# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-000922
**Filing Date:** 2026-2
**Character Count:** 136321
**Document Hash:** 4280053536776b4e17bd93180b5935b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000922.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001580642-26-000922

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 26610311

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

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

## Series and Classes Contracts Data

### Brookstone Active ETF (Series ID: S000081760)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000244754 | Brookstone Active ETF |  |

### Brookstone Dividend Stock ETF (Series ID: S000081761)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000244755 | Brookstone Dividend Stock ETF |  |

### Brookstone Growth Stock ETF (Series ID: S000081762)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000244756 | Brookstone Growth Stock ETF |  |

### Brookstone Intermediate Bond ETF (Series ID: S000081763)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000244757 | Brookstone Intermediate Bond ETF |  |

### Brookstone Opportunities ETF (Series ID: S000081764)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000244758 | Brookstone Opportunities ETF |  |

### Brookstone Ultra-Short Bond ETF (Series ID: S000081765)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000244759 | Brookstone Ultra-Short Bond ETF |  |

### Brookstone Value Stock ETF (Series ID: S000081766)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000244760 | Brookstone Value Stock ETF |  |

### Brookstone Yield ETF (Series ID: S000081767)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244761 | Brookstone Yield ETF |  |

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

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

 **FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

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

Date of fiscal year end: <u>5/31</u> <br>Date of reporting period: <u>11/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) # Brookstone Active ETF
(BAMA) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Active ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **https://www.brookstoneam.com/brookstone-active-etf**. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Active ETF | $50 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$45,865,012

* Number of Portfolio Holdings6

* Advisory Fee (net of waivers)$142,714

* Portfolio Turnover58%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib3b4d5b49a3aab1ed4bb0a28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i87add124a66848d6f71bd8b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Fixed Income | 34.7% |
| Equity | 64.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;22.3% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;22.3% |
| &nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;iShares iBonds Dec 2027 Term Treasury ETF, USD Class | &nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;iShares Core MSCI EAFE ETF | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;10.0% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Active ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Active ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-active-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMA

# Brookstone Dividend Stock ETF
(BAMD) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Dividend Stock ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.brookstoneam.com/brookstone-dividend-stock-etf. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Dividend Stock ETF | $45 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$99,713,930

* Number of Portfolio Holdings30

* Advisory Fee $320,002

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6a5411ec3c630841fa109c9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d894a92c8bff3b87399f175.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Materials | 1.3% |
| Technology | 3.2% |
| Health Care | 3.7% |
| Consumer Discretionary | 4.0% |
| Communications | 6.3% |
| Energy | 6.5% |
| Real Estate | 13.0% |
| Consumer Staples | 15.6% |
| Financials | 20.9% |
| Utilities | 25.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Portland General Electric Company | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Ford Motor Company | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Edison International | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;American Electric Power Company, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;3.5% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Dividend Stock ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Dividend Stock ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-dividend-stock-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMD

# Brookstone Growth Stock ETF
(BAMG) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Growth Stock ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **https://www.brookstoneam.com/brookstone-growth-stock-etf**. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Growth Stock ETF | $48 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$125,649,491

* Number of Portfolio Holdings30

* Advisory Fee $390,921

* Portfolio Turnover10%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6a5411ec3c630841fa109c9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i654b8bfd62176c658b23b876.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Consumer Staples | 2.8% |
| Financials | 3.6% |
| Health Care | 7.5% |
| Industrials | 10.8% |
| Consumer Discretionary | 11.7% |
| Communications | 21.5% |
| Technology | 41.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Las Vegas Sands Corporation | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;American Express Company | &nbsp;&nbsp;3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Growth Stock ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Growth Stock ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-growth-stock-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMG

# Brookstone Intermediate Bond ETF
(BAMB) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Intermediate Bond ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **https://www.brookstoneam.com/brookstone-intermediate-bond-etf**. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Intermediate Bond ETF | $49 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$65,821,643

* Number of Portfolio Holdings6

* Advisory Fee (net of waivers)$201,905

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i059214469719ea0939379d8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3709405ebc2a533b61e4f7cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Fixed Income | 99.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;iShares 3-7 Year Treasury Bond ETF | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;iShares iBonds Dec 2033 Term Treasury ETF | &nbsp;&nbsp;13.3% |
| &nbsp;&nbsp;iShares iBonds Dec 2032 Term Treasury ETF | &nbsp;&nbsp;13.3% |
| &nbsp;&nbsp;iShares iBonds Dec 2031 Term Treasury ETF | &nbsp;&nbsp;13.2% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Intermediate Bond ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Intermediate Bond ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-intermediate-bond-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMB

# Brookstone Opportunities ETF
(BAMO) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Opportunities ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **https://www.brookstoneam.com/brookstone-opportunities-etf**. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Opportunities ETF | $50 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$43,007,949

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$108,547

* Portfolio Turnover37%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i059214469719ea0939379d8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i89a06aeb2a97d5213141c946.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 39.0% |
| Equity | 61.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Dow Jones Industrial Average ETF | &nbsp;&nbsp;20.4% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;20.3% |
| &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;20.3% |
| &nbsp;&nbsp;iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;19.5% |
| &nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;19.5% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Opportunities ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Opportunities ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-opportunities-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMO

# Brookstone Ultra-Short Bond ETF
(BAMU) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Ultra-Short Bond ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **https://www.brookstoneam.com/brookstone-ultra-short-bond-etf**. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Ultra-Short Bond ETF | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$76,656,005

* Number of Portfolio Holdings5

* Advisory Fee $239,322

* Portfolio Turnover21%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i059214469719ea0939379d8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6da8fd5e06ede4bbfc92659e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Fixed Income | 99.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares iBonds Dec 2026 Term Treasury ETF, USD Class | &nbsp;&nbsp;20.0% |
| &nbsp;&nbsp;iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;SPDR Bloomberg 3-12 Month T-Bill ETF | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;Invesco Short Term Treasury ETF | &nbsp;&nbsp;19.8% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Ultra-Short Bond ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Ultra-Short Bond ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-ultra-short-bond-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMU

# Brookstone Value Stock ETF
(BAMV) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Value Stock ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **https://www.brookstoneam.com/brookstone-value-stock-etf**. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Value Stock ETF | $47 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$98,050,641

* Number of Portfolio Holdings30

* Advisory Fee $324,976

* Portfolio Turnover12%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6a5411ec3c630841fa109c9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id81d3d0704259d1684f87289.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Communications | 2.9% |
| Real Estate | 3.0% |
| Consumer Discretionary | 6.6% |
| Energy | 6.7% |
| Consumer Staples | 8.7% |
| Industrials | 13.5% |
| Financials | 16.0% |
| Health Care | 19.4% |
| Technology | 22.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Lennar Corporation, Class A | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Fortive Corporation | &nbsp;&nbsp;3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Value Stock ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Value Stock ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-value-stock-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMV

# Brookstone Yield ETF
(BAMY) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i528a945337cd568be1f9f936.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Brookstone Yield ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **https://www.brookstoneam.com/brookstone-yield-etf**. You can also request this information by contacting us at 1-888-562-8880.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Yield ETF | $50 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$41,657,303

* Number of Portfolio Holdings6

* Advisory Fee (net of waivers)$127,548

* Portfolio Turnover40%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i059214469719ea0939379d8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i085f27f913d9bff40fb02630.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Fixed Income | 39.0% |
| Equity | 61.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;20.0% |
| &nbsp;&nbsp;SPDR Bloomberg 3-12 Month T-Bill ETF | &nbsp;&nbsp;19.0% |
| &nbsp;&nbsp;JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;15.4% |
| &nbsp;&nbsp;JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;15.3% |
| &nbsp;&nbsp;Global X S&P 500 Covered Call ETF | &nbsp;&nbsp;15.3% |
| &nbsp;&nbsp;Global X Nasdaq 100 Covered Call ETF | &nbsp;&nbsp;15.3% |

---

## Material Fund Changes
No material changes occurred during the period ended November 30, 2025.

![Image](id3ce578a562c5aeec6496983.jpg)

# Brookstone Yield ETF

#### Semi-Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Brookstone Yield ETF for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at**https://www.brookstoneam.com/brookstone-yield-etf**. You can also request this information by contacting us at 1-888-562-8880.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-BAMY

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable.

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 1.

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

(a) ---

| |
|:---|
| ![(LOGO)](br001_v1.jpg) |
| **Brookstone Dividend Stock ETF (BAMD)** |
| **Brookstone Growth Stock ETF (BAMG)** |
| **Brookstone Value Stock ETF (BAMV)** |
| **Brookstone Intermediate Bond ETF (BAMB)** |
| **Brookstone Ultra-Short Bond ETF (BAMU)** |
| **Brookstone Active ETF (BAMA)** |
| **Brookstone Opportunities ETF (BAMO)** |
| **Brookstone Yield ETF (BAMY)** |
| **Semi-Annual Financial Statements** |
| **and Additional Information** |
| **November 30, 2025** |

---

---

| |
|:---|
| **BROOKSTONE DIVIDEND STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **ASSET MANAGEMENT - 3.2%** |  |
| 31557 | T Rowe Price Group, Inc. | $3230806 |
|  | **AUTOMOTIVE - 4.0%** |  |
| 301928 | Ford Motor Company | 4009604 |
|  | **BANKING - 14.2%** |  |
| 207555 | Huntington Bancshares Inc | 3383147 |
| 187718 | KeyCorporation | 3450257 |
| 77092 | Truist Financial Corporation | 3584778 |
| 75145 | US Bancorp | 3685861 |
|  |  | 14104043 |
|  | **BIOTECH & PHARMA - 3.7%** |  |
| 29512 | Gilead Sciences, Inc. | 3713790 |
|  | **CHEMICALS - 1.3%** |  |
| 89090 | FMC Corporation | 1273096 |
|  | **ELECTRIC UTILITIES - 25.0%** |  |
| 29378 | American Electric Power Company, Inc. | 3636115 |
| 55058 | Dominion Energy, Inc. | 3455991 |
| 27022 | Duke Energy Corporation | 3349107 |
| 62173 | Edison International | 3661368 |
| 50356 | Eversource Energy | 3382916 |
| 79332 | Portland General Electric Company | 4031652 |
| 30058 | WEC Energy Group, Inc. | 3368600 |
|  |  | 24885749 |
|  | **FOOD - 9.7%** |  |
| 68353 | General Mills, Inc. | 3236515 |
| 17525 | Hershey Company (The) | 3296101 |
| 122584 | The Kraft Heinz Company | 3127118 |
|  |  | 9659734 |
|  | **HEALTH CARE REIT - 3.4%** |  |
| 191268 | Healthpeak Properties, Inc. | 3492554 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE DIVIDEND STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 2.8%** |  |
| 25283 | Kimberly-Clark Corporation | $2758881 |
|  | **INSURANCE - 3.5%** |  |
| 32434 | Prudential Financial, Inc. | 3510981 |
|  | **OIL & GAS PRODUCERS - 6.5%** |  |
| 118794 | Kinder Morgan, Inc. | 3245452 |
| 43837 | ONEOK, Inc. | 3192210 |
|  |  | 6437662 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 2.9%** |  |
| 31213 | Crown Castle, Inc. | 2849123 |
|  | **RETAIL REIT - 3.4%** |  |
| 58156 | Realty Income Corporation | 3350367 |
|  | **SELF-STORAGE REIT - 3.3%** |  |
| 24385 | Extra Space Storage, Inc. | 3247350 |
|  | **TECHNOLOGY HARDWARE - 3.2%** |  |
| 132264 | HP, Inc. | 3229887 |
|  | **TELECOMMUNICATIONS - 6.3%** |  |
| 119564 | AT&T, Inc. | 3111055 |
| 77148 | Verizon Communications, Inc. | 3171555 |
|  |  | 6282610 |
|  | **TOBACCO & CANNABIS - 3.1%** |  |
| 53206 | Altria Group, Inc. | 3139686 |
|  | **TOTAL COMMON STOCKS (Cost $98,294,321)** | 99175923 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $98,294,321)** | $99175923 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 538007 |
|  | **NET ASSETS - 100.0%** | $99713930 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE GROWTH STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **ADVERTISING & MARKETING - 1.4%** |  |
| 43196 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | $1708834 |
|  | **AEROSPACE & DEFENSE - 3.5%** |  |
| 24904 | RTX Corporation | 4355959 |
|  | **AUTOMOTIVE - 4.4%** |  |
| 12978 | Tesla, Inc.<sup>(a)</sup> | 5582745 |
|  | **BIOTECH & PHARMA - 7.5%** |  |
| 12472 | Amgen, Inc. | 4308577 |
| 4787 | Eli Lilly & Company | 5148275 |
|  |  | 9456852 |
|  | **CONSUMER FINANCE - 3.6%** |  |
| 12552 | American Express Company | 4584869 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 16589 | Amazon.com, Inc.<sup>(a)</sup> | 3868887 |
|  | **HOUSEHOLD PRODUCTS - 2.8%** |  |
| 43361 | Colgate-Palmolive Company | 3485791 |
|  | **INTERNET MEDIA & SERVICES - 20.1%** |  |
| 20383 | Alphabet, Inc., Class A | 6526229 |
| 20031 | Alphabet, Inc., Class C | 6412324 |
| 20377 | Expedia Group, Inc. | 5210195 |
| 5409 | Meta Platforms, Inc., Class A | 3504762 |
| 41812 | Uber Technologies, Inc.<sup>(a)</sup> | 3660222 |
|  |  | 25313732 |
|  | **LEISURE FACILITIES & SERVICES - 4.2%** |  |
| 76691 | Las Vegas Sands Corporation | 5227259 |
|  | **MACHINERY - 4.2%** |  |
| 9239 | Caterpillar, Inc. | 5319446 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE GROWTH STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.4%** |  |
| 20591 | Applied Materials, Inc. | $5194080 |
| 22836 | NVIDIA Corporation | 4041972 |
|  |  | 9236052 |
|  | **SOFTWARE - 21.6%** |  |
| 12946 | Autodesk, Inc.<sup>(a)</sup> | 3927040 |
| 36501 | Fortinet, Inc.<sup>(a)</sup> | 2961326 |
| 4993 | Intuit, Inc. | 3165961 |
| 7535 | Microsoft Corporation | 3707295 |
| 19352 | Palo Alto Networks, Inc.<sup>(a)</sup> | 3679396 |
| 14329 | Salesforce, Inc. | 3303408 |
| 3868 | ServiceNow, Inc.<sup>(a)</sup> | 3142402 |
| 6894 | Tyler Technologies, Inc.<sup>(a)</sup> | 3237560 |
|  |  | 27124388 |
|  | **TECHNOLOGY HARDWARE - 6.7%** |  |
| 18184 | Apple, Inc. | 5070608 |
| 9104 | Motorola Solutions, Inc. | 3365567 |
|  |  | 8436175 |
|  | **TECHNOLOGY SERVICES - 5.5%** |  |
| 39203 | TransUnion | 3334215 |
| 10815 | Visa, Inc., Class A | 3616969 |
|  |  | 6951184 |
|  | **TRANSPORTATION & LOGISTICS - 3.1%** |  |
| 108869 | CSX Corporation | 3849608 |
|  | **TOTAL COMMON STOCKS (Cost $115,177,129)** | 124501781 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $115,177,129)** | $124501781 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 1147710 |
|  | **NET ASSETS - 100.0%** | $125649491 |

---

<sup>(a)</sup> Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE VALUE STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **AEROSPACE & DEFENSE - 9.9%** |  |
| 14428 | Boeing Company (The)<sup>(a)</sup> | $2726892 |
| 10433 | General Dynamics Corporation | 3564226 |
| 7618 | Lockheed Martin Corporation, Class B | 3487977 |
|  |  | 9779095 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.8%** |  |
| 42798 | NIKE, Inc., Class B | 2766035 |
|  | **ASSET MANAGEMENT - 3.2%** |  |
| 33483 | Charles Schwab Corporation (The) | 3104879 |
|  | **BANKING - 3.7%** |  |
| 67169 | Bank of America Corporation | 3603616 |
|  | **BEVERAGES - 6.1%** |  |
| 18910 | Constellation Brands, Inc., Class A | 2578946 |
| 23102 | PepsiCo, Inc. | 3436192 |
|  |  | 6015138 |
|  | **BIOTECH & PHARMA - 15.3%** |  |
| 72647 | Bristol-Myers Squibb Company | 3574232 |
| 19160 | Johnson & Johnson | 3964587 |
| 38664 | Merck & Company, Inc. | 4053148 |
| 132994 | Pfizer, Inc. | 3423266 |
|  |  | 15015233 |
|  | **DATA CENTER REIT - 3.0%** |  |
| 18314 | Digital Realty Trust, Inc. | 2932438 |
|  | **ELECTRICAL EQUIPMENT - 3.6%** |  |
| 65454 | Fortive Corporation | 3500480 |
|  | **ENTERTAINMENT CONTENT - 2.9%** |  |
| 27287 | Walt Disney Company (The) | 2850673 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE VALUE STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HOME CONSTRUCTION - 3.8%** |  |
| 28332 | Lennar Corporation, Class A | $3719991 |
|  | **HOUSEHOLD PRODUCTS - 2.6%** |  |
| 147435 | Kenvue, Inc. | 2557997 |
|  | **INSURANCE - 3.5%** |  |
| 6734 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3459997 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.1%** |  |
| 6733 | Thermo Fisher Scientific, Inc. | 3978058 |
|  | **OIL & GAS PRODUCERS - 6.7%** |  |
| 21027 | Chevron Corporation | 3177811 |
| 28985 | Exxon Mobil Corporation | 3359941 |
|  |  | 6537752 |
|  | **SEMICONDUCTORS - 10.9%** |  |
| 18506 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 4025609 |
| 21249 | QUALCOMM, Inc. | 3571744 |
| 17599 | Texas Instruments, Inc. | 2961384 |
|  |  | 10558737 |
|  | **SOFTWARE - 5.9%** |  |
| 8881 | Adobe, Inc.<sup>(a)</sup> | 2843075 |
| 13660 | Workday, Inc., Class A<sup>(a)</sup> | 2945368 |
|  |  | 5788443 |
|  | **TECHNOLOGY HARDWARE - 3.3%** |  |
| 24370 | Dell Technologies, Inc., Class C | 3249740 |
|  | **TECHNOLOGY SERVICES - 8.4%** |  |
| 13125 | Equifax, Inc. | 2787357 |
| 40103 | Fidelity National Information Services, Inc. | 2637574 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE VALUE STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 8.4% (Continued)** |  |
| 46131 | PayPal Holdings, Inc. | $2891953 |
|  |  | 8316884 |
|  | **TOTAL COMMON STOCKS (Cost $96,913,040)** | 97735186 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $96,913,040)** | $97735186 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 315455 |
|  | **NET ASSETS - 100.0%** | $98050641 |

---

<sup>(a)</sup> Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE INTERMEDIATE BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.4%** |  |
|  | **FIXED INCOME - 99.4%** |  |
| 108592 | iShares 3-7 Year Treasury Bond ETF | $13059274 |
| 134517 | iShares 7-10 Year Treasury Bond ETF | 13115408 |
| 420490 | iShares iBonds Dec 2031 Term Treasury ETF | 8714655 |
| 373917 | iShares iBonds Dec 2032 Term Treasury ETF | 8726288 |
| 350989 | iShares iBonds Dec 2033 Term Treasury ETF | 8734256 |
| 516097 | Schwab Intermediate-Term U.S. Treasury ETF | 13057254 |
|  |  | 65407135 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $62,938,205)** | 65407135 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $62,938,205)** | $65407135 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 414508 |
|  | **NET ASSETS - 100.0%** | $65821643 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE ULTRA-SHORT BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.5%** |  |
|  | **FIXED INCOME - 99.5%** |  |
| 143996 | Invesco Short Term Treasury ETF | $15208858 |
| 151504 | iShares 0-3 Month Treasury Bond ETF | 15251908 |
| 667547 | iShares iBonds Dec 2026 Term Treasury ETF, USD Class | 15316865 |
| 166254 | SPDR Bloomberg 1-3 Month T-Bill ETF | 15248817 |
| 153298 | SPDR Bloomberg 3-12 Month T-Bill ETF | 15251619 |
|  |  | 76278067 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $76,207,736)** | 76278067 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $76,207,736)** | $76278067 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 377938 |
|  | **NET ASSETS - 100.0%** | $76656005 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.5%** |  |
|  | **EQUITY - 64.8%** |  |
| 52503 | iShares Core MSCI EAFE ETF | $4664367 |
| 68152 | iShares Core MSCI Emerging Markets ETF | 4572999 |
| 127367 | SPDR Portfolio S&P 500 ETF | 10239033 |
| 95532 | SPDR Portfolio S&P 500 Growth ETF | 10225745 |
|  |  | 29702144 |
|  | **FIXED INCOME - 34.7%** |  |
| 301956 | iShares iBonds Dec 2027 Term Treasury ETF, USD Class | 6803069 |
| 350277 | SPDR Portfolio Aggregate Bond ETF | 9114207 |
|  |  | 15917276 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $40,654,325)** | 45619420 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $40,654,325)** | $45619420 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 245592 |
|  | **NET ASSETS - 100.0%** | $45865012 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE OPPORTUNITIES ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 100.0%** |  |
|  | **EQUITY - 61.0%** |  |
| 12707 | iShares Core S&P 500 ETF, USD Class | $8728184 |
| 18402 | SPDR Dow Jones Industrial Average ETF | 8781066 |
| 13882 | Vanguard S&P 500 ETF | 8723588 |
|  |  | 26232838 |
|  | **FIXED INCOME - 39.0%** |  |
| 83411 | iShares 0-3 Month Treasury Bond ETF | 8396985 |
| 91547 | SPDR Bloomberg 1-3 Month T-Bill ETF | 8396691 |
|  |  | 16793676 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $39,920,037)** | 43026514 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $39,920,037)** | $43026514 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (18565) |
|  | **NET ASSETS - 100.0%** | $43007949 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BROOKSTONE YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 100.3%** |  |
|  | **EQUITY - 61.3%** |  |
| 363504 | Global X Nasdaq 100 Covered Call ETF | $6350415 |
| 158048 | Global X S&P 500 Covered Call ETF | 6370915 |
| 110212 | JPMorgan Equity Premium Income ETF | 6382377 |
| 109094 | JPMorgan Nasdaq Equity Premium Income ETF | 6415818 |
|  |  | 25519525 |
|  | **FIXED INCOME - 39.0%** |  |
| 82773 | iShares 0-3 Month Treasury Bond ETF | 8332758 |
| 79576 | SPDR Bloomberg 3-12 Month T-Bill ETF | 7917016 |
|  |  | 16249774 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $41,168,112)** | 41769299 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $41,168,112)** | $41769299 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (111996) |
|  | **NET ASSETS - 100.0%** | $41657303 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brookstone**<br>**Dividend Stock**<br>**ETF** | **Brookstone**<br>**Growth Stock**<br>**ETF** | **Brookstone**<br>**Value Stock**<br>**ETF** | **Brookstone**<br>**Intermediate Bond**<br>**ETF** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $98294321 | $115177129 | $96913040 | $62938205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $99175923 | $124501781 | $97735186 | $65407135 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1308815 | 1161400 | 562667 | 981155 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  | 800349 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 305370 | 108812 | 166264 | 2557 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2707 | 2900 | 3256 | 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 100792815 | 126575242 | 98467373 | 66393772 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Payable | 974816 |  | 308864 | 470782 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 790214 |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 52774 | 69435 | 51988 | 33842 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 11802 | 9721 | 7671 | 34684 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 39493 | 56381 | 48209 | 32821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1078885 | 925751 | 416732 | 572129 |
| **NET ASSETS** | $**99713930** | $**125649491** | $**98050641** | $**65821643** |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $99358050 | $133534212 | $97404821 | $63272916 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 355880 | (7884721) | 645820 | 2548727 |
| **NET ASSETS** | $**99713930** | $**125649491** | $**98050641** | $**65821643** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $99713930 | $125649491 | $98050641 | $65821643 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3280000 | 3140000 | 3040000 | 2470000 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $30.40 | $40.02 | $32.25 | $26.65 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brookstone**<br>**Ultra-Short Bond**<br>**ETF** | **Brookstone**<br>**Active**<br>**ETF** | **Brookstone**<br>**Opportunities**<br>**ETF** | **Brookstone**<br>**Yield**<br>**ETF** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $76207736 | $40654325 | $39920037 | $41168112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $76278067 | $45619420 | $43026514 | $41769299 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1048156 | 447882 | 265411 | 602321 |
| &nbsp;&nbsp;&nbsp;Receivable for Investments sold | 252169 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 2683 | 1196 | 11842 | 127676 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2898 | 2470 | 2432 | 2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 77583973 | 46070968 | 43306199 | 42501711 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Payable | 585699 | 140670 | 215028 | 793950 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 251315 |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 40163 | 24756 | 18500 | 21036 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 7126 | 6048 | 24484 | 4029 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 43665 | 34482 | 40238 | 25393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 927968 | 205956 | 298250 | 844408 |
| **NET ASSETS** | $**76656005** | $**45865012** | $**43007949** | $**41657303** |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $76539010 | $35496587 | $37175519 | $38484775 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 116995 | 10368425 | 5832430 | 3172528 |
| **NET ASSETS** | $**76656005** | $**45865012** | $**43007949** | $**41657303** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $76656005 | $45865012 | $43007949 | $41657303 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3040000 | 1350000 | 1320000 | 1500000 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $25.22 | $33.97 | $32.58 | $27.77 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brookstone**<br>**Dividend Stock**<br>**ETF** | **Brookstone**<br>**Growth Stock**<br>**ETF** | **Brookstone**<br>**Value Stock**<br>**ETF** | **Brookstone**<br>**Intermediate Bond**<br>**ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $2213109 | $454141 | $1078776 | $1230410 |
| &nbsp;&nbsp;&nbsp;Interest | 14559 | 21068 | 11532 | 14636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2227668 | 475209 | 1090308 | 1245046 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 320002 | 390921 | 324976 | 209272 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 41140 | 44284 | 38509 | 55932 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 11076 | 9752 | 9841 | 6914 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 9929 | 10187 | 9733 | 7492 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9587 | 6982 | 8897 | 5878 |
| &nbsp;&nbsp;&nbsp;Professional fees | 9481 | 9486 | 9486 | 9953 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 9147 | 9540 | 9338 | 8751 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8585 | 10491 | 8662 | 3745 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 4863 | 3161 | 4620 | 4098 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 13 | 7 | 339 | 95 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3274 | 5822 | 4877 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 427097 | 500633 | 429278 | 313299 |
| &nbsp;&nbsp;&nbsp;Less: Contractual Fees waived and/or expenses reimbursed by the Adviser |  |  |  | (7367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL FEES WAIVED/(RECAPTURED)** |  |  |  | (7367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 427097 | 500633 | 429278 | 305932 |
| **NET INVESTMENT INCOME (LOSS)** | 1800571 | (25424) | 661030 | 939114 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (4207896) | (25854) | (1441094) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 4261810 | 8759762 | 4068857 | 107814 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1242572) | 8598672 | 1575104 | 1379704 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** | (1188658) | 17332580 | 4202867 | 1487518 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**611913** | $**17307156** | $**4863897** | $**2426632** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brookstone**<br>**Ultra-Short Bond**<br>**ETF** | **Brookstone**<br>**Active**<br>**ETF** | **Brookstone**<br>**Opportunities**<br>**ETF** | **Brookstone**<br>**Yield**<br>**ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1484524 | $510549 | $585748 | $1884651 |
| &nbsp;&nbsp;&nbsp;Interest | 15293 | 12702 | 7508 | 10320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1499817 | 523251 | 593256 | 1894971 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 239322 | 145937 | 136254 | 133974 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 33879 | 18118 | 40872 | 19890 |
| &nbsp;&nbsp;&nbsp;Professional fees | 9953 | 9954 | 9954 | 10102 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 9559 | 6601 | 6393 | 5964 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 8924 | 8752 | 8900 | 8854 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 7624 | 5806 | 5985 | 6170 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7390 | 6189 | 5574 | 5324 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3876 | 4702 | 3434 | 3430 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 3578 | 5136 | 3847 | 4207 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 278 | 172 | 163 | 154 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3148 | 5260 | 5552 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 327531 | 216627 | 226928 | 202331 |
| &nbsp;&nbsp;&nbsp;Plus: Contractual Fees waived and/or expenses reimbursed by the Adviser |  | (3223) | (27707) | (6426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL FEES WAIVED/(RECAPTURED)** |  | (3223) | (27707) | (6426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 327531 | 213404 | 199221 | 195905 |
| **NET INVESTMENT INCOME** | 1172286 | 309847 | 394035 | 1699066 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 11170 | 25931 | (3857) | (173549) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 30893 | 5382504 | 2736184 | 2513760 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (32128) | (1086427) | (8641) | (450082) |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 9935 | 4322008 | 2723686 | 1890129 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1182221** | $**4631855** | $**3117721** | $**3589195** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Dividend Stock ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1800571 | $3181186 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (4207896) | (539380) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 4261810 | 11732870 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1242572) | (7175985) |
| Net increase in net assets resulting from operations | 611913 | 7198691 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (1749291) | (3957136) |
| Total distributions to shareholders | (1749291) | (3957136) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 27564144 | 52391473 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18668881) | (39311852) |
| Net increase in net assets from shares of beneficial interest | 8895263 | 13079621 |
| **TOTAL INCREASE IN NET ASSETS** | 7757885 | 16321176 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 91956045 | 75634869 |
| &nbsp;&nbsp;&nbsp;End of Period | $**99713930** | $**91956045** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 890000 | 1620000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (600000) | (1200000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 290000 | 420000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Growth Stock ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(25424) | $172887 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (25854) | (3074271) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 8759762 | 22823517 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 8598672 | (6975839) |
| Net increase in net assets resulting from operations | 17307156 | 12946294 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid |  | (1257065) |
| Total distributions to shareholders |  | (1257065) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 63921597 | 123524389 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (61876997) | (108259205) |
| Net increase in net assets from shares of beneficial interest | 2044600 | 15265184 |
| **TOTAL INCREASE IN NET ASSETS** | 19351756 | 26954413 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 106297735 | 79343322 |
| &nbsp;&nbsp;&nbsp;End of Period | $**125649491** | $**106297735** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1710000 | 3590000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1650000) | (3180000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 60000 | 410000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Value Stock ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $661030 | $1080448 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (1441094) | (2798586) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 4068857 | 15110867 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 1575104 | (7680055) |
| Net increase in net assets resulting from operations | 4863897 | 5712674 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (645564) | (3109522) |
| Total distributions to shareholders | (645564) | (3109522) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 21895408 | 82983194 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (23045332) | (67091633) |
| Net increase (decrease) in net assets from shares of beneficial interest | (1149924) | 15891561 |
| **TOTAL INCREASE IN NET ASSETS** | 3068409 | 18494713 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 94982232 | 76487519 |
| &nbsp;&nbsp;&nbsp;End of Period | $**98050641** | $**94982232** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 680000 | 2610000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (720000) | (2110000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (40000) | 500000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Intermediate Bond ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $939114 | $1623035 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments |  | (8518) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 107814 | 854314 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1379704 | 458941 |
| Net increase in net assets resulting from operations | 2426632 | 2927772 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (949006) | (1635611) |
| Total distributions to shareholders | (949006) | (1635611) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4500842 | 32072901 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3167577) | (25328129) |
| Net increase in net assets from shares of beneficial interest | 1333265 | 6744772 |
| **TOTAL DECREASE IN NET ASSETS** | 2810891 | 8036933 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 63010752 | 54973819 |
| &nbsp;&nbsp;&nbsp;End of Period | $**65821643** | $**63010752** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 170000 | 1230000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (120000) | (970000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 50000 | 260000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Ultra-Short Bond ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1172286 | $2419788 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 11170 | 21091 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 30893 | 1279 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation depreciation on investments | (32128) | (20134) |
| Net increase in net assets resulting from operations | 1182221 | 2422024 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (1182489) | (2433876) |
| Total distributions to shareholders | (1182489) | (2433876) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 19784590 | 10618569 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14979987) | (1013267) |
| Net increase in net assets from shares of beneficial interest | 4804603 | 9605302 |
| **TOTAL INCREASE IN NET ASSETS** | 4804335 | 9593450 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 71851670 | 62258220 |
| &nbsp;&nbsp;&nbsp;End of Period | $**76656005** | $**71851670** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 780000 | 420000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (590000) | (40000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 190000 | 380000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Active ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $309847 | $561436 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 25931 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 5382504 | 405102 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1086427) | 2383423 |
| Net increase in net assets resulting from operations | 4631855 | 3349961 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (316790) | (569312) |
| Total distributions to shareholders | (316790) | (569312) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 21486344 | 4533608 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (21503179) | (2409663) |
| Net increase (decrease) in net assets from shares of beneficial interest | (16835) | 2123945 |
| **TOTAL INCREASE IN NET ASSETS** | 4298230 | 4904594 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 41566782 | 36662188 |
| &nbsp;&nbsp;&nbsp;End of Period | $**45865012** | $**41566782** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 670000 | 150000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (670000) | (80000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding |  | 70000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Opportunities ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $394035 | $528699 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (3857) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 2736184 | 2550605 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (8641) | 95234 |
| Net increase in net assets resulting from operations | 3117721 | 3174538 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (400563) | (536401) |
| Total distributions to shareholders | (400563) | (536401) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 18574089 | 13676329 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18182129) | (11242191) |
| Net increase in net assets from shares of beneficial interest | 391960 | 2434138 |
| **TOTAL INCREASE IN NET ASSETS** | 3109118 | 5072275 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 39898831 | 34826556 |
| &nbsp;&nbsp;&nbsp;End of Period | $**43007949** | $**39898831** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 580000 | 450000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (570000) | (370000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 10000 | 80000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Yield ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025**<br>**(Unaudited)** | <br>**For the Year Ended**<br>**May 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1699066 | $2496709 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (173549) | 463587 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 2513760 | 27328 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (450082) | 41110 |
| Net increase in net assets resulting from operations | 3589195 | 3028734 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (1705350) | (2706613) |
| Total distributions to shareholders | (1705350) | (2706613) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 32639480 | 5083586 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (30808079) | (541898) |
| Net increase in net assets from shares of beneficial interest | 1831401 | 4541688 |
| **TOTAL INCREASE IN NET ASSETS** | 3715246 | 4863809 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 37942057 | 33078248 |
| &nbsp;&nbsp;&nbsp;End of Period | $**41657303** | $**37942057** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1180000 | 190000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1110000) | (20000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 70000 | 170000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Dividend Stock ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $30.75 | $29.43 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.57 | 1.16 | 0.79 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.38) | 1.58 | 4.27 |
| Total from investment operations | 0.19 | 2.74 | 5.06 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.54) | (1.18) | (0.63) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.24) |  |
| Total distributions | (0.54) | (1.42) | (0.63) |
| Net asset value, end of period | $30.40 | $30.75 | $29.43 |
| Total return (3) | 0.58% (6) | 9.18% | 20.39% (6) |
| Net assets, at end of period (000s) | $99714 | $91956 | $75635 |
| Ratio of gross expenses to average net assets (5) | 0.87% | 0.87% | 1.00% |
| Ratio of net expenses to average net assets (5) | 0.87% | 0.89% | 0.95% |
| Ratio of net investment income to average net assets (5) | 3.66% | 3.68% | 4.21% |
| Portfolio Turnover Rate (4) | 11% (6) | 19% | 15% (6) |

---

(1) The Brookstone Dividend Stock ETF
 commenced operations on September 27, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.(See Note 5)

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Growth Stock ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $34.51 | $29.72 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | (0.01) | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 5.52 | 5.16 | 4.70 |
| Total from investment operations | 5.51 | 5.22 | 4.75 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.43) | (0.03) |
| Total distributions |  | (0.43) | (0.03) |
| Net asset value, end of period | $40.02 | $34.51 | $29.72 |
| Total return (3) | 15.97% (6) | 17.54% | 19.03% (6) |
| Net assets, at end of period (000s) | $125649 | $106298 | $79343 |
| Ratio of gross expenses to average net assets (5) | 0.83% | 0.88% | 0.99% |
| Ratio of net expenses to average net assets (5) | 0.83% | 0.89% | 0.95% |
| Ratio of net investment income to average net assets (5) | (0.04)% | 0.18% | 0.23% |
| Portfolio Turnover Rate (4) | 10% (6) | 63% | 26% (6) |

---

(1) The Brookstone Growth Stock ETF commenced
 operations on September 26, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 5)

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Value Stock ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $30.84 | $29.65 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.21 | 0.40 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.41 | 1.94 | 4.60 |
| Total from investment operations | 1.62 | 2.34 | 4.85 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (1.15) | (0.20) |
| Total distributions | (0.21) | (1.15) | (0.20) |
| Net asset value, end of period | $32.25 | $30.84 | $29.65 |
| Total return (3) | 5.24% (6) | 7.89% | 19.43% (6) |
| Net assets, at end of period (000s) | $98051 | $94982 | $76488 |
| Ratio of gross expenses to average net assets (5) | 0.86% | 0.89% | 0.99% |
| Ratio of net expenses to average net assets (5) | 0.86% | 0.91% | 0.95% |
| Ratio of net investment income to average net assets (5) | 1.32% | 1.29% | 1.29% |
| Portfolio Turnover Rate (4) | 12% (6) | 71% | 25% (6) |

---

(1) The Brookstone Value Stock ETF commenced
 operations on September 26, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 5)

(5) Annualized for periods less than one
 year.

(6) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Intermediate Bond ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $26.04 | $25.45 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.39 | 0.73 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.61 | 0.59 | 0.35 |
| Total from investment operations | 1.00 | 1.32 | 0.87 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.73) | (0.42) |
| Total distributions | (0.39) | (0.73) | (0.42) |
| Net asset value, end of period | $26.65 | $26.04 | $25.45 |
| Total return (3) | 3.83% (8) | 5.21% | 3.50% (8) |
| Net assets, at end of period (000s) | $65822 | $63011 | $54974 |
| Ratio of gross expenses to average net assets (5)(7) | 0.95% | 0.93% | 1.12% |
| Ratio of net expenses to average net assets (5)(7) | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income to average net assets (4)(7) | 2.92% | 2.79% | 2.98% |
| Portfolio Turnover Rate (6) | 0% (8) | 56% | 79% (8) |

---

(1) The Brookstone Intermediate Bond ETF
 commenced operations on September 26, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

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

(5) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(6) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 5)

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Ultra-Short Bond ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $25.21 | $25.21 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.40 | 0.92 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.01 |  | 0.09 |
| Total from investment operations | 0.41 | 0.92 | 0.75 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.92 | (0.54) |
| Total distributions | (0.40) | (0.92 | (0.54) |
| Net asset value, end of period | $25.22 | $25.21 | $25.21 |
| Total return (3)(8) | 1.64% (8) | 3.72 | 3.01% (8) |
| Net assets, at end of period (000s) | $76656 | $71852 | $62258 |
| Ratio of gross expenses to average net assets (5)(7) | 0.89% | 0.92 | 1.05% |
| Ratio of net expenses to average net assets (5)(7) | 0.89% | 0.95 | 0.95% |
| Ratio of net investment income to average net assets (4) (7) | 3.18% | 3.65 | 3.82% |
| Portfolio Turnover Rate (6) | 21% (8) | 20 | 0% (8) |

---

(1) The Brookstone Ultra-Short Bond ETF
 commenced operations on September 26, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

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

(5) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(6) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 5)

(7) Annualized for periods less than one
 year.

(8) Not annualized.

(9) Amount represents less than $0.005.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Active ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $30.79 | $28.64 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.23 | 0.43 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.18 | 2.16 | 3.60 |
| Total from investment operations | 3.41 | 2.59 | 3.87 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.44) | (0.23) |
| Total distributions | (0.23) | (0.44) | (0.23) |
| Net asset value, end of period | $33.97 | $30.79 | $28.64 |
| Total return (3)(8) | 11.11% (8) | 9.04% | 15.49% (8) |
| Net assets, at end of period (000s) | $45865 | $41567 | $36662 |
| Ratio of gross expenses to average net assets (5)(7) | 0.96% | 0.99% | 1.32% |
| Ratio of net expenses to average net assets (5)(7) | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income to average net assets (4) (7) | 1.38% | 1.42% | 1.46% |
| Portfolio Turnover Rate (6) | 58% (8) | 0% | 0% (8) |

---

(1) The Brookstone Active ETF commenced
 operations on September 27, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

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

(5) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(6) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 5)

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Opportunities ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $30.46 | $28.31 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.30 | 0.43 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.12 | 2.15 | 3.26 |
| Total from investment operations | 2.42 | 2.58 | 3.57 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.43) | (0.26) |
| Total distributions | (0.30) | (0.43) | (0.26) |
| Net asset value, end of period | $32.58 | $30.46 | $28.31 |
| Total return (3)(8) | 7.97% (8) | 9.14% | 14.31% (8) |
| Net assets, at end of period (000s) | $43008 | $39899 | $34827 |
| Ratio of gross expenses to average net assets (5)(7) | 1.08% | 1.01% | 1.35% |
| Ratio of net expenses to average net assets (5)(7) | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income to average net assets (4) (7) | 1.88% | 1.43% | 1.69% |
| Portfolio Turnover Rate (6) | 37% (8) | 0% | 0% (8) |

---

(1) The Brookstone Opportunities ETF commenced
 operations on September 27, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

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

(5) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(6) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 5)

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone Yield ETF*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 (1)** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $26.53 | $26.25 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 1.14 | 1.86 | 1.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.24 | 0.41 | 0.95 |
| Total from investment operations | 2.38 | 2.27 | 2.59 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.14) | (1.99) | (1.34) |
| Total distributions | (1.14) | (1.99) | (1.34) |
| Paid-in-Capital From Redemption Fees |  |  |  |
| Net asset value, end of period | $27.77 | $26.53 | $26.25 |
| Total return (3)(8) | 9.06% (8) | 8.86% | 10.45% (8) |
| Net assets, at end of period (000s) | $41657 | $37942 | $33078 |
| Ratio of gross expenses to average net assets (5)(7) | 0.98% | 0.99% | 1.37% |
| Ratio of net expenses to average net assets (5)(7) | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income to average net assets (4) (7) | 8.24% | 6.98% | 9.19% |
| Portfolio Turnover Rate (6) | 40% (8) | 81% | 77% (8) |

---

(1) The Brookstone Yield ETF commenced
 operations on September 27, 2023.

(2) Per share amounts calculated using
 the average shares method.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Recognition of net investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying

(5) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(6) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 5)

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **November 30, 2025** |

---

**1.** **ORGANIZATION** 

The Brookstone Dividend Stock ETF ("BAMD"), Brookstone Growth Stock ETF ("BAMG"), Brookstone Value Stock ETF ("BAMV"), Brookstone Intermediate Bond ETF ("BAMB"), Brookstone Ultra-Short Bond ETF ("BAMU"), Brookstone Active ETF ("BAMA"), Brookstone Opportunities ETF ("BAMO") and Brookstone Yield ETF ("BAMY") (each a "Fund" and collectively the "Funds") are each a diversified series of Northern Lights Fund Trust IV (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. BAMB, BAMU, BAMA, BAMO and BAMY are each a "fund of funds", in that each Fund will generally invest in other investment companies.

BAMD's investment objective seeks to provide income and capital appreciation. BAMG's and BAMV's investment objective seeks to provide capital appreciation. BAMB's, BAMY's and BAMU's investment objective seeks to provide current income. BAMA's and BAMO's investment objective seeks to provide total return. BAMD, BAMA, BAMO and BAMY commenced operations on September 27, 2023. BAMG, BAMV, BAMB and BAMU commenced operations on September 26, 2023.

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies",* including Accounting Standards Update 2013-08.

**Operating Segments –** The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of its portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each 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 each Fund, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

**Securities Valuation –** The Funds record their investments at fair value. Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation.

**Valuation of Underlying Funds** - The Funds may invest in portfolios of open-end or closed-end investment companies (the "investment companies"). Investment companies are valued at their respective net asset values ("NAV") as reported by such investment companies. Mutual funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the open-end funds. Exchange-traded funds ("ETFs") are valued at the last reported price or official closing price. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the NAV per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Funds will not change.

The Funds may hold investments, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board of Trustees (the "Board"). The Board has designated the Funds' adviser as it's "Valuation Designee" for execution of these procedures. The adviser may also enlist third-party consultants such as an a valuation specialist at a public accounting firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.

**Fair Valuation Process -** Applicable investments are valued 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; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private placements 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 the Valuation Designee is unable to obtain a current

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

bid from such independent dealers or other independent parties, the adviser shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

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 November 30, 2025, for each Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BAMD** | | | | |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $99175923 | $— | $— | $99175923 |
| Total | $99175923 | $— | $— | $99175923 |
| **BAMG** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $124501781 | $— | $— | $124501781 |
| Total | $124501781 | $— | $— | $124501781 |
| **BAMV** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $97735186 | $— | $— | $97735186 |
| Total | $97735186 | $— | $— | $97735186 |
| **BAMB** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $65407135 | $— | $— | $65407135 |
| Total | $65407135 | $— | $— | $65407135 |
| **BAMU** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $76278067 | $— | $— | $76278067 |
| Total | $76278067 | $— | $— | $76278067 |
| **BAMA** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $45619420 | $— | $— | $45619420 |
| Total | $45619420 | $— | $— | $45619420 |
| **BAMO** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $43026514 | $— | $— | $43026514 |
| Total | $43026514 | $— | $— | $43026514 |
| **BAMY** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $41769299 | $— | $— | $41769299 |
| Total | $41769299 | $— | $— | $41769299 |

---

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

\* See Schedules of Investments for industry classification.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

**Exchange Traded Funds** – The Funds may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock. An index ETF represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities in which it invests, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis and includes amortization and accretion, which is recorded using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly for each Fund. Distributable net realized capital gains, if any, are declared and distributed annually to comply with distribution requirements. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Cash and Cash Equivalents –** Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

**Federal Income Taxes –** The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

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

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

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

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

For the six months ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| **BAMD** | $**10275521** | $**10300571** |
| **BAMG** | **11949917** | **12048488** |
| **BAMV** | **12295265** | **11610513** |
| **BAMB** | **—** | **—** |
| **BAMU** | **15256521** | **15211823** |
| **BAMA** | **26597057** | **25666856** |
| **BAMO** | **16347496** | **15307604** |
| **BAMY** | **16447637** | **16195100** |

---

For the six months ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| **BAMD** | $**27309156** | $**18573172** |
| **BAMG** | **63452123** | **61514990** |
| **BAMV** | **21677419** | **23039141** |
| **BAMB** | **4437761** | **3126589** |
| **BAMU** | **19563720** | **14810229** |
| **BAMA** | **21016152** | **21495675** |
| **BAMO** | **18347227** | **18118163** |
| **BAMY** | **32485638** | **30731585** |

---

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

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

Brookstone Asset Management, LLC serves as the Funds' investment adviser (the "Adviser") pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund's average daily net assets. During the six months ended November 30, 2025, the Adviser earned the following fees:

---

| | | |
|:---|:---|:---|
| **Fund** | **Annual Rate** | **Advisory Fee** |
| BAMD | 0.65% | $320002 \* |
| BAMG | 0.65% | 390921 \* |
| BAMV | 0.65% | 324976 \* |
| BAMB | 0.65% | 201905 \* |
| BAMU | 0.65% | 239322 \* |
| BAMA | 0.65% | 142714 |
| BAMO | 0.65% | 108547 |
| BAMY | 0.65% | 127548 |

---

\* Includes fees recouped by the Adviser, see table below.

Pursuant to a written agreement (the "Waiver Agreement"), the Adviser has contractually agreed, until at least September 30, 2026, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.95% of average daily net assets of each Fund; subject to possible recoupment from the applicable Fund in future years within the three years from the date the fees have been waived or reimbursed if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of the recoupment. Fee waiver and reimbursement arrangements can decrease a Fund's expenses and boost its performance. If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the operating expenses attributable to the Funds are subsequently less than the expense limitation, the Adviser shall be entitled to reimbursement by the applicable Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the expenses to exceed the expense limitation. If the Funds' operating expenses subsequently exceed the expense limitation, the reimbursements shall be suspended.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

During the six months ended November 30, 2025, the Adviser waived fees and/or reimbursed expenses, pursuant to the Waiver Agreement, in the amounts of:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Fees waived**<br>**(reimbursed) by**<br>**the Adviser** | **Fees recouped**<br>**by the**<br>**Adviser** |
| BAMD | $— | $— |
| BAMG |  |  |
| BAMV |  |  |
| BAMB | 7367 |  |
| BAMU |  |  |
| BAMA | 3223 |  |
| BAMO | 27707 |  |
| BAMY | 6426 |  |

---

The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Adviser through May 31 of the year indicated.

---

| | | |
|:---|:---|:---|
| **Fund** | **2027** | **2028** |
| BAMD | $— | $— |
| BAMG |  |  |
| BAMV |  |  |
| BAMB | 38151 |  |
| BAMU | 13715 |  |
| BAMA | 69341 | 16995 |
| BAMO | 71130 | 21205 |
| BAMY | 72230 | 14217 |

---

**Distributor** – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plan as amended (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services related to fund shares. Under the Plan, the Funds may pay 0.25% per year of the average daily net assets of fund shares for such distribution and shareholder service activities. As of November 30, 2025 the Plan has not been activated. For the six months ended November 30, 2025, the Funds did not incur any distribution fees.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the six months ended November 30, 2025, there were no underwriting commissions.

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

<u>Ultimus Fund Solutions, LLC ("UFS")</u> – UFS, an affiliate of the Distributor, provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds, which

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

are included in administrative service fees in the Statements of Operations. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund, which are included in compliance officer fees in the Statements of Operations.

<u>Blu Giant, LLC ("Blu Giant")</u> – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services, as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds, which are included in printing expenses in the Statements of Operations.

**5.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 10,000. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and thier ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Funds are disclosed in the Statements of Changes in Net Assets. For the six months ended November 30, 2025, the Funds received the following fees:

---

| | | |
|:---|:---|:---|
| **Fund** | **Variable Fees** | **Fixed Fees** |
| BAMD | $– $| 6250 |
| BAMG | – | 9250 |
| BAMV | – | 6750 |
| BAMB | – | 1750 |
| BAMU | – | 3750 |
| BAMA | – | 1500 |
| BAMO | – | 3500 |
| BAMY | – | 2500 |

---

The Transaction Fees for the Funds are listed in the table below:

---

| | |
|:---|:---|
| **Fee for in-Kind and Cash**<br>**Purchases** | **Maximum Additional Variable**<br>**Charge for Cash Purchases\*** |
| $250 | 2.00%\* |

---

\* The maximum Transaction Fee may be up to 2.00% of the amount invested.

**6.** **UNDERLYING FUND RISK** 

Other investment companies including ETFs ("Underlying Funds") in which the Funds invest are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, the cost of investing in the Funds will be higher than the cost of investing directly in the Underlying Funds and may be higher than other ETFs that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the corresponding Funds. ETFs may also trade at a discount or premium to their NAV and may trade at a larger discount or smaller premium subsequent to purchase by the Funds.

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION-TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation on November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost for<br> Federal Tax<br> Purposes** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| BAMD | $98288877 | $7913005 | $(7025959) | $887046 |
| BAMG | 115177129 | 16487853 | (7163201) | 9324652 |
| BAMV | 96913040 | 6910794 | (6088648) | 822146 |
| BAMB | 62938205 | 2468930 |  | 2468930 |
| BAMU | 76207736 | 70331 |  | 70331 |
| BAMA | 40654325 | 4965095 |  | 4965095 |
| BAMO | 39920037 | 3106477 |  | 3106477 |
| BAMY | 41168112 | 601187 |  | 601187 |

---

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

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

The tax character of distributions for the year/period ended May 31, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Fiscal Year Ended**<br>**5/31/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| BAMD | $3939254 | $17882 | $— | $3957136 |
| BAMG | 1257065 |  |  | 1257065 |
| BAMV | 3099553 | 9969 |  | 3109522 |
| BAMB | 1635611 |  |  | 1635611 |
| BAMU | 2433876 |  |  | 2433876 |
| BAMA | 569312 |  |  | 569312 |
| BAMO | 536401 |  |  | 536401 |
| BAMY | 2706613 |  |  | 2706613 |
| **For Fiscal Period Ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **5/31/2024** | **Income** | **Capital Gains** | **Capital** | **Total** |
| BAMD | $1526556 | $— | $— | $1526556 |
| BAMG | 72992 |  |  | 72992 |
| BAMV | 491550 |  |  | 491550 |
| BAMB | 857320 |  |  | 857320 |
| BAMU | 1296360 |  |  | 1296360 |
| BAMA | 276252 |  |  | 276252 |
| BAMO | 302253 |  |  | 302253 |
| BAMY | 1601515 |  |  | 1601515 |

---

As of May 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| BAMD | $882329 | $— | $— | $(565776) | $(952913) | $2129618 | $1493258 |
| BAMG |  |  | (3098733) |  |  | 725980 | (2372753) |
| BAMV | 279567 |  | (2821922) |  | (277200) | (752958) | (3572513) |
| BAMB | 418634 |  | (8518) | (3773) | (424468) | 1089226 | 1071101 |
| BAMU | 521533 | 21091 |  |  | (527820) | 102459 | 117263 |
| BAMA | 114023 |  |  |  | (112185) | 6051522 | 6053360 |
| BAMO | 107794 |  |  |  | (107640) | 3115118 | 3115272 |
| BAMY | 730872 | 244708 |  |  | (738166) | 1051269 | 1288683 |

---

The difference between book basis and tax basis undistributed net investment income (losses), accumulated net realized gains (losses), and unrealized appreciation (depreciation) from C-Corporation return of capital distributions. The difference between book basis and tax basis undistributed net investment income/ (loss and other book/tax adjustments is primarily attributable to the adjustments for accrued dividends payable.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The BAMG incurred and elected to defer such late year losses of $24,462.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **Post October**<br>**Losses** |
| BAMD | $— |
| BAMG | 3074271 |
| BAMV | 2821922 |
| BAMB | 8518 |
| BAMU |  |
| BAMA |  |
| BAMO |  |
| BAMY |  |

---

At May 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** |
|  | **Short-Term** | **Long-Term** | **Total** | **Utilized** |
| BAMD | 352877 | 212899 | 565776 |  |
| BAMG |  |  |  |  |
| BAMV |  |  |  |  |
| BAMB | 3773 |  | 3773 |  |
| BAMU |  |  |  |  |
| BAMA |  |  |  |  |
| BAMO |  |  |  |  |
| BAMY |  |  |  |  |

---

Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions, distributions in excess, and adjustments for prior year tax returns, resulted in reclassifications for the tax year ended May 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Deficits)** |
| BAMD | $11751050 | $(11751050) |
| BAMG | 22819124 | (22819124) |
| BAMV | 15126090 | (15126090) |
| BAMB | 854314 | (854314) |
| BAMU | 1279 | (1279) |
| BAMA | 405102 | (405102) |
| BAMO | 2550605 | (2550605) |
| BAMY | (158721) | 158721 |

---

---

| |
|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **November 30, 2025** |

---

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **ADDITIONAL INFORMATION** |
| **November 30, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures –** Not applicable

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

Refer to the financial statements included herein

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

Not applicable

---

| |
|:---|
| **INVESTMENT ADVISER** |
| Brookstone Asset Management, |
| LLC 1745 S. Naperville Rd |
| Wheaton, IL 60189 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| BROOK ETF-SA25 |

---

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

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

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

Not applicable

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

Refer to the financial statements included herein

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures.** 

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule
 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

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

---

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

---

Date <u>2/6/2026</u> <br>

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

---

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

---

Date <u>2/6/2026</u> <br>

---

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

---

Date <u>2/6/2026</u>

## Ex-99.Cert

CERTIFICATIONS

I, Wendy Wang, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of the Brookstone ETFs (a series of Northern Lights Fund Trust IV);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 2/6/2026 | /s/ Wendy Wang |
|  |  | Wendy Wang, Principal Executive Officer/President |

---

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of the Brookstone ETFs (a series of Northern Lights Fund Trust IV);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 2/6/2026 | /s/ Sam Singh |
|  |  | Sam Singh, Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 2/6/2026 | Date: | 2/6/2026 |

---

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

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