# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-25-005007
**Filing Date:** 2025-8
**Character Count:** 211355
**Document Hash:** 2bcf3447d20ae0d5aee91001d088f296
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005007.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001580642-25-005007

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 251199393

**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>631-490-4300</u>

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

**Item 1.** **Reports to Stockholders.**

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

#### Annual Shareholder Report - May 31, 2025
![Image](i299f6a2f018a5de860aeac53.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Active ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Active ETF | $99 | 0.95% |

---

## How did the Fund perform during the reporting period?
From June 1, 2024, through May 31, 2025, U.S. equities rose 13.52%, as measured by the S&P 500 Index, reflecting resilience in a complex macroeconomic environment. Gains were supported by stable corporate earnings and strong investor enthusiasm for artificial intelligence and other productivity-enhancing technologies. While performance continued to be concentrated in large-cap technology and communication services firms, market breadth improved modestly in late 2024. Equities experienced brief but sharp pullbacks in March and April amid renewed trade tensions and tariff announcements but quickly rebounded as companies adapted to cost pressures and policymakers signaled efforts to de-escalate.

Fixed income markets also posted solid results. U.S. taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index (the "Index"), returned 5.46% over the 12-month period. The Index advanced 2.94% in the second half of 2024, supported by moderating inflation, cooling wage growth, and improving consumer sentiment. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed Treasuries as spreads tightened and demand for yield remained strong.

In early 2025, the bond index rose an additional 2.41%, despite persistent inflation and stronger-than-expected economic activity. Although hopes for near-term rate cuts faded, high-quality income remained attractive amid solid fundamentals and continued confidence in eventual Federal Reserve (the "Fed") accommodation. Overall, fixed income performance reflected a delicate balance between easing expectations and economic resilience.

Throughout the period, the Federal Reserve held its benchmark interest rate at a 22-year high, maintaining a restrictive stance in response to inflation that remained above its 2% target. This policy backdrop played a central role in shaping investor sentiment across asset classes. While early signs of disinflation and moderating wage growth supported risk assets, policymakers remained cautious, delaying rate cuts until clearer progress emerged. By early 2025, however, the Fed adopted a more dovish tone, signaling that easing could begin later in the year if inflation trends continued to improve. This shift helped support both equity and fixed income markets, reinforcing the broader rebound from earlier volatility and anchoring expectations for a more accommodative policy environment ahead.

During the same period, the Fund gained 9.04%, slightly underperforming its benchmark, the Dow Jones Moderate Portfolio Index, which returned 9.83%. The underperformance was primarily due to the Fund's higher allocation to U.S. equities and fixed income, whereas the benchmark includes a globally diversified mix of stocks, bonds, and cash, represented by multiple sub-indexes.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i9b2711ec75c457aa72b2d914.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Brookstone Active ETF - NAV** | **Dow Jones Moderate Portfolio Index** | **S&P 500<sup>®</sup> Index** |
| **09/27/23** | $10000 | $10000 | $10000 |
| **09/30/23** | $10024 | $10039 | $10033 |
| **10/31/23** | $9872 | $9762 | $9822 |
| **11/30/23** | $10488 | $10442 | $10719 |
| **12/31/23** | $10853 | $10960 | $11206 |
| **01/31/24** | $10949 | $10894 | $11395 |
| **02/29/24** | $11263 | $11103 | $12003 |
| **03/31/24** | $11516 | $11371 | $12389 |
| **04/30/24** | $11175 | $11013 | $11883 |
| **05/31/24** | $11549 | $11282 | $12473 |
| **06/30/24** | $11815 | $11355 | $12920 |
| **07/31/24** | $11961 | $11650 | $13077 |
| **08/31/24** | $12186 | $11864 | $13395 |
| **09/30/24** | $12377 | $12109 | $13681 |
| **10/31/24** | $12247 | $11871 | $13557 |
| **11/30/24** | $12742 | $12239 | $14352 |
| **12/31/24** | $12478 | $11897 | $14010 |
| **01/31/25** | $12711 | $12169 | $14400 |
| **02/28/25** | $12641 | $12140 | $14212 |
| **03/31/25** | $12168 | $11914 | $13412 |
| **04/30/25** | $12119 | $12006 | $13321 |
| **05/31/25** | $12594 | $12391 | $14159 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 27, 2023)** |
| Brookstone Active ETF - NAV | 9.04% | 14.75% |
| Dow Jones Moderate Portfolio Index | 9.83% | 13.64% |
| S&P 500<sup>®</sup> Index | 13.52% | 23.05% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | 6.44% |

---

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

## **Fund Statistics** 
* Net Assets$41,566,782

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$239,154

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1d41d5a7528e4ec3eae99031.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i63cf423a0c541cf95128bf55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Fixed Income | 33.0% |
| Equity | 65.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 Growth ETF | 23.9% |
| SPDR Portfolio S&P 500 ETF | 21.9% |
| SPDR Portfolio S&P 500 Value ETF | 19.5% |
| SPDR Portfolio Aggregate Bond ETF | 16.7% |
| iShares 0-3 Month Treasury Bond ETF | 16.3% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i9fba2280b6b51ecad4f94873.jpg)

# Brookstone Active ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-active-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMA

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

#### Annual Shareholder Report - May 31, 2025
![Image](id15dc4da002f676ae265bda3.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Dividend Stock ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Dividend Stock ETF | $93 | 0.89% |

---

## How did the Fund perform during the reporting period?
For the period from June 1, 2024, through May 31, 2025, U.S. equities rose 13.52%, as measured by the S&P 500 Index. Equity markets demonstrated resilience amid a complex macroeconomic environment, supported by stable corporate earnings and sustained investor enthusiasm for artificial intelligence and other productivity-enhancing technologies. As in prior periods, gains were concentrated in a relatively narrow group of large-cap technology and communication services firms, although market breadth modestly improved in the second half of the period.

Market volatility spiked in March and April following renewed trade tensions and the announcement of new tariffs targeting a range of imported goods, particularly from China. Concerns over rising input costs, potential retaliatory measures, and disruptions to global supply chains triggered brief but sharp market pullbacks. However, equities ultimately rebounded as companies demonstrated flexibility in managing cost pressures and policymakers signaled that negotiations remained ongoing to avoid further escalation.

The Federal Reserve (the "Fed") maintained its benchmark interest rate at a 22-year high throughout the 12-month span, continuing its restrictive policy stance amid persistent inflation. Although some data pointed to cooling price pressures, inflation remained above the Fed's 2% target for most of the period. As a result, policymakers opted to delay rate cuts until more definitive progress toward price stability was observed. By early 2025, the Fed adopted a slightly more dovish tone, indicating that rate reductions could be appropriate later in the year if disinflation trends continued.

During the same period, the Fund returned 9.18%, slightly underperforming its benchmark, the Dow Jones U.S. Select Dividend Total Return Index, which gained 9.82%. The fund's underperformance was largely driven by security selection, with Gilead Sciences, Kinder Morgan, AT&T, International Paper Company, and Entergy contributing most significantly to relative returns. This performance highlights the fund's ability to identify dividend-paying companies with strong fundamentals and favorable risk/reward profiles, even in a selectively rising equity market.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if2d57aabce4005d1978e2b78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Brookstone Dividend Stock ETF - NAV** | **S&P 500<sup>®</sup> Index** | **Dow Jones US Select Dividend Index** |
| **09/27/23** | $10000 | $10000 | $10000 |
| **09/30/23** | $10032 | $10033 | $10023 |
| **10/31/23** | $9792 | $9822 | $9753 |
| **11/30/23** | $10606 | $10719 | $10437 |
| **12/31/23** | $11086 | $11206 | $11042 |
| **01/31/24** | $10877 | $11395 | $10849 |
| **02/29/24** | $10972 | $12003 | $10988 |
| **03/31/24** | $11665 | $12389 | $11716 |
| **04/30/24** | $11410 | $11883 | $11353 |
| **05/31/24** | $12039 | $12473 | $11838 |
| **06/30/24** | $11846 | $12920 | $11597 |
| **07/31/24** | $12664 | $13077 | $12477 |
| **08/31/24** | $13332 | $13395 | $12862 |
| **09/30/24** | $13592 | $13681 | $13120 |
| **10/31/24** | $13687 | $13557 | $13093 |
| **11/30/24** | $14332 | $14352 | $13925 |
| **12/31/24** | $13278 | $14010 | $12878 |
| **01/31/25** | $13383 | $14400 | $13229 |
| **02/28/25** | $13646 | $14212 | $13564 |
| **03/31/25** | $13654 | $13412 | $13296 |
| **04/30/25** | $13016 | $13321 | $12716 |
| **05/31/25** | $13143 | $14159 | $13001 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 27, 2023)** |
| Brookstone Dividend Stock ETF - NAV | 9.18% | 17.70% |
| S&P 500<sup>®</sup> Index | 13.52% | 23.05% |
| Dow Jones US Select Dividend Index | 9.82% | 16.94% |

---

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

## **Fund Statistics** 
* Net Assets$91,956,045

* Number of Portfolio Holdings30

* Advisory Fee (net of recoupments)$581,357

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5727603bdc1a7f84f92b90f8.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i90b6786e3490f84bbfe13a43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Technology | 2.5% |
| Industrials | 2.9% |
| Health Care | 3.4% |
| Consumer Discretionary | 3.7% |
| Materials | 5.9% |
| Communications | 7.0% |
| Energy | 7.4% |
| Real Estate | 13.6% |
| Financials | 16.3% |
| Consumer Staples | 16.5% |
| Utilities | 20.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kinder Morgan, Inc. | 4.2% |
| Huntington Bancshares, Inc. | 3.8% |
| Altria Group, Inc. | 3.8% |
| Crown Castle International Corp. | 3.8% |
| Ford Motor Company | 3.7% |
| WEC Energy Group, Inc. | 3.6% |
| AT&T, Inc. | 3.5% |
| Eversource Energy | 3.5% |
| Kimberly-Clark Corporation | 3.5% |
| Duke Energy Corporation | 3.5% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ia8030dd80365cd82f854f8f2.jpg)

# Brookstone Dividend Stock ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-dividend-stock-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMD

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

#### Annual Shareholder Report - May 31, 2025
![Image](i43314cd2a99979ace95eb6c4.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Growth Stock ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Growth Stock ETF | $97 | 0.89% |

---

## How did the Fund perform during the reporting period?
For the period from June 1, 2024, through May 31, 2025, U.S. equities rose 13.52%, as measured by the S&P 500 Index. Equity markets demonstrated resilience amid a complex macroeconomic environment, supported by stable corporate earnings and sustained investor enthusiasm for artificial intelligence and other productivity-enhancing technologies. As in prior periods, gains were concentrated in a relatively narrow group of large-cap technology and communication services firms, although market breadth modestly improved in the latter half of the period.

Volatility spiked in March and April following renewed trade tensions and the announcement of new tariffs on a range of imported goods, particularly from China. Concerns over rising input costs, potential retaliatory measures, and disruptions to global supply chains led to brief but sharp market pullbacks. Nevertheless, equities rebounded as companies exhibited flexibility in managing cost pressures and policymakers signaled that negotiations remained active to prevent further escalation.

The Federal Reserve (the "Fed") held its benchmark interest rate at a 22-year high throughout the 12-month period, maintaining a restrictive stance in the face of persistent inflation. While certain data pointed to easing price pressures, inflation remained above the Fed's 2% target for much of the year. As a result, policymakers postponed rate cuts until more definitive signs of disinflation emerged. By early 2025, the Fed struck a more dovish tone, suggesting that rate reductions could be appropriate later in the year if inflation continued to decline.

During the same period, the Fund returned 17.54%, underperforming its benchmark, the S&P 500 Growth Total Return Index, which rose 20.56%. The performance lag was primarily driven by asset allocation decisions—most notably an underweight to the Financials and Communication Services sectors—and relative positioning within Consumer Discretionary and Consumer Staples. While security selection remained disciplined, sector-level exposures were the dominant contributors to the relative underperformance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if7d146268126bd77d2f25df1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Brookstone Growth Stock ETF - NAV** | **S&P 500<sup>®</sup> Growth Index** | **Dow Jones Industrial Average<sup>®</sup>** |
| **09/26/23** | $10000 | $10003 | $10000 |
| **09/30/23** | $10100 | $10058 | $9967 |
| **10/31/23** | $9692 | $9815 | $9841 |
| **11/30/23** | $10661 | $10676 | $10742 |
| **12/31/23** | $11210 | $11073 | $11272 |
| **01/31/24** | $11390 | $11393 | $11419 |
| **02/29/24** | $11915 | $12225 | $11705 |
| **03/31/24** | $12043 | $12485 | $11963 |
| **04/30/24** | $11478 | $11997 | $11375 |
| **05/31/24** | $11903 | $12790 | $11668 |
| **06/30/24** | $12475 | $13682 | $11812 |
| **07/31/24** | $12567 | $13504 | $12345 |
| **08/31/24** | $13027 | $13800 | $12596 |
| **09/30/24** | $13323 | $14191 | $12842 |
| **10/31/24** | $13207 | $14102 | $12681 |
| **11/30/24** | $14202 | $14940 | $13663 |
| **12/31/24** | $13881 | $15068 | $12961 |
| **01/31/25** | $14396 | $15472 | $13581 |
| **02/28/25** | $13950 | $15022 | $13392 |
| **03/31/25** | $12936 | $13791 | $12849 |
| **04/30/25** | $13082 | $14099 | $12453 |
| **05/31/25** | $13990 | $15425 | $12971 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 26, 2023)** |
| Brookstone Growth Stock ETF - NAV | 17.54% | 22.13% |
| S&P 500<sup>®</sup> Growth Index | 20.56% | 29.44% |
| Dow Jones Industrial Average<sup>®</sup> | 11.16% | 16.75% |

---

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

## **Fund Statistics** 
* Net Assets$106,297,735

* Number of Portfolio Holdings30

* Advisory Fee (net of recoupments)$628,441

* Portfolio Turnover63%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i618a849462ed6b2476af83cb.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4f339cb88e15128cbda60c71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Consumer Staples | 3.3% |
| Health Care | 5.8% |
| Financials | 7.1% |
| Industrials | 9.9% |
| Communications | 12.9% |
| Consumer Discretionary | 13.4% |
| Technology | 46.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Intuit, Inc. | 4.1% |
| CME Group, Inc. | 3.9% |
| Microsoft Corporation | 3.8% |
| Tesla, Inc. | 3.8% |
| Uber Technologies, Inc. | 3.7% |
| NVIDIA Corporation | 3.7% |
| ServiceNow, Inc. | 3.5% |
| Visa, Inc., Class A | 3.5% |
| Autodesk, Inc. | 3.4% |
| McDonald's Corporation | 3.4% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i2a86f6b835f05809ce34c411.jpg)

# Brookstone Growth Stock ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-growth-stock-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMG

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

#### Annual Shareholder Report - May 31, 2025
![Image](i9426fdb7ca73b7b4a07efdc3.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Intermediate Bond ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Intermediate Bond ETF | $97 | 0.95% |

---

## How did the Fund perform during the reporting period?
U.S. taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index (the "Index"), returned 5.46% over the 12-month period ended May 31, 2025. This performance reflected moderate gains in the second half of 2024 and continued strength in early 2025, despite persistent volatility and shifting expectations around monetary policy.

From June through December 2024, the Index rose 2.94%, supported by growing investor confidence that the Federal Reserve (the "Fed") was nearing the start of an easing cycle. Signs of moderating inflation, cooling wage growth, and improving consumer sentiment created a more constructive environment for fixed income. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed Treasuries as credit spreads tightened and demand for yield remained strong.

In the first five months of 2025, the Index advanced an additional 2.41%. Although inflation stayed above the Fed's 2% target and economic activity exceeded expectations, demand for high-quality income remained firm. While hopes for imminent rate cuts faded, the bond market was supported by solid fundamentals and the expectation of eventual policy accommodation.

Despite a volatile backdrop shaped by shifting inflation data and evolving Fed guidance, the bond market posted solid results for the period. The Index ultimately reflected a tug-of-war between optimism for monetary easing and recalibration in response to stronger-than-expected economic resilience.

For the same 12-month period, the Fund returned 5.21%, modestly trailing the Index. This underperformance was primarily due to three factors: a higher allocation to U.S. government bonds and a lower allocation to securitized and investment-grade credit relative to the benchmark, as well as a shorter effective duration of 4.8 years compared to 6.0 years for the Index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id975748d6acbd63e6fcd3756.jpg)

---

| | | |
|:---|:---|:---|
| | **Brookstone Intermediate Bond ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/26/23** | $10000 | $10000 |
| **09/30/23** | $10004 | $9983 |
| **10/31/23** | $9984 | $9825 |
| **11/30/23** | $10145 | $10270 |
| **12/31/23** | $10286 | $10663 |
| **01/31/24** | $10310 | $10634 |
| **02/29/24** | $10266 | $10484 |
| **03/31/24** | $10311 | $10581 |
| **04/30/24** | $10230 | $10313 |
| **05/31/24** | $10350 | $10488 |
| **06/30/24** | $10444 | $10588 |
| **07/31/24** | $10668 | $10835 |
| **08/31/24** | $10790 | $10991 |
| **09/30/24** | $10905 | $11138 |
| **10/31/24** | $10651 | $10862 |
| **11/30/24** | $10720 | $10976 |
| **12/31/24** | $10593 | $10797 |
| **01/31/25** | $10647 | $10854 |
| **02/28/25** | $10841 | $11093 |
| **03/31/25** | $10874 | $11097 |
| **04/30/25** | $11007 | $11141 |
| **05/31/25** | $10890 | $11061 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 26, 2023)** |
| Brookstone Intermediate Bond ETF - NAV | 5.21% | 5.21% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | 6.19% |

---

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

## **Fund Statistics** 
* Net Assets$63,010,752

* Number of Portfolio Holdings6

* Advisory Fee (net of recoupments)$388,724

* Portfolio Turnover56%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie4d8e5afc354ec31c285bcd4.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6ea9ebe01b6ba65f9e4960ca.jpg)

---

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

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares 3-7 Year Treasury Bond ETF | 20.0% |
| Schwab Intermediate-Term U.S. Treasury ETF | 19.9% |
| iShares 7-10 Year Treasury Bond ETF | 19.8% |
| iShares iBonds Dec 2031 Term Treasury ETF | 13.3% |
| iShares iBonds Dec 2032 Term Treasury ETF | 13.2% |
| iShares iBonds Dec 2033 Term Treasury ETF | 13.2% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ia01c2f32533c547ce6541ba0.jpg)

# Brookstone Intermediate Bond ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-intermediate-bond-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMB

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

#### Annual Shareholder Report - May 31, 2025
![Image](i6780e0f4f11d56a3285661a3.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Opportunities ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Opportunities ETF | $99 | 0.95% |

---

## How did the Fund perform during the reporting period?
From June 1, 2024, through May 31, 2025, U.S. equities rose 13.52%, as measured by the S&P 500 Index, reflecting resilience in a complex macroeconomic environment. Gains were supported by stable corporate earnings and strong investor enthusiasm for artificial intelligence and other productivity-enhancing technologies. While performance continued to be concentrated in large-cap technology and communication services firms, market breadth improved modestly in late 2024. Equities experienced brief but sharp pullbacks in March and April amid renewed trade tensions and tariff announcements but quickly rebounded as companies adapted to cost pressures and policymakers signaled efforts to de-escalate.

Fixed income markets also posted solid results. U.S. taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.45% over the 12-month period. The Index advanced 2.94% in the second half of 2024, supported by moderating inflation, cooling wage growth, and improving consumer sentiment. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed Treasuries as spreads tightened and demand for yield remained strong.

In early 2025, the Index rose an additional 2.41%, despite persistent inflation and stronger-than-expected economic activity. Although hopes for near-term rate cuts faded, high-quality income remained attractive amid solid fundamentals and continued confidence in eventual Federal Reserve (the "Fed") accommodation. Overall, fixed income performance reflected a delicate balance between easing expectations and economic resilience.

Throughout the period, the Federal Reserve held its benchmark interest rate at a 22-year high, maintaining a restrictive stance in response to inflation that remained above its 2% target. This policy backdrop played a central role in shaping investor sentiment across asset classes. While early signs of disinflation and moderating wage growth supported risk assets, policymakers remained cautious, delaying rate cuts until clearer progress emerged. By early 2025, however, the Fed adopted a more dovish tone, signaling that easing could begin later in the year if inflation trends continued to improve. This shift helped support both equity and fixed income markets, reinforcing the broader rebound from earlier volatility and anchoring expectations for a more accommodative policy environment ahead.

During the same period, the Fund gained 9.14%, slightly underperforming its benchmark, the Dow Jones Moderate Portfolio Index, which returned 9.83%. The underperformance was primarily due to the Brookstone Active ETF's higher allocation to U.S. equities and fixed income, whereas the benchmark includes a globally diversified mix of stocks, bonds, and cash, represented by multiple sub-indexes.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](icd3bc340c867ccebeb205815.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Brookstone Opportunities ETF - NAV** | **Dow Jones Moderate Portfolio Index** | **S&P 500<sup>®</sup> Index** |
| **09/27/23** | $10000 | $10000 | $10000 |
| **09/30/23** | $10024 | $10039 | $10033 |
| **10/31/23** | $9924 | $9762 | $9822 |
| **11/30/23** | $10496 | $10442 | $10719 |
| **12/31/23** | $10823 | $10960 | $11206 |
| **01/31/24** | $10936 | $10894 | $11395 |
| **02/29/24** | $11238 | $11103 | $12003 |
| **03/31/24** | $11407 | $11371 | $12389 |
| **04/30/24** | $11098 | $11013 | $11883 |
| **05/31/24** | $11431 | $11282 | $12473 |
| **06/30/24** | $11709 | $11355 | $12920 |
| **07/31/24** | $11806 | $11650 | $13077 |
| **08/31/24** | $11951 | $11864 | $13395 |
| **09/30/24** | $12133 | $12109 | $13681 |
| **10/31/24** | $12064 | $11871 | $13557 |
| **11/30/24** | $12563 | $12239 | $14352 |
| **12/31/24** | $12380 | $11897 | $14010 |
| **01/31/25** | $12637 | $12169 | $14400 |
| **02/28/25** | $12490 | $12140 | $14212 |
| **03/31/25** | $12021 | $11914 | $13412 |
| **04/30/25** | $11963 | $12006 | $13321 |
| **05/31/25** | $12475 | $12391 | $14159 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 27, 2023)** |
| Brookstone Opportunities ETF - NAV | 9.14% | 14.10% |
| Dow Jones Moderate Portfolio Index | 9.83% | 13.64% |
| S&P 500<sup>®</sup> Index | 13.52% | 23.05% |

---

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

## **Fund Statistics** 
* Net Assets$39,898,831

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$219,569

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3c20f2cd48ebd01b4dba583f.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd7254342c28874401105d3d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.2% |
| Fixed Income | 42.0% |
| Equity | 55.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 26.4% |
| SPDR Dow Jones Industrial Average ETF | 24.5% |
| iShares 0-3 Month Treasury Bond ETF | 21.0% |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 21.0% |
| Invesco Nasdaq 100 ETF | 4.9% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](if2a6e2f9f16bba22d9912c75.jpg)

# Brookstone Opportunities ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-opportunities-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMO

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

#### Annual Shareholder Report - May 31, 2025
![Image](i95da0db0f13f910846ef88fc.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Ultra-Short Bond ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Ultra-Short Bond ETF | $97 | 0.95% |

---

## How did the Fund perform during the reporting period?
U.S. taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index (the "Index"), returned 5.46% over the 12-month period ended May 31, 2025. This performance reflected moderate gains in the second half of 2024 and continued strength in early 2025, despite persistent volatility and shifting expectations around monetary policy.

From June through December 2024, the Index rose 2.94%, supported by growing investor confidence that the Federal Reserve (the "Fed") was nearing the start of an easing cycle. Signs of moderating inflation, cooling wage growth, and improving consumer sentiment contributed to a more favorable backdrop for fixed income. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed Treasuries as credit spreads tightened and demand for yield remained strong.

In the first five months of 2025, the Index advanced an additional 2.41%. Although inflation remained above the Fed's 2% target and economic activity exceeded expectations, demand for high-quality income remained resilient. While hopes for imminent rate cuts diminished, the bond market was supported by solid fundamentals and expectations of eventual policy accommodation.

Despite a volatile backdrop shaped by shifting inflation data and evolving Fed communications, the bond market delivered solid results. The Bloomberg U.S. Aggregate Bond Index ultimately reflected a tug-of-war between optimism over monetary policy easing and recalibration in response to stronger-than-expected economic resilience.

Over the same period, the Fund returned 3.72%, trailing its benchmark, the Bloomberg U.S. Treasury Bills: 1–3 Months Index, which gained 4.82%. This underperformance was primarily due to the Fund slightly longer effective duration of approximately 4 months, compared to 1.2 months for the benchmark—leaving it modestly more exposed to shifts at the very front end of the interest rate curve.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i950b788051c135d18f434fdc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Brookstone Ultra-Short Bond ETF - NAV** | **Bloomberg 1-3 Months U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/26/23** | $10000 | $10000 | $10000 |
| **09/30/23** | $10008 | $10006 | $9983 |
| **10/31/23** | $10048 | $10052 | $9825 |
| **11/30/23** | $10092 | $10097 | $10270 |
| **12/31/23** | $10128 | $10144 | $10663 |
| **01/31/24** | $10161 | $10188 | $10634 |
| **02/29/24** | $10196 | $10231 | $10484 |
| **03/31/24** | $10229 | $10278 | $10581 |
| **04/30/24** | $10261 | $10322 | $10313 |
| **05/31/24** | $10301 | $10373 | $10488 |
| **06/30/24** | $10334 | $10416 | $10588 |
| **07/31/24** | $10375 | $10463 | $10835 |
| **08/31/24** | $10419 | $10513 | $10991 |
| **09/30/24** | $10456 | $10558 | $11138 |
| **10/31/24** | $10485 | $10599 | $10862 |
| **11/30/24** | $10516 | $10641 | $10976 |
| **12/31/24** | $10552 | $10684 | $10797 |
| **01/31/25** | $10577 | $10723 | $10854 |
| **02/28/25** | $10607 | $10758 | $11093 |
| **03/31/25** | $10632 | $10795 | $11097 |
| **04/30/25** | $10661 | $10833 | $11141 |
| **05/31/25** | $10685 | $10873 | $11061 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 26, 2023)** |
| Brookstone Ultra-Short Bond ETF - NAV | 3.72% | 4.02% |
| Bloomberg 1-3 Months U.S. Treasury Bill Index | 4.82% | 5.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | 6.19% |

---

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

## **Fund Statistics** 
* Net Assets$71,851,670

* Number of Portfolio Holdings5

* Advisory Fee (net of recoupments)$450,770

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia0c8937e79d70829134d9b64.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a002c6c4b0fb262424f8227.jpg)

---

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

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares iBonds Dec 2025 Term Treasury ETF | 20.0% |
| iShares 0-3 Month Treasury Bond ETF | 19.9% |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 19.9% |
| SPDR Bloomberg 3-12 Month T-Bill ETF | 19.9% |
| Invesco Short Term Treasury ETF | 19.8% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ibd1afb1dc56228ef2076c357.jpg)

# Brookstone Ultra-Short Bond ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-ultra-short-bond-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMU

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

#### Annual Shareholder Report - May 31, 2025
![Image](i4d8b5aace856235751c1bdb6.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Value Stock ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Value Stock ETF | $95 | 0.91% |

---

## How did the Fund perform during the reporting period?
For the period from June 1, 2024, through May 31, 2025, U.S. equities rose 13.52%, as measured by the S&P 500 Index. Equity markets demonstrated resilience amid a complex macroeconomic environment, supported by stable corporate earnings and sustained investor enthusiasm for artificial intelligence and other productivity-enhancing technologies. As in prior periods, gains were concentrated in a relatively narrow group of large-cap technology and communication services firms, although market breadth modestly improved in the latter half of the period.

Volatility spiked in March and April following renewed trade tensions and the announcement of new tariffs on a range of imported goods, particularly from China. Concerns over rising input costs, potential retaliatory measures, and disruptions to global supply chains led to brief but sharp market pullbacks. Nevertheless, equities rebounded as companies exhibited flexibility in managing cost pressures and policymakers signaled that negotiations remained active to prevent further escalation.

The Federal Reserve (the "Fed") held its benchmark interest rate at a 22-year high throughout the 12-month period, maintaining a restrictive stance in the face of persistent inflation. While certain data pointed to easing price pressures, inflation remained above the Fed's 2% target for much of the year. As a result, policymakers postponed rate cuts until more definitive signs of disinflation emerged. By early 2025, the Fed struck a more dovish tone, suggesting that rate reductions could be appropriate later in the year if inflation continued to decline.

During the same period, the Brookstone Value Stock ETF gained 7.89%, outperforming its benchmark, the S&P 500 Value Total Return Index, which rose 5.04%. The outperformance was driven by both security selection and asset allocation effects. At the security level, key contributors included Cisco Systems, Starbucks, CVS Health, Cognizant Technology Solutions, and Salesforce. From an asset allocation standpoint, overweight exposures to the Financials, Health Care, and Industrials sectors added positively to relative performance.

The fund's results reflect a disciplined approach to value investing, emphasizing fundamental strength and sector positioning to deliver consistent results across varying market conditions.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i318766ceb7bc4f2fa1aa5ac1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Brookstone Value Stock ETF - NAV** | **S&P 500<sup>®</sup> Value Index** | **Dow Jones Industrial Average<sup>®</sup>** |
| **09/26/23** | $10000 | $10000 | $10000 |
| **09/30/23** | $9964 | $10013 | $9967 |
| **10/31/23** | $9832 | $9841 | $9841 |
| **11/30/23** | $10755 | $10782 | $10742 |
| **12/31/23** | $11310 | $11379 | $11272 |
| **01/31/24** | $11358 | $11412 | $11419 |
| **02/29/24** | $11647 | $11760 | $11705 |
| **03/31/24** | $12145 | $12295 | $11963 |
| **04/30/24** | $11675 | $11767 | $11375 |
| **05/31/24** | $11943 | $12117 | $11668 |
| **06/30/24** | $11721 | $12037 | $11812 |
| **07/31/24** | $12289 | $12609 | $12345 |
| **08/31/24** | $12602 | $12982 | $12596 |
| **09/30/24** | $12756 | $13127 | $12842 |
| **10/31/24** | $12659 | $12960 | $12681 |
| **11/30/24** | $13420 | $13709 | $13663 |
| **12/31/24** | $12675 | $12777 | $12961 |
| **01/31/25** | $13290 | $13147 | $13581 |
| **02/28/25** | $13214 | $13202 | $13392 |
| **03/31/25** | $12993 | $12812 | $12849 |
| **04/30/25** | $12580 | $12355 | $12453 |
| **05/31/25** | $12885 | $12727 | $12971 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 26, 2023)** |
| Brookstone Value Stock ETF - NAV | 7.89% | 16.29% |
| S&P 500<sup>®</sup> Value Index | 5.04% | 15.44% |
| Dow Jones Industrial Average<sup>®</sup> | 11.16% | 16.75% |

---

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

## **Fund Statistics** 
* Net Assets$94,982,232

* Number of Portfolio Holdings30

* Advisory Fee (net of recoupments)$558,270

* Portfolio Turnover71%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2f12ba33c1663438299dfd67.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i31907eaf4220abe507160d21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Consumer Discretionary | 2.6% |
| Communications | 3.5% |
| Real Estate | 3.7% |
| Energy | 6.2% |
| Financials | 7.3% |
| Consumer Staples | 9.9% |
| Industrials | 17.6% |
| Health Care | 21.1% |
| Technology | 27.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Boeing Company (The) | 4.0% |
| Fidelity National Information Services, Inc. | 3.9% |
| Charles Schwab Corporation (The) | 3.8% |
| General Dynamics Corporation | 3.7% |
| Lockheed Martin Corporation, B | 3.7% |
| Advanced Micro Devices, Inc. | 3.6% |
| Equifax, Inc. | 3.6% |
| Digital Realty Trust, Inc. | 3.6% |
| Kenvue, Inc. | 3.5% |
| Walt Disney Company (The) | 3.5% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i2037e08004cdcfb3621c571b.jpg)

# Brookstone Value Stock ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-value-stock-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMV

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

#### Annual Shareholder Report - May 31, 2025
![Image](ia0b63fa4c011652ab842b05d.jpg)

## Fund Overview
This annual shareholder report contains important information about Brookstone Yield ETF for the period of June 1, 2024 to May 31, 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 reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brookstone Yield ETF | $99 | 0.95% |

---

## How did the Fund perform during the reporting period?
From June 1, 2024, through May 31, 2025, both U.S. equities and taxable investment-grade bonds experienced notable fluctuations amid shifting economic conditions and evolving Federal Reserve (the "Fed") policy.

U.S. equities rose 13.52%, as measured by the S&P 500 Index, reflecting resilience in a complex macroeconomic environment. Gains were supported by stable corporate earnings and strong investor enthusiasm for artificial intelligence and other productivity-enhancing technologies, though performance remained concentrated in large-cap technology and communication services. Market breadth improved modestly in late 2024. Equities experienced brief pullbacks in March and April amid renewed trade tensions but quickly rebounded as companies adapted and policymakers moved to ease frictions.

Fixed income markets also delivered solid results. The Bloomberg U.S. Aggregate Bond Index returned 5.46% for the 12-month period, including a 2.94% gain in the second half of 2024, supported by moderating inflation, softening wage growth, and improving investor sentiment. Credit-sensitive sectors outperformed Treasuries as spreads tightened and demand for yield remained strong. In early 2025, the Index added another 2.41%, as investors maintained a preference for high-quality income despite persistent inflation and stronger-than-expected economic data.

The Federal Reserve held its benchmark interest rate at a 22-year high throughout the period, maintaining a restrictive stance as inflation remained above its 2% target. While early signs of disinflation and labor market cooling supported risk assets, the Fed stayed cautious, deferring rate cuts. By early 2025, however, officials adopted a more dovish tone, signaling that policy easing could begin later in the year—helping to stabilize markets and anchor investor expectations.

During the same period, the Fund returned 8.86%, slightly underperforming its benchmark, the Bloomberg U.S. Corporate High Yield Index, which gained 9.32%. The ETF's results were constrained by subdued equity volatility for much of the year, which limited premiums from its buy-write strategies, while the benchmark benefited from tight credit spreads and a relatively stable economic backdrop.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic6fbca1219860774e883c804.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Brookstone Yield ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** |
| **09/27/23** | $10000 | $10000 | $10000 |
| **09/30/23** | $10052 | $10021 | $10021 |
| **10/31/23** | $9896 | $9863 | $9904 |
| **11/30/23** | $10357 | $10310 | $10353 |
| **12/31/23** | $10577 | $10704 | $10739 |
| **01/31/24** | $10736 | $10675 | $10739 |
| **02/29/24** | $10935 | $10524 | $10770 |
| **03/31/24** | $11137 | $10621 | $10897 |
| **04/30/24** | $10824 | $10353 | $10795 |
| **05/31/24** | $11045 | $10529 | $10913 |
| **06/30/24** | $11138 | $10628 | $11017 |
| **07/31/24** | $11163 | $10877 | $11231 |
| **08/31/24** | $11304 | $11033 | $11414 |
| **09/30/24** | $11433 | $11181 | $11599 |
| **10/31/24** | $11480 | $10903 | $11536 |
| **11/30/24** | $11775 | $11019 | $11669 |
| **12/31/24** | $11710 | $10838 | $11619 |
| **01/31/25** | $11838 | $10896 | $11778 |
| **02/28/25** | $11865 | $11135 | $11857 |
| **03/31/25** | $11692 | $11140 | $11735 |
| **04/30/25** | $11790 | $11183 | $11733 |
| **05/31/25** | $12024 | $11103 | $11930 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 27, 2023)** |
| Brookstone Yield ETF - NAV | 8.86% | 11.62% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | 6.44% |
| Bloomberg U.S. Corporate High Yield Index | 9.32% | 11.10% |

---

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

## **Fund Statistics** 
* Net Assets$37,942,057

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$218,132

* Portfolio Turnover81%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i10d0723b92b877f8e4f91345.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i395b882ff422fd8580e0211b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Fixed Income | 19.8% |
| Equity | 80.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Nasdaq Equity Premium Income ETF | 20.7% |
| JPMorgan Equity Premium Income ETF | 19.9% |
| Global X Nasdaq 100 Covered Call ETF | 19.8% |
| Eldridge BBB-B CLO ETF | 19.8% |
| Global X S&P 500 Covered Call ETF | 19.6% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i674ed05a6a8f951706fe4bdc.jpg)

# Brookstone Yield ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.brookstoneam.com/brookstone-yield-etf**). including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-BAMY

(a) (b) Not applicable

**Item 2.** **Code of Ethics.**

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

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

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

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

(a)(1) The Registrant's board of trustees has determined that Joseph Breslin is the audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Joseph Breslin is independent for purposes of this Item. (a)(2) Not applicable. (a)(3) Not applicable.

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

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

---

| | |
|:---|:---|
| 2025 | $122000 |
| 2024 | $118000 |

---

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

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

---

| | |
|:---|:---|
| 2025 | $28000 |
| 2024 | $28000 |

---

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

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended May 31, 2024 and 2025 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended May 31, 2024 and 2025, respectively, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |

---

(h) Not
 applicable.

(i) Not applicable.

(j) Not
 applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Joseph Breslin, Thomas Sarkany and Charles Ranson

**Item 6.** **Investments.**

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

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

(a) ---

| |
|:---|
| ![(BROOKSTONE 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)** |
| **Annual Financial Statements** |
| **and Additional Information** |
| **May 31, 2025** |

---

---

| |
|:---|
| **BROOKSTONE DIVIDEND STOCK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **ASSET MANAGEMENT - 3.1%** |  |
| 29973 | T Rowe Price Group, Inc. | $2805173 |
|  | **AUTOMOTIVE - 3.7%** |  |
| 331145 | Ford Motor Company | 3437285 |
|  | **BANKING - 10.0%** |  |
| 224095 | Huntington Bancshares, Inc. | 3502605 |
| 69416 | Truist Financial Corporation | 2741932 |
| 68458 | US Bancorp | 2984084 |
|  |  | 9228621 |
|  | **BIOTECH & PHARMA - 3.4%** |  |
| 28542 | Gilead Sciences, Inc. | 3141903 |
|  | **CHEMICALS - 5.9%** |  |
| 81160 | Dow, Inc. | 2251378 |
| 77453 | FMC Corporation | 3141494 |
|  |  | 5392872 |
|  | **ELECTRIC UTILITIES - 20.5%** |  |
| 29916 | American Electric Power Company, Inc. | 3096007 |
| 55294 | Dominion Energy, Inc. | 3133511 |
| 27448 | Duke Energy Corporation | 3231179 |
| 52012 | Edison International | 2894468 |
| 49868 | Eversource Energy | 3231945 |
| 30515 | WEC Energy Group, Inc. | 3278531 |
|  |  | 18865641 |
|  | **FOOD - 9.2%** |  |
| 125452 | Conagra Brands, Inc. | 2871596 |
| 53209 | General Mills, Inc. | 2887121 |
| 101027 | Kraft Heinz Company (The) | 2700452 |
|  | **HEALTH CARE REIT - 3.0%** |  |
| 158372 | Healthpeak Properties, Inc. | 2757257 |

---

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

---

| |
|:---|
| **BROOKSTONE DIVIDEND STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 3.5%** |  |
| 22479 | Kimberly-Clark Corporation | $3231581 |
|  | **INFRASTRUCTURE REIT - 3.8%** |  |
| 34569 | Crown Castle International Corp. | 3468999 |
|  | **INSURANCE - 3.2%** |  |
| 28175 | Prudential Financial, Inc. | 2927101 |
|  | **OIL & GAS PRODUCERS - 7.4%** |  |
| 136381 | Kinder Morgan, Inc. | 3824123 |
| 36651 | ONEOK, Inc. | 2962867 |
|  |  | 6786990 |
|  | **RETAIL REIT - 3.3%** |  |
| 55492 | Realty Income Corporation | 3141957 |
|  | **SELF-STORAGE REIT - 3.4%** |  |
| 20413 | Extra Space Storage, Inc. | 3085425 |
|  | **TECHNOLOGY HARDWARE - 2.5%** |  |
| 93331 | HP, Inc. | 2323942 |
|  | **TELECOMMUNICATIONS - 7.1%** |  |
| 117683 | AT&T, Inc. | 3271588 |
| 73097 | Verizon Communications, Inc. | 3213344 |
|  |  | 6484932 |
|  | **TOBACCO & CANNABIS - 3.8%** |  |
| 57504 | Altria Group, Inc. | 3485317 |

---

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

---

| |
|:---|
| **BROOKSTONE DIVIDEND STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.9%** |  |
| 26958 | United Parcel Service, Inc., Class B | $2629482 |
|  | **TOTAL COMMON STOCKS (Cost $89,529,473)** | $91653647 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $89,529,473)** | $91653647 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 302398 |
|  | **NET ASSETS - 100.0%** | $91956045 |

---

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

---

| |
|:---|
| **BROOKSTONE GROWTH STOCK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **AEROSPACE & DEFENSE - 3.4%** |  |
| 26248 | RTX Corporation | $3582327 |
|  | **AUTOMOTIVE - 3.8%** |  |
| 11726 | Tesla, Inc.<sup>(a)</sup> | 4062590 |
|  | **BIOTECH & PHARMA - 5.8%** |  |
| 11401 | Amgen, Inc. | 3285540 |
| 3868 | Eli Lilly & Company | 2853308 |
|  |  | 6138848 |
|  | **E-COMMERCE DISCRETIONARY - 3.2%** |  |
| 16381 | Amazon.com, Inc.<sup>(a)</sup> | 3358269 |
|  | **HOUSEHOLD PRODUCTS - 3.4%** |  |
| 38370 | Colgate-Palmolive Company | 3566108 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.9%** |  |
| 14337 | CME Group, Inc. | 4143393 |
|  | **INTERNET MEDIA & SERVICES - 12.9%** |  |
| 20085 | Alphabet, Inc., Class A | 3449398 |
| 17581 | Expedia Group, Inc. | 2931632 |
| 5281 | Meta Platforms, Inc., Class A | 3419395 |
| 46602 | Uber Technologies, Inc.<sup>(a)</sup> | 3922024 |
|  |  | 13722449 |
|  | **LEISURE FACILITIES & SERVICES - 6.4%** |  |
| 77925 | Las Vegas Sands Corporation | 3207393 |
| 11424 | McDonald's Corporation | 3585422 |
|  |  | 6792815 |
|  | **MACHINERY - 3.3%** |  |
| 10052 | Caterpillar, Inc. | 3498398 |
|  | **SEMICONDUCTORS - 6.9%** |  |
| 21895 | Applied Materials, Inc. | 3432041 |

---

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

---

| |
|:---|
| **BROOKSTONE GROWTH STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **SEMICONDUCTORS - 6.9% (Continued)** |  |
| 28580 | NVIDIA Corporation | $3862016 |
|  |  | 7294057 |
|  | **SOFTWARE - 30.4%** |  |
| 12246 | Autodesk, Inc.<sup>(a)</sup> | 3626286 |
| 32241 | Fortinet, Inc.<sup>(a)</sup> | 3281489 |
| 5756 | Intuit, Inc. | 4336973 |
| 8870 | Microsoft Corporation | 4083393 |
| 21308 | Oracle Corporation | 3527113 |
| 18420 | Palo Alto Networks, Inc.<sup>(a)</sup> | 3544376 |
| 11501 | Salesforce, Inc. | 3052020 |
| 3685 | ServiceNow, Inc.<sup>(a)</sup> | 3725867 |
| 5665 | Tyler Technologies, Inc.<sup>(a)</sup> | 3268648 |
|  |  | 32446165 |
|  | **SPECIALTY FINANCE - 3.2%** |  |
| 11585 | American Express Company | 3406569 |
|  | **TECHNOLOGY HARDWARE - 2.8%** |  |
| 14682 | Apple, Inc. | 2948880 |
|  | **TECHNOLOGY SERVICES - 6.5%** |  |
| 37781 | TransUnion | 3235187 |
| 10149 | Visa, Inc., Class A | 3706313 |
|  |  | 6941500 |
|  | **TRANSPORTATION & LOGISTICS - 3.2%** |  |
| 108524 | CSX Corporation | 3428273 |
|  | **TOTAL COMMON STOCKS (Cost $104,604,661)** | 105330641 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $104,604,661)** | $105330641 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 967094 |
|  | **NET ASSETS - 100.0%** | $106297735 |

---

(a) Non-income producing security.

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

---

| |
|:---|
| **BROOKSTONE VALUE STOCK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **AEROSPACE & DEFENSE - 11.4%** |  |
| 18325 | Boeing Company (The)<sup>(a)</sup> | $3799139 |
| 12789 | General Dynamics Corporation | 3561609 |
| 7248 | Lockheed Martin Corporation, Class B | 3496290 |
|  |  | 10857038 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.6%** |  |
| 40099 | NIKE, Inc., Class B | 2429598 |
|  | **ASSET MANAGEMENT - 3.8%** |  |
| 40723 | Charles Schwab Corp./The | 3597470 |
|  | **BEVERAGES - 6.4%** |  |
| 18653 | Constellation Brands, Inc., Class A | 3325644 |
| 21194 | PepsiCo, Inc. | 2785951 |
|  |  | 6111595 |
|  | **BIOTECH & PHARMA - 11.9%** |  |
| 55208 | Bristol-Myers Squibb Company | 2665442 |
| 19523 | Johnson & Johnson | 3030166 |
| 35591 | Merck & Company, Inc. | 2734812 |
| 123324 | Pfizer, Inc. | 2896881 |
|  |  | 11327301 |
|  | **DATA CENTER REIT - 3.6%** |  |
| 20212 | Digital Realty Trust, Inc. | 3466762 |
|  | **ELECTRICAL EQUIPMENT - 6.2%** |  |
| 40078 | Fortive Corporation | 2813075 |
| 32156 | Otis Worldwide Corporation | 3066074 |
|  |  | 5879149 |
|  | **ENTERTAINMENT CONTENT - 3.5%** |  |
| 29431 | Walt Disney Company (The) | 3326880 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.7%** |  |
| 49862 | CVS Health Corporation | 3193163 |
| 8141 | Elevance Health, Inc. | 3124841 |
|  |  | 6318004 |

---

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

---

| |
|:---|
| **BROOKSTONE VALUE STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 3.5%** |  |
| 139883 | Kenvue, Inc. | $3339007 |
|  | **INSURANCE - 3.5%** |  |
| 6568 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3310009 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.6%** |  |
| 6070 | Thermo Fisher Scientific, Inc. | 2445117 |
|  | **OIL & GAS PRODUCERS - 6.2%** |  |
| 20725 | Chevron Corporation | 2833108 |
| 29541 | Exxon Mobil Corporation | 3022044 |
|  |  | 5855152 |
|  | **SEMICONDUCTORS - 9.9%** |  |
| 31405 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 3477476 |
| 20220 | QUALCOMM, Inc. | 2935944 |
| 16506 | Texas Instruments, Inc. | 3018122 |
|  |  | 9431542 |
|  | **SOFTWARE - 3.2%** |  |
| 7290 | Adobe, Inc.<sup>(a)</sup> | 3026006 |
|  | **TECHNOLOGY HARDWARE - 3.4%** |  |
| 28697 | Dell Technologies, Inc., Class C | 3193115 |
|  | **TECHNOLOGY SERVICES - 10.8%** |  |
| 13136 | Equifax, Inc. | 3470400 |
| 46786 | Fidelity National Information Services, Inc. | 3724634 |
| 44117 | PayPal Holdings, Inc.<sup>(a)</sup> | 3100543 |
|  |  | 10295577 |
|  | **TOTAL COMMON STOCKS (Cost $94,962,280)** | 94209322 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $94,962,280)** | $94209322 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | 772910 |
|  | **NET ASSETS - 100.0%** | $94982232 |

---

<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** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.4%** |  |
|  | **FIXED INCOME - 99.4%** |  |
| 106402 | iShares 3-7 Year Treasury Bond ETF | $12575653 |
| 131797 | iShares 7-10 Year Treasury Bond ETF | 12464042 |
| 411990 | iShares iBonds Dec 2031 Term Treasury ETF | 8355157 |
| 366357 | iShares iBonds Dec 2032 Term Treasury ETF | 8341949 |
| 343894 | iShares iBonds Dec 2033 Term Treasury ETF | 8325674 |
| 505682 | Schwab Intermediate-Term U.S. Treasury ETF | 12545970 |
|  |  | 62608445 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $61,519,219)** | 62608445 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $61,519,219)** | $62608445 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 402307 |
|  | **NET ASSETS - 100.0%** | $63010752 |

---

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

---

| |
|:---|
| **BROOKSTONE ULTRA-SHORT BOND ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.5%** |  |
|  | **FIXED INCOME - 99.5%** |  |
| 134971 | Invesco Short Term Treasury ETF | $14246864 |
| 142022 | iShares 0-3 Month Treasury Bond ETF | 14303036 |
| 613590 | iShares iBonds Dec 2025 Term Treasury ETF | 14333462 |
| 155841 | SPDR Bloomberg 1-3 Month T-Bill ETF | 14296853 |
| 143702 | SPDR Bloomberg 3-12 Month T-Bill ETF | 14289727 |
|  |  | 71469942 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $71,367,483)** | 71469942 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $71,367,483)** | $71469942 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 381728 |
|  | **NET ASSETS - 100.0%** | $71851670 |

---

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

---

| |
|:---|
| **BROOKSTONE ACTIVE ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.3%** |  |
|  | **EQUITY - 65.3%** |  |
| 131018 | SPDR Portfolio S&P 500 ETF | $9083478 |
| 111007 | SPDR Portfolio S&P 500 Growth ETF | 9956217 |
| 159742 | SPDR Portfolio S&P 500 Value ETF | 8095725 |
|  |  | 27135420 |
|  | **FIXED INCOME - 33.0%** |  |
| 67190 | iShares 0-3 Month Treasury Bond ETF | 6766705 |
| 274599 | SPDR Portfolio Aggregate Bond ETF | 6944609 |
|  |  | 13711314 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,795,212)** | 40846734 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $34,795,212)** | $40846734 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%** | 720048 |
|  | **NET ASSETS - 100.0%** | $41566782 |

---

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

---

| |
|:---|
| **BROOKSTONE OPPORTUNITIES ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.8%** |  |
|  | **EQUITY - 55.8%** |  |
| 9215 | Invesco Nasdaq 100 ETF | $1969706 |
| 23155 | SPDR Dow Jones Industrial Average ETF | 9791092 |
| 19432 | Vanguard S&P 500 ETF | 10527481 |
|  | **FIXED INCOME - 42.0%** |  |
| 83202 | iShares 0-3 Month Treasury Bond ETF | 8379273 |
| 91196 | SPDR Bloomberg 1-3 Month T-Bill ETF | 8366320 |
|  |  | 16745593 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $35,918,754)** | 39033872 |
|  | **TOTAL INVESTMENTS - 97.8% (Cost $35,918,754)** | $39033872 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.2%** | 864959 |
|  | **NET ASSETS - 100.0%** | $39898831 |

---

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

---

| |
|:---|
| **BROOKSTONE YIELD ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 80.0%** |  |
| 459407 | Global X Nasdaq 100 Covered Call ETF | $7520493 |
| 194527 | Global X S&P 500 Covered Call ETF | 7450384 |
| 134363 | JPMorgan Equity Premium Income ETF | 7536421 |
| 149320 | JPMorgan Nasdaq Equity Premium Income ETF | 7858711 |
|  |  | 30366009 |
|  | **FIXED INCOME - 19.8%** |  |
| 278951 | Eldridge BBB-B CLO ETF | 7506571 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $36,821,311)** | 37872580 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $36,821,311)** | $37872580 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 69477 |
|  | **NET ASSETS - 100.0%** | $37942057 |

---

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

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **May 31, 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 | $89529473 | $104604661 | $94962280 | $61519219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $91653647 | $105330641 | $94209322 | $62608445 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 928650 | 985561 | 989558 | 911591 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 424160 | 102010 | 167928 | 2810 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets |  |  | 769 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 93006457 | 106418212 | 95367577 | 63523405 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Payable | 952913 |  | 277200 | 424468 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 50669 | 55613 | 51793 | 34835 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 10646 | 10696 | 10261 | 11462 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 36184 | 54168 | 46091 | 41888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1050412 | 120477 | 385345 | 512653 |
| **NET ASSETS** | $**91956045** | $**106297735** | $**94982232** | $**63010752** |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $90462787 | $108670488 | $98554745 | $61939651 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 1493258 | (2372753) | (3572513) | 1071101 |
| **NET ASSETS** | $**91956045** | $**106297735** | $**94982232** | $**63010752** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $91956045 | $106297735 | $94982232 | $63010752 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 2990000 | 3080000 | 3080000 | 2420000 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $30.75 | $34.51 | $30.84 | $26.04 |

---

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

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **May 31, 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 | $71367483 | $34795212 | $35918754 | $36821311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $71469942 | $40846734 | $39033872 | $37872580 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 999920 | 897449 | 875627 | 864107 |
| &nbsp;&nbsp;&nbsp;Receivable for Investments sold |  |  | 9112163 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  |  | 9140231 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 2981 | 2804 | 8715 | 2240 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 631 | 391 | 371 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 72473474 | 41747378 | 58170979 | 38739272 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Payable | 527820 | 112185 | 107640 | 738166 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  | 8959121 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 39294 | 20319 | 18797 | 21686 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed |  |  | 9137105 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 7335 | 10529 | 5335 | 4907 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 47355 | 37563 | 44150 | 32456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 621804 | 180596 | 18272148 | 797215 |
| **NET ASSETS** | $**71851670** | $**41566782** | $**39898831** | $**37942057** |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $71734407 | $35513422 | $36783559 | $36653374 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 117263 | 6053360 | 3115272 | 1288683 |
| **NET ASSETS** | $**71851670** | $**41566782** | $**39898831** | $**37942057** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $71851670 | $41566782 | $39898831 | $37942057 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 2850000 | 1350000 | 1310000 | 1430000 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $25.21 | $30.79 | $30.46 | $26.53 |

---

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

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended May 31, 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 | $3926363 | $978539 | $1806234 | $2157691 |
| &nbsp;&nbsp;&nbsp;Interest | 27540 | 39843 | 33172 | 19370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 3953903 | 1018382 | 1839406 | 2177061 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 563633 | 614271 | 544534 | 378579 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 86767 | 90865 | 83318 | 62875 |
| &nbsp;&nbsp;&nbsp;Professional fees | 20204 | 20204 | 20204 | 20815 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 16214 | 17032 | 16547 | 12925 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 13387 | 14155 | 14417 | 5962 |
| &nbsp;&nbsp;&nbsp;Legal fees | 13380 | 17154 | 15807 | 16485 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 12219 | 15013 | 15023 | 14773 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 9155 | 14824 | 13253 | 8200 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7331 | 10140 | 6866 | 6059 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 948 | 1004 | 346 | 302 |
| &nbsp;&nbsp;&nbsp;Other expenses | 11755 | 16663 | 14907 | 16906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 754993 | 831325 | 745222 | 543881 |
| &nbsp;&nbsp;&nbsp;Less: Expenses recaptured by the Adviser | 17724 | 14170 | 13736 | 10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL FEES RECAPTURED** | 17724 | 14170 | 13736 | 10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 772717 | 845495 | 758958 | 554026 |
| **NET INVESTMENT INCOME** | 3181186 | 172887 | 1080448 | 1623035 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (539380) | (3074271) | (2798586) | (8518) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 11732870 | 22823517 | 15110867 | 854314 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (7175985) | (6975839) | (7680055) | 458941 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 4017505 | 12773407 | 4632226 | 1304737 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**7198691** | $**12946294** | $**5712674** | $**2927772** |

---

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

---

| |
|:---|
| ***Brookstone ETFs*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended May 31, 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 | $2988715 | $900497 | $847020 | $2818277 |
| &nbsp;&nbsp;&nbsp;Interest | 60712 | 35438 | 33711 | 18145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 3049427 | 935935 | 880731 | 2836422 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 430682 | 256149 | 240774 | 232349 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 73567 | 32274 | 34832 | 24247 |
| &nbsp;&nbsp;&nbsp;Professional fees | 20815 | 20824 | 20824 | 18973 |
| &nbsp;&nbsp;&nbsp;Legal fees | 18198 | 18768 | 15881 | 18022 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 12879 | 14713 | 12849 | 12833 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11234 | 8018 | 8790 | 8688 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 9377 | 10875 | 10550 | 12105 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 8675 | 6863 | 5698 | 4405 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6530 | 5867 | 5629 | 5645 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 316 | 260 | 258 | 263 |
| &nbsp;&nbsp;&nbsp;Other expenses | 17278 | 16883 | 17152 | 16400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 609551 | 391494 | 373237 | 353930 |
| &nbsp;&nbsp;&nbsp;Less: Expenses recaptured by the Adviser | 20088 |  |  |  |
| &nbsp;&nbsp;&nbsp;Plus: Contractual Fees waived and/or expenses reimbursed by the Adviser |  | (16995) | (21205) | (14217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL FEES WAIVED/(RECAPTURED)** | 20088 | (16995) | (21205) | (14217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 629639 | 374499 | 352032 | 339713 |
| **NET INVESTMENT INCOME** | 2419788 | 561436 | 528699 | 2496709 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 21091 |  |  | 463587 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 1279 | 405102 | 2550605 | 27328 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (20134) | 2383423 | 95234 | 41110 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 2236 | 2788525 | 2645839 | 532025 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2422024 | $3349961 | $3174538 | $3028734 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3181186 | $1543382 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (539380) | 678453 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 11732870 | 395615 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (7175985) | 9300159 |
| Net increase in net assets resulting from operations | 7198691 | 11917609 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (3957136) | (1526556) |
| Total distributions to shareholders | (3957136) | (1526556) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 52391473 | 68526421 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (39311852) | (3293105) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 10500 |
| Net increase in net assets from shares of beneficial interest | 13079621 | 65243816 |
| **TOTAL INCREASE IN NET ASSETS** | 16321176 | 75634869 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 75634869 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $91956045 | $75634869 |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1620000 | 2690000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1200000) | (120000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 420000 | 2570000 |

---

\* Brookstone Dividend Stock ETF commenced operations on September 27, 2023.

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $172887 | $88985 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (3074271) | 1027742 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 22823517 | 712432 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (6975839) | 7701819 |
| Net increase in net assets resulting from operations | 12946294 | 9530978 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (1257065) | (72992) |
| Total distributions to shareholders | (1257065) | (72992) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 123524389 | 74437562 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (108259205) | (4562726) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 10500 |
| Net increase in net assets from shares of beneficial interest | 15265184 | 69885336 |
| **TOTAL INCREASE IN NET ASSETS** | 26954413 | 79343322 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 79343322 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $106297735 | $79343322 |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3590000 | 2830000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3180000) | 2670000 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 410000 | 2670000 |

---

\* Brookstone Growth Stock ETF commenced operations on September 26, 2023.

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1080448 | $494502 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (2798586) | 2012261 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 15110867 | 754463 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (7680055) | 6927097 |
| Net increase in net assets resulting from operations | 5712674 | 10188323 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (3109522) | (491550) |
| Total distributions to shareholders | (3109522) | (491550) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 82983194 | 72290878 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (67091633) | (5509192) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 9060 |
| Net increase in net assets from shares of beneficial interest | 15891561 | 66790746 |
| **TOTAL INCREASE IN NET ASSETS** | 18494713 | 76487519 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 76487519 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $94982232 | $76487519 |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2610000 | 2770000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2110000) | (190000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 500000 | 2580000 |

---

\* Brookstone Value Stock ETF commenced operations on September 26, 2023.

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1623035 | $854715 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (8518) | (3773) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 854314 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 458941 | 630285 |
| Net increase in net assets resulting from operations | 2927772 | 1481227 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (1635611) | (857320) |
| Total distributions to shareholders | (1635611) | (857320) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 32072901 | 54344912 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (25328129) |  |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 5000 |
| Net increase in net assets from shares of beneficial interest | 6744772 | 54349912 |
| **TOTAL DECREASE IN NET ASSETS** | 8036933 | 54973819 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 54973819 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $63010752 | $54973819 |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1230000 | 2160000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (970000) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 260000 | 2160000 |

---

\* Brookstone Intermediate Bond ETF commenced operations on September 26, 2023.

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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2419788 | $1293436 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 21091 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 1279 | 23807 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (20134) | 122593 |
| Net increase in net assets resulting from operations | 2422024 | 1439836 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (2433876) | (1296360) |
| Total distributions to shareholders | (2433876) | (1296360) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 10618569 | 70931046 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1013267) | (8824302) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 8000 |
| Net increase in net assets from shares of beneficial interest | 9605302 | 62114744 |
| **TOTAL INCREASE IN NET ASSETS** | 9593450 | 62258220 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 62258220 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**71851670** | $**62258220** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 420000 | 2820000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (40000) | (350000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 380000 | 2470000 |

---

\* Brookstone Ultra-Short Bond ETF commenced operations on September 26, 2023.

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $561436 | $274541 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 405102 | 125372 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 2383423 | 3668099 |
| Net increase in net assets resulting from operations | 3349961 | 4068012 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (569312) | (276252) |
| Total distributions to shareholders | (569312) | (276252) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4533608 | 34221992 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2409663) | (1357564) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 6000 |
| Net increase in net assets from shares of beneficial interest | 2123945 | 32870428 |
| **TOTAL INCREASE IN NET ASSETS** | 4904594 | 36662188 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 36662188 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $41566782 | $36662188 |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 150000 | 1330000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (80000) | (50000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 70000 | 1280000 |

---

\* Brookstone Active ETF commenced operations on September 27, 2023.

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $528699 | $300673 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 2550605 | 188437 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 95234 | 3019884 |
| Net increase in net assets resulting from operations | 3174538 | 3508994 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (536401) | (302253) |
| Total distributions to shareholders | (536401) | (302253) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 13676329 | 33531720 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (11242191) | (1916905) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 5000 |
| Net increase in net assets from shares of beneficial interest | 2434138 | 31619815 |
| **TOTAL INCREASE IN NET ASSETS** | 5072275 | 34826556 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 34826556 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $39898831 | $34826556 |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 450000 | 1300000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (370000) | (70000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 80000 | 1230000 |

---

\* Brookstone Opportunities ETF commenced operations on September 27, 2023.

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2496709 | $1597834 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 463587 | (208107) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 27328 | 135566 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 41110 | 1010159 |
| Net increase in net assets resulting from operations | 3028734 | 2535452 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (2706613) | (1601515) |
| Total distributions to shareholders | (2706613) | (1601515) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5083586 | 34004547 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (541898) | (1865486) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) |  | 5250 |
| Net increase in net assets from shares of beneficial interest | 4541688 | 32144311 |
| **TOTAL INCREASE IN NET ASSETS** | 4863809 | 33078248 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 33078248 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $37942057 | $33078248 |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 190000 | 1330000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (20000) | (70000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 170000 | 1260000 |

---

\* Brookstone Yield ETF commenced operations on September 27, 2023.

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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $29.43 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 1.16 | 0.79 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.58 | 4.27 |
| Total from investment operations | 2.74 | 5.06 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.18) | (0.63) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.24) |  |
| Total distributions | (1.42) | (0.63) |
| Net asset value, end of period | $30.75 | $29.43 |
| Total return (3) | 9.18% | 20.39% (6) |
| Net assets, at end of period (000s) | $91956 | $75635 |
| Ratio of gross expenses to average net assets | 0.87% | 1.00% (5) |
| Ratio of net expenses to average net assets | 0.89% | 0.95% (5) |
| Ratio of net investment income to average net assets | 3.68% | 4.21% (5) |
| Portfolio Turnover Rate (4) | 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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $29.72 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 5.16 | 4.70 |
| Total from investment operations | 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 | $34.51 | $29.72 |
| Total return (3) | 17.54% | 19.03% (6) |
| Net assets, at end of period (000s) | $106298 | $79343 |
| Ratio of gross expenses to average net assets | 0.88% | 0.99% (5) |
| Ratio of net expenses to average net assets | 0.89% | 0.95% (5) |
| Ratio of net investment income to average net assets | 0.18% | 0.23% (5) |
| Portfolio Turnover Rate (4) | 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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $29.65 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.40 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.94 | 4.60 |
| Total from investment operations | 2.34 | 4.85 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.15) | (0.20) |
| Total distributions | (1.15) | (0.20) |
| Net asset value, end of period | $30.84 | $29.65 |
| Total return (3) | 7.89% | 19.43% (6) |
| Net assets, at end of period (000s) | $94982 | $76488 |
| Ratio of gross expenses to average net assets | 0.89% | 0.99% (5) |
| Ratio of net expenses to average net assets | 0.91% | 0.95% (5) |
| Ratio of net investment income to average net assets | 1.29% | 1.29% (5) |
| Portfolio Turnover Rate (4)(5) | 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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $25.45 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.73 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.59 | 0.35 |
| Total from investment operations | 1.32 | 0.87 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.42) |
| Total distributions | (0.73) | (0.42) |
| Net asset value, end of period | $26.04 | $25.45 |
| Total return (3) | 5.21% | 3.50% (8) |
| Net assets, at end of period (000s) | $63011 | $54974 |
| Ratio of gross expenses to average net assets (5) | 0.93% | 1.12% (7) |
| Ratio of net expenses to average net assets (5) | 0.95% | 0.95% (7) |
| Ratio of net investment income to average net assets (4) | 2.79% | 2.98% (7) |
| Portfolio Turnover Rate (6) | 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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $25.21 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.92 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments |  | 0.09 |
| Total from investment operations | 0.92 | 0.75 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.92 | (0.54) |
| Total distributions | (0.92 | (0.54) |
| Net asset value, end of period | $25.21 | $25.21 |
| Total return (3) | 3.72 | 3.01% (8) |
| Net assets, at end of period (000s) | $71852 | $62258 |
| Ratio of gross expenses to average net assets (5) | 0.92 | 1.05% (7) |
| Ratio of net expenses to average net assets (5) | 0.95 | 0.95% (7) |
| Ratio of net investment income to average net assets (4) | 3.65 | 3.82% (7) |
| Portfolio Turnover Rate (6) | 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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $28.64 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.43 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.16 | 3.60 |
| Total from investment operations | 2.59 | 3.87 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.23) |
| Total distributions | (0.44) | (0.23) |
| Net asset value, end of period | $30.79 | $28.64 |
| Total return (3) | 9.04% | 15.49% (8) |
| Net assets, at end of period (000s) | $41567 | $36662 |
| Ratio of gross expenses to average net assets (5) | 0.99% | 1.32% (7) |
| Ratio of net expenses to average net assets (5) | 0.95% | 0.95% (7) |
| Ratio of net investment income to average net assets (4) | 1.42% | 1.46% (7) |
| Portfolio Turnover Rate (6) | 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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $28.31 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.43 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.15 | 3.26 |
| Total from investment operations | 2.58 | 3.57 |
| Less distributions |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.26) |
| Total distributions | (0.43) | (0.26) |
| Net asset value, end of period | $30.46 | $28.31 |
| Total return (3) | 9.14% | 14.31% (8) |
| Net assets, at end of period (000s) | $39899 | $34827 |
| Ratio of gross expenses to average net assets (5) | 1.01% | 1.35% (7) |
| Ratio of net expenses to average net assets (5) | 0.95% | 0.95% (7) |
| Ratio of net investment income to average net assets (4) | 1.43% | 1.69% (7) |
| Portfolio Turnover Rate (6) | 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 Year Ended**<br>**May 31, 2025** | **For the Period Ended**<br>**May 31, 2024(1)** |
| Net asset value, beginning of period | $26.25 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 1.86 | 1.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.41 | 0.95 |
| Total from investment operations | 2.27 | 2.59 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.99) | (1.34) |
| Total distributions | (1.99) | (1.34) |
| Paid-in-Capital From Redemption Fees |  |  |
| Net asset value, end of period | $26.53 | $26.25 |
| Total return (3) | 8.86% | 10.45% (8) |
| Net assets, at end of period (000s) | $37942 | $33078 |
| Ratio of gross expenses to average net assets (5) | 0.99% | 1.37% (7) |
| Ratio of net expenses to average net assets (5) | 0.95% | 0.95% (7) |
| Ratio of net investment income to average net assets (4) | 6.98% | 9.19% (7) |
| Portfolio Turnover Rate (6) | 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 investment

(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** |
| **May 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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**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

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|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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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.

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| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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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 May 31, 2025 for each Fund's assets measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **BAMD** | | | | |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $91653647 | $— | $— | $91653647 |
| Total | $91653647 | $— | $— | $91653647 |
| **BAMG** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $105330641 | $— | $— | $105330641 |
| Total | $105330641 | $— | $— | $105330641 |
| **BAMV** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $94209322 | $— | $— | $94209322 |
| Total | $94209322 | $— | $— | $94209322 |
| **BAMB** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $62608445 | $— | $— | $62608445 |
| Total | $62608445 | $— | $— | $62608445 |
| **BAMU** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $71469942 | $— | $— | $71469942 |
| Total | $71469942 | $— | $— | $71469942 |
| **BAMA** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $40846734 | $— | $— | $40846734 |
| Total | $40846734 | $— | $— | $40846734 |
| **BAMO** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $39033872 | $— | $— | $39033872 |
| Total | $39033872 | $— | $— | $39033872 |
| **BAMY** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $37872580 | $— | $— | $37872580 |
| Total | $37872580 | $— | $— | $37872580 |

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

\* See Schedules of Investments for industry classification.

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| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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**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.

**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

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| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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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 year ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| **BAMD** | $**16735083** | $**16631122** |
| **BAMG** | **58824871** | **59072417** |
| **BAMV** | **59503608** | **60657086** |
| **BAMB** | **32263498** | **32325983** |
| **BAMU** | **13714706** | **12971823** |
| **BAMA** | **—** | **—** |
| **BAMO** | **—** | **—** |
| **BAMY** | **28869711** | **29294006** |

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For the year ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| **BAMD** | $**51837148** | $**39237092** |
| **BAMG** | **122309927** | **107852925** |
| **BAMV** | **82165989** | **67171816** |
| **BAMB** | **31827994** | **25301743** |
| **BAMU** | **10483582** | **943364** |
| **BAMA** | **4445289** | **2361980** |
| **BAMO** | **13402926** | **11172358** |
| **BAMY** | **5014780** | **531409** |

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|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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**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 year ended May 31, 2025, the Adviser earned the following fees:

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| | | |
|:---|:---|:---|
| **Fund** | **Annual Rate** | **Advisory Fee** |
| BAMD | 0.65% | $581357 \* |
| BAMG | 0.65% | 628441 \* |
| BAMV | 0.65% | 558270 \* |
| BAMB | 0.65% | 388724 \* |
| BAMU | 0.65% | 450770 \* |
| BAMA | 0.65% | 256149 |
| BAMO | 0.65% | 240774 |
| BAMY | 0.65% | 232349 |

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\* 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, 2025, 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.

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|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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During the year ended May 31, 2025, the Adviser waived fees and/or reimbursed expenses, pursuant to the Waiver Agreement, in the amounts of:

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| | | |
|:---|:---|:---|
| <br>**Fund** | **Fees waived**<br>**(reimbursed) by**<br>**the Adviser** | **Fees recouped**<br>**by the**<br>**Adviser** |
| BAMD | $— | $17724 |
| BAMG |  | 14170 |
| BAMV |  | 13736 |
| BAMB |  | 10145 |
| BAMU |  | 20088 |
| BAMA | 16995 |  |
| BAMO | 21205 |  |
| BAMY | 14217 |  |

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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.

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

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**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 May 31, 2025 the Plan has not been activated. For the year ended May 31, 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 year ended May 31, 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

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| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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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.

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| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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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 year ended May 31, 2025, the Funds received the following fees:

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| | | |
|:---|:---|:---|
| **Fund** | **Variable Fees** | **Fixed Fees** |
| BAMD | $– $| 13000 |
| BAMG | – | 11250 |
| BAMV | – | 11500 |
| BAMB | – | 4250 |
| BAMU | – | 5000 |
| BAMA | – | 4500 |
| BAMO | – | 4500 |
| BAMY | – | 2500 |

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

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

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\* 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 May 31, 2025, were as follows:

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|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Cost for**<br>**Federal Tax**<br>**Purposes** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| BAMD | $89524029 | $7947933 | $(5818315) | $2129618 |
| BAMG | 104604661 | 3929990 | (3204010) | 725980 |
| BAMV | 94962280 | 4186893 | (4939851) | (752958) |
| BAMB | 61519219 | 1164558 | (75332) | 1089226 |
| BAMU | 71367483 | 107898 | (5439) | 102459 |
| BAMA | 34795212 | 6051522 |  | 6051522 |
| BAMO | 35918754 | 3120903 | (5785) | 3115118 |
| BAMY | 36821311 | 1073299 | (22030) | 1051269 |

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|:---|
| ***Brookstone ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 (Continued)** |
| **May 31, 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** | **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 (Continued)** |
| **May 31, 2025** |

---

**9.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

BAMO currently invests a portion of its assets in the Vanguard S&P 500 ETF ("Vanguard"). Vanguard is registered under the 1940 Act as an open-end management investment company. BAMO may redeem its investments in Vanguard at any time if the Adviser determines that it is in the best interest of BAMO, and its shareholders to do so. The performance of BAMO will be directly affected by the performance of Vanguard. The financial statements of Vanguard, including its portfolios of investments, can be found at the Securities and Exchange Commission's ("SEC") website, www.sec.gov, and should be read in conjunction with BAMO's financial statements. As of May 31, 2025, the percentage of BAMO's net assets invested in Vanguard was 26.4%.

**10.** **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.

![(LOGO)](br002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF, and Brookstone Yield ETF and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Northern Lights Fund Trust IV comprising the funds listed below (the "Funds") as of May 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Statements of |  |
|  | Statements of | Changes in Net |  |
| Fund Name | Operations | Assets | Financial Highlights |
| Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, and Brookstone Ultra-Short Bond ETF | For the year ended May 31, 2025 | For the year ended May 31, 2025 and for the period from September 26, 2023 (commencement of operations) through May 31, 2024 | For the year ended May 31, 2025 and for the period from September 26, 2023 (commencement of operations) through May 31, 2024 |
| Brookstone Dividend Stock ETF, Brookstone Active ETF, Brookstone Opportunities ETF, and Brookstone Yield ETF | For the year ended May 31, 2025 | For the year ended May 31, 2025 and for the period from September 27, 2023 (commencement of operations) through May 31, 2024 | For the year ended May 31, 2025 and for the period from September 27, 2023 (commencement of operations) through May 31, 2024 |

---

Basis for Opinion

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

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

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](br003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 29, 2025

---

| |
|:---|
| ***Brookstone ETFs*** |
| **ADDITIONAL INFORMATION** |
| **May 31, 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** – **Proxy Voting Policy**

Information regarding how the Funds voted proxies relating to portfolio securities for the twelve-month period ended June 30, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies, is available without charge upon request by (i) calling 888-562-8880; (ii) visiting the Funds' website at www.brookstoneam.com; or (iii) referring to the SEC's website at http://www.sec.gov.

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

Refer to the financial statements included herein

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

*<u>Renewal of the Investment Advisory Agreement with Brookstone Asset Management, LLC</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on January 23, 2025 (the "Meeting"), the Board, all of who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "Brookstone Advisory Agreement") between Brookstone Asset Management, LLC ("Brookstone") and the Trust, with respect to Brookstone Active ETF ("BAMA"), Brookstone Dividend Stock ETF ("BAMD"), Brookstone Growth Stock ETF ("BAMG"), Brookstone Intermediate Term Bond ETF ("BAMB"), Brookstone Opportunities ETF ("BAMO"), Brookstone Ultra-Short Bond ETF ("BAMU"), Brookstone Value Stock ETF ("BAMV") and Brookstone Yield ETF ("BAMY") (collectively, the "Brookstone ETFs"). In considering the renewal of the Brookstone Advisory Agreement, the Board received materials specifically relating to the Brookstone Advisory Agreement.

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

*Nature, Extent, and Quality of Services.* The Board reviewed the key personnel servicing the Brookstone ETFs. The Board noted that Brookstone provided various investment advisory

---

| |
|:---|
| ***Brookstone ETFs*** |
| **ADDITIONAL INFORMATION (Continued)** |
| **May 31, 2025** |

---

services to the Brookstone ETFs, including qualitative research, compliance services, marketing and analysis of the actively managed Brookstone ETFs. The Board reviewed Brookstone's investment team's process regarding market research and analysis, which provided value in determining the investments selected for the Brookstone ETFs. The Board observed that Brookstone's best execution committee reviewed and selected broker-dealers

for portfolio transactions based on various criteria. The Board reviewed Brookstone's evaluation of the Brookstone ETFs' bid/ask spread and volume, noting no issues reported. The Board noted that Brookstone reported no compliance issues nor material litigation actions. The Board concluded that it could expect Brookstone to continue providing satisfactory service to the Brookstone ETFs and their shareholders.

*Performance*.

*BAMA*. The Board observed that BAMA outperformed its benchmark index, the Dow Jones US Select Dividend Index, its peer group median and the Morningstar category median for the 1-year period ended October 31, 2024 and since inception period. The Board also noted the relatively short time BAMA has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that BAMA's performance was satisfactory.

*BAMD.* The Board observed that BAMD outperformed its benchmark index, the S&P 500 Total Return Index, and its peer group median and Morningstar category median for the 1-year period ended October 31, 2024 and since inception period. The Board also noted the relatively short time the BAMD has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that BAMD's performance was satisfactory.

*BAMG.* The Board observed that BAMG underperformed its benchmark index, the S&P 500 Growth Index and its peer group and Morningstar category medians during the 1-year period ended October 31, 2024 and since inception period. The Board noted Brookstone's assertion that the underperformance could be attributed to the equal-weight approach of BAMG compared to the market capitalization weighting of the index. The Board also noted the relatively short time the BAMG has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that the BAMG's performance was acceptable.

*BAMB.* The Board observed that BAMB underperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index, and its peer group and Morningstar category medians during the 1-year period ended October 31, 2024 and since inception period. The Board noted Brookstone's assertion that the underperformance could be attributable to BAMB's asset allocation effect relative to the benchmark. The Board also noted the relatively short time the BAMB has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that BAMB's performance was acceptable.

---

| |
|:---|
| ***Brookstone ETFs*** |
| **ADDITIONAL INFORMATION (Continued)** |
| **May 31, 2025** |

---

*BAMO.* The Board noted that BAMO underperformed its benchmark index, the Dow Jones Moderate Portfolio Index, during the 1-year period ended October 31, 2024 but outperformed its peer group and Morningstar category medians for the same period. The Board observed that BAMO outperformed its benchmark index, Morningstar category median and peer group median since inception. The Board also noted the relatively short time the BAMO has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that BAMO's performance was satisfactory.

BAMU. The Board noted that BAMU underperformed its benchmark index, the Bloomberg US Treasury Bills 1-3 Months Index, as well as its peer group and Morningstar category averages during the 1-year period ended October 31, 2024 and since inception period. The Board noted Brookstone's assertion that the underperformance could be attributed to the higher overall duration of 0.374 for BAMU relative to the benchmark's duration of 0.13 years. The Board also noted the relatively short time the BAMU has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that BAMU's performance was acceptable.

*BAMV.* The Board observed that BAMV underperformed its benchmark index, the S&P 500 Value Index and Morningstar category median during the 1-year period ended October 31, 2024 and since inception period, but BAMV outperformed its peer group median across all periods. The Board noted Brookstone's assertion that the underperformance could be attributed to stock selection. The Board also noted the relatively short time the BAMV has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that BAMV's performance was acceptable.

*BAMY.* The Board noted that BAMY slightly underperformed its benchmark index, the Bloomberg U.S. Corporate High Yield Index, and underperformed the Morningstar category median during the 1-year period ended October 31, 2024 and since inception period. The Board further noted that BAMY outperformed its peer group median across all periods. The Board also noted the relatively short time the BAMY has been in existence, and the challenges of reviewing performance over such a short period. The Board concluded that BAMY's performance was acceptable.

*Fees and Expenses.*

*BAMA.* The Board observed that BAMA's advisory fee of 0.65% was equal to the peer group and Morningstar category medians but lower than the peer group average and the Morningstar category high. The Board further observed that the advisory fee for BAMA ranked 4th out of 8 peers. The Board noted that BAMA's net expense ratio of 0.95% was higher than the peer group and Morningstar category averages and medians but lower than the highs of each. The Board noted Brookstone's intention to enter into an expense limitation

---

| |
|:---|
| ***Brookstone ETFs*** |
| **ADDITIONAL INFORMATION (Continued)** |
| **May 31, 2025** |

---

agreement with respect to BAMA. The Board determined that the advisory fee charged by Brookstone for BAMA was not unreasonable.

*BAMD.* The Board noted that BAMD's advisory fee of 0.65% was higher than the peer group and Morningstar category medians and averages, but lower than the highs of each. The Board noted that the advisory fee for BAMD ranked 10th out of 14 peers. The Board further noted that BAMD's net expense ratio of 0.95% was higher than its peer group and Morningstar category averages and medians, but equal to the Morningstar category high. The Board noted Brookstone's intention to enter into an expense limitation agreement with respect to BAMD. The Board determined that the advisory fee charged by Brookstone for BAMD was not unreasonable.

*BAMG.* The Board observed that BAMG's advisory fee of 0.65% was higher than the peer group and Morningstar category averages and medians but equal to the high of the peer group and lower than the high of the Morningstar category. The Board further observed that the advisory fee for BAMG ranked 11th out of 15 peers. The Board noted Brookstone's assertion that the advisory fee was reasonable given the proprietary research and strategy of BAMG. The Board further observed that BAMG's net expense ratio of 0.95% was higher than the peer group and Morningstar category averages and medians but lower than the highs of each. The Board noted Brookstone's intention to enter into an expense limitation agreement with respect to BAMG. The Board determined that the advisory fee charged by Brookstone for BAMG was not unreasonable.

*BAMB.* The Board observed that BAMB's advisory fee of 0.65% was higher than the peer group and Morningstar category averages and medians but lower than the highs of each. The Board further observed that the advisory fee for BAMB ranked 10th out of 11 peers. The Board noted that BAMB's net expense ratio of 0.95% was higher than the peer group and Morningstar category medians and averages but equal to the high of the Morningstar category. The Board noted Brookstone's intention to enter into an expense limitation agreement with respect to BAMB. The Board determined that the advisory fee charged by Brookstone for BAMB was not unreasonable.

*BAMO.* The Board observed that BAMO's advisory fee of 0.65% was lower than the Morningstar category average and median and the peer group average. The Board further observed that the advisory fee for BAMO ranked 5th out of 11 peers. The Board noted that the net expense ratio of 0.95% was higher than the Morningstar category and peer group averages and medians but lower than the highs of each. The Board noted Brookstone's intention to enter into an expense limitation agreement with respect to BAMO. The Board determined that the advisory fee charged by Brookstone for BAMO was not unreasonable.

*BAMU.* The Board noted that BAMU's advisory fee of 0.65% and net expense ratio of 0.95% was higher than the peer group and Morningstar category averages and medians but equal to the highs of the Morningstar category. The Board observed that the advisory fee for BAMU

---

| |
|:---|
| ***Brookstone ETFs*** |
| **ADDITIONAL INFORMATION (Continued)** |
| **May 31, 2025** |

---

ranked 12th out of 12 peers. The Board noted Brookstone's intention to enter into an expense limitation agreement with respect to BAMU. The Board determined that the advisory fee charged by Brookstone for BAMU was not unreasonable.

*BAMV.* The Board noted that BAMV's advisory fee of 0.65% was higher than the peer group and Morningstar category averages and medians but lower than the highs of each. The Board further noted that the advisory fee for BAMV ranked 9th out of 11 peers. The Board observed that the net expense ratio of 0.95% was higher than the peer group and Morningstar category averages and medians but equal to the high of the Morningstar category. The Board noted Brookstone's intention to enter into an expense limitation agreement with respect to BAMV. The Board determined that the advisory fee charged by Brookstone for BAMV was not unreasonable.

*BAMY.* The Board observed that the advisory fee of 0.65% for BAMY was equal to the Morningstar category median and below the peer group average and median. The Board further observed that the advisory fee for BAMY ranked 4th out of 10 peers. The Board noted that the net expense ratio of 0.95% was higher than the peer group and Morningstar category averages and medians but lower than the highs of each. The Board noted Brookstone's intention to enter into an expense limitation agreement with respect to BAMY. The Board determined that the advisory fee charged by Brookstone for BAMY was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Brookstone for each of the Brookstone ETFs. The Board observed that Brookstone was earning a reasonable profit from each of the Brookstone ETFs given the time, risk and financial commitment involved in managing each of the Brookstone ETFs. The Board determined that excessive profitability was not an issue for Brookstone with respect to each of the Brookstone ETFs at this time.

*Economies of Scale.* The Board considered whether economies of scale had been reached with respect to the management of the Brookstone ETFs. The Board noted that Brookstone had indicated a willingness to evaluate the appropriateness of breakpoints at higher asset levels. The Board agreed to monitor and revisit the issue at the appropriate time.

*Conclusion.* Having requested such information from Brookstone as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that renewal of the advisory agreement with Brookstone on behalf of the Brookstone ETFs was in the best interests of each Brookstone ETF and its shareholders.

---

| |
|:---|
| **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-A25 |

---

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

Not applicable

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

Not applicable

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

Included under Item 7 of this Form

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

Included under Item 7 of this Form

**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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(3) Not applicable

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto. [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

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

**Registrant**: Northern Lights Fund Trust IV

---

| | |
|:---|:---|
| By | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

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 | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Sam Singh |
| Sam Singh | Sam Singh |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Wendy Wang, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Brookstone Dividend Stock ETF, Brookstone
 Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone
 Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone
 Yield ETF (each a series of Northern Lights Trust IV (the "registrant"));

&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: | 08/08/2025 | /s/ Wendy Wang |
| | | Wendy Wang |
| | | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Brookstone Dividend Stock ETF, Brookstone
 Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone
 Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone
 Yield ETF (each a series of Northern Lights Trust IV (the "registrant"));

&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: | 08/08/2025 | /s/ Sam Singh |
| | | Sam Singh |
| | | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

Wendy Wang, Principal Executive Officer/President, and Sam Singh, Principal Financial Officer/Treasurer of Northern Lights Trust IV (the "Registrant"), each certify to the best of his/her 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 May 31, 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 |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 08/08/2025 | Date: | 08/08/2025 |

---

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

## Ex-99.Code

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

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

**CODE OF ETHICS**

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

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

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

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

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

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

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

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

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

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

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

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

 ****

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

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

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

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

2. INITIAL HOLDINGS REPORT

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

3. ANNUAL HOLDINGS REPORTS

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

4. QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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