Humankind Benefit N-CSRS Certified semi-annual shareholder report (management investment company)

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-23602

Humankind Benefit Corporation

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

HSC Agent Services, Inc.

245 W Chase Street, Baltimore, MD 21217

(Name and address of agent for service)

Registrant's telephone number, including area code: 646-838-4352

Date of fiscal year end: 12/31

Date of reporting period: 6/30/22

Item 1. Reports to Stockholders. The N-CSR was amended to correct the inception date noted on the Portfolio Review page.

HKND

Semi-Annual Report

June 30, 2022

1-888-557-6692

www.humankindfunds.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 Humankind US Stock ETF. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Distributed by Northern Lights Distributors LLC

Humankind US Stock ETF

MANAGEMENT DISCUSSION & ANALYSIS (Unaudited)

June 30, 2022

US equities experienced a tumultuous first half in 2022. Russia’s invasion of Ukraine exacerbated inflationary pressures that had already been persisting from pandemic induced supply chain disruptions. Higher energy and food prices lifted the annual CPI rate to 9.1%, a level not seen since 1981. The continued inflationary shock forced Fed policy into a more aggressive stance and resulted in increasingly larger rate hikes in the second quarter. After an initial rate rise of 25 basis points in March, the Fed raised rates by 50 and 75 basis points at subsequent meetings in the first half of the year. The market reacted adversely to rising rates and the risk of the Fed triggering a recession rather than achieving a soft landing. A variety of more speculative assets were particularly hard hit by the correction in valuations, such as high-flying technology companies or cryptocurrency linked assets. Future earnings estimates for many companies have also come under pressure due to the stronger dollar and early signs of a slowdown in economic activity in some sectors that are particularly interest rate sensitive.

From 12/31/2021 through 6/30/2022, the fund dropped by 12.74% while the benchmark S&P 1500 index declined by 19.91%. This divergence of 7.17% was due to the poor performance of higher valuation technology companies that have a higher weighting in the S&P 1500 index than in HKND. In our opinion, the trajectory of technology company valuations in the second half of the year will likely determine the continued relative performance gap between the index and its benchmark.

The consumer discretionary sector was the worst performer in the fund with a return of -32.96% during the reporting period, although the return contribution from the sector was only -1.07% since the fund’s allocation to it was just 3.24%. The healthcare sector, which represents the largest allocation in the fund at 32.45%, had a return of -10.12% and a performance contribution of -3.26%. The materials sector was the only category to post a positive return of 6.57% in the first half of 2022.

Focusing on the individual company level, the top five contributing companies were Corteva, Abbvie, Bristol-Meyers, Merck and Eli Lilly with return contributions of 51%, .51%, 32%, 26% and 21% respectively. The five largest detractors from performance were Alphabet, Apple, HCA Healthcare, General Electric and Microsoft with return contributions of -1.51%, -.87%, -.59%, -.58% and -.54% respectively.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Humankind US Stock ETF. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 888-557-6692. The prospectus should be read carefully before investing. The Humankind US Stock ETF is distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Humankind Investments, LLC and Northern Lights Distributors, LLC are not affiliated.

6810-NLD-08162022

1

Humankind US Stock ETF

PORTFOLIO REVIEW (Unaudited)

June 30, 2022

The Fund’s performance figures* for the six months ended June 30, 2022, compared to its benchmark:

	For the
	Six Months	Since Inception** -
Fund/Index	Ended	June 30, 2022
Humankind US Stock ETF	-12.78%	3.64%
Humankind US Stock ETF — Market Price	-12.74%	3.70%
S&P Composite 1500 ***	-19.91%	-0.97%
Humankind US Equity Index ****	-12.81%	3.70%

** As of the close of business on February 23, 2021

*** The S&P Composite 1500 combines three leading indices, the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600, to cover approximately 90% of the U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks.

**** The Humankind US Equity Index (the “Index”) is designed to provide exposure to approximately 1,000 U.S. listed public companies that, Humankind Investments LLC (“Index Sponsor”) has determined to have the most positive impact on humanity, defined as investors, customers, employees, and members of society. The Index’s methodology is owned and compiled by the Index Sponsor and utilizes an independent index calculation agent, Solactive AG, to calculate, publish, and maintain the index market value on a daily basis.

The index methodology also seeks to, although is under no obligation to, follow the principles of the United Nations Principles for Responsible Investment (“UNPRI”). For the Index, this particularly includes incorporating environmental, social, and corporate governance issues into the Index Sponsor’s investment analysis and decision-making processes. Additional information related to the UNPRI is available at: https://www.unpri.org/.

2

Humankind US Stock ETF

PORTFOLIO REVIEW (Unaudited) (Continued)

June 30, 2022

Portfolio Composition as of June 30, 2022
Portfolio Composition (Unaudited)	% of Net Assets
Common Stocks		99.6	%
Other Assets in Excess of Liabilities		0.4	%
		100.0	%
Industry Composition (Unaudited)	% of Net Assets
Biotech & Pharma		16.1	%
Health Care Facilities & Services		10.6	%
Chemicals		6.2	%
Technology Hardware		5.5	%
Telecommuncations		5.2	%
Medical Equipment & Devices		5.1	%
Household Products		5.0	%
Internet Media & Services		4.7	%
Food		3.9	%
Machinery		3.8	%
Other Assets and Other Liabilities - Net		33.9	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Fund’s holdings.

3

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6%
		ADVERTISING & MARKETING — 0.1%
	1,630	Interpublic Group of Companies, Inc.	$	44,874
	1,068	Omnicom Group, Inc.		67,935
				112,809
		AEROSPACE & DEFENSE — 0.0%(a)
	204	Barnes Group, Inc.		6,353
	82	Moog, Inc., Class A		6,510
	26	Teledyne Technologies, Inc.(b)		9,753
				22,616
		APPAREL & TEXTILE PRODUCTS — 0.1%
	84	Carter’s, Inc.		5,920
	1,880	Figs, Inc.(b)		17,127
	862	Fossil Group, Inc.(b)		4,457
	909	Hanesbrands, Inc.		9,354
	634	Levi Strauss & Company, Class A		10,347
	254	PVH Corporation		14,453
	112	Ralph Lauren Corporation		10,041
	489	VF Corporation		21,599
				93,298
		ASSET MANAGEMENT — 0.4%
	63	Affiliated Managers Group, Inc.		7,346
	186	Ameriprise Financial, Inc.		44,208
	668	Ares Management Corporation, Class A		37,982
	111	BlackRock, Inc.		67,603
	935	Carlyle Group, Inc.		29,602
	1,130	Charles Schwab Corporation		71,393
	625	Franklin Resources, Inc.		14,569
	1,038	Invesco Ltd.		16,743
	134	LPL Financial Holdings, Inc.		24,720
	944	ODP Corporation (The)(b)		28,547
	426	Raymond James Financial, Inc.		38,089
	321	Stifel Financial Corporation		17,982
	225	T Rowe Price Group, Inc.		25,562
				424,346

See accompanying notes to the financial statements.

4

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		AUTOMOTIVE — 0.1%
	4,019	Goodyear Tire & Rubber Company(b)	$	43,044
	5,171	Luminar Technologies, Inc.(b)		30,664
	53	Tesla, Inc.(b)		35,691
				109,399
		BANKING — 2.3%
	276	Associated Banc-Corporation		5,040
	15,397	Bank of America Corporation		479,309
	143	Bank OZK		5,367
	145	BankUnited, Inc.		5,158
	93	BOK Financial Corporation		7,029
	3,786	Citigroup, Inc.		174,118
	792	Citizens Financial Group, Inc.		28,266
	214	Comerica, Inc.		15,703
	88	Commerce Bancshares, Inc.		5,777
	51	Cullen/Frost Bankers, Inc.		5,939
	126	East West Bancorp, Inc.		8,165
	978	Fifth Third Bancorp		32,861
	11	First Citizens BancShares, Inc., Class A		7,192
	455	First Horizon Corporation		9,946
	117	First Republic Bank		16,871
	505	FNB Corporation		5,484
	268	Hilltop Holdings, Inc.		7,145
	2,021	Huntington Bancshares, Inc.		24,313
	4,914	JPMorgan Chase & Company		553,366
	1,672	KeyCorporation		28,809
	190	M&T Bank Corporation		30,284
	747	New York Community Bancorp, Inc.		6,820
	2,191	PNC Financial Services Group, Inc.		345,674
	1,370	Regions Financial Corporation		25,688
	38	Signature Bank		6,810
	40	SVB Financial Group(b)		15,800
	210	Synovus Financial Corporation		7,571
	1,624	Truist Financial Corporation		77,026
	1,796	US Bancorp		82,652
	142	Webster Financial Corporation		5,985

See accompanying notes to the financial statements.

5

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		BANKING — 2.3% (Continued)
	8,379	Wells Fargo & Company	$	328,205
	86	Western Alliance Bancorp		6,072
	86	Wintrust Financial Corporation		6,893
	243	Zions Bancorp NA		12,369
				2,383,707
		BEVERAGES — 1.4%
	3,711	Coca-Cola Company		233,459
	24	Coca-Cola Consolidated, Inc.		13,534
	4,688	Keurig Dr Pepper, Inc.		165,908
	83	Monster Beverage Corporation(b)		7,694
	6,017	PepsiCo, Inc.		1,002,793
	2,704	Primo Water Corporation		36,180
				1,459,568
		BIOTECH & PHARMA — 16.1%
	902	2seventy bio, Inc.(b)		11,906
	12,051	AbbVie, Inc.		1,845,731
	1,073	ACADIA Pharmaceuticals, Inc.(b)		15,119
	283	Agios Pharmaceuticals, Inc.(b)		6,274
	106	Albireo Pharma, Inc.(b)		2,105
	514	Alector, Inc.(b)		5,222
	582	Allogene Therapeutics, Inc.(b)		6,635
	657	Alnylam Pharmaceuticals, Inc.(b)		95,823
	3,922	Amgen, Inc.		954,223
	1,167	Amicus Therapeutics, Inc.(b)		12,534
	323	Amphastar Pharmaceuticals, Inc.(b)		11,237
	154	AnaptysBio, Inc.(b)		3,126
	350	Anavex Life Sciences Corporation(b)		3,504
	117	ANI Pharmaceuticals, Inc.(b)		3,471
	486	Apellis Pharmaceuticals, Inc.(b)		21,977
	172	Arcturus Therapeutics Holdings, Inc.(b)		2,707
	382	Arcus Biosciences, Inc.(b)		9,680
	156	Arcutis Biotherapeutics, Inc.(b)		3,324
	634	Arrowhead Pharmaceuticals, Inc.(b)		22,323
	281	Arvinas, Inc.(b)		11,827
	404	Atara Biotherapeutics, Inc.(b)		3,147

See accompanying notes to the financial statements.

6

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		BIOTECH & PHARMA — 16.1% (Continued)
	699	Avid Bioservices, Inc.(b)	$	10,667
	174	Axsome Therapeutics, Inc.(b)		6,664
	367	Beam Therapeutics, Inc.(b)		14,207
	942	BioCryst Pharmaceuticals, Inc.(b)		9,966
	2,567	Biogen, Inc.(b)		523,514
	198	Biohaven Pharmaceutical Holding Company Ltd.(b)		28,851
	1,191	BioMarin Pharmaceutical, Inc.(b)		98,698
	303	Blueprint Medicines Corporation(b)		15,305
	688	Bridgebio Pharma, Inc.(b)		6,247
	21,563	Bristol-Myers Squibb Company		1,660,351
	170	Cassava Sciences, Inc.(b)		4,780
	686	Catalyst Pharmaceuticals, Inc.(b)		4,809
	308	Cerevel Therapeutics Holdings, Inc.(b)		8,144
	261	ChemoCentryx, Inc.(b)		6,468
	151	Chinook Therapeutics, Inc.(b)		2,641
	610	Coherus Biosciences, Inc.(b)		4,416
	677	Corcept Therapeutics, Inc.(b)		16,099
	174	Crinetics Pharmaceuticals, Inc.(b)		3,245
	398	CTI BioPharma Corporation(b)		2,376
	375	Cytokinetics, Inc.(b)		14,734
	178	Deciphera Pharmaceuticals, Inc.(b)		2,341
	587	Denali Therapeutics, Inc.(b)		17,275
	205	Design Therapeutics, Inc.(b)		2,870
	136	DICE Therapeutics, Inc.(b)		2,111
	761	Dynavax Technologies Corporation(b)		9,581
	69	Eagle Pharmaceuticals, Inc.(b)		3,066
	630	Editas Medicine, Inc.(b)		7,453
	528	Elanco Animal Health, Inc.(b)		10,365
	4,874	Eli Lilly and Company		1,580,297
	585	Emergent BioSolutions, Inc.(b)		18,158
	205	Enanta Pharmaceuticals, Inc.(b)		9,690
	1,149	EQRx, Inc.(b)		5,389
	659	Erasca, Inc.(b)		3,671
	177	Evolus, Inc.(b)		2,053
	3,037	Exelixis, Inc.(b)		63,230

See accompanying notes to the financial statements.

7

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		BIOTECH & PHARMA — 16.1% (Continued)
	505	Fate Therapeutics, Inc.(b)	$	12,514
	1,316	FibroGen, Inc.(b)		13,897
	11,828	Gilead Sciences, Inc.		731,089
	328	Global Blood Therapeutics, Inc.(b)		10,480
	312	Guardant Health, Inc.(b)		12,586
	870	Halozyme Therapeutics, Inc.(b)		38,280
	150	Harmony Biosciences Holdings, Inc.(b)		7,316
	2,184	ImmunoGen, Inc.(b)		9,828
	1,804	Incyte Corporation(b)		137,050
	236	Inhibrx, Inc.(b)		2,679
	987	Innoviva, Inc.(b)		14,568
	616	Insmed, Inc.(b)		12,148
	264	Instil Bio, Inc.(b)		1,220
	427	Intellia Therapeutics, Inc.(b)		22,102
	385	Intra-Cellular Therapies, Inc.(b)		21,976
	1,699	Ionis Pharmaceuticals, Inc.(b)		62,897
	626	Iovance Biotherapeutics, Inc.(b)		6,911
	2,202	Ironwood Pharmaceuticals, Inc.(b)		25,389
	138	iTeos Therapeutics, Inc.(b)		2,843
	422	IVERIC bio, Inc.(b)		4,060
	11,840	Johnson & Johnson		2,101,718
	121	Karuna Therapeutics, Inc.(b)		15,308
	89	Keros Therapeutics, Inc.(b)		2,459
	480	Kezar Life Sciences, Inc.(b)		3,970
	345	Kiniksa Pharmaceuticals Ltd.(b)		3,343
	108	Krystal Biotech, Inc.(b)		7,091
	266	Kura Oncology, Inc.(b)		4,876
	444	Kymera Therapeutics, Inc.(b)		8,742
	229	Legend Biotech Corporation — ADR(b)		12,595
	101	Ligand Pharmaceuticals, Inc.(b)		9,011
	76	Madrigal Pharmaceuticals, Inc.(b)		5,440
	1,189	MannKind Corporation(b)		4,530
	2,269	Maravai LifeSciences Holdings, Inc.(b)		64,462
	16,894	Merck & Company, Inc.		1,540,226
	219	Mirati Therapeutics, Inc.(b)		14,701

See accompanying notes to the financial statements.

8

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		BIOTECH & PHARMA — 16.1% (Continued)
	2,226	Moderna, Inc.(b)	$	317,984
	196	Morphic Holding, Inc.(b)		4,253
	5,366	Nektar Therapeutics(b)		20,391
	683	Neurocrine Biosciences, Inc.(b)		66,579
	266	NGM Biopharmaceuticals, Inc.(b)		3,410
	200	Nkarta, Inc.(b)		2,464
	384	Novavax, Inc., Class A(b)		19,749
	962	Nuvation Bio, Inc.(b)		3,117
	815	Organogenesis Holdings, Inc.(b)		3,977
	4,134	Organon & Company		139,523
	294	Pacira BioSciences, Inc.(b)		17,140
	40,179	Pfizer, Inc.		2,106,585
	464	Point Biopharma Global, Inc.(b)		3,160
	284	Prestige Consumer Healthcare, Inc.(b)		16,699
	73	Prometheus Biosciences, Inc.(b)		2,061
	484	PTC Therapeutics, Inc.(b)		19,389
	159	Reata Pharmaceuticals, Inc., Class A(b)		4,832
	619	Recursion Pharmaceuticals, Inc.(b)		5,039
	844	Regeneron Pharmaceuticals, Inc.(b)		498,914
	638	REGENXBIO, Inc.(b)		15,759
	523	Relay Therapeutics, Inc.(b)		8,760
	105	Relmada Therapeutics, Inc.(b)		1,994
	140	Replimune Group, Inc.(b)		2,447
	318	Revance Therapeutics, Inc.(b)		4,395
	325	REVOLUTION Medicines, Inc.(b)		6,334
	6,502	Royalty Pharma PLC, Class A		273,344
	320	Sage Therapeutics, Inc.(b)		10,336
	2,213	Sana Biotechnology, Inc.(b)		14,230
	1,589	Sangamo Therapeutics, Inc.(b)		6,578
	529	Sarepta Therapeutics, Inc.(b)		39,654
	967	Seagen, Inc.(b)		171,101
	53	Sierra Oncology, Inc.(b)		2,914
	240	SIGA Technologies, Inc.		2,779
	1,686	Sorrento Therapeutics, Inc.(b)		3,389
	158	SpringWorks Therapeutics, Inc.(b)		3,890

See accompanying notes to the financial statements.

9

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		BIOTECH & PHARMA — 16.1% (Continued)
	475	Supernus Pharmaceuticals, Inc.(b)	$	13,737
	223	Syndax Pharmaceuticals, Inc.(b)		4,291
	921	TG Therapeutics, Inc.(b)		3,914
	305	Travere Therapeutics, Inc.(b)		7,390
	179	Turning Point Therapeutics, Inc.(b)		13,470
	558	Ultragenyx Pharmaceutical, Inc.(b)		33,290
	314	United Therapeutics Corporation(b)		73,991
	523	Vanda Pharmaceuticals, Inc.(b)		5,701
	180	Vaxcyte, Inc.(b)		3,917
	1,836	Vertex Pharmaceuticals, Inc.(b)		517,366
	1,093	Viatris, Inc.		11,444
	484	Vir Biotechnology, Inc.(b)		12,327
	558	Xencor, Inc.(b)		15,272
	213	Zentalis Pharmaceuticals, Inc.(b)		5,985
				16,725,197
		CABLE & SATELLITE — 1.1%
	2,708	Altice USA, Inc., Class A(b)		25,049
	4	Cable One, Inc.		5,157
	504	Charter Communications, Inc., Class A(b)		236,139
	18,628	Comcast Corporation, Class A		730,963
	3,276	DISH Network Corporation, Class A(b)		58,739
	736	Liberty Broadband Corporation — Series C(b)		85,111
				1,141,158
		CHEMICALS — 6.2%
	1,180	AdvanSix, Inc.		39,459
	239	Air Products and Chemicals, Inc.		57,475
	38	Albemarle Corporation		7,941
	4,332	American Vanguard Corporation		96,820
	89	Ashland Global Holdings, Inc.		9,171
	223	Avery Dennison Corporation		36,097
	164	Avient Corporation		6,573
	412	Axalta Coating Systems Ltd.(b)		9,109
	332	Cabot Corporation		21,178
	128	Celanese Corporation		15,054
	7,197	CF Industries Holdings, Inc.		616,999

See accompanying notes to the financial statements.

10

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		CHEMICALS — 6.2% (Continued)
	376	Chemours Company (The)	$	12,040
	559	Codexis, Inc.(b)		5,847
	32,239	Corteva, Inc.		1,745,419
	213	CVR Partners, L.P.		21,268
	1,618	Dow, Inc.		83,505
	5,205	DuPont de Nemours, Inc.		289,294
	913	Eastman Chemical Company		81,960
	7,881	Ecolab, Inc.		1,211,783
	531	Element Solutions, Inc.		9,452
	7,693	FMC Corporation		823,228
	449	GreenLight Biosciences Holdings PBC(b)		992
	306	Hawkins, Inc.		11,025
	113	HB Fuller Company		6,804
	481	Huntsman Corporation		13,636
	255	International Flavors & Fragrances, Inc.		30,376
	201	Intrepid Potash, Inc.(b)		9,103
	1,603	LSB Industries, Inc.(b)		22,218
	21,769	Mosaic Company		1,028,150
	342	PPG Industries, Inc.		39,104
	182	RPM International, Inc.		14,327
	91	Sensient Technologies Corporation		7,331
	184	Sherwin-Williams Company		41,199
	215	Trinseo plc		8,269
	449	Tronox Holdings plc, Class A		7,543
	782	Univar Solutions, Inc.(b)		19,448
	65	Westlake Corporation		6,371
				6,465,568
		COMMERCIAL SUPPORT SERVICES — 0.7%
	1,576	ABM Industries, Inc.		68,430
	154	AMN Healthcare Services, Inc.(b)		16,895
	2,000	Aramark		61,260
	156	ASGN, Inc.(b)		14,079
	79	Barrett Business Services, Inc.		5,757
	305	Brady Corporation, Class A		14,408
	253	Brink’s Company		15,360

See accompanying notes to the financial statements.

11

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		COMMERCIAL SUPPORT SERVICES — 0.7% (Continued)
	131	Cintas Corporation	$	48,932
	70	Clean Harbors, Inc.(b)		6,137
	76	CorVel Corporation(b)		11,193
	751	Deluxe Corporation		16,274
	373	First Advantage Corporation(b)		4,726
	85	FTI Consulting, Inc.(b)		15,372
	474	H&R Block, Inc.		16,742
	1,238	Healthcare Services Group, Inc.		21,554
	520	Heritage-Crystal Clean, Inc.(b)		14,019
	298	Insperity, Inc.		29,749
	1,315	Kelly Services, Inc., Class A		26,076
	118	Kforce, Inc.		7,238
	179	Korn Ferry		10,386
	1,261	ManpowerGroup, Inc.		96,353
	577	Robert Half International, Inc.		43,212
	3,008	SP Plus Corporation(b)		92,406
	490	Stericycle, Inc.(b)		21,487
	219	TriNet Group, Inc.(b)		16,999
	541	TrueBlue, Inc.(b)		9,684
	70	UniFirst Corporation		12,053
	807	Viad Corporation(b)		22,281
				739,062
		CONSTRUCTION MATERIALS — 0.1%
	365	Advanced Drainage Systems, Inc.		32,876
	84	Carlisle Companies, Inc.		20,043
	406	Owens Corning		30,170
				83,089
		CONSUMER SERVICES — 0.1%
	16	Graham Holdings Company, Class B		9,069
	576	Matthews International Corporation, Class A		16,514
	293	Rent-A-Center, Inc.		5,699
	204	Service Corp International		14,100
	1,302	WW International, Inc.(b)		8,320
				53,702

See accompanying notes to the financial statements.

12

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		CONTAINERS & PACKAGING — 0.2%
	287	AptarGroup, Inc.	$	29,621
	957	Berry Global Group, Inc.(b)		52,290
	761	Graphic Packaging Holding Company		15,601
	222	Greif, Inc., Class B		13,828
	3,126	Pactiv Evergreen, Inc.		31,135
	522	Sealed Air Corporation		30,130
	321	Sonoco Products Company		18,310
				190,915
		DATA CENTER REIT — 0.1%
	228	Digital Realty Trust, Inc.		29,601
	56	Equinix, Inc.		36,793
				66,394
		DIVERSIFIED INDUSTRIALS — 2.1%
	4,559	3M Company		589,980
	407	Dover Corporation		49,377
	758	Emerson Electric Company		60,291
	20,710	General Electric Company		1,318,606
	522	Honeywell International, Inc.		90,729
	251	Illinois Tool Works, Inc.		45,745
				2,154,728
		E-COMMERCE DISCRETIONARY — 0.7%
	1,492	1-800-Flowers.com, Inc., Class A(b)		14,189
	6,360	Amazon.com, Inc.(b)		675,496
	819	eBay, Inc.		34,128
	68	Etsy, Inc.(b)		4,978
	227	Overstock.com, Inc.(b)		5,677
	205	Wayfair, Inc., Class A(b)		8,930
				743,398
		ELECTRICAL EQUIPMENT — 0.6%
	74	Acuity Brands, Inc.		11,399
	109	AMETEK, Inc.		11,978
	499	Amphenol Corporation, Class A		32,126
	82	Atkore International Group, Inc.(b)		6,807
	243	Belden, Inc.		12,945
	1,796	Carrier Global Corporation		64,045

See accompanying notes to the financial statements.

13

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		ELECTRICAL EQUIPMENT — 0.6% (Continued)
	120	Cognex Corporation	$	5,102
	2,118	Fortive Corporation		115,177
	74	Generac Holdings, Inc.(b)		15,583
	94	Hubbell, Inc.		16,787
	265	Itron, Inc.(b)		13,099
	196	Keysight Technologies, Inc.(b)		27,019
	25	Littelfuse, Inc.		6,351
	235	National Instruments Corporation		7,339
	128	Novanta, Inc.(b)		15,523
	203	OSI Systems, Inc.(b)		17,344
	293	Otis Worldwide Corporation		20,706
	343	Rockwell Automation, Inc.		68,363
	79	Roper Technologies, Inc.		31,177
	145	Sensata Technologies Holding plc		5,990
	255	SMART Global Holdings, Inc.(b)		4,174
	170	Trimble, Inc.(b)		9,899
	727	Vertiv Holdings Company		5,976
	471	Vontier Corporation		10,828
	472	Watts Water Technologies, Inc., Class A		57,980
				593,717
		ENGINEERING & CONSTRUCTION — 0.8%
	829	AECOM		54,067
	258	Dycom Industries, Inc.(b)		24,004
	188	EMCOR Group, Inc.		19,356
	4,946	Jacobs Engineering Group, Inc.		628,785
	441	Tetra Tech, Inc.		60,219
	31	TopBuild Corporation(b)		5,182
				791,613
		ENTERTAINMENT CONTENT — 0.6%
	805	Activision Blizzard, Inc.		62,677
	263	AMC Networks, Inc., Class A(b)		7,659
	162	Electronic Arts, Inc.		19,707
	951	Endeavor Group Holdings, Inc.(b)		19,553
	1,322	Fox Corporation, Class A		42,516
	795	Lions Gate Entertainment Corporation, Class A(b)		7,401

See accompanying notes to the financial statements.

14

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		ENTERTAINMENT CONTENT — 0.6% (Continued)
	2,450	Paramount Global, Class B	$	60,466
	765	ROBLOX Corporation, Class A(b)		25,138
	356	Take-Two Interactive Software, Inc.(b)		43,621
	2,761	Walt Disney Company(b)		260,638
	2,027	Warner Bros Discovery, Inc.(b)		27,202
	1,078	Warner Music Group Corporation		26,260
				602,838
		FOOD — 3.9%
	1,125	B&G Foods, Inc.		26,753
	3,771	Campbell Soup Company		181,197
	6,631	Conagra Brands, Inc.		227,045
	395	Darling Ingredients, Inc.(b)		23,621
	2,814	Flowers Foods, Inc.		74,064
	23,726	Fresh Del Monte Produce, Inc.		700,629
	4,655	General Mills, Inc.		351,220
	1,765	Hain Celestial Group, Inc.(b)		41,901
	225	Hershey Company		48,411
	1,508	Hostess Brands, Inc.(b)		31,985
	1,739	Ingredion, Inc.		153,310
	373	J & J Snack Foods Corporation		52,093
	2,941	J M Smucker Company		376,477
	247	John B Sanfilippo & Son, Inc.		17,905
	5,936	Kellogg Company		423,474
	2,002	Lamb Weston Holdings, Inc.		143,063
	72	Lancaster Colony Corporation		9,272
	367	McCormick & Company, Inc.		30,553
	1,119	Mission Produce, Inc.(b)		15,946
	15,228	Mondelez International, Inc., Class A		945,507
	428	Post Holdings, Inc.(b)		35,246
	1,612	SunOpta, Inc.(b)		12,541
	3,340	TreeHouse Foods, Inc.(b)		139,679
	746	Utz Brands, Inc.		10,310
				4,072,200

See accompanying notes to the financial statements.

15

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		FORESTRY, PAPER & WOOD PRODUCTS — 0.0%(a)
	135	Louisiana-Pacific Corporation	$	7,075
		GAS & WATER UTILITIES — 2.0%
	1,856	American States Water Company		151,283
	8,620	American Water Works Company, Inc.		1,282,397
	3,657	California Water Service Group		203,146
	6,556	Essential Utilities, Inc.		300,593
	345	Middlesex Water Company		30,250
	111	Northwest Natural Holding Company		5,894
	1,782	SJW Group		111,215
	392	York Water Company		15,849
				2,100,627
		HEALTH CARE FACILITIES & SERVICES — 10.6%
	2,152	23andMe Holding Company(b)		5,337
	779	Acadia Healthcare Company, Inc.(b)		52,684
	86	Addus HomeCare Corporation(b)		7,162
	380	Agiliti, Inc.(b)		7,794
	589	agilon health, Inc.(b)		12,858
	182	Amedisys, Inc.(b)		19,132
	2,751	AmerisourceBergen Corporation		389,211
	731	Anthem, Inc.		352,766
	253	Apollo Medical Holdings, Inc.(b)		9,763
	6,154	Brookdale Senior Living, Inc.(b)		27,939
	1,132	Cano Health, Inc.(b)		4,958
	10,083	Cardinal Health, Inc.		527,038
	1,136	Catalent, Inc.(b)		121,881
	8,501	Centene Corporation(b)		719,270
	847	Charles River Laboratories International, Inc.(b)		181,233
	32	Chemed Corporation		15,020
	1,614	Cigna Corporation		425,321
	45,457	Community Health Systems, Inc.(b)		170,464
	6,965	CVS Health Corporation		645,377
	3,286	DaVita, Inc.(b)		262,749
	1,274	Encompass Health Corporation		71,408
	336	Ensign Group, Inc.		24,686
	334	Fulgent Genetics, Inc.(b)		18,213

See accompanying notes to the financial statements.

16

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 10.6% (Continued)
	2,892	Hanger, Inc.(b) $		41,413
	3,920	HCA Healthcare, Inc.		658,795
	2,481	Henry Schein, Inc.(b)		190,392
	496	Humana, Inc.		232,163
	3,464	Invitae Corporation(b)		8,452
	3,310	IQVIA Holdings, Inc.(b)		718,237
	4,011	Laboratory Corp of America Holdings		940,018
	139	LHC Group, Inc.(b)		21,648
	868	LifeStance Health Group, Inc.(b)		4,826
	2,447	McKesson Corporation		798,236
	2,995	Mednax, Inc.(b)		62,925
	603	Medpace Holdings, Inc.(b)		90,251
	185	Molina Healthcare, Inc.(b)		51,728
	184	National HealthCare Corporation		12,862
	3,083	NeoGenomics, Inc.(b)		25,126
	9,082	OPKO Health, Inc.(b)		22,977
	676	Option Care Health, Inc.(b)		18,786
	5,347	Owens & Minor, Inc.		168,163
	738	Patterson Companies, Inc.		22,361
	2,045	Premier, Inc., Class A		72,966
	3,729	Quest Diagnostics, Inc.		495,882
	2,833	RadNet, Inc.(b)		48,954
	4,318	Select Medical Holdings Corporation		101,991
	526	Sotera Health Company(b)		10,304
	484	Surgery Partners, Inc.(b)		13,997
	6,216	Syneos Health, Inc.(b)		445,563
	480	Teladoc Health, Inc.(b)		15,941
	5,115	Tenet Healthcare Corporation(b)		268,844
	2,397	UnitedHealth Group, Inc.		1,231,171
	1,873	Universal Health Services, Inc., Class B		188,630
	61	US Physical Therapy, Inc.		6,661
				11,062,527
		HEALTH CARE REIT — 0.2%
	32,167	Diversified Healthcare Trust		58,544
	726	Healthpeak Properties, Inc.		18,811

See accompanying notes to the financial statements.

17

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares				Fair Value
			COMMON STOCKS — 99.6% (Continued)
			HEALTH CARE REIT — 0.2% (Continued)
	1,230		Medical Properties Trust, Inc.	$	18,782
	120		National Health Investors, Inc.		7,273
	224		Omega Healthcare Investors, Inc.		6,315
	865		Ventas, Inc.		44,487
	440		Welltower, Inc.		36,234
					190,446
			HOME & OFFICE PRODUCTS — 0.1%
	902		ACCO Brands Corporation		5,890
	1,559		Newell Brands, Inc.		29,683
	256		Scotts Miracle-Gro Company		20,221
	399		Whirlpool Corporation		61,793
					117,587
			HOME CONSTRUCTION — 0.6%
	316		Century Communities, Inc.		14,211
	1,674		DR Horton, Inc.		110,802
	427		Dream Finders Homes, Inc.(b)		4,543
	204		Fortune Brands Home & Security, Inc.		12,216
	882		KB Home		25,102
	2,130		Lennar Corporation, Class B		125,052
	127		LGI Homes, Inc.(b)		11,036
	332		M/I Homes, Inc.(b)		13,167
	499		Masco Corporation		25,249
	521		MDC Holdings, Inc.		16,834
	309		Meritage Homes Corporation(b)		22,403
	274		Mohawk Industries, Inc.(b)		34,001
	10		NVR, Inc.(b)		40,041
	1,619		PulteGroup, Inc.		64,161
	1,131		Taylor Morrison Home Corporation(b)		26,420
	949		Toll Brothers, Inc.		42,325
	1,013		Tri Pointe Homes, Inc.(b)		17,089
					604,652
			HOTEL REIT — 0.0%(a)
	798		Park Hotels & Resorts, Inc.		10,829
	519		RLJ Lodging Trust		5,725
	73		Ryman Hospitality Properties, Inc.(b)		5,550
		��			22,104

See accompanying notes to the financial statements.

18

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		HOTEL REITS — 0.0%(a)
	402	Apple Hospitality REIT, Inc.	$	5,897
	1,543	Host Hotels & Resorts, Inc.		24,194
				30,091
		HOUSEHOLD PRODUCTS — 5.0%
	175	Beauty Health Company (The)(b)		2,251
	361	Central Garden & Pet Company, Class A(b)		14,444
	2,832	Church & Dwight Company, Inc.		262,413
	4,776	Clorox Company		673,320
	6,798	Colgate-Palmolive Company		544,792
	531	Energizer Holdings, Inc.		15,054
	136	Estee Lauder Companies, Inc., Class A		34,635
	234	Kimberly-Clark Corporation		31,625
	138	Nu Skin Enterprises, Inc., Class A		5,975
	23,495	Procter & Gamble Company		3,378,346
	1,609	Spectrum Brands Holdings, Inc.		131,970
				5,094,825
		INDUSTRIAL INTERMEDIATE PROD — 0.1%
	292	Valmont Industries, Inc.		65,592
		INDUSTRIAL REIT — 0.0%(a)
	143	Duke Realty Corporation		7,858
	242	Prologis, Inc.		28,471
				36,329
		INDUSTRIAL SUPPORT SERVICES — 0.1%
	14	AMERCO		6,695
	52	Applied Industrial Technologies, Inc.		5,001
	316	Fastenal Company		15,775
	106	MSC Industrial Direct Company, Inc., Class A		7,962
	524	Resideo Technologies, Inc.(b)		10,176
	69	SiteOne Landscape Supply, Inc.(b)		8,202
	73	United Rentals, Inc.(b)		17,732
	73	Watsco, Inc.		17,434
	81	WESCO International, Inc.(b)		8,675
	72	WW Grainger, Inc.		32,719
				130,371

See accompanying notes to the financial statements.

19

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		INFRASTRUCTURE REIT — 0.1%
	127	American Tower Corporation	$	32,460
	406	Crown Castle International Corporation		68,362
	66	SBA Communications Corporation		21,123
				121,945
		INSTITUTIONAL FINANCIAL SERVICES — 0.9%
	2,006	Bank of New York Mellon Corporation		83,670
	2,766	BGC Partners, Inc., Class A		9,321
	168	Cboe Global Markets, Inc.		19,016
	178	CME Group, Inc.		36,437
	135	Evercore, Inc., Class A		12,637
	894	Goldman Sachs Group, Inc.		265,536
	186	Interactive Brokers Group, Inc., Class A		10,232
	488	Intercontinental Exchange, Inc.		45,892
	1,465	Jefferies Financial Group, Inc.		40,463
	437	Lazard Ltd., Class A		14,163
	143	Moelis & Company, Class A		5,627
	3,455	Morgan Stanley		262,787
	122	Nasdaq, Inc.		18,610
	253	Northern Trust Corporation		24,409
	53	Piper Sandler Cos		6,008
	129	SEI Investments Company		6,969
	1,179	State Street Corporation		72,685
	443	StoneX Group, Inc.(b)		34,585
	14	Virtu Financial, Inc., Class A		328
				969,376
		INSURANCE — 2.0%
	1,351	Aflac, Inc.		74,751
	47	Alleghany Corporation(b)		39,156
	1,733	Allstate Corporation		219,623
	256	American Equity Investment Life Holding Company		9,362
	249	American Financial Group, Inc.		34,564
	1,550	American International Group, Inc.		79,252
	211	Arthur J Gallagher & Company		34,401
	239	Assurant, Inc.		41,311
	389	Brighthouse Financial, Inc.(b)		15,957

See accompanying notes to the financial statements.

20

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		INSURANCE — 2.0% (Continued)
	215	Brown & Brown, Inc.	$	12,543
	335	Cincinnati Financial Corporation		39,858
	121	CNA Financial Corporation		5,433
	603	CNO Financial Group, Inc.		10,908
	1,070	Equitable Holdings, Inc.		27,895
	62	Erie Indemnity Company, Class A		11,916
	6,880	Genworth Financial, Inc., Class A(b)		24,286
	164	Globe Life, Inc.		15,985
	167	Hanover Insurance Group, Inc.		24,424
	1,216	Hartford Financial Services Group, Inc.		79,563
	438	Jackson Financial, Inc., Class A		11,717
	417	Kemper Corporation		19,974
	938	Lincoln National Corporation		43,870
	1,408	Loews Corporation		83,438
	31	Markel Corporation(b)		40,091
	622	Marsh & McLennan Companies, Inc.		96,566
	385	Mercury General Corporation		17,056
	2,589	MetLife, Inc.		162,563
	1,868	Old Republic International Corporation		41,768
	677	Principal Financial Group, Inc.		45,217
	1,634	Progressive Corporation		189,985
	1,943	Prudential Financial, Inc.		185,906
	361	Radian Group, Inc.		7,094
	468	Reinsurance Group of America, Inc.		54,892
	179	Selective Insurance Group, Inc.		15,562
	923	Travelers Companies, Inc.		156,107
	966	Unum Group		32,863
	331	Voya Financial, Inc.		19,704
	582	W R Berkley Corporation		39,727
				2,065,287
		INTERNET MEDIA & SERVICES — 4.7%
	68	Airbnb, Inc., CLASS A(b)		6,057
	1,976	Alphabet, Inc., Class A(b)		4,306,218
	25	Booking Holdings, Inc.(b)		43,725
	229	Expedia Group, Inc.(b)		21,716

See accompanying notes to the financial statements.

21

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		INTERNET MEDIA & SERVICES — 4.7% (Continued)
	233	GoDaddy, Inc., Class A(b)	$	16,207
	1,369	IAC/InterActiveCorporation(b)		104,003
	1,586	Meta Platforms, Inc., Class A(b)		255,743
	648	Netflix, Inc.(b)		113,316
	765	Opendoor Technologies, Inc.(b)		3,603
	285	Pinterest, Inc., Class A(b)		5,176
	769	Snap, Inc., Class A(b)		10,097
	205	Twitter, Inc.(b)		7,665
	50	VeriSign, Inc.(b)		8,367
				4,901,893
		LEISURE FACILITIES & SERVICES — 0.4%
	740	AMC Entertainment Holdings, Inc., Class A(b)		10,027
	512	Cinemark Holdings, Inc.(b)		7,690
	148	Hilton Grand Vacations, Inc.(b)		5,288
	358	Hilton Worldwide Holdings, Inc.		39,896
	272	Hyatt Hotels Corporation, Class A(b)		20,104
	259	Live Nation Entertainment, Inc.(b)		21,388
	52	Madison Square Garden Sports Corporation(b)		7,852
	705	Marriott International, Inc., Class A		95,887
	108	Marriott Vacations Worldwide Corporation		12,550
	222	Six Flags Entertainment Corporation(b)		4,817
	2,554	Starbucks Corporation		195,100
	399	Travel + Leisure Company		15,489
	47	Vail Resorts, Inc.		10,248
	126	Wyndham Hotels & Resorts, Inc.		8,281
				454,617
		LEISURE PRODUCTS — 0.0%(a)
	269	Callaway Golf Company(b)		5,488
	228	Camping World Holdings, Inc., CLASS A		4,923
	191	Hasbro, Inc.		15,639
	483	Mattel, Inc.(b)		10,785
				36,835
		MACHINERY — 3.8%
	5,619	AGCO Corporation		554,595
	594	Alamo Group, Inc.		69,159

See accompanying notes to the financial statements.

22

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		MACHINERY — 3.8% (Continued)
	518	Caterpillar, Inc.	$	92,598
	6,586	Deere & Company		1,972,309
	135	Donaldson Company, Inc.		6,499
	486	Energy Recovery, Inc.(b)		9,438
	592	Enovis Corporation(b)		32,560
	3,689	Evoqua Water Technologies Corporation(b)		119,929
	344	Flowserve Corporation		9,849
	1,039	Franklin Electric Company, Inc.		76,117
	125	Graco, Inc.		7,426
	532	Hillenbrand, Inc.		21,791
	539	Hyster-Yale Materials Handling, Inc., Class A		17,367
	68	IDEX Corporation		12,351
	316	Ingersoll Rand, Inc.		13,297
	33	Kadant, Inc.		6,018
	290	Kennametal, Inc.		6,737
	80	Lincoln Electric Holdings, Inc.		9,869
	339	Lindsay Corporation		45,026
	68	MSA Safety, Inc.		8,233
	91	Nordson Corporation		18,422
	229	Parker-Hannifin Corporation		56,345
	87	Regal Rexnord Corporation		9,876
	113	Snap-on, Inc.		22,264
	90	Standex International Corporation		7,630
	221	Stanley Black & Decker, Inc.		23,174
	292	Terex Corporation		7,992
	132	Toro Company (The)		10,004
	9,179	Xylem, Inc.		717,614
				3,964,489
		MEDICAL EQUIPMENT & DEVICES — 5.1%
	96	10X Genomics, Inc., Class A(b)		4,344
	2,970	Abbott Laboratories		322,691
	76	ABIOMED, Inc.(b)		18,811
	1,477	Adaptive Biotechnologies Corporation(b)		11,949
	765	Agilent Technologies, Inc.		90,859
	41	Align Technology, Inc.(b)		9,703

See accompanying notes to the financial statements.

23

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		MEDICAL EQUIPMENT & DEVICES — 5.1% (Continued)
	283	Alphatec Holdings, Inc.(b)	$	1,851
	350	AngioDynamics, Inc.(b)		6,773
	294	Artivion, Inc.(b)		5,551
	104	AtriCure, Inc.(b)		4,249
	4	Atrion Corporation		2,515
	555	Avanos Medical, Inc.(b)		15,174
	24,058	Avantor, Inc.(b)		748,204
	3,736	Baxter International, Inc.		239,963
	1,520	Becton Dickinson and Company		374,726
	192	Bio-Rad Laboratories, Inc., Class A(b)		95,040
	37	Bio-Techne Corporation		12,826
	6,108	Boston Scientific Corporation(b)		227,645
	491	Bruker Corporation		30,815
	293	Cardiovascular Systems, Inc.(b)		4,207
	85	CareDx, Inc.(b)		1,826
	367	Cerus Corporation(b)		1,941
	185	CONMED Corporation		17,716
	95	Cooper Companies, Inc.		29,746
	457	Cue Health, Inc.(b)		1,462
	3,173	Danaher Corporation		804,419
	562	DENTSPLY SIRONA, Inc.		20,080
	428	DexCom, Inc.(b)		31,899
	1,065	Edwards Lifesciences Corporation(b)		101,271
	223	Envista Holdings Corporation(b)		8,594
	373	Exact Sciences Corporation(b)		14,692
	295	Globus Medical, Inc., Class A(b)		16,561
	381	Haemonetics Corporation(b)		24,834
	1,095	Hologic, Inc.(b)		75,884
	152	ICU Medical, Inc.(b)		24,987
	64	IDEXX Laboratories, Inc.(b)		22,447
	285	Illumina, Inc.(b)		52,543
	43	Inari Medical, Inc.(b)		2,924
	205	Inogen, Inc.(b)		4,957
	12	Inspire Medical Systems, Inc.(b)		2,192
	88	Insulet Corporation(b)		19,179

See accompanying notes to the financial statements.

24

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		MEDICAL EQUIPMENT & DEVICES — 5.1% (Continued)
	1,054	Integer Holdings Corporation(b)	$	74,476
	524	Integra LifeSciences Holdings Corporation(b)		28,312
	509	Intuitive Surgical, Inc.(b)		102,161
	32	iRhythm Technologies, Inc.(b)		3,457
	131	Lantheus Holdings, Inc.(b)		8,650
	48	LeMaitre Vascular, Inc.		2,186
	159	Masimo Corporation(b)		20,777
	223	Meridian Bioscience, Inc.(b)		6,784
	348	Merit Medical Systems, Inc.(b)		18,886
	32	Mettler-Toledo International, Inc.(b)		36,761	��
	693	Myriad Genetics, Inc.(b)		12,592
	126	NanoString Technologies, Inc.(b)		1,600
	458	Natera, Inc.(b)		16,232
	320	Natus Medical, Inc.(b)		10,486
	116	Neogen Corporation(b)		2,794
	166	Nevro Corporation(b)		7,276
	525	NuVasive, Inc.(b)		25,809
	311	Orthofix Medical, Inc.(b)		7,321
	86	Penumbra, Inc.(b)		10,709
	449	PerkinElmer, Inc.		63,857
	288	QuidelOrtho Corporation(b)		27,988
	55	Repligen Corporation(b)		8,932
	278	ResMed, Inc.		58,277
	4,054	SmileDirectClub, Inc.(b)		4,216
	1,626	SomaLogic, Inc.(b)		7,350
	1,484	Stryker Corporation		295,212
	58	Surmodics, Inc.(b)		2,159
	114	Tandem Diabetes Care, Inc.(b)		6,748
	203	Teleflex, Inc.		49,908
	1,178	Thermo Fisher Scientific, Inc.		639,984
	669	Varex Imaging Corporation(b)		14,310
	140	Veracyte, Inc.(b)		2,786
	153	Waters Corporation(b)		50,640
	157	West Pharmaceutical Services, Inc.		47,472
	1,690	Zimmer Biomet Holdings, Inc.		177,551
				5,362,709

See accompanying notes to the financial statements.

25

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		METALS & MINING — 0.1%
	1,183	Compass Minerals International, Inc.	$	41,866
	74	Encore Wire Corporation		7,690
	537	Freeport-McMoRan, Inc.		15,713
	315	Southern Copper Corporation		15,690
				80,959
		MORTGAGE FINANCE — 0.1%
	1,052	AGNC Investment Corporation		11,646
	2,009	Annaly Capital Management, Inc.(c)		11,873
	187	Blackstone Mortgage Trust, Inc., Class A		5,174
	969	Chimera Investment Corporation		8,547
	1,692	New Residential Investment Corporation		15,769
	524	PennyMac Mortgage Investment Trust		7,247
	383	Starwood Property Trust, Inc.		8,001
				68,257
		MULTI ASSET CLASS REIT — 0.0%(a)
	680	American Finance Trust, Inc.(b)		4,950
	179	Apartment Income REIT Corporation		7,446
	1,403	DigitalBridge Group, Inc., Class A(b)		6,847
	401	Vornado Realty Trust		11,465
	98	WP Carey, Inc.		8,120
				38,828
		OFFICE REIT — 0.1%
	413	Alexandria Real Estate Equities, Inc.		59,897
	242	American Assets Trust, Inc.		7,187
	300	Boston Properties, Inc.		26,694
	713	Brandywine Realty Trust		6,873
	196	Douglas Emmett, Inc.		4,386
	169	Highwoods Properties, Inc.		5,778
	992	Hudson Pacific Properties, Inc.		14,721
	170	Kilroy Realty Corporation		8,896
	682	Paramount Group, Inc.		4,931
	132	SL Green Realty Corporation		6,092
				145,455

See accompanying notes to the financial statements.

26

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		PUBLISHING & BROADCASTING — 0.1%
	4,461	Clear Channel Outdoor Holdings, Inc.(b)	$	4,773
	2,239	Gannett Company, Inc.(b)		6,493
	300	Gray Television, Inc.		5,067
	1,121	iHeartMedia, Inc., Class A(b)		8,845
	203	New York Times Company (The), Class A		5,664
	1,341	News Corporation, Class B		21,308
	74	Nexstar Media Group, Inc., Class A		12,053
	427	Sinclair Broadcast Group, Inc., Class A		8,711
	439	TEGNA, Inc.		9,206
				82,120
		REAL ESTATE INVESTMENT TRUSTS — 0.0%(a)
	198	American Homes 4 Rent, Class A		7,017
	297	Invitation Homes, Inc.		10,567
				17,584
		REAL ESTATE SERVICES — 0.2%
	2,721	Anywhere Real Estate, Inc.(b)		26,747
	1,479	CBRE Group, Inc., Class A(b)		108,869
	1,044	Compass, Inc.(b)		3,769
	466	eXp World Holdings, Inc.		5,485
	401	Jones Lang LaSalle, Inc.(b)		70,119
	911	Newmark Group, Inc., Class A		8,809
				223,798
		RENEWABLE ENERGY — 0.0%(a)
	358	EnerSys		21,108
	202	First Solar, Inc.(b)		13,762
	915	Sunrun, Inc.(b)		21,374
				56,244
		RESIDENTIAL REIT — 0.0%(a)
	95	AvalonBay Communities, Inc.		18,454
	54	Camden Property Trust		7,262
	112	Equity LifeStyle Properties, Inc.		7,893
	267	Equity Residential		19,283
	41	Essex Property Trust, Inc.		10,722
	71	Mid-America Apartment Communities, Inc.		12,402

See accompanying notes to the financial statements.

27

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		RESIDENTIAL REIT — 0.0%(a) (Continued)
	55	Sun Communities, Inc.	$	8,765
	175	UDR, Inc.		8,057
				92,838
		RETAIL — CONSUMER STAPLES — 2.0%
	1,855	Albertsons Companies, Inc.		49,566
	422	Big Lots, Inc.		8,849
	361	Dollar General Corporation		88,604
	340	Dollar Tree, Inc.(b)		52,989
	54	Five Below, Inc.(b)		6,125
	86	PriceSmart, Inc.		6,160
	2,371	SpartanNash Company		71,533
	1,032	Sprouts Farmers Market, Inc.(b)		26,130
	1,556	Target Corporation		219,754
	19,433	Walgreens Boots Alliance, Inc.		736,511
	6,722	Walmart, Inc.		817,261
				2,083,482
		RETAIL — DISCRETIONARY — 1.7%
	353	Aaron’s Company, Inc.		5,136
	223	Abercrombie & Fitch Company, Class A(b)		3,773
	666	Academy Sports & Outdoors, Inc.		23,670
	62	Advance Auto Parts, Inc.		10,732
	634	American Eagle Outfitters, Inc.		7,088
	42	Asbury Automotive Group, Inc.(b)		7,112
	199	AutoNation, Inc.(b)		22,240
	11	AutoZone, Inc.(b)		23,640
	672	Bath & Body Works, Inc.		18,090
	146	Beacon Roofing Supply, Inc.(b)		7,499
	1,402	Bed Bath & Beyond, Inc.(b)		6,968
	4,204	Best Buy Company, Inc.		274,059
	74	BlueLinx Holdings, Inc.(b)		4,944
	139	Builders FirstSource, Inc.(b)		7,464
	130	Burlington Stores, Inc.(b)		17,710
	253	CarMax, Inc.(b)		22,891
	376	Designer Brands, Inc., Class A		4,911
	500	Dick’s Sporting Goods, Inc.		37,685

See accompanying notes to the financial statements.

28

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		RETAIL — DISCRETIONARY — 1.7% (Continued)
	60	Dillard’s, Inc., Class A	$	13,234
	99	Floor & Decor Holdings, Inc., Class A(b)		6,233
	476	Foot Locker, Inc.		12,019
	378	GameStop Corporation, Class A(b)		46,229
	2,552	Gap, Inc.		21,028
	118	Genuine Parts Company		15,694
	139	GMS, Inc.(b)		6,186
	50	Group 1 Automotive, Inc.		8,490
	1,245	Home Depot, Inc.		341,466
	1,405	Kohl’s Corporation		50,144
	54	Lithia Motors, Inc.		14,840
	1,424	Lowe’s Companies, Inc.		248,730
	4,177	Macy’s, Inc.		76,523
	2,177	Nordstrom, Inc.		46,000
	29	O’Reilly Automotive, Inc.(b)		18,321
	87	Penske Automotive Group, Inc.		9,108
	394	Petco Health & Wellness Company, Inc.(b)		5,808
	10,748	Qurate Retail, Inc.		40,842
	19	RH(b)		4,033
	743	Ross Stores, Inc.		52,181
	116	Rush Enterprises, Inc., Class B		5,755
	651	Sally Beauty Holdings, Inc.(b)		7,760
	162	Sonic Automotive, Inc., Class A		5,934
	2,050	TJX Companies, Inc.		114,493
	176	Tractor Supply Company		34,118
	51	Ulta Beauty, Inc.(b)		19,659
	353	Urban Outfitters, Inc.(b)		6,587
	283	Victoria’s Secret & Company(b)		7,916
	563	Warby Parker, Inc.(b)		6,339
	96	Williams-Sonoma, Inc.		10,651
				1,761,933
		RETAIL REIT — 0.0%(a)
	313	Brixmor Property Group, Inc.		6,326
	51	Federal Realty Investment Trust		4,883
	1,112	Kimco Realty Corporation		21,984

See accompanying notes to the financial statements.

29

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		RETAIL REIT — 0.0%(a) (Continued)
	124	Realty Income Corporation	$	8,464
	89	Regency Centers Corporation		5,279
	371	Simon Property Group, Inc.		35,215
				82,151
		SELF-STORAGE REIT — 0.0%(a)
	58	Extra Space Storage, Inc.		9,867
	73	Public Storage		22,825
				32,692
		SEMICONDUCTORS — 1.4%
	509	Advanced Micro Devices, Inc.(b)		38,923
	440	Amkor Technology, Inc.		7,458
	208	Analog Devices, Inc.		30,387
	1,074	Applied Materials, Inc.		97,713
	269	Azenta, Inc.		19,395
	266	Broadcom, Inc.		129,225
	202	Cirrus Logic, Inc.(b)		14,653
	30	CMC Materials, Inc.		5,235
	30	Coherent, Inc.(b)		7,987
	92	Diodes, Inc.(b)		5,940
	87	Entegris, Inc.		8,015
	185	II-VI, Inc.(b)		9,426
	11,788	Intel Corporation		440,989
	66	IPG Photonics Corporation(b)		6,213
	94	KLA Corporation		29,994
	133	Lam Research Corporation		56,678
	284	Marvell Technology, Inc.		12,363
	381	Microchip Technology, Inc.		22,128
	1,981	Micron Technology, Inc.		109,510
	97	MKS Instruments, Inc.		9,955
	499	NVIDIA Corporation		75,643
	514	ON Semiconductor Corporation(b)		25,859
	261	Qorvo, Inc.(b)		24,618
	1,040	QUALCOMM, Inc.		132,850
	219	Skyworks Solutions, Inc.		20,288
	55	Synaptics, Inc.(b)		6,493

See accompanying notes to the financial statements.

30

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		SEMICONDUCTORS — 1.4% (Continued)
	172	Teradyne, Inc.	$	15,403
	508	Texas Instruments, Inc.		78,054
	753	Vishay Intertechnology, Inc.		13,418
				1,454,813
		SOFTWARE — 3.5%
	114	Adobe, Inc.(b)		41,731
	90	Akamai Technologies, Inc.(b)		8,220
	21	ANSYS, Inc.(b)		5,025
	61	Autodesk, Inc.(b)		10,490
	1,589	Avaya Holdings Corporation(b)		3,559
	60	Cadence Design Systems, Inc.(b)		9,002
	110	CDK Global, Inc.		6,025
	247	Change Healthcare, Inc.(b)		5,696
	97	Citrix Systems, Inc.		9,425
	74	Concentrix Corporation		10,037
	3,649	ContextLogic, Inc.(b)		5,838
	554	Dropbox, Inc., Class A(b)		11,628
	204	Ebix, Inc.		3,448
	360	Evolent Health, Inc., Class A(b)		11,056
	250	Fortinet, Inc.(b)		14,145
	68	Intuit, Inc.		26,210
	12,040	Microsoft Corporation		3,092,233
	474	NortonLifeLock, Inc.		10,409
	302	Oak Street Health, Inc.(b)		4,965
	443	Omnicell, Inc.(b)		50,391
	2,412	Oracle Corporation		168,526
	24	Palo Alto Networks, Inc.(b)		11,855
	466	R1 RCM, Inc.(b)		9,767
	320	Salesforce, Inc.(b)		52,813
	23	ServiceNow, Inc.(b)		10,937
	186	SS&C Technologies Holdings, Inc.		10,801
	36	Synopsys, Inc.(b)		10,933
	568	VMware, Inc., Class A		64,741
	47	Workday, Inc., Class A(b)		6,560
	60	Zoom Video Communications, Inc., Class A(b)		6,478
				3,692,944

See accompanying notes to the financial statements.

31

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		SPECIALTY FINANCE — 0.5%
	1,231	American Express Company	$	170,641
	650	Bread Financial Holdings, Inc.		24,089
	1,114	Capital One Financial Corporation		116,067
	522	Discover Financial Services		49,371
	1,427	Fidelity National Financial, Inc.		52,742
	752	First American Financial Corporation		39,796
	2,250	loanDepot, Inc.		3,240
	556	MGIC Investment Corporation		7,006
	205	Mr Cooper Group, Inc.(b)		7,532
	371	OneMain Holdings, Inc.		13,868
	172	PennyMac Financial Services, Inc.		7,518
	309	PROG Holdings, Inc.(b)		5,099
	259	Stewart Information Services Corporation		12,885
	1,661	Synchrony Financial		45,877
	64	Walker & Dunlop, Inc.		6,166
				561,897
		SPECIALTY REITS — 0.0%(a)
	601	Iron Mountain, Inc.		29,263
	98	Lamar Advertising Company, Class A		8,621
	283	Outfront Media, Inc.		4,797
				42,681
		TECHNOLOGY HARDWARE — 5.5%
	631	3D Systems Corporation(b)		6,121
	20,845	Apple, Inc.		2,849,928
	263	Arista Networks, Inc.(b)		24,654
	330	Arrow Electronics, Inc.(b)		36,990
	466	Avnet, Inc.		19,982
	1,654	Benchmark Electronics, Inc.		37,314
	386	Ciena Corporation(b)		17,640
	7,460	Cisco Systems, Inc.		318,094
	5,359	CommScope Holding Company, Inc.(b)		32,797
	2,859	Corning, Inc.		90,087
	19,776	Dell Technologies, Inc., Class C		913,849
	66	F5, Inc.(b)		10,101
	9,203	Hewlett Packard Enterprise Company		122,032

See accompanying notes to the financial statements.

32

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		TECHNOLOGY HARDWARE — 5.5% (Continued)
	19,645	HP, Inc.	$	643,963
	3,160	Jabil, Inc.		161,824
	877	Juniper Networks, Inc.		24,995
	306	Knowles Corporation(b)		5,303
	130	Lumentum Holdings, Inc.(b)		10,325
	144	Motorola Solutions, Inc.		30,182
	697	NCR Corporation(b)		21,684
	390	NetApp, Inc.		25,444
	280	NETGEAR, Inc.(b)		5,186
	134	Plantronics, Inc.(b)		5,317
	1,112	Plexus Corporation(b)		87,292
	270	Pure Storage, Inc., Class A(b)		6,942
	983	Sanmina Corporation(b)		40,038
	578	Snap One Holdings Corporation(b)		5,300
	543	Super Micro Computer, Inc.(b)		21,910
	243	TD SYNNEX Corporation		22,137
	738	TTM Technologies, Inc.(b)		9,225
	32	Ubiquiti, Inc.		7,943
	1,754	Western Digital Corporation(b)		78,632
	2,110	Xerox Holdings Corporation		31,334
	83	Zebra Technologies Corporation, Class A(b)		24,398
				5,748,963
		TECHNOLOGY SERVICES — 1.4%
	265	Amdocs Ltd.		22,077
	421	Automatic Data Processing, Inc.		88,427
	495	Block, Inc., Class A(b)		30,423
	127	Booz Allen Hamilton Holding Corporation		11,476
	99	Broadridge Financial Solutions, Inc.		14,112
	57	CACI International, Inc., Class A(b)		16,061
	383	CDW Corporation/DE		60,345
	1,337	Cognizant Technology Solutions Corporation,
		Class A		90,234
	7,990	Conduent, Inc.(b)		34,517
	2,713	DXC Technology Company(b)		82,231
	34	EPAM Systems, Inc.(b)		10,023
	194	Equifax, Inc.		35,459

See accompanying notes to the financial statements.

33

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		TECHNOLOGY SERVICES — 1.4% (Continued)
	110	Euronet Worldwide, Inc.(b)	$	11,065
	86	ExlService Holdings, Inc.(b)		12,670
	20	Fair Isaac Corporation(b)		8,018
	584	Fidelity National Information Services, Inc.		53,535
	580	Fiserv, Inc.(b)		51,603
	31	Gartner, Inc.(b)		7,497
	248	Global Payments, Inc.		27,439
	195	Green Dot Corporation, Class A(b)		4,896
	98	ICF International, Inc.		9,310
	213	Insight Enterprises, Inc.(b)		18,378
	1,236	International Business Machines Corporation		174,511
	29	Jack Henry & Associates, Inc.		5,221
	4,720	Kyndryl Holdings, Inc.(b)		46,162
	257	Mastercard, Inc., Class A		81,078
	748	MAXIMUS, Inc.		46,757
	549	MoneyGram International, Inc.(b)		5,490
	147	Moody’s Corporation		39,980
	185	Parsons Corporation(b)		7,478
	257	Paychex, Inc.		29,265
	1,199	PayPal Holdings, Inc.(b)		83,738
	115	S&P Global, Inc.		38,762
	361	TransUnion		28,876
	123	TTEC Holdings, Inc.		8,350
	856	Unisys Corporation(b)		10,298
	90	Verisk Analytics, Inc.		15,578
	336	Visa, Inc., Class A		66,155
	1,608	Western Union Company		26,484
				1,413,979
		TELECOMMUNICATIONS — 5.2%
	38,819	AT&T, Inc.		813,646
	372	EchoStar Corporation, Class A(b)		7,180
	1,060	Frontier Communications Parent, Inc.(b)		24,952
	201	IDT Corporation, Class B(b)		5,055

See accompanying notes to the financial statements.

34

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		TELECOMMUNICATIONS — 5.2% (Continued)
	11,239	Lumen Technologies, Inc.	$	122,617
	1,521	Telephone and Data Systems, Inc.		24,017
	1,236	T-Mobile US, Inc.(b)		166,291
	85,723	Verizon Communications, Inc.		4,350,442
				5,514,200
		TRANSPORTATION & LOGISTICS — 0.3%
	1,094	CH Robinson Worldwide, Inc.		110,899
	663	Expeditors International of Washington, Inc.		64,616
	751	GXO Logistics, Inc.(b)		32,496
	359	Hub Group, Inc., Class A(b)		25,467
	190	JB Hunt Transport Services, Inc.		29,919
	215	Landstar System, Inc.		31,265
	61	Norfolk Southern Corporation		13,865
	667	Ryder System, Inc.		47,397
				355,924
		TRANSPORTATION EQUIPMENT — 0.0%(a)
	121	Cummins, Inc.		23,417
	93	Westinghouse Air Brake Technologies Corporation		7,633
				31,050
		WHOLESALE — CONSUMER STAPLES — 3.6%
	5,216	Andersons, Inc. (The)		172,076
	15,334	Archer-Daniels-Midland Company		1,189,918
	19,336	Bunge Ltd.		1,753,582
	530	Calavo Growers, Inc.		22,112
	547	Chefs’ Warehouse, Inc. (The)(b)		21,273
	184	Grocery Outlet Holding Corporation(b)		7,844
	3,111	Sysco Corporation		263,532
	5,076	United Natural Foods, Inc.(b)		199,994
	3,183	US Foods Holding Corporation(b)		97,654
				3,727,985

See accompanying notes to the financial statements.

35

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.6% (Continued)
		WHOLESALE — DISCRETIONARY — 0.1%
	314	ePlus, Inc.(b)	$	16,680
	293	G-III Apparel Group Ltd.(b)		5,927
	152	PC Connection, Inc.		6,696
	358	ScanSource, Inc.(b)		11,148
	151	Veritiv Corporation(b)		16,391
				56,842
		TOTAL COMMON STOCKS (Cost $108,137,705)		103,736,316

			Expiration	Exercise
Shares			Date	Price	Fair Value
		RIGHT — 0.0%(a)
		NON-LISTED RIGHT — 0.0%(a)
	195	Zogenix, Inc. CVR(d)				129
		TOTAL RIGHT (Cost $129)				129
		TOTAL INVESTMENTS — 99.6% (Cost $108,134,549)				103,736,444
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				453,813
		NET ASSETS — 100.0%			$	104,190,257

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

LP - Limited Partnership

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

^(a) Percentage rounds to less than 0.1%.

^(b) Non-income producing security.

^(c) All or a portion of the security is held as collateral for written options.

^(d) The value of this security has been determined in good faith under policies of the Board of Trustees.

See accompanying notes to the financial statements.

36

Humankind US Stock ETF

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2022

ASSETS
Investment securities:
Securities at Cost	$	108,134,549
Securities at Value	$	103,736,444
Cash		301,503
Dividends and interest receivable		92,451
Deposit with broker		60,000
TOTAL ASSETS		104,190,398
LIABILITIES
Investment advisory fees payable		141
TOTAL LIABILITIES		141
NET ASSETS	$	104,190,257
Net Assets Consist of:
Paid in capital	$	110,450,736
Accumulated loss		(6,260,479	)
NET ASSETS	$	104,190,257
Net Asset Value Per Share:
Net Assets	$	104,190,257
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		4,054,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	25.70

37

Humankind US Stock ETF

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended June 30, 2022

INVESTMENT INCOME
Dividends (net of $28 foreign withholding taxes)	$	991,054
Other income		213
TOTAL INVESTMENT INCOME		991,267
EXPENSES
Investment advisory fees		60,549
NET INVESTMENT INCOME		930,718
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain (loss) on
Investments:		(4,650,165	)
Inkind Redemptions:		2,857,150
Net change in unrealized appreciation on investments		(14,156,709	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(15,949,724	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(15,019,006	)

* Commenced operations on February 24, 2021

38

Humankind US Stock ETF

STATEMENT OF CHANGES IN NET ASSETS

	For the			For the
	Six Months			Period*
	Ended			Ended
	June 30,			December 31,
	2022			2021
	(Unaudited)
FROM OPERATIONS:
Net investment income	$	930,718		$	1,079,121
Net realized loss from investments		(4,650,165	)		(165,306	)
Net realized gain from distributions from underlying investments		—			4,556
Net realized gain from Inkind redemptions		2,857,150			3,218,150
Net change in unrealized depreciation on investments		(14,156,709	)		9,758,604
Net decrease in net assets resulting from operations		(15,019,006	)		13,895,125
DISTRIBUTIONS TO SHAREHOLDERS FROM:
From Return of Capital		—			(117,160	)
Total distributions paid		(838,682	)		(1,080,606	)
Net decrease in net assets from distributions to shareholders		(838,682	)		(1,197,766	)
FROM SHARES OF BENEFICIAL INTEREST:
Proceeds from shares sold:
Proceeds from shares sold		23,401,697			116,775,927
Payments for shares redeemed		(14,838,969	)		(18,088,069	)
Net increase in net assets from shares of beneficial interest		8,562,728			98,687,858
TOTAL DECREASE IN NET ASSETS		(7,294,960	)		111,385,217
NET ASSETS:
Beginning of Period		111,485,217			100,000
End of Period	$	104,190,257		$	111,485,217
SHARE ACTIVITY
Shares Sold		850,000			4,400,000
Shares Redeemed		(550,000	)		(650,000	)
Net increase in shares of beneficial interest outstanding		300,000			3,750,000

* Commenced operations on February 24, 2021.

39

Humankind US Stock ETF

FINANCIAL HIGHLIGHTS

June 30, 2022

(For a share outstanding during the period)

	For the			For the
	Six Months			Period
	Ended			Ended
	June 30,			December 31,
	2022			2021*
	(Unaudited)
Net asset value, beginning of period	$	29.70		$	25.00
Activity from investment operations:
Net investment income (1)		0.24			0.37
Net realized and unrealized gain on investments		(4.03	)		4.69
Total from investment operations		(3.79	)		5.06
Less distributions from:
Net investment income		(0.18	)		(0.33	)
Return of capital		(0.03	)		(0.03	)
Total distributions		(0.21	)		(0.36	)
Net asset value, end of period	$	25.70		$	29.70
Market price, end of period	$	25.72		$	29.71
Total return (2,3)		(12.78	)%		20.31	%
Net assets, end of period (000s)	$	104,190		$	111,485
Ratio of expenses to average net assets (4)		0.11	%		0.11	%
Ratio of net investment income to average net assets (4)		1.69	%		1.54	%
Portfolio Turnover Rate (2,5)		32	%		22	%

^* The Humankind US Stock ETF commenced operations on February 24, 2021.

⁽¹⁾ Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

⁽²⁾ Not annualized.

⁽³⁾ Total return is historical in nature and assumes changes in share price, reinvestment of all dividends and distributions, if any.

⁽⁴⁾ Annualized.

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

40

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2022

1. ORGANIZATION

Humankind Benefit Corporation (the “Company”), is organized as a Benefit Corporation pursuant to the laws of the State of Maryland. The Company was incorporated on July 6, 2020. The Humankind US Stock ETF (the “Fund”) is a diversified series of the Company and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund’s investment objective is to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Humankind US Equity Index (the “Index”). The Fund’s investment objective may be changed without the consent of the shareholders of the Fund. The Fund commenced operations on February 24, 2021.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its 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 income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

Security Valuation – 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. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Directors (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Securities traded on a foreign exchange which has not closed by the valuation time or for which the official closing prices are not available at the time the net asset value per share (“NAV”) is determined may use alternative market prices provided by a pricing service.

41

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

Fair Valuation Process. As noted above, the fair value committee is composed of one or more representatives from each of the (i) Company, (ii) administrator, and (iii) adviser. The applicable investments are valued collectively via inputs from each of these groups. 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 adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask 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 the Fund’s calculation of its net asset value. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the adviser 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 adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee 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 the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of its 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 Fund has 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.

42

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s 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 June 30, 2022 for the Fund’s investments measured at fair value:

Assets *	Level 1		Level 2		Level 3		Total
Common Stock	$	103,736,315	$	—	$	—	$	103,736,315
Rights		—		129		—		129
Total	$	103,736,315	$	129	$	—	$	103,736,444

The Fund did not hold any Level 3 securities during the period.

* Please refer to the Schedule of Investments for industry classifications.

Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using effective yield method. Dividend income and expense are recorded on the ex-dividend date. Non-cash dividends are included in dividend income on the ex-dividend date at the fair market value of the shares received. 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. Withholding taxes on foreign dividends and foreign capital gain taxes have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

43

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly. 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 and are recorded on the ex-dividend date. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards, etc.) 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. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund.

Federal Income Tax – The Fund complies with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no provision for federal income tax is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Fund identifies its major tax jurisdictions as U.S. federal, Maryland, and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations. During the period ended June 30, 2022, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

3. INVESTMENT TRANSACTIONS

For the period ended June 30, 2022, cost of purchases and proceeds from sales of portfolio securities, other than in-kind transaction and short-term investments, amounted to $20,869,428 and $20,694,642, respectively. For the period ended June 30, 2022, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $23,325,888 and 14,860,449 respectively.

44

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Humankind Investments LLC, (the “Adviser”) serves as the Fund’s investment adviser. Pursuant to an investment advisory agreement with the Company, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Fund, manages the Fund’s portfolio and supervises the performance of administrative and professional services provided by others. The Adviser pays all operating expenses of the Fund, except for the fee payments under the Advisory Agreement, brokerage fees and commissions, indirect costs of investing in other investment companies, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Company’s Directors and officers with respect thereto, and authorized expenses pursuant to Rule 12b-1 under the 1940 Act. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.11% of the Fund’s average daily net assets. For the period ended June 30, 2022, the Fund incurred $60,549 in advisory fees, and $141 was due to the advisor.

Northern Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter and national distributor for the shares of the Fund. The Company, with respect to the Fund, has adopted the Company’s ETF Distribution Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”), which allows the Fund to pay the Fund’s distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund’s average daily net assets. As of June 30, 2022, the Plan has not been activated. For the period ended June 30, 2022 the Fund did not incur any distribution fees.

The Adviser’s unitary management fee is designed to pay the Fund’s expenses and to compensate the Adviser for providing services for the Fund. Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services and Independent Directors’ fees, but not payments under the Fund’s 12b-1 plan, brokerage fees and commissions, taxes, borrowing costs (such as dividend expense on securities sold short and interest), fees and expenses of other investment companies in which the Fund may invest, and extraordinary or non-recurring expenses (including litigation to which the Company or the Fund may be a party and indemnification of the Directors and officers with respect thereto). The Advisor, and not the Fund’s shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

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

45

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

Northern Lights Compliance Services, LLC (“NLCS”) — NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Company, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Company. Under the terms of such agreement, NLCS receives customary fees from the Adviser.

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 Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Adviser.

5. CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 50,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. 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 Fund generally imposes transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades, which is payable to the custodian (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund 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 Fund are disclosed in the Statement of Changes in Net Assets.

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

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

* As a percentage of the amount invested.

46

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION — TAX BASIS

At June 30, 2022, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

			Gross		Gross			Net
			Unrealized		Unrealized			Unrealized
Fund	Tax Cost		Appreciation		Depreciation			Appreciation
Humankind US Stock ETF	$	108,137,547	$	5,369,324	$	(9,770,427	)	$	(4,401,103	)

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the period ended December 31, 2021 is as follows:

	Period Ended
	December 31,
	2021
Ordinary Income	$	1,080,606
Long-Term Capital Gain		—
Return of Capital		117,160
	$	1,197,766

As of December 31, 2021, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

				Post
				October										Total
Undistributed		Undistributed		Loss and			Capital			Other		Unrealized		Accumulated
Ordinary		Long-Term		Late Year			Loss Carry			Book/Tax		Appreciation/		Earnings/
Income		Gains		Loss			Forwards			Differences		(Depreciation)		(Losses)
$	—	$	—	$	(431	)	$	(157,392	)	$	—	$	9,755,032	$	9,597,209

The difference between book basis and tax basis unrealized depreciation and accumulated net realized losses from security transactions are primarily attributable to the tax deferral of losses on wash sales.

Late year losses incurred after December 31 within the period are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $431.

47

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

At December 31, 2021, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized as follows:

Non-Expiring			Non-Expiring					CLCF
Short-Term			Long-Term		Total			Utilized
$	(157,392	)	$	—	$	(157,392	)	$	—

Permanent book and tax differences, primarily attributable to redemptions In-Kind have been made to increase (decrease) such accounts with offsetting adjustments for the Fund for the period ended December 31, 2021 as follows:

		Accumulated
Paid In Capital		Earnings (Losses)
$	3,217,310	$	(3,217,310	)

8. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

48

Humankind US Stock ETF

EXPENSE EXAMPLE (Unaudited)

June 30, 2022

As a shareholder of the Fund you incur ongoing costs, which include management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022 (the “period”).

Actual Expenses

The “Actual” line in the table below provides 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” line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 contingent deferred sales charges (loads), or redemption fees. 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.

	Beginning	Ending		Expenses Paid
	Account Value	Account Value	Annualized	During Period
	1/1/22	6/30/2022	Expense Ratio	1/1/22-6/30/2022
Actual*	$1,000.00	$872.20	0.11%	$0.51
Hypothetical*
(5% return before expenses)	$1,000.00	$1,024.25	0.11%	$0.55

* Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the six-month period (184), divided by the number of days in the fiscal year (365).

49

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2022

LIQUIDITY RISK MANAGEMENT PROGRAM

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, the Funds’ investment strategy and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; their short and long-term cash flow projections; and their cash holdings and access to other funding sources.

During the six months ended June 30, 2022, the Trust’s Liquidity Risk Management Program Administrator (the “Administrator”) reviewed the Funds’ investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Administrator concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

50

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

June 30, 2022

MARYLAND BENEFIT CORPORATION

Privacy Policies and Procedures

The Maryland Benefit Corporation, (the “Company”) has adopted the following privacy policies in order to safeguard the personal information of the Company’s customers and consumers in accordance with Regulation S-P as promulgated by the U.S. Securities and Exchange Commission.

Company officers are responsible for ensuring that the following policies and procedures are implemented:

1)       The Company is committed to protecting the confidentiality and security of the information they collect and will handle personal customer and consumer information only in accordance with Regulation S-P and any other applicable laws, rules and regulations 18. The Company will ensure: (a) the security and confidentiality of customer records and information; (b) that customer records and information are protected from any anticipated threats and hazards; and (c) that customer records and information are protected from unauthorized access or use.

2)       The Company conducts its business affairs through its Directors, officers and third parties that provide services pursuant to agreements with the Company. The Company has no employees. It is anticipated that the Directors and officers of the Company who are not employees of service providers will not have access to customer records and information in the performance of their normal responsibilities for the Company.

3)       The Company may share customer information with its affiliates, subject to the customers’ right to prohibit such sharing.

4)       The Company may share customer information with unaffiliated third parties only in accordance with the requirements of Regulation S-P. Pursuant to this policy, the Company will not share customer information with unaffiliated third parties other than as permitted by law, unless authorized to do so by the customer.

Consistent with these policies, the Company has adopted the following procedures:

1)       The Company will determine that the policies and procedures of its affiliates and Service Providers are reasonably designed to safeguard customer information and only permit appropriate and authorized access to and use of customer information through the application of appropriate administrative, technical and physical protections.

2)       The Company will direct each of its Service Providers to adhere to the privacy policy of the Company and to its privacy policies with respect to all customer information of the Company and to take all actions reasonably necessary so that the Company is in compliance with the provisions of Regulation S-P, including, as applicable, the development and delivery of privacy notices and the maintenance of appropriate and adequate records.

¹⁸ Generally, the Funds have institutional clients which are not considered “customers” for purposes of regulation S-P.

51

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

June 30, 2022

3)       The Company requires its Service Providers to provide periodic reports to the Company’s Board of Directors outlining their privacy policies and the implementation of such policies. Each Service Provider is required to promptly report to the Company’s Board any material changes to its privacy policy before, or promptly after, the adoption of such changes.

52

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-557-6657 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

INVESTMENT ADVISER

Humankind Investments LLC

79 Madison Avenue

New York, NY 10016

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

HUMANKIND-SAR22

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

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

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)       There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 13(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 13(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1933 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Humankind US Stock ETF

By (Signature and Title)

/s/ James Katz

James Katz, Director

Date 9/6/22

Pursuant to the requirements of the Securities Exchange Act of 1933 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ James Katz

James Katz, Principal Executive Officer/President

Date 9/6/22

By (Signature and Title)

/s/ Brian Curley

Brian Curley, Principal Financial Officer/Treasurer

Date 9/6/22