FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Fulcrum Diversified Absolute Return Fund

Institutional Class (FARIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Fulcrum Diversified Absolute Return Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.fulcrumassetfunds.com/. You can also request this information by contacting us at 855-538-5278. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$133	1.27%

How did the Fund perform during the reporting period?

The period began well for risk assets, with a stabilization in global trade policy and an easing of monetary policy by the US Federal Reserve. This was interrupted by the outbreak of war in the Middle East, which drove a surge in commodity prices and a sharp decline in equities. As tensions de-escalated and a ceasefire took hold, markets recovered strongly, with optimism around the accelerating AI infrastructure build-out powering risk assets forward. Equities ended the period higher – but leadership was closely tied to AI exposure, while bonds were only modestly positive. The Institutional Share Class returned +10.16% for the period ended June 30, 2026. All sub-strategies added to returns, with Discretionary Macro and Dynamic Asset Allocation being the main contributors, driven by gains in commodities and equities. Diversifying Strategies successfully captured trends in equities and currencies.

How has the Fund performed over the last ten years?

The Fund has performed consistently against its benchmark. The market in the year ended 2026 proved to be more volatile than previous years. To counter the volatile, a long-term view has been taken when considering performance.

Total Return Based on $1,000,000 Investment

Chart showing performance over last 10 years or since inception

Table Summary
	Fulcrum Diversified Absolute Return Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg Global Aggregate Total Return Index Value Hedged USD
Jun-2016	$1,000,000	$1,000,000	$1,000,000
Jun-2017	$1,018,671	$996,854	$995,871
Jun-2018	$1,050,952	$992,893	$1,012,348
Jun-2019	$1,062,390	$1,071,027	$1,091,270
Jun-2020	$1,153,385	$1,164,631	$1,157,491
Jun-2021	$1,275,393	$1,160,749	$1,158,376
Jun-2022	$1,272,871	$1,041,283	$1,054,817
Jun-2023	$1,248,545	$1,031,519	$1,060,283
Jun-2024	$1,363,849	$1,058,658	$1,104,817
Jun-2025	$1,461,937	$1,122,982	$1,172,808
Jun-2026	$1,610,505	$1,165,553	$1,209,988

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Fulcrum Diversified Absolute Return Fund	10.16%	4.78%	4.88%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Bloomberg Global Aggregate Total Return Index Value Hedged USD	3.17%	0.88%	1.92%

Fund Statistics

Net Assets$319,002,022
Number of Portfolio Holdings1,195
Advisory Fee (net of waivers)$2,374,776
Portfolio Turnover106%

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 855-538-5278.

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	12.4%
Corporate Bonds	0.1%
Foreign Bonds	3.2%
Purchased Options	11.9%
U.S. Government & Agencies	72.4%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Term Government Bonds	57.1
North American Equities	7.6
Currency Derivatives	3.8
Foreign Bonds	2.6
Equity Derivatives	2.0
European ex-UK Equities	1.1
Japanese Equities	0.7
UK Equities	0.4
Commodity Derivatives	0.1
Interest Rate Derivatives	0.1
Australian Equities	0.1
Asia ex-Japan Equities	0.0
Credit Derivatives	0.0
Exchange-Traded Equity Funds	0.0
South American Equities	0.0

Householding

If you wish to receive a copy of this document at a new address, contact 855-538-5278.

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 28, 2026 at https://fulcrumassetfunds.com/farix-fulcrum-diversified-absolute-return/ or upon request at 855-538-5278.

Effective October 29, 2025, the Institutional Class's expense limitation was increased from 1.17% of the Fund's average daily net assets to 1.20% of the Fund's average daily net assets.

The expense limitation continues to be exclusive of (i) shareholder servicing fees; (ii) any front-end or contingent deferred loads; (iii) brokerage fees and commissions, (iv) acquired fund fees and expenses; (v) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (vi) borrowing costs (such as interest and dividend expense on securities sold short); (vii) taxes; and (viii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Fund’s adviser)).

Effective June 30, 2026, the Fund changed its primary benchmark to the Bloomberg U.S. Aggregate Bond Index.

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-FARIX

Fulcrum Diversified Absolute Return Fund (FARIX)

Annual Shareholder Report - June 30, 2026

Fulcrum Diversified Absolute Return Fund

Super Institutional Class (FARYX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Super Institutional	$125	1.19%

How did the Fund perform during the reporting period?

The period began well for risk assets, with a stabilization in global trade policy and an easing of monetary policy by the US Federal Reserve. This was interrupted by the outbreak of war in the Middle East, which drove a surge in commodity prices and a sharp decline in equities. As tensions de-escalated and a ceasefire took hold, markets recovered strongly, with optimism around the accelerating AI infrastructure build-out powering risk assets forward. Equities ended the period higher – but leadership was closely tied to AI exposure, while bonds were only modestly positive. The Super Institutional Share Class returned +10.19% for the period ended June 30, 2026. All sub-strategies added to returns, with Discretionary Macro and Dynamic Asset Allocation being the main contributors, driven by gains in commodities and equities. Diversifying Strategies successfully captured trends in equities and currencies.

How has the Fund performed over the last ten years?

Total Return Based on $25,000,000 Investment

Table Summary
	Fulcrum Diversified Absolute Return Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg Global Aggregate Total Return Index Value Hedged USD
Jun-16	$25,000,000	$25,000,000	$25,000,000
Jun-17	25,466,894	24,921,339	24,896,775
Jun-18	26,273,039	24,822,335	25,308,691
Jun-19	26,590,950	26,775,666	27,281,754
Jun-20	28,902,069	29,115,767	28,937,279
Jun-21	31,967,007	29,018,736	28,959,398
Jun-22	31,938,499	26,032,086	26,370,429
Jun-23	31,364,902	25,787,966	26,507,078
Jun-24	34,275,724	26,466,447	27,620,429
Jun-25	36,795,282	28,074,558	29,320,193
Jun-26	40,543,025	29,138,823	30,249,705

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Fulcrum Diversified Absolute Return Fund	10.19%	4.87%	4.95%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Bloomberg Global Aggregate Total Return Index Value Hedged USD	3.17%	0.88%	1.92%

Fund Statistics

Net Assets$319,002,022
Number of Portfolio Holdings1,195
Advisory Fee (net of waivers)$2,374,776
Portfolio Turnover106%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	12.4%
Corporate Bonds	0.1%
Foreign Bonds	3.2%
Purchased Options	11.9%
U.S. Government & Agencies	72.4%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Term Government Bonds	57.1
North American Equities	7.6
Currency Derivatives	3.8
Foreign Bonds	2.6
Equity Derivatives	2.0
European ex-UK Equities	1.1
Japanese Equities	0.7
UK Equities	0.4
Commodity Derivatives	0.1
Interest Rate Derivatives	0.1
Australian Equities	0.1
Asia ex-Japan Equities	0.0
Credit Derivatives	0.0
Exchange-Traded Equity Funds	0.0
South American Equities	0.0

Householding

If you wish to receive a copy of this document at a new address, contact 855-538-5278.

Material Fund Changes

Effective October 29, 2025, the Super Institutional Class's expense limitation was increased from 1.17% of the Fund's average daily net assets to 1.20% of the Fund's average daily net assets.

Effective June 30, 2026, the Fund changed its primary benchmark to the Bloomberg U.S. Aggregate Bond Index.

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-FARYX

Fulcrum Diversified Absolute Return Fund (FARYX)

Annual Shareholder Report - June 30, 2026

(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 3.

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.

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

Item 6. Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 7.

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

The following table represents the individual positions and related values of underlying securities of the BCIIDISC Index Total Return Swap with Barclays.^

The following table represents the individual positions and related values of underlying securities of the CIEQMUT1 Index Total Return Swap with Citibank.^

The following table represents the individual positions and related values of underlying securities of the GSIIFUE Index Total Return Swap with Goldman Sachs.

The following table represents the individual positions and related values of underlying securities of the GSISI266 Index Total Return Swap with Goldman Sachs.

The following table represents the individual positions and related values of underlying securities of the GSMBAICO Index Total Return Swap with Goldman Sachs.^

The following table represents the individual positions and related values of underlying securities of the JPLNFUI Index Total Return Swap with JP Morgan.^

The following table represents the individual positions and related values of underlying securities of the JPOSZB3F Index Total Return Swap with JP Morgan.^

The following table represents the individual positions and related values of underlying securities of the MSFDRUS I Index Total Return Swap with Morgan Stanley.

The following table represents the individual positions and related values of underlying securities of the XRJPFLC1 Index Total Return Swap with JP Morgan.^

The Fulcrum Diversified Absolute Return Fund (the “Fund”) is a diversified series of Northern Lights Fund Trust IV (the “Trust”), a trust organized under the laws of the State of Delaware on June 2, 2015, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Prior to March 13, 2023, the Fund was a series of Trust for Advised Portfolios (the “Predecessor Fund”). The Fund seeks to achieve long-term absolute returns. The investment objective of the Fund is non-fundamental and may be changed without shareholder approval.

The Fund currently offers Super Institutional Class shares and Institutional Class shares at net asset value, both of which commenced operations on July 31, 2015. The Advisor Class is closed and holds no assets, but may accept new investments in the future. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their ongoing service and distribution charges. The Institutional Class is subject to a shareholders servicing fee up to 0.10%. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

The Predecessor Fund was reorganized on March 10, 2023, from a series of Trust for Advised Portfolios, a Delaware statutory trust, to a series of Northern Lights Fund Trust IV, also a Delaware statutory trust. As a series of Northern Lights Fund Trust IV, the Fund is a continuation of the Predecessor Fund. The Fund and the Predecessor Fund have the same investment objective, principal investment strategies and portfolio managers.

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the consolidated 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 consolidated financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies,” 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. The CODM is comprised of the investment committee of the Fund’s advisor and Principal Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund’s 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 Fund, using the information presented in the financial statements and financial highlights.

Accounting Pronouncement – The Fund adopted the FASB ASU 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 this ASU are intended to address investor requests for more transparency about income tax information and to improve the

effectiveness of income tax disclosures. The Fund’s adoption of ASU 2023-09 did not have a material impact on the Fund’s financial statements.

Security Valuation – The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Securities, including common/preferred stocks and exchange traded funds, 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 primary exchange on the day of valuation. Investments in swap contracts are reported at fair value based on the underlying equity securities held within the swap or daily price reporting from the swap counterparty. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund’s holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Forward foreign currency exchange contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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. To the extent valuation adjustments are not applied to index options or future options, they are categorized as Level 1.

Over-the-counter derivatives are valued by an independent pricing service using a series of techniques, including simulation pricing models. The pricing models use various inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, implied volatility and exchange rates. When prices are determined by the pricing agent, positions are classified as Level 2 of the fair value hierarchy.

The Fund 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 securities are valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”). The Board has designated the 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.

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 the 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 the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

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 June 30, 2026 for the Fund’s assets and liabilities measured at fair value:

Consolidation of Subsidiaries – The consolidated financial statements of the Fund include Fulcrum Diversified Absolute Return Cayman Fund (“FDFC”), a wholly owned and controlled subsidiary. All inter-company accounts and transactions have been eliminated in consolidation.

The Fund may invest up to 25% of its total assets in a controlled foreign corporation (“CFC”), which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies.

For tax purposes, FDFC is an exempted Cayman investment company. FDFC has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, FDFC is a CFC and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, FDFC’s net income and capital gains, to the extent of its earnings and profits, will be included each year in the Fund’s investment company taxable income.

Commodities Risk – Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments 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, embargoes, tariffs and international economic, political and regulatory developments.

Counterparty Risk – Many derivative contracts are privately negotiated in the over-the-counter market. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund.

Credit Default Index Swaps Risk – Credit default swaps (“CDS”) are typically two-party financial contracts that transfer credit exposure between the two parties. The use of CDS involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks.

Currency Risk – Changes in currency exchange rates may negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses. The Fund’s net currency positions may expose it to risks independent of its securities positions.

Currency Swaps Risk – Currency swaps are subject to market risk, counterparty risk, and the risk of imperfect correlation between profit or loss on the currency swap and the underlying currency exchange rate. In the event of the insolvency of the counterparty, the Fund may sustain losses or be unable to liquidate the swap position.

Derivatives Risk – A small investment in derivatives could have a potentially large impact on the Fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is a risk that changes in the value of a derivative held by the Fund will not correlate with the Fund’s other investments. Gains or losses from speculative positions in a derivative may be much greater than the derivative’s original cost and potential losses may be substantial.

Emerging Market Risk – The Fund may invest in countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on Public Company Accounting Oversight Board inspection, investigation, and enforcement. Therefore, the availability and reliability of information material to an investment decision, particularly financial information, in emerging market companies may be limited in the scope and reliability as compared to information provided by U.S. companies. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, the Fund may have to accept a lower price. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to meet cash obligations or take advantage of other investment opportunities.

Equity Index Swaps Risk – Equity swaps are subject to liquidity risk because the liquidity of equity swaps is based on the liquidity of the underlying instrument, and are subject to the risk that the counterparty to the equity swap may be unable to or unwilling to make payments or otherwise honor its financial obligations under the terms of the contract.

Options Risk – There are risks associated with the sale of call and put options. As the seller (writer) of a call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise option price. As a seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price.

Subsidiary Risk – By investing in FDFC, the Fund is indirectly exposed to the risks associated with FDFC’s investments. The commodity-related instruments held by FDFC are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund (see “Commodities Risk” above). There can be no assurance that the investment objective of FDFC will be achieved. FDFC is not registered under the 1940 Act, and, unless otherwise noted in the Fund’s prospectus, is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns FDFC, and the Fund and FDFC are both managed by the advisor, making it unlikely that FDFC will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including its investment in FDFC, and the Fund’s role as sole shareholder of FDFC. To the extent applicable to the investment activities of FDFC, FDFC will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

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 the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, regulatory events, tariffs and trade wars, international conflicts, 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 the U.S. financial market.

Security Transactions and Related Income – Security transactions are accounted for on a trade date basis. 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. 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. Foreign withholding taxes and foreign capital gains taxes, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid semi-annually. 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 (i.e., deferred losses, capital loss carry forwards) 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. Dividends and distributions to shareholders are recorded on the ex-dividend date.

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 fund in the Trust.

Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a financial institution in an amount that is in excess of federally insured limits.

Restricted Cash and Deposits with Brokers – At June 30, 2026, the Fund held restricted cash in connection with investments in certain derivative securities. Restricted cash is held in a segregated account with the Fund’s custodian and/or counterparty broker and is reflected in the Consolidated Statement of Assets and Liabilities as cash collateral for derivative instruments. On June 30, 2026, the Fund pledged the following amounts as collateral for open currency contracts, options, futures and swap contracts:

Federal Income Taxes – The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability should be recorded related to uncertain tax positions taken on returns filed for open tax years (2023 – 2025) or expected to be taken on the Fund’s 2026 return. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to equity securities, fixed income securities, interest rates, commodities, or currency exchange rates and related indexes. The Fund may also use these derivatives to modify or hedge the Fund’s exposure to a particular investment market related risk, as well as to manage the volatility of the Fund. Additionally, the Fund may use derivatives to manage cash. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it

difficult for the Fund to sell at favorable prices) and the potential for market movements, which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities.

Specific types of derivative instruments used by the Fund for the year ended June 30, 2026, include purchased options; written options; forward currency and futures contracts; and interest rate, credit default, dispersion and total return swaps. All open derivative positions are listed on the Consolidated Schedule of Investments.

Foreign Currency – The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the 4:00 pm 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.

Forward Foreign Currency Contracts – As foreign securities are purchased and sold, the Fund may enter into forward foreign currency contracts in order to hedge against foreign currency exchange rate risks. The market value of the contracts fluctuate with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The Fund’s investments in forward foreign currency contracts exposes the Fund to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position.

Forward foreign currency contracts outstanding as of June 30, 2026 are reflected in the Consolidated Schedule of Investments.

Futures – The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. To manage equity price risk, the Fund may enter into futures contracts. Upon entering a futures contract with a broker, the Fund deposits a “cash deposit” with the broker as recorded in the accompanying Consolidated Statement of Assets and Liabilities. The Fund also invests in “London Metal Exchange (“LME”) futures contracts” which settle on their respective maturity dates, and do not have daily cash movements like other futures contracts. Futures contracts are marked-to-market daily and subsequent payments (variation margin) are made or received by a fund depending on the cumulative fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). When a contract is closed, the Fund recognizes 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 Fund 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 year end are listed in the Fund’s Consolidated Schedule of Investments.

Option Transactions – When the Fund writes a put or call option, an amount equal to the premium received is included in the Consolidated 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 the 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, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right, but not the obligation, to buy from the writer of the option the security underlying the option at a specified exercise or “strike” price by or before the contract’s expiration. Put options are purchased to hedge against a decline in the value of securities held in the Fund’s portfolio. If such a decline occurs, the put options will permit the 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 the 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 risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Securities held as collateral for options, if any, are reported on the Consolidated Schedule of Investments.

Swap Agreements – The Fund is subject to equity price risk, interest rate risk, credit risk, currency risk, volatility risk, counterparty risk and/or commodity risk in the normal course of pursuing its investment objective. The Fund may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each day as reported by the swap counterparty. Realized gains and losses from the decrease in notional value of the swap are recognized on the trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Consolidated Statement of Operations.

Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. In order to maintain prudent risk exposure to the counterparty, the advisor will reduce exposure to the counterparty whenever that exposure exceeds 5% of the net assets of the Fund for a period of one week or such lesser time as the advisor may determine. If the advisor determines that the counterparty presents an imprudent risk, the swap may be terminated in its entirety.

Total Return Swaps – The Fund may also engage in total return swaps, in which payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as a fixed income security, a combination of securities, or an index). The value of the Fund’s swap positions would increase or decrease depending on the changes in value of the underlying rates, currency values, volatility or other indices or measures. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Fund’s investments and its share price. The Fund’s ability to engage in certain swap transactions may be limited by tax considerations.

Interest Rate Swaps – The Fund may enter into interest rate swaps. The two parties to the swap exchange the right to receive floating interest payments versus fixed interest payments. The value of an interest rate swap will change based on the spread between the rates.

Credit Default Swaps – The Fund enters into credit default swap agreements, credit default index swap agreements and similar agreements as a protection “seller” or as a “buyer” of credit protection. The credit default swap agreement or similar instruments may have as reference obligations one or more securities that are not held by the Fund. The protection “buyer” in a credit default swap agreement is generally obligated to pay the protection “seller” a periodic stream of payments over the term of the agreement, provided generally that no credit event on a reference obligation has occurred. In addition, at the inception of the agreement, the protection “buyer” may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, an auction process is used to determine the “recovery value” of the contract. The seller then must pay the buyer the “par value” (full notional value) of the swap contract minus the “recovery value” as determined by the auction process. For credit default index swaps, the settlement payment for a constituent’s credit event is scaled down to the weighting in the index.

As a seller of protection, the Fund generally receives a fixed rate of income throughout the term of the swap provided that there is no credit event. In addition, at the inception of the agreement, the Fund may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, the Fund will be generally obligated to pay the buyer the “par value” (full notional value) of the swap contract minus the “recovery value” as determined by the auction process. Credit default swaps could result in losses if the advisor does not correctly evaluate the creditworthiness of the underlying instrument on which the credit default swap is based. Additionally, if the Fund is a seller of a credit default swap and a credit event occurs, the Fund could suffer significant losses.

Changes in the value of swaps are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as premiums paid for swap contracts. The risk of loss on a swap contract may exceed the amount recorded as an asset or liability on the Consolidated Statement of Assets and Liabilities. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. Risks associated with swap contracts include changes in the returns of underlying instruments, failure of the counterparties to perform under a contract’s terms and the possible lack of liquidity with respect to the contracts.

Dispersion Swaps – The Fund may enter into dispersion swap agreements as part of its investment strategy. Dispersion swaps are over-the-counter derivative contracts that provide exposure to the difference between the realized or implied volatility of an equity index and the realized or implied volatility of the individual securities comprising that index. Generally, a dispersion position seeks to benefit from changes in the correlation among the underlying constituents of an index rather than from directional movements in the equity markets. The value of a dispersion swap is based on the relative performance and volatility characteristics of the reference index and its component securities. Payments under the contract are typically determined by comparing the realized or implied dispersion of the underlying securities to a contractually agreed-upon level.

The following table presents the Fund’s asset and liability derivatives available for offset under a master netting arrangement along with collateral pledged for these contracts as of June 30, 2026.

Impact of Derivatives on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations

The following is a summary of the location of derivative investments on the Fund’s Consolidated Statement of Assets and Liabilities as of June 30, 2026:

The following table sets forth the fair value of the Fund’s derivative contracts by primary risk exposure as of June 30, 2026:

The following is a summary of the location of derivative investments on the Fund’s Consolidated Statement of Operations for the year ended June 30, 2026:

The following is a summary of the Fund’s realized and unrealized gain/(loss) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the year ended June 30, 2026:

The notional value of the derivative instruments outstanding as of June 30, 2026 as disclosed in the Consolidated Portfolio of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

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

For the year ended June 30, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. Government securities amounted to $45,237,154 and $41,400,470, respectively.

Fulcrum Asset Management LLP serves as the Fund’s investment advisor (the “Advisor”). Pursuant to an investment advisory agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, calculated and accrued daily and paid monthly, at an annual rate of 0.90% of the Fund’s average daily net assets. For the year ended June 30, 2026, the Advisor earned $2,499,639 in advisory fees. As of June 30, 2026, the Fund had a payable for advisory fees of $162,667.

Pursuant to a written contract (the “Waiver Agreement”) and effective as of October 29, 2025, the Advisor contractually agreed, at least until October 28, 2026, to waive a portion or all of its management fees and pay Fund expenses (excluding any shareholder servicing fees; front end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; 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))) in order to limit the annual fund operating expenses to 1.20% of the average daily net assets of each of the Super Institutional Class and Institutional Class shares (the “Expense Limitation”) . Prior to October 29, 2025, the Advisor agreed to waive a portion or all of its management fees in order to limit the annual fund operating expenses to 1.17% of the average daily net assets of each of the Super Institutional Class and Institutional Class shares.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund’s operating expenses are subsequently less than the Expense Limitation, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund’s expenses to exceed the Expense Limitation that was in place at the time of the original expense waiver. If Fund operating expenses attributable to Super Institutional Class shares or Institutional Class shares subsequently exceed the Expense Limitation, the reimbursements shall be suspended. For the year ended June 30, 2026, the Advisor waived $124,863 of fees which are subject to recapture by the Advisor.

As of June 30, 2026, the Advisor has waived fees that can be recouped up to three years from the date incurred before expiring as summarized below:

The distributor of the Fund is Northern Lights Distributors, LLC (the “Distributor”). The Board has adopted, on behalf of the Fund, the Trust’s Master Distribution and Shareholder Servicing Plan (the “Plan”), as amended, pursuant to Rule 12b-1 under the 1940 Act. For the year ended June 30, 2026, the Fund did not pay distribution related charges pursuant to the Plan.

In addition, certain affiliates of the Distributor provide services to the Fund 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 Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Fund 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 Fund.

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

The Trust engages an insurance broker affiliated with UFS for the purposes of assisting the Trust in obtaining its insurance policies.

In addition, the Fund’s Custodian, U.S. Bank NA is affiliated with U.S. Bank Global Fund Services.

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at June 30, 2026, were as follows:

The tax character of distributions paid during the following fiscal years was as follows:

As of June 30, 2026, 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, accumulated net realized losses and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales, and the mark-to-market on open section 1256 futures and option contracts, passive foreign investment companies, forward contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized net foreign currency gains of $272,473.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $1,428,895.

During the fiscal year ended June 30, 2026, the Fund 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 and tax adjustments for the Fund’s wholly owned subsidiary, resulted in reclassifications for the Fund for the fiscal year ended June 30, 2026, as follows:

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

To the Shareholders of Fulcrum Diversified Absolute Return Fund and
Board of Trustees of Northern Lights Fund Trust IV

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fulcrum Diversified Absolute Return Fund (the “Fund”), a series of Northern Lights Fund Trust IV, as of June 30, 2026, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated 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 Fund as of June 30, 2026, the results of its operations for the year then ended, the 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, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s financial highlights for the year ended June 30, 2022, were audited by other auditors whose report dated September 1, 2022, expressed an unqualified opinion on those financial highlights.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on October 23, 2025 (the “Meeting”), the Trustees, all of whom are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the “Fulcrum Advisory Agreement”) between Fulcrum Asset Management LLP (“Fulcrum”) and the Trust, with respect to Fulcrum Diversified Absolute Return Fund (the “FDAR”). In considering the renewal of the Fulcrum Advisory Agreement, the Board received materials specifically relating to the Fulcrum Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Fulcrum 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 Fulcrum Advisory Agreement on behalf of FDAR and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Fulcrum Advisory Agreement.

Nature, Extent and Quality of Services. The Board reviewed the key personnel servicing FDAR, noting certain recent changes. The Board reviewed the investment advisory services provided by Fulcrum to FDAR, which included investment research, portfolio management, risk management, compliance and client services. The Board observed Fulcrum’s investment process. The Board reviewed the members of and services provided by Fulcrum’s investment committee, which managed FDAR’s portfolio. The Board noted the factors that Fulcrum considers when selecting broker-dealers for portfolio transactions, which includes cost of execution, technological sophistication and creditworthiness. The Board noted that Fulcrum retains a third-party cybersecurity consultant to provide guidance on any cybersecurity enhancements. The Board further noted that Fulcrum did not report any compliance issues nor any material litigation or administration action since the last renewal of the advisory agreement. The Board concluded it could expect Fulcrum to continue to provide satisfactory services to FDAR and its shareholders.

Performance. The Board noted that FDAR had net returns of 8.53% for the 1-year period ended August 31, 2025, outperforming its peer group median, Morningstar Category median and benchmark, the ICE BofA 3-month U.S. Treasury Bill Index, which had net returns of 6.19%, 6.11% and 4.48%, respectively. The Board observed that FDAR underperformed its peer group and Morningstar category medians over the 3-year, 5-year and since inception periods ended August 31, 2025, but outperformed its benchmark index over the 5-year and since inception periods. The Board observed

that FDAR ranked in the first quartile of its peer group and Morningstar category, with respect to its net returns, for the 1-year period ended August 31, 2025, ranking 3 out of 10 of its peer group and 3 out of 11 of its Morningstar category. The Board further observed that FDAR ranked in the first quartile of its peer group and Morningstar category, with respect to the standard deviation, for the 3-year, 5-year and since inception periods. The Board concluded that FDAR’s performance was acceptable.

Fees and Expenses. The Board observed that Fulcrum’s advisory fee of 0.90% was below its Morningstar category and peer group averages and medians. The Board further noted that FDAR’s net expense ratio of 1.22% was above its peer group and Morningstar category averages and medians but below the highs of each, which were 1.83% and 1.75%, respectively. The Board noted that Fulcrum would have an expense limitation agreement in place. The Board concluded that the fee for FDAR was not unreasonable.

Profitability. The Board reviewed the profitability analysis provided by Fulcrum of FDAR, noting that Fulcrum was earning a modest profit for FDAR. The Board determined that excessive profitability was not an issue for Fulcrum with respect to FDAR at this time.

Economies of Scale. The Board considered whether economies of scale had been reached with respect to the management of FDAR. The Board noted that there were no perceived economies of scale at this time, but Fulcrum indicated a willingness to revisit the topic at the appropriate time.

Conclusion. Having requested such information from Fulcrum 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 renewal of the advisory agreement between Fulcrum and the Trust, on behalf of FDAR, was in the best interests of FDAR and its shareholders.

Information regarding how the Fund voted proxies related to portfolio securities for the twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies, is available without charge, upon request by (i) calling (855) 538-5278; (ii) visiting the Fund’s website at www.fulcrumassetfunds.com; or (iii) referring to the Securities and Exchange Commission’s website at http://www.sec.gov.

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.

(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.

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

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 Drive, Suite 450, Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

(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. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%).

(g)	All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2025 and 2026, 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.

Super Institutional Class	FARYX
Institutional Class	FARIX

Shares			Fair Value
		COMMON STOCKS — 9.8%
		ADVERTISING & MARKETING - 0.0%^(a)
	76	Omnicom Group, Inc.	$	5,535
	2,770	Trade Desk, Inc. (The), Class A^(b)		50,082
				55,617
		AEROSPACE & DEFENSE - 0.2%
	340	Dassault Aviation S.A.^(c)		111,509
	11	Rheinmetall A.G.^(c)		12,442
	302	RTX Corporation		57,298
	3,119	Saab A.B.^(c)		161,746
	628	Safran S.A.^(c)		247,413
				590,408
		APPAREL & TEXTILE PRODUCTS - 0.1%
	1,338	Deckers Outdoor Corporation^(b)		132,850
	122	Hermes International SCA^(c)		222,629
				355,479
		ASSET MANAGEMENT - 0.1%
	161	3i Group PLC^(c)		5,309
	205	Blackrock, Inc.		197,120
	543	Groupe Bruxelles Lambert N.V.^(c)		49,420
	227	ICG PLC^(c)		5,086
	74	Voya Financial, Inc.		6,699
				263,634
		AUTOMOTIVE - 0.1%
	2	Niterra Company Ltd.^(c)		132
	925	Tesla, Inc.^(b)		389,055
				389,187
		BANKING - 0.4%
	4,110	Bank of America Corporation		234,188
	296	Bank of Ireland Group PLC^(c)		5,890
	267	Bank of Nova Scotia (The)^(c)		23,206
	2,935	Barclays PLC^(c)		19,722
	114	Danske Bank A/S^(c)		6,103
	50	Erste Group Bank A.G.^(c)		6,686
	7,042	HSBC Holdings PLC^(c)		133,646
	702	JPMorgan Chase & Company		229,786

(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)	Not applicable

(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)	Not applicable

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

Shares			Fair Value
		COMMON STOCKS — 9.8% (Continued)
		BANKING - 0.4% (Continued)
	43	KBC Group N.V.^(c)	$	5,858
	13,034	Lloyds Banking Group PLC^(c)		19,208
	1,892	NatWest Group PLC^(c)		16,739
	9,069	Standard Chartered PLC^(c)		245,517
	2,152	Sumitomo Mitsui Financial Group, Inc.^(c)		83,997
	282	UniCredit SpA^(c)		25,202
	8,138	Westpac Banking Corporation^(c)		198,283
				1,254,031
		BEVERAGES - 0.1%
	171	Celsius Holdings, Inc.^(b)		5,007
	3,103	Monster Beverage Corporation^(b)		298,260
	38	PepsiCo, Inc.		5,145
				308,412
		BIOTECH & PHARMA - 0.5%
	386	AbbVie, Inc.		97,133
	124	Amgen, Inc.		44,903
	1,731	AstraZeneca PLC^(c)		323,740
	390	Bayer A.G.^(c)		21,560
	465	Bristol-Myers Squibb Company		26,793
	98	CSL Ltd.^(c)		7,781
	5,087	Daiichi Sankyo Company Ltd.^(c)		81,616
	311	Eli Lilly & Company		373,022
	980	Johnson & Johnson		248,891
	569	Merck & Company, Inc.		73,117
	416	Novartis A.G.^(c)		65,172
	639	Novo Nordisk A/S, Class B^(c)		30,732
	268	Sanofi S.A.^(c)		22,978
				1,417,438
		CABLE & SATELLITE - 0.0%^(a)
	881	Comcast Corporation, Class A		21,629

		CHEMICALS - 0.1%
	48	CF Industries Holdings, Inc.		5,196
	2,904	Corteva, Inc.		245,940

	Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value
CURRENCY OPTIONS PURCHASED – 3.0%
CALL OPTIONS PURCHASED - 0.6%
AUDcCADp Digi 0.9575	JPM	10/08/2027	$	0.9500		312,000	112,005
AUDcCADp Digi 1.0488	JPM	01/08/2027		1.0400		1,051,000	30,885
AUDcNZDp OT 1.36	BAR	06/28/2027		1.3600		12,404,000	300,422
AUDcSEKp Digi 7.15	JPM	04/28/2028		7.1500		514,000	48,934
AUDcUSDp Digi 0.7100	JPM	08/11/2026		0.7100		375,967	38,778
AUDcUSDp OT 0.84	JPM	01/29/2027		0.8400		2,195,000	13,670
EURcGBPp 0.875	JPM	07/10/2026		0.8700		11,650,000	1,478
EURcGBPp 0.90	JPM	11/11/2026		0.9000		8,402,000	18,788
EURcGBPp Digi 0.8694	JPM	12/11/2026		0.8600		179,000	83,185
EURcGBPp Digi 0.89	JPM	07/16/2026		0.8900		511,000	2,048
EURcHUFp 370	JPM	07/23/2026		370.0000		4,452,000	5,535
EURcHUFp Digi 388	JPM	01/28/2027		388.0000		468,000	65,055
EURcHUFp Digi 505	JPM	03/31/2028		505.0000		457,000	13,104
EURcUSDp 1.23	JPM	09/28/2026		1.2300		8,281,000	1,507
EURcUSDp Digi 1.4250	JPM	07/03/2026		1.4200		1,111,000	1
GBPcUSDp OT 1.5750	JPM	09/14/2026		1.5700		310,000	0
KRWcCADp Digi 1015	JPM	06/03/2027		1,015.0000		565,000	55,168
NZDcCADp Digi 0.8475	JPM	09/08/2026		0.8400		846,000	15,269
NZDcCHFp Digi 0.49	JPM	12/09/2026		0.4900		856,000	18,707
NZDcUSDp OT 0.75	JPM	01/29/2027		0.7500		1,265,000	431
USDcBRLp 5.49	JPM	07/21/2026		5.4900		4,721,985	5,635
USDcBRLp Digi 5.45	JPM	07/02/2026		5.4500		116,949	1
USDcBRLp Digi 5.48	JPM	07/07/2026		5.4800		212,792	1,177
USDcBRLp Digi 5.49	JPM	07/21/2026		5.4900		113,919	5,107

Contracts
		INDEX OPTIONS PURCHASED^(e) - 0.6%
		CALL OPTIONS PURCHASED - 0.3%
	490	Cboe Volatility Index VIX US	MS	07/22/2026	60.0000	806,050	2,450
	490	Cboe Volatility Index VIX US	MS	07/22/2026	65.0000	806,050	1,960
	490	Cboe Volatility Index VIX US	MS	07/22/2026	70.0000	806,050	1,960
	760	Cboe Volatility Index VIX US	MS	07/22/2026	75.0000	1,250,200	2,280
	510	Cboe Volatility Index VIX US	MS	07/22/2026	80.0000	838,950	2,040
	760	Cboe Volatility Index VIX US	MS	07/22/2026	85.0000	1,250,200	1,520
	280	Cboe Volatility Index VIX US	MS	07/22/2026	95.0000	460,600	700
	280	Cboe Volatility Index VIX US	MS	07/22/2026	100.0000	460,600	840
	280	Cboe Volatility Index VIX US	MS	07/22/2026	120.0000	460,600	1,400

Principal
Amount ($)			Yield (%)	Maturity
		SHORT-TERM INVESTMENTS — 57.1%
		U.S. TREASURY BILLS — 57.1%
	17,200,000	United States Treasury Bill	3.5400	07/02/26		17,198,282
	10,100,000	United States Treasury Bill	3.2700	07/09/26		10,091,864
	10,200,000	United States Treasury Bill	3.5100	07/23/26		10,177,510
	10,000,000	United States Treasury Bill	3.5800	08/06/26		9,963,850
	13,300,000	United States Treasury Bill	3.6200	08/13/26		13,242,175
	15,200,000	United States Treasury Bill	3.6800	08/27/26		15,111,555
	18,200,000	United States Treasury Bill	3.6700	09/03/26		18,081,902
	7,100,000	United States Treasury Bill	3.6700	09/10/26		7,049,030
	18,700,000	United States Treasury Bill	3.7700	10/08/26		18,508,956
	15,300,000	United States Treasury Bill	3.7600	10/15/26		15,133,297
	15,800,000	United States Treasury Bill	3.8300	11/12/26		15,579,458
	15,900,000	United States Treasury Bill	3.8500	11/27/26		15,652,087
	16,700,000	United States Treasury Bill^(h)	3.9000	12/10/26		16,414,055
		TOTAL SHORT-TERM INVESTMENTS (Cost $182,239,225)				182,204,021

		TOTAL INVESTMENTS - 78.9% (Cost $254,403,190)			$	251,686,594
		CALL OPTIONS WRITTEN - (1.0)% (Premiums received - $7,249,913)				(3,465,229	)
		PUT OPTIONS WRITTEN - (1.6)% (Premiums received - $3,733,574)				(4,924,248	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 23.7%				75,704,905
		NET ASSETS - 100.0%			$	319,002,022

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount⁽ⁱ⁾		Value and Unrealized Appreciation (Depreciation)
	2	Carbon Emissions Future^(h)	12/15/2026	$	183,076	$	(526	)
	17	CBOE Volatility Index Future	07/23/2026		305,162		(21,631	)
	244	CBOT 10 Year US Treasury Note	09/22/2026		26,813,313		54,516
	821	CBOT 30 Day Federal Funds Future	09/01/2026		329,418,394		(330,587	)
	22	CBOT Soybean Future^(h)	11/16/2026		1,258,125		(52,995	)
	132	CBOT Soybean Meal Future^(h)	12/15/2026		4,000,920		(184,520	)
	28	CBOT Soybean Oil Future^(h)	12/15/2026		1,097,880		(132,392	)
	118	CBOT US Treasury Bond Futures	09/22/2026		13,393,000		(25,489	)
	50	CBOT Wheat Future^(h)	09/15/2026		1,473,125		(73,841	)
	25	CME E-mini Russell 2000 Index Futures	09/21/2026		3,807,000		51,850
	16	CME E-Mini Standard & Poor’s 500 Index Future	09/21/2026		6,038,600		78,812
	12	CME Feeder Cattle Future^(h)	08/28/2026		2,187,600		(7,666	)
	413	CME Japanese Yen Currency Future	09/15/2026		31,940,387		(214,575	)

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount⁽ⁱ⁾		Value and Unrealized Appreciation (Depreciation)
	14	CME Live Cattle Future^(h)	09/01/2026	$	1,357,580	$	12,805
	106	CME Mexican Peso Currency Future	09/15/2026		3,011,460		(4,695	)
	4	CME New Zealand Dollar Currency Future	09/15/2026		227,760		924
	8	CME Swedish Krona Currency Future	09/15/2026		1,656,000		4,200
	7	COMEX Gold 100 Troy Ounces Future^(h)	08/28/2026		2,826,950		(18,385	)
	2	COMEX Silver Future^(h)	09/29/2026		599,220		(96,350	)
	2	E-mini Dow Jones Industrial Average Index Futures	09/21/2026		526,700		6,060
	32	Eurex 10 Year Euro BUND Future	09/09/2026		4,653,283		15,846
	26	Eurex 30 Year Euro BUXL Future	09/09/2026		3,302,181		4,101
	26	Euro-BTP Italian Bond Futures	09/09/2026		3,543,565		22,341
	14	Euronext CAC 40 Index Future	07/20/2026		1,344,524		(6,724	)
	25	French Government Bond Futures	09/09/2026		3,425,260		11,611
	20	FTSE 100 Index Future	09/21/2026		2,796,488		3,165
	3	FTSE/MIB Index Future	09/21/2026		888,661		(11,412	)
	18	HKG Hang Seng Index Future	07/31/2026		2,621,796		(20,229	)
	61	ICE Brent Crude Oil Future^(h)	08/03/2026		4,449,950		(976,707	)
	98	ICE Brent Crude Oil Future^(h)	11/02/2026		7,128,520		(779,371	)
	25	ICE Gas Oil Future^(h)	08/13/2026		2,277,500		(172,780	)
	10	ICE Natural Gas Future^(h)	07/31/2026		429,488		31,198
	51	KCBT Hard Red Winter Wheat Future^(h)	09/15/2026		1,594,388		(81,116	)
	1	KFE KOSPI 200 Index Future	09/11/2026		223,852		(22,906	)
	4	LME Copper Future^(h)	08/18/2026		1,337,799		(60,829	)
	7	LME Nickel Future^(h)	08/18/2026		680,107		(120,619	)
	275	LME Primary Aluminum Future^(h)	07/14/2026		21,150,044		(886,462	)
	44	LME Primary Aluminum Future^(h)	08/18/2026		3,391,663		(296,956	)
	119	LME Primary Aluminum Future^(h)	09/15/2026		9,182,189		(215,077	)
	12	LME Zinc Future^(h)	08/18/2026		1,074,888		(8,792	)
	3	MEFF Madrid IBEX 35 Index Future	07/20/2026		664,495		13,680
	6	Mini-DAX Futures	09/21/2026		861,117		236
	16	Montreal Exchange 10 Year Canadian Bond Future	09/21/2026		1,366,255		7,284
	9	Montreal Exchange S&P/TSX 60 Index Future	09/18/2026		2,608,940		(17,560	)
	9	NYBOT CSC Coffee Future^(h)	09/21/2026		1,000,519		141,356
	18	NYBOT CSC Number 11 World Sugar Future^(h)	10/01/2026		298,771		(680	)
	95	NYMEX Henry Hub Natural Gas Futures^(h)	07/30/2026		3,111,250		80,315
	33	NYMEX Light Sweet Crude Oil Future^(h)	07/22/2026		2,293,500		(540,123	)
	12	NYMEX Light Sweet Crude Oil Future^(h)	08/21/2026		831,240		(55,533	)
	10	NYMEX NY Harbor ULSD Futures^(h)	08/03/2026		1,356,222		(149,885	)
	2	NYMEX Platinum Future^(h)	10/29/2026		156,580		(24,930	)
	28	OML Stockholm OMXS30 Index Future	07/20/2026		929,034		16,233
	59	OSE Nikkei 225 mini Future	09/11/2026		2,547,120		49,727
	39	Robusta Coffee Future 10-Tonne^(h)	09/25/2026		1,426,620		115,698
	2	SAFEX FTSE/JSE Top 40 Index Future	09/18/2026		125,288		(7,274	)
	84	SFE 10 Year Australian Bond Future	09/16/2026		6,383,413		26,633
	5	SFE S&P ASX Share Price Index 200 Future	09/18/2026		759,117		(11,396	)
	41	SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines^(h)	09/01/2026		405,818		1,136
	16	SGX MSCI Singapore Index Future	07/31/2026		591,761		(2,962	)
	120	Three-Month SOFR Futures	09/15/2026		28,825,500		(64,725	)

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount⁽ⁱ⁾		Value and Unrealized Appreciation (Depreciation)
	2	NYMEX Reformulated Gasoline Blendstock for Oxygen^(h)	08/03/2026	$	243,172	$	(2,104	)
	821	One-Month SOFR Futures	09/01/2026		329,332,865		356,238
	39	SFE 3 Year Australian Bond Future	09/16/2026		2,822,757		(697	)
	20	SGX FTSE China A50 Futures Contract	07/31/2026		310,280		2,633
	10	TTF Natural Gas^(h)	07/31/2026		369,103		(22,836	)
	26	VSTOXX Futures	07/23/2026		52,255		3,339
	126	WCE Canola Future^(h)	11/16/2026		1,306,463		55,628
		TOTAL SHORT FUTURES CONTRACTS					166,155
		TOTAL FUTURES CONTRACTS					(4,604,398	)

OPEN FORWARD FOREIGN EXCHANGE CONTRACTS

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy:
Australian Dollar	07/31/2026	JPM		3,706,042	$	2,563,119	$	7,291
British Pound	07/31/2026	JPM		1,634,302		2,167,721		7,657
Hungarian Forints	07/31/2026	JPM		1,020,026,206		3,271,993		(10,534	)
New Zealand Dollar	07/31/2026	JPM		3,882,520		2,206,447		9,632
Norwegian Krone	07/31/2026	JPM		30,311,242		3,061,150		614
Polish Zloty	07/31/2026	JPM		4,948,107		1,315,289		(340	)
South African Rand	07/31/2026	JPM		51,915,350		3,161,258		14,175
Turkish Lira	07/31/2026	JPM		41,532,000		868,914		191
Brazilian Real	09/16/2026	JPM		50,477,425		9,585,079		26,888
Chilean Peso	09/16/2026	JPM		5,639,640,469		6,120,764		(78,111	)
Colombian Peso	09/16/2026	JPM		14,593,113,360		4,195,491		82,076
Egyptian Pound	09/16/2026	JPM		430,588,916		8,468,568		568,975
Indian Rupee	09/16/2026	JPM		394,360,745		4,142,998		18,271
Indonesia Rupiah	09/16/2026	JPM		15,839,501,167		879,457		(8,749	)
Nigerian Naira	09/16/2026	JPM		1,237,116,000		895,760		35,760
Philippine Peso	09/16/2026	JPM		91,711,667		1,488,595		(22,715	)
South Korean Won	09/16/2026	JPM		8,771,020,063		5,675,735		(103,264	)
Taiwanese Dollar	09/16/2026	JPM		104,806,723		3,283,379		(25,629	)
Turkish Lira	09/16/2026	JPM		292,194,692		5,896,071		437,975
Turkish Lira	09/17/2026	JPM		27,308,000		550,597		43,891
Nigerian Naira	12/16/2026	JPM		1,053,771,720		763,006		115,006
Turkish Lira	09/27/2027	JPM		44,064,000		699,223		88,694
								1,207,754
To Sell:
Australian Dollar	07/31/2026	JPM		881,321		609,526		189
British Pound	07/31/2026	JPM		1,762,643		2,337,951		(1,691	)
Chinese Yuan	07/31/2026	JPM		42,840,428		6,321,084		(10,844	)
Euro	07/31/2026	JPM		272,880		312,004		(551	)
Mexican Peso	07/31/2026	JPM		139,596,966		7,961,577		3,065

OPEN FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Sell: (continued)
New Zealand Dollar	07/31/2026	JPM		1,410,114	$	801,372	$	(1,291	)
Norwegian Krone	07/31/2026	JPM		684,191		69,097		(97	)
Polish Zloty	07/31/2026	JPM		1,470,233		390,812		188
Singapore Dollar	07/31/2026	JPM		395,497		306,375		(36	)
Swedish Krona	07/31/2026	JPM		3,081,973		318,404		(301	)
Swiss Franc	07/31/2026	JPM		279,591		347,211		(178	)
Brazilian Real	09/16/2026	JPM		18,072,456		3,431,750		250
Chilean Peso	09/16/2026	JPM		3,506,848,829		3,806,022		92,355
Colombian Peso	09/16/2026	JPM		11,632,048,596		3,344,191		(37,547	)
Egyptian Pound	09/16/2026	JPM		257,552,624		5,065,393		(162,348	)
Indian Rupee	09/16/2026	JPM		402,790,568		4,231,559		(43,179	)
Indonesia Rupiah	09/16/2026	JPM		54,660,719,757		3,034,927		2,314
Nigerian Naira	09/16/2026	JPM		1,237,116,000		895,760		(84,170	)
Philippine Peso	09/16/2026	JPM		154,737,982		2,511,591		434
South Korean Won	09/16/2026	JPM		9,415,087,224		6,092,512		88,307
Taiwanese Dollar	09/16/2026	JPM		199,934,685		6,263,542		51,048
Turkish Lira	09/16/2026	JPM		292,194,692		5,896,071		(216,531	)
Turkish Lira	09/17/2026	JPM		27,308,000		550,597		(19,378	)
Nigerian Naira	12/16/2026	JPM		1,053,771,720		763,006		(72,756	)
Turkish Lira	09/27/2027	JPM		44,064,000		699,223		(87,223	)
								(499,971	)
						Total		707,783

Shares			Fair Value
		COMMON STOCKS — 9.8% (Continued)
		CHEMICALS - 0.1% (Continued)
	252	Mosaic Company (The)	$	5,340
				256,476
		COMMERCIAL SUPPORT SERVICES - 0.1%
	197	Compass Group PLC^(c)		6,363
	2	Recruit Holdings Company Ltd.^(c)		139
	1,050	Republic Services, Inc.		223,734
	791	Waste Connections, Inc.^(c)		131,837
	212	Waste Management, Inc.		47,251
				409,324
		CONSTRUCTION MATERIALS - 0.0%^(a)
	1,488	Kingspan Group PLC^(c)		135,852

		DIVERSIFIED INDUSTRIALS - 0.0%^(a)
	121	Emerson Electric Company		17,321
	2,394	Hitachi Ltd.^(c)		65,834
	159	Siemens A.G.^(c)		51,048
				134,203
		E-COMMERCE DISCRETIONARY - 0.3%
	3,248	Amazon.com, Inc.^(b)		774,127

		ELECTRIC UTILITIES - 0.3%
	2,179	Boralex, Inc.^(c)		56,845
	11,024	E.ON S.E.^(c)		226,913
	8,118	EDP Renewables S.A.^(c)		131,360
	1,187	Elia Group S.A.^(c)		189,497
	1,783	Enel SpA^(c)		20,471
	180	Engie S.A.^(c)		5,671
	86	Eversource Energy		6,215
	129	FirstEnergy Corporation		6,133
	4,577	Iberdrola S.A.^(c)		114,151
	1,525	RWE A.G.^(c)		98,602
	158	Sempra		14,648
	427	SSE PLC^(c)		13,797
	488	Terna - Rete Elettrica Nazionale^(c)		5,706

Shares			Fair Value
		COMMON STOCKS — 9.8% (Continued)
		ELECTRIC UTILITIES - 0.3% (Continued)
	863	Tohoku Electric Power Company, Inc.^(c)	$	5,650
				895,659
		ELECTRICAL EQUIPMENT - 0.3%
	902	AMETEK, Inc.		218,231
	5,250	Assa Abloy A.B., Class B^(c)		185,403
	177	Carrier Global Corporation		12,983
	1,363	Daikin Industries Ltd.^(c)		206,943
	433	Novanta, Inc.^(b)(c)		70,250
	35	nVent Electric PLC^(c)		5,936
	35	Prysmian SpA^(c)		5,837
	33	Schindler Holding A.G.^(c)		10,946
	124	Schneider Electric S.E.^(c)		40,413
	434	Trane Technologies PLC^(c)		213,163
				970,105
		ENGINEERING & CONSTRUCTION - 0.1%
	24	Gaztransport Et Technigaz S.A.^(c)		5,095
	322	Quanta Services, Inc.		231,853
	1,032	WSP Global, Inc.^(c)		127,954
				364,902
		ENTERTAINMENT CONTENT - 0.0%^(a)
	273	Capcom Company Ltd.^(c)		5,058
	133	ROBLOX Corporation, Class A^(b)		7,233
	462	Take-Two Interactive Software, Inc.^(b)		115,490
	143	Versant Media Group, Inc.		5,149
				132,930
		FOOD - 0.0%^(a)
	819	Bakkafrost P/F^(c)		33,296
	270	Mowi ASA^(c)		4,987
	99	Salmar ASA^(c)		4,633
				42,916
		GAS & WATER UTILITIES - 0.0%^(a)
	47	American Water Works Company, Inc.		6,184
	1,374	Veolia Environnement S.A.^(c)		57,176
				63,360

Shares			Fair Value
		COMMON STOCKS — 9.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 0.5%
	1,633	Cardinal Health, Inc.	$	387,935
	1,659	Cencora, Inc.		469,464
	109	Centene Corporation^(b)		6,997
	303	Cigna Group (The)		83,531
	271	CVS Health Corporation		28,035
	47	Elevance Health, Inc.		18,176
	24	Humana, Inc.		9,533
	651	McKesson Corporation		491,896
	200	UnitedHealth Group, Inc.		83,126
				1,578,693
		HOME CONSTRUCTION - 0.0%^(a)
	39	DR Horton, Inc.		6,352
	118	KB Home		7,386
	66	Lennar Corporation, Class A		5,972
	122	Masco Corporation		9,928
	1	NVR, Inc.^(b)		6,813
	48	PulteGroup, Inc.		6,586
				43,037
		HOUSEHOLD PRODUCTS - 0.1%
	637	Colgate-Palmolive Company		58,400
	69	Estee Lauder Companies, Inc. (The), Class A		5,448
	541	Procter & Gamble Company (The)		79,332
	23,057	Unicharm Corporation^(c)		133,818
	543	Unilever PLC^(c)		32,609
				309,607
		INDUSTRIAL REIT - 0.1%
	265	Goodman Group^(c)		5,709
	1,794	Prologis, Inc.		243,032
				248,741
		INDUSTRIAL SUPPORT SERVICES - 0.0%^(a)
	1,730	Sunbelt Rentals Holdings, Inc.^(c)		126,117

		INSTITUTIONAL FINANCIAL SERVICES - 0.3%
	82	CME Group, Inc.		18,108

CREDIT DEFAULT SWAP AGREEMENTS
Description^*	Counterparty	Fixed Deal (Pay)Rate	Maturity Date	Notional Value			Fair Value			Amortized Upfront Payments Paid			Unrealized Appreciation
Markit CDX EM Series 45⁺	JPM	1.00%	6/20/2031	$	(5,480,000	)	$	(94,547	)	$	(136,614	)	$	42,067
Markit CDX NA HY Series 46⁺	JPM	5.00%	6/20/2031		(163,350	)		13,473			13,143			330
Markit CDX NA IG Series 46⁺	JPM	1.00%	6/20/2031		(5,423,000	)		120,995			110,382			10,613
Markit ITRAXX Europe Crossover Series 45⁺	JPM	5.00%	6/20/2031		(942,000	)		119,577			114,889			4,688
Markit ITRAXX Europe Series 45⁺	JPM	1.00%	6/20/2031		(3,502,000	)		90,912			88,568			2,344
TOTAL											Total			60,042

INTEREST RATE SWAP AGREEMENTS
Rate Received	Rate Paid	Payment Frequency	Maturity Date	Notional Value		Fair Value			Amortized Upfront Payments Paid			Unrealized Appreciation/ (Depreciation)
13.26%	CDI	Annually	1/2/2031	$	9,680,019	$	(481,707	)		(149,130	)	$	(332,577	)
CDI	14.60%	Annually	10/20/2026		32,375,519		26,585			(5,045	)		31,630
13.17%	CDI	Annually	1/2/2037		1,948,845		(177,790	)		(109,545	)		(68,245	)
SOFR	4.34%	Annually	11/15/2052		6,717,400		(115,805	)		—			(115,805	)
NIBOR	4.39%	Semi-Annually	9/16/2036		2,566,522		(25,957	)		434			(26,391	)
WIBOR	4.87%	Semi-Annually	9/16/2036		48,913		(2,281	)		8			(2,289	)
WIBOR	4.60%	Semi-Annually	9/16/2029		267,957		(5,323	)		32			(5,355	)
SONIA	4.28%	Annually	9/16/2029		68,974		(467	)		8			(475	)
SONIA	4.94%	Annually	9/16/2056		33,160		(765	)		11			(776	)
ESTR	2.89%	Annually	9/16/2076		504,168		(20,722	)		(170	)		(20,552	)
3.51%	SHIR	Annually	9/16/2036		2,560,640		12,634			1,140			11,494
5.16%	BUBOR	Annually	9/16/2036		1,159,040		41,545			39,886			1,659
5.21%	BUBOR	Annually	9/16/2031		5,946,268		122,043			79,972			42,071
BUBOR	5.35%	Semi-Annually	9/16/2029		400,646		(5,058	)		58			(5,116	)
0.71%	SARON	Annually	9/16/2036		188,497		2,914			1,958			956
0.26%	SARON	Annually	9/16/2028		6,311,992		18,448			60			18,388
2.94%	CORRA	Semi-Annually	9/16/2029		86,018		354			2			352
5.32%	ICP	Semi-Annually	9/16/2036		27,172		356			12			344
4.32%	SONIA	Annually	9/16/2028		6,833,574		35,446			36,750			(1,304	)
7.84%	JIBAR	Quarterly	9/16/2031		7,534,789		131,150			1,212			129,938
8.30%	JIBAR	Quarterly	9/16/2036		3,182,005		107,102			21,283			85,819
TONAR	1.53%	Annually	9/16/2028		27,987,356		(9,890	)		1,295			(11,185	)
TONAR	3.37%	Annually	9/16/2066		1,346,412		17,933			(4,798	)		22,731
3.37%	TONAR	Annually	9/16/2056		2,925,459		(29,342	)		8,651			(37,993	)
1.85%	SORA	Semi-Annually	9/16/2029		100,492		494			3			491
MIBOR	6.55%	Semi-Annually	9/16/2031		2,597,200		(36,894	)		(48	)		(36,846	)
TONAR	2.56%	Annually	9/16/2036		394		—			—			—
THOR	1.93%	Quarterly	9/16/2031		1,645,301		(23,764	)		312			(24,076	)
TAIBOR	2.41%	Quarterly	9/16/2031		4,139,755		(49,353	)		860			(50,213	)
2.31%	SORA	Semi-Annually	9/16/2036		15,460		292			2			290
HIBOR	3.40%	Quarterly	9/16/2029		3,503,965		551			(4,401	)		4,952
1.55%	7DRepo	Quarterly	9/16/2031		5,723,922		21,790			3,921			17,869
BILLS	3.78%	Quarterly	9/16/2029		1,369,365		(9,706	)		7			(9,713	)
4.31%	BILLS	Semi-Annually	9/16/2036		3,405,189		75,297			113			75,184
4.94%	BUBOR	Annually	6/11/2036		6,245,339		65,354			7,685			57,669
10.81%	IBR	Quarterly	9/16/2036		1,018,569		54,886			(332	)		55,218
8.34%	TIIE	Monthly	9/4/2036		1,759,077		19,529			32,416			(12,887	)
11.35%	IBR	Quarterly	9/16/2028		4,985,142		38,540			36,063			2,477
NIBOR	4.81%	Semi-Annually	9/16/2028		7,009,819		1,452			23,096			(21,644	)
CDI	13.99%	Annually	1/2/2035		1,339,169		(9,256	)		(649	)		(8,607	)
BUBOR	5.09%	Semi-Annually	9/16/2028		3,254,622		—			—			—
TOTAL													(232,517	)

TOTAL RETURN SWAPS
Description	Counterparty	Notional Value			Variable Rate	Maturity Date	Unrealized Appreciation/ (Depreciation)
A2A SpA	JPM	$	5,414		Pay ESTR + 0.15%^*	9/8/2027	$	(13	)
Accton Technology Corp.	MS		(4,778	)	Receive SOFR - 0.875%^{^}	8/19/2027		(79	)
ADATA Technology Co., Ltd.	MS		8,805		Pay SOFR + 0.75%^*	8/19/2027		(378	)
Advantech Co., Ltd.	MS		(954	)	Receive SOFR - 1.50%^{^}	8/19/2027		(4	)
Allis Electric Co., Ltd.	MS		2,644		Pay SOFR + 0.75%^{^}	8/19/2027		14
Alteogen, Inc.	MS		(1,846	)	Receive SOFR - 1.125%^{^}	3/15/2028		(32	)
Amplifon SpA	JPM		(22,061	)	Receive ESTR – 0.20%*	6/9/2027		1,405
Anima Holding SpA	JPM		12,189		Pay ESTR + 0.20%^*	7/22/2027		181
ASE Technology Holding Co., Ltd.	MS		(5,502	)	Receive SOFR - 0.35%^{^}	8/19/2027		(776	)
Aselsan Elektronik Sanay Ve	MS		56,889		Pay SOFR + 0.95%^{^}	2/17/2028		(5,173	)
Asustek Computer Inc	MS		(1,557	)	Receive SOFR - 2.75%^{^}	8/19/2027		194
Auckland International Airport	JPM		(591	)	Receive BILLS - 0.35%^*	8/11/2027		8
Azimut Holding SpA	JPM		5,869		Pay ESTR + 0.20%^*	9/8/2027		83
Banca IFIS SpA	JPM		1,200		Pay ESTR + 0.20%^*	9/8/2027		(446	)
Banca Transilvania S.A.	MS		21,968		Pay SOFR + 1.00%^{^}	2/17/2028		(31	)
Banco BPM SpA	JPM		(2,159	)	Receive ESTR -0.20%^*	9/8/2027		(221	)
Bangkok Dusit Medical Services	MS		(1,721	)	Receive SOFR - 0.75%^{^}	10/13/2027		(65	)
BCEFQLL¹	BAR		(380,161	)	Receive ESTR - 0.25%^{^}	6/7/2027		6,380
BCEFQLT²	BAR		633,255		Pay ESTR + 0.30%^{^}	6/7/2027		(11,459	)
BCEFQLY³	BAR		(381,342	)	Receive ESTR - 0.25%^{^}	5/10/2027		4,589
BCEFSIZ⁴	BAR		1,038,670		Pay ESTR + 0.30%^{^}	6/27/2027		(21,175	)
BCEFVALL⁵	BAR		(166,777	)	Receive ESTR - 0.30%^{^}	6/7/2027		3,062
BCEFVALS⁶	BAR		(1,158,727	)	Receive ESTR - 0.25%^{^}	6/7/2027		12,344
BCEFYLDS⁷	BAR		(433,795	)	Receive ESTR - 0.25%^{^}	6/7/2027		1,957
BCERSVCS⁸	BAR		498,164		Pay SOFR + 0.30%^{^}	5/3/2027		(6,212	)
BCIIDISC⁹	BAR		(4,206,703	)	Receive SOFR - 0.25%^{^}	5/3/2027		(166,092	)

TOTAL RETURN SWAPS (Continued)
Description	Counterparty	Notional Value			Variable Rate	Maturity Date	Unrealized Appreciation/ (Depreciation)
BCIIFFOD¹⁰	BAR	$	(1,966,182	)	Receive SOFR - 0.30%^{^}	6/17/2027	$	(1,173	)
BCIISHDF¹¹	BAR		520,091		Pay ESTR + 0.30%^{^}	3/19/2027		(34,624	)
BCUFVAL¹²	BAR		1,941,269		Pay SOFR + 0.30%^{^}	5/3/2027		(39,899	)
BEFSAMD¹³	BAR		153,394		Pay Performance^{^}	11/16/2026		116
BEFSAVG¹⁴	BAR		146,183		Pay Performance^{^}	11/16/2026		356
BEFSFU1¹⁵	BAR		315,073		Pay Performance^{^}	9/10/2026		9,932
BEFSFU2¹⁶	BAR		152,705		Pay Performance^{^}	9/10/2026		1,900
BEFSFULH¹⁷	BAR		891,335		Pay Performance^{^}	7/14/2026		(10,803	)
BEFSFULK¹⁸	BAR		1,901,399		Pay Performance^{^}	11/12/2026		4,166
BEFSFULN¹⁹	BAR		886,765		Pay Performance^{^}	7/14/2026		21,698
BEFSFULT²⁰	BAR		907,101		Pay Performance^{^}	11/12/2026		5,811
BEFSIDG²¹	BAR		172,616		Receive Performance^{^}	2/4/2027		3,754
BEFSIDS²²	BAR		313,423		Receive Performance^{^}	2/4/2027		8,002
BEFSIFC²³	BAR		281,890		Receive Performance^{^}	2/4/2027		(1,136	)
BEFSMST²⁴	BAR		478,909		Pay Performance^{^}	11/16/2026		8,794
BEFSSOX²⁵	BAR		934,410		Pay Performance^{^}	11/16/2026		40,821
Best Buy Co., Inc.	JPM		302		Pay SOFR + 0.25%^*	8/3/2027		78
Bizlink Holding, Inc.	MS		26,868		Pay SOFR + 0.75%^{^}	8/19/2027		(4,382	)
BPER Banco SpA	JPM		17,930		Pay ESTR + 0.20%^*	7/16/2027		1,958
Brembo NV	JPM		(18,127	)	Receive ESTR - 0.20%^*	6/8/2027		(4,631	)
Brunello Cucinelli SpA	JPM		(39,028	)	Receive ESTR - 0.50%^*	6/8/2027		(287	)
Buzzi SpA	JPM		8,601		Pay ESTR + 0.15%^*	7/22/2027		(678	)
CEFMMT²⁶	BAR		543,018		Pay ESTR + 0.30%^{^}	6/7/2027		(5,084	)
Celltrion, Inc.	MS		(4,396	)	Receive SOFR -0.35%^{^}	3/15/2028		145
CGFCMEM²⁷	CIT		709,854		Pay OBFR + 0.35%^{^}	2/4/2027		191,629
Charoen Pokphand Foods PCL	MS		818		Receive SOFR -2.25%^{^}	10/13/2027		(7	)
China Airlines Ltd.	MS		29,253		Receive SOFR – 4.625%^{^}	8/19/2027		(1,968	)
Chroma ATE, Inc.	MS		(3,233	)	Receive SOFR - 1.625%^{^}	8/19/2027		152
CIEQMUL²⁸	CIT		2,239,482		Pay Performance^*	10/8/2026		3,096
CIEQMUT²⁹	CIT		4,802,157		Pay Performance^*	10/8/2026		23,037
Cisco Systems, Inc.	GS		9,107		Pay SOFR + 0.23%^*	6/26/2029		(63	)
CP ALL PCL	MS		(1,800	)	Receive SOFR - 0.75%^{^}	10/13/2027		—
CS Wind Corp.	MS		15,097		Pay SOFR + 0.75%^{^}	3/26/2027		(537	)
d’Amico International Shipping	JPM		885		Pay ESTR + 0.20%^*	9/8/2027		(50	)
Danieli & C Officine Meccanich	JPM		884		Pay ESTR + 0.20%^*	6/23/2027		116
Davide Campari-Milano NV	JPM		(38,831	)	Receive ESTR - 0.20%^*	7/8/2027		4,927
De’ Longhi SpA	JPM		(27,245	)	Receive ESTR - 0.20%^*	6/8/2027		(4,124	)
Delta Electronics Thailand PCL	MS		(3,629	)	Receive SOFR - 0.75%^*	10/13/2027		296
Delta Electronics, Inc.	MS		60,631		Pay SOFR + 0.75%^{^}	8/19/2027		(7,748	)
Doosan Enerbility Co., Ltd.	MS		(1,781	)	Receive SOFR - 0.75%^{^}	3/15/2028		271
Doosan Robotics, Inc.	MS		14,139		Pay SOFR + 0.75%^{^}	3/26/2027		(2,905	)
Dr Ing hc F Porsche AG	GS		(20,639	)	Receive ESTR - 4.75%^{^}	3/7/2029		1,885
E Ink Holdings, Inc.	MS		(394	)	Receive SOFR - 1.50%^{^}	8/19/2027		(23	)
Ecopro BM Co., Ltd.	MS		9,123		Pay SOFR + 0.75%^{^}	3/26/2027		(3,197	)
Enav SpA	JPM		873		Pay ESTR + 0.20%^*	9/8/2027		(7	)
Enel SpA	JPM		3,455		Pay ESTR + 0.20%^*	8/15/2027		90
Eni SpA	JPM		(33,545	)	Receive ESTR + 0.20%^*	10/1/2027		(386	)

Definitions
7DRepo	7-Day Repurchase Rate
ADR	American Depositary Receipt
A/S	Anonim Sirketi
BILLS	Treasury Bill Rate
BUBOR	Budapest Interbank Offered Rate
CDI	Brazil Interbank Deposit Certificate
CORRA	Canadian Overnight Repo Rate Average
ERKO	European Knock-Out Option
ESTR	Euro Short-Term Rate
EURIBOR	Euro Inter-Bank Offered Rate
HIBOR	Hong Kong Inter-Bank Offered Rate
IBR	Indicador Bancario de Referencia
ICP	Indice Camara Promedio
iOT	Inward One Touch Option
JIBAR	Johannesburg Interbank Average Rate
LLC	Limited Liability Company
LTD	Limited Company
MIBOR	Mumbai Interbank Offered Rate
MSCI	Morgan Stanley Capital International
NIBOR	Norwegian Interbank Offered rate
NV	Naamloze Vennootschap
OBFR	Overnight Bank Funding Rate
OT	One Touch Option
PLC	Public Limited Company
REIT	Real Estate Investment Trust
S/A	Société Anonyme
SARON	Swiss Average Rate Overnight
SHIR	Shekel Overnight Interest Rate
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
SORA	Singapore Overnight Rate Average
TAIBOR	Taipei Interbank Offered Rate
THOR	Thai Overnight Rate
TIIE	Interbank Equilibrium Interest Rate
TONAR	Tokyo Overnight Average Rate
WIBOR	Warsaw Interbank Offered Rate

Broker/Counterparty Definitions
BAML	Bank of America Merrill Lynch
BAR	Barclays
CIT	Citibank
GS	Goldman Sachs
JPM	JP Morgan
MS	Morgan Stanley
UBS	UBS

Name	Quantity			Value			Weight
Wingstop, Inc.		(1,039	)	$	(179,839	)		4.11	%
Starbucks Corp.		(1,435	)		(146,471	)		3.35	%
Wendy’s Co. (The)		(17,106	)		(141,611	)		3.24	%
Vail Resorts, Inc.		(994	)		(135,137	)		3.09	%
McDonald’s Corp.		(488	)		(131,637	)		3.01	%
LKQ Corporation		(4,899	)		(128,822	)		2.95	%
Chipotle Mexican Grill, Inc.		(3,750	)		(127,312	)		2.91	%
Cheesecake Factory, Inc. (The)		(1,529	)		(121,438	)		2.78	%
Best Buy Company, Inc.		(1,549	)		(117,353	)		2.68	%
Domino’s Pizza, Inc.		(393	)		(116,145	)		2.66	%
Wyndham Hotels & Resorts, Inc.		(1,356	)		(114,067	)		2.61	%
Mohawk Industries, Inc.		(928	)		(112,474	)		2.57	%
Pool Corporation		(519	)		(111,434	)		2.55	%
Whirlpool Corporation		(2,790	)		(109,811	)		2.51	%
Chewy, Inc., Class A		(5,410	)		(106,166	)		2.43	%
Draftkings, Inc. - Class A		(4,193	)		(105,762	)		2.42	%
Installed Building Products		(455	)		(104,452	)		2.39	%
Floor & Decor Holdings, Inc., Class A		(1,751	)		(103,811	)		2.37	%
United Parks & Resorts, Inc.		(2,156	)		(102,792	)		2.35	%
MGM Resorts International		(2,129	)		(101,668	)		2.32	%
Norwegian Cruise Line Holdings		(4,635	)		(97,701	)		2.23	%
Penn Entertainment, Inc.		(4,283	)		(91,351	)		2.09	%
Six Flags Entertainment Corporation		(4,240	)		(90,193	)		2.06	%
Choice Hotels International, Inc.		(819	)		(90,165	)		2.06	%
Thor Industries, Inc.		(1,147	)		(86,072	)		1.97	%
Masco Corp.		(1,059	)		(86,059	)		1.97	%
Harley-Davidson, Inc.		(3,259	)		(79,607	)		1.82	%
Wynn Resorts Ltd.		(752	)		(72,881	)		1.67	%
Newell Brands, Inc.		(11,854	)		(72,684	)		1.66	%
Papa John’s International, Inc.		(1,955	)		(71,797	)		1.64	%
Genuine Parts Company		(578	)		(68,074	)		1.56	%
Carmax, Inc.		(1,230	)		(64,941	)		1.49	%
Dorman Products, Inc.		(470	)		(64,013	)		1.46	%
Patrick Industries, Inc.		(689	)		(61,794	)		1.41	%
RH		(338	)		(55,603	)		1.27	%
Cracker Barrel Old Country Store, Inc.		(1,032	)		(54,937	)		1.26	%
Royal Caribbean Cruises Ltd.		(173	)		(54,910	)		1.26	%
Shake Shack, Inc. Class A		(981	)		(54,891	)		1.26	%
Callaway Golf Company		(2,835	)		(53,189	)		1.22	%
Mattel, Inc.		(3,768	)		(52,225	)		1.19	%
Polaris, Inc.		(719	)		(49,132	)		1.12	%
SiteOne Landscape Supply, Inc.		(417	)		(47,685	)		1.09	%
Sweetgreen, Inc., Class A		(4,891	)		(43,033	)		0.98	%
Restaurant Brands International		(519	)		(37,546	)		0.86	%
Upbound Group, Inc.		(1,652	)		(35,003	)		0.80	%
Winnebago Industries, Inc.		(1,119	)		(34,905	)		0.80	%
LCI Industries		(321	)		(33,978	)		0.78	%
International Game Technology PLC		(3,043	)		(32,574	)		0.74	%
Target Corporation		(248	)		(32,330	)		0.74	%
BRP, Inc.		(508	)		(30,955	)		0.71	%
Other Underlying Index Components*		(6,896	)		(154,659	)		3.53	%
				$	(4,373,089	)		100.00	%

Name	Quantity			Value⁺			Weight
Cash				$	13,781,747			88.42	%
JPN 10 Year Bond Future Sep26		5			887,784			5.70	%
Long Gilt Future Sep26		(4	)		(664,552	)		-4.26	%
CORN FUTURE Sep26		(2	)		(320,461	)		-2.06	%
Cattle Feeder Future Aug26		2			291,147			1.87	%
Soybean Meal Future Dec26		2			260,804			1.67	%
Euro-OAT Future Sep26		2			252,926			1.62	%
Euro-BTP Future Sep26		1			232,858			1.49	%
Corn Future Dec26		(1	)		(216,592	)		-1.39	%
Rapeseed Euro Aug26		1			209,471			1.34	%
White Sugar Future Oct26		1			143,107			0.92	%
Mill Wheat Future Sep26		(1	)		(135,241	)		-0.87	%
Coffee Robusta Future Sep26		1			135,125			0.87	%
Soybean Future Nov26		(1	)		(134,401	)		-0.86	%
EXC Emmision Future Dec26		1			126,133			0.81	%
Euro-Schatz Future Sep26		(1	)		(125,620	)		-0.81	%
Canadian 10 Year Bond Future Sep26		1			125,221			0.80	%
Lean Hogs Future Aug26		(1	)		(119,002	)		-0.76	%
MIAX Red Wheat Future Sep26		(1	)		(117,872	)		-0.76	%
Sugar #11 Future Mar27		(1	)		(105,923	)		-0.68	%
Cotton No. 2 Future Dec26		(1	)		(105,636	)		-0.68	%
US Long Bond Future Sep 26		1			103,022			0.66	%
Gasoline RBOB Future Nov26		1			100,775			0.65	%
Copper Future Sep26		(1	)		(98,736	)		-0.63	%
Natural Gas Future Nov26		1			93,131			0.60	%
Brent Crude Future Jul27		1			91,342			0.59	%
Copper Future Dec26		1			86,726			0.56	%
LME Nickel Future Nov26		(1	)		(82,987	)		-0.53	%
Long Gilt Future Sep26		—			79,329			0.51	%
WTI Crude Future Jul27		—			73,985			0.47	%
LME Aluminum Future Nov26		—			(72,640	)		-0.47	%
Gasoline RBOB Future Aug26		—			70,812			0.45	%
Low Su Gasoil Future Nov26		—			68,549			0.44	%
Wheat Future Dec26		—			67,062			0.43	%
WTI CRUDE FUTURE Sep26		—			(65,782	)		-0.42	%
BRENT CRUDE FUTR Sep26		—			(64,838	)		-0.42	%
Live Cattle Future Dec26		—			63,314			0.41	%
SET50 Future Sep26		—			63,049			0.40	%
EURO-BOBL Future Sep26		—			(62,665	)		-0.40	%
IODEX IO Future Aug26		—			61,914			0.40	%
Wheat Future Sep26		—			60,515			0.39	%
Palladium Future Sep26		—			(58,587	)		-0.38	%
US 2 Year Note Future Sep26		—			58,320			0.37	%
KOSPI Index Future Sep26		—			55,122			0.35	%
Gold 100 OZ Future Aug26		—			54,753			0.35	%
Brent Crude Future Jan27		—			53,435			0.34	%
US 5 Year Note Future Sep26		—			52,474			0.34	%
Euro STOXX 50 Future Sep26		—			(51,371	)		-0.33	%
FTSE/JSE Top 40 Future Sep26		—			50,804			0.33	%
NY Harb ULSD Future Aug26		—			(49,180	)		-0.32	%
NY Harb ULSD Future Nov26		—			48,860			0.31	%
Other Underlying Index Components*		—			335,188			2.17	%
				$	15,586,718			100.00	%

Index	Description

ABGSCRVB Index	Commodities beta-constrained carry. Seeks to extract returns from the rolldown of commodities contracts along the curve; BCOM weighted on the long side and short BCOM itself to reduce directionality.

ABGSFCT2 Index	Frontier commodities trend. Medium tem trend following on commodities with lower speculative interest (more producer interest)

ABGSRSCE Index	Commodities long enhanced roll. Seeks to extract returns from passive rolling of commodities contracts ahead of the BCOM index rules (long/short).

GSXAS03F Index	Multi-asset skewness. Extracting returns from futures and FX forwards by shorting those with excessive positive skewness in returns and going long those with excessive negative skewness in returns

ABGSSA02 Index	Commodities seasonal persistence. Seeks to extract returns by going long commodities futures whose historical seasonal performance has been positive and by going short those whose historical seasonal performance has been negative.

GSFXCA02 Index	FX carry. Extracts returns from being long currencies with high risk adjusted carry and short currencies with low risk adjusted carry, with overall exposure optimised to reduce realised equity beta.

GSFXVA01 Index	FX Value. Extracts returns by being long currencies with a low real effective (price level adjusted) exhange rate (REER) and short currencies with a high REER.

GSIRCA03 Index	Rates carry (bonds). Seeks to extract returns by going long fixed income futures with high risk adjusted carry, with overall beta to the US Treasury market designed to be zero.

GSIRVA01 Index	Rates value. Fixed income futures value strategy that goes long bond futures with high real yields and short those with low real yields.

GSSWCA07 Index	Rates carry (IRS). Seeks to extract returns by going long fixed income swaps with high risk adjusted carry, with overall beta to the US Treasury market designed to be zero.

GSSWTR01 Index	Short end rates trend. Medium tem trend following on interest rate swaps from DM and EM markets implemented at the 2y tenor point.

ABGSXSBM Index	Commodities basis momentum. Seeks to extract returns by going long commodities whose curve is flattening relative to its history, and going short commodies whose curve is steepening relative to its history.

ABGSCMLS Index	Commodities carry momentum. Seeks to extract returns by going long commodities whose change in carry is positive, and going short commodies whose change in carry is negative.

Index	Description

AIJPXSK1 Index	Cross asset skewness. Extracting returns from futures and FX forwards by shorting those with excessive positive skewness in returns and going long those with excessive negative skewness in returns

AIJPBT15 Index	Macro indicators trend. Seeks to extract returns by building a measure of economic momentum, then by going long (short) assets which tend to perform in positive (negative) macroeconomic environments.

JMABCCC1 Index	Commod curve carry. Seeks to extract returns from the rolldown of commodities contracts along the curve selecting contracts using momentum weighting.

JMABLCCU Index	Commod curve carry, producer driven. Seeks to extract returns from the rolldown of commodities contracts along the curve, selecting contracts with high producer interest (and low speculator intrerest).

JMABSEAS Index	Commodities seasonality. Seeks to extract returns from commodity spread positions by going long (short) spreads with positive (negative) seasonality characteristics.

JPDRXMA2 Index	Commodities enhanaced congestion. Use a momentum signal to predict congestion in commodities contract rolls, and seek to profit from this congestion.

JMABNPM2 Index	Mutlifactor commodities value. Both strategies seek to generate returns by looking at various measures of commodities value, e.g. substitutability, refining costs, etc.

JCOPCFXC Index	Commods value.

JMFXTECL Index	USD capped, beta constrained FX carry. Extracts returns from being long currencies with high risk adjusted carry and short currencies with low risk adjusted carry, with overall exposure optimised to reduce realised equity beta.

JSDNREC1 Index	G8 rates carry but cross tenor implemementation. Seeks to extract returns by going long fixed income swaps with high risk adjusted carry, using multiple tenors across the curve.

JMABSKNS Index	Commodity time spreads skewness. Extracting returns from commodity curve positions by shorting those curves with excessive positive skewness in returns and going long those with excessive negative skewness in returns

JMABCCVB Index	Commodity time spreads value. Seeks to generate returns by looking at various measures of commodities value, e.g. substitutability, refining costs, etc. but entering into spread positions across the curve.

JPLNFUI1 Index	Dynamically allocated equity strategy. Seeks returns through exposure to regional long-short leveraged single-stock indices covering Europe, North America, Asia-Pacific and Japan.

ASSETS
Investment securities:
At cost	$	254,403,190
At fair value	$	251,686,594
Cash collateral for derivative instruments		22,420,442
Cash on deposit with broker		49,940,841
Cash and cash equivalents		4,395,418
Foreign cash (Cost - $3,550,237)		3,520,610
Unrealized appreciation from swap contracts		3,736,712
Unrealized appreciation from forward foreign currency contracts		1,696,579
Unrealized appreciation from futures contracts		1,673,723
Receivable for currency contracts		2,284,718
Receivable for securities sold		1,633,408
Receivable for swaps		966,908
Premiums paid for swaps		624,232
Receivable for fund shares sold		502,661
Dividends and interest receivable		236,920
Prepaid expenses and other assets		28,470
TOTAL ASSETS		345,348,236

LIABILITIES
Due to broker - foreign currency (Cost - $1,280,662)		978,030
Due to broker - options		79,813
Options written, at fair value (Premiums received $10,983,487)		8,389,477
Net unrealized depreciation of futures contracts		6,278,121
Unrealized depreciation on swap contracts		2,116,741
Net unrealized depreciation from forward foreign currency contracts		993,257
Premiums received from swaps		410,732
Payable for currency contracts		4,837,770
Payable for investments purchased		1,810,388
Payable for fund shares redeemed		58,367
Investment advisory fees payable		162,667
Audit and tax fees payable		147,975
Payable to related parties		25,312
Shareholder services fees payable - Class I		19,571
Trustees fees payable		881
Accrued expenses and other liabilities		37,112
TOTAL LIABILITIES		26,346,214
NET ASSETS	$	319,002,022

Composition of Net Assets:
Paid in capital	$	297,164,896
Accumulated earnings		21,837,126
NET ASSETS	$	319,002,022

Net Asset Value Per Share:
Super Institutional Class Shares:
Net Assets	$	167,636,975
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		16,437,067
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	10.20

Institutional Class Shares:
Net Assets	$	151,365,047
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		14,916,839
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	10.15

INVESTMENT INCOME
Dividends	$	412,785
Interest		7,007,241
Less: Foreign withholding taxes		(16,873	)
TOTAL INVESTMENT INCOME		7,403,153

EXPENSES
Investment advisory fees		2,499,639
Shareholder services fees
Institutional Class		102,489
Administrative services fees		382,184
Audit and tax fees		201,173
Registration fees		84,369
Transfer agent fees		78,312
Legal fees		53,082
Custodian fees		50,019
Compliance officer fees		33,640
Printing and postage expenses		27,817
Trustees fees and expenses		15,644
Insurance expense		4,213
Other expenses		3,738
TOTAL EXPENSES		3,536,319
Less: Fees waived by the Advisor		(124,863	)
NET EXPENSES		3,411,456
NET INVESTMENT INCOME		3,991,697

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) from:
Investment transactions		45,957,142
Swap contracts		6,160,486
Options written		(27,096,457	)
Futures contracts		5,512,215
Forward foreign currency exchange contracts		(328,340	)
Foreign currency transactions		(1,718,829	)
		28,486,217

Net change in unrealized appreciation/(depreciation) of:
Investments		(5,302,590	)
Swap contracts		(892,958	)
Options written		2,848,629
Futures contracts		(5,807,098	)
Forward foreign currency exchange contracts		567,872
Foreign currency translations		93,813
		(8,492,332	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		19,993,885
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,985,582

	Year Ended			Year Ended
	June 30,			June 30,
	2026			2025
FROM OPERATIONS
Net investment income	$	3,991,697		$	3,811,467
Net realized gain from investment transactions, options written,
swap contracts, futures contracts, forward foreign exchange contracts and foreign currency transactions		28,486,217			8,828,289
Net change in unrealized appreciation/(depreciation) of investments options written, swap contracts, futures contracts, forward foreign exchange contracts and foreign currency translations		(8,492,332	)		3,429,291
Net increase in net assets resulting from operations		23,985,582			16,069,047

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class		(8,023,369	)		(3,214,209	)
Super Institutional Class		(9,872,095	)		(4,918,573	)
Decrease in net assets from distributions to shareholders		(17,895,464	)		(8,132,782	)

CAPITAL TRANSACTIONS
Proceeds from shares sold:
Institutional Class		68,866,574			50,377,578
Super Institutional Class		31,671,550			14,265,630
Net asset value of shares issued in reinvestment of distributions:
Institutional Class		7,784,133			3,028,570
Super Institutional Class		5,896,340			2,681,869
Payments for shares redeemed:
Institutional Class		(35,680,931	)		(23,760,719	)
Super Institutional Class		(8,679,614	)		(11,589,816	)
Net increase in net assets from shares of beneficial interest		69,858,052			35,003,112

TOTAL INCREASE IN NET ASSETS		75,948,170			42,939,377

NET ASSETS
Beginning of Year		243,053,852			200,114,475
End of Year	$	319,002,022		$	243,053,852

Assets^*	Level 1		Level 2		Level 3		Total
Common Stocks	$	31,216,377	$	—	$	—	$	31,216,377
Corporate Bonds		—		226,271		—		226,271
Governments-Treasuries		—		8,021,411		—		8,021,411
Currency Options Purchased		—		9,627,834		—		9,627,834
Index Options Purchased		1,823,321		—		—		1,823,321
OTC Dual Binary Options Purchased		—		2,914,839		—		2,914,839
Future Options Purchased		15,652,520		—		—		15,652,520
U.S. Treasury Bills		—		182,204,021		—		182,204,021
Total	$	48,692,218	$	202,994,376	$	—	$	251,686,594

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts	$	1,673,723	$	—	$	—	$	1,673,723
Credit Default Swap Contracts		—		60,042		—		60,042
Dispersion Swap Contracts		—		1,359,804		—		1,359,804
Interest Rate Swap Contracts		—		559,532		—		559,532
Total Return Swap Contracts		—		1,757,334		—		1,757,334
Forward Foreign Exchange Contracts		—		1,696,579		—		1,696,579
Total	$	1,673,723	$	5,433,291	$	—	$	7,107,014

Liabilities^*

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Options Written	$	7,260,746	$	—	$	—	$	7,260,746
Currency Options Written		—		794,285		—		794,285
Index Options Written		334,446		—		—		334,446
Futures Contracts		6,278,121		—		—		6,278,121
Forward Foreign Exchange Contracts		—		993,257		—		993,257
Interest Rate Swaps		—		792,049		—		792,049
Total Return Swaps		—		1,324,692		—		1,324,692
Total	$	13,873,313	$	3,904,283	$	—	$	17,777,596

	% of the Fund’s
FDFC Net Assets at	Total Net Assets at
June 30, 2026	June 30, 2026
$40,081,672	12.6%

Counterparty	Amounts Pledged⁽¹⁾		Deposits with Brokers
Barclays	$	1,900,000	$	(18,541	)
Citibank, N.A.		351,199		—
Goldman Sachs		3,190,000		992
JPMorgan Chase		3,074,768		7,722,098
Merrill Lynch		1,303,584		1,563,563
Morgan Stanley		12,600,891		39,694,699
Total	$	22,420,442	$	48,962,811

							Gross Amounts Not Offset in the
							Consolidated Statement of Assets &
							Liabilities
			Gross Amounts
			Offset in the
	Gross Amounts of		Consolidated		Net Amount of Assets
	Recognized		Statement of		Present in the		Offsetting
	Assets and		Assets and		Consolidated Statement		Derivative			Cash Collateral
Description	(Liabilities)		Liabilities		of Assets and Liabilities		Position			Pledged⁽¹⁾		Total
Purchased Options
Barclays	$	300,422	$	—	$	300,422	$	—		$	—	$	300,422
Citigroup		1,213,643		—		1,213,643		—			—		1,213,643
Goldman Sachs		1,049,342		—		1,049,342		—			—		1,049,342
JPMorgan Chase		9,630,602		—		9,630,602		(794,285	)		—		8,836,317
Merrill Lynch		227,061		—		227,061		—			—		227,061
Morgan Stanley		17,597,444		—		17,597,444		(7,595,192	)		—		10,002,252
Futures Contracts ⁽²⁾		—
Morgan Stanley		1,673,723		—		1,673,723		—			—		1,673,723
Forward Foreign Exchange Contracts		—
JPMorgan Chase		1,696,579		—		1,696,579		(993,257	)		—		703,322
Swap Contracts		—
Barclays		673,801		—		673,801		(303,360	)		—		370,441
Citigroup		376,695		—		376,695		—			—		376,695
Goldman Sachs		96,244		—		96,244		(96,244	)		—		—
JPMorgan Chase		1,491,715		—		1,491,715		(1,417,985	)		—		73,730
Morgan Stanley		633,433		—		633,433		(153,756	)		—		479,677
UBS		464,824		—		464,824		—			—		464,824
Total	$	37,125,528	$	—	$	37,125,528	$	(11,354,079	)	$	—	$	25,771,449

Location on the Consolidated Statement of Assets and Liabilities
Derivatives Investment Type	Asset/Liability Derivatives
Equity/Interest Rate/	Fair Value of Investments
Credit/Currency/Commodity	Options Written, at Fair Value
	Net unrealized appreciation/(depreciation) from swap contracts
	Net unrealized appreciation/(depreciation) of futures contracts
	Net unrealized appreciation/(depreciation) of forward foreign exchange contracts