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  811-23066

 

Northern Lights Fund Trust IV
(Exact name of registrant as specified in charter)

 

225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246
(Address of principal executive offices) (Zip code)

 

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

 

Registrant’s telephone number, including area code:  631-470-2600

  

Date of fiscal year end:  5/31  
     
Date of reporting period:  11/30/25  

 

 

Item 1. Reports to Stockholders.

 

(a)

 

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Brookstone Active ETF

(BAMA) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Active ETF
$50
0.95%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$45,865,012
  • Number of Portfolio Holdings6
  • Advisory Fee (net of waivers)$142,714
  • Portfolio Turnover58%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

Group By Sector Chart
Value
Value
Other Assets in Excess of Liabilities
0.5%
Fixed Income
34.7%
Equity
64.8%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Active ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMA

Brookstone Dividend Stock ETF

(BAMD) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

 

 

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Dividend Stock ETF
$45
0.89%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$99,713,930
  • Number of Portfolio Holdings30
  • Advisory Fee $320,002
  • Portfolio Turnover11%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Common Stocks
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Dividend Stock ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMD

Brookstone Growth Stock ETF

(BAMG) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Growth Stock ETF
$48
0.89%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$125,649,491
  • Number of Portfolio Holdings30
  • Advisory Fee $390,921
  • Portfolio Turnover10%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Common Stocks
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

Group By Sector Chart
Value
Value
Other Assets in Excess of Liabilities
0.9%
Consumer Staples
2.8%
Financials
3.6%
Health Care
7.5%
Industrials
10.8%
Consumer Discretionary
11.7%
Communications
21.5%
Technology
41.2%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Growth Stock ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMG

Brookstone Intermediate Bond ETF

(BAMB) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Intermediate Bond ETF
$49
0.95%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$65,821,643
  • Number of Portfolio Holdings6
  • Advisory Fee (net of waivers)$201,905
  • Portfolio Turnover0%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

Group By Sector Chart
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 7-10 Year Treasury Bond ETF
19.9%
iShares 3-7 Year Treasury Bond ETF
19.9%
Schwab Intermediate-Term U.S. Treasury ETF
19.8%
iShares iBonds Dec 2033 Term Treasury ETF
13.3%
iShares iBonds Dec 2032 Term Treasury ETF
13.3%
iShares iBonds Dec 2031 Term Treasury ETF
13.2%

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Intermediate Bond ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMB

Brookstone Opportunities ETF

(BAMO) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Opportunities ETF
$50
0.95%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$43,007,949
  • Number of Portfolio Holdings5
  • Advisory Fee (net of waivers)$108,547
  • Portfolio Turnover37%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

Group By Sector Chart
Value
Value
Fixed Income
39.0%
Equity
61.0%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Opportunities ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMO

Brookstone Ultra-Short Bond ETF

(BAMU) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Ultra-Short Bond ETF
$48
0.95%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$76,656,005
  • Number of Portfolio Holdings5
  • Advisory Fee $239,322
  • Portfolio Turnover21%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

Group By Sector Chart
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 2026 Term Treasury ETF, USD Class
20.0%
iShares 0-3 Month Treasury Bond ETF
19.9%
SPDR Bloomberg 3-12 Month T-Bill ETF
19.9%
SPDR Bloomberg 1-3 Month T-Bill ETF
19.9%
Invesco Short Term Treasury ETF
19.8%

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Ultra-Short Bond ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMU

Brookstone Value Stock ETF

(BAMV) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Value Stock ETF
$47
0.91%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$98,050,641
  • Number of Portfolio Holdings30
  • Advisory Fee $324,976
  • Portfolio Turnover12%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Common Stocks
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

Group By Sector Chart
Value
Value
Other Assets in Excess of Liabilities
0.3%
Communications
2.9%
Real Estate
3.0%
Consumer Discretionary
6.6%
Energy
6.7%
Consumer Staples
8.7%
Industrials
13.5%
Financials
16.0%
Health Care
19.4%
Technology
22.8%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Value Stock ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMV

Brookstone Yield ETF

(BAMY) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - November 30, 2025

Image

Fund Overview

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

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

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Brookstone Yield ETF
$50
0.95%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics 

  • Net Assets$41,657,303
  • Number of Portfolio Holdings6
  • Advisory Fee (net of waivers)$127,548
  • Portfolio Turnover40%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
100.0%

What did the Fund invest in? 

Sector Weighting (% of net assets)

Group By Sector Chart
Value
Value
Liabilities in Excess of Other Assets
-0.3%
Fixed Income
39.0%
Equity
61.3%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025. 

Image

Brookstone Yield ETF

Semi-Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund? 

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

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 113025-BAMY

(b) Not applicable

 

 

Item 2. Code of Ethics. Not applicable.

 

Item 3. Audit Committee Financial Expert. Not applicable.

 

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

 

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

 

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

 

 

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

 

(a)  

 

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

 

 

BROOKSTONE DIVIDEND STOCK ETF
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2025

 

Shares         Fair Value  
        COMMON STOCKS — 99.5%        
        ASSET MANAGEMENT - 3.2%        
  31,557     T Rowe Price Group, Inc.   $ 3,230,806  
                 
        AUTOMOTIVE - 4.0%        
  301,928     Ford Motor Company     4,009,604  
                 
        BANKING - 14.2%        
  207,555     Huntington Bancshares Inc     3,383,147  
  187,718     KeyCorporation     3,450,257  
  77,092     Truist Financial Corporation     3,584,778  
  75,145     US Bancorp     3,685,861  
              14,104,043  
        BIOTECH & PHARMA - 3.7%        
  29,512     Gilead Sciences, Inc.     3,713,790  
                 
        CHEMICALS - 1.3%        
  89,090     FMC Corporation     1,273,096  
                 
        ELECTRIC UTILITIES - 25.0%        
  29,378     American Electric Power Company, Inc.     3,636,115  
  55,058     Dominion Energy, Inc.     3,455,991  
  27,022     Duke Energy Corporation     3,349,107  
  62,173     Edison International     3,661,368  
  50,356     Eversource Energy     3,382,916  
  79,332     Portland General Electric Company     4,031,652  
  30,058     WEC Energy Group, Inc.     3,368,600  
              24,885,749  
        FOOD - 9.7%        
  68,353     General Mills, Inc.     3,236,515  
  17,525     Hershey Company (The)     3,296,101  
  122,584     The Kraft Heinz Company     3,127,118  
              9,659,734  
        HEALTH CARE REIT - 3.4%        
  191,268     Healthpeak Properties, Inc.     3,492,554  
                 

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

1

 

BROOKSTONE DIVIDEND STOCK ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2025

 

Shares         Fair Value  
        COMMON STOCKS — 99.5% (Continued)        
        HOUSEHOLD PRODUCTS - 2.8%        
  25,283     Kimberly-Clark Corporation   $ 2,758,881  
                 
        INSURANCE - 3.5%        
  32,434     Prudential Financial, Inc.     3,510,981  
                 
        OIL & GAS PRODUCERS - 6.5%        
  118,794     Kinder Morgan, Inc.     3,245,452  
  43,837     ONEOK, Inc.     3,192,210  
              6,437,662  
        REAL ESTATE INVESTMENT TRUSTS - 2.9%        
  31,213     Crown Castle, Inc.     2,849,123  
                 
        RETAIL REIT - 3.4%        
  58,156     Realty Income Corporation     3,350,367  
                 
        SELF-STORAGE REIT - 3.3%        
  24,385     Extra Space Storage, Inc.     3,247,350  
                 
        TECHNOLOGY HARDWARE - 3.2%        
  132,264     HP, Inc.     3,229,887  
                 
        TELECOMMUNICATIONS - 6.3%        
  119,564     AT&T, Inc.     3,111,055  
  77,148     Verizon Communications, Inc.     3,171,555  
              6,282,610  
        TOBACCO & CANNABIS - 3.1%        
  53,206     Altria Group, Inc.     3,139,686  
                 
        TOTAL COMMON STOCKS (Cost $98,294,321)     99,175,923  
                 
        TOTAL INVESTMENTS - 99.5% (Cost $98,294,321)   $ 99,175,923  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%     538,007  
        NET ASSETS - 100.0%   $ 99,713,930  
                 

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

2

 

BROOKSTONE GROWTH STOCK ETF
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2025

 

Shares         Fair Value  
        COMMON STOCKS — 99.1%        
        ADVERTISING & MARKETING - 1.4%        
  43,196     Trade Desk, Inc. (The), Class A(a)   $ 1,708,834  
                 
        AEROSPACE & DEFENSE - 3.5%        
  24,904     RTX Corporation     4,355,959  
                 
        AUTOMOTIVE - 4.4%        
  12,978     Tesla, Inc.(a)     5,582,745  
                 
        BIOTECH & PHARMA - 7.5%        
  12,472     Amgen, Inc.     4,308,577  
  4,787     Eli Lilly & Company     5,148,275  
              9,456,852  
        CONSUMER FINANCE - 3.6%        
  12,552     American Express Company     4,584,869  
                 
        E-COMMERCE DISCRETIONARY - 3.1%        
  16,589     Amazon.com, Inc.(a)     3,868,887  
                 
        HOUSEHOLD PRODUCTS - 2.8%        
  43,361     Colgate-Palmolive Company     3,485,791  
                 
        INTERNET MEDIA & SERVICES - 20.1%        
  20,383     Alphabet, Inc., Class A     6,526,229  
  20,031     Alphabet, Inc., Class C     6,412,324  
  20,377     Expedia Group, Inc.     5,210,195  
  5,409     Meta Platforms, Inc., Class A     3,504,762  
  41,812     Uber Technologies, Inc.(a)     3,660,222  
              25,313,732  
        LEISURE FACILITIES & SERVICES - 4.2%        
  76,691     Las Vegas Sands Corporation     5,227,259  
                 
        MACHINERY - 4.2%        
  9,239     Caterpillar, Inc.     5,319,446  
                 

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

3

 

BROOKSTONE GROWTH STOCK ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2025

 

Shares         Fair Value  
        COMMON STOCKS — 99.1% (Continued)        
        SEMICONDUCTORS - 7.4%        
  20,591     Applied Materials, Inc.   $ 5,194,080  
  22,836     NVIDIA Corporation     4,041,972  
              9,236,052  
        SOFTWARE - 21.6%        
  12,946     Autodesk, Inc.(a)     3,927,040  
  36,501     Fortinet, Inc.(a)     2,961,326  
  4,993     Intuit, Inc.     3,165,961  
  7,535     Microsoft Corporation     3,707,295  
  19,352     Palo Alto Networks, Inc.(a)     3,679,396  
  14,329     Salesforce, Inc.     3,303,408  
  3,868     ServiceNow, Inc.(a)     3,142,402  
  6,894     Tyler Technologies, Inc.(a)     3,237,560  
              27,124,388  
        TECHNOLOGY HARDWARE - 6.7%        
  18,184     Apple, Inc.     5,070,608  
  9,104     Motorola Solutions, Inc.     3,365,567  
              8,436,175  
        TECHNOLOGY SERVICES - 5.5%        
  39,203     TransUnion     3,334,215  
  10,815     Visa, Inc., Class A     3,616,969  
              6,951,184  
        TRANSPORTATION & LOGISTICS - 3.1%        
  108,869     CSX Corporation     3,849,608  
                 
        TOTAL COMMON STOCKS (Cost $115,177,129)     124,501,781  
                 
        TOTAL INVESTMENTS - 99.1% (Cost $115,177,129)   $ 124,501,781  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%     1,147,710  
        NET ASSETS - 100.0%   $ 125,649,491  
                 
(a) Non-income producing security.

 

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

4

 

BROOKSTONE VALUE STOCK ETF
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2025

 

Shares         Fair Value  
        COMMON STOCKS — 99.7%        
        AEROSPACE & DEFENSE - 9.9%        
  14,428     Boeing Company (The)(a)   $ 2,726,892  
  10,433     General Dynamics Corporation     3,564,226  
  7,618     Lockheed Martin Corporation, Class B     3,487,977  
              9,779,095  
        APPAREL & TEXTILE PRODUCTS - 2.8%        
  42,798     NIKE, Inc., Class B     2,766,035  
                 
        ASSET MANAGEMENT - 3.2%        
  33,483     Charles Schwab Corporation (The)     3,104,879  
                 
        BANKING - 3.7%        
  67,169     Bank of America Corporation     3,603,616  
                 
        BEVERAGES - 6.1%        
  18,910     Constellation Brands, Inc., Class A     2,578,946  
  23,102     PepsiCo, Inc.     3,436,192  
              6,015,138  
        BIOTECH & PHARMA - 15.3%        
  72,647     Bristol-Myers Squibb Company     3,574,232  
  19,160     Johnson & Johnson     3,964,587  
  38,664     Merck & Company, Inc.     4,053,148  
  132,994     Pfizer, Inc.     3,423,266  
              15,015,233  
        DATA CENTER REIT - 3.0%        
  18,314     Digital Realty Trust, Inc.     2,932,438  
                 
        ELECTRICAL EQUIPMENT - 3.6%        
  65,454     Fortive Corporation     3,500,480  
                 
        ENTERTAINMENT CONTENT - 2.9%        
  27,287     Walt Disney Company (The)     2,850,673  
                 

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

5

 

BROOKSTONE VALUE STOCK ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2025

 

Shares         Fair Value  
        COMMON STOCKS — 99.7% (Continued)        
        HOME CONSTRUCTION - 3.8%        
  28,332     Lennar Corporation, Class A   $ 3,719,991  
                 
        HOUSEHOLD PRODUCTS - 2.6%        
  147,435     Kenvue, Inc.     2,557,997  
                 
        INSURANCE - 3.5%        
  6,734     Berkshire Hathaway, Inc., Class B(a)     3,459,997  
                 
        MEDICAL EQUIPMENT & DEVICES - 4.1%        
  6,733     Thermo Fisher Scientific, Inc.     3,978,058  
                 
        OIL & GAS PRODUCERS - 6.7%        
  21,027     Chevron Corporation     3,177,811  
  28,985     Exxon Mobil Corporation     3,359,941  
              6,537,752  
        SEMICONDUCTORS - 10.9%        
  18,506     Advanced Micro Devices, Inc.(a)     4,025,609  
  21,249     QUALCOMM, Inc.     3,571,744  
  17,599     Texas Instruments, Inc.     2,961,384  
              10,558,737  
        SOFTWARE - 5.9%        
  8,881     Adobe, Inc.(a)     2,843,075  
  13,660     Workday, Inc., Class A(a)     2,945,368  
              5,788,443  
        TECHNOLOGY HARDWARE - 3.3%        
  24,370     Dell Technologies, Inc., Class C     3,249,740  
                 
        TECHNOLOGY SERVICES - 8.4%        
  13,125     Equifax, Inc.     2,787,357  
  40,103     Fidelity National Information Services, Inc.     2,637,574  

 

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

6

 

BROOKSTONE VALUE STOCK ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2025

 

Shares         Fair Value  
        COMMON STOCKS — 99.7% (Continued)        
        TECHNOLOGY SERVICES - 8.4% (Continued)        
  46,131     PayPal Holdings, Inc.   $ 2,891,953  
              8,316,884  
                 
        TOTAL COMMON STOCKS (Cost $96,913,040)     97,735,186  
                 
        TOTAL INVESTMENTS - 99.7% (Cost $96,913,040)   $ 97,735,186  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%     315,455  
        NET ASSETS - 100.0%   $ 98,050,641  

 

(a) Non-income producing security.

 

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

7

 

BROOKSTONE INTERMEDIATE BOND ETF
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2025

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 99.4%        
        FIXED INCOME - 99.4%        
  108,592     iShares 3-7 Year Treasury Bond ETF   $ 13,059,274  
  134,517     iShares 7-10 Year Treasury Bond ETF     13,115,408  
  420,490     iShares iBonds Dec 2031 Term Treasury ETF     8,714,655  
  373,917     iShares iBonds Dec 2032 Term Treasury ETF     8,726,288  
  350,989     iShares iBonds Dec 2033 Term Treasury ETF     8,734,256  
  516,097     Schwab Intermediate-Term U.S. Treasury ETF     13,057,254  
              65,407,135  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $62,938,205)     65,407,135  
                 
        TOTAL INVESTMENTS - 99.4% (Cost $62,938,205)   $ 65,407,135  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%     414,508  
        NET ASSETS - 100.0%   $ 65,821,643  

 

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

8

 

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

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 99.5%        
        FIXED INCOME - 99.5%        
  143,996     Invesco Short Term Treasury ETF   $ 15,208,858  
  151,504     iShares 0-3 Month Treasury Bond ETF     15,251,908  
  667,547     iShares iBonds Dec 2026 Term Treasury ETF, USD Class     15,316,865  
  166,254     SPDR Bloomberg 1-3 Month T-Bill ETF     15,248,817  
  153,298     SPDR Bloomberg 3-12 Month T-Bill ETF     15,251,619  
              76,278,067  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $76,207,736)     76,278,067  
                 
        TOTAL INVESTMENTS - 99.5% (Cost $76,207,736)   $ 76,278,067  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%     377,938  
        NET ASSETS - 100.0%   $ 76,656,005  

 

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

9

 

BROOKSTONE ACTIVE ETF
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2025

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 99.5%        
        EQUITY - 64.8%        
  52,503     iShares Core MSCI EAFE ETF   $ 4,664,367  
  68,152     iShares Core MSCI Emerging Markets ETF     4,572,999  
  127,367     SPDR Portfolio S&P 500 ETF     10,239,033  
  95,532     SPDR Portfolio S&P 500 Growth ETF     10,225,745  
              29,702,144  
        FIXED INCOME - 34.7%        
  301,956     iShares iBonds Dec 2027 Term Treasury ETF, USD Class     6,803,069  
  350,277     SPDR Portfolio Aggregate Bond ETF     9,114,207  
              15,917,276  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $40,654,325)     45,619,420  
                 
        TOTAL INVESTMENTS - 99.5% (Cost $40,654,325)   $ 45,619,420  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%     245,592  
        NET ASSETS - 100.0%   $ 45,865,012  

 

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

10

 

BROOKSTONE OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2025

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 100.0%        
        EQUITY - 61.0%        
  12,707     iShares Core S&P 500 ETF, USD Class   $ 8,728,184  
  18,402     SPDR Dow Jones Industrial Average ETF     8,781,066  
  13,882     Vanguard S&P 500 ETF     8,723,588  
              26,232,838  
        FIXED INCOME - 39.0%        
  83,411     iShares 0-3 Month Treasury Bond ETF     8,396,985  
  91,547     SPDR Bloomberg 1-3 Month T-Bill ETF     8,396,691  
              16,793,676  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $39,920,037)     43,026,514  
                 
        TOTAL INVESTMENTS - 100.0% (Cost $39,920,037)   $ 43,026,514  
        LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%     (18,565 )
        NET ASSETS - 100.0%   $ 43,007,949  

 

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

11

 

BROOKSTONE YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2025

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 100.3%        
        EQUITY - 61.3%        
  363,504     Global X Nasdaq 100 Covered Call ETF   $ 6,350,415  
  158,048     Global X S&P 500 Covered Call ETF     6,370,915  
  110,212     JPMorgan Equity Premium Income ETF     6,382,377  
  109,094     JPMorgan Nasdaq Equity Premium Income ETF     6,415,818  
              25,519,525  
        FIXED INCOME - 39.0%        
  82,773     iShares 0-3 Month Treasury Bond ETF     8,332,758  
  79,576     SPDR Bloomberg 3-12 Month T-Bill ETF     7,917,016  
              16,249,774  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $41,168,112)     41,769,299  
                 
        TOTAL INVESTMENTS - 100.3% (Cost $41,168,112)   $ 41,769,299  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%     (111,996 )
        NET ASSETS - 100.0%   $ 41,657,303  

 

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

12

 

Brookstone ETFs
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
November 30, 2025

 

    Brookstone     Brookstone     Brookstone     Brookstone  
    Dividend Stock     Growth Stock     Value Stock     Intermediate Bond  
    ETF     ETF     ETF     ETF  
ASSETS                                
Investment securities:                                
At cost   $ 98,294,321     $ 115,177,129     $ 96,913,040     $ 62,938,205  
At value   $ 99,175,923     $ 124,501,781     $ 97,735,186     $ 65,407,135  
Cash and cash equivalents     1,308,815       1,161,400       562,667       981,155  
Receivable for Fund shares sold     —       800,349       —       —  
Dividends and interest receivable     305,370       108,812       166,264       2,557  
Prepaid expenses and other assets     2,707       2,900       3,256       2,925  
TOTAL ASSETS     100,792,815       126,575,242       98,467,373       66,393,772  
                                 
LIABILITIES                                
Distributions Payable     974,816       —       308,864       470,782  
Payable for investments purchased     —       790,214       —       —  
Investment advisory fees payable     52,774       69,435       51,988       33,842  
Payable to related parties     11,802       9,721       7,671       34,684  
Accrued expenses and other liabilities     39,493       56,381       48,209       32,821  
TOTAL LIABILITIES     1,078,885       925,751       416,732       572,129  
NET ASSETS   $ 99,713,930     $ 125,649,491     $ 98,050,641     $ 65,821,643  
                                 
Composition of Net Assets:                                
Paid in capital ($0 par value, unlimited shares authorized)   $ 99,358,050     $ 133,534,212     $ 97,404,821     $ 63,272,916  
Accumulated earnings (deficit)     355,880       (7,884,721 )     645,820       2,548,727  
NET ASSETS   $ 99,713,930     $ 125,649,491     $ 98,050,641     $ 65,821,643  
                                 
Net Asset Value Per Share:                                
Shares:                                
Net Assets   $ 99,713,930     $ 125,649,491     $ 98,050,641     $ 65,821,643  
Shares of beneficial interest outstanding     3,280,000       3,140,000       3,040,000       2,470,000  
                                 
Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share   $ 30.40     $ 40.02     $ 32.25     $ 26.65  
                                 

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

13

 

Brookstone ETFs
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
November 30, 2025

 

    Brookstone     Brookstone     Brookstone     Brookstone  
    Ultra-Short Bond     Active     Opportunities     Yield  
    ETF     ETF     ETF     ETF  
ASSETS                                
Investment securities:                                
At cost   $ 76,207,736     $ 40,654,325     $ 39,920,037     $ 41,168,112  
At value   $ 76,278,067     $ 45,619,420     $ 43,026,514     $ 41,769,299  
Cash and cash equivalents     1,048,156       447,882       265,411       602,321  
Receivable for Investments sold     252,169       —       —       —  
Dividends and interest receivable     2,683       1,196       11,842       127,676  
Prepaid expenses and other assets     2,898       2,470       2,432       2,415  
TOTAL ASSETS     77,583,973       46,070,968       43,306,199       42,501,711  
                                 
LIABILITIES                                
Distributions Payable     585,699       140,670       215,028       793,950  
Payable for investments purchased     251,315       —       —       —  
Investment advisory fees payable     40,163       24,756       18,500       21,036  
Payable to related parties     7,126       6,048       24,484       4,029  
Accrued expenses and other liabilities     43,665       34,482       40,238       25,393  
TOTAL LIABILITIES     927,968       205,956       298,250       844,408  
NET ASSETS   $ 76,656,005     $ 45,865,012     $ 43,007,949     $ 41,657,303  
                                 
Composition of Net Assets:                                
Paid in capital ($0 par value, unlimited shares authorized)   $ 76,539,010     $ 35,496,587     $ 37,175,519     $ 38,484,775  
Accumulated earnings     116,995       10,368,425       5,832,430       3,172,528  
NET ASSETS   $ 76,656,005     $ 45,865,012     $ 43,007,949     $ 41,657,303  
                                 
Net Asset Value Per Share:                                
Shares:                                
Net Assets   $ 76,656,005     $ 45,865,012     $ 43,007,949     $ 41,657,303  
Shares of beneficial interest outstanding     3,040,000       1,350,000       1,320,000       1,500,000  
                                 
Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share   $ 25.22     $ 33.97     $ 32.58     $ 27.77  
                                 

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

14

 

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

 

    Brookstone     Brookstone     Brookstone     Brookstone  
    Dividend Stock     Growth Stock     Value Stock     Intermediate Bond  
    ETF     ETF     ETF     ETF  
INVESTMENT INCOME                        
Dividends   $ 2,213,109     $ 454,141     $ 1,078,776     $ 1,230,410  
Interest     14,559       21,068       11,532       14,636  
TOTAL INVESTMENT INCOME     2,227,668       475,209       1,090,308       1,245,046  
                                 
EXPENSES                                
Investment advisory fees     320,002       390,921       324,976       209,272  
Administrative services fees     41,140       44,284       38,509       55,932  
Printing expenses     11,076       9,752       9,841       6,914  
Compliance officer fees     9,929       10,187       9,733       7,492  
Legal fees     9,587       6,982       8,897       5,878  
Professional fees     9,481       9,486       9,486       9,953  
Trustees fees and expenses     9,147       9,540       9,338       8,751  
Custodian fees     8,585       10,491       8,662       3,745  
Transfer agent fees     4,863       3,161       4,620       4,098  
Insurance expense     13       7       339       95  
Other expenses     3,274       5,822       4,877       1,169  
TOTAL EXPENSES     427,097       500,633       429,278       313,299  
                                 
Less: Contractual Fees waived and/or expenses reimbursed by the Adviser     —       —       —       (7,367 )
TOTAL FEES WAIVED/(RECAPTURED)     —       —       —       (7,367 )
                                 
NET EXPENSES     427,097       500,633       429,278       305,932  
NET INVESTMENT INCOME (LOSS)     1,800,571       (25,424 )     661,030       939,114  
                                 
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS                                
Net realized loss from investments     (4,207,896 )     (25,854 )     (1,441,094 )     —  
Net realized gain from in-kind redemptions     4,261,810       8,759,762       4,068,857       107,814  
Net change in unrealized appreciation (depreciation) on investments     (1,242,572 )     8,598,672       1,575,104       1,379,704  
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS     (1,188,658 )     17,332,580       4,202,867       1,487,518  
                                 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 611,913     $ 17,307,156     $ 4,863,897     $ 2,426,632  

 

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

15

 

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

 

    Brookstone     Brookstone     Brookstone     Brookstone  
    Ultra-Short Bond     Active     Opportunities     Yield  
    ETF     ETF     ETF     ETF  
INVESTMENT INCOME                        
Dividends   $ 1,484,524     $ 510,549     $ 585,748     $ 1,884,651  
Interest     15,293       12,702       7,508       10,320  
TOTAL INVESTMENT INCOME     1,499,817       523,251       593,256       1,894,971  
                                 
EXPENSES                                
Investment advisory fees     239,322       145,937       136,254       133,974  
Administrative services fees     33,879       18,118       40,872       19,890  
Professional fees     9,953       9,954       9,954       10,102  
Compliance officer fees     9,559       6,601       6,393       5,964  
Trustees fees and expenses     8,924       8,752       8,900       8,854  
Printing expenses     7,624       5,806       5,985       6,170  
Legal fees     7,390       6,189       5,574       5,324  
Transfer agent fees     3,876       4,702       3,434       3,430  
Custodian fees     3,578       5,136       3,847       4,207  
Insurance expense     278       172       163       154  
Other expenses     3,148       5,260       5,552       4,262  
TOTAL EXPENSES     327,531       216,627       226,928       202,331  
                                 
Plus: Contractual Fees waived and/or expenses reimbursed by the Adviser     —       (3,223 )     (27,707 )     (6,426 )
TOTAL FEES WAIVED/(RECAPTURED)     —       (3,223 )     (27,707 )     (6,426 )
                                 
NET EXPENSES     327,531       213,404       199,221       195,905  
NET INVESTMENT INCOME     1,172,286       309,847       394,035       1,699,066  
                                 
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS                                
Net realized gain (loss) from investments     11,170       25,931       (3,857 )     (173,549 )
Net realized gain from in-kind redemptions     30,893       5,382,504       2,736,184       2,513,760  
Net change in unrealized appreciation (depreciation) on investments     (32,128 )     (1,086,427 )     (8,641 )     (450,082 )
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS     9,935       4,322,008       2,723,686       1,890,129  
                                 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 1,182,221     $ 4,631,855     $ 3,117,721     $ 3,589,195  

 

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

16

 

Brookstone Dividend Stock ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Six Months Ended        
    November 30, 2025     For the Year Ended  
    (Unaudited)       May 31, 2025  
FROM OPERATIONS                
Net investment income   $ 1,800,571     $ 3,181,186  
Net realized loss from investments     (4,207,896 )     (539,380 )
Net realized gain from in-kind redemptions     4,261,810       11,732,870  
Net change in unrealized appreciation (depreciation) on investments     (1,242,572 )     (7,175,985 )
Net increase in net assets resulting from operations     611,913       7,198,691  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Total distributions paid     (1,749,291 )     (3,957,136 )
Total distributions to shareholders     (1,749,291 )     (3,957,136 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     27,564,144       52,391,473  
Cost of shares redeemed     (18,668,881 )     (39,311,852 )
Net increase in net assets from shares of beneficial interest     8,895,263       13,079,621  
                 
TOTAL INCREASE IN NET ASSETS     7,757,885       16,321,176  
                 
NET ASSETS                
Beginning of Period     91,956,045       75,634,869  
End of Period   $ 99,713,930     $ 91,956,045  
                 
SHARE ACTIVITY                
Shares Sold     890,000       1,620,000  
Shares Redeemed     (600,000 )     (1,200,000 )
Net increase in shares of beneficial interest outstanding     290,000       420,000  

 

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

17

 

Brookstone Growth Stock ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Six Months Ended        
    November 30, 2025       For the Year Ended  
    (Unaudited)     May 31, 2025  
FROM OPERATIONS                
Net investment income (loss)   $ (25,424 )   $ 172,887  
Net realized loss from investments     (25,854 )     (3,074,271 )
Net realized gain from in-kind redemptions     8,759,762       22,823,517  
Net change in unrealized appreciation (depreciation) on investments     8,598,672       (6,975,839 )
Net increase in net assets resulting from operations     17,307,156       12,946,294  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Total distributions paid     —       (1,257,065 )
Total distributions to shareholders     —       (1,257,065 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     63,921,597       123,524,389  
Cost of shares redeemed     (61,876,997 )     (108,259,205 )
Net increase in net assets from shares of beneficial interest     2,044,600       15,265,184  
                 
TOTAL INCREASE IN NET ASSETS     19,351,756       26,954,413  
                 
NET ASSETS                
Beginning of Period     106,297,735       79,343,322  
End of Period   $ 125,649,491     $ 106,297,735  
                 
SHARE ACTIVITY                
Shares Sold     1,710,000       3,590,000  
Shares Redeemed     (1,650,000 )     (3,180,000 )
Net increase in shares of beneficial interest outstanding     60,000       410,000  

 

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

18

 

Brookstone Value Stock ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Six Months Ended        
    November 30, 2025       For the Year Ended  
    (Unaudited)     May 31, 2025  
FROM OPERATIONS                
Net investment income   $ 661,030     $ 1,080,448  
Net realized loss from investments     (1,441,094 )     (2,798,586 )
Net realized gain from in-kind redemptions     4,068,857       15,110,867  
Net change in unrealized appreciation (depreciation) on investments     1,575,104       (7,680,055 )
Net increase in net assets resulting from operations     4,863,897       5,712,674  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Distributions paid     (645,564 )     (3,109,522 )
Total distributions to shareholders     (645,564 )     (3,109,522 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     21,895,408       82,983,194  
Cost of shares redeemed     (23,045,332 )     (67,091,633 )
Net increase (decrease) in net assets from shares of beneficial interest     (1,149,924 )     15,891,561  
                 
TOTAL INCREASE IN NET ASSETS     3,068,409       18,494,713  
                 
NET ASSETS                
Beginning of Period     94,982,232       76,487,519  
End of Period   $ 98,050,641     $ 94,982,232  
                 
SHARE ACTIVITY                
Shares Sold     680,000       2,610,000  
Shares Redeemed     (720,000 )     (2,110,000 )
Net increase (decrease) in shares of beneficial interest outstanding     (40,000 )     500,000  

 

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

19

 

Brookstone Intermediate Bond ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Six Months Ended        
    November 30, 2025       For the Year Ended  
    (Unaudited)     May 31, 2025  
FROM OPERATIONS                
Net investment income   $ 939,114     $ 1,623,035  
Net realized loss from investments     —       (8,518 )
Net realized gain from in-kind redemptions     107,814       854,314  
Net change in unrealized appreciation on investments     1,379,704       458,941  
Net increase in net assets resulting from operations     2,426,632       2,927,772  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Distributions paid     (949,006 )     (1,635,611 )
Total distributions to shareholders     (949,006 )     (1,635,611 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     4,500,842       32,072,901  
Cost of shares redeemed     (3,167,577 )     (25,328,129 )
Net increase in net assets from shares of beneficial interest     1,333,265       6,744,772  
                 
TOTAL DECREASE IN NET ASSETS     2,810,891       8,036,933  
                 
NET ASSETS                
Beginning of Period     63,010,752       54,973,819  
End of Period   $ 65,821,643     $ 63,010,752  
                 
SHARE ACTIVITY                
Shares Sold     170,000       1,230,000  
Shares Redeemed     (120,000 )     (970,000 )
Net increase in shares of beneficial interest outstanding     50,000       260,000  

 

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

20

 

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

 

    For the Six Months Ended        
    November 30, 2025       For the Year Ended  
    (Unaudited)     May 31, 2025  
FROM OPERATIONS                
Net investment income   $ 1,172,286     $ 2,419,788  
Net realized gain from investments     11,170       21,091  
Net realized gain from in-kind redemptions     30,893       1,279  
Net change in unrealized appreciation depreciation on investments     (32,128 )     (20,134 )
Net increase in net assets resulting from operations     1,182,221       2,422,024  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Total distributions paid     (1,182,489 )     (2,433,876 )
Total distributions to shareholders     (1,182,489 )     (2,433,876 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     19,784,590       10,618,569  
Cost of shares redeemed     (14,979,987 )     (1,013,267 )
Net increase in net assets from shares of beneficial interest     4,804,603       9,605,302  
                 
TOTAL INCREASE IN NET ASSETS     4,804,335       9,593,450  
                 
NET ASSETS                
Beginning of Period     71,851,670       62,258,220  
End of Period   $ 76,656,005     $ 71,851,670  
                 
SHARE ACTIVITY                
Shares Sold     780,000       420,000  
Shares Redeemed     (590,000 )     (40,000 )
Net increase in shares of beneficial interest outstanding     190,000       380,000  

 

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

21

 

Brookstone Active ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Six Months Ended        
    November 30, 2025       For the Year Ended  
    (Unaudited)     May 31, 2025  
FROM OPERATIONS                
Net investment income   $ 309,847     $ 561,436  
Net realized gain from investments     25,931       —  
Net realized gain from in-kind redemptions     5,382,504       405,102  
Net change in unrealized appreciation (depreciation) on investments     (1,086,427 )     2,383,423  
Net increase in net assets resulting from operations     4,631,855       3,349,961  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Total distributions paid     (316,790 )     (569,312 )
Total distributions to shareholders     (316,790 )     (569,312 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     21,486,344       4,533,608  
Cost of shares redeemed     (21,503,179 )     (2,409,663 )
Net increase (decrease) in net assets from shares of beneficial interest     (16,835 )     2,123,945  
                 
TOTAL INCREASE IN NET ASSETS     4,298,230       4,904,594  
                 
NET ASSETS                
Beginning of Period     41,566,782       36,662,188  
End of Period   $ 45,865,012     $ 41,566,782  
                 
SHARE ACTIVITY                
Shares Sold     670,000       150,000  
Shares Redeemed     (670,000 )     (80,000 )
Net increase in shares of beneficial interest outstanding     —       70,000  

 

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

22

 

Brookstone Opportunities ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Six Months Ended        
    November 30, 2025       For the Year Ended  
    (Unaudited)     May 31, 2025  
FROM OPERATIONS                
Net investment income   $ 394,035     $ 528,699  
Net realized loss from investments     (3,857 )     —  
Net realized gain from in-kind redemptions     2,736,184       2,550,605  
Net change in unrealized appreciation (depreciation) on investments     (8,641 )     95,234  
Net increase in net assets resulting from operations     3,117,721       3,174,538  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Distributions paid     (400,563 )     (536,401 )
Total distributions to shareholders     (400,563 )     (536,401 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     18,574,089       13,676,329  
Cost of shares redeemed     (18,182,129 )     (11,242,191 )
Net increase in net assets from shares of beneficial interest     391,960       2,434,138  
                 
TOTAL INCREASE IN NET ASSETS     3,109,118       5,072,275  
                 
NET ASSETS                
Beginning of Period     39,898,831       34,826,556  
End of Period   $ 43,007,949     $ 39,898,831  
                 
SHARE ACTIVITY                
Shares Sold     580,000       450,000  
Shares Redeemed     (570,000 )     (370,000 )
Net increase in shares of beneficial interest outstanding     10,000       80,000  

 

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

23

 

Brookstone Yield ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Six Months Ended        
    November 30, 2025       For the Year Ended  
    (Unaudited)     May 31, 2025  
FROM OPERATIONS                
Net investment income   $ 1,699,066     $ 2,496,709  
Net realized gain (loss) from investments     (173,549 )     463,587  
Net realized gain from in-kind redemptions     2,513,760       27,328  
Net change in unrealized appreciation (depreciation) on investments     (450,082 )     41,110  
Net increase in net assets resulting from operations     3,589,195       3,028,734  
                 
DISTRIBUTIONS TO SHAREHOLDERS                
Distributions paid     (1,705,350 )     (2,706,613 )
Total distributions to shareholders     (1,705,350 )     (2,706,613 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     32,639,480       5,083,586  
Cost of shares redeemed     (30,808,079 )     (541,898 )
Net increase in net assets from shares of beneficial interest     1,831,401       4,541,688  
                 
TOTAL INCREASE IN NET ASSETS     3,715,246       4,863,809  
                 
NET ASSETS                
Beginning of Period     37,942,057       33,078,248  
End of Period   $ 41,657,303     $ 37,942,057  
                 
SHARE ACTIVITY                
Shares Sold     1,180,000       190,000  
Shares Redeemed     (1,110,000 )     (20,000 )
Net increase in shares of beneficial interest outstanding     70,000       170,000  

 

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

24

 

Brookstone Dividend Stock ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 30.75     $ 29.43     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (2)     0.57       1.16       0.79  
Net realized and unrealized gain (loss) on investments     (0.38 )     1.58       4.27  
Total from investment operations     0.19       2.74       5.06  
                         
Less distributions from:                        
Net investment income     (0.54 )     (1.18 )     (0.63 )
Net realized gains     —       (0.24 )     —  
Total distributions     (0.54 )     (1.42 )     (0.63 )
                         
Net asset value, end of period   $ 30.40     $ 30.75     $ 29.43  
Total return (3)     0.58 % (6)     9.18 %     20.39 % (6)
Net assets, at end of period (000s)   $ 99,714     $ 91,956     $ 75,635  
                         
Ratio of gross expenses to average net assets (5)     0.87 %     0.87 %     1.00 %
Ratio of net expenses to average net assets (5)     0.87 %     0.89 %     0.95 %
Ratio of net investment income to average net assets (5)     3.66 %     3.68 %     4.21 %
Portfolio Turnover Rate (4)     11 % (6)     19 %     15 % (6)
                         
(1) The Brookstone Dividend Stock ETF commenced operations on September 27, 2023.

 

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

 

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

 

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

 

(5) Annualized for periods less than one year.

 

(6) Not annualized.

 

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

 

25

 

Brookstone Growth Stock ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 34.51     $ 29.72     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (loss) (2)     (0.01 )     0.06       0.05  
Net realized and unrealized gain on investments     5.52       5.16       4.70  
Total from investment operations     5.51       5.22       4.75  
                         
Less distributions from:                        
Net investment income     —       (0.43 )     (0.03 )
Total distributions     —       (0.43 )     (0.03 )
                         
Net asset value, end of period   $ 40.02     $ 34.51     $ 29.72  
Total return (3)     15.97 % (6)     17.54 %     19.03 % (6)
Net assets, at end of period (000s)   $ 125,649     $ 106,298     $ 79,343  
                         
Ratio of gross expenses to average net assets (5)     0.83 %     0.88 %     0.99 %
Ratio of net expenses to average net assets (5)     0.83 %     0.89 %     0.95 %
Ratio of net investment income to average net assets (5)     (0.04 )%     0.18 %     0.23 %
Portfolio Turnover Rate (4)     10 % (6)     63 %     26 % (6)
                         
(1) The Brookstone Growth Stock ETF commenced operations on September 26, 2023.

 

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

 

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

 

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

 

(5) Annualized for periods less than one year.

 

(6) Not annualized.

 

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

 

26

 

Brookstone Value Stock ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 30.84     $ 29.65     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (2)     0.21       0.40       0.25  
Net realized and unrealized gain on investments     1.41       1.94       4.60  
Total from investment operations     1.62       2.34       4.85  
                         
Less distributions from:                        
Net investment income     (0.21 )     (1.15 )     (0.20 )
Total distributions     (0.21 )     (1.15 )     (0.20 )
                         
Net asset value, end of period   $ 32.25     $ 30.84     $ 29.65  
Total return (3)     5.24% (6)       7.89 %     19.43 % (6)
Net assets, at end of period (000s)   $ 98,051     $ 94,982     $ 76,488  
                         
Ratio of gross expenses to average net assets (5)     0.86 %     0.89 %     0.99 %
Ratio of net expenses to average net assets (5)     0.86 %     0.91 %     0.95 %
Ratio of net investment income to average net assets (5)     1.32 %     1.29 %     1.29 %
Portfolio Turnover Rate (4)     12 % (6)     71 %     25 % (6)
                         
(1) The Brookstone Value Stock ETF commenced operations on September 26, 2023.

 

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

 

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

 

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

 

(5) Annualized for periods less than one year.

 

(6) Not annualized.

 

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

 

27

 

Brookstone Intermediate Bond ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 26.04     $ 25.45     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (2)     0.39       0.73       0.52  
Net realized and unrealized gain on investments     0.61       0.59       0.35  
Total from investment operations     1.00       1.32       0.87  
                         
Less distributions from:                        
Net investment income     (0.39 )     (0.73 )     (0.42 )
Total distributions     (0.39 )     (0.73 )     (0.42 )
                         
Net asset value, end of period   $ 26.65     $ 26.04     $ 25.45  
Total return (3)     3.83 % (8)     5.21 %     3.50 % (8)
Net assets, at end of period (000s)   $ 65,822     $ 63,011     $ 54,974  
                         
Ratio of gross expenses to average net assets (5)(7)     0.95 %     0.93 %     1.12 %
Ratio of net expenses to average net assets (5)(7)     0.95 %     0.95 %     0.95 %
Ratio of net investment income to average net assets (4)(7)     2.92 %     2.79 %     2.98 %
Portfolio Turnover Rate (6)     0 % (8)     56 %     79 % (8)
                         
(1) The Brookstone Intermediate Bond ETF commenced operations on September 26, 2023.

 

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

 

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

 

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

 

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

 

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

 

(7) Annualized for periods less than one year.

 

(8) Not annualized.

 

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

 

28

 

Brookstone Ultra-Short Bond ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 25.21     $ 25.21     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (2)     0.40       0.92       0.66  
Net realized and unrealized gain on investments     0.01       — (9)     0.09  
Total from investment operations     0.41       0.92       0.75  
                         
Less distributions from:                        
Net investment income     (0.40 )     (0.92 )     (0.54 )
Total distributions     (0.40 )     (0.92 )     (0.54 )
                         
Net asset value, end of period   $ 25.22     $ 25.21     $ 25.21  
Total return (3)(8)     1.64 % (8)     3.72 %     3.01 % (8)
Net assets, at end of period (000s)   $ 76,656     $ 71,852     $ 62,258  
                         
Ratio of gross expenses to average net assets (5)(7)     0.89 %     0.92 %     1.05 %
Ratio of net expenses to average net assets (5)(7)     0.89 %     0.95 %     0.95 %
Ratio of net investment income to average net assets (4) (7)     3.18 %     3.65 %     3.82 %
Portfolio Turnover Rate (6)     21 % (8)     20 %     0 % (8)
                         
(1) The Brookstone Ultra-Short Bond ETF commenced operations on September 26, 2023.

 

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

 

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

 

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

 

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

 

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

 

(7) Annualized for periods less than one year.

 

(8) Not annualized.

 

(9) Amount represents less than $0.005.

 

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

 

29

 

Brookstone Active ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 30.79     $ 28.64     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (2)     0.23       0.43       0.27  
Net realized and unrealized gain on investments     3.18       2.16       3.60  
Total from investment operations     3.41       2.59       3.87  
                         
Less distributions from:                        
Net investment income     (0.23 )     (0.44 )     (0.23 )
Total distributions     (0.23 )     (0.44 )     (0.23 )
                         
Net asset value, end of period   $ 33.97     $ 30.79     $ 28.64  
Total return (3)(8)     11.11 % (8)     9.04 %     15.49 % (8)
Net assets, at end of period (000s)   $ 45,865     $ 41,567     $ 36,662  
                         
Ratio of gross expenses to average net assets (5)(7)     0.96 %     0.99 %     1.32 %
Ratio of net expenses to average net assets (5)(7)     0.95 %     0.95 %     0.95 %
Ratio of net investment income to average net assets (4) (7)     1.38 %     1.42 %     1.46 %
Portfolio Turnover Rate (6)     58 % (8)     0 %     0 % (8)
                         
(1) The Brookstone Active ETF commenced operations on September 27, 2023.

 

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

 

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

 

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

 

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

 

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

 

(7) Annualized for periods less than one year.

 

(8) Not annualized.

 

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

 

30

 

Brookstone Opportunities ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 30.46     $ 28.31     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (2)     0.30       0.43       0.31  
Net realized and unrealized gain on investments     2.12       2.15       3.26  
Total from investment operations     2.42       2.58       3.57  
                         
Less distributions from:                        
Net investment income     (0.30 )     (0.43 )     (0.26 )
Total distributions     (0.30 )     (0.43 )     (0.26 )
                         
Net asset value, end of period   $ 32.58     $ 30.46     $ 28.31  
Total return (3)(8)     7.97 % (8)     9.14 %     14.31 % (8)
Net assets, at end of period (000s)   $ 43,008     $ 39,899     $ 34,827  
                         
Ratio of gross expenses to average net assets (5)(7)     1.08 %     1.01 %     1.35 %
Ratio of net expenses to average net assets (5)(7)     0.95 %     0.95 %     0.95 %
Ratio of net investment income to average net assets (4) (7)     1.88 %     1.43 %     1.69 %
Portfolio Turnover Rate (6)     37 % (8)     0 %     0 % (8)
                         
(1) The Brookstone Opportunities ETF commenced operations on September 27, 2023.

 

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

 

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

 

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

 

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

 

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

 

(7) Annualized for periods less than one year.

 

(8) Not annualized.

 

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

 

31

 

Brookstone Yield ETF
FINANCIAL HIGHLIGHTS
 

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

 

    For the Six Months Ended     For the Year Ended     For the Period Ended  
    November 30, 2025     May 31, 2025     May 31, 2024 (1)  
    (Unaudited)              
Net asset value, beginning of period   $ 26.53     $ 26.25     $ 25.00  
                         
Activity from investment operations:                        
Net investment income (2)     1.14       1.86       1.64  
Net realized and unrealized gain on investments     1.24       0.41       0.95  
Total from investment operations     2.38       2.27       2.59  
                         
Less distributions from:                        
Net investment income     (1.14 )     (1.99 )     (1.34 )
Total distributions     (1.14 )     (1.99 )     (1.34 )
                         
Paid-in-Capital From Redemption Fees     —       —       —  
                         
Net asset value, end of period   $ 27.77     $ 26.53     $ 26.25  
Total return (3)(8)     9.06 % (8)     8.86 %     10.45 % (8)
Net assets, at end of period (000s)   $ 41,657     $ 37,942     $ 33,078  
                         
Ratio of gross expenses to average net assets (5)(7)     0.98 %     0.99 %     1.37 %
Ratio of net expenses to average net assets (5)(7)     0.95 %     0.95 %     0.95 %
Ratio of net investment income to average net assets (4) (7)     8.24 %     6.98 %     9.19 %
Portfolio Turnover Rate (6)     40 % (8)     81 %     77 % (8)
                         
(1) The Brookstone Yield ETF commenced operations on September 27, 2023.

 

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

 

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

 

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

 

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

 

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

 

(7) Annualized for periods less than one year.

 

(8) Not annualized.

 

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

 

32

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)
November 30, 2025

 

1. ORGANIZATION

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

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

 

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

33

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

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

 

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

 

Fair Valuation Process - Applicable investments are valued pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private placements or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Valuation Designee is unable to obtain a current

34

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

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

 

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

 

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

 

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

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

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

35

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2025, for each Fund’s assets measured at fair value:

 

BAMD                        
Assets *   Level 1     Level 2     Level 3     Total  
Common Stocks   $ 99,175,923     $ —     $ —     $ 99,175,923  
Total   $ 99,175,923     $ —     $ —     $ 99,175,923  
                                 
BAMG                        
Assets *   Level 1     Level 2     Level 3     Total  
Common Stocks   $ 124,501,781     $ —     $ —     $ 124,501,781  
Total   $ 124,501,781     $ —     $ —     $ 124,501,781  
                                 
BAMV                        
Assets *   Level 1     Level 2     Level 3     Total  
Common Stocks   $ 97,735,186     $ —     $ —     $ 97,735,186  
Total   $ 97,735,186     $ —     $ —     $ 97,735,186  
                                 
BAMB                        
Assets *   Level 1     Level 2     Level 3     Total  
Exchange-Traded Funds   $ 65,407,135     $ —     $ —     $ 65,407,135  
Total   $ 65,407,135     $ —     $ —     $ 65,407,135  
                                 
BAMU                        
Assets *   Level 1     Level 2     Level 3     Total  
Exchange-Traded Funds   $ 76,278,067     $ —     $ —     $ 76,278,067  
Total   $ 76,278,067     $ —     $ —     $ 76,278,067  
                                 
BAMA                        
Assets *   Level 1     Level 2     Level 3     Total  
Exchange-Traded Funds   $ 45,619,420     $ —     $ —     $ 45,619,420  
Total   $ 45,619,420     $ —     $ —     $ 45,619,420  
                                 
BAMO                        
Assets *   Level 1     Level 2     Level 3     Total  
Exchange-Traded Funds   $ 43,026,514     $ —     $ —     $ 43,026,514  
Total   $ 43,026,514     $ —     $ —     $ 43,026,514  
                                 
BAMY                        
Assets *   Level 1     Level 2     Level 3     Total  
Exchange-Traded Funds   $ 41,769,299     $ —     $ —     $ 41,769,299  
Total   $ 41,769,299     $ —     $ —     $ 41,769,299  

 

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

 

* See Schedules of Investments for industry classification.

36

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

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

 

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

 

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

 

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

37

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

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

 

Market and Geopolitical Risk – The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.

 

3. INVESTMENT TRANSACTIONS

 

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

 

Fund   Purchases     Sales  
BAMD   $ 10,275,521     $ 10,300,571  
BAMG     11,949,917       12,048,488  
BAMV     12,295,265       11,610,513  
BAMB     —       —  
BAMU     15,256,521       15,211,823  
BAMA     26,597,057       25,666,856  
BAMO     16,347,496       15,307,604  
BAMY     16,447,637       16,195,100  

 

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

 

Fund   Purchases     Sales  
BAMD   $ 27,309,156     $ 18,573,172  
BAMG     63,452,123       61,514,990  
BAMV     21,677,419       23,039,141  
BAMB     4,437,761       3,126,589  
BAMU     19,563,720       14,810,229  
BAMA     21,016,152       21,495,675  
BAMO     18,347,227       18,118,163  
BAMY     32,485,638       30,731,585  

38

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

 

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

 

Fund   Annual Rate   Advisory Fee  
BAMD   0.65%   $ 320,002  *
BAMG   0.65%     390,921  *
BAMV   0.65%     324,976  *
BAMB   0.65%     201,905  *
BAMU   0.65%     239,322  *
BAMA   0.65%     142,714  
BAMO   0.65%     108,547  
BAMY   0.65%     127,548  

 

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

 

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

39

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

    Fees waived     Fees recouped  
    (reimbursed) by     by the  
Fund   the Adviser     Adviser  
BAMD   $ —     $ —  
BAMG     —       —  
BAMV     —       —  
BAMB     7,367       —  
BAMU     —       —  
BAMA     3,223       —  
BAMO     27,707       —  
BAMY     6,426       —  

 

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

 

Fund   2027     2028  
BAMD   $ —     $ —  
BAMG     —       —  
BAMV     —       —  
BAMB     38,151       —  
BAMU     13,715       —  
BAMA     69,341       16,995  
BAMO     71,130       21,205  
BAMY     72,230       14,217  

 

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

 

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

 

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

 

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

40

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

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

 

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

41

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

Fund   Variable Fees     Fixed Fees  
BAMD   $ —     $ 6,250  
BAMG     —       9,250  
BAMV     —       6,750  
BAMB     —       1,750  
BAMU     —       3,750  
BAMA     —       1,500  
BAMO     —       3,500  
BAMY     —       2,500  

 

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

 

Fee for in-Kind and Cash Maximum Additional Variable
Purchases Charge for Cash Purchases*
$250 2.00%*

 

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

 

6. UNDERLYING FUND RISK

 

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

 

7. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION-TAX BASIS

 

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

 

Portfolio   Cost for
Federal Tax
Purposes		     Unrealized
Appreciation		     Unrealized
Depreciation		     Net Unrealized
Appreciation/
(Depreciation)		  
BAMD   $ 98,288,877     $ 7,913,005     $ (7,025,959 )   $ 887,046  
BAMG     115,177,129       16,487,853       (7,163,201 )     9,324,652  
BAMV     96,913,040       6,910,794       (6,088,648 )     822,146  
BAMB     62,938,205       2,468,930       —       2,468,930  
BAMU     76,207,736       70,331       —       70,331  
BAMA     40,654,325       4,965,095       —       4,965,095  
BAMO     39,920,037       3,106,477       —       3,106,477  
BAMY     41,168,112       601,187       —       601,187  

42

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

8. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

 

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

 

For Fiscal Year Ended   Ordinary     Long-Term     Return of        
5/31/2025   Income     Capital Gains     Capital     Total  
BAMD   $ 3,939,254     $ 17,882     $ —     $ 3,957,136  
BAMG     1,257,065       —       —       1,257,065  
BAMV     3,099,553       9,969       —       3,109,522  
BAMB     1,635,611       —       —       1,635,611  
BAMU     2,433,876       —       —       2,433,876  
BAMA     569,312       —       —       569,312  
BAMO     536,401       —       —       536,401  
BAMY     2,706,613       —       —       2,706,613  
                                 
For Fiscal Period Ended   Ordinary     Long-Term     Return of        
5/31/2024   Income     Capital Gains     Capital     Total  
BAMD   $ 1,526,556     $ —     $ —     $ 1,526,556  
BAMG     72,992       —       —       72,992  
BAMV     491,550       —       —       491,550  
BAMB     857,320       —       —       857,320  
BAMU     1,296,360       —       —       1,296,360  
BAMA     276,252       —       —       276,252  
BAMO     302,253       —       —       302,253  
BAMY     1,601,515       —       —       1,601,515  

 

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

 

    Undistributed     Undistributed     Post October Loss     Capital Loss     Other     Unrealized     Total  
    Ordinary     Long-Term     and     Carry     Book/Tax     Appreciation/     Accumulated  
    Income     Capital Gains     Late Year Loss     Forwards     Differences     (Depreciation)     Earnings/(Deficits)  
BAMD   $ 882,329     $ —     $ —     $ (565,776 )   $ (952,913 )   $ 2,129,618     $ 1,493,258  
BAMG     —       —       (3,098,733 )     —       —       725,980       (2,372,753 )
BAMV     279,567       —       (2,821,922 )     —       (277,200 )     (752,958 )     (3,572,513 )
BAMB     418,634       —       (8,518 )     (3,773 )     (424,468 )     1,089,226       1,071,101  
BAMU     521,533       21,091       —       —       (527,820 )     102,459       117,263  
BAMA     114,023       —       —       —       (112,185 )     6,051,522       6,053,360  
BAMO     107,794       —       —       —       (107,640 )     3,115,118       3,115,272  
BAMY     730,872       244,708       —       —       (738,166 )     1,051,269       1,288,683  

 

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.

43

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

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

 

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

 

    Post October  
Fund   Losses  
BAMD   $ —  
BAMG     3,074,271  
BAMV     2,821,922  
BAMB     8,518  
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  
    Short-Term     Long-Term     Total     Utilized  
BAMD     352,877       212,899       565,776       —  
BAMG     —       —       —       —  
BAMV     —       —       —       —  
BAMB     3,773       —       3,773       —  
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        
    In     Accumulated  
    Capital     Earnings (Deficits)  
BAMD   $ 11,751,050     $ (11,751,050 )
BAMG     22,819,124       (22,819,124 )
BAMV     15,126,090       (15,126,090 )
BAMB     854,314       (854,314 )
BAMU     1,279       (1,279 )
BAMA     405,102       (405,102 )
BAMO     2,550,605       (2,550,605 )
BAMY     (158,721 )     158,721  

44

 

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2025

 

9. SUBSEQUENT EVENTS

 

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

 

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

45

 

Brookstone ETFs
ADDITIONAL INFORMATION
November 30, 2025

 

Changes in and Disagreements with Accountants

 

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

 

Proxy Disclosures – Not applicable

 

Remuneration Paid to Directors, Officers and Others

 

Refer to the financial statements included herein

 

Statement Regarding Basis for Approval of Investment Advisory Agreement

 

Not applicable

46

 

 

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

 

 

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

 

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

 

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

 

Not applicable

 

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

 

Refer to the financial statements included herein

 

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

 

Included under Item 7

 

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

 

Not applicable

 

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

 

Not applicable

 

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

 

Not applicable

 

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

 

None

 

Item 16. Controls and Procedures.

 

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

 

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

 

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

 

Not applicable

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a) Not applicable

 

(b) Not applicable

 

 

Item 19. Exhibits.

 

(a)(1) Not applicable.

 

(a)(2) Not applicable.

 

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

 

(a)(4) Not applicable

 

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

 

 

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 (Signature and Title)  
/s/ Wendy Wang  
Wendy Wang, Principal Executive Officer/President
   
Date  2/6/2026  
     

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

 

By (Signature and Title)  
/s/ Wendy Wang  
Wendy Wang, Principal Executive Officer/President
   
Date  2/6/2026  
     
By (Signature and Title)  
/s/ Sam Singh  
Sam Singh, Principal Financial Officer/Treasurer
   
Date  2/6/2026  

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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