HKND

Annual Report

December 31, 2021

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

US equities continued to advance throughout 2021 as a vaccine rollout and economic recovery continued to improve the overall outlook. Despite several additional variant waves of the coronavirus, global economic activity steadily advanced throughout the year. Tailwinds from both fiscal stimulus and accommodative monetary policy contributed to the strong rally in the equity market. In the latter half of the year, mounting supply chain disruptions resulted in the most significant inflationary pressures seen since the 1980s but these inflation readings did not adversely impact equities through year end.

From the fund’s inception date of 2/24/2021 through 12/31/2021, the fund returned 20.31% compared to 23.23% for the benchmark S&P 1500 index. This divergence of 2.92% developed in October as certain technology shares that have a higher weighting in the S&P 1500 index than in HKND outperformed the overall market. Volatility in technology shares throughout the year resulted in higher volatility for the S&P 1500 index than for HKND, with periods when the index was both leading and lagging the fund.

Technology companies in the fund were the strongest performing sector with a return of 32.18% during the reporting period, although the return contribution from the sector was only 4.04% since the fund’s allocation to technology is only 13.14%. The healthcare sector, which represents the largest allocation in the fund at 31.75%, had a return of 22.69% and a performance contribution of 7.19%.

Focusing on the individual company level, the top five contributing companies were Alphabet, Microsoft, Pfizer, Apple and HCA Healthcare with return contributions of 1.57%, 1.41%, 1.24%, 1.10% and .73% respectively. The five largest detractors from performance were Verizon, General Electric, Intel, SmileDirectClub and Amgen with return contributions of -.26%, -.18%, -.09%, -.09% and -.07% respectively.

6198-NLD-02182022

Humankind US Stock ETF

PORTFOLIO REVIEW (Unaudited)

December 31, 2021

The Fund’s performance figures* for the period ended December 31, 2021, compared to its benchmark:

	Since Inception** -
Fund/Index	December 31, 2021
Humankind US Stock ETF	20.31%
Humankind US Stock ETF - Market Price	20.35%
S&P Composite 1500 ***	23.23%
Humankind US Equity Index ****	20.45%

Comparison of Change in Value of $10,000 Investment

(LINE GRAPH)

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (2/24/2021) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.11% per the February 19, 2021 prospectus. Please see the Financial Highlights for a most recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-888-557-6692.

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/.

Portfolio Composition as of December 31, 2021

Portfolio Composition (Unaudited)	% of Net Assets			Industry Composition (Unaudited)	% of Net Assets
Common Stocks		99.8	%	Biotech & Pharma		15.0	%
Other Assets in Excess of Liabilities		0.2	%	Health Care Facilities & Services		12.2	%
		100.0	%	Chemicals		6.6	%
				Medical Equipment & Devices		5.7	%
				Technology Hardware		5.1	%
				Telecommuncations		5.0	%
				Internet Media & Services		4.6	%
				Household Products		3.9	%
				Food		3.8	%
				Wholesale - Consumer Staples		3.8	%
				Other Assets and Other Liabilities - Net		34.3	%
						100.0	%

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

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8%
		ADVERTISING & MARKETING - 0.1%
	1,546	Interpublic Group of Companies, Inc.	$	57,898
	1,358	Omnicom Group, Inc.		99,500
				157,398
		AEROSPACE & DEFENSE -0.0%^(a)
	16	Teledyne Technologies, Inc.^(b)		6,991
	51	Woodward, Inc.		5,582
				12,573
		APPAREL & TEXTILE PRODUCTS - 0.0%^(a)
	74	VF Corporation		5,418

		ASSET MANAGEMENT - 0.5%
	50	Affiliated Managers Group, Inc.		8,226
	197	Ameriprise Financial, Inc.		59,427
	109	Ares Management Corporation, Class A		8,858
	74	B Riley Financial, Inc.		6,576
	82	BlackRock, Inc.		75,075
	354	Carlyle Group, Inc.		19,435
	825	Charles Schwab Corporation		69,382
	160	Federated Hermes, Inc., Class B		6,013
	1,012	Franklin Resources, Inc.		33,892
	1,451	Invesco Ltd.		33,402
	172	LPL Financial Holdings, Inc.		27,535
	1,720	ODP Corporation^(b)		67,562
	169	Oppenheimer Holdings, Inc., Class A		7,837
	688	Raymond James Financial, Inc.		69,075
	345	Stifel Financial Corporation		24,295
	129	T Rowe Price Group, Inc.		25,367
				541,957
		AUTOMOTIVE - 0.0%^(a)
	3,274	Tenneco, Inc., Class A^(b)		36,996
	892	Velodyne Lidar, Inc.^(b)		4,139
				41,135
		BANKING - 3.4%
	105	Ameris Bancorp		5,216

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BANKING - 3.4% (Continued)
	421	Associated Banc-Corporation	$	9,510
	17,410	Bank of America Corporation		774,572
	63	Bank of Hawaii Corporation		5,277
	187	Bank OZK		8,701
	236	BankUnited, Inc.		9,985
	105	BOK Financial Corporation		11,076
	208	Cadence Bank		6,196
	122	Cathay General Bancorp		5,245
	387	CIT Group, Inc.		19,869
	4,650	Citigroup, Inc.		280,814
	1,205	Citizens Financial Group, Inc.		56,936
	321	Comerica, Inc.		27,927
	135	Commerce Bancshares, Inc.		9,280
	75	Cullen/Frost Bankers, Inc.		9,455
	164	East West Bancorp, Inc.		12,904
	1,492	Fifth Third Bancorp		64,977
	14	First Citizens BancShares, Inc., Class A		11,618
	225	First Hawaiian, Inc.		6,149
	925	First Horizon Corporation		15,105
	248	First Midwest Bancorp, Inc.		5,079
	110	First Republic Bank		22,716
	182	Flagstar Bancorp, Inc.		8,725
	762	FNB Corporation		9,243
	403	Fulton Financial Corporation		6,851
	170	Hancock Whitney Corporation		8,503
	432	Hilltop Holdings, Inc.		15,180
	217	Home BancShares, Inc.		5,284
	2,304	Huntington Bancshares, Inc.		35,528
	430	Investors Bancorp, Inc.		6,515
	5,188	JPMorgan Chase & Company		821,521
	2,559	KeyCorporation		59,190
	321	M&T Bank Corporation		49,299
	1,058	New York Community Bancorp, Inc.		12,918
	318	Old National Bancorp		5,762

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BANKING - 3.4% (Continued)
	169	PacWest Bancorp	$	7,634
	748	People’s United Financial, Inc.		13,329
	71	Pinnacle Financial Partners, Inc.		6,781
	1,467	PNC Financial Services Group, Inc.		294,163
	98	Prosperity Bancshares, Inc.		7,085
	2,454	Regions Financial Corporation		53,497
	30	Signature Bank		9,704
	185	Simmons First National Corporation, Class A		5,472
	64	SouthState Corporation		5,127
	288	Sterling Bancorp		7,428
	31	SVB Financial Group^(b)		21,025
	277	Synovus Financial Corporation		13,260
	137	Texas Capital Bancshares, Inc.^(b)		8,254
	1,745	Truist Financial Corporation		102,170
	100	UMB Financial Corporation		10,611
	417	Umpqua Holdings Corporation		8,023
	166	United Bankshares, Inc.		6,022
	2,812	US Bancorp		157,950
	611	Valley National Bancorp		8,401
	146	Washington Federal, Inc.		4,873
	167	Webster Financial Corporation		9,325
	11,783	Wells Fargo & Company		565,349
	75	Western Alliance Bancorp		8,074
	126	Wintrust Financial Corporation		11,443
	326	Zions Bancorp		20,590
				3,788,716
		BEVERAGES - 1.8%
	4,454	Coca-Cola Company		263,721
	4,627	Keurig Dr Pepper, Inc.		170,551
	8,804	PepsiCo, Inc.		1,529,343
				1,963,615
		BIOTECH & PHARMA - 15.0%
	176	2seventy bio, Inc.^(b)		4,511
	139	4D Molecular Therapeutics, Inc.^(b)		3,050

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA - 15.0% (Continued)
	12,949	AbbVie, Inc.	$	1,753,294
	979	ACADIA Pharmaceuticals, Inc.^(b)		22,850
	390	Aerie Pharmaceuticals, Inc.^(b)		2,738
	1,741	Agenus, Inc.^(b)		5,606
	495	Agios Pharmaceuticals, Inc.^(b)		16,271
	1,986	Akebia Therapeutics, Inc.^(b)		4,488
	179	Akoya Biosciences, Inc.^(b)		2,740
	119	Albireo Pharma, Inc.^(b)		2,772
	337	Alector, Inc.^(b)		6,959
	302	Allakos, Inc.^(b)		2,957
	807	Allogene Therapeutics, Inc.^(b)		12,040
	454	Alnylam Pharmaceuticals, Inc.^(b)		76,989
	784	ALX Oncology Holdings, Inc.^(b)		16,848
	4,992	Amgen, Inc.		1,123,050
	1,123	Amicus Therapeutics, Inc.^(b)		12,971
	399	Amphastar Pharmaceuticals, Inc.^(b)		9,293
	132	AnaptysBio, Inc.^(b)		4,587
	137	Anika Therapeutics, Inc.^(b)		4,909
	870	Antares Pharma, Inc.^(b)		3,106
	455	Apellis Pharmaceuticals, Inc.^(b)		21,512
	104	Arcturus Therapeutics Holdings, Inc.^(b)		3,849
	181	Arcus Biosciences, Inc.^(b)		7,325
	3,685	Ardelyx, Inc.^(b)		4,054
	435	Arena Pharmaceuticals, Inc.^(b)		40,429
	554	Arrowhead Pharmaceuticals, Inc.^(b)		36,730
	1,141	Atea Pharmaceuticals, Inc.^(b)		10,201
	339	Avid Bioservices, Inc.^(b)		9,892
	128	Avidity Biosciences, Inc.^(b)		3,043
	291	Axsome Therapeutics, Inc.^(b)		10,994
	239	Beam Therapeutics, Inc.^(b)		19,046
	280	BioAtla, Inc.^(b)		5,496
	938	BioCryst Pharmaceuticals, Inc.^(b)		12,991
	1,975	Biogen, Inc.^(b)		473,842
	192	Biohaven Pharmaceutical Holding Company Ltd.^(b)		26,460

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA - 15.0% (Continued)
	717	BioMarin Pharmaceutical, Inc.^(b)	$	63,347
	702	Bluebird Bio, Inc.^(b)		7,013
	334	Blueprint Medicines Corporation^(b)		35,775
	367	Bolt Biotherapeutics, Inc.^(b)		1,798
	892	Bridgebio Pharma, Inc.^(b)		14,879
	24,743	Bristol-Myers Squibb Company		1,542,726
	232	C4 Therapeutics, Inc.^(b)		7,470
	269	Cara Therapeutics, Inc.^(b)		3,276
	441	Catalyst Pharmaceuticals, Inc.^(b)		2,986
	81	ChemoCentryx, Inc.^(b)		2,949
	559	Chimerix, Inc.^(b)		3,594
	960	Clovis Oncology, Inc.^(b)		2,602
	444	Coherus Biosciences, Inc.^(b)		7,086
	640	Corcept Therapeutics, Inc.^(b)		12,672
	106	Crinetics Pharmaceuticals, Inc.^(b)		3,011
	1,227	Curis, Inc.^(b)		5,841
	232	Cytokinetics, Inc.^(b)		10,575
	833	CytomX Therapeutics, Inc.^(b)		3,607
	1,138	Deciphera Pharmaceuticals, Inc.^(b)		11,118
	679	Denali Therapeutics, Inc.^(b)		30,283
	257	Dynavax Technologies Corporation^(b)		3,616
	60	Eagle Pharmaceuticals, Inc.^(b)		3,055
	345	Editas Medicine, Inc.^(b)		9,160
	4,431	Eli Lilly & Company		1,223,931
	662	Emergent BioSolutions, Inc.^(b)		28,777
	177	Enanta Pharmaceuticals, Inc.^(b)		13,236
	1,178	Epizyme, Inc.^(b)		2,945
	796	Esperion Therapeutics, Inc.^(b)		3,980
	2,873	Exelixis, Inc.^(b)		52,518
	614	Fate Therapeutics, Inc.^(b)		35,925
	1,208	FibroGen, Inc.^(b)		17,033
	454	Finch Therapeutics Group, Inc.^(b)		4,526
	396	Forma Therapeutics Holdings, Inc.^(b)		5,631
	11,767	Gilead Sciences, Inc.		854,402

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA - 15.0% (Continued)
	336	Global Blood Therapeutics, Inc.^(b)	$	9,835
	97	Guardant Health, Inc.^(b)		9,702
	1,476	Halozyme Therapeutics, Inc.^(b)		59,350
	209	Harmony Biosciences Holdings, Inc.^(b)		8,912
	442	Harpoon Therapeutics, Inc.^(b)		3,337
	699	Heron Therapeutics, Inc.^(b)		6,382
	732	Hookipa Pharma, Inc.^(b)		1,706
	201	IGM Biosciences, Inc.^(b)		5,895
	1,781	ImmunoGen, Inc.^(b)		13,215
	873	Immunovant, Inc.^(b)		7,438
	2,056	Incyte Corporation^(b)		150,910
	70	Inhibrx, Inc.^(b)		3,057
	384	Innoviva, Inc.^(b)		6,624
	959	Inovio Pharmaceuticals, Inc.^(b)		4,785
	474	Insmed, Inc.^(b)		12,912
	171	Intellia Therapeutics, Inc.^(b)		20,219
	247	Intercept Pharmaceuticals, Inc.^(b)		4,024
	95	Intersect ENT, Inc.^(b)		2,594
	348	Intra-Cellular Therapies, Inc.^(b)		18,214
	994	Ionis Pharmaceuticals, Inc.^(b)		30,247
	991	Iovance Biotherapeutics, Inc.^(b)		18,918
	2,610	Ironwood Pharmaceuticals, Inc.^(b)		30,433
	13,318	Johnson & Johnson		2,278,309
	201	KalVista Pharmaceuticals, Inc.^(b)		2,659
	120	Karuna Therapeutics, Inc.^(b)		15,720
	453	Karyopharm Therapeutics, Inc.^(b)		2,913
	92	Keros Therapeutics, Inc.^(b)		5,383
	220	Kinnate Biopharma, Inc.^(b)		3,898
	211	Kodiak Sciences, Inc.^(b)		17,889
	460	Kura Oncology, Inc.^(b)		6,440
	156	Kymera Therapeutics, Inc.^(b)		9,904
	846	Lexicon Pharmaceuticals, Inc.^(b)		3,333
	84	Ligand Pharmaceuticals, Inc.^(b)		12,975
	864	MacroGenics, Inc.^(b)		13,867

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA - 15.0% (Continued)
	127	Madrigal Pharmaceuticals, Inc.^(b)	$	10,762
	1,632	MannKind Corporation^(b)		7,132
	3,864	Maravai LifeSciences Holdings, Inc.^(b)		161,902
	223	Marinus Pharmaceuticals, Inc.^(b)		2,649
	143	MeiraGTx Holdings PLC^(b)		3,395
	16,330	Merck & Company, Inc.		1,251,531
	684	Mersana Therapeutics, Inc.^(b)		4,254
	274	Mirati Therapeutics, Inc.^(b)		40,193
	1,178	Moderna, Inc.^(b)		299,188
	161	Morphic Holding, Inc.^(b)		7,628
	2,954	Nektar Therapeutics^(b)		39,909
	794	Neurocrine Biosciences, Inc.^(b)		67,625
	652	NGM Biopharmaceuticals, Inc.^(b)		11,547
	229	Nkarta, Inc.^(b)		3,515
	244	Novavax, Inc., Class A^(b)		34,909
	207	Nurix Therapeutics, Inc.^(b)		5,993
	1,046	Ocugen, Inc.^(b)		4,759
	717	Ocular Therapeutix, Inc.^(b)		4,997
	815	Omeros Corporation^(b)		5,240
	523	Organogenesis Holdings, Inc.^(b)		4,833
	306	Pacira BioSciences, Inc.^(b)		18,412
	38,219	Pfizer, Inc.		2,256,831
	407	Pliant Therapeutics, Inc.^(b)		5,495
	767	PMV Pharmaceuticals, Inc.^(b)		17,718
	230	Praxis Precision Medicines, Inc.^(b)		4,531
	1,907	Precigen, Inc.^(b)		7,075
	381	Prestige Consumer Healthcare, Inc.^(b)		23,108
	207	Prometheus Biosciences, Inc.^(b)		8,185
	198	Protagonist Therapeutics, Inc.^(b)		6,772
	408	PTC Therapeutics, Inc.^(b)		16,251
	323	Radius Health, Inc.^(b)		2,235
	70	RAPT Therapeutics, Inc.^(b)		2,571
	882	Recursion Pharmaceuticals, Inc.^(b)		15,109
	640	Regeneron Pharmaceuticals, Inc.^(b)		404,173

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA - 15.0% (Continued)
	333	REGENXBIO, Inc.^(b)	$	10,889
	373	Relay Therapeutics, Inc.^(b)		11,455
	708	Revance Therapeutics, Inc.^(b)		11,555
	419	REVOLUTION Medicines, Inc.^(b)		10,546
	1,192	Rigel Pharmaceuticals, Inc.^(b)		3,159
	447	Rocket Pharmaceuticals, Inc.^(b)		9,758
	6,122	Royalty Pharma PLC, Class A		243,962
	774	Sage Therapeutics, Inc.^(b)		32,926
	1,027	Sangamo Therapeutics, Inc.^(b)		7,703
	437	Sarepta Therapeutics, Inc.^(b)		39,352
	164	Scholar Rock Holding Corporation^(b)		4,074
	835	Seagen, Inc.^(b)		129,091
	579	Shattuck Labs, Inc.^(b)		4,927
	436	SIGA Technologies, Inc.^(b)		3,279
	1,530	Sorrento Therapeutics, Inc.^(b)		7,115
	228	SpringWorks Therapeutics, Inc.^(b)		14,131
	372	Supernus Pharmaceuticals, Inc.^(b)		10,848
	351	Sutro Biopharma, Inc.^(b)		5,223
	234	Syndax Pharmaceuticals, Inc.^(b)		5,122
	974	TG Therapeutics, Inc.^(b)		18,506
	235	Travere Therapeutics, Inc.^(b)		7,294
	445	Turning Point Therapeutics, Inc.^(b)		21,227
	185	Twist Bioscience Corporation^(b)		14,317
	534	Ultragenyx Pharmaceutical, Inc.^(b)		44,904
	321	United Therapeutics Corporation^(b)		69,362
	428	Vanda Pharmaceuticals, Inc.^(b)		6,715
	583	Vaxart, Inc.^(b)		3,655
	837	Verastem, Inc.^(b)		1,716
	2,180	Vertex Pharmaceuticals, Inc.^(b)		478,728
	408	Veru, Inc.^(b)		2,403
	496	Viatris, Inc.		6,711
	902	Vir Biotechnology, Inc.^(b)		37,767
	222	XBiotech, Inc.		2,471
	479	Xencor, Inc.^(b)		19,217

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA - 15.0% (Continued)
	386	Y-mAbs Therapeutics, Inc.^(b)	$	6,257
	381	Zogenix, Inc.^(b)		6,191
				16,684,218
		CABLE & SATELLITE - 1.2%
	1,621	Altice USA, Inc., Class A^(b)		26,228
	2	Cable One, Inc.		3,527
	420	Charter Communications, Inc., Class A^(b)		273,827
	17,039	Comcast Corporation, Class A		857,573
	1,866	DISH Network Corporation, Class A^(b)		60,533
	460	Liberty Broadband Corporation - Series A^(b)		74,014
	266	WideOpenWest, Inc.^(b)		5,724
				1,301,426
		CHEMICALS - 6.6%
	6,107	American Vanguard Corporation		100,094
	11,887	CF Industries Holdings, Inc.		841,362
	74,649	Corteva, Inc.		3,529,404
	374	CVR Partners, L.P.		30,926
	4,590	Ecolab, Inc.		1,076,768
	8,519	FMC Corporation		936,153
	313	International Flavors & Fragrances, Inc.		47,153
	91	Minerals Technologies, Inc.		6,657
	18,443	Mosaic Company		724,625
	19	Rogers Corporation^(b)		5,187
				7,298,329
		COMMERCIAL SUPPORT SERVICES - 0.7%
	546	ABM Industries, Inc.		22,304
	688	ADT, Inc.		5,786
	896	Advantage Solutions, Inc.^(b)		7,186
	115	AMN Healthcare Services, Inc.^(b)		14,068
	959	Aramark		35,339
	145	ASGN, Inc.^(b)		17,893
	87	Barrett Business Services, Inc.		6,008
	167	Brady Corporation, Class A		9,001
	99	Brink’s Company		6,491

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		COMMERCIAL SUPPORT SERVICES - 0.7% (Continued)
	124	Cintas Corporation	$	54,953
	108	CorVel Corporation^(b)		22,464
	340	Deluxe Corporation		10,917
	210	Forrester Research, Inc.^(b)		12,333
	97	FTI Consulting, Inc.^(b)		14,882
	664	H&R Block, Inc.		15,644
	106	Huron Consulting Group, Inc.^(b)		5,289
	238	Insperity, Inc.		28,110
	1,808	Kelly Services, Inc., Class A		30,320
	107	Kforce, Inc.		8,049
	134	Korn Ferry		10,148
	1,219	ManpowerGroup, Inc.		118,646
	2,622	R1 RCM, Inc.^(b)		66,835
	302	Robert Half International, Inc.		33,679
	89	Schnitzer Steel Industries, Inc., Class A		4,621
	3,123	SP Plus Corporation^(b)		88,132
	477	Stericycle, Inc.^(b)		28,448
	256	TriNet Group, Inc.^(b)		24,387
	534	TrueBlue, Inc.^(b)		14,776
	71	UniFirst Corporation		14,938
	484	Viad Corporation^(b)		20,710
				752,357
		CONSTRUCTION MATERIALS - 0.0%^(a)
	58	Carlisle Companies, Inc.		14,391

		CONSUMER SERVICES - 0.1%
	188	Adtalem Global Education, Inc.^(b)		5,557
	56	Bright Horizons Family Solutions, Inc.^(b)		7,049
	20	Graham Holdings Company, Class B		12,598
	228	Matthews International Corporation, Class A		8,361
	24	Medifast, Inc.		5,026
	165	Rent-A-Center, Inc.		7,927
	153	Service Corp International		10,861

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		CONSUMER SERVICES - 0.1% (Continued)
	318	WW International, Inc.^(b)	$	5,129
				62,508
		CONTAINERS & PACKAGING - 0.0%^(a)
	280	Sealed Air Corporation		18,892

		DATA CENTER REIT - 0.0%^(a)
	164	Digital Realty Trust, Inc.		29,007
	33	Equinix, Inc.		27,913
				56,920
		DATA CENTER REITS - 0.0%^(a)
	62	CyrusOne, Inc.		5,563

		DIVERSIFIED INDUSTRIALS - 2.2%
	2,865	3M Company		508,910
	71	Dover Corporation		12,894
	19,507	General Electric Company		1,842,825
	245	Honeywell International, Inc.		51,085
	77	Illinois Tool Works, Inc.		19,004
				2,434,718
		E-COMMERCE DISCRETIONARY - 0.4%
	1,580	1-800-Flowers.com, Inc., Class A^(b)		36,925
	98	Amazon.com, Inc.^(b)		326,764
	97	Chewy, Inc.^(b)		5,720
	527	eBay, Inc.		35,046
	69	Wayfair, Inc., Class A^(b)		13,108
				417,563
		ELECTRICAL EQUIPMENT - 0.5%
	43	Acuity Brands, Inc.		9,104
	66	AMETEK, Inc.		9,705
	633	Amphenol Corporation, Class A		55,362
	168	Belden, Inc.		11,043
	164	Carrier Global Corporation		8,895
	61	Cognex Corporation		4,743
	1,938	Fortive Corporation		147,849

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		ELECTRICAL EQUIPMENT - 0.5% (Continued)
	16	Generac Holdings, Inc.^(b)	$	5,631
	74	Hubbell, Inc.		15,412
	154	Itron, Inc.^(b)		10,552
	112	Keysight Technologies, Inc.^(b)		23,129
	1,757	Kimball Electronics, Inc.^(b)		38,232
	15	Littelfuse, Inc.		4,720
	159	National Instruments Corporation		6,944
	142	Novanta, Inc.^(b)		25,039
	183	OSI Systems, Inc.^(b)		17,056
	89	Rockwell Automation, Inc.		31,048
	48	Roper Technologies, Inc.		23,609
	109	Trimble, Inc.^(b)		9,504
	665	Watts Water Technologies, Inc., Class A		129,123
				586,700
		ENGINEERING & CONSTRUCTION - 0.2%
	456	Dycom Industries, Inc.^(b)		42,755
	86	EMCOR Group, Inc.		10,956
	526	Jacobs Engineering Group, Inc.		73,234
	419	Tetra Tech, Inc.		71,146
				198,091
		ENTERTAINMENT CONTENT - 0.6%
	1,869	Activision Blizzard, Inc.		124,345
	267	AMC Networks, Inc., Class A^(b)		9,195
	1,869	Discovery, Inc. - Series A^(b)		43,996
	177	Electronic Arts, Inc.		23,346
	591	Endeavor Group Holdings, Inc.^(b)		20,620
	1,445	Fox Corporation - Class B, CLASS B		49,520
	975	Lions Gate Entertainment Corporation, Class A^(b)		16,224
	207	ROBLOX Corporation, Class A^(b)		21,354
	123	Take-Two Interactive Software, Inc.^(b)		21,860
	2,168	ViacomCBS, Inc.		72,346
	1,060	Walt Disney Company^(b)		164,184
	564	Warner Music Group Corporation		24,354

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		ENTERTAINMENT CONTENT - 0.6% (Continued)
	3,621	Zynga, Inc., Class A^(b)	$	23,174
				614,518
		FOOD - 3.8%
	1,526	B&G Foods, Inc.		46,894
	4,252	Campbell Soup Company		184,792
	14,888	Conagra Brands, Inc.		508,425
	432	Darling Ingredients, Inc.^(b)		29,933
	8,161	Flowers Foods, Inc.		224,183
	9,886	Fresh Del Monte Produce, Inc.		272,854
	8,043	General Mills, Inc.		541,937
	1,150	Hain Celestial Group, Inc.^(b)		49,002
	358	Hershey Company		69,262
	1,011	Hostess Brands, Inc.^(b)		20,645
	924	Ingredion, Inc.		89,295
	525	J & J Snack Foods Corporation		82,929
	2,386	J M Smucker Company		324,067
	124	John B Sanfilippo & Son, Inc.		11,180
	8,083	Kellogg Company		520,707
	4,984	Lamb Weston Holdings, Inc.		315,886
	246	Lancaster Colony Corporation		40,738
	505	Mission Produce, Inc.^(b)		7,929
	10,401	Mondelez International, Inc., Class A		689,689
	934	Post Holdings, Inc.^(b)		105,290
	5,465	TreeHouse Foods, Inc.^(b)		221,496
	446	Utz Brands, Inc.		7,114
				4,364,247
		FORESTRY, PAPER & WOOD PRODUCTS - 0.0%^(a)
	354	Glatfelter Corporation		6,089

		GAS & WATER UTILITIES - 2.9%
	2,161	American States Water Company		223,534
	10,132	American Water Works Company, Inc.		1,913,529
	5,064	California Water Service Group		363,899
	9,520	Essential Utilities, Inc.		511,129

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		GAS & WATER UTILITIES - 2.9% (Continued)
	288	Middlesex Water Company	$	34,646
	2,846	SJW Group		208,327
	443	York Water Company		22,053
				3,277,117
		HEALTH CARE FACILITIES & SERVICES -12.2%
	660	Acadia Healthcare Company, Inc.^(b)		40,062
	273	AdaptHealth Corporation^(b)		6,678
	89	Addus HomeCare Corporation^(b)		8,322
	1,582	Agiliti, Inc.^(b)		36,639
	1,526	agilon health, Inc.^(b)		41,202
	143	Amedisys, Inc.^(b)		23,149
	2,106	AmerisourceBergen Corporation		279,866
	632	Anthem, Inc.		292,957
	167	Apollo Medical Holdings, Inc.^(b)		12,271
	2,930	Aveanna Healthcare Holdings, Inc.^(b)		21,682
	16,064	Brookdale Senior Living, Inc.^(b)		82,890
	16,906	Cardinal Health, Inc.		870,490
	856	Catalent, Inc.^(b)		109,594
	2,287	Centene Corporation^(b)		188,449
	458	Charles River Laboratories International, Inc.^(b)		172,565
	42	Chemed Corporation		22,220
	40,027	Community Health Systems, Inc.^(b)		532,759
	5,926	CVS Health Corporation		611,326
	2,150	DaVita, Inc.^(b)		244,584
	1,120	Encompass Health Corporation		73,091
	412	Ensign Group, Inc.		34,592
	83	Fulgent Genetics, Inc.^(b)		8,349
	1,815	Hanger, Inc.^(b)		32,906
	7,633	HCA Healthcare, Inc.		1,961,071
	910	Henry Schein, Inc.^(b)		70,552
	376	Humana, Inc.		174,411
	998	Innovage Holding Corporation^(b)		4,990
	529	Invitae Corporation^(b)		8,078
	3,668	IQVIA Holdings, Inc.^(b)		1,034,890

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 12.2% (Continued)
	3,485	Laboratory Corp of America Holdings^(b)	$	1,095,022
	171	LHC Group, Inc.^(b)		23,466
	162	Magellan Health, Inc.^(b)		15,388
	4,720	McKesson Corporation		1,173,250
	4,597	Mednax, Inc.^(b)		125,084
	285	Medpace Holdings, Inc.^(b)		62,027
	158	Molina Healthcare, Inc.^(b)		50,257
	120	National HealthCare Corporation		8,153
	630	NeoGenomics, Inc.^(b)		21,496
	7,475	OPKO Health, Inc.^(b)		35,955
	2,073	Option Care Health, Inc.^(b)		58,956
	2,892	Ortho Clinical Diagnostics Holdings PLC^(b)		61,860
	3,589	Owens & Minor, Inc.		156,122
	1,187	Patterson Companies, Inc.		34,838
	224	Pennant Group, Inc.^(b)		5,170
	308	Personalis, Inc.^(b)		4,395
	1,357	Premier, Inc., Class A		55,868
	4,217	Quest Diagnostics, Inc.		729,583
	2,744	RadNet, Inc.^(b)		82,622
	4,226	Select Medical Holdings Corporation		124,244
	87	SI-BONE, Inc.^(b)		1,932
	599	Sotera Health Company^(b)		14,106
	1,335	Surgery Partners, Inc.^(b)		71,302
	3,448	Syneos Health, Inc.^(b)		354,041
	146	Teladoc Health, Inc.^(b)		13,406
	8,662	Tenet Healthcare Corporation^(b)		707,599
	839	Tivity Health, Inc.^(b)		22,183
	2,111	UnitedHealth Group, Inc.		1,060,018
	3,375	Universal Health Services, Inc., Class B		437,603
	97	US Physical Therapy, Inc.		9,268
				13,615,849
		HEALTH CARE REIT - 0.4%
	25,567	Diversified Healthcare Trust		79,001
	542	Healthcare Realty Trust, Inc.		17,149

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		HEALTH CARE REIT - 0.4% (Continued)
	723	Healthpeak Properties, Inc.	$	26,093
	423	Medical Properties Trust, Inc.		9,995
	215	Omega Healthcare Investors, Inc.		6,362
	553	Ventas, Inc.		28,269
	1,465	Welltower, Inc.		125,652
				292,521
		HOME & OFFICE PRODUCTS - 0.1%
	107	Scotts Miracle-Gro Company		17,227
	247	Whirlpool Corporation		57,961
				75,188
		HOME CONSTRUCTION - 0.2%
	440	Beazer Homes USA, Inc.^(b)		10,217
	141	Century Communities, Inc.		11,532
	281	Dream Finders Homes, Inc.^(b)		5,465
	73	Fortune Brands Home & Security, Inc.		7,804
	117	Hovnanian Enterprises, Inc.^(b)		14,893
	494	KB Home		22,097
	54	LGI Homes, Inc.^(b)		8,342
	191	M/I Homes, Inc.^(b)		11,876
	198	Masco Corporation		13,904
	310	MDC Holdings, Inc.		17,307
	154	Meritage Homes Corporation^(b)		18,797
	676	Taylor Morrison Home Corporation^(b)		23,633
	509	Toll Brothers, Inc.		36,847
	587	Tri Pointe Homes, Inc.^(b)		16,371
				219,085
		HOTEL REIT - 0.1%
	458	Apple Hospitality REIT, Inc.		7,397
	2,565	Host Hotels & Resorts, Inc. ^(b)		44,604
	899	Park Hotels & Resorts, Inc.^(b)		16,973
	231	Pebblebrook Hotel Trust		5,167
	572	RLJ Lodging Trust		7,968

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		HOTEL REIT - 0.1% (Continued)
	79	Ryman Hospitality Properties, Inc.^(b)	$	7,265
	530	Sunstone Hotel Investors, Inc.^(b)		6,217
	332	Xenia Hotels & Resorts, Inc.^(b)		6,013
				101,604
		HOUSEHOLD PRODUCTS - 3.9%
	655	Central Garden & Pet Company^(b)		34,473
	2,696	Church & Dwight Company, Inc.		276,340
	2,934	Clorox Company		511,572
	8,241	Colgate-Palmolive Company		703,287
	1,945	Energizer Holdings, Inc.		77,995
	324	Estee Lauder Companies, Inc., Class A		119,945
	1,815	Kimberly-Clark Corporation		259,400
	12,964	Procter & Gamble Company		2,120,650
	1,956	Spectrum Brands Holdings, Inc.		198,964
				4,302,626
		INDUSTRIAL INTERMEDIATE PRODUCT - 0.1%
	179	Timken Company		12,403
	184	Valmont Industries, Inc.		46,092
				58,495
		INDUSTRIAL REIT - 0.0%^(a)
	701	Americold Realty Trust		22,986
	136	Duke Realty Corporation		8,927
	159	Prologis, Inc.		26,769
				58,682
		INDUSTRIAL SUPPORT SERVICES - 0.1%
	27	AMERCO		19,608
	73	Applied Industrial Technologies, Inc.		7,497
	180	Fastenal Company		11,531
	104	MSC Industrial Direct Company, Inc., Class A		8,742
	381	Resideo Technologies, Inc.^(b)		9,917
	24	SiteOne Landscape Supply, Inc.^(b)		5,815
	67	United Rentals, Inc.^(b)		22,263
	33	Watsco, Inc.		10,325
	55	WESCO International, Inc.^(b)		7,237

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 0.1% (Continued)
	70	WW Grainger, Inc.	$	36,278
				139,213
		INFRASTRUCTURE REIT - 0.3%
	324	American Tower Corporation		94,769
	455	Crown Castle International Corporation		94,977
	62	SBA Communications Corporation		24,119
				213,865
		INSTITUTIONAL FINANCIAL SERVICES - 1.3%
	2,685	Bank of New York Mellon Corporation		155,945
	3,116	BGC Partners, Inc., Class A		14,489
	139	Cboe Global Markets, Inc.		18,126
	683	CME Group, Inc.		156,038
	306	Cowen, Inc., Class A		11,047
	187	Evercore, Inc., Class A		25,404
	936	Goldman Sachs Group, Inc.		358,066
	142	Houlihan Lokey, Inc.		14,700
	183	Interactive Brokers Group, Inc., Class A		14,534
	416	Intercontinental Exchange, Inc.		56,896
	2,076	Jefferies Financial Group, Inc.		80,549
	581	Lazard Ltd., Class A		25,349
	176	Moelis & Company, Class A		11,002
	2,793	Morgan Stanley		274,161
	174	Nasdaq, Inc.		36,542
	276	Northern Trust Corporation		33,012
	56	Piper Sandler Cos		9,997
	118	PJT Partners, Inc., Class A		8,743
	114	SEI Investments Company		6,947
	823	State Street Corporation		76,539
	516	StoneX Group, Inc.^(b)		31,605
	53	Tradeweb Markets, Inc., Class A		5,307
	10	Virtu Financial, Inc., Class A		288
				1,425,286
		INSURANCE - 1.8%
	1,238	Aflac, Inc.		72,287

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INSURANCE - 1.8% (Continued)
	1,730	Allstate Corporation	$	203,534
	236	American Equity Investment Life Holding Company		9,185
	224	American Financial Group, Inc.		30,760
	959	American International Group, Inc.		54,529
	73	American National Group, Inc.		13,785
	149	Arthur J Gallagher & Company		25,281
	222	Assurant, Inc.		34,601
	231	Brighthouse Financial, Inc.^(b)		11,966
	157	Brown & Brown, Inc.		11,034
	275	Cincinnati Financial Corporation		31,331
	113	CNA Financial Corporation		4,981
	465	CNO Financial Group, Inc.		11,086
	1,187	Equitable Holdings, Inc.		38,922
	50	Erie Indemnity Company, Class A		9,633
	6,197	Genworth Financial, Inc., Class A^(b)		25,098
	163	Globe Life, Inc.		15,276
	180	Hanover Insurance Group, Inc.		23,591
	1,139	Hartford Financial Services Group, Inc.		78,637
	130	Horace Mann Educators Corporation		5,031
	290	Kemper Corporation		17,049
	808	Lincoln National Corporation		55,154
	1,377	Loews Corporation		79,536
	27	Markel Corporation^(b)		33,318
	536	Marsh & McLennan Companies, Inc.		93,168
	317	Mercury General Corporation		16,820
	2,776	MetLife, Inc.		173,472
	1,390	Old Republic International Corporation		34,166
	824	Principal Financial Group, Inc.		59,600
	1,741	Progressive Corporation		178,713
	2,043	Prudential Financial, Inc.		221,133
	378	Radian Group, Inc.		7,987
	462	Reinsurance Group of America, Inc.		50,584
	160	Selective Insurance Group, Inc.		13,110
	120	State Auto Financial Corporation		6,203

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INSURANCE - 1.8% (Continued)
	946	Travelers Companies, Inc.	$	147,983
	222	United Fire Group, Inc.		5,148
	1,346	Unum Group		33,071
	550	Voya Financial, Inc.		36,471
	750	W R Berkley Corporation		61,793
	6	White Mountains Insurance Group Ltd.		6,083
				2,041,110
		INTERNET MEDIA & SERVICES - 4.6%
	42	Airbnb, Inc., CLASS A^(b)		6,993
	1,459	Alphabet, Inc., Class A^(b)		4,226,781
	28	Booking Holdings, Inc.^(b)		67,178
	237	Expedia Group, Inc.^(b)		42,831
	234	GoDaddy, Inc., Class A^(b)		19,857
	1,048	IAC/InterActiveCorporation^(b)		136,984
	1,345	Meta Platforms, Inc., Class A^(b)		452,391
	144	Netflix, Inc.^(b)		86,751
	146	Pinterest, Inc., Class A^(b)		5,307
	323	Snap, Inc., Class A^(b)		15,191
	304	Twitter, Inc.^(b)		13,139
	43	VeriSign, Inc.^(b)		10,914
				5,084,317
		LEISURE FACILITIES & SERVICES - 0.5%
	374	AMC Entertainment Holdings, Inc., Class A^(b)		10,173
	120	Cedar Fair, L.P.^(b)		6,007
	44	Choice Hotels International, Inc.		6,864
	487	Cinemark Holdings, Inc.^(b)		7,850
	200	Hilton Grand Vacations, Inc.^(b)		10,422
	387	Hilton Worldwide Holdings, Inc.^(b)		60,368
	313	Hyatt Hotels Corporation, Class A^(b)		30,017
	195	Live Nation Entertainment, Inc.^(b)		23,340
	52	Madison Square Garden Sports Corporation^(b)		9,034
	796	Marriott International, Inc., Class A^(b)		131,531
	101	Marriott Vacations Worldwide Corporation		17,067
	75	SeaWorld Entertainment, Inc.^(b)		4,865

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		LEISURE FACILITIES & SERVICES - 0.5% (Continued)
	1,460	Starbucks Corporation	$	170,776
	479	Travel + Leisure Company		26,474
	38	Vail Resorts, Inc.		12,460
	116	Wyndham Hotels & Resorts, Inc.		10,399
				537,647
		LEISURE PRODUCTS - 0.0%^(a)
	92	Hasbro, Inc.		9,364

		MACHINERY - 3.4%
	4,785	AGCO Corporation		555,156
	230	Alamo Group, Inc.		33,851
	2,458	Colfax Corporation^(b)		112,994
	4,382	Deere & Company		1,502,545
	523	Energy Recovery, Inc.^(b)		11,239
	3,248	Evoqua Water Technologies Corporation^(b)		151,844
	245	Flowserve Corporation		7,497
	1,218	Franklin Electric Company, Inc.		115,174
	63	Graco, Inc.		5,079
	182	Hillenbrand, Inc.		9,462
	614	Hyster-Yale Materials Handling, Inc., Class A		25,235
	27	IDEX Corporation		6,381
	134	Ingersoll Rand, Inc.		8,291
	448	Lindsay Corporation		68,096
	48	Nordson Corporation		12,253
	119	Parker-Hannifin Corporation		37,856
	64	Regal Rexnord Corporation		10,892
	67	SPX FLOW, Inc.		5,794
	70	Standex International Corporation		7,746
	107	Stanley Black & Decker, Inc.		20,182
	9,284	Xylem, Inc.		1,113,338
				3,820,905
		MEDICAL EQUIPMENT & DEVICES - 5.7%
	32	10X Genomics, Inc., Class A^(b)		4,767
	2,267	Abbott Laboratories		319,058

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 5.7% (Continued)
	55	ABIOMED, Inc.^(b)	$	19,754
	313	Adaptive Biotechnologies Corporation^(b)		8,783
	645	Agilent Technologies, Inc.		102,974
	22	Align Technology, Inc.^(b)		14,458
	357	Alphatec Holdings, Inc.^(b)		4,081
	369	AngioDynamics, Inc.^(b)		10,177
	348	Apria, Inc.^(b)		11,345
	1,120	Aspira Women’s Health, Inc.^(b)		1,982
	82	AtriCure, Inc.^(b)		5,701
	5	Atrion Corporation		3,525
	870	Avanos Medical, Inc.^(b)		30,163
	3,598	Avantor, Inc.^(b)		151,620
	261	Axogen, Inc.^(b)		2,446
	5,427	Baxter International, Inc.		465,854
	2,396	Becton Dickinson and Company		602,545
	102	BioLife Solutions, Inc.^(b)		3,802
	472	Bionano Genomics, Inc.^(b)		1,411
	125	Bio-Rad Laboratories, Inc., Class A^(b)		94,446
	164	Bio-Techne Corporation		84,844
	211	Bioventus, Inc.^(b)		3,057
	9,807	Boston Scientific Corporation^(b)		416,601
	390	Bruker Corporation		32,725
	313	Cardiovascular Systems, Inc.^(b)		5,878
	356	CareDx, Inc.^(b)		16,191
	409	Castle Biosciences, Inc.^(b)		17,534
	304	Cerus Corporation^(b)		2,070
	199	CONMED Corporation		28,210
	94	Cooper Companies, Inc.		39,380
	417	CryoLife, Inc.^(b)		8,486
	1,099	Danaher Corporation		361,582
	286	Dentsply Sirona, Inc.		15,956
	156	DermTech, Inc.^(b)		2,465
	48	DexCom, Inc.^(b)		25,774
	1,098	Edwards Lifesciences Corporation^(b)		142,246

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 5.7% (Continued)
	446	Envista Holdings Corporation^(b)	$	20,097
	201	Exact Sciences Corporation^(b)		15,644
	40	Glaukos Corporation^(b)		1,778
	350	Globus Medical, Inc., Class A^(b)		25,270
	570	Haemonetics Corporation^(b)		30,233
	1,197	Hologic, Inc.^(b)		91,642
	151	ICU Medical, Inc.^(b)		35,838
	39	IDEXX Laboratories, Inc.^(b)		25,680
	232	Illumina, Inc.^(b)		88,262
	23	Inari Medical, Inc.^(b)		2,099
	298	Inogen, Inc.^(b)		10,132
	7	Inspire Medical Systems, Inc.^(b)		1,610
	65	Insulet Corporation^(b)		17,295
	1,535	Integer Holdings Corporation^(b)		131,381
	642	Integra LifeSciences Holdings Corporation^(b)		43,008
	367	Intuitive Surgical, Inc.^(b)		131,863
	41	iRhythm Technologies, Inc.^(b)		4,825
	371	Lantheus Holdings, Inc.^(b)		10,718
	70	LeMaitre Vascular, Inc.		3,516
	80	Masimo Corporation^(b)		23,422
	288	Meridian Bioscience, Inc.^(b)		5,875
	403	Merit Medical Systems, Inc.^(b)		25,107
	28	Mettler-Toledo International, Inc.^(b)		47,522
	1,092	MiMedx Group, Inc.^(b)		6,596
	716	Myriad Genetics, Inc.^(b)		19,762
	269	NanoString Technologies, Inc.^(b)		11,360
	199	Natera, Inc.^(b)		18,585
	375	Natus Medical, Inc.^(b)		8,899
	85	Neogen Corporation^(b)		3,860
	102	Nevro Corporation^(b)		8,269
	637	NuVasive, Inc.^(b)		33,430
	530	OraSure Technologies, Inc.^(b)		4,606
	364	Orthofix Medical, Inc.^(b)		11,317
	30	OrthoPediatrics Corporation^(b)		1,796

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 5.7% (Continued)
	407	Pacific Biosciences of California, Inc.^(b)	$	8,327
	54	Penumbra, Inc.^(b)		15,515
	407	PerkinElmer, Inc.		81,831
	246	Precision BioSciences, Inc.^(b)		1,820
	114	Quidel Corporation^(b)		15,389
	169	Repligen Corporation^(b)		44,758
	248	ResMed, Inc.		64,599
	323	SeaSpine Holdings Corporation^(b)		4,399
	3,090	Senseonics Holdings, Inc.^(b)		8,250
	23,775	SmileDirectClub, Inc.^(b)		55,871
	2,105	Stryker Corporation		562,919
	64	Surmodics, Inc.^(b)		3,082
	202	Tactile Systems Technology, Inc.^(b)		3,844
	590	Talis Biomedical Corporation^(b)		2,366
	58	Tandem Diabetes Care, Inc.^(b)		8,730
	241	Teleflex, Inc.		79,164
	1,513	Thermo Fisher Scientific, Inc.		1,009,533
	70	Varex Imaging Corporation^(b)		2,209
	192	Veracyte, Inc.^(b)		7,910
	278	Vericel Corporation^(b)		10,925
	141	Waters Corporation^(b)		52,537
	131	West Pharmaceutical Services, Inc.		61,440
	2,463	Zimmer Biomet Holdings, Inc.		312,900
				6,401,506
		METALS & MINING - 0.1%
	2,218	Compass Minerals International, Inc.		113,295
	45	Encore Wire Corporation		6,440
				119,735
		MORTGAGE FINANCE - 0.1%
	1,832	Annaly Capital Management, Inc.		14,326
	159	Blackstone Mortgage Trust, Inc., Class A		4,869
	610	Chimera Investment Corporation		9,199
	1,542	New Residential Investment Corporation		16,515
	413	PennyMac Mortgage Investment Trust		7,157

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		MORTGAGE FINANCE - 0.1% (Continued)
	303	Starwood Property Trust, Inc.	$	7,363
				59,429
		MULTI ASSET CLASS REIT - 0.0%^(a)
	168	Apartment Income REIT Corporation		9,185
	410	Vornado Realty Trust		17,163
	90	WP Carey, Inc.		7,385
				33,733
		OFFICE REIT - 0.2%
	405	Alexandria Real Estate Equities, Inc.		90,298
	311	Boston Properties, Inc.		35,821
	597	Brandywine Realty Trust		8,012
	156	Douglas Emmett, Inc.		5,226
	164	Highwoods Properties, Inc.		7,313
	728	Hudson Pacific Properties, Inc.		17,989
	87	Kilroy Realty Corporation		5,782
	22	Orion Office REIT, Inc.^(b)		411
	117	SL Green Realty Corporation		8,389
				179,241
		PUBLISHING & BROADCASTING - 0.1%
	2,995	Clear Channel Outdoor Holdings, Inc.^(b)		9,913
	276	Gray Television, Inc.		5,564
	1,191	iHeartMedia, Inc., Class A^(b)		25,059
	68	Nexstar Media Group, Inc., Class A		10,267
	476	Sinclair Broadcast Group, Inc., Class A		12,581
	518	TEGNA, Inc.		9,614
				72,998
		REAL ESTATE SERVICES - 0.2%
	919	CBRE Group, Inc., Class A^(b)		99,721
	307	Jones Lang LaSalle, Inc.^(b)		82,687
	441	Newmark Group, Inc., Class A		8,247
	1,778	Realogy Holdings Corporation^(b)		29,888
	144	RMR Group, Inc., Class A		4,994
				225,537

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		RESIDENTIAL REIT - 0.0%^(a)
	132	American Campus Communities, Inc.	$	7,562
	214	American Homes 4 Rent, Class A		9,333
	90	AvalonBay Communities, Inc.		22,733
	53	Camden Property Trust		9,470
	105	Equity LifeStyle Properties, Inc.		9,204
	323	Equity Residential		29,232
	39	Essex Property Trust, Inc.		13,737
	272	Invitation Homes, Inc.		12,332
	65	Mid-America Apartment Communities, Inc.		14,914
	50	Sun Communities, Inc.		10,499
	166	UDR, Inc.		9,958
				148,974
		RETAIL - CONSUMER STAPLES - 1.4%
	77	BJ’s Wholesale Club Holdings, Inc.^(b)		5,157
	104	Costco Wholesale Corporation		59,041
	444	Dollar General Corporation		104,709
	52	Dollar Tree, Inc.^(b)		7,307
	2,486	Kroger Company		112,516
	3,425	Rite Aid Corporation^(b)		50,313
	1,765	SpartanNash Company		45,466
	558	Sprouts Farmers Market, Inc.^(b)		16,561
	635	Target Corporation		146,964
	9,995	Walgreens Boots Alliance, Inc.		521,340
	3,124	Walmart, Inc.		452,012
				1,521,386
		RETAIL - DISCRETIONARY - 1.1%
	306	Aaron’s Company, Inc.		7,543
	280	Academy Sports & Outdoors, Inc.^(b)		12,292
	194	American Eagle Outfitters, Inc.		4,912
	67	Bath & Body Works, Inc.		4,676
	106	Beacon Roofing Supply, Inc.^(b)		6,079
	2,027	Best Buy Company, Inc.		205,943
	83	BlueLinx Holdings, Inc.^(b)		7,948
	70	Burlington Stores, Inc.^(b)		20,406

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		RETAIL - DISCRETIONARY - 1.1% (Continued)
	394	Conn’s, Inc.^(b)	$	9,267
	180	Dick’s Sporting Goods, Inc.		20,698
	59	Dillard’s, Inc., Class A		14,456
	40	Floor & Decor Holdings, Inc., Class A^(b)		5,200
	265	Foot Locker, Inc.		11,562
	241	GameStop Corporation, Class A^(b)		35,762
	580	Gap, Inc.		10,237
	121	GMS, Inc.^(b)		7,273
	643	Home Depot, Inc.		266,851
	1,158	Kohl’s Corporation		57,194
	965	Lowe’s Companies, Inc.		249,433
	2,542	Macy’s, Inc.		66,550
	502	Nordstrom, Inc.^(b)		11,355
	588	Petco Health & Wellness Company, Inc.^(b)		11,637
	87	PetIQ, Inc.^(b)		1,976
	5,087	Qurate Retail, Inc. - Series A		38,661
	488	Ross Stores, Inc.		55,769
	358	Sally Beauty Holdings, Inc.^(b)		6,609
	1,420	TJX Companies, Inc.		107,806
	111	Tractor Supply Company		26,485
	37	Ulta Beauty, Inc.^(b)		15,257
	22	Victoria’s Secret & Company^(b)		1,222
				1,301,059
		RETAIL REIT - 0.0%^(a)
	278	Brixmor Property Group, Inc.		7,064
	41	Federal Realty Investment Trust		5,589
	259	Macerich Company		4,476
	203	Realty Income Corporation		14,533
	234	Simon Property Group, Inc.		37,386
				69,048
		SELF-STORAGE REIT - 0.0%^(a)
	42	Extra Space Storage, Inc.		9,523
	71	Public Storage		26,594
				36,117

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		SEMICONDUCTORS - 1.4%
	178	Advanced Micro Devices, Inc.^(b)	$	25,614
	1,107	Amkor Technology, Inc.		27,443
	194	Analog Devices, Inc.		34,099
	590	Applied Materials, Inc.		92,842
	190	Azenta, Inc.		19,591
	210	Broadcom, Inc.		139,736
	238	Cirrus Logic, Inc.^(b)		21,901
	30	Coherent, Inc.^(b)		7,996
	32	Entegris, Inc.		4,435
	133	II-VI, Inc.^(b)		9,088
	9,843	Intel Corporation		506,915
	50	IPG Photonics Corporation^(b)		8,607
	66	KLA Corporation		28,387
	79	Lam Research Corporation		56,813
	142	Marvell Technology, Inc.		12,424
	218	Microchip Technology, Inc.		18,979
	1,523	Micron Technology, Inc.		141,867
	57	MKS Instruments, Inc.		9,928
	140	NVIDIA Corporation		41,175
	353	ON Semiconductor Corporation^(b)		23,976
	131	Qorvo, Inc.^(b)		20,487
	621	QUALCOMM, Inc.		113,562
	258	Skyworks Solutions, Inc.		40,026
	26	Synaptics, Inc.^(b)		7,527
	66	Teradyne, Inc.		10,793
	310	Texas Instruments, Inc.		58,426
	632	Vishay Intertechnology, Inc.		13,822
	48	Xilinx, Inc.		10,177
				1,506,636
		SOFTWARE -3.6%
	769	1Life Healthcare, Inc.^(b)		13,511
	62	Adobe, Inc.^(b)		35,158
	64	Akamai Technologies, Inc.^(b)		7,491
	13	ANSYS, Inc.^(b)		5,215

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		SOFTWARE - 3.6% (Continued)
	28	Autodesk, Inc.^(b)	$	7,873
	531	Avaya Holdings Corporation^(b)		10,514
	45	Cadence Design Systems, Inc.^(b)		8,386
	461	Cerner Corporation		42,813
	130	Citrix Systems, Inc.		12,297
	50	Concentrix Corporation		8,931
	334	Dropbox, Inc., Class A^(b)		8,196
	19	Fortinet, Inc.^(b)		6,829
	56	Intuit, Inc.		36,020
	509	Loyalty Ventures, Inc.^(b)		15,306
	9,097	Microsoft Corporation		3,059,502
	493	NortonLifeLock, Inc.		12,808
	87	Nuance Communications, Inc.^(b)		4,813
	486	Oak Street Health, Inc.^(b)		16,106
	310	Omnicell, Inc.^(b)		55,936
	1,760	Oracle Corporation		153,490
	10	Palo Alto Networks, Inc.^(b)		5,568
	183	Privia Health Group, Inc.^(b)		4,734
	143	salesforce.com, Inc.^(b)		36,341
	11	ServiceNow, Inc.^(b)		7,140
	360	SS&C Technologies Holdings, Inc.		29,513
	35	Synopsys, Inc.^(b)		12,898
	587	Tabula Rasa HealthCare, Inc.^(b)		8,805
	129	Teradata Corporation^(b)		5,479
	2,988	VMware, Inc., Class A		346,248
	19	Workday, Inc., Class A^(b)		5,190
				3,983,111
		SPECIALTY FINANCE -1.2%
	871	Alliance Data Systems Corporation		57,982
	2,419	American Express Company		395,748
	2,300	Capital One Financial Corporation		333,707
	1,367	Discover Financial Services		157,971
	44	Federal Agricultural Mortgage Corporation, Class C		5,453
	960	Fidelity National Financial, Inc.		50,093

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		SPECIALTY FINANCE - 1.2% (Continued)
	244	First American Financial Corporation	$	19,088
	91	FirstCash Holdings, Inc.		6,808
	447	Guild Holdings Company		6,271
	2,097	loanDepot, Inc.		10,066
	508	MGIC Investment Corporation		7,325
	196	Mr. Cooper Group, Inc.^(b)		8,156
	349	OneMain Holdings, Inc.		17,464
	250	PennyMac Financial Services, Inc.		17,445
	206	PROG Holdings, Inc.^(b)		9,293
	3,983	Rocket Companies, Inc.		55,762
	164	Stewart Information Services Corporation		13,076
	3,785	Synchrony Financial		175,586
	39	Walker & Dunlop, Inc.		5,884
				1,353,178
		SPECIALTY REITS - 0.1%
	747	Iron Mountain, Inc.		39,091
	79	Lamar Advertising Company, Class A		9,583
	276	Outfront Media, Inc.		7,402
				56,076
		STEEL - 0.0%^(a)
	155	Reliance Steel & Aluminum Company		25,144

		TECHNOLOGY HARDWARE - 5.1%
	17,413	Apple, Inc.		3,092,026
	237	Arista Networks, Inc.^(b)		34,069
	156	Arrow Electronics, Inc.^(b)		20,946
	359	Avnet, Inc.		14,802
	381	Benchmark Electronics, Inc.		10,325
	572	Ciena Corporation^(b)		44,027
	5,776	Cisco Systems, Inc.		366,025
	2,366	CommScope Holding Company, Inc.^(b)		26,121
	2,227	Corning, Inc.		82,911
	246	Corsair Gaming, Inc.^(b)		5,168
	6,479	Dell Technologies, Inc., Class C^(b)		363,925

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		TECHNOLOGY HARDWARE - 5.1% (Continued)
	43	F5, Inc.^(b)	$	10,523
	9,886	Hewlett Packard Enterprise Company		155,902
	21,112	HP, Inc.		795,289
	863	Inseego Corporation^(b)		5,031
	70	InterDigital, Inc.		5,014
	3,239	Jabil, Inc.		227,864
	835	Juniper Networks, Inc.		29,818
	299	Knowles Corporation^(b)		6,982
	106	Lumentum Holdings, Inc.^(b)		11,212
	104	Motorola Solutions, Inc.		28,257
	888	NCR Corporation^(b)		35,698
	330	NetApp, Inc.		30,357
	2,291	Pitney Bowes, Inc.		15,189
	177	Plantronics, Inc.^(b)		5,193
	1,324	Sanmina Corporation^(b)		54,893
	307	Super Micro Computer, Inc.^(b)		13,493
	76	TD SYNNEX Corporation		8,691
	958	TTM Technologies, Inc.^(b)		14,274
	20	Ubiquiti, Inc.		6,134
	1,465	Western Digital Corporation^(b)		95,533
	2,368	Xerox Holdings Corporation		53,612
	27	Zebra Technologies Corporation, Class A^(b)		16,070
				5,685,374
		TECHNOLOGY SERVICES - 1.5%
	401	Amdocs Ltd.		30,011
	242	Automatic Data Processing, Inc.		59,672
	65	Block, Inc., Class A^(b)		10,498
	196	Broadridge Financial Solutions, Inc.		35,833
	449	CDW Corporation/DE		91,946
	936	Cognizant Technology Solutions Corporation, Class A		83,042
	25,491	Conduent, Inc.^(b)		136,121
	106	CSG Systems International, Inc.		6,108
	3,474	DXC Technology Company^(b)		111,828
	9	EPAM Systems, Inc.^(b)		6,016

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		TECHNOLOGY SERVICES - 1.5% (Continued)
	128	Equifax, Inc.	$	37,477
	164	Euronet Worldwide, Inc.^(b)		19,544
	54	ExlService Holdings, Inc.^(b)		7,818
	19	Fair Isaac Corporation^(b)		8,240
	670	Fidelity National Information Services, Inc.		73,131
	652	Fiserv, Inc.^(b)		67,671
	79	Gartner, Inc.^(b)		26,411
	273	Global Payments, Inc.		36,904
	185	Green Dot Corporation, Class A^(b)		6,704
	93	ICF International, Inc.		9,537
	528	Insight Enterprises, Inc.^(b)		56,285
	1,329	International Business Machines Corporation		177,633
	37	Jack Henry & Associates, Inc.		6,179
	465	Kyndryl Holdings, Inc.^(b)		8,417
	286	Mastercard, Inc., Class A		102,766
	268	MAXIMUS, Inc.		21,352
	1,546	MoneyGram International, Inc.^(b)		12,198
	110	Moody’s Corporation		42,964
	4,192	Nielsen Holdings PLC		85,978
	215	Paychex, Inc.		29,348
	461	PayPal Holdings, Inc.^(b)		86,935
	1,021	Rackspace Technology, Inc.^(b)		13,753
	111	S&P Global, Inc.		52,384
	1,034	Sabre Corporation^(b)		8,882
	233	TransUnion		27,629
	564	Unisys Corporation^(b)		11,601
	34	Verisk Analytics, Inc.		7,777
	340	Visa, Inc., Class A		73,681
	1,213	Western Union Company		21,640
				1,711,914
		TELECOMMUNICATIONS - 5.0%
	32,871	AT&T, Inc.		808,627
	309	EchoStar Corporation, Class A^(b)		8,142
	116	IDT Corporation, Class B^(b)		5,123

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		TELECOMMUNICATIONS - 5.0% (Continued)
	11,409	Lumen Technologies, Inc.	$	143,183
	1,781	Telephone and Data Systems, Inc.		35,887
	1,789	T-Mobile US, Inc.^(b)		207,488
	162	United States Cellular Corporation^(b)		5,106
	85,962	Verizon Communications, Inc.		4,466,586
				5,680,142
		TRANSPORTATION & LOGISTICS - 0.1%
	245	J.B. Hunt Transport Services, Inc.		50,079
	164	Landstar System, Inc.		29,359
	452	Schneider National, Inc., Class B		12,163
				91,601
		WHOLESALE - CONSUMER STAPLES -3.8%
	2,056	Andersons, Inc.		79,588
	7,656	Archer-Daniels-Midland Company		517,469
	23,045	Bunge Ltd.		2,151,481
	218	Calavo Growers, Inc.		9,243
	326	Chefs’ Warehouse, Inc.^(b)		10,856
	7,401	Performance Food Group Company^(b)		339,632
	7,928	Sysco Corporation		622,744
	2,642	United Natural Foods, Inc.^(b)		129,669
	12,090	US Foods Holding Corporation^(b)		421,095
				4,281,777
		WHOLESALE -DISCRETIONARY -0.1%
	274	ePlus, Inc.^(b)		14,763
	185	PC Connection, Inc.		7,979
	26	Pool Corporation		14,716
	446	ScanSource, Inc.^(b)		15,646
	148	Veritiv Corporation^(b)		18,140
				71,244

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2021

TOTAL COMMON STOCKS (Cost $101,456,572)	$	111,215,176

TOTAL INVESTMENTS - 99.8% (Cost $101,456,572	$	111,215,176
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%		270,041
NET ASSETS - 100.0%	$	111,485,217

ETF

- Exchange-Traded Fund

- 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.

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

Humankind US Stock ETF

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2021

ASSETS
Investment securities:
Securities at Cost	$	101,456,572
Securities at Value	$	111,215,176
Cash		101,168
Dividends and interest receivable		84,696
Due from Advisor		24,177
Deposit with broker		60,000
TOTAL ASSETS		111,485,217

NET ASSETS	$	111,485,217

Net Assets Consist of:
Paid in capital	$	101,888,008
Accumulated earnings		9,597,209
NET ASSETS	$	111,485,217

Net Asset Value Per Share:
Net Assets	$	111,485,217
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,754,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	29.70

See accompanying notes to financial statements.

Humankind US Stock ETF

STATEMENT OF OPERATIONS

For the Period* Ended December 31, 2021

INVESTMENT INCOME
Dividends (net of $26 foreign withholding taxes)	$	1,155,832

EXPENSES
Investment advisory fees		76,711

NET INVESTMENT INCOME		1,079,121

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain (loss) on
Investments:		(165,306	)
Distributons of realized gains from underlying investments		4,556
Inkind Redemptions:		3,218,150
Net change in unrealized appreciation on investments		9,758,604

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		12,816,004

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	13,895,125

Commenced operations on February 24, 2021

See accompanying notes to financial statements.

Humankind US Stock ETF

STATEMENT OF CHANGES IN NET ASSETS

	For the
	Period* Ended
	December 31, 2021

FROM OPERATIONS:
Net investment income	$	1,079,121
Net realized loss from investments		(165,306	)
Net realized gain from distributions from underlying investments		4,556
Net realized gain from Inkind redemptions		3,218,150
Net change in unrealized appreciation on investments		9,758,604
Net increase in net assets resulting from operations		13,895,125

DISTRIBUTIONS TO SHAREHOLDERS FROM:
From Return of Capital		(117,160	)
Total distributions paid		(1,080,606	)
Net decrease in net assets from distributions to shareholders		(1,197,766	)

FROM SHARES OF BENEFICIAL INTEREST:
Proceeds from shares sold		116,775,927
Payments for shares redeemed		(18,088,069	)
Net increase in net assets from shares of beneficial interest		98,687,858

TOTAL INCREASE IN NET ASSETS		111,385,217

NET ASSETS:
Beginning of Period		100,000
End of Period	$	111,485,217

SHARE ACTIVITY
Shares Sold		4,400,000
Shares Redeemed		(650,000	)
Net increase in shares of beneficial interest outstanding		3,750,000

Commenced operations on February 24, 2021.

See accompanying notes to financial statements.

Humankind US Stock ETF

Financial Highlights

(For a share outstanding during the period)

	Period Ended
	December 31, 2021 *

Net asset value, beginning of period	$	25.00

Activity from investment operations:
Net investment income (1)		0.37
Net realized and unrealized gain on investments		4.69

Total from investment operations		5.06

Less distributions from:
Net investment income		(0.33	)
Return of capital		(0.03	)
Total distributions		(0.36	)

Net asset value, end of period	$	29.70

Market price, end of period	$	29.71

Total return (2,3)		20.31	%

Net assets, end of period (000s)	$	111,485

Ratio of expenses to average net assets (4)		0.11	%

Ratio of net investment income to average net assets (4)		1.54	%

Portfolio Turnover Rate (2,5)		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)

See accompanying notes to financial statements.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS

December 31, 2021

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.

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2021

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.

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 December 31, 2021 for the Fund’s investments measured at fair value:

Assets *	Level 1		Level 2		Level 3		Total
Common Stock	$	111,215,176	$	—	$	—	$	111,215,176
Total	$	111,215,176	$	—	$	—	$	111,215,176

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.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2021

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 December 31, 2021, 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 December 31, 2021, cost of purchases and proceeds from sales of portfolio securities, other than in-kind transaction and short-term investments, amounted to $17,675,570 and $17,543,836, respectively. For the period ended December 31, 2021, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $116,394,107 and $18,029,202, respectively.

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 December 31, 2021, the Fund incurred $76,711 in advisory fees, and $24,177 was due from 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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2021

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 December 31, 2021, the Plan has not been activated. For the period ended December 31, 2021, 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.

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:

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

As a percentage of the amount invested.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2021

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

At December 31, 2021, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

			Gross Unrealized		Gross Unrealized			Net Unrealized
Fund	Tax Cost		Appreciation		Depreciation			Appreciation
Humankind US Stock ETF	$	101,460,144	$	12,754,606	$	(2,999,574	)	$	9,755,032

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:

Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized		Total
Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/		Accumulated
Income		Gains		Late Year Loss			Forwards			Differences		(Depreciation)		Earnings/(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.

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
Short-Term			Long-Term		Total			CLCF 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:

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2021

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.

(BBD)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of Humankind Benefit Corporation
and the Shareholder of Humankind US Stock ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Humankind US Stock ETF, a series of shares of beneficial interest in Humankind Benefit Corporation (the “Fund”), including the schedule of investments, as of December 31, 2021, and the related statements of operations and changes in net assets and the financial highlights for the period February 24, 2021 (commencement of operations) through December 31, 2021, and the related notes (collectively referred to as the “financial statement”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, and the results of its operations, changes in net assets, and financial highlights for period February 24, 2021 through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

(BBDLLP)

BBD, LLP

We have served as the auditor of the Fund since 2021.

Philadelphia, Pennsylvania

February 28, 2022

Humankind US Stock ETF

Expense Example (Unaudited)

December 31, 2021

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 July 1, 2021 to December 31, 2021 (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.

		Ending
	Beginning	Account	Annualized	Expenses Paid
	Account Value	Value	Expense	During Period
	7/1/21	12/31/21	Ratio	7/1/21-12/31/21
Actual*
	$1,000.00	$ 1,090.50	0.11%	$ 0.58
Hypothetical*
(5% return before expenses)
	$1,000.00	$ 1,024.65	0.11%	$ 0.56

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).

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

December 31, 2021

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 fiscal period ended December 31, 2021, 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.

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

December 31, 2021

Name (Year of Birth; Positions with the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Director	Other Directorships Held During the Past 5 Years
Independent Directors
Jason Cik (1981); Director and Chairman of the Board since 2021	Founder and Owner, Naturepedic (since 2003)	1	None
Dina Kook (1987); Director since 2021	Director, Fund Finance, Financial Institutions Sector, ING Capital LLC (since 2020); Vice President, Fund Finance, Financial Institutions Sector, ING Capital LLC (2017-2020); Associate, Fund Finance, Financial Institutions Sector, ING Capital LLC (2014-2017)	1	None
Zachary Roseman (1987); Director since 2021	Chief Executive Officer, Mosaic Group (since 2020); Chief Operating Officer, Mosaic Group (2018-2020); General Manager, Apalon (2019-2020); Vice President of Operations, Apalon (2018-2019); Head of Corporate Development, Apalon (2017-2019); Senior Director, Strategy and M&A, IAC (2017); Director, Strategy and M&A, IAC (2016-2017)	1	None
Interested Director
James Katz (1987); Director since 2020	Chief Executive Officer and Chief Compliance Officer, Humankind Investments LLC (since 2019); Quantitative Equity Analyst, Data Scientist, Vanguard (2016-2018)	1	Director, Humankind Financial Group, PBC (since 2020)

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

December 31, 2021

Name (Year of Birth)	Position(s) Held with the Company	Principal Occupations During the Past 5 Years
James Katz (1987)	President, Principal Executive Officer, and Director	Chief Executive Officer and Chief Compliance Officer, Humankind Investments LLC (since 2019); Quantitative Equity Analyst, Data Scientist, Vanguard (2016-2018)
Yi Yi Mon Aye Han (1984)	Vice President	Portfolio Manager, Humankind Investments LLC (since 2020); Portfolio Manager, Senior Quantitative Analyst, Quantitative Analyst, Redwood Investment Management, LLC (2015-2020)
Brian Curley	Treasurer, and Principal Financial Officer	Vice President, Ultimus Fund Solutions, LLC (since 2020); Vice President, Gemini Fund Services, LLC (2015-2020), Assistant Vice President, Gemini Fund Services, LLC (2012-2014); Senior Controller of Fund Treasury, The Goldman Sachs Group, Inc. (2008-2012); Senior Associate of Fund Administration, Morgan Stanley (1999-2008).
Paul F. Leone (1963)	Secretary	Vice President, Senior Legal Counsel; Ultimus Fund Solutions (since 2020); Secretary, Centaur Mutual Funds Trust (since 2020); Secretary, Capitol Series Trust (since 2021); Secretary, Papp Investment Trust (since 2021); Attorney, Leone Law Office P.C. (2019 to 2020); Senior Counsel, Empower Retirement (2015 to 2019).
Deryk Jones (1988)	Anti-Money Laundering Compliance Officer	Compliance Analyst, Northern Lights Compliance Services, LLC (2018-Present); AML Officer, Princeton Private Investments Access Fund (2019-Present).
N. Lynn Bowley (1958)	Chief Compliance Officer	Senior Vice President and Senior Compliance Officer, Northern Lights Compliance Services, LLC (2007-present); Alternative Strategy Fund (2016-Present); Chief Compliance Officer, Primark Private Equity Investments Fund (2020- Present); Chief Compliance Officer, the VELA Funds; Chief Compliance Officer, Northern Lights Fund Trust (2007-2020); Chief Compliance Officer, Northern Lights Variable Trust (2017-2020); Chief Compliance Officer, The Reynolds Funds, Inc. (2007-2016).

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

December 31, 2021

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 ac-cordance 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 im-plemented:

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 regulations¹⁸. 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 rec-ords 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 ac-cordance 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 provi-sions of Regulation S-P, including, as applicable, the development and delivery of privacy notices and the maintenance of appropriate and adequate records.

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

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

December 31, 2021

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.

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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-AR21