Northern Lights Fund Trust IV N-CSR Certified annual shareholder report (management investment company)

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-23066

Northern Lights Fund Trust IV

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246

(Address of principal executive offices) (Zip code)

Jen Farrell, Gemini Fund Services, LLC.

80 Arkay Drive, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2600

Date of fiscal year end: 5/31

Date of reporting period:5/31/19

Item 1. Reports to Stockholders.

Low Beta Tactical 500 Fund

Institutional Class – LBTTX

Investor Class – LBETX

Annual Report

May 31, 2019

1-844-655-9371

www.LGMCapitalManagement.com

LGM Capital Management, LLC

11811 N. Tatum Blvd., Suite 3031

Phoenix, AZ 85028

Distributed by Northern Lights Distributors, LLC

Member FINRA

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.lgmcapitalmanagement.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, or to continue receiving paper copies of shareholder reports, which are available free of charge, by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.

Greetings Low Beta Tactical 500 Shareholders,

We are pleased to present our second annual report. In this report we will discuss our growth and performance, and provide an audited accounting of Low Beta Tactical 500 (Low Beta) for the year ending May 31, 2019. Below is the fund summary of our principal investment strategy.

We invest in the SPDR® S&P 500® ETF Trust (SPY) when we believe the stock market is likely to rise, and invest in an unaffiliated money market fund when we believe the stock market is likely to decline. Our decisions are based on tactical analysis, research, and evaluation of current and historical market trends. We believe by applying our tactical analysis of current and historical market trends, we can produce returns in the S&P 500 Index (S&P 500) over a complete market cycle with lower volatility, or “beta” than the Index. Our strategy of investing in or allocating to a money market fund is intended to lower volatility and risk exposure during unfavorable or declining market conditions.

Growth

We are excited about our growth of assets under management. From our June 12, 2017 inception through our fiscal year ended May 31, 2019, Low Beta grew to $51,272,588 in assets under management. We are proud of our growth in under two years without sponsorship from a Wall Street brokerage or investment adviser firm.

2019 and Volatility Since Inception

2017 saw the S&P 500 record its lowest volatility since 1964. Remarkably, it went over 400 days without a 5% sell-off, its longest ever. Historically, the S&P 500 averages three, 5% sell-offs per year.

On January 28^th, 2018, the S&P 500 hit an all-time high. One week later, it recorded its worst one-day point drop in history, triggering a 10% sell-off. At the outset of that sell -off we captured gains, and managed risk by moving to a money market fund. Markets recovered, and rose to new all-time highs through the Summer. In October, markets quickly sold-off again. Christmas Eve saw markets bottom out, selling -off 19.8% from their Summer high prices. Still, for 2018, Low Beta showed a profit with a beta of just 0.50.

We continued to capture gains into 2019. Markets steadily climbed with little volatility aside from two-weeks in May. Similar to 2017, the low volatility of 2019 is a challenging environment for a tactical investment strategy with a managed risk objective. However, we are pleased with capturing gains of 6.29% year to date through May 31^st, and preserving principal during the stressful threats of tariff wars.

Calendar year through May 31, 2019 Growth of $10,000

3554-NLD-7/29/2019

1

June 12, 2017- May 31, 2019 Growth of $10,000

* Not Annualized.

Performance

In December of both 2017 and 2018, Low Beta distributed capital gains dividends of 17.2 cents and 57.6 cents per share, respectively. Low Beta’s one- year performance ending May 31, 2019 was -0.96%. Low Beta’s calendar year performance ending May 31, 2019 was 6.29%. Low Beta’s cumulative return growth of $10,000 since inception ending May 31, 2019 was $12,640, and our cumulative percentage return since inception ending May 31, 2019 was 12.64%.

We are pleased with our growth of assets, performance, and lowered beta compared to the S&P 500. Additional information can be found at:www.LGMCapitalManagement.com. We thank our many shareholders for making this important opportunity possible.

Cheers!

Performance quoted represents past performance which does not guarantee future results. Investment returns and principal will fluctuate so an investor’s shares, when redeemed, may be worth more or less the original cost. Current performance may be higher or higher than performance quoted. For performance data current to the most recent month end, please call toll-free 844-655-9371.

¹ The S&P 500 is an American stock market index based on the market capitalization of 500 large companies. It is widely regarded as one of the best representations of the U.S. stock market, and is a benchmark for many professional money managers.

² Beta is a measurement of market risk or volatility. A beta of 1 represents the volatility of the S&P 500, against which other mutual funds and their betas are measured. If a mutual fund has a beta of one, it will move the same amount and direction as the S&P 500. A beta greater than 1 indicates the mutual fund tends to be more volatile than the S&P 500, and a beta less than 1 means it tends to be less volatile than the S&P 500.

3554-NLD-7/29/2019

2

Low Beta Tactical 500 Fund

PORTFOLIO REVIEW (Unaudited)

May 31, 2019

The Fund’s performance figures(*) for the periods ended May 31, 2019, compared to its benchmark:

		Since Inception
	One Year	(annualized) (b)
Low Beta Tactical 500 Fund - Institutional Class	(0.96)%	6.24%
Low Beta Tactical 500 Fund - Investor Class	(1.15)%	5.99%
S&P 500 Total Return Index (a)	3.78%	8.68%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that 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 redemptions of Fund shares. Past performance is no guarantee of future results. The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund (“Waiver Agreement”) until at least September 30, 2019, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short), fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))), will not exceed 1.55% and 1.80% of the daily average net assets attributable to Institutional Class and Investor Class shares, respectively. These fee waivers and reimbursements are subject to possible recoupment from the Fund by the Advisor in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of wavier and the expense limitation in place at the time of recapture. The Fund’s gross total operating expenses as of the most recent prospectus is 2.08% and 2.33% of average daily net assets attributable to Institutional Class and Investor Class shares, respectively.

(a) The S&P 500 Total Return Index, is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

(b) Inception date is June 12, 2017.

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

Top Holdings by Industry	Percentage of Net Assets
Short-Term Investment		28.3	%
Other Assets in Excess of Liabilities		71.7	%
		100.0	%

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

Low Beta Tactical 500 Fund

SCHEDULE OF INVESTMENTS

May 31, 2019

Shares			Fair Value
		SHORT-TERM INVESTMENT - 28.3 %
	14,521,468	Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 2.27% (a) (Cost $14,521,468)	$	14,521,468
		TOTAL INVESTMENTS (Cost $14,521,468)- 28.3 %	$	14,521,468
		OTHER ASSETS IN EXCESS OF LIABILITIES - 71.7 %		36,751,120
		NET ASSETS - 100.0 %	$	51,272,588

(a) Money market fund; interest rate reflects seven-day effective yield on May 31, 2019

See accompanying notes to financial statements.

Low Beta Tactical 500 Fund

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2019

ASSETS
Investment securities:
At cost	$	14,521,468
At fair value	$	14,521,468
Receivable for securities sold		36,984,069
Dividends and interest receivable		46,072
Prepaid expenses		9,683
TOTAL ASSETS		51,561,292
LIABILITIES
Payable for fund shares redeemed		200,000
Investment advisory fees payable		39,189
Distribution (12b-1) fees payable		19
Payable to related parties		14,403
Accrued expenses and other liabilities		35,093
TOTAL LIABILITIES		288,704
NET ASSETS	$	51,272,588
Net Assets Consist Of:
Paid in capital ($0 par value, unlimited shares authorized)	$	51,754,452
Accumulated losses		(481,864	)
NET ASSETS	$	51,272,588
Net Asset Value Per Share:
Institutional Class Shares:
Net Assets	$	51,199,071
Shares of beneficial interest outstanding *		4,889,222
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share **	$	10.47
Investor Class Shares:
Net Assets	$	73,517
Shares of beneficial interest outstanding *		7,058
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share **	$	10.42

* Unlimited number of shares of beneficial interest authorized, no par value.

** Redemptions made within 90 days of purchase may be assesed a redemption fee of 2.00%.

See accompanying notes to financial statements.

Low Beta Tactical 500 Fund

STATEMENT OF OPERATIONS

For the Year Ended May 31, 2019

INVESTMENT INCOME
Dividends	$	403,864
Interest		450,725
TOTAL INVESTMENT INCOME		854,589
EXPENSES
Investment advisory fees		468,956
Distribution (12b-1) fees:
Investor Class		108
Transfer agent fees		51,784
Third party administrative servicing fees		46,136
Administrative services fees		42,565
Accounting services fees		37,900
Compliance officer fees		22,877
Legal fees		22,438
Registration fees		18,250
Audit fees		17,000
Printing and postage expenses		11,045
Trustees’ fees and expenses		10,607
Custodian fees		5,299
Insurance expense		2,555
Other expenses		5,076
TOTAL EXPENSES		762,596
Less: Fees waived by the advisor		(21,771	)
NET EXPENSES		740,825
NET INVESTMENT INCOME		113,764
REALIZED LOSS FROM INVESTMENTS
Net realized loss from investments		(543,187	)
NET REALIZED LOSS FROM INVESTMENTS		(543,187	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(429,423	)

See accompanying notes to financial statements.

Low Beta Tactical 500 Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Period Ended
	May 31, 2019			May 31, 2018 *
FROM OPERATIONS
Net investment income (loss)	$	113,764		$	(81,280	)
Net realized gain (loss) from investments		(543,187	)		2,903,857
Net increase (decrease) in net assets resulting from operations		(429,423	)		2,822,577
DISTRIBUTIONS TO SHAREHOLDERS
From net realized gains:
Institutional Class		—			(326,556	)
Investor Class		—			(186	)
Total Distributions Paid **
Institutional Class		(2,546,598	)		—
Investor Class		(1,678	)		—
Net decrease in net assets from distributions to shareholders		(2,548,276	)		(326,742	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Institutional Class		21,176,097			38,440,681
Investor Class		60,000			10,845
Reinvestment of distributions to shareholders:
Institutional Class		2,546,598			326,556
Investor Class		1,678			186
Redemption fee proceeds:			��
Institutional Class		6,249			7,286
Payments for shares redeemed:
Institutional Class		(9,270,883	)		(1,550,811	)
Investor Class		(15	)		(15	)
Net increase in net assets from shares of beneficial interest		14,519,724			37,234,728
TOTAL INCREASE IN NET ASSETS		11,542,025			39,730,563
NET ASSETS
Beginning of Period		39,730,563			—
End of Period ***	$	51,272,588		$	39,730,563
SHARE ACTIVITY
Institutional Class:
Shares Sold		1,950,568			3,667,800
Shares Reinvested		258,538			31,249
Shares Redeemed		(870,881	)		(148,052	)
Net increase in shares of beneficial interest outstanding		1,338,225			3,550,997
Investor Class:
Shares Sold		5,788			1,084
Shares Reinvested		171			18
Shares Redeemed		(2	)		(1	)
Net increase in shares of beneficial interest outstanding		5,957			1,101

* The Low Beta Tactical 500 Fund commenced operations on June 12, 2017.

** Distributions from net investment income and net realized capital gains are combined for the period ended May 31, 2019. See “New Accounting Pronouncements” in the Notes to Financial Statements for more information. The distributions to shareholders for the period ended May 31, 2018 have not been reclassified to conform to the current year presentation.

*** Net Assets-End of Year includes accumulated net investment loss of $52,016 as of May 31, 2018.

See accompanying notes to financial statements.

Low Beta Tactical 500 Fund

FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the			For the
	Year Ended			Period Ended
	May 31, 2019			May 31, 2018 (1)
Net asset value, beginning of period	$	11.19		$	10.00
Activity from investment operations:
Net investment income (loss) (2)		0.03			(0.04	)
Net realized and unrealized gain (loss) on investments		(0.17	)		1.40
Total from investment operations		(0.14	)		1.36
Redemption fees (3)		0.00			0.00
Less distributions from:
Net realized gains		(0.58	)		(0.17	)
Total distributions		(0.58	)		(0.17	)
Net asset value, end of period	$	10.47		$	11.19
Total return (4)		(0.96	)%		13.74	% (5)
Net assets, end of period (000s)	$	51,199		$	39,718
Ratio of gross expenses to average net assets (6,7)		1.62	%		1.96	% (8)
Ratio of net expenses to average net assets (7)		1.58	%		1.75	% (8)
Ratio of net investment income (loss) to average net assets (9)		0.24	%		(0.38	)% (8)
Portfolio Turnover Rate		3908	%		1535	% (5)

(1) Low Beta Tactical 500 Fund Institutional Class commenced operations on June 12, 2017.

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

(3) Less than $0.01 per share

(4) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions.

(5) Not annualized.

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

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

(8) Annualized for periods less than one full year.

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

See accompanying notes to financial statements.

Low Beta Tactical 500 Fund

FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the			For the
	Year Ended			Period Ended
	May 31, 2019			May 31, 2018 (1)
Net asset value, beginning of period	$	11.16		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.01	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(0.15	)		1.40
Total from investment operations		(0.16	)		1.33
Less distributions from:
Net realized gains		(0.58	)		(0.17	)
Total distributions		(0.58	)		(0.17	)
Net asset value, end of period	$	10.42		$	11.16
Total return (3)		(1.15	)%		13.43	% (4)
Net assets, end of period (000s)	$	74		$	12
Ratio of gross expenses to average net assets (5,6)		1.87	%		2.21	% (7)
Ratio of net expenses to average net assets (6)		1.83	%		2.00	% (7)
Ratio of net investment loss to average net assets (8)		(0.12	)%		(0.73	)% (7)
Portfolio Turnover Rate		3908	%		1535	% (4)

(1) Low Beta Tactical 500 Fund Investor Class commenced operations on June 12, 2017.

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

(3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions.

(4) Not annualized.

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

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

(7) Annualized for periods less than one full year.

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

See accompanying notes to financial statements.

Low Beta Tactical 500 Fund

NOTES TO FINANCIAL STATEMENTS

May 31, 2019

1. ORGANIZATION

The Low Beta Tactical 500 Fund (the “Fund”) is a diversified series of shares of Northern Lights Fund Trust IV (the “Trust”), a statutory 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 commenced operations on June 12, 2017. The Fund’s objective is to outperform the S&P 500 Index with lower volatility than the Index.

The Fund offers two classes of shares, an Institutional Class and an Investor Class. Each share class represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) each class of shares may bear different distribution fees; (ii) each class of shares may be subject to different (or no) sales charges; (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable; and (iv) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (’‘GAAP”), which require 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 increases and decreases in net assets from operations during the reporting 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.”

Security Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value, including the short-term investment currently held.

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 of Trustees (“Board”). The Board has delegated execution of these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser. The team may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant, or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.

Valuation of Underlying Funds – The Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). Mutual funds are valued at their respective net asset values as reported by such investment companies. Exchange-traded funds (“ETFs”) are valued at the last reported sale 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 to the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and exchange traded funds (“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 Fund will not change.

Low Beta Tactical 500 Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

May 31, 2019

Fair Valuation Process – As noted above, the fair value team is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser. The applicable investments are valued collectively via inputs from each of these groups. 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 adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask 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; (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 the Fund’s calculation of its net asset value. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the adviser 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 the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team 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 all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs 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 on 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.

Low Beta Tactical 500 Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

May 31, 2019

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 May 31, 2019, for the Fund’s investments measured at fair value:

Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investment	$	14,521,468	$	—	$	—	$	14,521,468
Total	$	14,521,468	$	—	$	—	$	14,521,468

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

* Refer to the Schedule of Investments for industry classifications.

Exchange Traded Funds –The Fund may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock. An index ETF represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities in their portfolio, 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.

Security Transactions and Related Income – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Distributions to Shareholders –Dividends from net investment income are declared and paid annually. Distributions from net realized capital gains if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and 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) 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. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Fund.

Federal Income Taxes – It is the Fund’s policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded. 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 the open tax year ended May 31, 2018, or expected to be taken in the Fund’s May 31, 2019 year-end tax return. The Fund identifies its major tax jurisdictions as U.S. Federal, and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations. 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.

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 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.

Low Beta Tactical 500 Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

May 31, 2019

3. INVESTMENT TRANSACTIONS

For the year ended May 31, 2019, cost of purchases and proceeds from sales of portfolio securities, excluding short-term investments, amounted to $725,765,961 and $725,222,774, respectively.

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

LGM Capital Management, LLC serves as the Fund’s investment advisor (the “Advisor”). Pursuant to an advisory agreement with the Trust on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily 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 fee computed and accrued daily and paid monthly, based on the Fund’s average daily net assets and is computed at the annual rate of 1.00%. Pursuant to the advisory agreement, the Fund accrued $468,956 in advisory fees for the year ended May 31, 2019.

The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund (“Waiver Agreement”) until at least September 30, 2019, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses) and derivatives of any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund 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, contractual indemnification of Fund service providers (other than the Advisor))), will not exceed 1.55% and 1.80% of the daily average net assets attributable to Institutional Class and Investor Class shares, respectively. These fee waivers and reimbursements are subject to possible recoupment from the Fund by the Advisor in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of wavier and the expense limitation in place at the time of recapture. The expense limits in effect prior to their expiration on September 1, 2018 were 1.75% and 2.00% for the Institutional Class and Investor Class shares, respectively.

The Board may terminate this expense reimbursement arrangement at any time. For the year ended May 31, 2018, the Advisor can recoup waived and reimbursed expenses of $43,176 until May 31, 2021. For the year ended May 31, 2019, the Advisor can recoup waived and reimbursed expenses of $21,771 until May 31, 2022.

Northern Lights Distributors, LLC (“NLD” or the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund shares. During the year ended May 31, 2019, the Distributor received $0 in underwriting commissions for the Investor Class.

The Trust has adopted, with respect to the Fund, the Trust’s Master Distribution and Shareholder Servicing Plan for the Fund’s Investor Class shares (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. The Plans provide a monthly service and/or distribution fee that will be calculated by the Fund at an annual rate of 0.25% per year of the average daily net assets of the Investor Class shares and is paid to the Distributor, to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund’s shareholder accounts, not otherwise required to be provided by the Adviser. For the year ended May 31, 2019, pursuant to the Plan, the Investor Class shares incurred costs of $108.

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

Gemini Fund Services, LLC (“GFS”), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with GFS, the Fund pays GFS customary fees for providing administration, fund accounting and transfer agency services to the Fund as shown in the Statement of Operations. Certain officers of the Trust are also officers of GFS, and are not paid any fees directly by the Fund for serving in such capacities.

Northern Lights Compliance Services, LLC(“NLCS”) an affiliate of GFS 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 Advisor which are included in Compliance Officer fees in the Statement of Operations.

Low Beta Tactical 500 Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

May 31, 2019

Blu Giant, LLC (“Blu Giant”) an affiliate of GFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis as shown in the Statement of Operations. For the provision of these services, Blu Giant receives customary fees from the Advisor which are included in Printing and postage expenses in the Statement of Operations.

Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of GFS and its affiliated companies including NLD, NLCS and Blu Giant (collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

5. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The Statement of Assets and Liabilities represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $16,600,143 for Low Beta Tactical 500 Fund.

Unrealized Appreciation	$	—
Unrealized Depreciation		(2,078,675	)
Tax Net Unrealized Appreciation	$	(2,078,675	)

The tax character of distributions paid during the year/period ended May 31, 2019 and May 31, 2018 was as follows:

	Fiscal Year Ended		Fiscal Period Ended
	May 31, 2019		May 31, 2018
Ordinary Income	$	2,548,276	$	326,742
Long-Term Capital Gain		—		—
Return of Capital		—		—
	$	2,548,276	$	326,742

As of May 31, 2019, 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/			Accumulated
Income		Gains		Late Year Loss		Forwards		Differences		(Depreciation)			Earnings/(Deficits)
$	1,596,811	$	—	$	—	$	—	$	—	$	(2,078,675	)	$	(481,864	)

The difference between book basis and tax basis accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

6. REDEMPTION FEES

The Fund may assess a short term redemption fee of 2.00% of the total redemption amount if shareholders sell their shares after holding them for less than ninety days. The redemption fee is paid directly to the Fund from which the redemption is made. Please refer to the Statements of Changes for the collected redemption fees.

7. UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES

The Fund currently seeks to achieve its investment objectives by investing its assets in underlying Funds. As of May 31, 2019, the percentage of the Fund’s net assets invested in the Morgan Stanley Institutional Liquidity Treasury Portfolio –

Low Beta Tactical 500 Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

May 31, 2019

Institutional Class was 28.3%. (the “Security”). The Fund may sell its investments in this Security at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of this investment. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the respective Security’s N-CSR’s available at “www.sec.gov”.

8. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of May 31, 2019, Charles Schwab & Co. held 99.8% of the voting securities for the sole benefit of customers and may be deemed to control the Fund.

9. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13-Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the policy for the timing of transfers between levels. For investment companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. These amendments have been adopted with these financial statements.

In August 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements under Regulation S-X to conform to US GAAP, including: (i) an amendment to require presentation of the total, rather than the components, of distributable earnings on the Statements of Assets and Liabilities; and (ii) an amendment to require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, on the Statements of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets. These amendments have been adopted with these financial statements.

10. SUBSEQUENT EVENTS

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Low Beta Tactical 500 Fund and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Low Beta Tactical 500 Fund (the “Fund”), a series of Northern Lights Fund Trust IV, as of May 31, 2019, and the related statement of operations for the year then ended and the statements of changes in net assets, including the related notes, and financial highlights for each of the two periods in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2019, the results of its operations for the year then ended, and the changes in its net assets and financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2018.

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 30, 2019

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

800.229.1099|866.818.4538 fax| cohencpa.com

Registered with the Public Company Accounting Oversight Board

Low Beta Tactical 500 Fund

EXPENSE EXAMPLES (Unaudited)

May 31, 2019

Example

As a shareholder of the Fund you will incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and/or other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs. The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire six-month period from December 1, 2018 to May 31, 2019 (the ’‘period’’).

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this line, 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 first line under the heading entitled ’‘Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second 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 balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the 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 second line of 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	Expense Ratio
	Account Value	Account Value	During Period	During the Period
Actual	12/1/18	5/31/19	12/1/18 – 5/31/19*	12/1/18 – 5/31/19
Institutional Class	$1,000.00	$986.00	$7.82	1.58%
Investor Class	$1,000.00	$988.50	$9.07	1.83%
	Beginning	Ending	Expenses Paid	Expense Ratio
Hypothetical	Account Value	Account Value	During Period	During the Period
(5% return before expenses)	12/1/18	5/31/19	12/1/18 – 5/31/19*	12/1/18 – 5/31/19
Institutional Class	$1,000.00	$1,017.05	$7.95	1.58%
Investor Class	$1,000.00	$1,015.81	$9.07	1.83%

* 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 (182) divided by the number of days in the fiscal year (365).

Low Beta Tactical 500 Fund

SUPPLEMENTAL INFORMATION (Unaudited)

May 31, 2019

The following is a list of the Trustees and executive officers of the Trust and each person’s principal occupation over the last five years. Unless otherwise noted, the address of each Trustee and Officer is 17645 Wright Street, Suite 200, Omaha, Nebraska 68130.

Independent Trustees

			Number of
			Funds in
			Fund
Name, Address			Complex **	Other Directorships held
and Year of Birth	Position/Term of Office *	Principal Occupation During the Past Five Years	Overseen by Trustee	by Trustee During the Past Five Years
Joseph Breslin Year of Birth: 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 2018).	[ 1 ]	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); Hatteras Trust (2004-2016)
Thomas Sarkany Year of Birth: 1946	Independent Trustee since 2015	Founder and President, TTS Consultants, LLC (financial services) (since 2010).	[ 1 ]	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 Year of Birth:  1947	Independent Trustee since 2015	Principal, Ranson & Associates (strategic analysis and planning, including risk assessment and capital formation for entrepreneurial ventures) (since 2003); GR Group (since 2008).	[ 1 ]	Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Advisors Preferred Trust (since November 2012)

5/31/19 – NLFT IV_v1

Low Beta Tactical 500 Fund

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

May 31, 2019

Officers

Name, Address and Year of Birth	Position/Term of Office *	Principal Occupation During the Past Five Years	Number of Funds in Fund Complex ** Overseen by Trustee	Other Directorships held by Trustee During the Past Five Years
Wendy Wang 80 Arkay Drive Hauppauge, NY 11788 Born in 1970	President since 2015	Senior Vice President, Director of Tax and Compliance Administration, Gemini Fund Services, LLC (since 2012).	N/A	N/A
Sam Singh 80 Arkay Drive Hauppauge, NY 11788 Born in 1976	Treasurer since 2015	Vice President, Gemini Fund Services, LLC (since 2015); Assistant Vice President, Gemini Fund Services, LLC (2011-2014).	N/A	N/A
Jennifer Farrell 80 Arkay Drive Hauppauge, NY 11788 Born in 1969	Secretary since 2017	Manager, Legal Administration, Gemini Fund Services, LLC (since 2018); 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 Born in 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

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

** As of May 31,2019, the Trust was comprised of [21] [other] active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to [the Fund managed by the same investment adviser]. The Fund does not hold itself 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 1-844-655-9371.

5/31/19 – NLFT IV_v1

Low Beta Tactical 500 Fund

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

May 31, 2019

Approval of the Investment Advisor Agreement Renewal– LGM Capital Management, LLC

In connection with the meeting of the Board of Trustees (the “Board” or “Trustees”) of Northern Lights Fund Trust IV (the “Trust”), held on April 25, 2019, the Trustees, including a majority of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement (the “LGM Advisory Agreement”) between LGM Capital Management, LLC (“LGM”) and the Trust, with respect to Low Beta Tactical 500 Fund ( the “Fund”). In considering the approval of the LGM Advisory Agreement, the Trustees received materials specifically relating to the LGM Advisory Agreement.

The Trustees reviewed and discussed the 15(c) materials that were provided in advance of the meeting and deliberated on the approval of the LGM Advisory Agreement. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the LGM Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees 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 approval of the LGM Advisory Agreement.

Nature, Extent and Quality of Services.The Trustees reviewed materials provided by LGM related to the proposed renewal of the LGM Advisory Agreement, including a description of the manner in which investment decisions are made and executed. The Trustees noted that although the adviser has limited resources, LGM has demonstrated its commitment to provide superior services for the day to day management of the Fund. The Trustees recognized the adviser’s commitment to monitoring compliance. After further discussion, the Trustees concluded that LGM would continue to provide a high level of service consistent with the Board’s expectations.

Performance. The Trustees reviewed the Fund’s performance as compared to its Broadridge peer group, Morningstar category and benchmark for the one year and since inception periods. The Trustees noted it outperformed its Morningstar category median and its Broadridge peer group median for the one-year period. The Trustees further noted that the Fund underperformed its Morningstar category median and outperformed its Broadridge peer group median since inception. The Trustees further noted the Fund outperformed its benchmark for the one-year period; however, underperformed the benchmark since inception. The Trustees concluded the Fund’s performance was satisfactory.

Fees and Expenses. The Trustees noted that LGM’s advisory fee of 1.00% was higher than the average of fees charged by funds in the Morningstar peer group. They further noted that the advisory fee was lower than the average fee of 1.09% charged by funds in the adviser selected peer group. The Board discussed the Fund’s 1.73% net expense ratio, which was higher than the Morningstar category average of 0.79%, but well below the Morningstar category high of 3.61%. The Trustees acknowledged that the Fund’s tactical investment strategy differs from many other category constituents and noted that the Fund’s expenses were in line with its peer group median. They noted the Fund’s expense limitation of 1.80% for Investor Class and 1.55% for Institutional Class. Given these considerations, the Trustees concluded that the advisory fee was satisfactory.

Profitability.The Trustees reviewed a profitability analysis provided by the adviser and noted that the adviser realized a modest profit in connection with its relationship with the Fund. After review and discussion, the Board concluded that based on the services provided by LGM and the current assets of the Funda, that the profitability of LGM’s relationship with the Fund was not excessive.

Economies of Scale. The Trustees discussed the size of the Fund and its prospects for growth, concluding that it had not yet achieved meaningful economies that would necessitate the establishment of breakpoints.

Low Beta Tactical 500 Fund

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

May 31, 2019

They noted that LGM indicated its willingness to discuss breakpoints with the Board as the Fund’s asset size grows.

Conclusion.Having requested and received such information from LGM as the Trustees believed to be reasonably necessary to evaluate the terms of the LGM Advisory Agreement, and as assisted by the advice of independent counsel, the Board determined that the renewal of the LGM Advisory Agreement for the Fund is in the best interests of the Fund and its shareholders.

PRIVACY NOTICE

Northern Lights Fund Trust IV

Rev. August 2015

FACTS WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR PERSONAL INFORMATION?

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.

What? 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 areno longerour 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 sharing?
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 1-866-270-0300

PRIVACY NOTICE

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.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ●    Northern Lights Fund Trust IV has no affiliates.
Nonaffiliates	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.

PROXY VOTING POLICY

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 1-844-655-9371 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-844-655-9371.

INVESTMENT ADVISOR

LGM Capital Management, LLC

11811 N. Tatum Blvd., Suite 3031

Phoenix, AZ 85028

ADMINISTRATOR

Gemini Fund Services, LLC

80 Arkay Drive, Suite 110

Hauppauge, New York 11788

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:

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

(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;

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

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

(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.

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) Audit Fees

2018 - $13,000

2019 - $13,000

(b) Audit-Related Fees

2018 - None

2019 - None

(c) Tax Fees

2018 - $3,000

2019 - $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) All Other Fees

2018 - None

2019 - None

(e) (1)Audit Committee’s Pre-Approval Policies

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.

(2) Percentages of Services Approved by the Audit Committee

2018  2019

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:

2018 - $0

2019 - $0

(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.

Item 5. Audit Committee of Listed Companies.Not applicable to open-end investment companies.

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 Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics filed herewith.

(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.

(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.

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)Northern Lights Fund Trust IV

By (Signature and Title)

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

Date 8/8/19

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)

/s/ Wendy Wang

Wendy Wang, Principal Executive Officer/President

Date 8/8/19

By (Signature and Title)

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

Date 8/8/19