R3 Global Dividend Growth ETF









Semi-Annual Report 

August 31, 2023













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 R3 Global Dividend Growth ETF. Such offering is made only by prospectus, which includes details as to offering price and other material information.


Distributed by Northern Lights Distributors, LLC

Member FINRA



R3 Global Dividend Growth ETF
August 31, 2023


The Fund’s performance figures* for periods ended August 31, 2023, as compared to its benchmark:


      Since Inception** -
  Six Months One Year August 31, 2023
R3 Global Dividend Growth ETF - NAV 1.08% 6.04% (4.89)%
R3 Global Dividend Growth ETF - Market Price 1.12% 5.79% (4.83)%
MSCI ACWI Index *** 3.55% 9.72% (0.84)%


* 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 sold, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or on the sale 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.R3ETFs.com or by calling 1-833-275-7342.


The Fund’s per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the Market Price Return is based on the Market Price per share of the Fund. Market Price returns are calculated using the closing price and account for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


** Commencement of operations was March 30, 2022.


*** The MSCI ACWI Index represents the performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. Investors cannot invest directly in an index, and unlike the Fund, returns do not reflect any fees, expenses or sales charges.



R3 Global Dividend Growth ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
August 31, 2023


 The Fund’s Holdings by Country as of August 31, 2023 are as follows:


Asset Class      % of Net Assets  
Common Stocks        
United States     38.8 %
United Kingdom     12.1 %
Hong Kong     5.4 %
Switzerland     4.9 %
Australia     4.9 %
France     4.6 %
Denmark     4.1 %
Germany     4.0 %
Ireland     3.3 %
Taiwan     3.3 %
Finland     2.9 %
Canada     2.4 %
Singapore     2.3 %
Netherlands     2.2 %
Japan     2.0 %
Brazil     1.5 %
Turkey     1.2 %
Norway     1.0 %
Liabilities in Excess of Other Assets     (0.9 )%
      100.0 %


The Fund’s Holdings by Sector as of August 31, 2023 are as follows:


Asset Class      % of Net Assets  
Common Stocks        
Financials     18.0 %
Technology     13.6 %
Health Care     13.3 %
Industrials     10.4 %
Consumer Staples     9.1 %
Energy     9.0 %
Materials     7.9 %
Communications     7.1 %
Utilities     6.2 %
Consumer Discretionary     4.6 %
Real Estate     1.7 %
Liabilities in Excess of Other Assets     (0.9 )%
      100.0 %


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



August 31, 2023


Shares         Fair Value  
        COMMON STOCKS — 100.9%        
        APPAREL & TEXTILE PRODUCTS - 2.6%        
  459     LVMH Moet Hennessy Louis Vuitton S.E.   $ 389,530  
  2,439     NIKE, Inc., Class B     248,071  
        ASSET MANAGEMENT - 3.1%        
  1,100     BlackRock, Inc.     770,594  
        AUTOMOTIVE - 2.0%        
  16,178     Cie Generale des Establishments Michelin SCA     507,438  
        BANKING - 6.5%        
  22,591     DBS Group Holdings Ltd.     556,581  
  3,823     JPMorgan Chase & Company     559,420  
  62,628     Mitsubishi UFJ Financial Group, Inc.     500,943  
        BEVERAGES - 3.5%        
  136,966     Ambev S.A. - ADR     379,396  
  8,158     Coca-Cola Company     488,093  
        BIOTECH & PHARMA - 10.2%        
  2,979     CSL Ltd.     527,989  
  3,645     Novartis A.G.     368,523  
  3,975     Novo Nordisk A/S, Class B     736,822  
  14,645     Pfizer, Inc.     518,140  
  1,228     Roche Holding A.G.     361,860  
        CHEMICALS - 6.6%        
  1,563     Avery Dennison Corporation     294,438  
  6,577     Croda International plc     460,067  
  6,855     Dow, Inc.     374,009  
  27,208     Victrex plc     517,683  
        COMMERCIAL SUPPORT SERVICES - 2.3%        
  14,342     Rollins, Inc.     567,513  

See accompanying notes to financial statements.



SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2023


Shares         Fair Value  
        COMMON STOCKS — 100.9% (Continued)        
        CONSTRUCTION MATERIALS - 1.3%        
  10,381     James Hardie Industries plc - ADR(a)   $ 313,299  
        DIVERSIFIED INDUSTRIALS - 1.3%        
  3,000     3M Company     320,010  
        ELECTRIC UTILITIES - 6.2%        
  70,215     CLP Holdings Ltd.     550,629  
  38,501     National Grid plc     482,939  
  7,427     NextEra Energy, Inc.     496,124  
        ELECTRICAL EQUIPMENT - 3.9%        
  10,645     Kone OYJ, Class B     485,071  
  3,645     TE Connectivity Ltd.     482,562  
  3,443     Deutsche Boerse A.G.     612,060  
  20,413     Hong Kong Exchanges & Clearing Ltd.     791,288  
  30,000     IG Group Holdings plc     257,091  
        INTERNET MEDIA & SERVICES - 2.0%        
  70,103     Rightmove plc     497,304  
        MACHINERY - 1.6%        
  10,734     Washtec A.G.     388,390  
        MEDICAL EQUIPMENT & DEVICES - 3.1%        
  2,430     Coloplast A/S - Series B     277,615  
  6,075     Medtronic PLC     495,113  
        OIL & GAS PRODUCERS - 9.0%        
  4,752     Chevron Corporation     765,547  
  9,493     Rubis SCA     231,944  
  18,009     Shell plc     550,141  

See accompanying notes to financial statements.



SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2023


Shares         Fair Value  
        COMMON STOCKS — 100.9% (Continued)        
        OIL & GAS PRODUCERS - 9.0% (Continued)        
  28,477     Woodside Energy Group Ltd.   $ 683,094  
        RETAIL - CONSUMER STAPLES - 3.3%        
  31,720     BIM Birlesik Magazalar A/S     299,459  
  4,075     Target Corporation     515,691  
        SELF-STORAGE REIT - 1.7%        
  38,836     Safestore Holdings plc     425,301  
        SEMICONDUCTORS - 3.3%        
  8,683     Taiwan Semiconductor Manufacturing Company Ltd. - ADR     812,468  
        SOFTWARE - 4.1%        
  2,430     Microsoft Corporation     796,457  
  6,203     Neste OYJ     227,338  
        SPECIALTY FINANCE - 1.6%        
  9,720     Fidelity National Financial, Inc.     402,408  
        TECHNOLOGY HARDWARE - 2.7%        
  3,530     Apple, Inc.     663,181  
        TECHNOLOGY SERVICES - 3.5%        
  10,038     Experian plc     351,211  
  2,106     Visa, Inc., Class A     517,402  
        TELECOMMUNICATIONS - 5.1%        
  14,226     BCE, Inc.     602,544  
  23,901     Telenor ASA     256,102  
  11,238     Verizon Communications, Inc.     393,105  
        TOBACCO & CANNABIS - 2.3%        
  5,956     Philip Morris International, Inc.     572,133  

See accompanying notes to financial statements.



SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2023


Shares         Fair Value  
        COMMON STOCKS — 100.9% (Continued)        
        TRANSPORTATION & LOGISTICS - 1.4%        
  1,615     Union Pacific Corporation   $ 356,221  
        TOTAL COMMON STOCKS (Cost $25,036,850)     24,998,352  
        TOTAL INVESTMENTS - 100.9% (Cost $25,036,850)   $ 24,998,352  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9)%     (227,837 )
        NET ASSETS - 100.0%   $ 24,770,515  


ADR - American Depositary Receipt


A/S - Anonim Sirketi


LTD - Limited Company


OYJ - Julkinen osakeyhtio


PLC - Public Limited Company


REIT - Real Estate Investment Trust


S/A - Societe Anonyme



Non-income producing security.


See accompanying notes to financial statements.



R3 Global Dividend Growth ETF
August 31, 2023


Investment securities:        
At cost   $ 25,036,850  
At value   $ 24,998,352  
Dividends receivable     88,645  
TOTAL ASSETS     25,086,997  
Bank overdraft     289,543  
Investment advisory fees payable     26,939  
NET ASSETS   $ 24,770,515  
Net Assets Consist Of:        
Paid in capital   $ 25,197,190  
Accumulated deficit     (426,675 )
NET ASSETS   $ 24,770,515  
Net Asset Value Per Share:        
Net Assets   $ 24,770,515  
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)     1,100,000  
Net asset value (Net Assets ÷ Shares Outstanding)   $ 22.52  


See accompanying notes to financial statements.



R3 Global Dividend Growth ETF
For the Six Months Ended August 31, 2023


Dividends (net of foreign withholding tax of $28,505)   $ 238,526  
Interest     477  
Investment advisory fees     40,336  
TOTAL EXPENSES     40,336  
Net realized loss on:        
Investments     (249,806 )
Foreign currency transactions     (2,831 )
      (252,637 )
Net change in unrealized appreciation (depreciation) on:        
Investments     27,618  
Foreign currency translations     (3,525 )


See accompanying notes to financial statements.



R3 Global Dividend Growth ETF


    For the Six Months     For the Period*  
    Ended     Ended  
    August 31, 2023     February 28, 2023  
Net investment income   $ 198,667     $ 75,969  
Net realized loss on investments and foreign currency transactions     (252,637 )     (183,875 )
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     24,093       (62,887 )
Net decrease in net assets resulting from operations     (29,877 )     (170,793 )
Total distributions paid     (157,544 )     (68,550 )
Net decrease in net assets resulting from distributions to shareholders     (157,544 )     (68,550 )
Proceeds from shares sold     19,291,496       5,861,291  
Cost of shares redeemed     (580,508 )      
Net increase in net assets resulting from shares of beneficial interest     18,710,988       5,861,291  
TOTAL INCREASE IN NET ASSETS     18,523,567       5,621,948  
NET ASSETS                
Beginning of Period     6,246,948       625,000 **
End of Period   $ 24,770,515     $ 6,246,948  
SHARE ACTIVITY                
Shares sold     850,000       250,000  
Shares redeemed     (25,000 )      
Net increase in shares of beneficial interest outstanding     825,000       250,000  


* Commencement of operations was March 30, 2022.


** Beginning capital of $625,000 was contributed by fund management of R Cubed Global Capital LLC, investment advisor to the Fund, in exchange for 25,000 shares of the Fund in connection with the seeding of the R3 Global Dividend Growth ETF, a series of the Trust.


See accompanying notes to financial statements.



R3 Global Dividend Growth ETF


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


    For the Six Months     For the Period*  
    Ended     Ended  
    August 31, 2023     February 28, 2023  
Net asset value, beginning of period   $ 22.72     $ 25.00  
Activity from investment operations:                
Net investment income (1)     0.49       0.35  
Net realized and unrealized loss on investments and foreign currency     (0.25 )     (2.33 )
Total from investment operations     0.24       (1.98 )
Less distributions from:                
Net investment income     (0.44 )     (0.30 )
Total distributions     (0.44 )     (0.30 )
Net asset value, end of period   $ 22.52     $ 22.72  
Total return (2)(5)     1.08 %     (7.87 )% (6)
Net assets, at end of period (000s)   $ 24,771     $ 6,247  
Ratio of expenses to average net assets (4)     0.88 %     0.88 %
Ratio of net investment income to average net assets (4)     4.33 %     1.72 %
Portfolio Turnover Rate (3)(5)     32 %     34 %



* Commencement of operations was March 30, 2022.


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


(2) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested on the ex-dividend date at net asset value per share on their respective payment dates.


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


(4) Annualized for periods less than one year.


(5) Not annualized for periods less than one year.


(6) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.


See accompanying notes to financial statements.



August 31, 2023




The R3 Global Dividend Growth ETF (the “Fund”) is a diversified series of shares of beneficial interest of Northern Lights Fund Trust IV (the “Trust”), a trust organized under the laws of the State of Delaware on June 2, 2015, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund’s investment objective is to seek current income and long-term growth of income and capital appreciation. The Fund commenced operations on March 30, 2022.




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


Securities 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. Exchange traded futures are valued at the final settle price or, in the absence of a sale price, at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.


The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid investments, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board”). 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 in determining a security-specific fair value.


Fair Valuation Process – Applicable investments are valued 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 the prices or values available do not represent the fair value of the instrument; factors which may cause such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools



August 31, 2023


or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Board shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.


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


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


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


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


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


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



August 31, 2023


The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of August 31, 2023, for the Fund’s assets and liabilities measured at fair value:


Assets   Level 1     Level 2     Level 3     Total  
Common Stocks *   $ 24,998,352     $     $     $ 24,998,352  
Total Investments   $ 24,998,352     $     $     $ 24,998,352  


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


* See Schedule of Investments for industry classification.


Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid monthly (quarterly prior to May 23, 2023). 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) 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. Monthly distributions in excess of ordinary taxable income are treated as returns of capital. Dividends and distributions to shareholders are recorded on the ex-dividend 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 or until call date. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.


Federal Income Taxes – The Fund intends 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 Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year February 28, 2023 or expected to be taken in the Fund’s February 28, 2024 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.



August 31, 2023


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


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


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




For the six months ended August 31, 2023, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $3,683,754 and $3,112,568, respectively.


For the six months ended August 31, 2023, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions amounted to $18,667,264 and $552,974, respectively.




The business activities of the Fund are overseen by the Board, which is responsible for the overall management of the Fund. R Cubed Global Capital LLC (the “Advisor”) serves as the Fund’s investment advisor pursuant to an investment advisory agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an ETF Distribution Agreement (the “Distribution Agreement”) with Northern Lights Distributors, LLC (“NLD” or the “Distributor”) to serve as the principal underwriter and distributor for the Fund.


Pursuant to the Advisory Agreement, the Advisor, under the oversight of the Board, directs the daily



August 31, 2023


operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a unitary advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.88% of the Fund’s average daily net assets. During the six months ended August 31, 2023, the Fund paid $40,336 in advisory fees.


The Advisor’s unitary advisory fee is designed to pay the Fund’s expenses and to compensate the Advisor for providing services for the Fund. Out of the unitary advisory fee, the Advisor pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services and Independent Trustees’ fees, except for payment of advisory fees, any front-end or contingent deferred loads, brokerage fees and commissions, any Rule 12b-l fees, 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), borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Advisor)). The Advisor, and not the Fund’s shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.


The Trust, with respect to the Fund, has adopted a distribution and service plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. No distribution or service fees are currently paid by the Fund and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.


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


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


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



August 31, 2023




Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 10,000 shares (25,000 shares prior to May 18, 2023). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee 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 Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). Transaction Fees may be used to cover the custodial and other costs incurred by the Fund.


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


Fixed Fee Variable Charge
$300 2.00%*


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




The identified cost of investments in securities owned by the Funds for federal income tax purposes and its respective gross unrealized appreciation and depreciation at August 31, 2023, were as follows:


      Gross Unrealized     Gross Unrealized     Net Unrealized  
Tax Cost     Appreciation     (Depreciation)     (Depreciation)  
$ 25,083,318     $ 456,558     $ (541,524 )   $ (84,966 )



August 31, 2023




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


    Fiscal Year Ended     Fiscal Year Ended  
    February 28, 2023     February 28, 2022  
Ordinary Income   $ 72,295     $  
    $ 72,295     $  


The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $3,745 for the year ended February 28, 2023 which have been passed through to the Fund’s underlying shareholders and are deemed dividends for tax purposes.


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


Undistributed     Undistributed     Post October Loss     Capital Loss     Other     Unrealized     Total
Ordinary     Long-Term     and     Carry     Book/Tax     Appreciation/     Distributable Earnings/
Income     Gains     Late Year Loss     Forwards     Differences     (Depreciation)     (Accumulated Deficit)
$     $     $ (35,259 )   $ (94,640 )   $     $ (109,355 )   $(239,254)


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


Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $35,259.


At February 28, 2023, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:


Short-Term     Long-Term     Total     Utilized  
$ 94,640     $     $ 94,640     $  


Permanent book and tax differences, primarily attributable to the book/tax basis treatment of distributions in excess resulted in reclassifications for the Fund for the fiscal year ended February 28th, 2023, as follows:


Paid In     Accumulated  
Capital     Deficit  
$ (89 )   $ 89  



August 31, 2023




On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Fund.




Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.


Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements, other than the following:


Distributions: The Board declared the following distributions after August 31, 2023:


Dividend     Record   Payable
Per Share     Date   Date
$ 0.0621     9/22/2023   9/21/2023



R3 Global Dividend Growth ETF
August 31, 2023


As a shareholder of the Fund, you incur 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 Fund and to compare these costs with the ongoing costs of investing in other exchange traded funds. This example does not take into account transaction costs, such as brokerage commissions that you may pay on your purchases and sales of shares of the Fund.


The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2023 through August 31, 2023.


Actual Expenses


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


Hypothetical Example for Comparison Purposes


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


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


    Beginning     Ending     Expenses Paid     Expenses Ratio
    Account Value     Account Value     During Period     During Period*
Actual   $ 1,000.00     $ 1,010.80     $ 4.45     0.88%
(5% return before expenses)   $ 1,000.00     $ 1,020.71     $ 4.47     0.88%


* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (184), then divided by the number of days in the fiscal year (366).



R3 Global Dividend Growth ETF
Supplemental Information (Unaudited)
August 31, 2023




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


During the period ended August 31, 2023, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Fund’s investments and determined that the Fund 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 Fund’s liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund’s liquidity risk management program has been effectively implemented.





Northern Lights Fund Trust IV


Rev. August 2021




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



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


●         Social Security number and wire transfer instructions


●         account transactions and transaction history


●         investment experience and purchase history


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


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


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


QUESTIONS?   Call 1-631-490-4300





Northern Lights Fund Trust IV


Page 2  


What we do:


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

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


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


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

We collect your personal information, for example, when you

●     open an account or deposit money


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


●     seek advice about your investments


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


Why can’t I limit all sharing?

Federal law gives you the right to limit only:

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


●     affiliates from using your information to market to you.


●     sharing for nonaffiliates to market to you.


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



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


●    Northern Lights Fund Trust IV has no affiliates.


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


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

Joint marketing

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


●     Northern Lights Fund Trust IV does not jointly market.





Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-833-275-7342 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.




The Fund files 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 www.sec.gov.




Information regarding how often the Shares of the Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at www.R3ETFs.com.


R Cubed Global Capital LLC
11251 NW 4th Ct.
Plantation, FL 33325
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246