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 Report

November 30, 2023

1-888-562-8880

www.brookstoneam.com

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the Brookstone ETFs. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Distributed by Northern Lights Distributors, LLC.

Member FINRA

Brookstone Dividend Stock ETF

PORTFOLIO REVIEW (Unaudited)

November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Dividend Stock ETF - NAV	6.06%
Brookstone Dividend Stock ETF - Market Price	6.14%
Dow Jones US Select Dividend Index**	4.37%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Returns are calculated using the traded net asset value or “NAV” on November 30, 2023. Performance data current to the most recent month end may be obtained by visiting www.Brookstoneam.com or by calling 1-888-562-8880.

The Fund’s per share NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing investment company shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s estimated total annual operating expenses before fee waiver and/or reimbursement are 1.32% per the most recent prospectus.

The Fund’s adviser has agreed to reduce its fees and/or absorb expenses of the Fund, until at September 30, 2024, to ensure that total fund 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 the Fund’s net assets.

Dow Jones US Select Dividend Index is a benchmark aimed to measure the performance of high dividend-paying U.S. stocks, excluding REITs, meeting specific criteria for dividends, earnings, size and liquidity. It uses a yield-driven weighting method. Rebalancing occurs annually in March. Investors cannot invest directly in an index.

***	As of the close of business on the day of commencement of trading on September 27, 2023.

The Fund’s top asset classes are as follows:

Sector/Industries	% of Net Assets
Electric Utilities		19.4	%
Banking		10.5	%
REIT		7.3	%
Chemicals		6.8	%
Telecommunications		6.8	%
Insurance		6.7	%
Oil & Gas Producers		6.6	%
Biotech & Pharma		6.2	%
Food		6.0	%
Containers & Packaging		3.4	%
Other Assets in Excess of Liabilities		20.3	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

Brookstone Growth Stock ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Growth Stock ETF - NAV	6.61%
Brookstone Growth Stock ETF - Market Price	6.65%
S&P Growth Total Return Index**	6.76%

The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least September 30, 2024, 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 the Fund’s net assets.

S&P Growth Total Return Index is a stock index administered by Standard & Poor’s-Dow Jones Indices. The purpose of the index is to serve as a proxy for growth companies included in the S&P 500. The index identifies growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. Investors cannot invest directly in an index.

***	As of the close of business on the day of commencement of trading on September 26, 2023.

The Fund’s top sector and industries are as follows:

Sector/Industries	% of Net Assets
Software		21.8	%
Semiconductors		10.2	%
Biotech & Pharma		8.7	%
Internet Media & Services		7.1	%
Oil & Gas Producers		5.5	%
E-Commerce Discretionary		3.5	%
Home Construction		3.5	%
Special Finance		3.5	%
Aerospace & Defense		3.4	%
Technology Hardware		3.4	%
Other Assets in Excess of Liabilities		29.4	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

Brookstone Value Stock ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Value Stock ETF - NAV	7.55%
Brookstone Value Stock ETF - Market Price	7.59%
S&P Value Total Return Index**	7.82%

S&P Value Total Return Index is a stock index administered by Standard & Poor’s-Dow Jones Indices. The purpose of the index is it measures the performance of the large-cap value sector in the US equity market drawn from the S&P 500 Index (^SPX). It is a float-adjusted market cap index, which uses the ratios of book value, earnings, and sales to price to measure value. Investors cannot invest directly in an index.

***	As of the close of business on the day of commencement of trading on September 26, 2023.

The Fund’s top sector and industries are as follows:

Sector/Industries	% of Net Assets
Banking		10.3	%
Software		7.2	%
Technology Services		6.9	%
Diversified Industrials		6.7	%
Electric Utilities		6.2	%
Aerospace & Defense		3.7	%
Semiconductors		3.6	%
Apparel & Textile Products		3.4	%
Electrical Equipment Entertainment		3.4	%
Content		3.5	%
Other Assets in Excess of Liabilities		45.1	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

Brookstone Intermediate Bond ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Intermediate Bond ETF - NAV	1.45%
Brookstone Intermediate Bond ETF - Market Price	1.45%
Bloomberg U.S. Aggregate Bond Index**	2.70%

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Investors cannot invest directly in an index.

***	As of the close of business on the day of commencement of trading on September 26, 2023.

The Fund’s top asset classes are as follows:

Asset Class	% of Net Assets
Exchange Traded Funds
Fixed Income		98.3	%
Other Assets in Excess of Liabilities		1.7	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

Brookstone Ultra-Short Bond ETF
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Ultra-Short Bond ETF - NAV	0.92%
Brookstone Ultra-Short Bond ETF - Market Price	0.92%
Bloomberg 1-3 Month U.S. Treasury Bill Index **	0.97%

The Fund’s per share NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing investment company shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total estimated annual operating expenses before fee waiver and/or reimbursement are 1.52% per the most recent prospectus.

The Bloomberg 1-3 Month U.S. Treasury Bill Index is a broad-based flagship benchmark that is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. Investors cannot invest directly in an index.

***	As of the close of business on the day of commencement of trading on September 26, 2023.

The Fund’s top asset classes are as follows:

Asset Class	% of Net Assets
Exchange Traded Funds
Fixed Income		98.3	%
Other Assets in Excess of Liabilities		1.7	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

Brookstone Active ETF

PORTFOLIO REVIEW (Unaudited)

November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Active ETF - NAV	4.88%
Brookstone Active ETF - Market Price	4.88%
Dow Jones Moderate Portfolio Index **	4.42%

The Fund’s per share NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing investment company shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total estimated annual operating expenses before fee waiver and/or reimbursement are 1.52% per the most recent prospectus.

The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate U.S. Portfolio Index risk level is set to 60% of the Dow Jones U.S. Stock CMAC Index’s downside risk (past 36 months). Investors cannot invest directly in an index.

***	As of the close of business on the day of commencement of trading on September 27, 2023.

The Fund’s top asset classes are as follows:

Asset Class	% of Net Assets
Exchange Traded Funds
Equity		60.0	%
Fixed Income		38.0	%
Other Assets in Excess of Liabilities		2.0	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

Brookstone Opportunities ETF

PORTFOLIO REVIEW (Unaudited)

November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Opportunities ETF - NAV	4.96%
Brookstone Opportunities ETF - Market Price	5.00%
Dow Jones Moderate Portfolio Index **	4.42%

***	As of the close of business on the day of commencement of trading on September 27, 2023.

The Fund’s top asset classes are as follows:

Asset Class	% of Net Assets
Exchange Traded Funds
Equity		60.2	%
Fixed Income		37.8	%
Other Assets in Excess of Liabilities		2.0	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

Brookstone Yield ETF

PORTFOLIO REVIEW (Unaudited)

November 30, 2023

Average Annual Total Return through November 30, 2023*, as compared to its benchmark:

	Since
	Inception***
Brookstone Yield ETF - NAV	3.57%
Brookstone Yield ETF - Market Price	3.53%
Bloomberg U.S. Corporate High Yield Index**	3.61%

The Bloomberg U.S. Corporate High Yield Index is an unmanaged, U.S. dollar– denominated, nonconvertible, non-investment-grade debt index. The index consists of domestic and corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. Investors cannot invest directly in an index.

***	As of the close of business on the day of commencement of trading on September 27, 2023.

The Fund’s top asset classes are as follows:

Asset Class	% of Net Assets
Exchange Traded Funds
Equity		78.0	%
Fixed Income		18.3	%
Other Assets in Excess of Liabilities		3.7	%
Total		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

BROOKSTONE DIVIDEND STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.1%
		ASSET MANAGEMENT - 3.3%
	18,663	T Rowe Price Group, Inc.	$	1,868,726

		AUTOMOTIVE - 3.1%
	167,959	Ford Motor Company		1,723,259

		BANKING - 10.5%
	172,428	Huntington Bancshares, Inc.		1,941,539
	59,927	Truist Financial Corporation		1,926,054
	51,623	US Bancorp		1,967,869
				5,835,462
		BIOTECH & PHARMA - 6.2%
	22,510	Gilead Sciences, Inc.		1,724,266
	57,270	Pfizer, Inc.		1,745,017
				3,469,283
		CHEMICALS - 6.8%
	35,614	Dow, Inc.		1,843,025
	23,188	Eastman Chemical Company		1,943,849
				3,786,874
		CONTAINERS & PACKAGING - 3.4%
	52,057	International Paper Company		1,922,986

		DIVERSIFIED INDUSTRIALS - 3.4%
	19,273	3M Company		1,909,376

		ELECTRIC UTILITIES - 19.4%
	22,392	American Electric Power Company, Inc.		1,781,284
	41,097	Dominion Energy, Inc.		1,863,338
	19,498	Duke Energy Corporation		1,799,275
	27,190	Edison International		1,821,458
	17,981	Entergy Corporation		1,823,453
	21,014	WEC Energy Group, Inc.		1,757,191
				10,845,999
		FOOD - 6.0%
	63,666	Conagra Brands, Inc.		1,801,112

See accompanying notes to financial statements.

BROOKSTONE DIVIDEND STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		FOOD - 6.0% (Continued)
	29,693	Kellogg Company	$	1,560,070
				3,361,182
		GAS & WATER UTILITIES - 3.1%
	68,061	NiSource, Inc.		1,745,084

		HOUSEHOLD PRODUCTS - 3.2%
	14,454	Kimberly-Clark Corporation		1,788,393

		INFRASTRUCTURE REIT - 3.8%
	18,314	Crown Castle, Inc.		2,147,866

		INSURANCE - 6.7%
	63,410	Old Republic International Corporation		1,858,547
	18,984	Prudential Financial, Inc.		1,856,256
				3,714,803
		OIL & GAS PRODUCERS - 6.6%
	104,930	Kinder Morgan, Inc.		1,843,620
	26,576	ONEOK, Inc.		1,829,758
				3,673,378
		RETAIL REIT - 3.5%
	35,806	Realty Income Corporation		1,932,092

		TELECOMMUNICATIONS - 6.8%
	112,919	AT&T, Inc.		1,871,068
	49,935	Verizon Communications, Inc.		1,914,008
				3,785,076

See accompanying notes to financial statements.

BROOKSTONE DIVIDEND STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		TOBACCO & CANNABIS - 3.3%
	43,357	Altria Group, Inc.	$	1,822,728

		TOTAL COMMON STOCKS (Cost $52,361,048)	$	55,332,567

		TOTAL INVESTMENTS - 99.1% (Cost $52,361,048)	$	55,332,567
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%		481,909
		NET ASSETS - 100.0%	$	55,814,476

See accompanying notes to financial statements.

BROOKSTONE GROWTH STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0%
		AEROSPACE & DEFENSE - 3.4%
	4,140	Lockheed Martin Corporation, B	$	1,853,768

		AUTOMOTIVE - 3.0%
	6,831	Tesla, Inc.^(a)		1,639,986

		BEVERAGES - 3.0%
	9,729	PepsiCo, Inc.		1,637,293

		BIOTECH & PHARMA - 8.7%
	6,417	Amgen, Inc.		1,730,279
	28,980	Bristol-Myers Squibb Company		1,431,033
	15,939	Merck & Co., Inc.		1,633,429
				4,794,741
		CHEMICALS - 2.2%
	10,143	Albemarle Corporation		1,230,042

		E-COMMERCE DISCRETIONARY - 3.5%
	13,248	Amazon.com, Inc.^(a)		1,935,400

		HEALTH CARE FACILITIES & SERVICES - 3.3%
	3,312	UnitedHealth Group, Inc.		1,831,437

		HOME CONSTRUCTION - 3.5%
	32,292	Masco Corporation		1,955,282

		HOUSEHOLD PRODUCTS - 3.0%
	82,593	Kenvue, Inc.		1,688,201

		INTERNET MEDIA & SERVICES - 7.1%
	13,041	Alphabet, Inc., A^(a)		1,728,324
	38,709	Uber Technologies, Inc.^(a)		2,182,413
				3,910,737

See accompanying notes to financial statements.

BROOKSTONE GROWTH STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		LEISURE FACILITIES & SERVICES - 3.2%
	6,210	McDonald’s Corporation	$	1,750,226

		MEDICAL EQUIPMENT & DEVICES - 3.0%
	3,312	Thermo Fisher Scientific, Inc.		1,641,957

		OIL & GAS PRODUCERS - 5.5%
	10,350	Chevron Corporation		1,486,260
	14,904	Exxon Mobil Corporation		1,531,237
				3,017,497
		SEMICONDUCTORS - 10.2%
	4,140	NVIDIA Corporation		1,936,278
	15,732	QUALCOMM, Inc.		2,030,215
	17,802	Teradyne, Inc.		1,641,878
				5,608,371
		SOFTWARE - 21.8%
	8,280	Autodesk, Inc.^(a)		1,808,600
	5,382	Microsoft Corporation		2,039,294
	7,452	Palo Alto Networks, Inc.^(a)		2,199,010
	3,105	ServiceNow, Inc.^(a)		2,129,223
	11,385	Snowflake, Inc.^(a)		2,136,737
	4,347	Tyler Technologies, Inc.^(a)		1,777,227
				12,090,091
		SPECIALTY FINANCE - 3.5%
	11,178	American Express Company		1,908,867

		TECHNOLOGY HARDWARE - 3.4%
	9,729	Apple, Inc.		1,848,024

		TECHNOLOGY SERVICES - 3.4%
	7,245	Visa, Inc., Class A		1,859,647

See accompanying notes to financial statements.

BROOKSTONE GROWTH STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 98.0% (Continued)
		TELECOMMUNICATIONS - 3.3%
	12,213	T-Mobile US, Inc.	$	1,837,446

		TOTAL COMMON STOCKS (Cost $51,513,039)	$	54,039,013

		TOTAL INVESTMENTS - 98.0% (Cost $51,513,039)	$	54,039,013
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%		1,106,741
		NET ASSETS - 100.0%	$	55,145,754

^(a)	Non-income producing security.

See accompanying notes to financial statements.

BROOKSTONE VALUE STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5%
		AEROSPACE & DEFENSE - 3.7%
	9,233	Boeing Company (The)^(a)	$	2,138,640

		APPAREL & TEXTILE PRODUCTS - 3.5%
	18,035	NIKE, Inc., Class B		1,988,719

		BANKING - 10.3%
	65,530	Bank of America Corporation		1,998,010
	12,981	JPMorgan Chase & Company		2,026,074
	44,409	Wells Fargo & Company		1,980,197
				6,004,281
		BEVERAGES - 3.1%
	31,673	Coca-Cola Company (The)		1,850,970

		BIOTECH & PHARMA - 3.2%
	12,052	Johnson & Johnson		1,863,962

		CABLE & SATELLITE - 3.0%
	42,126	Comcast Corporation, Class A		1,764,658

		DIVERSIFIED INDUSTRIALS - 6.7%
	16,463	General Electric Company		2,005,193
	9,602	Honeywell International, Inc.		1,881,224
				3,886,417
		E-COMMERCE DISCRETIONARY - 3.3%
	13,251	Amazon.com, Inc.^(a)		1,935,839

		ELECTRIC UTILITIES - 6.2%
	30,498	NextEra Energy, Inc.		1,784,438
	21,776	WEC Energy Group, Inc.		1,820,909
				3,605,347
		ELECTRICAL EQUIPMENT - 3.4%
	23,119	Otis Worldwide Corporation		1,983,379

See accompanying notes to financial statements.

BROOKSTONE VALUE STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		ENTERTAINMENT CONTENT - 3.5%
	21,565	Walt Disney Company (The)^(a)	$	1,998,860

		HEALTH CARE FACILITIES & SERVICES - 3.0%
	26,041	CVS Health Corporation		1,769,486

		HEALTH CARE REIT - 3.2%
	21,066	Welltower, Inc.		1,876,981

		INSTITUTIONAL FINANCIAL SERVICES - 3.4%
	5,763	Goldman Sachs Group, Inc. (The)		1,968,295

		INSURANCE - 3.2%
	5,125	Berkshire Hathaway, Inc., Class B^(a)		1,845,000

		INTERNET MEDIA & SERVICES - 3.2%
	5,730	Meta Platforms, Inc., Class A^(a)		1,874,570

		LEISURE FACILITIES & SERVICES - 3.1%
	18,333	Starbucks Corporation		1,820,467

		MEDICAL EQUIPMENT & DEVICES - 3.4%
	16,629	Zimmer Biomet Holdings, Inc.		1,934,119

		METALS & MINING - 3.4%
	48,741	Newmont Corporation		1,958,901

		RETAIL - CONSUMER STAPLES - 3.1%
	40,077	Kroger Company (The)		1,774,209

		SEMICONDUCTORS - 3.6%
	17,014	Advanced Micro Devices, Inc.^(a)		2,061,416

		SOFTWARE - 7.2%
	5,251	Microsoft Corporation		1,989,656

See accompanying notes to financial statements.

BROOKSTONE VALUE STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		SOFTWARE - 7.2% (Continued)
	8,695	Salesforce, Inc.^(a)	$	2,190,271
				4,179,927
		TECHNOLOGY HARDWARE - 2.9%
	34,206	Cisco Systems, Inc.		1,654,886

		TECHNOLOGY SERVICES - 6.9%
	27,588	Cognizant Technology Solutions Corporation, Class A		1,941,643
	35,064	Fidelity National Information Services, Inc.		2,056,153
				3,997,796

		TOTAL COMMON STOCKS (Cost $54,666,994)		57,737,125

		TOTAL INVESTMENTS - 99.5% (Cost $54,666,994)	$	57,737,125
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%		278,984
		NET ASSETS - 100.0%	$	58,016,109

^(a)	Non-income producing security.

See accompanying notes to financial statements.

BROOKSTONE INTERMEDIATE BOND ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.3%
		FIXED INCOME - 98.3%
	91,512	iShares 0-3 Month Treasury Bond ETF	$	9,218,004
	99,510	iShares 7-10 Year Treasury Bond ETF		9,295,229
	399,528	iShares iBonds Dec 2025 Term Treasury ETF		9,277,040
	184,512	iShares Trust iShares 1-5 Year Investment Grade		9,347,378
	100,440	SPDR Bloomberg 1-3 Month T-Bill ETF		9,224,410
				46,362,061

		TOTAL EXCHANGE-TRADED FUNDS (Cost $45,903,443)		46,362,061

		TOTAL INVESTMENTS - 98.3% (Cost $45,903,443)	$	46,362,061
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.7%		788,417
		NET ASSETS - 100.0%	$	47,150,478

See accompanying notes to financial statements.

BROOKSTONE ULTRA-SHORT BOND ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.3%
		FIXED INCOME - 98.3%
	106,620	Invesco Treasury Collateral ETF	$	11,267,601
	111,572	iShares 0-3 Month Treasury Bond ETF		11,238,648
	470,348	iShares iBonds Dec 2024 Term Treasury ETF		11,246,021
	122,440	SPDR Bloomberg 1-3 Month T-Bill ETF		11,244,890
	112,868	SPDR Bloomberg 3-12 Month T-Bill ETF		11,233,752
				56,230,912

		TOTAL EXCHANGE-TRADED FUNDS (Cost $56,098,350)		56,230,912

		TOTAL INVESTMENTS - 98.3% (Cost $56,098,350)	$	56,230,912
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.7%		963,456
		NET ASSETS - 100.0%	$	57,194,368

See accompanying notes to financial statements.

BROOKSTONE ACTIVE ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 60.0%
	109,312	SPDR Portfolio S&P 500 ETF	$	5,867,868
	92,960	SPDR Portfolio S&P 500 Growth ETF		5,846,254
	132,608	SPDR Portfolio S&P 500 Value ETF		5,887,796
				17,601,918
		FIXED INCOME - 38.0%
	55,104	iShares 0-3 Month Treasury Bond ETF		5,550,626
	225,568	SPDR Portfolio Aggregate Bond ETF		5,621,154
				11,171,780

		TOTAL EXCHANGE-TRADED FUNDS (Cost $27,867,855)		28,773,698

		TOTAL INVESTMENTS - 98.0% (Cost $27,867,855)	$	28,773,698
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%		593,402
		NET ASSETS - 100.0%	$	29,367,100

See accompanying notes to financial statements.

BROOKSTONE OPPORTUNITIES ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 60.2%
	35,175	Invesco Nasdaq 100 ETF	$	5,626,241
	15,225	SPDR Dow Jones Industrial Average ETF Trust		5,481,000
	13,020	Vanguard S&P 500 ETF		5,460,588
				16,567,829
		FIXED INCOME - 37.8%
	51,660	iShares 0-3 Month Treasury Bond ETF		5,203,712
	56,700	SPDR Bloomberg 1-3 Month T-Bill ETF		5,207,328
				10,411,040

		TOTAL EXCHANGE-TRADED FUNDS (Cost $26,145,643)		26,978,869

		TOTAL INVESTMENTS - 98.0% (Cost $26,145,643)	$	26,978,869
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%		562,805
		NET ASSETS - 100.0%	$	27,541,674

See accompanying notes to financial statements.

BROOKSTONE YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 96.3%
		EQUITY - 78.0%
	321,768	Global X Nasdaq 100 Covered Call ETF	$	5,486,144
	137,776	Global X S&P 500 Covered Call ETF		5,369,131
	99,408	JPMorgan Equity Premium Income ETF		5,438,612
	114,777	JPMorgan Nasdaq Equity Premium Income ETF		5,656,210
				21,950,097
		FIXED INCOME - 18.3%
	181,376	iShares 20+ Year Treasury Bond BuyWrite Strategy		5,138,382

		TOTAL EXCHANGE-TRADED FUNDS (Cost $26,626,072)		27,088,479

		TOTAL INVESTMENTS - 96.3% (Cost $26,626,072)	$	27,088,479
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.7%		1,034,799
		NET ASSETS - 100.0%	$	28,123,278

See accompanying notes to financial statements.

Brookstone ETFs

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

November 30, 2023

	Brookstone		Brookstone		Brookstone		Brookstone
	Dividend Stock		Growth Stock		Value Stock		Intermediate Bond
	ETF		ETF		ETF		ETF
ASSETS
Investment securities:
At cost	$	52,361,048	$	51,513,039	$	54,666,994	$	45,903,443
At value	$	55,332,567	$	54,039,013	$	57,737,125	$	46,362,061
Cash and cash equivalents		434,168		1,060,663		224,883		817,215
Receivable due from Adviser		3,085		4,829		2,171		10,633
Receivable for Fund shares sold		1,306,507		—		1,063,558		1,014,984
Receivable for dividends and interest		213,483		99,330		128,405		1,996
TOTAL ASSETS		57,289,810		55,203,835		59,156,142		48,206,889

LIABILITIES
Distributions Payable		137,130		25,047		56,180		21,658
Payable for investments purchased		780,340		—		1,050,271		997,755
Payable for Fund shares redeemed		523,909		—		—		—
Payable to related parties		12,528		12,731		12,732		15,069
Accrued expenses and other liabilities		21,427		20,303		20,850		21,929
TOTAL LIABILITIES		1,475,334		58,081		1,140,033		1,056,411
NET ASSETS	$	55,814,476	$	55,145,754	$	58,016,109	$	47,150,478

Composition of Net Assets:
Paid in capital ($0 par value, unlimited shares authorized)	$	52,724,718	$	52,567,342	$	54,885,433	$	46,695,125
Accumulated earnings (losses)		3,089,758		2,578,412		3,130,676		455,353
NET ASSETS	$	55,814,476	$	55,145,754	$	58,016,109	$	47,150,478

Net Asset Value Per Share:
Shares:
Net Assets	$	55,814,476	$	55,145,754	$	58,016,109	$	47,150,478
Shares of beneficial interest outstanding		2,110,000		2,070,000		2,160,000		1,860,000
Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share	$	26.45	$	26.64	$	26.86	$	25.35
Market Price	$	26.47	$	26.65	$	26.87	$	25.35

See accompanying notes to financial statements.

Brookstone ETFs

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

November 30, 2023

	Brookstone		Brookstone		Brookstone		Brookstone
	Ultra-Short Bond		Active		Opportunitites		Yield
	ETF		ETF		ETF		ETF
ASSETS
Investment securities:
At cost	$	56,098,350	$	27,867,855	$	26,145,643	$	26,626,072
At value	$	56,230,912	$	28,773,698	$	26,978,869	$	27,088,479
Cash and cash equivalents		1,065,021		606,881		576,190		1,144,845
Receivable due from Adviser		3,179		17,398		17,923		18,994
Receivable for dividends and interest		2,662		1,476		10,148		2,410
TOTAL ASSETS		57,301,774		29,399,453		27,583,130		28,254,728

LIABILITIES
Distributions Payable		70,597		—		9,555		100,171
Payable to related parties		15,069		12,533		12,532		12,532
Accrued expenses and other liabilities		21,740		19,820		19,369		18,747
TOTAL LIABILITIES		107,406		32,353		41,456		131,450
NET ASSETS	$	57,194,368	$	29,367,100	$	27,541,674	$	28,123,278

Composition of Net Assets:
Paid in capital ($0 par value, unlimited shares authorized)	$	57,065,894	$	28,465,212	$	26,695,273	$	27,662,661
Accumulated earnings (losses)		128,474		901,888		846,401		460,617
NET ASSETS	$	57,194,368	$	29,367,100	$	27,541,674	$	28,123,278

Net Asset Value Per Share:
Shares:
Net Assets	$	57,194,368	$	29,367,100	$	27,541,674	$	28,123,278
Shares of beneficial interest outstanding		2,270,000		1,120,000		1,050,000		1,090,000
Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share	$	25.20	$	26.22	$	26.23	$	25.80
Market Price	$	25.20	$	26.22	$	26.24	$	25.81

See accompanying notes to financial statements.

Brookstone ETFs

STATEMENTS OF OPERATIONS (Unaudited)

For the Period Ended November 30, 2023

	Brookstone			Brookstone			Brookstone			Brookstone
	Dividend Stock			Growth Stock			Value Stock			Intermediate Bond
	ETF *			ETF **			ETF **			ETF **
INVESTMENT INCOME
Dividends	$	239,828		$	104,200		$	147,716		$	42,343
Interest		1,977			2,781			1,163			2,156
TOTAL INVESTMENT INCOME		241,805			106,981			148,879			44,499

EXPENSES
Investment advisory fees		20,078			19,218			20,989			17,032
Administrative services fees		11,475			11,655			11,655			14,069
Professional fees		4,292			4,342			4,342			4,342
Legal fees		3,859			3,903			3,903			3,903
Printing expenses		2,732			2,763			2,763			2,763
Transfer agent fees		2,665			2,707			2,707			2,707
Custodian fees		2,323			2,359			2,360			2,360
Trustees fees and expenses		1,859			1,888			1,888			1,888
Compliance officer fees		1,736			1,763			1,763			1,763
Insurance expense		438			445			445			445
Other expenses		2,472			2,500			2,499			2,499
TOTAL EXPENSES		53,929			53,543			55,314			53,771

Less: Contractual Fees waived and/or expenses reimbursed by the Adviser		(23,163	)		(24,047	)		(23,160	)		(27,665	)
TOTAL FEES WAIVED		(23,163	)		(24,047	)		(23,160	)		(27,665	)

NET EXPENSES		30,766			29,496			32,154			26,106
NET INVESTMENT INCOME		211,039			77,485			116,725			18,393

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized loss from investments		(236	)		—			—			—
Net realized gain from in-kind redemptions		44,566			—			—			—
Net change in unrealized appreciation on investments		2,971,519			2,525,974			3,070,131			458,618
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS		3,015,849			2,525,974			3,070,131			458,618

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,226,888		$	2,603,459		$	3,186,856		$	477,011

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

**	Brookstone Growth Stock ETF, Brookstone Value Stock ETF and Brookstone Intermediate Bond ETF commenced operations on September 26, 2023.

See accompanying notes to financial statements.

Brookstone ETFs

STATEMENTS OF OPERATIONS (Unaudited)

For the Period Ended November 30, 2023

	Brookstone			Brookstone			Brookstone			Brookstone
	Ultra-Short Bond			Active			Opportunitites			Yield
	ETF *			ETF **			ETF **			ETF **
INVESTMENT INCOME
Dividends	$	95,316		$	10,881		$	22,014		$	110,621
Interest		4,753			1,617			1,571			2,617
TOTAL INVESTMENT INCOME		100,069			12,498			23,585			113,238

EXPENSES
Investment advisory fees		21,956			10,746			10,420			9,675
Administrative services fees		14,069			11,475			11,475			11,475
Professional fees		4,342			4,292			4,292			4,292
Legal fees		3,903			3,859			3,859			3,859
Printing expenses		2,763			2,732			2,732			2,732
Transfer agent fees		2,707			2,665			2,665			2,665
Custodian fees		2,360			2,323			2,323			2,323
Trustees fees and expenses		1,888			1,859			1,859			1,859
Compliance officer fees		1,763			1,736			1,736			1,736
Insurance expense		445			438			438			438
Other expenses		2,499			2,472			2,472			2,472
TOTAL EXPENSES		58,695			44,597			44,271			43,526

Less: Contractual Fees waived and/or expenses reimbursed by the Adviser		(25,135	)		(28,144	)		(28,343	)		(28,669	)
TOTAL FEES WAIVED		(25,135	)		(28,144	)		(28,343	)		(28,669	)

NET EXPENSES		33,560			16,453			15,928			14,857
NET INVESTMENT INCOME		66,509			(3,955	)		7,657			98,381

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain loss from in-kind redemptions		—			—			15,073			—
Net change in unrealized appreciation depreciation on investments		132,562			905,843			833,226			462,407
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS		132,562			905,843			848,299			462,407

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	199,071		$	901,888		$	855,956		$	560,788

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

**	Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone Yield ETF commenced operations on September 27, 2023.

See accompanying notes to financial statements.

Brookstone ETFs

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

For the Period Ended November 30, 2023

	Brookstone			Brookstone			Brookstone			Brookstone
	Dividend Stock			Growth Stock			Value Stock			Intermediate Bond
	ETF *			ETF **			ETF **			ETF **
FROM OPERATIONS
Net investment income	$	211,039		$	77,485		$	116,725		$	18,393
Net realized loss from investments		(236	)		—			—			—
Net realized gain from in-kind redemptions		44,566			—			—			—
Net change in unrealized appreciation on investments		2,971,519			2,525,974			3,070,131			458,618
Net increase in net assets resulting from operations		3,226,888			2,603,459			3,186,856			477,011

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(137,130	)		(25,047	)		(56,180	)		(21,658	)
Total distributions to shareholders		(137,130	)		(25,047	)		(56,180	)		(21,658	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		53,244,877			52,565,092			54,882,683			46,691,375
Cost of shares redeemed		(523,909	)		—			—			—
Transaction Fees (Note 5)		3,750			2,250			2,750			3,750
Net increase in net assets from shares of beneficial interest		52,724,718			52,567,342			54,885,433			46,695,125

TOTAL INCREASE IN NET ASSETS		55,814,476			55,145,754			58,016,109			47,150,478

NET ASSETS
Beginning of Period		—			—			—			—
End of Period	$	55,814,476		$	55,145,754		$	58,016,109		$	47,150,478

SHARE ACTIVITY
Shares Sold		2,130,000			2,070,000			2,160,000			1,860,000
Shares Redeemed		(20,000	)		—			—			—
Net increase in shares of beneficial interest outstanding		2,110,000			2,070,000			2,160,000			1,860,000

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

**	Brookstone Growth Stock ETF, Brookstone Value Stock ETF and Brookstone Intermediate Bond ETF commenced operations on September 26, 2023.

See accompanying notes to financial statements.

Brookstone ETFs

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

For the Period Ended November 30, 2023

	Brookstone			Brookstone			Brookstone			Brookstone
	Ultra-Short Bond			Active			Opportunitites			Yield
	ETF *			ETF **			ETF **			ETF **
FROM OPERATIONS
Net investment income (loss)	$	66,509		$	(3,955	)	$	7,657		$	98,381
Net realized gain from in-kind redemptions		—			—			15,073			—
Net change in unrealized appreciation on investments		132,562			905,843			833,226			462,407
Net increase in net assets resulting from operations		199,071			901,888			855,956			560,788

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(70,597	)		—			(9,555	)		(100,171	)
Total distributions to shareholders		(70,597	)		—			(9,555	)		(100,171	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		57,062,394			28,461,962			26,953,975			27,660,661
Cost of shares redeemed		—			—			(261,202	)		—
Transaction Fees (Note 5)		3,500			3,250			2,500			2,000
Net increase in net assets from shares of beneficial interest		57,065,894			28,465,212			26,695,273			27,662,661

TOTAL INCREASE IN NET ASSETS		57,194,368			29,367,100			27,541,674			28,123,278

NET ASSETS
Beginning of Period		—			—			—			—
End of Period	$	57,194,368		$	29,367,100		$	27,541,674		$	28,123,278

SHARE ACTIVITY
Shares Sold		2,270,000			1,120,000			1,060,000			1,090,000
Shares Reinvested		—			—			(10,000	)		—
Net increase in shares of beneficial interest outstanding		2,270,000			1,120,000			1,050,000			1,090,000

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

**	Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone Yield ETF commenced operations on September 27, 2023.

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Dividend Stock ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.30
Net realized and unrealized gain on investments		1.22
Total from investment operations		1.52
Less distributions from:
Net investment income		(0.07	)
Total distributions		(0.07	)
Net asset value, end of period	$	26.45
Market price, end of period	$	26.47
Total return (3)		6.06	% (7)
Total return - Market price (3)		6.14	% (7)
Net assets, at end of period (000s)	$	55,814
Ratio of gross expenses to average net assets (5)		1.67	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		6.52	% (8)
Portfolio Turnover Rate (6)		0	% (7)

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

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

(3)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

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

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

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

(7)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Growth Stock ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.12
Net realized and unrealized gain on investments		1.53
Total from investment operations		1.65
Less distributions from:
Net investment income		(0.01	)
Total distributions		(0.01	)
Net asset value, end of period	$	26.64
Market price, end of period	$	26.65
Total return (3)		6.61	% (7)
Total return - Market price (3)		6.65	% (7)
Net assets, at end of period (000s)	$	55,146
Ratio of gross expenses to average net assets (5)		1.72	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		2.50	% (8)
Portfolio Turnover Rate (6)		0	% (7)

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

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

(3)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

(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)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Value Stock ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.16
Net realized and unrealized gain on investments		1.73
Total from investment operations		1.89
Less distributions from:
Net investment income		(0.03	)
Total distributions		(0.03	)
Net asset value, end of period	$	26.86
Market price, end of period	$	26.87
Total return (3)		7.55	% (7)
Total return - Market price (3)		7.59	% (7)
Net assets, at end of period (000s)	$	58,016
Ratio of gross expenses to average net assets (5)		1.63	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		3.45	% (8)
Portfolio Turnover Rate (6)		0	% (7)

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

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

(3)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

(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)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Intermediate Bond ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.03
Net realized and unrealized gain on investments		0.33
Total from investment operations		0.36
Less distributions from:
Net investment income		(0.01	)
Total distributions		(0.01	)
Net asset value, end of period	$	25.35
Market price, end of period	$	25.35
Total return (3)		1.45	% (7)
Total return - Market price(3)		1.45	% (7)
Net assets, at end of period (000s)	$	47,150
Ratio of gross expenses to average net assets (5)		1.96	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		0.67	% (8)
Portfolio Turnover Rate (5)		0	% (7)

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

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

(3)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

(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)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Ultra-Short Bond ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.09
Net realized and unrealized gain on investments		0.14
Total from investment operations		0.23
Less distributions from:
Net investment income		(0.03	)
Total distributions		(0.03	)
Net asset value, end of period	$	25.20
Market price, end of period	$	25.20
Total return (3)		0.92	% (7)
Total return - Market price(3)		0.92	% (7)
Net assets, at end of period (000s)	$	57,194
Ratio of gross expenses to average net assets (5)		1.66	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		1.88	% (8)
Portfolio Turnover Rate (6)		0	% (7)

(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 returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

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

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

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

(7)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Active ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment loss (2)		(0.01	)
Net realized and unrealized gain on investments		1.38
Total from investment operations		1.37
Less distributions from:
Net investment income		(0.15	)
Total distributions		(0.15	)
Net asset value, end of period	$	26.22
Market price, end of period	$	26.22
Total return (3)		4.88	% (7)
Total return - Market price (3)		4.88	% (7)
Net assets, at end of period (000s)	$	29,367
Ratio of gross expenses to average net assets (5)		2.57	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		-0.23	% (8)
Portfolio Turnover Rate (6)		0	% (7)

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

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

(3)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

(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)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Opportunities ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.02
Net realized and unrealized gain on investments		1.22
Total from investment operations		1.24
Less distributions from:
Net investment income		(0.01	)
Total distributions		(0.01	)
Net asset value, end of period	$	26.23
Market price, end of period	$	26.24
Total return (3)		4.96	% (7)
Total return - Market price (3)		5.00	% (7)
Net assets, at end of period (000s)	$	27,542
Ratio of gross expenses to average net assets (5)		2.64	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		0.46	% (8)
Portfolio Turnover Rate (6)		0	% (7)

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

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

(3)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

(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)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

	Brookstone Yield ETF

	For the Period Ended
	November 30, 2023 (1)
	(Unaudited)

Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (2)		0.29
Net realized and unrealized gain on investments		0.60
Total from investment operations		0.89
Less distributions from:
Net investment income		(0.09	)
Total distributions		(0.09	)
Net asset value, end of period	$	25.80
Market price, end of period	$	25.81
Total return (3)		3.57	% (7)
Total return - Market price (3)		3.53	% (7)
Net assets, at end of period (000s)	$	28,123
Ratio of gross expenses to average net assets (5)		2.78	% (8)
Ratio of net expenses to average net assets (5)		0.95	% (8)
Ratio of net investment income to average net assets (4)		6.29	% (8)
Portfolio Turnover Rate (5)		0	% (7)

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

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

(3)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

(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)	Not Annualized

(8)	Annualized

See accompanying notes to financial statements.

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)
November 30, 2023

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 and BAMV’s investment objective seeks to provide capital appreciation. BAMB and BAMU’s investment objective seeks to provide current income. BAMA and BAMO’s investment objective seeks to provide total return. BAMY’s investment objective seeks to provide current income. 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 accounting principles generally accepted 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.

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 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

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

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 net asset value 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 adviser as it’s “Valuation Designee” for execution of these procedures. The adviser may also enlist third party consultants such as an audit 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 net asset value. 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 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.

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

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.

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, 2023 for the Funds’ assets measured at fair value:

BAMD

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	55,332,567	$	—	$	—	$	55,332,567
Total	$	55,332,567	$	—	$	—	$	55,332,567

BAMG

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	54,039,013	$	—	$	—	$	54,039,013
Total	$	54,039,013	$	—	$	—	$	54,039,013

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

BAMV

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	57,737,125	$	—	$	—	$	57,737,125
Total	$	57,737,125	$	—	$	—	$	57,737,125

BAMB

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	46,362,061	$	—	$	—	$	46,362,061
Total	$	46,362,061	$	—	$	—	$	46,362,061

BAMU

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	56,230,912	$	—	$	—	$	56,230,912
Total	$	56,230,912	$	—	$	—	$	56,230,912

BAMA

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	28,773,698	$	—	$	—	$	28,773,698
Total	$	28,773,698	$	—	$	—	$	28,773,698

BAMO

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	26,978,869	$	—	$	—	$	26,978,869
Total	$	26,978,869	$	—	$	—	$	26,978,869

BAMY

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	27,088,479	$	—	$	—	$	27,088,479
Total	$	27,088,479	$	—	$	—	$	27,088,479

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

*	See Schedules of Investments for industry classification.

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.

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

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. 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 comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, 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 analyzed each Fund’s tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in each Fund’s May 31, 2024 year-end tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. During the period ended November 30, 2023, the Funds did not incur any interest or penalties.

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.

Securities Lending Risk – The Funds may lend portfolio securities to institutions, such as banks and certain broker-dealers. The Funds may experience a loss for delay in the recovery of their securities if the borrowing institution breaches its agreement with the Funds (see additional information at Note 6).

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

3.	INVESTMENT TRANSACTIONS

For the period ended November 30, 2023, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to:

Fund	Purchases		Sales
BAMD	$	314,169	$	701
BAMG		—		—
BAMV		272,867		—
BAMB		—		—
BAMU		2,640,496		—
BAMA		—		—
BAMO		—		—
BAMY		—		—

For the period ended November 30, 2023, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to:

Fund	Purchases		Sales
BAMD	$	52,523,643	$	520,394
BAMG		51,513,038		—
BAMV		54,394,127		—
BAMB		45,903,443		—
BAMU		53,457,853		—
BAMA		27,867,855		—
BAMO		26,386,303		255,733
BAMY		26,626,072		—

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 period ended November 30, 2023, the Adviser earned the following fees:

Fund	Annual Rate			Advisory Fee
BAMD		0.65	%	$	20,078
BAMG		0.65	%		19,218
BAMV		0.65	%		20,989
BAMB		0.65	%		17,032
BAMU		0.65	%		21,956
BAMA		0.65	%		10,746
BAMO		0.65	%		10,420
BAMY		0.65	%		9,675

Pursuant to a written agreement (the “Waiver Agreement”), the Adviser has contractually agreed, until at least September 30, 2024, to ensure that total annual fund operating expenses after fee waiver and/or

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

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, respectively; subject to possible recoupment from the Funds 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 the Funds’ 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.

During the period ended November 30, 2023, the Adviser waived fees and/or reimbursed expenses, pursuant to the Waiver Agreement, in the amounts of:

	Fees waived
	(reimbursed) by the
Fund	Adviser
BAMD	$	23,163
BAMG		24,047
BAMV		23,160
BAMB		27,665
BAMU		25,135
BAMA		28,144
BAMO		28,343
BAMY		28,669

The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Adviser through November 30 of the year indicated.

Fund	2026
BAMD	$	23,163
BAMG		24,047
BAMV		23,160
BAMB		27,665
BAMU		25,135
BAMA		28,144
BAMO		28,343
BAMY		28,669

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

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

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, 2023 the Plan has not been activated. For the period ended November 30, 2023, 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 and is an affiliate of Ultimus Fund Solutions, LLC. For the period ended November 30, 2023, 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 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 20,000. 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.

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

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

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 its 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 period ended November 30, 2023, the Funds received the following fees:

Fund	Variable Fees		Fixed Fees
BAMD	$	—	$	3,750
BAMG		—		2,250
BAMV		—		2,750
BAMB		—		3,750
BAMU		—		3,500
BAMA		—		3,250
BAMO		—		2,500
BAMY		—		2,000

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.	SECURITIES LENDING

Under an agreement (the “Securities Lending Agreement”) with the Securities Finance Trust Company (“SFTC”), the Funds can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency). Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Funds’ security lending procedures. The Funds continue to receive interest or dividends on the securities loaned. The Funds have the right under the Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Funds could experience delays or losses on recovery. Additionally, the Funds are subject to the risk of loss from investments made with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide in the event of default (such as bankruptcy or a borrower’s failure to pay or perform), the right to net a third-party borrower’s rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

The Funds did not engage in any security lending at any time during the period ended November 30, 2023.

7.	UNDERLYING FUND RISK

Other investment companies including ETFs and closed-end funds (“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. Closed-end funds and 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.

8.	AGGREGATE UNREALIZED APPRECIATION AND DEPRECATION-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, 2023, were as follows:

	Cost for
	Federal Tax		Unrealized		Unrealized			Tax Net Unrealized
Portfolio	Purposes		Appreciation		Depreciation			Appreciation
BAMD	$	52,361,048	$	2,989,185	$	(17,666	)	$	2,971,519
BAMG		51,513,039		2,715,045		(189,071	)		2,525,974
BAMV		54,666,994		3,243,879		(173,748	)		3,070,131
BAMB		45,903,443		458,618		—			458,618
BAMU		56,098,350		132,562		—			132,562
BAMA		27,867,855		905,843		—			905,843
BAMO		26,145,643		147,045		(57,298	)		89,747
BAMY		26,626,072		462,407		—			462,407

9.	RECENT REGULATORY UPDATES

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Brookstone ETFs
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
November 30, 2023

10.

SUBSEQUENT EVENTS

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

Distributions: The Board declared the following distributions:

Fund	Dividend Per Share		Record Date	Ex-Date	Payable Date
BAMD	$	0.0653	11/30/2023	11/29/2023	12/7/2023
BAMG	$	0.0121	11/30/2023	11/29/2023	12/7/2023
BAMV	$	0.0265	11/30/2023	11/29/2023	12/7/2023
BAMB	$	0.0119	11/30/2023	11/29/2023	12/7/2023
BAMU	$	0.0311	11/30/2023	11/29/2023	12/7/2023
BAMO	$	0.0091	11/30/2023	11/29/2023	12/7/2023
BAMY	$	0.0919	11/30/2023	11/29/2023	12/7/2023

Fund	Dividend Per Share		Record Date	Ex-Date	Payable Date
BAMD	$	0.1270	12/27/2023	12/26/2023	1/2/2024
BAMG	$	0.0215	12/27/2023	12/26/2023	1/2/2024
BAMV	$	0.0269	12/27/2023	12/26/2023	1/2/2024
BAMB	$	0.1735	12/27/2023	12/26/2023	1/2/2024
BAMU	$	0.1798	12/27/2023	12/26/2023	1/2/2024
BAMA	$	0.1226	12/27/2023	12/26/2023	1/2/2024
BAMO	$	0.1192	12/27/2023	12/26/2023	1/2/2024
BAMY	$	0.4176	12/27/2023	12/26/2023	1/2/2024

On January 25, 2024, Wendy Wang resigned as Trustee of the Trust. Ms. Wang continues to serve as President of the Trust.

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

Brookstone ETFs
EXPENSE EXAMPLES (Unaudited)
November 30, 2023

Example

All exchange traded funds have operating expenses. As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. A shareholder may incur brokerage commissions on their purchase and sales of Fund shares, which are not reflected in the examples below.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from inception though November 30, 2023.

Actual Expenses

The “Actual” columns in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $ 1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

					*Hypothetical*
			*Actual*		(5% return before expenses)
			Ending
	Net	Beginning	Account	Expenses	Ending	Expenses
	Expense	Account Value	Value	Paid During	Account Value	Paid During
	Ratio	(since inception)	11/30/23	Period *	11/30/23	Period*

Brookstone Dividend Stock ETF	0.95%	$1,000.00	$1,060.60	$4.89	$1,020.25	$4.80
Brookstone Growth Stock ETF	0.95%	$1,000.00	$1,066.10	$4.91	$1,020.25	$4.80
Brookstone Value Stock ETF	0.95%	$1,000.00	$1,075.50	$4.93	$1,020.25	$4.80
Brookstone Intermediate Bond ETF	0.95%	$1,000.00	$1,014.50	$4.78	$1,020.25	$4.80
Brookstone Ultra-Short Bond ETF	0.95%	$1,000.00	$1,009.20	$4.77	$1,020.25	$4.80
Brookstone Active ETF	0.95%	$1,000.00	$1,048.80	$4.87	$1,020.25	$4.80
Brookstone Opportunities ETF	0.95%	$1,000.00	$1,049.60	$4.87	$1,020.25	$4.80
Brookstone Yield ETF	0.95%	$1,000.00	$1,035.70	$4.83	$1,020.25	$4.80

*	Expense information for each Fund is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 183/366 (to reflect the full half-year period).

For more information about current performance, holdings, or historical premiums/discounts, please visit the Funds’ website at www.brookstoneam.com.

Brookstone ETFs
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
November 30, 2023

Approval of the Investment Advisory Agreement with Brookstone Asset Management LLC

In connection with the meeting of the Board of Trustees (the “Board”) of Northern Lights Fund Trust IV (the “Trust”) held on July 24, 2023 (the “Meeting”), the Board, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement (the “BAM Advisory Agreement”) between Brookstone Asset Management LLC (“BAM”) and the Trust, with respect to Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone Yield ETF (collectively, the “New Series”). In considering the approval of the BAM Advisory Agreement, the Board received materials specifically relating to the BAM Advisory Agreement.

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

Nature, Extent and Quality of Services. The Board noted its experience and familiarity with BAM as the adviser to four other series of the Trust and acknowledged the credentials and years of experience of the key personnel at BAM that would be servicing the New Series. The Board noted that BAM, among other things, would provide research, compliance and analysis for the New Series and that it would obtain and evaluate information relating to the economy, relevant industries and the securities markets to make investment decisions for each New Series in a manner consistent with the New Series’ investment objectives and strategies. The Board received information about BAM’s compliance program. The Board noted that BAM would select broker-dealers on the basis of reputation, financial stability, execution stability and pricing and would review each broker on a quarterly basis for best execution. The Board confirmed that neither BAM nor its affiliates had been the subject of any regulatory examinations, material litigation or administrative actions. The Board concluded that BAM had sufficient quality and depth of personnel and resources to perform its duties under the proposed advisory agreement in a manner and at a level that was consistent with the Board’s expectations.

Performance. The Board noted that there was no prior performance for any of the New Series for the Board to evaluate. The Board recalled its experience with BAM as the adviser to four other series of the Trust and recognized that BAM had the potential to provide satisfactory returns.

Fees and Expenses. The Board observed that the proposed advisory fee of 0.65% for each New Series was below the averages of its Morningstar category and peer group. The Board discussed that the 0.95% expense ratio for each of the New Series was above the averages of its Morningstar category and peer group but below the highs of each. The Board considered that each New Series would have a contractual expense limitation for at least one year. After discussion, the Board concluded that the advisory fees being charged by BAM for each New Series was not unreasonable.

Profitability. The Board discussed that BAM anticipated to earn a reasonable profit from its relationship with each of the New Series during the first two years of their existence. The Board determined that excessive profitability would not be an issue for BAM with respect to any of the New Series at this time.

Brookstone ETFs
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
November 30, 2023

Economies of Scale. The Board considered whether BAM would realize economies of scale during the initial period of the advisory agreement. The Board noted that the proposed fee schedule did not currently provide breakpoints, but that BAM indicated it was amenable to the discussion of adding breakpoints as the assets of any New Series experienced significant growth. The Board concluded that absence of breakpoints was acceptable at this time.

Conclusion. Having requested such information from BAM as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that approval of the advisory agreement with BAM was in the best interests of the New Series and their future shareholders.

PRIVACY NOTICE

Northern Lights Fund Trust IV

Rev. April 2021

FACTS

WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

● Social Security number and wire transfer instructions

● account transactions and transaction history

● investment experience and purchase history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust IV chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Northern Lights Fund Trust IV share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For nonaffiliates to market to you	NO	We don’t share

QUESTIONS?

Call 1-631-490-4300

PRIVACY NOTICE

Northern Lights Fund Trust IV

Page 2

What we do:
How does Northern Lights Fund Trust IV protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Northern Lights Fund Trust IV collect my personal information?	We collect your personal information, for example, when you ● open an account or deposit money ● direct us to buy securities or direct us to sell your securities ● seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ● sharing for affiliates’ everyday business purposes – information about your creditworthiness. ● affiliates from using your information to market to you. ● sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust IV has no affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust IV does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Northern Lights Fund Trust IV does not jointly market.

PROXY VOTING POLICY

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ending June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies will be available without charge, upon request, by calling 1-888-562-8880 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-888-562-8880.

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-SA23