Monarch Ambassador Income Index ETF

(MAMB) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - August 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Monarch Ambassador Income Index ETF for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.monarchfunds.com/resources. You can also request this information by contacting us at 1-541-291-4405. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Monarch Ambassador Income Index ETF	$64	1.23%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$87,269,519
Number of Portfolio Holdings	9
Advisory Fee	$365,888
Portfolio Turnover	73%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.4%
Commodity	12.6%
Fixed Income	87.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
iShares 7-10 Year Treasury Bond ETF	19.8%
iShares Gold Trust	12.6%
iShares MBS ETF	12.5%
iShares 20+ Year Treasury Bond ETF	12.4%
Invesco Taxable Municipal Bond ETF	12.4%
iShares Core U.S. Aggregate Bond ETF	12.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF	10.0%
iShares 1-3 Year Treasury Bond ETF	5.0%
SPDR Portfolio Short Term Corporate Bond ETF	2.5%

Material Fund Changes

This is a summary of certain changes to the Fund since March 1, 2024. For more complete information, you may review the Fund’s current prospectus dated June 28, 2024, or the Fund's next prospectus, which we expect to be available by June 30, 2025 or upon request at 1-541-291-4405.

Effective March 4, 2024, the Fund changed its name to "Monarch Ambassador Income Index ETF."

Effective August 23, 2024, Christine Johanson serves as portfolio manager to the Fund. Anand Desai no longer serves as a portfolio manager.

Monarch Ambassador Income Index ETF

Semi-Annual Shareholder Report - August 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.monarchfunds.com/resources ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 083124-MAMB

Monarch Blue Chips Core Index ETF

(MBCC) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - August 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Monarch Blue Chips Core Index ETF for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.monarchfunds.com/resources. You can also request this information by contacting us at 1-541-291-4405. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Monarch Blue Chips Core Index ETF	$65	1.25%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$106,901,685
Number of Portfolio Holdings	24
Advisory Fee	$474,331
Portfolio Turnover	35%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	95.5%
Reit	4.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.2%
Financials	4.4%
Real Estate	4.4%
Industrials	7.8%
Consumer Staples	8.8%
Consumer Discretionary	11.7%
Communications	12.0%
Health Care	20.5%
Technology	30.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Adobe, Inc.	5.0%
Oracle Corporation	4.7%
Walmart, Inc.	4.6%
Eli Lilly & Company	4.6%
American Tower Corporation	4.5%
Allstate Corporation (The)	4.4%
Meta Platforms, Inc., Class A	4.3%
McDonald's Corporation	4.3%
Costco Wholesale Corporation	4.3%
Netflix, Inc.	4.3%

Material Fund Changes

Effective March 4, 2024, the Fund changed its name to "Monarch Blue Chips Core Index ETF."

Effective August 23, 2024, Christine Johanson serves as portfolio manager to the Fund. Anand Desai no longer serves as a portfolio manager.

Monarch Blue Chips Core Index ETF

Semi-Annual Shareholder Report - August 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.monarchfunds.com/resources ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 083124-MBCC

Monarch Dividend Plus Index ETF

(MDPL) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - August 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Monarch Dividend Plus Index ETF for the period of March 6, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.monarchfunds.com/resources. You can also request this information by contacting us at 1-541-291-4405. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the reporting period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Monarch Dividend Plus Index ETF	$63	1.25%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$34,763,310
Number of Portfolio Holdings	31
Advisory Fee (net of waivers)	$127,333
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	97.8%
Exchange-Traded Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.4%
Fixed Income	2.2%
Industrials	3.4%
Consumer Discretionary	6.4%
Financials	6.8%
Communications	9.1%
Energy	9.3%
Consumer Staples	12.8%
Health Care	13.1%
Materials	16.2%
Technology	20.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Genpact Ltd.	3.7%
Fidelity National Financial, Inc.	3.5%
Sonoco Products Company	3.5%
MarketAxess Holdings, Inc.	3.5%
Graphic Packaging Holding Company	3.5%
Allison Transmission Holdings, Inc.	3.4%
Elevance Health, Inc.	3.4%
Cisco Systems, Inc.	3.4%
Cigna Group (The)	3.4%
Cognizant Technology Solutions Corporation, Class A	3.4%

Material Fund Changes

This is a summary of certain changes to the Fund since March 6, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by June 30, 2025 or upon request at 1-541-291-4405.

Effective August 23, 2024, Christine Johanson serves as portfolio manager to the Fund. Anand Desai no longer serves as a portfolio manager.

Monarch Dividend Plus Index ETF

Semi-Annual Shareholder Report - August 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.monarchfunds.com/resources ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 083124-MDPL

Monarch ProCap Index ETF

(MPRO) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - August 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Monarch ProCap Index ETF for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.monarchfunds.com/resources. You can also request this information by contacting us at 1-541-291-4405. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Monarch ProCap Index ETF	$55	1.04%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$146,568,352
Number of Portfolio Holdings	6
Advisory Fee	$543,884
Portfolio Turnover	92%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Fixed Income	39.3%
Equity	60.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
iShares Core U.S. Aggregate Bond ETF	39.3%
Consumer Staples Select Sector SPDR Fund	12.3%
Real Estate Select Sector SPDR Fund	12.2%
Health Care Select Sector SPDR Fund	12.1%
Utilities Select Sector SPDR Fund	12.0%
Materials Select Sector SPDR Fund	12.0%

Material Fund Changes

Effective March 4, 2024, the Fund changed its name to "Monarch ProCap Index ETF."

Effective August 23, 2024, Christine Johanson serves as portfolio manager to the Fund. Anand Desai no longer serves as a portfolio manager.

Monarch ProCap Index ETF

Semi-Annual Shareholder Report - August 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.monarchfunds.com/resources ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 083124-MPRO

Monarch Select Subsector Index ETF

(MSSS) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - August 31, 2024

What did the Fund invest in?

This semi-annual shareholder report contains important information about Monarch Select Subsector Index ETF for the period of March 6, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.monarchfunds.com/resources. You can also request this information by contacting us at 1-541-291-4405. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the reporting period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Monarch Select Subsector Index ETF	$58	1.12%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$59,176,250
Number of Portfolio Holdings	10
Advisory Fee	$229,848
Portfolio Turnover	151%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Equity	100.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Invesco KBW Property & Casualty ETF	10.3%
iShares U.S. Medical Devices ETF	10.1%
SPDR S&P Aerospace & Defense ETF	10.1%
SPDR S&P Insurance ETF	10.1%
Real Estate Select Sector SPDR Fund	10.0%
iShares U.S. Healthcare Providers ETF	10.0%
Invesco Dynamic Food & Beverage ETF	9.9%
Utilities Select Sector SPDR Fund	9.9%
SPDR S&P Homebuilders ETF	9.8%
iShares U.S. Home Construction ETF	9.8%

Material Fund Changes

Effective August 23, 2024, Christine Johanson serves as portfolio manager to the Fund. Anand Desai no longer serves as a portfolio manager.

Monarch Select Subsector Index ETF

Semi-Annual Shareholder Report - August 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.monarchfunds.com/resources ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 083124-MSSS

Monarch Volume Factor Dividend Tree Index ETF

(MVFD) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - August 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Monarch Volume Factor Dividend Tree Index ETF for the period of March 6, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.monarchfunds.com/resources. You can also request this information by contacting us at 1-541-291-4405. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the reporting period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Monarch Volume Factor Dividend Tree Index ETF	$62	1.23%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$48,782,296
Number of Portfolio Holdings	41
Advisory Fee	$165,264
Portfolio Turnover	120%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.1%
Exchange-Traded Funds	1.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.5%
Fixed Income	1.9%
Technology	4.2%
Utilities	4.9%
Communications	5.2%
Consumer Discretionary	5.4%
Materials	7.6%
Consumer Staples	9.7%
Health Care	10.3%
Energy	10.5%
Industrials	19.2%
Financials	20.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Cummins, Inc.	3.5%
Altria Group, Inc.	3.1%
Unum Group	3.1%
CF Industries Holdings, Inc.	3.1%
Nelnet, Inc., Class A	3.0%
Bristol-Myers Squibb Company	2.9%
Aaron's Co., Inc. (The)	2.8%
RTX Corporation	2.7%
Fox Corporation, Class B	2.7%
AbbVie, Inc.	2.6%

Material Fund Changes

Effective August 23, 2024, Christine Johanson serves as portfolio manager to the Fund. Anand Desai no longer serves as a portfolio manager.

Monarch Volume Factor Dividend Tree Index ETF

Semi-Annual Shareholder Report - August 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.monarchfunds.com/resources ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 083124-MVFD

Monarch Volume Factor Global Unconstrained Index ETF

(MVFG) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - August 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Monarch Volume Factor Global Unconstrained Index ETF for the period of March 6, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.monarchfunds.com/resources. You can also request this information by contacting us at 1-541-291-4405. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the reporting period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Monarch Volume Factor Global Unconstrained Index ETF	$60	1.18%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$53,304,400
Number of Portfolio Holdings	24
Advisory Fee	$193,178
Portfolio Turnover	185%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.3%
Equity	99.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
iShares MSCI USA ESG Select ETF	5.5%
FT Vest U.S. Equity Deep Buffer ETF - May	4.5%
Franklin FTSE Japan Hedged ETF	4.2%
Invesco S&P Ultra Dividend Revenue ETF	4.2%
Invesco S&P 500 Pure Value ETF	4.1%
iShares Core MSCI Pacific ETF	4.1%
American Century U.S. Quality Growth ETF	4.1%
SPDR SSGA US Large Cap Low Volatility Index ETF	4.1%
iShares MSCI USA Min Vol Factor ETF	4.1%
iShares MSCI Global Min Vol Factor ETF	4.1%

Material Fund Changes

Effective August 23, 2024, Christine Johanson serves as portfolio manager to the Fund. Anand Desai no longer serves as a portfolio manager.

Monarch Volume Factor Global Unconstrained Index ETF

Semi-Annual Shareholder Report - August 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.monarchfunds.com/resources ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 083124-MVFG

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.

The Monarch Ambassador Income Index ETF (formerly, “Monarch Ambassador Income ETF”) (“MAMB”), Monarch Blue Chips Core Index ETF (formerly, “Monarch Blue Chips Core ETF”) (“MBCC”), Monarch Dividend Plus Index ETF (“MDPL”), Monarch ProCap Index ETF (formerly, “Monarch ProCap ETF”) (“MPRO”), Monarch Select Subsector Index ETF (“MSSS”), Monarch Volume Factor Dividend Tree Index ETF (“MVFD”), and the Monarch Volume Factor Global Unconstrained Index ETF (“MVFG”) (each a “Fund” and collectively the “Funds”) are each diversified series of Northern Lights Fund Trust IV (the “Trust”), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

MAMB – seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Ambassador Income Index.
MBCC – seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Blue Chips Core Index.
MDPL – seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Dividend Plus Index.
MPRO – seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch ProCap Index.
MSSS – seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Select Subsector Index.
MVFD – seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Volume Factor Dividend Tree Index.
MVFG – seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of Monarch Volume Factor Global Unconstrained Index.

The investment objectives are non-fundamental. MAMB, MPRO, MSSS and MVFG are “fund of funds”, in that they will generally invest in other investment companies. MAMB, MBCC and MPRO commenced operations on March 23, 2021. MDPL, MSSS, MVFD and MVFG commenced operations on March 6, 2024.

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

Securities valuation – Securities listed on an exchange, including exchange- traded funds, are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s 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. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short- term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

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

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 will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid 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 all 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 observable or unobservable in the market, the determination of value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of August 31, 2024 for the Funds’ assets measured at value:

Exchange Traded Funds – Each Fund may invest in ETFs. An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. An ETF, like a mutual fund, is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF’s underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect a Fund’s performance.

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

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net realized capital gains, if any, are declared and distributed annually no later than December 31 of each year. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed 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 open tax year ended February 28, 2023 and February 28, 2024, or expected to be taken in the Funds’ February 29, 2025 year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal,

Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. For the period ended August 31, 2024, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

Cash – The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

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

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.

For the period ended August 31, 2024, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

For the period ended August 31, 2024, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

The business activities of the Funds are overseen by the Board. Kingsview Wealth Management LLC (the “Adviser”) serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust (the “Advisory Agreement”). The Adviser has engaged Penserra Capital Management LLC, as the sub-adviser (the “Sub-Adviser”), to manage the assets of the Funds.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs 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 Adviser, each Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 0.85% of it’s average daily net assets. For the period ended August 31, 2024, the adviser earned investment advisory fees as follows:

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed, at least until June 30, 2025, to waive a portion of its advisory fee and has agreed to reimburse each Fund for other expenses to the extent necessary so that total expenses incurred (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation (which may include indemnification of Fund Officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.25% of average daily net assets for each Fund, herein referred to as the “Expense Limitation.”

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and a Fund’s operating expenses are subsequently lower than its Expense Limitation, the Adviser, on a rolling three- year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that Fund’s operating expenses to exceed the Expense Limitation in place at the time of waiver and at the time of reimbursement. If a Fund’s operating expenses subsequently exceed the Expense Limitation, the reimbursements for the Fund shall be suspended. For the period ended August 31, 2024, the Adviser waived and recaptured previously waived fees as follows:

The following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:

The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time.

The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC, (the “Distributor”) to serve as the principal underwriter and distributor for the Funds.

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

Ultimus Fund Solutions, LLC (“UFS”) – UFS, an affiliate of the distributor, provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. 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”) – 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 each Fund.

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

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

For the period ended August 31, 2024, the fixed and variable fees were as follows:

The tax character of fund distributions paid for the years ended February 29, 2024 and February 28, 2023 was as follows:

As of February 29, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized losses and unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for grantor trusts.

Late year 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 Funds incurred and elected to defer such late year losses as follows:

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

At February 29, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions and the book/tax basis treatment of non-deductible expenses, resulted in reclassifications for the Funds for the year ended February 29, 2024 as follows:

MPRO currently invests a significant portion of its assets in the iShares Core U.S. Aggregate Bond ETF (“iShares ETF”). MPRO may redeem its investment in the iShares ETF at any time if the Adviser determines that it is in the best interest of MPRO and its shareholders to do so. MPRO’s performance will be directly affected by the performance of the iShares ETF. The financial statements of the iShares ETF, including the portfolio of investments, can be found on the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with MPRO’s financial statements. As of August 31, 2024, MPRO’s investment in iShares represented 39.3% of MPRO’s net assets.

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

Approval of the Investment Advisory Agreement with Kingsview Wealth Management LLC

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on October 24, 203 (the “Meeting”), the Board, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement (the “Kingsview Advisory Agreement”) between Kingsview Wealth Management LLC (“Kingsview”) and the Trust, with respect to Monarch Dividend Plus Index ETF (“MDPL”), Monarch Select Subsector Index ETF (“MSSS”), Monarch Volume Factor Dividend Tree Index ETF (“MVFD”) and Monarch Volume Factor Global Unconstrained Index ETF (“MVFG”) (together the “New Monarch ETFs”). In considering the approval of the Kingsview Advisory Agreement, the Board received materials specifically relating to the Kingsview Advisory Agreement.

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

Nature, Extent and Quality of Services. The Board noted its experience and familiarity with Kingsview as the adviser to three other series of the Trust and acknowledged the credentials and years of experience of the key personnel at Kingsview that would be servicing the New Monarch ETFs, including the personnel that would be involved in the creation, calculation and maintenance of the New Monarch ETFs’ benchmark indices. The Board noted that Kingsview, among other things, would provide sub-adviser oversight, assessment of service quality and compliance services for the New Monarch ETFs. The Board observed that Kingsview had a robust compliance program, including an investment committee, compliance manual and a forensic testing program. The Board received information about Kingsview’s cybersecurity protocols and compliance program. The Board noted that Kingsview proposed the use of a trading sub- adviser, whom it had a good track record with, to assist with portfolio management. The Board noted that Kingsview would interface directly with the New Monarch ETFs’ lead market maker to resolve any issues related to market quality for the New Monarch ETFs. The Board acknowledged that Kingsview would provide oversight and periodic reviews of the sub-adviser to ensure quality services. The Board acknowledged that Kingsview underwent an SEC examination that concluded several years ago and that there were no material litigation or administrative action involving Kingsview. The Board concluded that Kingsview had sufficient quality and depth of personnel and resources to perform its duties under the proposed advisory agreement in a manner and at a level that was consistent with the Board’s expectations.

Performance. The Board noted that there was no prior performance for any of the New Monarch ETFs for the Board to evaluate. The Board recalled its experience with Kingsview as the adviser to three other series of the Trust and recognized that Kingsview had the potential to provide satisfactory returns.

Fees and Expenses. The Board observed that the proposed advisory fee of 0.85% and net expense ratio of 1.25% for each New Monarch ETF was higher than the fees for their corresponding SMA. The Board acknowledged Kingsview’s assertion that the fees were reasonable because the lower-fee SMA strategies were only available with larger minimum investments and there were more expenses required to manage and operate an ETF than an SMA. The Board observed that the advisory fee for the Monarch VFDT and Monarch VFGU was lower than each of its peer group average, the net expense ratio for Monarch VFGU was lower than its peer group average, and the other New Monarch ETFs’ advisory fees and net expense ratio were greater than their peer group averages. The Board noted the advisory fee and net expense ratio were greater than the Morningstar category averages but below the highs of each. The Board considered that each New Monarch ETF would have a contractual expense limitation for at least one year. After discussion, the Board concluded that the advisory fee being charged by Kingsview for each New Monarch ETF was not unreasonable.

Profitability. The Board discussed that Kingsview anticipated to earn a reasonable profit from its relationship with each of the New Monarch ETFs during the first two years of their existence. The Board determined that excessive profitability would not be an issue for Kingsview with respect to any of the New Monarch ETFs at this time.

Economies of Scale. The Board considered whether Kingsview would realize economies of scale during the initial period of the advisory agreement. The Board noted that the proposed fee schedule did not currently provide breakpoints, but that Kingsview indicated it was amenable to the discussion of adding breakpoints as the assets of any New Monarch ETF experienced significant growth. The Board concluded that absence of breakpoints was acceptable at this time.

Conclusion . Having requested such information from Kingsview as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that approval of the advisory agreement with Kingsview was in the best interests of the New Monarch ETFs and their future shareholders.

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

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

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

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

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

(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.

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.

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.

225 Pictoria Dr, Ste 450 Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 99.6%
		COMMODITY - 12.6%
	232,475	iShares Gold Trust^(a)	$	10,991,418

		FIXED INCOME - 87.0%
	396,393	Invesco Taxable Municipal Bond		10,857,204
	52,188	iShares 1-3 Year Treasury Bond ETF		4,321,166
	112,541	iShares 20+ Year Treasury Bond ETF		10,859,081
	178,417	iShares 7-10 Year Treasury Bond ETF		17,318,939
	108,107	iShares Core U.S. Aggregate Bond ETF		10,837,727
	78,343	iShares iBoxx $ Investment Grade Corporate Bond ETF		8,712,525
	114,084	iShares MBS ETF		10,865,360
	71,795	SPDR Portfolio Short Term Corporate Bond ETF		2,163,901
				75,935,903

		TOTAL EXCHANGE-TRADED FUNDS (Cost $82,350,944)		86,927,321

		TOTAL INVESTMENTS - 99.6% (Cost $82,350,944)	$	86,927,321
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%		342,198
		NET ASSETS - 100.0%	$	87,269,519

Shares			Fair Value
		COMMON STOCKS — 99.8%
		APPAREL & TEXTILE PRODUCTS - 3.4%
	43,772	NIKE, Inc., Class B	$	3,647,083

		BIOTECH & PHARMA - 12.2%
	5,068	Eli Lilly & Company		4,865,382
	33,143	Merck & Company, Inc.		3,925,788
	145,182	Pfizer, Inc.		4,211,730
				13,002,900
		DIVERSIFIED INDUSTRIALS - 7.8%
	37,094	Emerson Electric Company		3,909,337
	25,183	General Electric Company		4,397,455
				8,306,792
		E-COMMERCE DISCRETIONARY - 3.9%
	23,581	Amazon.com, Inc.^(a)		4,209,209

		ENTERTAINMENT CONTENT - 3.4%
	40,034	Walt Disney Company (The)		3,618,273

		INFRASTRUCTURE REIT - 4.5%
	21,247	American Tower Corporation		4,760,603

		INSURANCE - 4.4%
	24,837	Allstate Corporation (The)		4,692,703

		INTERNET MEDIA & SERVICES - 8.6%
	8,903	Meta Platforms, Inc., Class A		4,641,223
	6,478	Netflix, Inc.^(a)		4,543,345
				9,184,568
		LEISURE FACILITIES & SERVICES - 4.3%
	16,065	McDonald’s Corporation		4,637,322

		MEDICAL EQUIPMENT & DEVICES - 8.3%
	16,195	Danaher Corporation		4,361,475
	7,324	Thermo Fisher Scientific, Inc.		4,504,773
				8,866,248

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		RETAIL - CONSUMER STAPLES - 8.9%
	5,126	Costco Wholesale Corporation	$	4,574,340
	63,273	Walmart, Inc.		4,886,574
				9,460,914
		SEMICONDUCTORS - 4.2%
	37,930	NVIDIA Corporation		4,527,704

		SOFTWARE - 17.8%
	9,353	Adobe, Inc.^(a)		5,372,457
	10,016	Microsoft Corporation		4,178,074
	35,496	Oracle Corporation		5,015,230
	17,736	Salesforce, Inc.		4,485,434
				19,051,195
		TECHNOLOGY SERVICES - 8.1%
	9,295	Mastercard, Inc., Class A		4,492,645
	15,269	Visa, Inc., Class A		4,219,894
				8,712,539

		TOTAL COMMON STOCKS (Cost $88,737,079)		106,678,053

		TOTAL INVESTMENTS - 99.8% (Cost $88,737,079)	$	106,678,053
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%		223,632
		NET ASSETS - 100.0%	$	106,901,685

Shares			Fair Value
		COMMON STOCKS — 97.4%
		BEVERAGES - 3.2%
	20,595	Molson Coors Beverage Company, Class B	$	1,111,512

		BIOTECH & PHARMA - 3.3%
	6,966	Johnson & Johnson		1,155,381

		CABLE & SATELLITE - 6.1%
	2,834	Cable One, Inc.		999,608
	28,191	Comcast Corporation, Class A		1,115,518
				2,115,126
		CONSTRUCTION MATERIALS - 3.0%
	6,214	Owens Corning		1,048,488

		CONTAINERS & PACKAGING - 7.0%
	40,133	Graphic Packaging Holding Company		1,201,181
	21,369	Sonoco Products Company		1,208,843
				2,410,024
		FOOD - 6.4%
	37,372	Conagra Brands, Inc.		1,166,006
	9,467	J.M. Smucker Company (The)		1,085,676
				2,251,682
		HEALTH CARE FACILITIES & SERVICES - 9.9%
	3,258	Cigna Group (The)		1,178,777
	18,342	CVS Health Corporation		1,049,896
	2,121	Elevance Health, Inc.		1,181,163
				3,409,836
		INSURANCE - 3.3%
	3,953	Willis Towers Watson PLC		1,154,711

		LEISURE FACILITIES & SERVICES - 3.2%
	6,060	Vail Resorts, Inc.		1,101,102

		LEISURE PRODUCTS - 3.1%
	13,991	Brunswick Corporation		1,105,989

Registrant’s telephone number, including area code:	631-490-4300

ETF	- Exchange-Traded Fund

MBS	- Mortgage-Backed Security

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		COMMON STOCKS — 97.4% (Continued)
		METALS & MINING - 3.4%
	8,283	Royal Gold, Inc.	$	1,161,028

		OIL & GAS PRODUCERS - 9.3%
	5,574	Diamondback Energy, Inc.		1,087,543
	32,613	EQT Corporation		1,092,862
	24,298	Ovintiv, Inc.		1,040,683
				3,221,088
		PUBLISHING & BROADCASTING - 3.0%
	6,103	Nexstar Media Group, Inc.		1,042,881

		RETAIL - CONSUMER STAPLES - 3.2%
	20,618	Kroger Company (The)		1,097,084

		SEMICONDUCTORS - 3.0%
	12,887	Microchip Technology, Inc.		1,058,796

		SOFTWARE - 3.3%
	15,478	SS&C Technologies Holdings, Inc.		1,162,243

		SPECIALTY FINANCE - 3.5%
	20,551	Fidelity National Financial, Inc.		1,211,687

		STEEL - 2.9%
	8,572	Steel Dynamics, Inc.		1,024,440

		TECHNOLOGY HARDWARE - 3.4%
	23,369	Cisco Systems, Inc.		1,181,069

		TECHNOLOGY SERVICES - 10.5%
	15,006	Cognizant Technology Solutions Corporation, Class A		1,167,017
	32,565	Genpact Ltd.		1,277,525
	4,961	MarketAxess Holdings, Inc.		1,202,497
				3,647,039

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 99.9%
		EQUITY - 60.6%
	217,769	Consumer Staples Select Sector SPDR Fund	$	17,968,121
	113,189	Health Care Select Sector SPDR Fund		17,793,311
	186,445	Materials Select Sector SPDR Fund		17,578,034
	409,035	Real Estate Select Sector SPDR Fund		17,813,474
	230,905	Utilities Select Sector SPDR Fund		17,615,742
				88,768,682
		FIXED INCOME - 39.3%
	574,817	iShares Core U.S. Aggregate Bond ETF		57,625,404

		TOTAL EXCHANGE-TRADED FUNDS (Cost $134,814,024)		146,394,086

		TOTAL INVESTMENTS - 99.9% (Cost $134,814,024)	$	146,394,086
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%		174,266
		NET ASSETS - 100.0%	$	146,568,352

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 100.0%
		EQUITY - 100.0%
	122,966	Invesco Dynamic Food & Beverage ETF	$	5,850,722
	52,772	Invesco KBW Property & Casualty ETF		6,098,861
	100,895	iShares U.S. Healthcare Providers ETF		5,895,295
	48,112	iShares U.S. Home Construction ETF		5,820,590
	102,036	iShares U.S. Medical Devices ETF		6,003,799
	135,673	Real Estate Select Sector SPDR Fund		5,908,559
	38,299	SPDR S&P Aerospace & Defense ETF		5,955,877
	49,621	SPDR S&P Homebuilders ETF		5,825,009
	105,451	SPDR S&P Insurance ETF		5,955,872
	76,591	Utilities Select Sector SPDR Fund		5,843,127
		TOTAL EXCHANGE-TRADED FUNDS (Cost $53,244,742)		59,157,711

		TOTAL INVESTMENTS - 100.0% (Cost $53,244,742)	$	59,157,711
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%		18,539
		NET ASSETS - 100.0%	$	59,176,250

Shares			Fair Value
		COMMON STOCKS — 97.6%
		ADVERTISING & MARKETING - 2.6%
	12,476	Omnicom Group, Inc.	$	1,252,965

		AEROSPACE & DEFENSE - 2.7%
	10,870	RTX Corporation		1,340,706

		ASSET MANAGEMENT - 4.9%
	31,037	Janus Henderson Group PLC		1,167,302
	22,485	Victory Capital Holdings, Inc.		1,227,006
				2,394,308
		BIOTECH & PHARMA - 5.6%
	6,548	AbbVie, Inc.		1,285,438
	28,477	Bristol-Myers Squibb Company		1,422,426
				2,707,864
		CHEMICALS - 5.3%
	18,147	CF Industries Holdings, Inc.		1,507,835
	19,231	Corteva, Inc.		1,101,936
				2,609,771
		COMMERCIAL SUPPORT SERVICES - 2.3%
	19,795	ABM Industries, Inc.		1,131,284

		CONSTRUCTION MATERIALS - 2.2%
	16,074	Apogee Enterprises, Inc.		1,073,422

		CONSUMER SERVICES - 2.6%
	37,983	Carriage Services, Inc.		1,259,136

		ELECTRIC UTILITIES - 4.9%
	13,767	MGE Energy, Inc.		1,193,668
	14,248	NRG Energy, Inc.		1,211,222
				2,404,890
		ENTERTAINMENT CONTENT - 2.6%
	33,681	Fox Corporation, Class B		1,294,361

Shares			Fair Value
		COMMON STOCKS — 97.6% (Continued)
		FOOD - 2.3%
	35,554	Conagra Brands, Inc.	$	1,109,285

		HEALTH CARE FACILITIES & SERVICES - 4.7%
	3,143	HCA Healthcare, Inc.		1,243,339
	29,714	Select Medical Holdings Corporation		1,071,784
				2,315,123
		INSURANCE - 10.3%
	2,816	Everest Group Ltd.		1,104,548
	10,856	Hartford Financial Services Group, Inc. (The)		1,260,382
	27,392	Unum Group		1,519,981
	15,780	Voya Financial, Inc.		1,117,697
				5,002,608
		MACHINERY - 2.3%
	22,036	Flowserve Corporation		1,099,156

		OIL & GAS PRODUCERS - 10.5%
	6,824	Chevron Corporation		1,009,611
	5,904	Chord Energy Corporation		876,331
	28,102	Kinetik Holdings, Inc.		1,243,233
	34,756	Marathon Oil Corporation		995,759
	44,522	Sitio Royalties Corporation, Class A		989,724
				5,114,658
		RETAIL - DISCRETIONARY - 2.8%
	137,121	Aaron’s Co., Inc. (The)		1,383,551

		SEMICONDUCTORS - 2.2%
	6,002	QUALCOMM, Inc.		1,052,151

		SPECIALTY FINANCE - 5.4%
	18,627	Essent Group Ltd.		1,197,530
	12,487	Nelnet, Inc., Class A		1,443,248
				2,640,778

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 99.7%
		EQUITY – 99.7%
	24,637	American Century U.S. Quality Growth ETF	$	2,192,693
	20,140	BNY Mellon U.S. Large Cap Core Equity ETF		2,158,605
	64,578	Columbia Research Enhanced Core ETF		2,158,843
	72,922	Franklin FTSE Japan Hedged ETF		2,255,477
	37,724	Franklin U.S. Large Cap Multifactor Index ETF		2,163,849
	61,461	FT Vest U.S. Equity Deep Buffer ETF - May^(a)		2,425,319
	24,656	Invesco S&P 500 Pure Value ETF		2,206,465
	44,359	Invesco S&P Ultra Dividend Revenue ETF		2,218,837
	31,312	iShares Asia 50 ETF		2,110,429
	33,866	iShares Core MSCI Pacific ETF		2,203,661
	3,806	iShares Core S&P 500 ETF		2,157,051
	17,493	iShares Core S&P Total U.S. Stock Market ETF		2,161,785
	21,611	iShares ESG MSCI USA Leaders ETF		2,152,239
	21,879	iShares Global 100 ETF		2,146,767
	30,567	iShares Morningstar Mid-Cap Growth ETF		2,173,008
	19,188	iShares MSCI Global Min Vol Factor ETF		2,177,262
	24,584	iShares MSCI USA ESG Select ETF		2,908,534
	23,865	iShares MSCI USA Min Vol Factor ETF		2,179,352
	12,148	iShares MSCI USA Quality Factor ETF		2,159,671
	6,989	iShares Russell 1000 ETF		2,160,020
	6,730	iShares Russell 3000 ETF		2,159,455
	18,897	Ishares Russel Mid-Cap Growth ETF		2,150,101
	3,827	SPDR S&P 500 ETF Trust		2,157,203
	13,045	SPDR SSGA US Large Cap Low Volatility Index ETF		2,183,733
		TOTAL EXCHANGE-TRADED FUNDS (Cost $50,649,477)		53,120,359

		TOTAL INVESTMENTS - 99.7% (Cost $50,649,477)	$	53,120,359
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%		184,041
		NET ASSETS - 100.0%	$	53,304,400

	Monarch									Monarch Select		Monarch Volume		Monarch Volume Factor
	Ambassador Income			Monarch Blue Chips		Monarch Dividend		Monarch ProCap		Subsector Index		Factor Dividend		Global Unconstrained
	Index ETF			Core Index ETF		Plus Index ETF		Index ETF		ETF		Tree Index ETF		Index ETF
ASSETS
Investment securities:
Investments, At cost	$	82,350,944		$	88,737,079	$	33,949,155	$	134,814,024	$	53,244,742	$	45,710,988	$	50,649,477
Investments, At value	$	86,927,321		$	106,678,053	$	34,615,226	$	146,394,086	$	59,157,711	$	48,527,214	$	53,120,359
Cash		428,447			221,485		132,743		313,428		87,491		227,845		253,398
Dividends and interest receivable		—			136,349		74,606		—		—		94,892		—
Receivable for Fund shares sold		2,871,105			—		—		—		283,374		—		—
Prepaid expenses		1,784			2,133		898		2,102		7,736		988		5,015
TOTAL ASSETS		90,228,657			107,038,020		34,823,473		146,709,616		59,536,312		48,850,939		53,378,772

LIABILITIES
Payable for investments purchased		—			—		—		—		282,735		—		—
Investment advisory fees payable		71,541			107,828		22,919		102,189		41,572		33,874		37,066
Payable for Fund shares repurchased		2,857,850			—		—		—		—		—		—
Payable to related parties		7,986			5,660		3,302		12,056		2,370		1,392		2,933
Accrued expenses and other liabilities		21,761			22,847		33,942		27,019		33,385		33,377		34,373
TOTAL LIABILITIES		2,959,138			136,335		60,163		141,264		360,062		68,643		74,372
NET ASSETS	$	87,269,519		$	106,901,685	$	34,763,310	$	146,568,352	$	59,176,250	$	48,782,296	$	53,304,400

Net Assets Consist Of:
Paid in capital	$	88,483,946		$	90,112,039	$	33,449,716	$	137,428,783	$	52,654,643	$	46,637,584	$	49,772,390
Accumulated earnings (deficit)		(1,214,427	)		16,789,646		1,313,594		9,139,569		6,521,607		2,144,712		3,532,010
NET ASSETS	$	87,269,519		$	106,901,685	$	34,763,310	$	146,568,352	$	59,176,250	$	48,782,296	$	53,304,400

Net Asset Value Per Share:
Net Assets	$	87,269,519		$	106,901,685	$	34,763,310	$	146,568,352	$	59,176,250	$	48,782,296	$	53,304,400
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,800,000			3,150,000		1,310,000		4,900,000		2,090,000		1,860,000		1,960,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	22.97		$	33.94	$	26.54	$	29.91	$	28.31	$	26.23	$	27.20

	Six Months Ended
	August 31, 2024			Year Ended
	(Unaudited)			February 29, 2024
FROM OPERATIONS
Net investment income	$	829,595		$	936,800
Net realized gain (loss) on investments		320,100			(2,007,493	)
Net change in unrealized appreciation on investments		3,078,289			2,829,415
Net increase in net assets resulting from operations		4,227,984			1,758,722

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(552,440	)		(933,030	)
Decrease in net assets resulting from distributions to shareholders		(552,440	)		(933,030	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		15,665,744			29,943,034
Cost of shares redeemed		—			(5,348,124	)
Net increase in net assets resulting from shares of beneficial interest		15,665,744			24,594,910

TOTAL INCREASE IN NET ASSETS		19,341,288			25,420,602

NET ASSETS
Beginning of Period		67,928,231			42,507,629
End of Period	$	87,269,519		$	67,928,231

SHARE ACTIVITY
Shares Sold		700,000			1,400,000
Shares Redeemed		—			(250,000	)
Net increase in shares of beneficial interest outstanding		700,000			1,150,000

Date of fiscal year end:	2/28

Date of reporting period:	8/31/24

	Period Ended
	August 31, 2024 (a)
	(Unaudited)
FROM OPERATIONS
Net investment income	$	251,773
Net realized gain on investments		556,130
Net change in unrealized appreciation on investments		666,071
Net increase in net assets resulting from operations		1,473,974

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:		(160,380	)
Net decrease in net assets resulting from distributions to shareholders		(160,380	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		47,749,856
Cost of shares redeemed		(14,300,140	)
Net increase in net assets resulting from shares of beneficial interest		33,449,716

TOTAL INCREASE IN NET ASSETS		34,763,310

NET ASSETS
Beginning of Period		—
End of Period	$	34,763,310

SHARE ACTIVITY
Shares Sold		1,870,000
Shares Redeemed		(560,000	)
Net increase in shares of beneficial interest outstanding		1,310,000

	Period Ended
	August 31, 2024 (1)
	(Unaudited)
Net asset value, beginning of period	$	25.17
Activity from investment operations:
Net investment income (2)		0.19
Net realized and unrealized gain on investments		1.30
Total from investment operations		1.49
Less distributions from:
Net investment income		(0.12	)
Total distributions		(0.12	)
Net asset value, end of period	$	26.54
Market price, end of period	$	26.54
Total return (3)		5.96	% (5)
Market price total return (4)		5.96	%
Net assets, at end of period (000s)	$	34,763
Ratio of gross expenses to average net assets before waiver		1.31	% (6)
Ratio of net expenses to average net assets after waiver		1.25	% (6)
Ratio of net investment income to average net assets		1.55	% (6)
Portfolio Turnover Rate (7)		34	% (5)

MAMB
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	86,927,321	$	—	$	—	$	86,927,321
Total	$	86,927,321	$	—	$	—	$	86,927,321

MBCC
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	106,678,053	$	—	$	—	$	106,678,053
Total	$	106,678,053	$	—	$	—	$	106,678,053

MDPL
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	33,853,769	$	—	$	—	$	33,853,769
Exchange Traded Funds	$	761,457	$	—	$	—	$	761,457
Total	$	34,615,226	$	—	$	—	$	34,615,226

MPRO
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	146,394,086	$	—	$	—	$	146,394,086
Total	$	146,394,086	$	—	$	—	$	146,394,086

MSSS
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	59,157,711	$	—	$	—	$	59,157,711
Total	$	59,157,711	$	—	$	—	$	59,157,711

MVFD
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	47,612,224	$	—	$	—	$	47,612,224
Exchange Traded Funds	$	914,990	$	—	$	—	$	914,990
Total	$	48,527,214	$	—	$	—	$	48,527,214

MVFG
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	53,120,359	$	—	$	—	$	53,120,359
Total	$	53,120,359	$	—	$	—	$	53,120,359

	Purchases		Sales
MAMB	$	55,270,789	$	55,048,327
MBCC	$	32,988,200	$	32,022,063
MDPL	$	17,838,402	$	11,354,395
MPRO	$	117,209,831	$	116,952,624
MSSS	$	86,754,026	$	85,688,038
MVFD	$	57,234,780	$	50,341,795
MVFG	$	88,176,439	$	87,972,991

	Investment Advisory Fee
MAMB	$	320,900
MBCC	$	390,992
MDPL	$	137,254
MPRO	$	543,884
MSSS	$	229,848
MVFD	$	165,264
MVFG	$	193,178

	Invesment Advisory Fees Waived		Investmented Advisory Fees Recaptured
MAMB	$	—	$	44,988
MBCC	$	—	$	83,339
MDPL	$	9,921	$	—
MPRO	$	—	$	—
MSSS	$	—	$	—
MVFD	$	—	$	—
MVFG	$	—	$	—

	2/28/2027
MAMB	$	—
MBCC	$	—
MDPL	$	9,921
MPRO	$	—
MSSS	$	—
MVFD	$	—
MVFG	$	—

	Fee for In-Kind and Cash	Maximum Additional Variable
Fund	Purchases	Charge for Cash Purchases*
MAMB	$225	2.00%
MBCC	$225	2.00%
MDPL	$225	2.00%
MPRO	$225	2.00%
MSSS	$225	2.00%
MVFD	$225	2.00%
MVFG	$225	2.00%

Fund	Fixed Fees		Variable Fees
MAMB	$	4,725	$	—
MBCC	$	6,075	$	225
MDPL	$	7,200	$	—
MPRO	$	5,400	$	—
MSSS	$	6,750	$	—
MVFD	$	7,200	$	—
MVFG	$	7,650	$	—

For fiscal year or period ended	Ordinary		Long-Term		Return of
2/29/2024	Income		Capital Gains		Capital		Total
MAMB	$	933,030	$	—	$	—	$	933,030
MBCC		49,740		—		—		49,740
MPRO		1,234,853		—		—		1,234,853

For fiscal year or period ended	Ordinary		Long-Term		Return of
2/28/2023	Income		Capital Gains		Capital		Total
MAMB	$	351,088	$	—	$	—	$	351,088
MBCC		—		—		—		—
MPRO		909,143		—		—		909,143

	Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Accumulated
	Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Deficits)
MAMB	$	101,333	$	—	$	(90,684	)	$	(4,864,085	)	$	—	$	(36,535	)	$	(4,889,971	)
MBCC	$	2,323	$	—	$	(289,302	)	$	(2,779,319	)	$	—	$	13,985,494		$	10,919,196
MPRO	$	147,225	$	—	$	—		$	(9,276,480	)	$	—	$	6,146,524		$	(2,982,731	)

	Non Expiring		Non Expiring				Capital Loss Carry
	Short-Term		Long-Term		Total		Forwards Utilized
MAMB	$	3,171,758	$	1,692,327	$	4,864,085	$	—
MBCC		2,153,430		625,889		2,779,319		—
MPRO		9,276,480		—		9,276,480		—

	Paid		Accumulated
	In		Earnings
	Capital		(Deficit)
MAMB	$	306,028	$	(306,028	)
MBCC		1,155,051		(1,155,051	)
MPRO		1,452,372		(1,452,372	)

			Gross Unrealized		Gross Unrealized			Net Unrealized
Portfolio	Tax Cost		Appreciation		Depreciation			Appreciation
MAMB	$	83,885,567	$	4,744,549	$	(1,702,795	)	$	3,041,754
MBCC		88,757,245		19,578,284		(1,657,476	)		17,920,808
MDPL		33,949,155		2,058,806		(1,392,735	)		666,071
MPRO		136,576,914		11,580,062		(1,762,890	)		9,817,172
MSSS		53,244,742		5,912,969		—			5,912,969
MVFD		45,710,988		3,537,641		(721,415	)		2,816,226
MVFG		50,649,477		2,535,493		(64,611	)		2,470,882

By	/s/ Wendy Wang
Wendy Wang
Principal Executive Officer
Date: 11/1/2024

By	/s/ Sam Singh
Sam Singh
Principal Financial Officer
Date: 11/1/2024