Brookstone Active ETF

(BAMA) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Active ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Active ETF	$105	0.95%

How did the Fund perform during the reporting period?

From June 1, 2025, through May 31, 2026, U.S. equities rose 29.78%, as measured by the S&P 500 Index, reflecting robust corporate execution in a shifting macroeconomic backdrop. Gains were driven by resilient corporate earnings and heavy ongoing investment into artificial intelligence and productivity-enhancing technologies, which began generating tangible revenues. Mega-cap technology and communication services firms continued to lead index performance while overall market breadth remained narrow.

Equities experienced brief but sharp pullbacks in February and March 2026. This volatility was triggered by the outbreak of conflict in the Middle East, which sparked global energy price spikes and renewed supply chain anxieties. However, markets quickly rebounded into May as corporate balance sheets held firm and corporate cost pressures stabilized.

Fixed income markets also posted solid results. U.S taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.13% for the period ended May 31, 2026. The Bloomberg U.S. Aggregate Bond Index advanced 4.74% in the second half of 2025, supported by easing monetary policy characterized by three consecutive interest rate cuts from the Federal Reserve. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed interest-rate-sensitive sectors due to tightening credit spreads and continued demand for yield.

In early 2026, the bond index rose an additional 0.39% despite increased cost pressures and uncertainty due to the Middle East conflict. Although hopes for additional policy easing from the Federal Reserve have turned into expectations of additional rate hikes in the future, high quality income remains attractive as corporate balance sheets remain strong. Overall, fixed income performance reflected the shift from falling cost pressures to heightened energy and supply chain uncertainty.

The Federal Reserve reduced its policy rates at three consecutive meetings as the labor market cooled. This policy backdrop helped maintain strong investor sentiment across asset classes. While easing was expected to continue into 2026, the Federal Reserve has adopted a more hawkish stance in the face of energy and supply chain shocks. The short-term interest rates market is now pricing that the next policy move will be a rate increase, possibly removing a tailwind that has aided strong risk asset performance.

During the same period, the Brookstone Active ETF gained 21.39%, outperforming its benchmark, the Dow Jones Moderate Portfolio Index, which returned 18.08%. The outperformance was primarily due to Brookstone Active ETF’s higher allocation to U.S equities and Fixed Income, whereas the benchmark includes a globally diversified mix of stocks, bonds, and cash, represented by multiple sub-indexes.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

Table Summary
	Brookstone Active ETF - NAV	Dow Jones Moderate Portfolio Index	S&P 500^® Index
09/27/23	$10,000	$10,000	$10,000
11/30/23	$10,488	$10,442	$10,719
02/29/24	$11,263	$11,103	$12,003
05/31/24	$11,549	$11,282	$12,473
08/31/24	$12,186	$11,864	$13,395
11/30/24	$12,742	$12,239	$14,352
02/28/25	$12,641	$12,140	$14,212
05/31/25	$12,594	$12,391	$14,159
08/31/25	$13,399	$13,093	$15,522
11/30/25	$13,992	$13,470	$16,505
02/28/26	$14,359	$14,114	$16,627
05/31/26	$15,288	$14,631	$18,376

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 27, 2023)
Brookstone Active ETF - NAV	21.39%	17.18%
Dow Jones Moderate Portfolio Index	18.08%	15.28%
S&P 500^® Index	29.78%	25.52%
Bloomberg U.S. Aggregate Bond Index	5.13%	5.95%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-888-562-8880.

Fund Statistics

Net Assets$53,069,311
Number of Portfolio Holdings6
Advisory Fee (net of waivers)$291,457
Portfolio Turnover56%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.4%
Fixed Income	31.6%
Equity	68.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR Portfolio S&P 500 Growth ETF	23.4%
State Street SPDR Portfolio S&P 500 ETF	22.8%
SPDR Portfolio Aggregate Bond ETF	18.0%
iShares iBonds Dec 2027 Term Treasury ETF, USD Class	13.6%
iShares Core MSCI Emerging Markets ETF	11.4%
iShares Core MSCI EAFE ETF	10.4%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Brookstone Active ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-active-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMA

Brookstone Dividend Stock ETF

(BAMD) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Dividend Stock ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Dividend Stock ETF	$92	0.87%

How did the Fund perform during the reporting period?

The Federal Reserve reduced its policy rate at three consecutive meetings as the labor market continued to cool. This policy backdrop helped maintain strong investor sentiment across asset classes. While easing was expected to continue into 2026, the Federal Reserve has adopted a more hawkish stance in the face of energy and supply chain shocks. The short-term interest rate market is now pricing that the next policy move will be a rate increase, possibly removing a tailwind that has aided strong risk asset performance.

During the same period, the Brookstone Dividend Stock ETF returned 7.80%, underperforming its benchmark, the Dow Jones U.S. Select Dividend Total Return Index, which gained 23.01%. The Fund’s underperformance was largely driven by security selection, with FMC Corporation, AT&T, Kimberly Clark, and General Mills detracting most significantly from relative returns. This performance highlights that identifying dividend-paying companies with strong fundamentals and favorable risk/reward profiles, do not completely mitigate idiosyncratic risk.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Brookstone Dividend Stock ETF - NAV	S&P 500^® Index	Dow Jones US Select Dividend Index
09/27/23	$10,000	$10,000	$10,000
11/30/23	$10,606	$10,719	$10,437
02/29/24	$10,972	$12,003	$10,988
05/31/24	$12,039	$12,473	$11,838
08/31/24	$13,332	$13,395	$12,862
11/30/24	$14,332	$14,352	$13,925
02/28/25	$13,646	$14,212	$13,564
05/31/25	$13,143	$14,159	$13,001
08/31/25	$13,549	$15,522	$14,202
11/30/25	$13,220	$16,505	$14,521
02/28/26	$14,311	$16,627	$15,997
05/31/26	$14,168	$18,376	$15,992

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 27, 2023)
Brookstone Dividend Stock ETF - NAV	7.80%	13.90%
S&P 500^® Index	29.78%	25.52%
Dow Jones US Select Dividend Index	23.01%	19.17%

Fund Statistics

Net Assets$94,936,897
Number of Portfolio Holdings97
Advisory Fee $634,885
Portfolio Turnover90%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.5%
Real Estate	0.5%
Communications	1.0%
Consumer Discretionary	1.8%
Materials	2.6%
Communication Services	2.9%
Health Care	4.2%
Industrials	9.0%
Energy	12.0%
Utilities	12.2%
Consumer Staples	12.5%
Technology	14.5%
Financials	26.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Paychex, Inc.	5.1%
Blackstone, Inc.	5.0%
JPMorgan Chase & Company	4.8%
Eversource Energy	4.7%
Edison International	4.6%
PepsiCo, Inc.	4.4%
ONEOK, Inc.	4.4%
Procter & Gamble Company (The)	4.0%
Philip Morris International, Inc.	3.3%
Viper Energy, Inc., Class A	3.2%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Brookstone Dividend Stock ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-dividend-stock-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMD

Brookstone Growth Stock ETF

(BAMG) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Growth Stock ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Growth Stock ETF	$101	0.83%

How did the Fund perform during the reporting period?

During the same period, the Brookstone Growth Stock ETF returned 27.73%, underperforming its benchmark, the S&P 500 Growth Total Return Index, which rose 36.07%. The performance lag was primarily driven by asset allocation decisions - most notably an underweighting to the Information Technology and Communication Services sectors. While security selection remained disciplined, sector-level exposures were the dominant contributors to the relative underperformance.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Brookstone Growth Stock ETF - NAV	S&P 500^® Growth Index	Dow Jones Industrial Average^®
09/26/23	$10,000	$10,000	$10,000
11/30/23	$10,661	$10,673	$10,742
02/29/24	$11,915	$12,221	$11,705
05/31/24	$11,903	$12,785	$11,668
08/31/24	$13,027	$13,795	$12,596
11/30/24	$14,202	$14,935	$13,663
02/28/25	$13,950	$15,017	$13,392
05/31/25	$13,990	$15,420	$12,971
08/31/25	$14,890	$17,099	$14,037
11/30/25	$16,224	$18,435	$14,760
02/28/26	$15,770	$17,866	$15,211
05/31/26	$17,870	$20,982	$15,917

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 26, 2023)
Brookstone Growth Stock ETF - NAV	27.73%	24.19%
S&P 500^® Growth Index	36.07%	31.86%
Dow Jones Industrial Average^®	22.71%	18.94%
Dow Jones Industrial Average^®	22.71%	18.94%

Fund Statistics

Net Assets$139,307,397
Number of Portfolio Holdings100
Advisory Fee $802,012
Portfolio Turnover64%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Energy	0.5%
Materials	0.7%
Utilities	1.7%
Financials	4.2%
Consumer Discretionary	5.8%
Consumer Staples	7.5%
Industrials	10.0%
Communications	11.6%
Health Care	11.7%
Technology	45.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Broadcom, Inc.	4.9%
Micron Technology, Inc.	4.8%
Alphabet, Inc., Class A	4.6%
Amazon.com, Inc.	4.5%
Apple, Inc.	4.3%
Eli Lilly & Company	4.2%
NVIDIA Corporation	4.1%
Meta Platforms, Inc., Class A	3.7%
Advanced Micro Devices, Inc.	3.1%
Visa, Inc., Class A	2.7%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Brookstone Growth Stock ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-growth-stock-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMG

Brookstone Intermediate Bond ETF

(BAMB) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Intermediate Bond ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Intermediate Bond ETF	$96	0.95%

How did the Fund perform during the reporting period?

U.S taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.13% for the period ended May 31, 2026. The performance reflected strong gains in the second half of 2025 and relatively flat gains in early 2026, despite increased geopolitical uncertainty.

From June through December 2025, the Bloomberg U.S. Aggregate Bond Index rose 4.74%, supported by easing monetary policy characterized by three consecutive interest rate cuts from the Federal Reserve. Signs of a cooling labor market and stable inflation created a constructive environment for fixed income. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed interest-rate-sensitive sectors due to tightening credit spreads and continued demand for yield.

In the first five months of 2026, the Bloomberg U.S. Aggregate Bond Index rose an additional 0.39%. Although the environment remained positive in the first two months of the year, the war in Iran and the ensuing energy shock caused by the closure of the Strait of Hormuz increased headline inflation and reduced the expectation for continued easing from the Federal Reserve.

Despite a volatile backdrop shaped by increasing geopolitical uncertainty and evolving interest rate policy expectations, the bond market posted solid results for the period. The Bloomberg U.S. Aggregate Bond Index reflected a shift between easing price pressures seen in the second half of 2025 and increased policy uncertainty resulting from geopolitical tensions in the first half of 2026.

For the same 12-month period, the Brookstone Intermediate Bond ETF returned 2.69%, underperforming the Bloomberg U.S. Aggregate Bond Index. The underperformance was due to an overweight allocation to U.S. government bonds, and an underweight allocation to securitized and investment grade credit.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Brookstone Intermediate Bond ETF - NAV	Bloomberg U.S. Aggregate Bond Index
09/26/23	$10,000	$10,000
11/30/23	$10,145	$10,270
02/29/24	$10,266	$10,484
05/31/24	$10,350	$10,488
08/31/24	$10,790	$10,991
11/30/24	$10,720	$10,976
02/28/25	$10,841	$11,093
05/31/25	$10,890	$11,061
08/31/25	$11,130	$11,335
11/30/25	$11,307	$11,602
02/28/26	$11,435	$11,787
05/31/26	$11,183	$11,629

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 26, 2023)
Brookstone Intermediate Bond ETF - NAV	2.69%	4.26%
Bloomberg U.S. Aggregate Bond Index	5.13%	5.79%

Fund Statistics

Net Assets$60,523,809
Number of Portfolio Holdings6
Advisory Fee (net of waivers)$412,842
Portfolio Turnover0%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.6%
Fixed Income	99.4%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Brookstone Intermediate Bond ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-intermediate-bond-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMB

Brookstone Opportunities ETF

(BAMO) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Opportunities ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Opportunities ETF	$102	0.95%

How did the Fund perform during the reporting period?

From June 1, 2025, through May 31, 2026, U.S. equities rose 29.78%, as measured by the S&P 500 Index, reflecting strong corporate execution in a shifting macroeconomic backdrop. Gains were driven by resilient corporate earnings and heavy ongoing investment into artificial intelligence and productivity-enhancing technologies, which began generating tangible revenues. Mega-cap technology and communication services firms continued to lead index performance while overall market breadth remained narrow. Equities experienced brief but sharp pullbacks in February and March 2026. This volatility was triggered by the outbreak of conflict in the Middle East, which sparked global energy price spikes and renewed supply chain anxieties. However, markets quickly rebounded into May as corporate balance sheets held firm and corporate cost pressures stabilized.

Fixed income markets also posted solid results. U.S taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.13% for the period ended May 31, 2026. The index advanced 4.74% in the second half of 2025, supported by easing monetary policy characterized by three consecutive interest rate cuts from the Federal Reserve. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed interest-rate-sensitive sectors due to tightening credit spreads and continued demand for yield.

The Federal Reserve reduced its policy rate at three consecutive meetings as the labor market cooled. This policy backdrop helped maintain strong investor sentiment across asset classes. While easing was expected to continue into 2026, the Federal Reserve has adopted a more hawkish stance in the face of energy and supply chain shocks. The short-term interest rates market is now pricing that the next policy move will be a rate increase, possibly removing a tailwind that has aided strong risk asset performance.

During the same period, the Brookstone Opportunities ETF gained 14.88%, underperforming its benchmark, the Dow Jones Moderate Portfolio Index, which returned 18.08%. The underperformance was due to a heavy allocation to cash equivalents which reduced the effective duration of the fixed income portfolio compared to benchmark. Underweight equity exposure in the beginning of the period and a lack of exposure to international equities, specifically emerging market equities, also contributed to underperformance compared to the globally diversified holdings of the benchmark.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Brookstone Opportunities ETF - NAV	Dow Jones Moderate Portfolio Index	S&P 500^® Index
09/27/23	$10,000	$10,000	$10,000
11/30/23	$10,496	$10,442	$10,719
02/29/24	$11,238	$11,103	$12,003
05/31/24	$11,431	$11,282	$12,473
08/31/24	$11,951	$11,864	$13,395
11/30/24	$12,563	$12,239	$14,352
02/28/25	$12,490	$12,140	$14,212
05/31/25	$12,475	$12,391	$14,159
08/31/25	$13,020	$13,093	$15,522
11/30/25	$13,469	$13,470	$16,505
02/28/26	$13,608	$14,114	$16,627
05/31/26	$14,331	$14,631	$18,376

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 27, 2023)
Brookstone Opportunities ETF - NAV	14.88%	14.39%
Dow Jones Moderate Portfolio Index	18.08%	15.28%
S&P 500^® Index	29.78%	25.52%

Fund Statistics

Net Assets$48,930,832
Number of Portfolio Holdings5
Advisory Fee (net of waivers)$251,124
Portfolio Turnover35%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Fixed Income	36.9%
Equity	63.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Core S&P 500 ETF	21.2%
Vanguard S&P 500 ETF	21.2%
State Street SPDR Dow Jones Industrial Average ETF	20.7%
iShares 0-3 Month Treasury Bond ETF	18.5%
State Street SPDR Bloomberg 1-3 Month T-Bill ETF	18.4%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Brookstone Opportunities ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-opportunities-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMO

Brookstone Ultra-Short Bond ETF

(BAMU) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Ultra-Short Bond ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Ultra-Short Bond ETF	$96	0.90%

How did the Fund perform during the reporting period?

From June through December 2025, the index rose 4.74%, supported by easing monetary policy characterized by three consecutive interest rate cuts from the Federal Reserve. Signs of a cooling labor market and stable inflation created a constructive environment for fixed income. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed interest-rate-sensitive sectors due to tightening credit spreads and continued demand for yield.

Over the same period, the Brookstone Ultra-Short Bond ETF returned 2.97%, trailing its benchmark, the Bloomberg U.S. Treasury Bills: 1–3 Months Index, which gained 4.01%. This underperformance was primarily due to Fund’s slightly longer effective duration of approximately 4 months, compared to 1.2 months for the benchmark—leaving it modestly more exposed to shifts at the very front end of the interest rate curve as interest rate policy uncertainty increased in the first half of 2026.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Brookstone Ultra-Short Bond ETF - NAV	Bloomberg U.S. Treasury Bills: 1-3 Months	Bloomberg U.S. Aggregate Bond Index
09/26/23	$10,000	$10,000	$10,000
11/30/23	$10,092	$10,097	$10,270
02/29/24	$10,196	$10,231	$10,484
05/31/24	$10,301	$10,373	$10,488
08/31/24	$10,419	$10,513	$10,991
11/30/24	$10,516	$10,641	$10,976
02/28/25	$10,607	$10,758	$11,093
05/31/25	$10,685	$10,873	$11,061
08/31/25	$10,778	$10,993	$11,335
11/30/25	$10,860	$11,103	$11,602
02/28/26	$10,934	$11,206	$11,787
05/31/26	$11,002	$11,309	$11,629

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 26, 2023)
Brookstone Ultra-Short Bond ETF - NAV	2.97%	3.63%
Bloomberg U.S. Treasury Bills: 1-3 Months	4.01%	4.70%
Bloomberg U.S. Aggregate Bond Index	5.13%	5.79%
Bloomberg U.S. Treasury Bills: 1-3 Months	4.01%	4.70%

Fund Statistics

Net Assets$69,003,152
Number of Portfolio Holdings5
Advisory Fee $470,340
Portfolio Turnover21%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.5%
Fixed Income	99.5%

Top 10 Holdings (% of net assets)

Table Summary
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%
State Street 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 year ended May 31, 2026.

Brookstone Ultra-Short Bond ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-ultra-short-bond-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMU

Brookstone Value Stock ETF

(BAMV) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Value Stock ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Value Stock ETF	$98	0.86%

How did the Fund perform during the reporting period?

During the same period, the Brookstone Value Stock ETF gained 16.47%, underperforming its benchmark, the S&P 500 Value Total Return Index, which rose 22.70%. The underperformance was driven by both security selection and asset allocation effects. At the security level, key detractors included Fidelity National Information Services, Workday, Adobe, Equifax, and Paypal. From an asset allocation standpoint, overweight exposures to the Financials and Health Care sectors detracted from relative performance.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Brookstone Value Stock ETF - NAV	S&P 500^® Value Index	Dow Jones Industrial Average^®
09/26/23	$10,000	$10,000	$10,000
11/30/23	$10,755	$10,782	$10,742
02/29/24	$11,647	$11,760	$11,705
05/31/24	$11,943	$12,117	$11,668
08/31/24	$12,602	$12,982	$12,596
11/30/24	$13,420	$13,709	$13,663
02/28/25	$13,214	$13,202	$13,392
05/31/25	$12,885	$12,727	$12,971
08/31/25	$13,588	$13,771	$14,037
11/30/25	$13,559	$14,411	$14,760
02/28/26	$14,248	$15,160	$15,211
05/31/26	$15,007	$15,616	$15,917

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 26, 2023)
Brookstone Value Stock ETF - NAV	16.47%	16.36%
S&P 500^® Value Index	22.70%	18.10%
Dow Jones Industrial Average^®	22.71%	18.94%

Fund Statistics

Net Assets$102,431,043
Number of Portfolio Holdings98
Advisory Fee $645,621
Portfolio Turnover94%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Utilities	0.3%
Consumer Staples	0.7%
Consumer Discretionary	1.2%
Real Estate	2.7%
Materials	4.7%
Energy	5.7%
Industrials	9.4%
Health Care	9.5%
Communications	11.4%
Technology	24.1%
Financials	26.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Microsoft Corporation	8.3%
Cisco Systems, Inc.	5.5%
Bank of America Corporation	4.6%
JPMorgan Chase & Company	4.4%
QUALCOMM, Inc.	3.5%
American Express Company	2.7%
Citigroup, Inc.	2.6%
Verizon Communications, Inc.	2.4%
Walt Disney Company (The)	2.4%
Gilead Sciences, Inc.	2.2%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Brookstone Value Stock ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-value-stock-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMV

Brookstone Yield ETF

(BAMY) Cboe BZX Exchange, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Brookstone Yield ETF for the period of June 1, 2025 to May 31, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brookstone Yield ETF	$100	0.95%

How did the Fund perform during the reporting period?

Fixed income markets also posted solid results. U.S taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 5.13% for the period ended May 31, 2026. The index advanced 4.74% in the second half of 2025, supported by easing monetary policy characterized by three consecutive interest rate cuts from the Federal Reserve. Credit-sensitive sectors, including corporate bonds and securitized assets, outperformed interest-rate-sensitive sectors due to tightening credit spreads and continued demand for yield.

During the same period, the Brookstone Yield ETF returned 11.56%, outperforming its benchmark, the Bloomberg U.S. Corporate High Yield Index, which gained 7.57%. The Fund’s results were enhanced by elevated equity volatility during the second half of 2025, which supported premiums from its buy-write strategies, while the benchmark gained no benefit from spikes in equity volatility.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Brookstone Yield ETF - NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/27/23	$10,000	$10,000	$10,000
11/30/23	$10,357	$10,310	$10,353
02/29/24	$10,935	$10,524	$10,770
05/31/24	$11,045	$10,529	$10,913
08/31/24	$11,304	$11,033	$11,414
11/30/24	$11,775	$11,019	$11,669
02/28/25	$11,865	$11,135	$11,857
05/31/25	$12,024	$11,103	$11,930
08/31/25	$12,576	$11,379	$12,357
11/30/25	$13,113	$11,647	$12,550
02/28/26	$13,310	$11,833	$12,708
05/31/26	$13,413	$11,673	$12,833

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 27, 2023)
Brookstone Yield ETF - NAV	11.56%	11.60%
Bloomberg U.S. Aggregate Bond Index	5.13%	5.95%
Bloomberg U.S. Corporate High Yield Index	7.57%	9.77%
Bloomberg U.S. Aggregate Bond Index	5.13%	5.95%

Fund Statistics

Net Assets$45,579,910
Number of Portfolio Holdings5
Advisory Fee (net of waivers)$248,638
Portfolio Turnover138%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	100.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Fixed Income	100.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Schwab High Yield Bond ETF, USD Class	20.2%
iShares Broad USD High Yield Corporate Bond ETF	20.2%
State Street SPDR Portfolio High Yield Bond ETF	20.2%
iShares High Yield Systematic Bond ETF	20.2%
iShares 0-5 Year High Yield Corporate Bond ETF	19.2%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Brookstone Yield ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website https://www.brookstoneam.com/brookstone-yield-etf, including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 053126-BAMY

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

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

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

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

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

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