# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-23-000117
**Filing Date:** 2023-1
**Character Count:** 160470
**Document Hash:** 95e6cb6b5ce2b382aaeb35f1e0291e9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000117.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001580642-23-000117

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust IV
- **CENTRAL INDEX KEY:** 0001644419
- **IRS NUMBER:** 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:** 23517443

**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

### Main Sector Rotation ETF (Series ID: S000058154)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000190408 | Main Sector Rotation ETF | SECT            |

### Main Thematic Innovation ETF (Series ID: S000070451)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000223946 | Main Thematic Innovation ETF | TMAT            |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

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

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

(Exact name of registrant as specified in charter)

 <u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246</u> 

(Address of principal executive offices) (Zip code)

 <u>Jennifer Farrell, Ultimus Fund Solutions, LLC.</u> 

 <u>80 Arkay Drive, Hauppauge, NY 11788</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2600</u> 

Date of fiscal year end: <u>10/31</u> 

Date of reporting period: <u>10/31/22</u> 

**Item 1. Reports to Stockholders.** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Main Sector Rotation ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(SECT)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Main Thematic Innovation ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(TMAT)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Report** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**October 31, 2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1-866-383-9778** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**www.mainmgtetfs.com** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the Main Sector Rotation ETF or Main Thematic Innovation ETF. Such offering is made only by prospectus, which includes details as to offering price and other material information. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributed by Northern Lights Distributors, LLC. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member FINRA |

---

October 31, 2022

Dear Shareholder,

Central bank tightening continues to be the theme of the year to combat elevated inflation, especially in Europe due to the ongoing energy crisis caused by the conflict with Russia. While oil prices have basically retreated to where they were at the beginning of 2022, natural gas remains considerably higher and will likely be a significant pinch point as the Northern Hemisphere heads into winter. The U.S. Dollar has appreciated by roughly 20% so far this year and is at/near multi-decade highs relative to many currencies, including the British Pound, Japanese Yen, and the Euro. China's central bank has intervened as well in an effort to stabilize/boost the Yuan.

Domestically, gas prices have moderated as oil has declined and the result has been an improvement in consumer sentiment, which has been depressed mostly due to inflationary worries. The first estimate for Q3 U.S. Real GDP was 2.6%, reversing the negative 1<sup>st</sup> and 2<sup>nd</sup> quarter readings. There continues to be discussion around whether or not we are officially in a recession as the National Bureau of Economic Research's definition states that "a recession involves a significant decline in economic activity that is spread across the economy and lasts more than a few months," and that depth, diffusion, and duration all must be considered when defining a recession. With the strong Dollar and low unemployment, stagflation seems unlikely for now. Additionally, the excesses that were present in the 2007-2008 crisis do not appear to be present today, so any recession that might occur (or already be occurring) appears likely to be shallower than the previous one. Inflation is already rolling over, which should allay any remaining stagflation fears. But those appear to have been replaced by fears that the Federal Reserve ("Fed") may raise rates right into a recession, if it has not done so already. The Fed has made it clear it will continue to raise rates to combat inflation and another 50-75 basis points of hikes are being priced in by markets.

Equity markets were not the only area that responded negatively to ongoing Fed hawkishness. Bond markets moved lower as the 2-year Treasury yield has risen to 4.5%, resulting in a large yield curve inversion as the 10-year Treasury yield is at 4.1%. Additionally, the curve between the 3-month Treasury yield and the 10-year Treasury Yield has also inverted as the 3-month yield has risen to 4.2%. The Bloomberg U.S. Aggregate Bond Index is down -15.7% for the year so far, which is proving to be one of the worst ever for fixed income. On a year-to-date basis, the MSCI EAFE (Developed Markets) Index has dropped -22.8% YTD and the and MSCI EM (Emerging) Index has fallen -29.2% as the strong U.S. Dollar continues to impact these economies. In contrast, commodities are up +30% so far in 2022 and have contributed to inflation around the globe.

As we look to the final months of 2022, one big event is the U.S. midterm elections in early November. Gridlock will prevail as the President is still a Democrat. The good news for markets is that they perform better in times of gridlock as it is less likely for any major regulation to be passed under a gridlocked government. Europe is scheduled to ban Russian crude oil imports, which could further exacerbate already soaring energy prices. Growth prospects continue to be under scrutiny as recession fears abound. Slower growth and margin compression are the biggest headwinds to corporate profitability. Still, corporations and banks appear to be in good shape. Consumers, as noted above, are feeling better about inflation as it appears to have peaked. We remind investors that market declines of this magnitude may enhance future returns and believe that time in the market is what matters, not timing the market.

SECT's performance was -9.37% for the trailing year ended October 31, 2022. The S&P 500 returned -14.61% and the Morningstar US Large Blend Category returned -14.67% for the same period. The strongest positive contributions to the Fund's performance came from its positions in Energy (VDE), US Small Caps (IWM), and Financials (VHF), while its positions in Biotechnology (XBI, IBB), and Semiconductors (SMH) have dragged on performance. As we head into the next year, the Fund remains positioned with a barbell approach between value & cyclicals on one side and growth at a reasonable price on the other in order to take advantage of the ongoing economic recovery.

TMAT'S performance was -47.66% for the trailing year ended October 31, 2022. The MSCI All Country World Index returned -19.96% and the Morningstar US Fund Mid-Cap Growth Category returned -29.65%. For some perspective, the ARK Innovation ETF (ARKK), which is a well-known thematic fund, is down -68.16% over that time period as well. We continue to monitor the thematic universe for opportunities as the growth space has seen a considerable re-rating in the face of rising interest rates. The strongest positive contributions to the Fund's performance have come from its positions in Cloud Computing (SKYY) and Robotics & AI (ROBT), while its positions in Fintech (ARKF) and Online Retail (ONLN) have weighed on performance. As we head into the next year, the Fund remains positioned with a variety of themes that we feel have strong growth prospects at a reasonable price, large total addressable markets, and prospects for significant further market penetration.

We at Main Management ETF Advisors, LLC, would like to thank you for being an investor and look forward to working with you in the coming year.

**<u>Glossary of Terms:</u>**

**S&P 500** - The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. There is over USD 11.2 trillion indexed or benchmarked to the index, with indexed assets comprising approximately USD 4.6 trillion of this total. The index includes 500 leading companies and covers approximately 80% of available market capitalization. You cannot invest directly in an index.

Source: SPGlobal.com

**Bloomberg U.S. Aggregate Bond Index -** The Bloomberg USAgg Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). You cannot invest directly in an index.

Source: Bloomberg.com

**Morningstar US Large Blend Category** - Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index

Source: Morningstar Report: Mutual Fund Data Definitions

**MSCI ACWI Index** - The MSCI ACWI Index, MSCI's flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 27 emerging markets. As of November 2020, it covers more than 3,000 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. The index is built using MSCI's Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, market cap sizes, sectors, style segments and combinations. You cannot invest directly in an index.

Source: MSCI.com

**Morningstar US Mid-Cap Growth Category** - Mid-growth funds invest in stocks medium-sized companies that are projected to grow faster than other mid-cap stocks. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Source: Morningstar.com

**7207-NLD-11162022**

**MAIN SECTOR ROTATION ETF<br> PORTFOLIO REVIEW (Unaudited)<br> October 31, 2022**

Average Total Return through October 31, 2022\*, as compared to its benchmark:

---

| | | | |
|:---|:---|:---|:---|
| | One Year | Five Year | Since Inception (1) |
| Main Sector Rotation ETF - NAV | (9.37)% | 9.35% | 10.24% |
| Main Sector Rotation ETF - Market Price | (9.31)% | 9.32% | 10.24% |
| S&P 500 Total Return Index (2) | (14.61)% | 10.44% | 11.17% |

---

**Comparison of the Change in Value of a $10,000 Investment**

![(LINE GRAPH)](mf001_v1.jpg)

\* The Fund's past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the sales of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.mainmgtetfs.com or by calling 1-866-383-9778. The Fund's per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least July 31, 2031, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser))) will not exceed 0.65% of the Fund's average daily net assets. These fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years (within the three years from the time the fees were waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated by the Board of Trustees only on 60 days' written notice to the adviser. The Fund's total annual operating expenses are 0.75% including aquired fund fees and expenses per the April 4, 2022 Prospectus.

(1) As
of the close of business on the day of commencement of operations on September 5, 2017.

(2) The
S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap
common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the Index
directly; unlike the Fund's returns, the Index does not reflect any fees or expenses.

---

| | |
|:---|:---|
| **Portfolio Composition as of October 31, 2022** | **Portfolio Composition as of October 31, 2022** |
| **Holdings By Asset Type** | **% of Net Assets** |
| Exchange-Traded Funds | 96.5% |
| Collateral For Securities Loaned | 18.4% |
| Call Options Written | (0.6)% |
| Liabilities In Excess of Other Assets | (14.3)% |
|  | 100.0% |

---

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

**MAIN THEMATIC INNOVATION ETF<br> PORTFOLIO REVIEW (Unaudited)<br> October 31, 2022**

Average Total Return through October 31, 2022\*, as compared to its benchmark:

---

| | | |
|:---|:---|:---|
| | One Year | Since Inception (1) |
| Main Thematic Innovation ETF - NAV | (47.66)% | (32.90)% |
| Main Thematic Innovation ETF - Market Price | (47.59)% | (32.90)% |
| MSCI AC World Index (2) | (19.96)% | (4.48)% |

---

**Comparison of the Change in Value of a $10,000 Investment**

![(LINE GRAPH)](mf002_v1.jpg)

\* The Fund's past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the sales of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.mainmgtetfs.com or by calling 1-866-383-9778. The Fund's per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Market price returns are calculated using the closing price and account for distributions from the Fund. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least July 31, 2031, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser))) will not exceed 0.99% of the Fund's average daily net assets. These fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years (within the three years from the time the fees were waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated by the Board of Trustees only on 60 days' written notice to the adviser. The Fund's total annual operating expenses are 1.54% including aquired fund fees and expenses per the February 28, 2022 Prospectus.

(1) As
of the close of business on the day of commencement of operations on January 28, 2021.

(2) The
MSCI AC World Index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed
and 27 emerging markets. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund's
returns, the Index does not reflect any fees or expenses.

---

| | |
|:---|:---|
| **Portfolio Composition as of October 31, 2022** | **Portfolio Composition as of October 31, 2022** |
| **Holdings By Asset Type** | **% of Net Assets** |
| Exchange-Traded Funds | 97.6% |
| Collateral For Securities Loaned | 27.2% |
| Liabilities In Excess of Other Assets | (24.8)% |
|  | 100.0% |

---

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

---

| |
|:---|
| **MAIN SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 96.5%** | **EXCHANGE-TRADED FUNDS — 96.5%** |  |  |
|  | **EQUITY - 96.5%** |  |  |  |
| 3413025 | Financial Select Sector SPDR Fund<sup>(a)</sup> | Financial Select Sector SPDR Fund<sup>(a)</sup> |  | $115974589 |
| 866250 | Health Care Select Sector SPDR Fund<sup>(a)</sup> | Health Care Select Sector SPDR Fund<sup>(a)</sup> |  | 114994687 |
| 1212750 | Invesco Dynamic Leisure and Entertainment ETF<sup>(b),(c)</sup> | Invesco Dynamic Leisure and Entertainment ETF<sup>(b),(c)</sup> |  | 46787895 |
| 282150 | Invesco QQQ Trust Series 1<sup>(b)</sup> | Invesco QQQ Trust Series 1<sup>(b)</sup> |  | 78423593 |
| 96525 | iShares Expanded Tech-Software Sector ETF<sup>(b)</sup> | iShares Expanded Tech-Software Sector ETF<sup>(b)</sup> |  | 25830090 |
| 445500 | iShares Russell 2000 ETF<sup>(b)</sup> | iShares Russell 2000 ETF<sup>(b)</sup> |  | 81673515 |
| 1467675 | iShares S&P Mid-Cap 400 Growth ETF<sup>(b)</sup> | iShares S&P Mid-Cap 400 Growth ETF<sup>(b)</sup> |  | 101196191 |
| 895950 | Schwab U.S. Large-Cap Value ETF<sup>(a)</sup> | Schwab U.S. Large-Cap Value ETF<sup>(a)</sup> |  | 58165074 |
| 747450 | SPDR S&P Biotech ETF<sup>(b),(d)</sup> |  |  | 61403018 |
| 650925 | Technology Select Sector SPDR Fund<sup>(a)</sup> | Technology Select Sector SPDR Fund<sup>(a)</sup> | Technology Select Sector SPDR Fund<sup>(a)</sup> | 83233780 |
| 37125 | VanEck Oil Services ETF<sup>(b)</sup> |  |  | 11089238 |
| 252450 | VanEck Semiconductor ETF<sup>(b)</sup> |  |  | 47768589 |
| 811800 | Vanguard Energy ETF |  |  | 102270564 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $799,380,393)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $799,380,393)** |  | 928810823 |
|  | **SHORT-TERM INVESTMENTS — 18.4%** | **SHORT-TERM INVESTMENTS — 18.4%** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 18.4%** | **COLLATERAL FOR SECURITIES LOANED - 18.4%** |  |  |
| 177478354 | Fidelity Investments Money Market Government Portfolio, Institutional Class, 2.91% (Cost $177,478,354)<sup>(e),(f)</sup> | Fidelity Investments Money Market Government Portfolio, Institutional Class, 2.91% (Cost $177,478,354)<sup>(e),(f)</sup> | Fidelity Investments Money Market Government Portfolio, Institutional Class, 2.91% (Cost $177,478,354)<sup>(e),(f)</sup> | 177478354 |
|  | **TOTAL INVESTMENTS - 114.9% (Cost $976,858,747)** | **TOTAL INVESTMENTS - 114.9% (Cost $976,858,747)** |  | $1106289177 |
|  | **CALL OPTIONS WRITTEN - (0.6)% (Proceeds - $5,250,491)** | **CALL OPTIONS WRITTEN - (0.6)% (Proceeds - $5,250,491)** |  | (5422985) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (14.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (14.3)%** |  | (137790598) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $963075594 |
| **Contracts<sup>(g)</sup>** |  | **Exercise Price** | **Notional Value** |  |
|  | **WRITTEN INDEX OPTIONS - (0.4)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.4)%** |  |  |  |
| 611 | S&P 500 Index | $3960 | $241956000 | $3274960 |
|  | **TOTAL INDEX CALL OPTIONS WRITTEN (Proceeds - $3,682,834)** | **TOTAL INDEX CALL OPTIONS WRITTEN (Proceeds - $3,682,834)** | **TOTAL INDEX CALL OPTIONS WRITTEN (Proceeds - $3,682,834)** |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(g)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.2)%** |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.2)%** |  |  |  |  |
| 365 | VanEck Oil Services ETF | 12/16/2022 | $245 | $8942500 | $2148025 |
|  | **TOTAL EQUITY CALL OPTIONS WRITTEN (Proceeds - $1,567,657)** | **TOTAL EQUITY CALL OPTIONS WRITTEN (Proceeds - $1,567,657)** | **TOTAL EQUITY CALL OPTIONS WRITTEN (Proceeds - $1,567,657)** | **TOTAL EQUITY CALL OPTIONS WRITTEN (Proceeds - $1,567,657)** |  |
|  | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $5,250,491)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $5,250,491)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $5,250,491)** |  | $5422985 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> All or a portion of the security is held as collateral for options. As of October 31, 2022, the fair value of the securities held as collateral was $129,379,650.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of October 31, 2022 was $173,071,709.

<sup>(c)</sup> Affiliated Company – Main Sector Rotation ETF holds in excess of 5% of outstanding voting securities of this security.

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

<sup>(e)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2022. Total collateral had a value of $177,478,354 at October 31, 2022.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

<sup>(g)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.6%** |  |
|  | **EQUITY - 97.6%** |  |
| 313925 | ARK Fintech Innovation ETF<sup>(a)(b)</sup> | $5233130 |
| 179695 | ARK Genomic Revolution ETF<sup>(b)</sup> | 6066503 |
| 268460 | Bitwise Crypto Industry Innovators ETF | 1648344 |
| 285780 | Global X Cloud Computing ETF | 4755379 |
| 266295 | Global X Robotics & Artificial Intelligence ETF | 5224708 |
| 170995 | Invesco Solar ETF<sup>(a)(b)</sup> | 12188524 |
| 222995 | KraneShares CSI China Internet ETF | 4281504 |
| 114745 | Proshares Online Retail ETF<sup>(a)</sup> | 3259906 |
| 188355 | Renaissance IPO ETF<sup>(a)</sup> | 5272056 |
| 110415 | VanEck Video Gaming and eSports ETF<sup>(b)</sup> | 4409975 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $90,730,468)** | 52340029 |
|  | **SHORT-TERM INVESTMENTS — 27.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 27.2%** |  |
| 14581075 | Fidelity Investments Money Market Government Portfolio, Institutional Class, 2.91% (Cost $14,581,075)<sup>(c),(d)</sup> | 14581075 |
|  | **TOTAL INVESTMENTS - 124.8% (Cost $105,311,543)** | $66921104 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (24.8)%** | (13319423) |
|  | **NET ASSETS - 100.0%** | $53601681 |

---

ETF - Exchange-Traded Fund

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

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of October 31, 2022 was $14,258,672.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2022. Total collateral had a value of $14,581,075 at October 31, 2022.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN ETFS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Main Sector**<br>**Rotation ETF** | **Main Thematic**<br>**Innovation ETF** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Securities, at cost | $51690387 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at cost | 925168360 | 105311543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments, at cost | $976858747 | $105311543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Securities, at value | $46787895 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at value | 1059501282 | 66921104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments, at value | 1106289177 \* | 66921104 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 10545274 | 1862150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held for collateral at broker for options | 24062215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held for collateral at custodian | 5424317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 5837021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 4179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 10597 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 1152172780 | 68784772 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending collateral payable | 177478354 | 14581075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased | 5629157 | 531378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Written (Proceeds $5,250,491) | 5422985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 387612 | 30129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 114445 | 13448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and other liabilities | 64633 | 27061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 189097186 | 15183091 |
| **NET ASSETS** | $**963075594** | $**53601681** |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $856179340 | $104249031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (losses) | 106896254 | (50647350) |
| **NET ASSETS** | $**963075594** | $**53601681** |
| **NET ASSET VALUE PER SHARE:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**963075594** | $**53601681** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **24750000** | **4330000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**38.91** | $**12.38** |

---

**\*** Includes fair value of securities on loan in the amount of $173,071,709 and $14,258,672 for Main Sector Rotation ETF and Main Thematic Innovation ETF, respectively.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN ETFS** |
| **STATEMENTS OF OPERATIONS** |

---

---

| | | |
|:---|:---|:---|
|  | **Main Sector Rotation ETF**<br>**For the Year Ended**<br>**October 31, 2022** | **Main Thematic Innovation ETF**<br>**For the Year Ended**<br>**October 31, 2022** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $13463316 | $307555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliates | 76022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 161332 | 15411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 495581 | 315877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 14196251 | 638843 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 4937938 | 435806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 501462 | 53105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 107070 | 34499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 40500 | 19501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 37335 | 15015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 30621 | 39993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 24841 | 11841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 17981 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 10499 | 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 11659 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 5719906 | 641026 |
| **NET INVESTMENT INCOME** | 8476345 | (2183) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND OPTIONS WRITTEN** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (43467435) | (7813489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates | (115235) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 32479581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 75198870 | 702809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying investment companies |  | 136324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (170536630) | (38756330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates | (4902492) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (172494) |  |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND OPTIONS WRITTEN** | (111515835) | (45730686) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(103039490)** | $**(45732869)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN SECTOR ROTATION ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\* Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**May 31, 2021** |
| **FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $8476345 | $3474501 | $4561095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments, options written and in-kind redemptions | 64095781 | 2606281 | 74020295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and options written | (175611616) | 60128208 | 172756763 |
| Net increase (decrease) in net assets resulting from operations | (103039490) | 66208990 | 251338153 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (6718185) | (2527860) | (7204110) |
| Decrease in net assets resulting from distributions to shareholders | (6718185) | (2527860) | (7204110) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 280908461 | 95842687 | 161886162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (228364134) | (10331619) | (69988493) |
| Net increase in net assets resulting from shares of beneficial interest | 52544327 | 85511068 | 91897669 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (57213348) | 149192198 | 336031712 |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 1020288942 | 871096744 | 535065032 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year/Period | $**963075594** | $**1020288942** | $**871096744** |
| **SHARE ACTIVITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 6800000 | 2300000 | 4450000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5650000) | (250000) | (2200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1150000 | 2050000 | 2250000 |

---

\* For the period June 1, 2021 to October 31, 2021.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\* Ended**<br>**October 31, 2021** | **For the**<br>**Period Ended**<br>**May 31, 2021 (a)** |
| **FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(2183) | $7010 | $(125224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments and in-kind redemptions | (7110680) | 684208 | (5165093) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying investment companies | 136324 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (38756330) | 1409120 | (1043229) |
| Net increase (decrease) in net assets resulting from operations | (45732869) | 2100338 | (6333546) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (91213) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (62930) |  |
| Net decrease in net assets resulting from distributions to shareholders | (91213) | (62930) |  |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 24929511 | 13794281 | 75252037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (10026207) | (227721) |  |
| Net increase in net assets resulting from shares of beneficial interest | 14903304 | 13566560 | 75252037 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (30920778) | 15603968 | 68918491 |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 84522459 | 68918491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year/Period | $**53601681** | $**84522459** | $**68918491** |
| **SHARE ACTIVITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1380000 | 590000 | 2990000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (620000) | (10000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 760000 | 580000 | 2990000 |

---

\* For the period June 1, 2021 to October 31, 2021.

(a) The
Main Thematic Innovation ETF commenced operations on January 28, 2021.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN SECTOR ROTATION ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\* Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**May 31, 2021** | **For the**<br>**Year Ended**<br>**May 31, 2020** | **For the**<br>**Year Ended**<br>**May 31, 2019** | **For the**<br>**Period Ended**<br>**May 31, 2018 (1)** |
| Net asset value, beginning of period | $43.23 | $40.42 | $27.72 | $26.99 | $28.21 | $25.00 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.35 | 0.15 | 0.24 | 0.38 | 0.27 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.40) | 2.77 | 12.83 | 0.74 | (1.05) | 3.25 |
| Total from investment operations | (4.05) | 2.92 | 13.07 | 1.12 | (0.78) | 3.37 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.11) | (0.37) | (0.39) | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.24) |  |
| Total distributions | (0.27) | (0.11) | (0.37) | (0.39) | (0.44) | (0.16) |
| Net asset value, end of period | $38.91 | $43.23 | $40.42 | $27.72 | $26.99 | $28.21 |
| Market price, end of period ^ | $38.91 | $43.20 | $40.46 | $27.73 | $26.98 | $28.30 |
| Total return (3) | (9.37)% | 7.25% (4) | 47.61% | 4.28% | (2.68)% | 13.52% (4) |
| Net assets, at end of period (000s) | $963076 | $1020289 | $871097 | $535065 | $442634 | $328621 |
| Ratio of expenses to average net assets (6) | 0.58% | 0.57% (5) | 0.59% | 0.60% | 0.61% | 0.61% (5) |
| Ratio of net investment income to average net assets (7) | 0.86% | 0.88% (5) | 0.69% | 1.32% | 1.00% | 0.58% (5) |
| Portfolio Turnover Rate (8) | 48% | 0% (4) | 27% | 76% | 61% | 12% (4) |

---

(1) The
Main Sector Rotation ETF commenced operations on September 5, 2017.

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

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

(4) Not
annualized.

(5) Annualized.

(6) Does
not include the expenses of other investment companies in which the Fund invests.

(7) Recognition
of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which
the Fund invests.

(8) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(Note 7)

^ Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

\* For the period June 1, 2021 to October 31, 2021.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\* Ended**<br>**October 31, 2021** | **For the**<br>**Period Ended**<br>**May 31, 2021 (1)** |
| Net asset value, beginning of period | $23.68 | $23.05 | $25.00 |
| Income from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | (0.00) | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (11.28 | 0.65 | (1.89) |
| Total from investment operations | (11.28 | 0.65 | (1.95) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.02 |  |
| Total distributions | (0.02 | (0.02 |  |
| Net asset value, end of period | $12.38 | $23.68 | $23.05 |
| Market price, end of period ^ | $12.38 | $23.65 | $23.04 |
| Total return (4) | (47.66 | 2.82 | (7.80)% (5) |
| Net assets, at end of period (000s) | $53602 | $84522 | $68918 |
| Ratio of expenses to average net assets (7) | 0.96 | 0.87 | 0.86% (6) |
| Ratio of net investment income (loss) to average net assets (8) | (0.00) | 0.02 | (0.72)% (6) |
| Portfolio Turnover Rate (9) | 43 | 34 | 60% (5) |

---

(1) The
Main Thematic Innovation ETF commenced operations on January 28, 2021.

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

(3) Represents
amount less than 0.005.

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

(5) Not
annualized.

(6) Annualized.

(7) Does
not include the expenses of other investment companies in which the Fund invests.

(8) Recognition
of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which
the Fund invests.

(9) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(Note 7)

^ Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

\* For the period June 1, 2021 to October 31, 2021.

See accompanying notes to financial statements.

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022**

**1.** **ORGANIZATION** 

The Main Sector Rotation ETF and the Main Thematic Innovation ETF (the "Funds") are each 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 open-end management investment companies. The Main Sector Rotation ETF commenced operations on September 5, 2017. The Main Thematic Innovation ETF commenced operations on January 28, 2021. At a meeting of the Audit Committee of the Board of Trustees (the "Board") held on July 19, 2021, the fiscal year of each Fund was moved to October 31.

The Funds' investment objectives are as follows:

Main Sector Rotation ETF – seeks to outperform the S&P 500 Total Return Index in rising markets while limiting losses during periods of decline.

Main Thematic Innovation ETF – seeks to outperform the MSCI ACWI Index in rising markets while limiting losses during periods of decline.

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies*".

**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 ("NOCP"). 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. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments in open-end investment companies are- valued at net asset value, including the short-term investment currently held. Debt securities (other than short term obligations) are valued each day by an independent pricing service approved by the Board based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers,- and general market conditions or market quotations from a major market maker in the securities. Short term debt obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

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

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Valuation of Underlying Investment Companies** – The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Mutual funds are valued at their respective net asset values as reported by such investment companies. Exchange-traded funds ("ETFs") are valued at the lasted reported sales price or official closing price. Open-end investment companies 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 using the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Funds will not change.

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

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

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

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

**MAIN ETFS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**October 31, 2022**

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of 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 tables summarize the inputs used as of October 31, 2022 for the Funds' investments measured at fair value:

**Main Sector Rotation ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $928810823 | $— | $— | $928810823 |
| Collateral For Securities Loaned | 177478354 |  |  | 177478354 |
| Total | $1106289177 | $— | $— | $1106289177 |
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Call Options Written | $— | $5422985 | $— | $5422985 |
| Total | $— | $5422985 | $— | $5422985 |
| **Main Thematic Innovation ETF** |  |  |  |  |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $52340029 | $— | $— | $52340029 |
| Collateral For Securities Loaned | 14581075 |  |  | 14581075 |
| Total | $66921104 | $— | $— | $66921104 |

---

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

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

**Option Transactions** – When a Fund writes a call option, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, a Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right, but not the obligation, to buy from the writer of the option the security underlying the option at a specified exercise or "strike" price by or before the contract's expiration. Put options are purchased to hedge against a decline in the value of securities held in the Funds' portfolios. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Funds upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

the price of the security in connection with which an option was purchased moves in a direction favorable to the Funds, the benefits realized by the Funds as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

**Exchange Traded Funds –** The Funds may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The Funds may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Derivatives Risk –** The Funds' use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including:

**Leverage and Volatility Risk:** Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including options, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Funds. The use of leverage may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Funds' potential for gain or loss and, therefore, amplify the effects of market volatility on the Funds' share price.

**Options Risk:** There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Funds will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Funds may experience lower returns if the value of the reference index or security rises above the strike price.

**Index Call Option Risk:** Because the exercise of index options is settled in cash, sellers of index call options, such as the Funds, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Funds bear a risk that the value of the securities held by the Funds will vary from the value of the index and relative to the written index call option positions. Accordingly, the Funds may incur losses on the index call options that it has sold that exceed gains on other securities in its portfolio. The value of index options written by the Funds, which will be priced daily, will be affected by changes in the value of and dividend rates of the underlying common stocks in the index, changes in the actual or perceived volatility of the stock market and the remaining time to the options' expiration. The value of the index options also may be adversely affected if the market for the index options becomes less liquid or smaller.

As the writer of an index call option, the Funds forego, during the option's life, the opportunity to profit from increases in the market value of the index underlying the call option above the sum of the premium and the strike price of the option, but will retain the risk of loss should the market value of the index underlying the call option decline. The purchaser of the index call option has the right to any appreciation

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

in the value of the underlying index over the exercise price upon the exercise of the call option or the expiration date.

**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.

**Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. 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. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards, etc.) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds. Dividends that represent long term capital gain distributions from underlying investments are reclassified out of dividend income and presented separately for financial reporting purposes. The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. Distributions received from investments in securities that represent a return of capital or long-term capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each 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 ended May 31, 2019 to May 31, 2021 and the period ended October 31, 2021, or expected to be taken in each Fund's October 31, 2022 year end tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the year ended October 31, 2022, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

**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 Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

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 Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

**Securities Lending Risk** – The Funds may lend portfolio securities to institutions, such as banks and certain broker-dealers. The Funds may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Funds (see additional information at Note 8).

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

For the year ended October 31, 2022, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to the following:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Main Sector Rotation ETF | $572101453 | $451992586 |
| Main Thematic Innovation ETF | 30951666 | 28101934 |

---

For the year ended October 31, 2022, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to the following:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Main Sector Rotation ETF | $162184364 | $208408163 |
| Main Thematic Innovation ETF | 21025580 | 9802076 |

---

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

Main Management ETF Advisors, LLC serves as the investment adviser (the "Adviser") to the Funds. Pursuant to an investment advisory agreement with the Trust, on behalf of each Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Funds, manages the Funds' portfolios, 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 Funds pay the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.50% and 0.65% of the average daily net assets of the Main Sector Rotation ETF and Main Thematic Innovation ETF, respectively.

For the year ended October 31, 2022, the advisory fees incurred by each of the Funds were as follows:

---

| | |
|:---|:---|
|  | **Advisory Fee** |
| Main Sector Rotation ETF | $4937938 |
| Main Thematic Innovation ETF | 435806 |

---

The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Funds, until at least July 31, 2031, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 0.65% and 0.99% of the average daily net assets of the Main Sector Rotation ETF and Main Thematic Innovation ETF, respectively. These fee waivers and expense reimbursements are subject to possible recoupment by the Adviser from the Funds in future years (within the three years from the time the fees were waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Board of Trustees on 60

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

days' written notice to the Adviser. During the year ended October 31, 2022, the Adviser did not waive any fees or reimburse expenses pursuant to this agreement. As of October 31, 2022, there are no previously waived advisory fees subject to recapture.

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plan as amended (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services related to Fund shares. Under the Plan, the Funds may pay 0.25% per year of the average daily net assets of each Fund's shares for such distribution and shareholder service activities. As of October 31, 2022, the Plan has not been activated. For the year ended October 31, 2022, the Funds did not incur any distribution fees.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of each Fund's shares and is an affiliate of Ultimus Fund Solutions, LLC.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

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

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds which are included in the compliance officer fees in the Statements of Operations.

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

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Main Sector Rotation ETF | $972025645 | $139749959 | $(10909412) | $128840547 |
| Main Thematic Innovation ETF | $105311543 | $— | $(38390439) | $(38390439) |

---

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Funds' distributions for the period ended October 31, 2022, October 31, 2021 and May 31, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the year ended October 31, 2022:** | **For the year ended October 31, 2022:** | **For the year ended October 31, 2022:** | **For the year ended October 31, 2022:** | **For the year ended October 31, 2022:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Main Sector Rotation ETF | $6718185 | $— | $— | $6718185 |
| Main Thematic Innovation ETF | 91213 |  |  | 91213 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Main Sector Rotation ETF | $2527860 | $— | $— | $2527860 |
| Main Thematic Innovation ETF |  |  | 62930 | 62930 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the year/period ended May 31, 2021:** | **For the year/period ended May 31, 2021:** | **For the year/period ended May 31, 2021:** | **For the year/period ended May 31, 2021:** | **For the year/period ended May 31, 2021:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Main Sector Rotation ETF | $7204110 | $— | $— | $7204110 |
| Main Thematic Innovation ETF |  |  |  |  |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Main Sector Rotation ETF | $3018642 | $— | $— | $(20139582) | $(4823353) | $128840547 | $106896254 |
| Main Thematic Innovation ETF | 114127 |  | (221468) | (12149570) |  | (38390439) | (50647350) |

---

The difference between book basis and tax basis accumulated net investment income, unrealized appreciation (depreciation) and accumulated net realized loss from investments is primarily attributable to the tax deferral of losses on wash sales and straddles and mark-to-market on option contracts. In addition, the amount listed under other book/tax differences for the Funds is primarily attributable to the tax deferral of losses on straddles.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Main Thematic Innovation ETF incurred and elected to defer such late year losses of $221,468.

At October 31, 2022, the Funds had a capital loss carry forward for federal income tax purposes available to offset future capital gains as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Fund** |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** |<br>**CLCF**<br>**Utilized** |
| Main Sector Rotation ETF | $20139582 | $— | $20139582 | $— |
| Main Thematic Innovation ETF | 11670991 | 478579 | 12149570 |  |

---

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

Permanent book and tax differences, primarily attributable to tax adjustments for realized gains (losses) on in-kind redemptions, resulted in reclassification for the year ended October 31, 2022 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Main Sector Rotation ETF | $75080942 | $(75080942) |
| Main Thematic Innovation ETF | 682398 | (682398) |

---

**7.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at net asset value only in large blocks known as "Creation Units." Shares are created and redeemed by the Main Sector Rotation ETF only in Creation Unit size aggregations of 50,000 shares. Shares are created and redeemed by the Main Thematic Innovation ETF only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Funds shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Funds are disclosed in the Statements of Changes in Net Assets.

For the year ended October 31, 2022, the fixed and variable fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fixed Fees** | **Variable Fees** |
| **Main Sector Rotation ETF** | $19600 | $400 |
| **Main Thematic Innovation ETF** | $11600 | $— |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Variable Charge** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%\* |

---

\* The maximum Transaction Fee may be up to 2.00% of the amount invested.

**8.** **SECURITIES LENDING** 

Under an agreement (the "Securities Lending Agreement") with Brown Brothers Harriman ("BBH"), each Fund can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is held by the custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.

The following table breaks out the Funds' securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Collateral | Overnight and<br>Continuous | Up to<br>30 Days |<br>30-90 days | Greater than<br>90 days |<br>Total |
| Main Sector Rotation ETF | Fidelity Money Market Government Portfolio | $177478354 | $— | $— | $— | $177478354 |
| Main Thematic Innovation ETF | Fidelity Money Market Government Portfolio | 14581075 |  |  |  | 14581075 |

---

At October 31, 2022, each Fund had loaned securities and received cash collateral for the loan. This cash was invested in the Fidelity Money Market Government Portfolio as shown in each Fund's Schedule of Investments. The Funds receive compensation relating to the lending of the Funds' securities as reflected in the Statements of Operations. The fair value of the securities loaned for the Funds totaled $173,071,709 and $14,258,672 for the Main Sector Rotation ETF and Main Thematic Innovation ETF, respectively, at October 31, 2022. The securities loaned are noted in each Fund's Schedule of Investments. The fair value of the "Securities Lending Collateral" in each Fund's Schedule of Investments includes only cash collateral received and reinvested that totaled $177,478,354 and $14,581,075 for the Main Sector Rotation ETF and the Main Thematic Innovation ETF, respectively, at October 31, 2022. These amounts are offset by a liability recorded as "Securities lending collateral payable upon return" as shown in the Statements of Assets and Liabilities.

**9.** **DERIVATIVE TRANSACTIONS** 

The following is a summary of the effect of derivative transactions on the Main Sector Rotation ETF's Statement of Assets and Liabilities as of October 31, 2022.

---

| | | |
|:---|:---|:---|
| Contract Type/Primary Risk Exposure | Statement of Assets and Liabilities | Value |
| Equity Contract/Equity Price Risk | Options Written at fair value | $2148025 |
| Index Contract/Equity Price Risk | Options Written at fair value | 3274960 |
|  |  | $5422985 |

---

The following is a summary of the effect of derivative instruments on the Main Sector Rotation ETF's Statement of Operations for the year ended October 31, 2022.

---

| | | |
|:---|:---|:---|
|  | | Net |
|  | Net | Change in Unrealized |
|  | Realized Gain | Depreciation |
| Contract Type/Primary Risk Exposure | on Options Written | on Options Written |
| Equity Contract/Equity Price Risk | $32479581 | $(172494) |

---

The average notional value of derivative instruments outstanding during the year ended October 31, 2022, was $129,589,250.

As of October 31, 2022, there was $24,062,215 in cash held for collateral at the broker for options as shown in the Statement of Assets and Liabilities. As of October 31, 2022, there were securities held as collateral for options with a total fair value of $129,379,650.

**MAIN ETFS<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> October 31, 2022**

During the year ended October 31, 2022, the Fund was not subject to any master netting arrangements. The following table shows additional information regarding the offsetting of assets and liabilities at October 31, 2022 for the Fund.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | |  | Net Amounts of | Financial | Cash |  | |
|  | Gross Amounts of | Gross Amounts of |  | Liabilities Presented in the | Instruments | Collateral |  | Net |
| Description | Recognized Assets | Recognized Liabilities |  | Statement of Assets & Liabilities | Pledged | Pledged |  | Amount |
| Options Written | $— | $5422985 | (1) | $5422985 | $— | $5422985 | (2) | $— |

---

(1) Written
options at value as presented in the Schedule of Investments.

(2) The
amount is limited to the derivative liability balance and, accordingly, does not include excess collateral pledged or held as collateral
at the custodian for options.

**10.** **INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Companies that are affiliates at October 31, 2022 are noted in the Fund's Schedule of Investments. Transactions during the period with the companies that are affiliated or were affiliates at the beginning of the period are as follows:

**Main Sector Rotation ETF**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Fair Value<br>Beginning of<br>Year |<br><br>Purchases |<br><br>Sales Proceeds |<br>Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation) |<br>Fair Value End<br>of Year |<br>Dividend<br>Credited to<br>Income |<br>Shares End<br>of Year |
| Invesco Dynamic Leisure and Entertainment ETF | $— | $55619861 | $(3814239) | $(115235) | $(4902492) | $46787895 | $76022 | 1212750 |

---

**11.** **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. On December 22, 2022 the Main Sector Rotation ETF and Main Thematic Innovation ETF made an income distribution of $0.1186 and $0.0390 per share, respectively. Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(COHEN & CO LOGO)](mf003_v1.jpg)

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

To the Shareholders of Main Sector Rotation ETF and Main Thematic Innovation ETF and<br> Board of Trustees of Northern Lights Fund Trust IV

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Main Sector Rotation ETF and Main Thematic Innovation ETF (the "Funds"), each a series of Northern Lights Fund Trust IV, as of October 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Statements of |  |
|  | &nbsp;&nbsp;Statements of | &nbsp;&nbsp;Changes in Net | &nbsp;&nbsp;Financial |
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Operations | &nbsp;&nbsp;Assets | &nbsp;&nbsp;Highlights |
| &nbsp;&nbsp;Main Sector Rotation ETF | &nbsp;&nbsp;For the year ended October 31, 2022 | &nbsp;&nbsp;For the year ended October 31, 2022, for the period from June 1, 2021 to October 31, 2021, and for the year ended May 31, 2021 | &nbsp;&nbsp;For the year ended October 31, 2022, for the period from June 1, 2021 to October 31, 2021, for the years ended May 31, 2021, 2020, and 2019, and for the period from September 5, 2017 (commencement of operations) to May 31, 2018 |
| &nbsp;&nbsp;Main Thematic Innovation ETF | &nbsp;&nbsp;For the year ended October 31, 2022 | &nbsp;&nbsp;For the year ended October 31, 2022, for the period from June 1, 2021 to October 31, 2021, and for the period from January 28, 2021 (commencement of operations) to May 31, 2021 | &nbsp;&nbsp;For the year ended October 31, 2022, for the period from June 1, 2021 to October 31, 2021, and for the period from January 28, 2021 (commencement of operations) to May 31, 2021 |

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C O H E N & C O M P A N Y , L T D .

800.229.1099 \| 866.818.4535 fax \| cohencpa.com

Registered with the Public Company Accounting Oversight Board

<u>Basis for Opinion</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 auditor of one or more investment companies with a related advisor since 2015.

![(-s- COHEN & COMPANY LTD)](mf004_v1.jpg)

COHEN & COMPANY, LTD.<br> Milwaukee, Wisconsin<br> December 28, 2022

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| |
|:---|
| **MAIN ETFS** |
| **EXPENSE EXAMPLE (Unaudited)** |
| **October 31, 2022** |

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ETFs have operating expenses. As a shareholder of the Funds you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. A shareholder may incur brokerage commissions on their purchase and sales of Fund shares, which are not reflected in the examples below.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as disclosed in the table below.

**Actual Expenses**

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

**Hypothetical Example for Comparison Purposes**

The "Hypothetical" lines in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account Value | Ending<br> Account<br> Value | Annualized<br> Expense<br> Ratio | Expenses Paid<br> During Period |
| &nbsp;&nbsp;**Actual\*** | **5/1/22** | **10/31/22** |  | **5/1/22-10/31/22\*** |
| &nbsp;&nbsp;Main Sector Rotation ETF | $1000.00 | $1003.30 | 0.59% | $2.98 |
| &nbsp;&nbsp;Main Thematic Innovation ETF | $1000.00 | $844.10 | 0.99% | $4.60 |
| &nbsp;&nbsp;**Hypothetical** <br> (5% return before expenses) | **5/1/22** | **10/31/22** |  | **5/1/22-10/31/22\*** |
| &nbsp;&nbsp;Main Sector Rotation ETF | $1000.00 | $1022.23 | 0.59% | $3.01 |
| &nbsp;&nbsp;Main Thematic Innovation ETF | $1000.00 | $1020.21 | 0.99% | $5.04 |

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\* Expenses are equal to the average account value over the period, multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

For more information about current performance, holdings, or historical premiums/discounts, please visit our website at www.mainmgtetfs.com.

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| |
|:---|
| **MAIN ETFs** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **October 31, 2022** |

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**<u>LIQUIDITY RISK MANAGEMENT PROGRAM</u>**

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

During the year ended October 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed the Funds' investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

**<u>FOREIGN TAX CREDIT</u>**

The following Funds intend 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 October 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
| **For year ended**<br>**10/31/2022** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| Main Thematic Innovation ETF | $0.0009 | $0.0084 |

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| |
|:---|
| **MAIN ETFs** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **October 31, 2022** |

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*<u>Renewal of the Investment Advisory Agreement with Main Management ETF Advisors, LLC</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on July 18 and 19, 2022 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "MMEA Advisory Agreement") between Main Management ETF Advisors, LLC ("MMEA") and the Trust, with respect to Main Sector Rotation ETF ("Main SR") and Main Thematic Innovation ETF ("Main TI") . In considering the renewal of the MMEA Advisory Agreement the Board received materials specifically relating to the MMEA Advisory Agreement.

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

*Nature, Extent and Quality of Services.* The Board reviewed the manner in which investment decisions were made and executed and noted the professional personnel performing services for Main SR and Main TI, including the individuals that primarily monitor and execute the investment process. The Board acknowledged the experience of the MMEA's investment management team, extensive experience trading ETFs and knowledge of ETF pricing. The Board acknowledged MMEA's extensive internal and external research and trading information used in investment decisions. The Board then reviewed the capitalization of MMEA based on financial information and other materials provided by and discussed with MMEA and concluded that MMEA was sufficiently well-capitalized in order to meet its obligations to Main SR and Main TI. The Board discussed MMEA broker selection process and engaged in a discussion with the Trust's chief compliance officer regarding MMEA's business practices. The Board discussed MMEA broker selection process and acknowledged that MMEA's best execution review and approved broker-dealers are based on a broad range of factors. The Board noted that the CCO of the Trust continued to represent that MMEA policies and procedures were reasonably designed to prevent violations of applicable securities laws. The Board acknowledged that MMEA had adequate cybersecurity programs and policies in place with no cybersecurity incidents in the past year. The Board concluded that MMEA had the potential to continue to deliver a high quality of service in line with its expectations.

*Performance*. The Board discussed the reports prepared by Broadridge and reviewed the performance of Main SR and Main TI as compared to their respective Broadridge selected peer group, Morningstar category and benchmark for the for the one year, three year, five-year and since-inception periods ended April 30, 2022, as applicable.

<u>Main SR</u>: The Board noted that Main SR underperformed its peer group, Morningstar category and benchmark for the one-year period. The Board noted Main SR outperformed its peer group median and its Morningstar category median for the three-year period and noted that the Fund ranked in the first quartile of the peer group for the three-year period. The Board noted Main SR underperformed its Morningstar category median and benchmark for the period since inception but outperformed its Broadridge peer group median, ranking in the first quartile of its peer group for the period. The Board concluded that the performance obtained by MMEA for Main SR was satisfactory.

<u>Main TI:</u> The Board noted that Main TI underperformed its respective peer group, Morningstar category and benchmark for the one-year period and since-inception period. The Board noted that Main TI only commenced operations in January 2021 and determined that MMEA should be afforded an opportunity to manage Main TI over a full market cycle.

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| |
|:---|
| **MAIN ETFs** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **October 31, 2022** |

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

<u>Main SR:</u> The Board reviewed MMEA's advisory fee for Main SR was 0.50%, noting it was lower than the Morningstar category and peer group average of 0.56% and 0.59%, respectively. The Board considered Main SR's net expense ratio and noted that at 0.57%, noting Main SR's net expense ratio was slightly higher than the Morningstar category average of 0.55% and lower than the Broadridge peer group average of 0.61%. The Board reviewed the contractual arrangements for Main SR, which stated that MMEA had agreed to waive or limit its advisory fee and/or reimburse expenses, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 0.65%, and found such arrangements to be beneficial to shareholders. After further discussion, the Board concluded that the advisory fee was not unreasonable.

<u>Main TI:</u> The Board reviewed MMEA's advisory fee for Main TI was 0.65%, noting it was lower than the peer group average of 0.67%. The Board considered Main TI's net expense ratio and noted that at 0.87%, Main TI's net expense ratio was higher than the Morningstar category average of 0.67% and the Broadridge peer group average of 0.70% but below the category high of 0.89% and peer group high 0.90%. The Board reviewed the contractual arrangements for Main TI, which stated that MMEA had agreed to waive or limit its advisory fee and/or reimburse expenses, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 0.99%, and found such arrangements to be beneficial to shareholders. After further discussion, the Board concluded that the advisory fee was not unreasonable.

*Profitability.* The Board noted MMEA realized a net profit in connection with its relationship with Main SR and Main TI during the last 12 months of each's operation. The Board concluded, after further discussion of the profitability analysis provided, that excessive profitability from MMEA's relationships with Main SR and Main TI was not an issue at this time.

*Economies of Scale*. The Board noted that neither Main SR nor Main TI had grown at a rate that would allow MMEA to realize economies of scale. The Board noted MMEA was willing to discuss the implementation of breakpoints when either Main SR's or Main TI's assets under management approached $2 billion, and MMEA achieved material economies of scale related to its operation. The Board concluded that the absence of breakpoints was acceptable at this time.

*Conclusion.* Having requested and received such information from MMEA as the Board believed to be reasonably necessary to evaluate the terms of the MMEA Advisory Agreement, respectively, and as assisted by the advice of independent counsel, the Board determined that approval of the MMEA Advisory Agreement is in the best interests of Main SR and Main TI and their shareholders.

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| |
|:---|
| **MAIN ETFS** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **October 31, 2022** |

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

***Independent Trustees \* \*\****

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of**<br> **Birth** | **Position/Term<br> of Office<sup>\*</sup>** | **Principal Occupation During the**<br> **Past Five Years** | **Number of**<br> **Funds in**<br> **Fund**<br> **Complex<sup>\*\*</sup>**<br> **Overseen**<br> **by Trustee** | **Other Directorships held**<br> **by Trustee During the**<br> **Past Five Years** |
| Joseph Breslin<br> Year of Birth:<br> 1953 | Independent Trustee and Chairman of the Board since 2015 | President and Consultant, Adviser Counsel, Inc. (formerly J.E. Breslin & Co.) (management consulting firm to investment advisers), (since 2009); Senior Counsel, White Oak Global Advisors, LLC. (since 2016). | 3 | Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Director, Kinetics Mutual Funds, Inc. (since 2000); Trustee, Kinetics Portfolios Trust (since 2000); Trustee, Forethought Variable Insurance Trust (since 2013); Trustee, BlueArc Multi-Strategy Fund (2014-2017); |
| Thomas<br> Sarkany<br> Year of Birth:<br> 1946 | Independent Trustee since 2015 | Founder and President, TTS Consultants, LLC (financial services) (since 2010). | 3 | Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Arrow Investments Trust (since 2014), Arrow ETF Trust (since 2012), Trustee, Northern Lights Fund Trust II (since 2011); Director, Aquila Distributors (since 1981) |
| Charles Ranson<br> Year of Birth:<br> 1947 | Independent Trustee since 2015 | Principal, Ranson & Associates (strategic analysis and planning, including risk assessment and capital formation for entrepreneurial ventures) (since 2003). | 3 | Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Advisors Preferred Trust (since November 2012) |

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*10/31/22 – NLFT IV_v1*

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| |
|:---|
| **MAIN ETFS** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **October 31, 2022** |

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***Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of**<br> **Birth** | **Position/Term**<br> **of Office<sup>\*</sup>** | **Principal Occupation During the**<br> **Past Five Years** | **Number of**<br> **Funds in**<br> **Fund**<br> **Complex<sup>\*\*</sup>**<br> **Overseen by**<br> **Trustee** | **Other Directorships held**<br> **by Trustee During the**<br> **Past Five Years** |
| Wendy Wang<br> 80 Arkay Drive<br> Hauppauge, NY<br> 11788<br> Year of Birth: 1970 | President since 2015 | Senior Vice President, Director of Tax and Compliance Administration, Ultimus Fund Solutions, LLC (since 2012). | N/A | N/A |
| Sam Singh<br> 80 Arkay Drive<br> Hauppauge, NY<br> 11788<br> Year of Birth: 1976 | Treasurer since 2015 | Vice President, Ultimus Fund Solutions, LLC (since 2015); Assistant Vice President, Gemini Fund Services, LLC (2011-2014). | N/A | N/A |
| Jennifer Farrell<br> 80 Arkay Drive<br> Hauppauge, NY<br> 11788<br> Year of Birth: 1969 | Secretary since 2017 | Associate Director (since 2022) and Manager, Legal Administration) (2018- 2022, Ultimus Fund Solutions, LLC; Senior Paralegal, Gemini Fund Services, LLC (since 2015); Legal Trainer, Gemini Fund Services, LLC (2013-2015); Senior Paralegal, Gemini Fund Services, LLC (2006-2012). | N/A | N/A |
| James Ash<br> Year of Birth: 1976 | Chief Compliance Officer since 2019 | Senior Compliance Officer, Northern Lights Compliance, LLC (since 2019); Senior Vice President, National Sales Gemini Fund Services, LLC (2017-2019); Senior Vice President and Director of Legal Administration, Gemini Fund Services, LLC (2012-2017). | N/A | N/A |

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

\*\* As of October 31, 2022, the Trust was comprised of 30 other active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds and Main BuyWrite ETF. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

The Fund's SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-866-383-9778.

*10/31/22 – NLFT IV_v1*

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust IV**

**Rev. August 2015**

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| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR PERSONAL INFORMATION?** |

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-402-493-4603** |

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***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust IV**

&nbsp;&nbsp;**Page 2**

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| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust IV protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust IV collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;● open an account or deposit money<br>&nbsp;&nbsp;&nbsp;&nbsp;● direct us to buy securities or direct us to sell your securities<br>&nbsp;&nbsp;&nbsp;&nbsp;● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;<br> **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only:<br> &nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you. <br>State laws and individual companies may give you additional rights to limit sharing. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust IV has no affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust IV does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust IV does not jointly market.* |

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

Information regarding how the Funds voted proxies relating to portfolio securities for the twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies will be available without charge, upon request, by calling 1-866-383-9778 or by referring to the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N- PORT reports are available at the SEC's website at <u>www.sec.gov</u>. The information on Form N-PORT is available without charge, upon request, by calling 1-866-383-9778.

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| |
|:---|
| **ADVISER** |
| Main Management ETF Advisors, LLC |
| 601 California Street, Suite 620 |
| San Francisco, California 94108 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, Ohio 45246 |
| MAINETF-AR1022 |

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

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

**Item 2. Code of Ethics.** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to,
the Commission and in other public communications made by the registrant;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

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

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

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

[(f) A copy of the Code of Ethics is attached as an exhibit.](coe.htm)

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

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

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

(a) **<u>Audit Fees</u>** <u>10/31**/**2021</u> <u>10/31/2022</u>

Main Sector Rotation ETF $13,750 $15,000

Main Thematic Innovation ETF $13,750 $15,000

(b) **<u>Audit-Related Fees</u>** <u>10/31**/**2021</u> <u>10/31/2022</u>

Main Sector Rotation ETF None None

Main Thematic Innovation ETF None None

(c) **<u>Tax Fees</u>** <u>10/31**/**2021</u> <u>10/31/2022</u>

Main Sector Rotation ETF $3,000 $3,000

Main Thematic Innovation ETF $3,000 $3,000

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) **<u>All Other Fees</u>** <u>10/31**/**2021</u> <u>10/31/2022</u>

Main Sector Rotation ETF None None

Main Thematic Innovation ETF None None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

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

registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

**Main Sector Rotation ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>10/31**/**2021</u> <u>10/31/2022</u>

Audit-Related Fees: 0.00% 0.00%

Tax Fees: 0.00% 0.00%

All Other Fees: 0.00% 0.00%

**Main Thematic Innovation ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>10/31**/**2021</u> <u>10/31/2022</u>

Audit-Related Fees: 0.00% 0.00%

Tax Fees: 0.00% 0.00%

All Other Fees: 0.00% 0.00%

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

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

 <u>10/31/21</u> <u>10/31/2022</u>

Main Sector Rotation ETF $3,000 $3,000

Main Thematic Innovation ETF $3,000 $3,000

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

(i) Not applicable.

(j) Not applicable.

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

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

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

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

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

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

**Item 11. Controls and Procedures.** 

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

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the 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 12.** Disclosure of securities lending activities for closed-end management investment companies.

Not applicable to open-end investment companies.

**Item 13. Exhibits.** 

[(a)(1) Code of Ethics filed herewith.](coe.htm)

[(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

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

[(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.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.

(Registrant) <u>Northern Lights Fund Trust IV</u>

By (Signature and Title)

 <u>/s/ Wendy Wang</u> 

Wendy Wang, Principal Executive Officer/President

Date <u>1/5/23</u> 

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

By (Signature and Title)

 <u>/s/ Wendy Wang</u> 

Wendy Wang, Principal Executive Officer/President

Date <u>1/5/23</u> 

By (Signature and Title)

 <u>/s/ Sam Singh</u> 

Sam Singh, Principal Financial Officer/Treasurer

Date <u>1/5/23</u>

## Ex-99.Cert

CERTIFICATIONS

I, Wendy Wang, certify that:

1. I have reviewed this report on Form N-CSR of the Main ETFs (each a series of Northern Lights Fund Trust IV);

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

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

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

&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

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: <u>1/5/23</u> <u>/s/ Wendy Wang</u>

Wendy Wang, Principal Executive Officer/President

I, Sam Singh, certify that:

1. I have reviewed this report on Form N-CSR of the Main ETFs (each a series of Northern Lights Fund Trust IV);

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

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

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

&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

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: <u>1/5/23</u> <u>/s/ Sam Singh</u> 

Sam Singh, Principal Financial Officer/Treasurer

## Exhibit 99.906

**certification**

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

&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 October 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; 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/President Principal Financial Officer/Treasurer

Northern Lights Fund Trust IV Northern Lights Fund Trust IV

<u>/s/ Wendy Wang</u> <u>/s/ Sam Singh</u> 

Wendy Wang Sam Singh

Date: <u>1/5/23</u> Date: <u>1/5/23</u> 

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

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

## 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.