110666 | Straits Trading Company Ltd. | 2606042 |
|  |  | 7052902 |
|  | **REAL ESTATE SERVICES - 6.3%** |  |
| 2204052 | Douglas Elliman, Inc.<sup>(a)</sup> | 5840738 |
| 29750721 | Midland Holdings Ltd.<sup>(a)</sup> | 8674058 |
|  |  | 14514796 |
|  | **RETAIL REIT - 2.4%** |  |
| 1302749 | Hammerson plc | 5607968 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MOERUS WORLDWIDE VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.5% (Continued)** |  |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 23873 | Bajaj Holdings & Investment Ltd., Class A | $3072494 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 235823366 | Latam Airlines Group S.A. | 5695468 |
|  | **TOTAL COMMON STOCKS (Cost $158,342,885)** | 217747256 |
|  | **RIGHTS — 0.0%<sup>(b)</sup>** |  |
|  | **OIL & GAS PRODUCERS - 0.0%<sup>(b)</sup>** |  |
| 124185 | Greenfire Resources Ltd. <sup>(a)</sup> | 62774 |
|  | **TOTAL RIGHTS (Cost $89,322)** | 62774 |
|  | **SHORT-TERM INVESTMENT — 5.5%** |  |
|  | **MONEY MARKET FUND - 5.5%** |  |
| 12653666 | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, Institutional Class, 3.79%<sup>(c)</sup> (Cost $12,653,666) | 12653666 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $171,085,873)** | $230463696 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0%)<sup>(b)</sup>** | (22390) |
|  | **NET ASSETS - 100.0%** | $230441306 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| Ltd. | - Limited Company |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| SpA | - Società per azioni |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **Moerus Worldwide Value Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **November 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Cost | $171085873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Value | $230463696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash at Broker | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Cash - (cost - $224,410) | 225452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 8902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 378329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign tax reclaims | 173043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 25301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 231275723 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 140637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 171899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 45216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred capital gains tax payable | 400464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 75108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 834417 |
| **NET ASSETS** | $**230441306** |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $159803871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings | 70637435 |
| **NET ASSETS** | $**230441306** |
| **Net Asset Value Per Share:** |  |
| Class N Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**5549388** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **251544** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Net assets/Shares of Beneficial Interest) | $**22.06** (a) |
| Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**224891918** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **10151184** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Net assets/Shares of Beneficial Interest) | $**22.15** (a) |

---

(a) The
 net asset value for Class N and the Institutional Class shown above differs from the traded NAV on November 30, 2025 due to financial
 statement rounding and/or financial statement adjustments.

*See accompanying notes to financial statements.*

---

| |
|:---|
| **Moerus Worldwide Value Fund** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended November 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of $559,235 foreign withholding taxes) | $4830401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend | 39573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 518584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 5388558 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 1694040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 9695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 189650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 149864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting services fees | 52222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 51027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 45976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 30702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 26944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 26723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 25962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 13623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 2680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 2323989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees waived by Adviser | (80353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 2243636 |
| **NET INVESTMENT INCOME** | 3144922 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of capital gains tax paid of $790) | 13061667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (185449) |
|  | 12876218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of increase in deferred capital gains tax of $218,463) | 39719222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (210129) |
|  | 39509093 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 52385311 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $**55530233** |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **Moerus Worldwide Value Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**November 30, 2025** | **For the**<br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $3144922 | $1128143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments and foreign currency transactions | 12876218 | 5178269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 39509093 | 11328467 |
| Net increase in net assets resulting from operations | 55530233 | 17634879 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class N | (120496) | (75382) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3710000) | (3031472) |
| Decrease in net assets from distributions to shareholders | (3830496) | (3106854) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 6559439 | 1321450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 137587769 | 26969609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 119353 | 75046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3370838 | 2853818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (5087126) | (366365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (50835761) | (19583673) |
| Net increase in net assets from shares of beneficial interest | 91714512 | 11269885 |
| **TOTAL INCREASE IN NET ASSETS** | 143414249 | 25797910 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 87027057 | 61229147 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**230441306** | $**87027057** |
| **SHARE ACTIVITY** |  |  |
| **Class N:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 318200 | 80778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 7233 | 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (243602) | (23590) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 81831 | 62495 |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 7813938 | 1687022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 203799 | 201541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2685997) | (1212717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 5331740 | 675846 |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **Moerus Worldwide Value Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **For the**<br>**Year Ended**<br>**November 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2024** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2023** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2022** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2021** |
| Net asset value, beginning of year | $17.39 | $14.37 | $12.37 | $11.49 | $9.81 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income (loss) (1) | 0.26 | 0.19 | 0.82 | 0.09 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain on investments | 5.13 | 3.53 | 1.22 | 1.38 | 1.74 |
| Total from investment operations | 5.39 | 3.72 | 2.04 | 1.47 | 1.73 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.65) | (0.70) | (0.04) | (0.59) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.07) |  |  |  |  |
| Total distributions | (0.72) | (0.70) | (0.04) | (0.59) | (0.05) |
| Net asset value, end of year | $22.06 | $17.39 | $14.37 | $12.37 | $11.49 |
| Total return (2) | 32.42% | 27.02% | 16.54% | 13.32% | 17.72% |
| Net assets, end of year (000s) | $5549 | $2951 | $1540 | $955 | $835 |
| Ratio of gross expenses to average net assets (3) | 1.55% | 1.80% | 1.96% | 1.99% | 1.92% |
| Ratio of net expenses to average net assets | 1.50% | 1.50% | 1.55% (4) | 1.65% | 1.65% |
| Ratio of net investment income (loss) to average net assets | 1.36% | 1.20% | 6.12% | 0.77% | (0.10)% |
| Portfolio Turnover Rate | 46% | 46% | 34% | 34% | 28% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees. Total returns are historical in nature and assume changes in share price, reinvestment of dividends
 and capital gain distributions, if any. Had the Adviser not absorbed a portion of the Fund expenses, total returns would have been lower.
 Total return represents aggregate total return based on net asset value.

(3) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(4) Effective March 31, 2023, the operating
 expense limitation was reduced to 1.50% from 1.65%.

*See accompanying notes to financial statements.*

---

| |
|:---|
| **Moerus Worldwide Value Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the**<br>**Year Ended**<br>**November 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2024** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2023** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2022** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2021** |
| Net asset value, beginning of year | $17.45 | $14.41 | $12.41 | $11.54 | $9.84 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income (1) | 0.34 | 0.23 | 0.83 | 0.12 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain on investments | 5.11 | 3.54 | 1.24 | 1.37 | 1.75 |
| Total from investment operations | 5.45 | 3.77 | 2.07 | 1.49 | 1.77 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.68) | (0.73) | (0.07) | (0.62) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.07) |  |  |  |  |
| Total distributions | (0.75) | (0.73) | (0.07) | (0.62) | (0.07) |
| Net asset value, end of year | $22.15 | $17.45 | $14.41 | $12.41 | $11.54 |
| Total return (2) | 32.74% | 27.35% | 16.76% | 13.53% | 18.12% |
| Net assets, end of year (000s) | $224892 | $84076 | $59689 | $48214 | $38446 |
| Ratio of gross expenses to average net assets (3) | 1.30% | 1.55% | 1.71% | 1.74% | 1.67% |
| Ratio of net expenses to average net assets | 1.25% | 1.25% | 1.30% (4) | 1.40% | 1.40% |
| Ratio of net investment income to average net assets | 1.61% | 1.47% | 6.18% | 1.04% | 0.14% |
| Portfolio Turnover Rate | 46% | 46% | 34% | 34% | 28% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees. Total returns are historical in nature and assume changes in share price, reinvestment of dividends
 and capital gain distributions, if any. Had the Adviser not absorbed a portion of the Fund expenses, total returns would have been lower.
 Total return represents aggregate total return based on net asset value.

(3) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(4) Effective March 31, 2023, the operating
 expense limitation was reduced to 1.25% from 1.40%.

*See accompanying notes to financial statements.*

**MOERUS WORLDWIDE VALUE FUND NOTES TO FINANCIAL STATEMENTS November 30, 2025**

**1.** **ORGANIZATION** 

The Moerus Worldwide Value Fund (the "Fund") is a diversified series of Northern Lights Fund Trust IV (the "Trust"), a trust organized under the laws of the State of Delaware on June 2, 2015, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund's investment objective is long-term capital appreciation. The Fund commenced operations on May 31, 2016.

The Fund currently offers Class N and Institutional Class shares, which are offered at net asset value ("NAV"). Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies*", including Accounting Standards Update ("ASU") 2013-08. Fund level income and expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on their relative net assets within the Fund. Class specific expenses are allocated to that share class.

**Operating Segments** - The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's CODM is comprised of its portfolio manager and the chief financial officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value. Securities traded on a foreign exchange which has not closed by the valuation time or for which the official closing prices are not available at the time the NAV per share is determined may use alternative market prices provided by a pricing service.

**Valuation of Underlying Funds** - The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Mutual funds are valued at their respective NAV as reported by such investment companies. Exchange-traded funds ("ETFs") are valued at the last reported sale price or official closing price. Mutual funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value pursuant to the methods established by

**MOERUS WORLDWIDE VALUE FUND NOTES TO FINANCIAL STATEMENTS (Continued)**

**November 30, 2025**

the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the NAV. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Fund will not change.

The Fund may hold investments, 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 investments are valued using the "fair value" procedures approved by the Trust's Board of Trustees (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 as 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, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** 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 the Fund's calculation of its NAV. 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 investments, 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 Fund values its investments utilizing various methods to measure their fair value on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

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

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

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset

**MOERUS WORLDWIDE VALUE FUND NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

or liability, and would be based on the best information available.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of November 30, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $217747256 | $— | $— | $217747256 |
| Rights |  | 62774 |  | 62774 |
| Money Market Fund | 12653666 |  |  | 12653666 |
| Total | $230400922 | $62774 | $— | $230463696 |

---

The Fund did not hold any level 3 securities during the year.

\* Please refer to the Schedule of Investments for industry classifications.

**Foreign Currency***:* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year end, resulting from changes in exchange rates.

**Foreign Currency Risk***:* Currency investing and trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchanges and exchange rates. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

**Foreign Investment Risk***:* Foreign investing involves adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

**Concentration of Risk**: Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region. These conditions could

**MOERUS WORLDWIDE VALUE FUND NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

**Market and Geopolitical Risk:** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate–related events, pandemics, epidemics, terrorism, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.

**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 and expense are recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends and foreign capital gain taxes have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. As of November 30, 2025, the Fund recorded a deferred liability for potential future Indian capital gains taxes of $400,464. During the year ended November 30, 2025, the Fund paid Indian capital gains taxes in the amount of $790.

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

**Cash and cash equivalents –** Cash and cash equivalents are held with a financial institution and include demand deposits and short-term, liquid investments with an original maturity of three months or less. The assets of the Fund may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Fund places deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's 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 years November 30, 2022 to November 30, 2024, or expected to be taken in the Fund's November 30, 2025 tax returns. The Fund identified its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations. During the year ended November 30, 2025, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**MOERUS WORLDWIDE VALUE FUND NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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

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

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, amounted to $157,264,163 and $75,905,554, respectively.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Moerus Capital Management LLC serves as the Fund's investment adviser ("Adviser"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Fund, manages the Fund's portfolio and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.95% of the Fund's average daily net assets. For the year ended November 30, 2025, the Fund incurred $1,694,040 in investment advisory fees.

The Adviser contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least March 31, 2026, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (excluding (i) any front- end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))), will not exceed 1.50% and 1.25% of the Fund's average daily net assets attributable to Class N shares and Institutional Class shares, respectively. During the year ended November 30, 2025, the Adviser waived fees in the amount of $80,353 pursuant to its contractual agreement.

If the Adviser waives any fees or reimburses any expenses and any operating expenses are subsequently lower than their respective expense limitation, the Adviser shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause the Fund's operating expenses to exceed the respective expense limitation. 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 date of the waiver agreement (or any similar agreement).

Expenses subject to recapture pursuant to the aforementioned conditions as of November 30, 2025 will expire on November 30 of the following years:

---

| | | |
|:---|:---|:---|
| November 30, 2026 | November 30, 2027 | November 30, 2028 |
| $226707 | $231366 | $80353 |

---

Foreside Fund Services, LLC is the distributor for the shares of the Fund (the "Distributor"). Shares of the Fund are offered on a continuous basis.

**MOERUS WORLDWIDE VALUE FUND NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan") for Class N shares, pursuant to Rule 12b-1 of the 1940 Act, which allows the Fund to pay the Fund's Distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund's average daily net assets attributable to Class N shares. For the year ended November 30, 2025, the Fund incurred $9,695 in distribution and shareholder servicing fees.

<u>Ultimus Fund Solutions, LLC ("UFS")</u> – UFS provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund as shown in the Statement of Operations. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Fund for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> - NLCS, an affiliate of UFS, 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 Fund which are included in the compliance officer fees in the Statement of Operations.

<u>Blu Giant, LLC ("Blu Giant")</u> – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services, as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund which are included in the shareholder reporting expenses in the Statement of Operations .

**5.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, National Financial Services LLC and Charles Schwab & Co., Inc., on behalf of its clients, held approximately 55.6% and 34.9%, respectively, of the voting securities of the Fund, and therefore, may be deemed to control the Fund.

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS** 

At November 30, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Net Unrealized |
| Tax Cost | Appreciation | Depreciation | Appreciation |
| $182931102 | $62783679 | $(15651549) | $47132130 |

---

**7.** **DISTRIBUTION TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid for the years ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>November 30, 2025 | Fiscal Year Ended<br>November 30, 2024 |
| Ordinary Income | $3830496 | $3106854 |

---

As of November 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Non-expiring | | | |
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) |
| $15418151 | $8080953 | $— | $— | $— | $47138331 | $70637435 |

---

**MOERUS WORLDWIDE VALUE FUND NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, and mark-to-market on passive foreign investment companies. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gain/(losses) of $6,201.

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on use of tax equalization credits, resulted in reclassifications for the Fund for the fiscal year ended November 30, 2025, as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Accumulated |
| Capital | Earnings |
| $1500477 | $(1500477) |

---

**8.** **ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

**9.** **SUBSEQUENT EVENTS** 

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

On December 8, 2025, the Fund made income distributions of $1.0091 and $1.0468 per share for the Class N and Institutional Class, respectively, and short-term and long-term capital gains distributions of $0.3413 and $0.7653 per share, respectively, for the Class N and Institutional Class.

**10.** **TAX INFORMATION (Unaudited)** 

The Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended November 30, 2025 and November 30, 2024 were as follows:

---

| | |
|:---|:---|
| Fiscal Year Ended November 30, 2025 | Fiscal Year Ended November 30, 2025 |
| Foreign Taxes Paid | Foreign Source Income |
| $0.03 | $0.44 |
| $0.03 | $0.44 |

---

---

| | |
|:---|:---|
| Fiscal Year Ended November 30, 2024 | Fiscal Year Ended November 30, 2024 |
| Foreign Taxes Paid | Foreign Source Income |
| $0.09 | $0.33 |
| $0.09 | $0.33 |

---

![(COHEN LOGO)](mo002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Moerus Worldwide Value Fund and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Moerus Worldwide Value Fund (the "Fund"), a series of Northern Lights Fund Trust IV, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years 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 Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our 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 November 30, 2025, by correspondence with the custodian and brokers. 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 Fund's auditor since 2016.

![(SIGNATURE)](mo003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 28, 2026

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

**MOERUS WORLDWIDE VALUE FUND**

**ADDITIONAL INFORMATION (Unaudited)**

**November 30, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the year covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**<u>PROXY VOTING POLICY</u>**

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

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers](coe.htm).

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):

Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

Attached hereto. [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

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

Northern Lights Fund Trust IV

---

| | |
|:---|:---|
| By | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer | Principal Executive Officer |
| Date: 2/6/26 | Date: 2/6/26 |

---

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

---

| | |
|:---|:---|
| By | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer | Principal Executive Officer |
| Date: 2/6/26 | Date: 2/6/26 |

---

---

| | |
|:---|:---|
| By | /s/ Sam Singh |
| Sam Singh | Sam Singh |
| Principal Financial Officer | Principal Financial Officer |
| Date: 2/6/26 | Date: 2/6/26 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Wendy Wang, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Moerus Worldwide Value Fund (a series of Northern
 Lights Fund Trust IV, the "registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 2/6/26 | /s/ Wendy Wang |
|  | Wendy Wang |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Moerus Worldwide Value Fund (a series of Northern
 Lights Fund Trust IV, the "registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 2/6/26 | /s/ Sam Singh |
|  | Sam Singh |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 2/6/26 | Date: | 2/6/26 |

---

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

## Ex-99.Code

**Attachment 12.B – Trust Code of Ethics**

**<u>Northern Lights Fund Trust IV</u>**

**CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Introduction*** 

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

**1.** **The interests of the Funds must always be paramount** 

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

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

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

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

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

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

**4.** **Access Persons must comply with all applicable laws** 

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

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

 ****

&nbsp;&nbsp;&nbsp;&nbsp;***II.***  ***DEFINITIONS*** 

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

&nbsp;&nbsp;&nbsp;&nbsp;a. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;b. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;c. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;d. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

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

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

**4.** **"Code"** means this Code of Ethics.

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

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

**7.** **"Funds"** means series of the Trust.

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

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

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

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

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

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

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

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

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

**16.** **"Advisers"** means the Advisers to the Trust.

**17.** **"Trust"** mean Northern Lights Fund Trust IV.

&nbsp;&nbsp;&nbsp;&nbsp;***III.***  ***PROHIBITED ACTIONS AND ACTIVITIES*** 

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

&nbsp;&nbsp;&nbsp;&nbsp;a. is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;b. is being purchased or sold by a Fund.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a
material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud
or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;***IV.***  ***EXEMPTED TRANSACTIONS*** 

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;***V.***  ***PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS*** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;***VI.***  ***REPORTING AND MONITORING*** 

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

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

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

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

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

2. INITIAL HOLDINGS REPORT

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

3. ANNUAL HOLDINGS REPORTS

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

4. QUARTERLY TRANSACTION REPORTS

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

&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Access Person Submits the Report.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;***VII.***  ***ENFORCEMENTS AND PENALTIES*** 

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;***VIII.***  ***ACKNOWLEDGMENT*** 

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

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

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

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