# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-003572
**Filing Date:** 2026-6
**Character Count:** 163155
**Document Hash:** f939bec597cd2e0c1742c621e5aae1c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003572.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001580642-26-003572

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 261067604

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

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

## Series and Classes Contracts Data

### USA Mutuals All Seasons Fund (Series ID: S000070209)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000223272 | USA Mutuals All Seasons Fund Institutional Class | UNAVX           |

### USA Mutuals Vice Fund (Series ID: S000070210)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000223274 | USA Mutuals Vice Fund Class A             | VICAX           |
| C000223275 | USA Mutuals Vice Fund Institutional Class | VICVX           |
| C000223276 | USA Mutuals Vice Fund Investor Class      | VICEX           |
| C000223277 | USA Mutuals Vice Fund Class C             | VICCX           |

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

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

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

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

Date of fiscal year end: <u>3/31</u> <br>Date of reporting period: <u>3/31/2026</u>

**Item 1. Reports to Stockholders.** 

(a) #### USA Mutuals All Seasons Fund

#### Institutional Class (UNAVX)

#### Annual Shareholder Report - March 31, 2026
![Image](i6836b65c7fd9a2e5e3e50d77.jpg)

# Fund Overview
This annual shareholder report contains important information about for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.usamutuals.com/all-seasons-fund/**. You can also request this information by contacting us at 1-866-264-8783. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $197 | 1.96% |

---

# How did the Fund perform during the reporting period?
During the 12-month period ended March 31, 2026, the Fund was up +0.91%. The Fund's benchmark S&P 500 Index was up +17.80% during the period.

**Modest absolute return with strong diversification benefit:** The Fund generated a positive return over the 12-month period (4/1/2025–3/31/2026), delivering a positive outcome despite highly volatile equity markets. This reflects the Fund's mandate to prioritize capital preservation and smaller drawdowns than directional equity beta.

**Low correlation profile vs. S&P 500 Index:** With a structurally low beta (less than ~0.4 historically) and limited R-squared to equities, the Fund continued to behave as a true diversifier, driven more by internal market dynamics (positioning, flows, behavioral signals) than broad equity direction.

**Positive convexity in down markets:** A defining feature over the period was the fund's ability to generate or preserve capital during S&P 500 drawdowns, supported by its tactical use of futures and long optionality. The strategy's asymmetric profile—participating modestly in up markets but protecting capital in declines—remained intact.

**Whipsaw conditions from exogenous shocks:** The period was characterized by sharp market reversals driven by macro and geopolitical catalysts, creating difficult trading conditions for most systematic and discretionary strategies. The fund's short-term, behaviorally driven signals navigated these dislocations, though frequent regime shifts dampened trend persistence and capped upside capture.

**Internal market forces over macro narratives:** Consistent with its design, performance was driven by **exploitation of investor behavior and market microstructure inefficiencies** rather than traditional macro forecasting. This approach allowed the Fund to remain resilient amid external noise, reinforcing its role as a **low correlation, risk-managed allocation within a broader portfolio.**

The Fund only traded derivatives in the period, so the portfolio attribution was primarily from derivatives trading. The Fund has not deviated from its prospectus and has maintained exposures consistent with the prospectus. Further, the Fund does not have policy or practice of maintaining a specified level of distributions.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i078a38be1dd066fe45b14357.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **USA Mutuals All Seasons Fund - Institutional Class** | **S&P 500<sup>®</sup> Index** | **S&P Target Risk Conservative Index** |
| **Oct-2017** | $10000 | $10000 | $10000 |
| **Mar-2018** | $10302 | $10436 | $10027 |
| **Mar-2019** | $11182 | $11427 | $10408 |
| **Mar-2020** | $10198 | $10629 | $10511 |
| **Mar-2021** | $11679 | $16619 | $12280 |
| **Mar-2022** | $12591 | $19219 | $12186 |
| **Mar-2023** | $14437 | $17734 | $11589 |
| **Mar-2024** | $14663 | $23033 | $12591 |
| **Mar-2025** | $14731 | $24934 | $13309 |
| **Mar-2026** | $14866 | $29373 | $14594 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 13, 2017)** |
| USA Mutuals All Seasons Fund - Institutional Class | 0.91% | 4.94% | 4.80% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.58% |
| S&P Target Risk Conservative Index | 9.66% | 3.51% | 4.57% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-264-8783.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13932642 |
| Number of Portfolio Holdings |  |
| Advisory Fee (net of waivers) | $70176 |
| Portfolio Turnover | 0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at www.sec.gov or upon request at 1-866-264-8783.

At a special meeting of shareholders of the Fund held on May 9, 2025, the Fund's shareholders (i) approved a new investment advisory agreement between Northern Lights Fund Trust IV and USA Mutual Advisors, Inc. and (ii) ratified certain advisory fee payments made by the Fund to USA Mutual Advisors, Inc. between December 18, 2024 and the date of the meeting.

![Image](i0874471118e0098f4351ed51.jpg)

#### USA Mutuals All Seasons Fund - Institutional Class (UNAVX)

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.usamutuals.com/all-seasons-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-UNAVX

#### USA Mutuals Vice Fund

#### Class A (VICAX)

#### Annual Shareholder Report - March 31, 2026
![Image](i6836b65c7fd9a2e5e3e50d77.jpg)

# Fund Overview
This annual shareholder report contains important information about USA Mutuals Vice Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.usamutuals.com/vice-fund/**. You can also request this information by contacting us at 1-866-264-8783. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $185 | 1.73% |

---

# How did the Fund perform during the reporting period?
During the 12-month period ended March 31, 2026, the Fund's Investor Class was up +13.48%, the Vice Fund Class A (without sales charge) was up +13.43%, the Vice Fund Class C (without sales charge) was up +12.66%, and the Vice Fund Institutional Class was up +13.76%. The Fund's benchmark MSCI ACWI Index was up +20.52%.

**Defensive sector exposure anchored returns amid uneven global markets**

Core allocations to alcohol, tobacco, and defense/aerospace provided stable earnings and cash flow resilience, benefiting from inelastic demand and geopolitical spending tailwinds. These sectors helped dampen volatility during periods of macro uncertainty.

**High-quality, cash-generative holdings drove consistent but moderate upside**

Concentration in large-cap, high-return-on-capital businesses (e.g., global brewers, tobacco majors, and defense primes) supported steady compounding but limited participation in higher-beta equity rallies.

**Portfolio concentration and sector tilts shaped relative performance**

With ~50%+ of assets in top holdings and heavy weightings in Consumer Staples and Industrials, performance was driven by a narrow set of industries, reducing dispersion benefits versus broader global benchmarks.

**Underperformance driven by lower volatility profile vs. growth-led index rally**

The fund's emphasis on defensive, lower-beta equities lagged a market environment where higher-growth and technology-oriented segments led returns; 1-year returns (+14.38%) trailed the MSCI ACWI (+20.52%).

**Risk-adjusted positioning remains intentional and structurally differentiated**

Strategy continues to prioritize downside protection and durability over benchmark tracking, with exposure to historically resilient "vice" industries that aim to deliver superior risk-adjusted returns across cycles, albeit with periodic relative underperformance in strong bull markets.

The Fund's Portfolio Manager believes its ongoing investment in the potentially inelastic military defense, tobacco, and alcohol industries may help mitigate drawdowns versus equity benchmarks that have more concentration to high volatility mega cap technology stocks.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i323c88794f8849305e785182.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **USA Mutuals Vice Fund - Class A** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **Mar-2016** | $9424 | $10000 | $10000 |
| **Mar-2017** | $10537 | $11717 | $11569 |
| **Mar-2018** | $12357 | $13357 | $13355 |
| **Mar-2019** | $11242 | $14625 | $13777 |
| **Mar-2020** | $9020 | $13605 | $12294 |
| **Mar-2021** | $13276 | $21271 | $19094 |
| **Mar-2022** | $11736 | $24599 | $20571 |
| **Mar-2023** | $12799 | $22698 | $19139 |
| **Mar-2024** | $12610 | $29480 | $23695 |
| **Mar-2025** | $13154 | $31913 | $25501 |
| **Mar-2026** | $14921 | $37594 | $30735 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| USA Mutuals Vice Fund - Class A |  |  |  |
| Without Load | 13.43% | 2.36% | 4.70% |
| With Load | 6.90% | 1.16% | 4.08% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| MSCI All Country World Index | 20.52% | 9.99% | 11.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-264-8783.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50818630 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee (net of waivers) | $351198 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i17e42465cce3301135e78eb1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1fe1f69413f3605a5aeef1db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Communications | 0.6% |
| Health Care | 0.8% |
| Collateral for Securities Loaned | 1.4% |
| Real Estate | 2.5% |
| Technology | 3.1% |
| Materials | 4.7% |
| Consumer Discretionary | 16.8% |
| Industrials | 29.0% |
| Consumer Staples | 40.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BAE Systems plc | 9.2% |
| RTX Corporation | 7.0% |
| Philip Morris International, Inc. | 7.0% |
| British American Tobacco plc - ADR | 6.1% |
| Northrop Grumman Corporation | 5.3% |
| Anheuser-Busch InBev S.A. - ADR | 4.7% |
| Altria Group, Inc. | 4.5% |
| Heineken N.V. | 4.5% |
| Carlsberg A/S Series B, Class B | 3.7% |
| Diageo plc - ADR | 3.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at www.sec.gov or upon request at 1-866-264-8783.

At a special meeting of shareholders of the Fund held on May 9, 2025, the Fund's shareholders (i) approved a new investment advisory agreement between Northern Lights Fund Trust IV and USA Mutual Advisors, Inc. and (ii) ratified certain advisory fee payments made by the Fund to USA Mutual Advisors, Inc. between December 18, 2024 and the date of the meeting.

![Image](i0874471118e0098f4351ed51.jpg)

#### USA Mutuals Vice Fund - Class A (VICAX)

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.usamutuals.com/vice-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-VICAX

#### USA Mutuals Vice Fund

#### Class C (VICCX)

#### Annual Shareholder Report - March 31, 2026
![Image](i6836b65c7fd9a2e5e3e50d77.jpg)

# Fund Overview
This annual shareholder report contains important information about USA Mutuals Vice Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.usamutuals.com/vice-fund/**. You can also request this information by contacting us at 1-866-264-8783. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $264 | 2.48% |

---

# How did the Fund perform during the reporting period?
During the 12-month period ended March 31, 2026, the Fund's Investor Class was up +13.48%, the Vice Fund Class A (without sales charge) was up +13.43%, the Vice Fund Class C (without sales charge) was up +12.66%, and the Vice Fund Institutional Class was up +13.76%. The Fund's benchmark MSCI ACWI Index was up +20.52%.

**Defensive sector exposure anchored returns amid uneven global markets**

Core allocations to alcohol, tobacco, and defense/aerospace provided stable earnings and cash flow resilience, benefiting from inelastic demand and geopolitical spending tailwinds. These sectors helped dampen volatility during periods of macro uncertainty.

**High-quality, cash-generative holdings drove consistent but moderate upside**

Concentration in large-cap, high-return-on-capital businesses (e.g., global brewers, tobacco majors, and defense primes) supported steady compounding but limited participation in higher-beta equity rallies.

**Portfolio concentration and sector tilts shaped relative performance**

With ~50%+ of assets in top holdings and heavy weightings in Consumer Staples and Industrials, performance was driven by a narrow set of industries, reducing dispersion benefits versus broader global benchmarks.

**Underperformance driven by lower volatility profile vs. growth-led index rally**

The fund's emphasis on defensive, lower-beta equities lagged a market environment where higher-growth and technology-oriented segments led returns; 1-year returns (+14.38%) trailed the MSCI ACWI (+20.52%).

**Risk-adjusted positioning remains intentional and structurally differentiated**

Strategy continues to prioritize downside protection and durability over benchmark tracking, with exposure to historically resilient "vice" industries that aim to deliver superior risk-adjusted returns across cycles, albeit with periodic relative underperformance in strong bull markets.

The Fund's Portfolio Manager believes its ongoing investment in the potentially inelastic military defense, tobacco, and alcohol industries may help mitigate drawdowns versus equity benchmarks that have more concentration to high volatility mega cap technology stocks.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i2cce4461bb011ab0dc8d944c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **USA Mutuals Vice Fund - Class C** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11095 | $11717 | $11569 |
| **Mar-2018** | $12912 | $13357 | $13355 |
| **Mar-2019** | $11684 | $14625 | $13777 |
| **Mar-2020** | $9306 | $13605 | $12294 |
| **Mar-2021** | $13595 | $21271 | $19094 |
| **Mar-2022** | $11929 | $24599 | $20571 |
| **Mar-2023** | $12910 | $22698 | $19139 |
| **Mar-2024** | $12626 | $29480 | $23695 |
| **Mar-2025** | $13069 | $31913 | $25501 |
| **Mar-2026** | $14723 | $37594 | $30735 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| USA Mutuals Vice Fund - Class C | 12.66% | 1.61% | 3.94% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| MSCI All Country World Index | 20.52% | 9.99% | 11.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-264-8783.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50818630 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee (net of waivers) | $351198 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i17e42465cce3301135e78eb1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1fe1f69413f3605a5aeef1db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Communications | 0.6% |
| Health Care | 0.8% |
| Collateral for Securities Loaned | 1.4% |
| Real Estate | 2.5% |
| Technology | 3.1% |
| Materials | 4.7% |
| Consumer Discretionary | 16.8% |
| Industrials | 29.0% |
| Consumer Staples | 40.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BAE Systems plc | 9.2% |
| RTX Corporation | 7.0% |
| Philip Morris International, Inc. | 7.0% |
| British American Tobacco plc - ADR | 6.1% |
| Northrop Grumman Corporation | 5.3% |
| Anheuser-Busch InBev S.A. - ADR | 4.7% |
| Altria Group, Inc. | 4.5% |
| Heineken N.V. | 4.5% |
| Carlsberg A/S Series B, Class B | 3.7% |
| Diageo plc - ADR | 3.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at www.sec.gov or upon request at 1-866-264-8783.

At a special meeting of shareholders of the Fund held on May 9, 2025, the Fund's shareholders (i) approved a new investment advisory agreement between Northern Lights Fund Trust IV and USA Mutual Advisors, Inc. and (ii) ratified certain advisory fee payments made by the Fund to USA Mutual Advisors, Inc. between December 18, 2024 and the date of the meeting.

![Image](i0874471118e0098f4351ed51.jpg)

#### USA Mutuals Vice Fund - Class C (VICCX)

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.usamutuals.com/vice-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-VICCX

#### USA Mutuals Vice Fund

#### Institutional Class (VICVX)

#### Annual Shareholder Report - March 31, 2026
![Image](i6836b65c7fd9a2e5e3e50d77.jpg)

# Fund Overview
This annual shareholder report contains important information about USA Mutuals Vice Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.usamutuals.com/vice-fund/**. You can also request this information by contacting us at 1-866-264-8783. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $158 | 1.48% |

---

# How did the Fund perform during the reporting period?
During the 12-month period ended March 31, 2026, the Fund's Investor Class was up +13.48%, the Vice Fund Class A (without sales charge) was up +13.43%, the Vice Fund Class C (without sales charge) was up +12.66%, and the Vice Fund Institutional Class was up +13.76%. The Fund's benchmark MSCI ACWI Index was up +20.52%.

**Defensive sector exposure anchored returns amid uneven global markets**

Core allocations to alcohol, tobacco, and defense/aerospace provided stable earnings and cash flow resilience, benefiting from inelastic demand and geopolitical spending tailwinds. These sectors helped dampen volatility during periods of macro uncertainty.

**High-quality, cash-generative holdings drove consistent but moderate upside**

Concentration in large-cap, high-return-on-capital businesses (e.g., global brewers, tobacco majors, and defense primes) supported steady compounding but limited participation in higher-beta equity rallies.

**Portfolio concentration and sector tilts shaped relative performance**

With ~50%+ of assets in top holdings and heavy weightings in Consumer Staples and Industrials, performance was driven by a narrow set of industries, reducing dispersion benefits versus broader global benchmarks.

**Underperformance driven by lower volatility profile vs. growth-led index rally**

The fund's emphasis on defensive, lower-beta equities lagged a market environment where higher-growth and technology-oriented segments led returns; 1-year returns (+14.38%) trailed the MSCI ACWI (+20.52%).

**Risk-adjusted positioning remains intentional and structurally differentiated**

Strategy continues to prioritize downside protection and durability over benchmark tracking, with exposure to historically resilient "vice" industries that aim to deliver superior risk-adjusted returns across cycles, albeit with periodic relative underperformance in strong bull markets.

The Fund's Portfolio Manager believes its ongoing investment in the potentially inelastic military defense, tobacco, and alcohol industries may help mitigate drawdowns versus equity benchmarks that have more concentration to high volatility mega cap technology stocks.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](idb905bdc00238f9acada1bbd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **USA Mutuals Vice Fund - Institutional Class** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11211 | $11717 | $11569 |
| **Mar-2018** | $13174 | $13357 | $13355 |
| **Mar-2019** | $12055 | $14625 | $13777 |
| **Mar-2020** | $9696 | $13605 | $12294 |
| **Mar-2021** | $14308 | $21271 | $19094 |
| **Mar-2022** | $12677 | $24599 | $20571 |
| **Mar-2023** | $13862 | $22698 | $19139 |
| **Mar-2024** | $13694 | $29480 | $23695 |
| **Mar-2025** | $14320 | $31913 | $25501 |
| **Mar-2026** | $16290 | $37594 | $30735 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| USA Mutuals Vice Fund - Institutional Class | 13.76% | 2.63% | 5.00% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| MSCI All Country World Index | 20.52% | 9.99% | 11.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-264-8783.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50818630 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee (net of waivers) | $351198 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i17e42465cce3301135e78eb1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1fe1f69413f3605a5aeef1db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Communications | 0.6% |
| Health Care | 0.8% |
| Collateral for Securities Loaned | 1.4% |
| Real Estate | 2.5% |
| Technology | 3.1% |
| Materials | 4.7% |
| Consumer Discretionary | 16.8% |
| Industrials | 29.0% |
| Consumer Staples | 40.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BAE Systems plc | 9.2% |
| RTX Corporation | 7.0% |
| Philip Morris International, Inc. | 7.0% |
| British American Tobacco plc - ADR | 6.1% |
| Northrop Grumman Corporation | 5.3% |
| Anheuser-Busch InBev S.A. - ADR | 4.7% |
| Altria Group, Inc. | 4.5% |
| Heineken N.V. | 4.5% |
| Carlsberg A/S Series B, Class B | 3.7% |
| Diageo plc - ADR | 3.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at www.sec.gov or upon request at 1-866-264-8783.

At a special meeting of shareholders of the Fund held on May 9, 2025, the Fund's shareholders (i) approved a new investment advisory agreement between Northern Lights Fund Trust IV and USA Mutual Advisors, Inc. and (ii) ratified certain advisory fee payments made by the Fund to USA Mutual Advisors, Inc. between December 18, 2024 and the date of the meeting.

![Image](i0874471118e0098f4351ed51.jpg)

#### USA Mutuals Vice Fund - Institutional Class (VICVX)

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.usamutuals.com/vice-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-VICVX

#### USA Mutuals Vice Fund

#### Investor Class (VICEX)

#### Annual Shareholder Report - March 31, 2026
![Image](i6836b65c7fd9a2e5e3e50d77.jpg)

# Fund Overview
This annual shareholder report contains important information about USA Mutuals Vice Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.usamutuals.com/vice-fund/**. You can also request this information by contacting us at 1-866-264-8783. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $185 | 1.73% |

---

# How did the Fund perform during the reporting period?
During the 12-month period ended March 31, 2026, the Fund's Investor Class was up +13.48%, the Vice Fund Class A (without sales charge) was up +13.43%, the Vice Fund Class C (without sales charge) was up +12.66%, and the Vice Fund Institutional Class was up +13.76%. The Fund's benchmark MSCI ACWI Index was up +20.52%.

**Defensive sector exposure anchored returns amid uneven global markets**

Core allocations to alcohol, tobacco, and defense/aerospace provided stable earnings and cash flow resilience, benefiting from inelastic demand and geopolitical spending tailwinds. These sectors helped dampen volatility during periods of macro uncertainty.

**High-quality, cash-generative holdings drove consistent but moderate upside**

Concentration in large-cap, high-return-on-capital businesses (e.g., global brewers, tobacco majors, and defense primes) supported steady compounding but limited participation in higher-beta equity rallies.

**Portfolio concentration and sector tilts shaped relative performance**

With ~50%+ of assets in top holdings and heavy weightings in Consumer Staples and Industrials, performance was driven by a narrow set of industries, reducing dispersion benefits versus broader global benchmarks.

**Underperformance driven by lower volatility profile vs. growth-led index rally**

The fund's emphasis on defensive, lower-beta equities lagged a market environment where higher-growth and technology-oriented segments led returns; 1-year returns (+14.38%) trailed the MSCI ACWI (+20.52%).

**Risk-adjusted positioning remains intentional and structurally differentiated**

Strategy continues to prioritize downside protection and durability over benchmark tracking, with exposure to historically resilient "vice" industries that aim to deliver superior risk-adjusted returns across cycles, albeit with periodic relative underperformance in strong bull markets.

The Fund's Portfolio Manager believes its ongoing investment in the potentially inelastic military defense, tobacco, and alcohol industries may help mitigate drawdowns versus equity benchmarks that have more concentration to high volatility mega cap technology stocks.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i811ad844c09d6c9455c072b2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **USA Mutuals Vice Fund - Investor Class** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11179 | $11717 | $11569 |
| **Mar-2018** | $13106 | $13357 | $13355 |
| **Mar-2019** | $11943 | $14625 | $13777 |
| **Mar-2020** | $9581 | $13605 | $12294 |
| **Mar-2021** | $14108 | $21271 | $19094 |
| **Mar-2022** | $12469 | $24599 | $20571 |
| **Mar-2023** | $13598 | $22698 | $19139 |
| **Mar-2024** | $13402 | $29480 | $23695 |
| **Mar-2025** | $13975 | $31913 | $25501 |
| **Mar-2026** | $15858 | $37594 | $30735 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| USA Mutuals Vice Fund - Investor Class | 13.48% | 2.37% | 4.72% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| MSCI All Country World Index | 20.52% | 9.99% | 11.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-264-8783.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50818630 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee (net of waivers) | $351198 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i17e42465cce3301135e78eb1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1fe1f69413f3605a5aeef1db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Communications | 0.6% |
| Health Care | 0.8% |
| Collateral for Securities Loaned | 1.4% |
| Real Estate | 2.5% |
| Technology | 3.1% |
| Materials | 4.7% |
| Consumer Discretionary | 16.8% |
| Industrials | 29.0% |
| Consumer Staples | 40.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BAE Systems plc | 9.2% |
| RTX Corporation | 7.0% |
| Philip Morris International, Inc. | 7.0% |
| British American Tobacco plc - ADR | 6.1% |
| Northrop Grumman Corporation | 5.3% |
| Anheuser-Busch InBev S.A. - ADR | 4.7% |
| Altria Group, Inc. | 4.5% |
| Heineken N.V. | 4.5% |
| Carlsberg A/S Series B, Class B | 3.7% |
| Diageo plc - ADR | 3.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at www.sec.gov or upon request at 1-866-264-8783.

At a special meeting of shareholders of the Fund held on May 9, 2025, the Fund's shareholders (i) approved a new investment advisory agreement between Northern Lights Fund Trust IV and USA Mutual Advisors, Inc. and (ii) ratified certain advisory fee payments made by the Fund to USA Mutual Advisors, Inc. between December 18, 2024 and the date of the meeting.

![Image](i0874471118e0098f4351ed51.jpg)

#### USA Mutuals Vice Fund - Investor Class (VICEX)

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.usamutuals.com/vice-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-VICEX

(b) Not applicable

**Item 2. Code of Ethics.** 

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

(b) N/A

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

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

(e) N/A

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

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

(a)(1) The Registrant's Board of Trustees has determined that 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.

(a)(2) Not applicable

(a)(3) Not applicable

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

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

2026 - $31,000

2025 - $31,000

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

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

2026 – $6,150

2025 – $6,150

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

(d) All Other Fees.
 The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant,
 other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended March 31, 2026 and
 2025, respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) All non-audit fees billed by the registrant's principal
 accountant for services rendered to the registrant for the fiscal years ended March 31, 2026 and 2025, respectively, are disclosed in
 (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's
 adviser.

(h) Not applicable

(i) Not applicable

(j) Not applicable

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

**Item 6. Investments.** 

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

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

(a) Long Form Financial Statements

---

| |
|:---|
| ![(LOGO)](us001_v1.jpg) |
| **USA Mutuals Vice Fund** |
| Institutional Class (VICVX) |
| Investor Class (VICEX) |
| Class A (VICAX) |
| Class C (VICCX)<br>|
| **USA Mutuals All Seasons Fund** |
| Institutional Class (UNAVX) |
| **Annual Financial Statements and Additional Information** |
| March 31, 2026 |

---

---

| |
|:---|
| **USA MUTUALS VICE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8%** |  |
|  | **ADVERTISING & MARKETING - 0.6%** |  |
| 75000 | Gambling.com Group Ltd.<sup>(a)</sup> | $291000 |
|  | **AEROSPACE & DEFENSE - 29.0%** |  |
| 2000 | AeroVironment, Inc.<sup>(a)</sup> | 366100 |
| 160975 | BAE Systems plc | 4687309 |
| 3000 | Boeing Company (The)<sup>(a)</sup> | 597090 |
| 7000 | Howmet Aerospace, Inc. | 1613220 |
| 2000 | Lockheed Martin Corporation, Class B | 1208780 |
| 4000 | Northrop Grumman Corporation | 2728960 |
| 18458 | RTX Corporation | 3560548 |
|  |  | 14762007 |
|  | **AUTOMOTIVE - 1.5%** |  |
| 2000 | Tesla, Inc.<sup>(a)</sup> | 743500 |
|  | **BEVERAGES - 19.6%** |  |
| 35000 | Anheuser-Busch InBev S.A. – ADR<sup>(b)</sup> | 2427950 |
| 15000 | Carlsberg A/S Series B, Class B | 1864057 |
| 2500 | Constellation Brands, Inc., Class A | 375000 |
| 24500 | Diageo plc - ADR | 1824025 |
| 30000 | Heineken N.V. | 2298891 |
| 16500 | Pernod Ricard S.A. | 1224723 |
|  |  | 10014646 |
|  | **BIOTECH & PHARMA - 0.8%** |  |
| 500 | Regeneron Pharmaceuticals, Inc. | 386320 |
|  | **E-COMMERCE DISCRETIONARY - 4.1%** |  |
| 13000 | Alibaba Group Holding Ltd. - ADR | 1630980 |
| 15000 | JD.com, Inc. - ADR | 443550 |
|  |  | 2074530 |
|  | **GAMING REITS - 2.5%** |  |
| 28322 | Gaming and Leisure Properties, Inc. | 1256647 |
|  | **LEISURE FACILITIES & SERVICES - 11.3%** |  |
| 10000 | DraftKings, Inc.<sup>(a)</sup> | 216200 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA MUTUALS VICE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 11.3% (Continued)** |  |
| 22500 | Evolution A.B.<sup>(c)</sup> | $1390652 |
| 5000 | Flutter Entertainment plc<sup>(a)</sup> | 509750 |
| 305000 | Galaxy Entertainment Group Ltd. | 1361437 |
| 15000 | MGM Resorts International<sup>(a)</sup> | 555150 |
| 30000 | Penn Entertainment, Inc.<sup>(a)</sup> | 450900 |
| 300000 | Sands China Ltd. | 630916 |
| 474600 | Wynn Macau Ltd. | 330484 |
| 3000 | Wynn Resorts Ltd. | 304650 |
|  |  | 5750139 |
|  | **METALS & MINING - 4.7%** |  |
| 12000 | Core Natural Resources, Inc. | 1256760 |
| 60000 | Hecla Mining Company | 1117800 |
|  |  | 2374560 |
|  | **SEMICONDUCTORS - 3.1%** |  |
| 10000 | Marvell Technology, Inc. | 990500 |
| 100000 | POET Technologies, Inc.<sup>(a)</sup> | 594000 |
|  |  | 1584500 |
|  | **TOBACCO & CANNABIS - 20.6%** |  |
| 35000 | Altria Group, Inc. | 2309650 |
| 53000 | British American Tobacco plc - ADR | 3098910 |
| 300000 | Canopy Growth Corporation<sup>(b)</sup> | 284760 |
| 480000 | Cronos Group, Inc.<sup>(a)</sup> | 1204800 |
| 21500 | Philip Morris International, Inc. | 3554810 |
|  |  | 10452930 |
|  | **TOTAL COMMON STOCKS (Cost $35,696,673)** | 49690779 |
|  | **SHORT-TERM INVESTMENT — 1.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 1.4%** |  |
| 736425 | First American Government Obligations Fund, Class X, 3.54%<sup>(d)(e)</sup> (Cost $736,425) | 736425 |
|  | **TOTAL INVESTMENTS – 99.2% (Cost $36,433,098)** | $50427204 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.8%** | 391426 |
|  | **NET ASSETS - 100.0%** | $50818630 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA MUTUALS VICE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| Ltd | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| plc | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |

---

(a) Non-income producing security.

(b) All or a portion of these securities
 are on loan. Total loaned securities had a value of $718,943 at March 31, 2026.

(c) Security exempt from registration
 under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. As of March 31, 2026, the total market value of 144A securities is $1,390,652 or 2.7% of net
 assets.

(d) Rate disclosed is the seven day effective
 yield as of March 31, 2026.

(e) Security was purchased with cash received
 as collateral for securities on loan at March 31, 2026. Total collateral had a value of $736,425 at March 31, 2026.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA MUTUALS ALL SEASONS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 100.0%** | $13932642 |
| **NET ASSETS - 100.0%** | $13932642 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  | <br>**USA Mutuals Vice Fund** | **USA Mutuals All Seasons**<br>**Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at cost | $36433098 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value | $50427204 | $— |
| &nbsp;&nbsp;&nbsp;Cash | 436080 | 193087 |
| &nbsp;&nbsp;&nbsp;Cash on deposit with Broker | 626214 | 13752935 |
| &nbsp;&nbsp;&nbsp;Due from Advisor |  | 1421 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 6 |  |
| &nbsp;&nbsp;&nbsp;Foreign reclaims receivable | 28114 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 113075 | 213 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 29837 | 14752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 51660530 | 13962408 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities lending collateral received | 736425 |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 13994 | 5040 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 27348 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 5246 | 2868 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 13509 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 45378 | 21858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 841900 | 29766 |
| **NET ASSETS** | $**50818630** | $**13932642** |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $36555757 | $17231983 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss) | 14262873 | (3299341) |
| **NET ASSETS** | $**50818630** | $**13932642** |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  | <br>**USA Mutuals Vice Fund** | **USA Mutuals All Seasons**<br>**Fund** |
| **Net Asset Value Per Share:** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**2204498** | $**13932642** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **97730** | **538946** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**22.56** | $**25.85** |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**42532337** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1952882** |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**21.78** |  |
| Class A |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**5693780** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **264411** |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**21.53** |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (b) | $**22.84** |  |
| Class C |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**388015** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **19278** |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (c) | $**20.13** |  |

---

(a) Subject to a contingent deferred sales
 charge ("CDSC") of 1.00% on purchases of $1 million or more redeemed within 18 months of purchase.

(b) The maximum offering price per share
 is calculated as 100/94.25 of NAV.

(c) Subject to a CDSC of 1.00% on shares
 redeemed within 12 months of purchase.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For The Year Ended March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  | **USA Mutuals Vice Fund** | **USA Mutuals All Seasons Fund** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (Less: Foreign withholding taxes $59,124 and $0) | $1325325 | $— |
| &nbsp;&nbsp;&nbsp;Interest | 21686 | 621737 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | 23759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1370770 | 621737 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 510944 | 319686 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 15168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 111658 |  |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 143730 | 108628 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 117170 | 55559 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 24911 | 15815 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 22947 | 13626 |
| &nbsp;&nbsp;&nbsp;Registration fees | 19464 | 28718 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 17376 | 9506 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 15930 | 21136 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 15732 | 15099 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 13842 | 4465 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1461 | 161 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees | 12745 | 10079 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3782 | 1460 |
| &nbsp;&nbsp;&nbsp;Other expenses | 37086 | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1089153 | 607259 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the Advisor | (159746) | (249510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 929407 | 357749 |
| **Net Investment Income** | 441363 | 263988 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 4281177 | 182827 |
| &nbsp;&nbsp;&nbsp;Options written |  | (194438) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 11944 |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (164) | 195222 |
|  | 4292957 | 183611 |
| Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2114164 | 2493 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 1558 |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  | 1375 |
|  | 2115722 | 3868 |
| **Net Realized and Unrealized Gain** | 6408679 | 187479 |
| **Net Increase in Net Assets Resulting From Operations** | $**6850042** | $**451467** |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Vice Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $441363 | $436114 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments, foreign currencies and futures contracts | 4292957 | 2190792 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 2115722 | (596847) |
| Net increase in net assets resulting from operations | 6850042 | 2030059 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (289694) | (65076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5115418) | (1194859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (712891) | (151404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (56753) | (21947) |
| Decrease in net assets from distributions to shareholders | (6174756) | (1433286) |
| **Capital Transactions** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 570391 | 496380 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 270169 | 63102 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1262210) | (740595) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital transactions | (421650) | (181113) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1255961 | 595168 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 4889405 | 1146694 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (7180963) | (11761681) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital transactions | (1035597) | (10019819) |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 492183 | 792871 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 662853 | 139967 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1137413) | (928381) |
| &nbsp;&nbsp;&nbsp;Net increase from capital transactions | 17623 | 4457 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Vice Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **Capital Transactions (Continued)** |  |  |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | $— | $2116 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 52756 | 20550 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (293588) | (966554) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital transactions | (240832) | (943888) |
| **Total Decrease in Net Assets From Capital Transactions** | (1680456) | (11140363) |
| **Total Decrease in Net Assets** | (1005170) | (10543590) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 51823800 | 62367390 |
| &nbsp;&nbsp;&nbsp;End of Year | $**50818630** | $**51823800** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 24332 | 22589 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 12386 | 2891 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (52695) | (33962) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (15977) | (8482) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 54129 | 27857 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 232055 | 54167 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (305945) | (555616) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (19761) | (473592) |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 21460 | 37717 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 31822 | 6678 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (49499) | (43959) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 3783 | 436 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 99 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2703 | 1040 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (13685) | (48516) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (10982) | (47377) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals All Seasons Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $263988 | $692756 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments, options and futures contracts | 183611 | (393632) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments and futures contracts | 3868 | (3868) |
| Net increase in net assets resulting from operations | 451467 | 295256 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (402361) | (732499) |
| Decrease in net assets from distributions to shareholders | (402361) | (732499) |
| **Capital Transactions** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2144806 | 4220914 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 401750 | 731691 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (10960743) | (12249991) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital transactions | (8414187) | (7297386) |
| **Total Decrease in Net Assets** | (8365081) | (7734629) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | $22297723 | $30032352 |
| &nbsp;&nbsp;&nbsp;End of Year | $**13932642** | $**22297723** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 79297 | 156204 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 14935 | 27080 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (404332) | (450990) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (310100) | (267706) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Vice Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2023** | **Year Ended**<br>**March 31, 2022** |
| Net asset value, beginning of year | $22.50 | $22.09 | $24.82 | $24.55 | $32.19 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.26 | 0.23 | 0.20 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.73 | 0.76 | (0.69) | 2.07 | (3.92) |
| Total from investment operations | 2.99 | 0.99 | (0.49) | 2.28 | (3.71) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) |  | (0.38) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.61) | (0.58) | (1.86) | (1.81) | (3.93) |
| Total distributions | (2.93) | (0.58) | (2.24) | (2.01) | (3.93) |
| Net asset value, end of year | $22.56 | $22.50 | $22.09 | $24.82 | $24.55 |
| Total return (2) | 13.76% | 4.57% | (1.21)% | 9.35% | (11.40)% |
| Net assets, at end of year (000s) | $2204 | $2558 | $2699 | $3696 | $3556 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of gross expenses to average net assets, including extraordinary expenses (5) | 1.78% (3) | 1.90% (3) | 1.66% (4) | 1.73% (3) | 1.38% (3) |
| Ratio of net expenses to average net assets, including extraordinary expenses (5) | 1.48% | 1.48% | 1.40% (7) | 1.24% | 1.24% |
| Ratio of net investment income to average net assets (5)(6) | 1.07% | 1.06% | 0.88% | 0.88% | 0.70% |
| Portfolio Turnover Rate | 17% | 13% | 14% | 11% | 7% |

---

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

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

(3) Interest expense was less than 0.005%.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers or expense recapture by the advisor. Interest expense is not included in the waiver. Excluding interest
 expense, the following ratios for the year ended March 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Gross expenses | Net expenses |
| 2024.0 | 1.65% | 1.39% |

---

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

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

(7) Effective August 1, 2023, the operating
 expense limitation was increased to 1.48% from 1.24%, exclusive of class specific expenses like distribution (12b-1) fees.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Vice Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2023** | **Year Ended**<br>**March 31, 2022** |
| Net asset value, beginning of year | $21.81 | $21.49 | $24.20 | $23.98 | $31.62 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.19 | 0.17 | 0.14 | 0.15 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.65 | 0.73 | (0.67) | 2.00 | (3.85) |
| Total from investment operations | 2.84 | 0.90 | (0.53) | 2.15 | (3.71) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) |  | (0.32) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.61) | (0.58) | (1.86) | (1.81) | (3.93) |
| Total distributions | (2.87) | (0.58) | (2.18) | (1.93) | (3.93) |
| Net asset value, end of year | $21.78 | $21.81 | $21.49 | $24.20 | $23.98 |
| Total return (2) | 13.48% | 4.28% | (1.44)% | 9.05% | (11.61)% |
| Net assets, at end of year (000s) | $42532 | $43023 | $52562 | $64024 | $66802 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of gross expenses to average net assets, including extraordinary expenses (4)(5) | 2.03% | 2.15% | 1.91% (3) | 1.98% | 1.64% |
| Ratio of net expenses to average net assets, including extraordinary expenses (5) | 1.73% | 1.73% | 1.65% (7) | 1.49% | 1.49% |
| Ratio of net investment income to average net assets (5)(6) | 0.82% | 0.79% | 0.63% | 0.63% | 0.47% |
| Portfolio Turnover Rate | 17% | 13% | 14% | 11% | 7% |

---

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

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gain distributions, if any. Had the advisor not absorbed a portion
 of Fund expenses total returns would have been lower.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers or expense recapture by the advisor. Interest expense is not included in the waiver. Excluding interest
 expense, the following ratios for the year ended March 31, 2024 are as follows:

---

| | |
|:---|:---|
| Gross expenses | Net expenses |
| 1.90% | 1.64% |

---

(4) Interest expense is not included in
 the waiver. Interest expense was less than 0.005%.

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

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

(7) Effective August 1, 2023, the operating
 expense limitation was increased to 1.48% from 1.24%, exclusive of class specific expenses like distribution (12b-1) fees.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Vice Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2023** | **Year Ended**<br>**March 31, 2022** |
| Net asset value, beginning of year | $21.60 | $21.28 | $24.00 | $23.80 | $31.41 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.19 | 0.17 | 0.14 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.61 | 0.73 | (0.68) | 1.99 | (3.81) |
| Total from investment operations | 2.80 | 0.90 | (0.54) | 2.14 | (3.68) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) |  | (0.32) | (0.13) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.61) | (0.58) | (1.86) | (1.81) | (3.93) |
| Total distributions | (2.87) | (0.58) | (2.18) | (1.94) | (3.93) |
| Net asset value, end of year | $21.53 | $21.60 | $21.28 | $24.00 | $23.80 |
| Total return (2) | 13.43% | 4.32% | (1.48)% | 9.06% | (11.60)% |
| Net assets, at end of year (000s) | $5694 | $5628 | $5537 | $5615 | $5603 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of gross expenses to average net assets, including extraordinary expenses (4)(5) | 2.03% (3) | 2.15% (3) | 1.91% | 1.98% (3) | 1.64% (3) |
| Ratio of net expenses to average net assets, including extraordinary expenses (5) | 1.73% | 1.73% | 1.66% (7) | 1.49% | 1.49% |
| Ratio of net investment income to average net assets (5)(6) | 0.81% | 0.80% | 0.65% | 0.63% | 0.47% |
| Portfolio Turnover Rate | 17% | 13% | 14% | 11% | 7% |

---

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

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

(3) Interest expense was less than 0.005%.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers or expense recapture by the advisor. Interest expense is not included in the waiver. Excluding interest
 expense, the following ratios for the year ended March 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Gross expenses | Net expenses |
| 2024.0 | 1.90% | 1.65% |

---

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

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

(7) Effective August 1, 2023, the operating
 expense limitation was increased to 1.48% from 1.24%, exclusive of class specific expenses like distribution (12b-1) fees.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals Vice Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2023** | **Year Ended**<br>**March 31, 2022** |
| Net asset value, beginning of year | $20.31 | $20.20 | $22.80 | $22.75 | $30.44 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.02 | 0.01 | (0.02) | (0.03) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.47 | 0.68 | (0.64) | 1.89 | (3.67) |
| Total from investment operations | 2.49 | 0.69 | (0.66) | 1.86 | (3.76) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) |  | (0.08) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.61) | (0.58) | (1.86) | (1.81) | (3.93) |
| Total distributions | (2.67) | (0.58) | (1.94) | (1.81) | (3.93) |
| Net asset value, end of year | $20.13 | $20.31 | $20.20 | $22.80 | $22.75 |
| Total return (2) | 12.66% | 3.50% | (2.19)% | 8.22% | (12.26)% |
| Net assets, at end of year (000s) | $388 | $615 | $1568 | $3183 | $4062 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of gross expenses to average net assets, including extraordinary expense (4)(5) | 2.78% (3) | 2.90% (3) | 2.65% | 2.73% (3) | 2.38% (3) |
| Ratio of net expenses to average net assets, including extraordinary expense (5) | 2.48% | 2.48% | 2.39% (7) | 2.24% | 2.24% |
| Ratio of net investment income (loss) to average net assets (5)(6) | 0.07% | 0.03% | (0.11)% | (0.12)% | (0.32)% |
| Portfolio Turnover Rate | 17% | 13% | 14% | 11% | 7% |

---

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

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

(3) Interest expense was less than 0.005%.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers or expense recapture by the advisor. Interest expense is not included in the waiver. Excluding interest
 expense, the following ratios for the year ended March 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Gross expenses | Net expenses |
| 2024.0 | 2.64% | 2.38% |

---

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

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

(7) Effective August 1, 2023, the operating
 expense limitation was increased to 1.48% from 1.24%, exclusive of class specific expenses like distribution (12b-1) fees.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **USA Mutuals All Seasons Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2023** | **Year Ended**<br>**March 31, 2022** |
| Net asset value, beginning of year | $26.26 | $26.89 | $26.91 | $23.47 | $21.77 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.39 | 0.69 | 0.66 | (0.02) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.12) | (0.54) | (0.26) | 3.46 | 2.14 |
| Total from investment operations | 0.27 | 0.15 | 0.40 | 3.44 | 1.70 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.68) | (0.78) | (0.42) |  |  |
| Total distributions | (0.68) | (0.78) | (0.42) |  |  |
| Net asset value, end of year | $25.85 | $26.26 | $26.89 | $26.91 | $23.47 |
| Total return (2) | 0.91% | 0.47% | 1.57% | 14.66% | 7.81% |
| Net asset value, end of year | $13933 | $22298 | $30032 | $17715 | $8025 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of gross expenses to average net assets (3) | 3.33% | 2.79% | 2.57% | 3.23% | 3.45% |
| Ratio of net expenses to average net assets | 1.96% | 1.96% | 1.97% (4) | 1.99% | 1.99% |
| Ratio of net investment income (loss) to average net assets | 1.45% | 2.55% | 2.52% | (0.08)% | (1.99)% |
| Portfolio Turnover Rate | 0% | 0% | 0% | 0% | 0% |

---

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

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gain distributions, if any. Had the advisor not absorbed a portion
 of Fund expenses, total returns would have been lower.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers or expense recapture by the advisor.

(4) Effective August 1, 2023, the operating
 expense limitation was decreased to 1.96% from 1.99%.

The accompanying notes are an integral part of these financial statements.

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026**

**1.** **ORGANIZATION** 

The USA Mutuals Vice Fund ("Vice Fund") and USA Mutuals All Seasons Fund ("All Seasons Fund") (each a "Fund" or collectively the "Funds") are 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 Vice Fund's investment objective is to seek long-term growth of capital. The All Seasons Fund's investment objective is to seek capital appreciation in all economic cycles. The Vice Fund commenced operations on August 30, 2002. The All Seasons Fund commenced operations on October 13, 2017.

The Vice Fund offers four share classes designated as Institutional Class, Investor Class, Class A, and Class C. The All Seasons Fund offers only one share class designated as the Institutional Class. Each class of the Vice Fund represents an interest in the same assets of the Vice Fund and the classes are identical except for differences in their ongoing service and distribution charges. Fund level income and expenses and realized and unrealized capital gains and losses are allocated to each class of shares based on their relative net assets within the Vice Fund. Class specific expenses are allocated to that share class. Class A shares are subject to an initial maximum sales charge of 5.75% imposed at the time of purchase. The sales charge declines as the amount purchased increases in accordance with the Vice Fund's prospectus. A contingent deferred sales charge of 1.00% may be imposed on Class A share purchases of $1 million or more that are redeemed within 18 months of purchase. Class C shares are subject to a 1.00% contingent deferred sales charge for redemptions made within 12 months of purchase, in accordance with the Vice Fund's prospectus. The contingent deferred sales charge for these Class C shares is based on the net asset value ("NAV") of the shares at the time of purchase.

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

The following is a summary of significant accounting policies followed by each Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standards Update ("ASU") 2013-08.

**Segment Reporting -** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of its portfolio manager and the chief financial officer of the Trust. The Funds operate as a single operating segment. The Funds' income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

**Security Valuation** – The Funds value their investments at fair value. 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. Exchange traded futures and future options are valued at the final settle price or, in the absence of a settle price, at the last sale price on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

**Valuation of Underlying Funds** – The Vice Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The All Seasons Fund no longer invests in Underlying Funds. Investment companies are valued at their respective NAV as reported by such investment companies. 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 determined by 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 NAV 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 Vice Fund will not change.

The Funds may hold investments, 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 investments are valued using the "fair value" procedures approved by the Board. The Board has designated the Funds' advisor as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third-party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

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

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

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

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

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of March 31, 2026 for the Funds' investments measured at fair value:

**Vice Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;Common Stocks | $49690779 | $— | $— | $49690779 |
| &nbsp;&nbsp;Collateral for Securities Loaned | 736425 |  |  | 736425 |
| &nbsp;&nbsp;Total | $50427204 | $— | $— | $50427204 |

---

At March 31, 2026, the All Seasons Fund did not hold any securities.

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

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

**Exchange Traded Funds (Vice Fund only) –** The Funds may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The Funds may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning its underlying securities, 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.

**Short Sales –** A "short sale" is a transaction in which a Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. A Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss, potentially unlimited in size. Conversely, if the price declines, a Fund will realize a gain, limited to the price at which the Fund sold the security short. As of March 31, 2026, the Funds had no open short positions.

**Commodity Risk –** A Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based ETFs and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

**Market and Geopolitical Risk –** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, tariffs and trade wars, natural

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Futures –** The Funds are subject to currency, commodity and equity price risk in the normal course of pursuing their investment objectives. To manage equity price risk, the Funds may enter into futures contracts. Futures contracts are valued daily and unrealized gains or losses are recorded in the "net unrealized appreciation from future contracts" account. Periodically, the Funds receive from, or pay to the brokers, a specified amount of cash based upon changes in the "net unrealized appreciation from open future contracts" account. When a contract is closed, the Funds recognize a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at period end are listed after each Fund's Schedule of Investments.

The notional value represents amounts related to each Fund's futures contracts upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of the Funds' futures contracts. Further, the underlying price changes, in relation to variables specified by the notional values, affect the fair value of these derivative financial instruments. Theoretically, each Fund's exposure is equal to the notional value of contracts held. Each Fund's obligations will generally equal only the amount to be paid or received through a futures contract.

The Vice Fund may, in addition to bona fide hedging transactions, use futures and options on futures transactions if the aggregate initial margin and premiums required to establish such non-hedging positions, less the amount by which any such options positions are in the money (within the meaning of the Commodity Exchange Act and regulations of the Commodity Futures Trading Commission), do not exceed 5% of the liquidation value of the Fund, or if the aggregate net notional value of the Fund's commodity positions does not exceed 100% of the liquidation value of the Fund.

**Options Transactions –** The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

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

The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Fund's portfolio. If such an increase occurs, the call options will permit a Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

the value of securities held in a Fund's portfolio. If such a decline occurs, the put options will permit a Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to a Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

**Impact of Derivatives on the Statements of Operations** – The following is a summary of the location of derivative investments of each Fund in the Statements of Operations for the year ended March 31, 2026:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Equity Contracts | Net realized gain (loss) from: Investments, options written, and futures contracts |
|  | Net change in unrealized appreciation (depreciation) of: Investments, and futures contracts |

---

The following is a summary of each Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended March 31, 2026:

**Realized gain (loss) on derivatives recognized in the Statements of Operations**

---

| | |
|:---|:---|
|  | Equity |
| Derivative Investment type | Contracts |
| Vice Fund |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(164) |
| All Seasons Fund |  |
| &nbsp;&nbsp;&nbsp;Purchased Options - Investments | $182827 |
| &nbsp;&nbsp;&nbsp;Options Written | (194438) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 195222 |

---

**Unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations**

---

| | |
|:---|:---|
|  | Equity |
| Derivative Investment type | Contracts |
| All Seasons Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $1375 |

---

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

The average quarterly notional value of the derivative instruments for the year ended March 31, 2026 is disclosed below:

---

| | | |
|:---|:---|:---|
| | Purchased<br>Options | Futures<br>Contracts |
| Vice Fund | $5575000 | $— |
| All Seasons Fund | 5964625 | 6006610 |

---

**Foreign Currency Translation -** The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities; sales and maturities of short term securities; sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period-end, resulting from changes in the exchange rate. The Funds may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in foreign jurisdictions in which the Funds invest.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income and expenses are recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Distributions received from the Funds' investments in real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. The Funds must use estimates in reporting the current calendar year character of their income and distributions for financial statement purposes. The actual character of distributions to the Funds' shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds' shareholders may represent a return of capital.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared annually by each Fund. 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

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

losses, capital loss carryforwards, etc.) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or NAV per share of the Funds.

**Federal Income Tax –** It is the Funds' policy to qualify as regulated investment companies by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years ended March 31, 2023 to March 31, 2025 or expected to be taken in the Funds' March 31, 2026 tax returns. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The Funds identify their major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Accounting Pronouncement -** The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

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

For the year ended March 31, 2026 cost of purchases and proceeds from sales of portfolio securities, other than short-term investments were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Purchases**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** | **Sale Proceeds**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** |
| Vice Fund | $8657964 | $(15230938) |
| All Seasons Fund |  |  |

---

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

USA Mutuals Advisors, Inc. serves as the Funds' investment advisor (the "Advisor"). Pursuant to an investment advisory agreement with the Trust, on behalf of each Fund, the Advisor, under the oversight of the Board, oversees the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.95% and 1.75% for the Vice Fund and All Seasons Fund, respectively, of each Fund's average daily net assets. For the year ended March 31, 2026, the Funds incurred advisory fees of $510,944 for the Vice Fund and $319,686 for the All Seasons Fund.

The Advisor has contractually agreed to reduce its fees and/or absorb expenses of each Fund until July 31, 2026 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, shareholder servicing plan fees, taxes, borrowing cost such as interest and dividends on short positions, brokerage fees and commissions, acquired fund fees and expenses, taxes, 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) and class specific expenses like distribution (12b-1) fees) will not exceed 1.48% of the average daily net assets of each share class of the Vice Fund and 1.96% of the average daily net assets of the All Seasons Fund. During the year ended March 31, 2026, the Advisor waived fees of $159,746 and $249,510 for the Vice Fund and All Seasons Fund, respectively, which are subject to recapture by the Advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Funds in future years (within three years after the fees were 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. This agreement may be terminated by the Board only on 60 days' written notice to the Advisor. As of March 31, 2026, the Advisor has waived fees that can be recouped up to three years from the date incurred as summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2027** | **2028** | **2029** | **Total** |
| Vice Fund | $175224 | $231235 | $159746 | $566205 |
| All Seasons Fund | 180045 | 225942 | 249510 | 655497 |

---

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

**Distributor** – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"), The Board has adopted, on behalf of the Vice Fund, the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans"), as amended, pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, Class A and Investor Class shares may pay up to 0.25% and Class C may pay up to 1.00% of their average daily net assets for certain distribution activities and shareholder services. No distribution fees are paid on the Institutional Class Shares. For the year ended March 31, 2026, the distribution fees incurred under the Plans amounted to $15,168, $5,207 and $111,658 for Class A, Class C, and Investor Class shares, respectively, for the Vice Fund.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the year ended March 31, 2026, the Distributor received $3,620 for the Vice Fund in underwriting commissions for sales of Class A shares. For the Vice Fund, $469 was retained by the principal underwriter or other affiliated broker-dealers.

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

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

*Northern Lights Compliance Services, LLC* ("NLCS"), an affiliate of UFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

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

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

The identified cost of investments in securities, including futures contracts, owned by the Funds for federal income tax purposes and the respective gross unrealized appreciation and depreciation at March 31, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax Cost** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Vice Fund | $36463280 | $19863889 | $(5899965) | $13963924 |
| All Seasons Fund |  |  |  |  |

---

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

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

The tax character of distributions paid for the years ended March 31, 2026 and March 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the period ended March 31, 2026:** | **For the period ended March 31, 2026:** | **For the period ended March 31, 2026:** | **For the period ended March 31, 2026:** | **For the period ended March 31, 2026:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Vice Fund | $1531133 | $4643623 | $— | $6174756 |
| All Seasons Fund | 402361 |  |  | 402361 |
| **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** |  |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Vice Fund | $— | $1433286 | $— | $1433286 |
| All Seasons Fund | 732499 |  |  | 732499 |

---

As of March 31, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Vice Fund | $297901 | $— | $— | $— | $— | $13964972 | $14262873 |
| All Seasons Fund | 55335 |  | (927157) | (2427519) |  |  | $(3299341) |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation), undistributed net investment income/(loss) and accumulated net realized gains/(losses) from investments is primarily attributable to the tax deferral of losses on wash sales. The unrealized appreciation in the table above includes unrealized foreign currency losses of $1,048 for the Vice Fund.

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 following Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
| <br>**Fund** | **Post October**<br>**Losses** |
| Vice Fund | $— |
| All Seasons Fund | 927157 |

---

At March 31, 2026, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Fund** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| Vice Fund |  |  |  |  |
| All Seasons Fund | 935150 | 1492369 | 2427519 | 690641 |

---

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

During the fiscal year ended March 31, 2026, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits, resulted in reclassifications for the Funds for the fiscal year ended March 31, 2026, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Vice Fund | $422857 | $(422857) |
| All Seasons Fund |  |  |

---

**7.** **LINE OF CREDIT** 

The Vice Fund has entered into a secured line of credit ("LOC") agreement with U.S. Bank National Association ("U.S. Bank"), and may borrow up to the lesser of $5,000,000, 20% of the net assets of the Fund or 33.33% of the gross market value of the assets of the unencumbered assets of the Fund to meet repurchase requests. The Fund is required to maintain asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of at least 300% of the amount borrowed. The LOC permits the Fund to borrow at a rate, per annum, equal to the prime rate. During the year ended March 31, 2026, the Fund accessed the LOC on 5 days and had an average outstanding borrowing of $113,619, borrowed at a weighted average interest rate of 6.91%, based solely on the days the LOC was accessed. The maximum balance outstanding during the period was $265,000. As of March 31, 2026, the Fund did not have any outstanding borrowings. The LOC matures on July 27, 2026.

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

The Vice Fund has entered a Securities Lending Agreement with U.S. Bank. The Fund can lend securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. All interest and dividend payments received on securities which are held on loan, provided that there is no material default, will be paid to the Fund. A portion of the income generated by the investment in the Fund's collateral, net of any rebates paid by the bank to the borrowers is remitted to US Bank as lending agent and the remainder is paid to the Fund.

Securities lending income is disclosed in the Vice Fund's Statements of Operations and is net of fees retained by the counterparty. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering securities and possible loss of income or value if the borrower fails to return them. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities using the collateral in the open market. The remaining contractual maturity of all securities lending transactions are overnight and continuous.

**USA Mutuals Funds**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**March 31, 2026**

The following table breaks out the Vice Fund's securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Securities Lending Transactions** |<br>**Overnight and**<br>**Continuous** |<br>**< 30 days** | **Between**<br>**30 & 90**<br>**Days** |<br>**> 90 days** |<br>**Total** |
| First American Government Obligations Fund - Class X | $736425 | $— | $— | $— | $736425 |
| **Total Borrowings** | $**736425** | $**—** | $**—** | $**—** | $**736425** |

---

At March 31, 2026, the Vice Fund had loaned securities and received cash collateral for the loan. This cash was invested in the First American Government Obligations Fund – Class X ("Money Market Fund") as shown in the Schedule of Investments. The Fund receives compensation relating to the lending of the Fund's securities as reflected in the Statements of Operations. The fair value of the securities loaned for the Fund totaled $718,943 at March 31, 2026. The securities loaned are noted in the Schedule of Investments. The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments includes only cash collateral received and reinvested that totaled $736,425 for the Fund at March 31, 2026. This amount is offset by a liability recorded as "Payable for securities lending collateral received" as shown on the Statements of Assets and Liabilities.

**9.** **CONCENTRATION** 

As of March 31, 2026, the Vice Fund had 29.0% of the value of net assets invested in common stocks within the Aerospace & Defense industry.

**Exposure to country, region, industry or sector** — Subject to each Fund's investment limitations, a Fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause a Fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its NAV may be more volatile than a fund without such levels of exposure. For example, if a Fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the Fund than on a fund that is more geographically diversified.

**10.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, LPL Financial, National Financial Services and Charles Schwab and Co. held approximately 35.3%, 26.6% and 30.4%, respectively, of the voting securities of the All Seasons Fund's shares.

**11.** **SUBSEQUENT EVENTS** 

Subsequent events occurring 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.

---

| | |
|:---|:---|
| ![(LOGO)](us002_v1.jpg) | taitweller.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees**

**of Northern Lights Fund Trust IV and**

**Shareholders of USA Mutuals Vice Fund and USA Mutuals All Seasons Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of USA Mutuals Vice Fund and USA Mutuals All Seasons Fund (the "Funds"), each a series of Northern Lights Fund Trust IV (the "Trust"), including the schedule of investments, as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for the year ended March 31, 2022, were audited by other auditors, whose report dated May 27, 2022 expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2023.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

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 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. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**May 28, 2026**

**USA Mutuals Funds**

**ADDITIONAL INFORMATION (Unaudited)**

**March 31, 2026**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

A special meeting of shareholders of the USA Mutuals All Seasons Fund was held on May 9, 2025 at 10:30 a.m. CT at the offices of USA Mutuals Advisors, Inc., 700 North Pearl Street, Suite 900, Dallas, Texas 75201. A special meeting of shareholders of the USA Mutuals Vice Fund was held on May 16, 2025 at 9:30 a.m. CT at the offices of USA Mutuals Advisors, Inc., 700 North Pearl Street, Suite 900, Dallas, Texas 75201. The following proposals were approved by each Fund's shareholders.

Proposal 1: To approve a new investment advisory agreement by and between the Trust and USA Mutuals Advisors, Inc.

---

| | | | |
|:---|:---|:---|:---|
| *USA Mutuals All* |  |  |  |
| *Seasons Fund* | Shares Voted | % Of Shares Voted | % Of Total Shares Outstanding |
| For | 455409 | 96.13% | 50.74% |
| Against | 753 | 0.16% | 0.08% |
| Abstain | 17588 | 3.71% | 1.96% |
| *USA Vice Fund* | Shares Voted | % Of Shares Voted | % Of Total Shares Outstanding |
| For | 928348 | 75.00% | 38.43% |
| Against | 58790 | 4.75% | 2.43% |
| Abstain | 250628 | 20.25% | 10.38% |

---

Proposal 2: To ratify certain advisory fee payments made by each Fund to USA Mutuals Advisors, Inc.

between December 18, 2024 and the date of the respective meeting.

---

| | | | |
|:---|:---|:---|:---|
| *USA Mutuals All*<br> *Seasons Fund* | Shares Voted | % Of Shares Voted | % Of Total Shares Outstanding |
| For | 453754 | 95.78% | 50.56% |
| Against | 2408 | 0.51% | 0.27% |
| Abstain | 17588 | 3.71% | 1.96% |
| *USA Vice Fund* | Shares Voted | % Of Shares Voted | % Of Total Shares Outstanding |
| For | 885329 | 71.53% | 36.65% |
| Against | 87894 | 7.10% | 3.64% |
| Abstain | 264540 | 21.37% | 10.95% |

---

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

Refer to the financial statements included herein.

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

Not applicable.

**<u>Proxy Voting Policy</u>**

Information regarding how the Funds vote proxies relating to portfolio securities for the twelve month period ended June 30, as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by (i) calling 1-866-264-8783; (ii) visiting the Funds' website at https://usamutuals.com/; or (iii) referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures.** 

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

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

(a)(2) Not applicable

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

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

(a)(4) Not applicable

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

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

**SIGNATURES**

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

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

---

| |
|:---|
| By (Signature and Title) |
| /s/ Wendy Wang |
| Wendy Wang, Principal Executive Officer/President |

---

Date <u>6/5/26 </u>

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

---

| |
|:---|
| By (Signature and Title) |
| /s/ Wendy Wang |
| Wendy Wang, Principal Executive Officer/President |

---

Date <u>6/5/26 </u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Sam Singh |
| Sam Singh, Principal Financial Officer/Treasurer |

---

Date <u>6/5/26 </u>

## Ex-99.Cert

CERTIFICATIONS [Exhibit 99. CERT]

I, Wendy Wang, certify that:

1. I have reviewed this report on Form N-CSR of the USA Mutuals Vice Fund and the USA All Seasons Fund (a series of Northern Lights Fund Trust IV);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/5/26 | /s/ Wendy Wang |
|  |  | Wendy Wang, Principal Executive Officer/President |

---

I, Sam Singh, certify that:

1. I have reviewed this report on Form N-CSR of the USA Mutuals Vice Fund and the USA All Seasons Fund (a series of Northern Lights Fund Trust IV);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/5/26 | /s/ Sam Singh |
|  |  | Sam Singh, Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification [Exhibit 99.906CERT]**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 6/5/26 | Date: | 6/5/26 |

---

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

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

## Ex-99.Code

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

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

**CODE OF ETHICS**

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

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

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

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

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

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

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

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

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

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

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

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

 ****

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

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

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

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

2. INITIAL HOLDINGS REPORT

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

3. ANNUAL HOLDINGS REPORTS

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

4. QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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