When the shift control is high, both registers shift right at each positive clock edge. Register B’s serial input is taken from the serial output of register A, so over four clocks B copies the $4$-bit word from A and ends up with 1101.
Register A’s serial input is formed by the OR of a complemented tap from A and the serial output feeding from the other register; iterating the shift for four pulses yields the pattern 0101 in A. Hence after four pulses, \fbox{A = 0101, B = 1101}.