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HKND

Annual Report

December 31, 2023

1-888-557-6692

www.humankindfunds.com

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

Distributed by Northern Lights Distributors LLC

Humankind US Stock ETF

MANAGEMENT DISCUSSION & ANALYSIS (Unaudited)

December 31, 2023

The equity markets in 2023 fluctuated with changing perspectives about the future trajectory of interest rates. Uncertainty about a reduction in inflation and central bank promises of maintaining tight policies for longer dominated the conversation for most of the year. From the end of October, clarity emerged that the rate hike cycle had come to an end and the markets rallied substantially on speculation that rate cuts would be coming in 2024. In 2023, the S&P 500 benchmark rallied 26.26% and the Nasdaq Composite rallied 44.70%. The particularly strong performance of technology shares in the Nasdaq composite was driven by enthusiasm over developments in artificial intelligence, reversing almost the entire 2022 loss of -32.51%.

During 2023, the fund returned 12.35% (using the net asset value (NAV) price of the fund) compared to 25.47% for the benchmark S&P 1500 index. This divergence can be attributed to the robust rebound in technology names, to which the fund had an underweight allocation, and other depressed sectors of the market. Looking at the two-year period from the beginning of 2022, which includes both the decline and the rebound in the more volatile sectors of the market, the fund returned 1.96% (using the market price of the fund) compared to 2.86% for the S&P 1500 index.

Sector performance in the fund mirrored broader market trends. The information technology sector posted a return of 48.34% and despite an underweight allocation of approximately 11.44% accounted for more than a third of the fund’s total gain at 4.87%. The second most significant estimated contribution of 2.92% was from the communication services sector, which posted a performance of 28.49%. Only three sectors exhibited negative performance during 2023: materials, utilities, and consumer staples. These sectors reduced the fund’s overall return by estimates of -.49%, -.23%, and -.11% respectively.

Focusing on the individual company level, the top five contributing companies were Alphabet, Microsoft, Apple, Eli Lilly, and Amazon with estimated return contributions of 2.16%, 1.81%, 1.25%, 1.13% and .66% respectively. The dominant presence of technology names among the fund’s top performers reflected the overall strength of the sector. These were joined by Eli Lilly, which rallied 60.91% for the year on excitement over the health benefits associated with Mounjaro and Zepbound. The five largest detractors from performance were Pfizer, FMC, Corteva, Bristol-Meyers and Archer-Daniels-Midland, with estimated return contributions of -1.02%, -.48%, -.36%, -.34% and -.26% respectively. The poor performance was largely driven by a significant inventory correction in the agricultural supplies sector and idiosyncratic pipeline concerns in the case of the two large pharmaceutical companies.

7172-NLD 02/13/2024

Humankind US Stock ETF

PORTFOLIO REVIEW (Unaudited)

December 31, 2023

The Fund’s performance figures* for the year ended December 31, 2023 compared to its benchmark:

		Since
Fund/Index	One Year	Inception**
Humankind US Stock ETF — NAV	12.35%	7.51%
Humankind US Stock ETF — Market Price	12.32%	7.47%
S&P Composite 1500 TR***	25.47%	8.78%
Humankind US Equity Index ****	12.48%	7.60%

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 (2/23/2021) 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 April 30, 2023 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.

Humankind US Stock ETF

PORTFOLIO REVIEW (Unaudited) (Continued)

December 31, 2023

As of the close of business on February 23, 2021

***

The S&P Composite 1500 TR 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, 2023

Portfolio Composition (Unaudited)	% of Net Assets
Common Stocks		99.5	%
Other Assets in Excess of Liabilities		0.5	%
		100.0	%

Industry Composition (Unaudited)	% of Net Assets
Biotech & Pharma		17.1	%
Medical Equipment & Devices		9.1	%
Health Care Facilities & Services		7.9	%
Chemicals		7.9	%
Software		4.9	%
Technology Hardware		4.7	%
Internet Media & Services		4.5	%
Household Products		4.4	%
Wholesale - Consumer Staples		4.2	%
Machinery		3.7	%
Other Assets and Other Liabilities - Net		31.6	%
		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, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5%
		ADVERTISING & MARKETING — 0.2%
	2,684	Interpublic Group of Companies, Inc.	$	87,606
	1,394	Omnicom Group, Inc.		120,595
	4,028	Stagwell, Inc.^(a)		26,705
				234,906
		AEROSPACE & DEFENSE — 0.0%^(b)
	64	Teledyne Technologies, Inc.^(a)		28,563

		APPAREL& TEXTILE PRODUCTS — 0.0%^(b)
	218	Carter’s, Inc		16,326
	44	Oxford Industries, Inc.		4,400
	197	Ralph Lauren Corporation		28,407
				49,133
		ASSET MANAGEMENT — 0.5%
	99	Affiliated Managers Group, Inc		14,991
	149	Ameriprise Financial, Inc		56,595
	325	Apollo Global Management, Inc		30,287
	110	Ares Management Corporation, Class A		13,081
	205	Artisan Partners Asset Management, Inc., Class A		9,057
	214	BlackRock, Inc		173,725
	211	Blue Owl Capital, Inc.		3,144
	347	Brightsphere Investment Group, Inc		6,649
	698	Carlyle Group, Inc.		28,402
	505	Charles Schwab Corporation		34,744
	77	Cohen & Steers, Inc.		5,831
	287	F&G Annuities & Life, Inc.		13,202
	331	Federated Hermes, Inc.		11,208
	1,271	Franklin Resources, Inc.		37,863
	1,724	Invesco Ltd		30,756
	170	LPL Financial Holdings, Inc		38,695
	869	ODP Corporation (The)^(a)		48,925
	74	OmniAb, Inc. - Earnout shares^{(a),(c),(d),(e)}		409
	191	Raymond James Financial, Inc.		21,296
	186	StepStone Group, Inc., Class A		5,920
	100	Stifel Financial Corporation		6,915

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		ASSET MANAGEMENT — 0.5% (Continued)
	649	T Rowe Price Group, Inc.	$	69,891
	688	TPG, Inc		29,701
	192	Victory Capital Holdings, Inc.		6,612
				697,899
		BANKING — 2.4%
	64	1st Source Corporation		3,517
	167	Ameris Bancorp		8,859
	616	Associated Banc-Corporation		13,176
	128	Atlantic Union Bankshares Corporation		4,677
	485	Banc of California, Inc		6,511
	52	BancFirst Corporation		5,061
	71	Bancorp, Inc. (The)^(a)		2,738
	11,679	Bank of America Corporation		393,232
	90	Bank of Hawaii Corporation		6,521
	277	Bank OZK		13,803
	100	Banner Corporation		5,356
	163	Berkshire Hills Bancorp, Inc		4,047
	175	BOK Financial Corporation		14,989
	204	Cadence Bank		6,036
	259	Cathay General Bancorp		11,544
	3,253	Citigroup, Inc.		167,334
	1,889	Citizens Financial Group, Inc.		62,601
	266	Columbia Banking System, Inc.		7,097
	475	Comerica, Inc		26,510
	231	Commerce Bancshares, Inc		12,338
	129	Community Bank System, Inc.		6,722
	95	Cullen/Frost Bankers, Inc.		10,307
	94	Customers Bancorp, Inc.^(a)		5,416
	217	CVB Financial Corporation		4,381
	161	Eagle Bancorp, Inc		4,852
	359	East West Bancorp, Inc.		25,830
	513	Eastern Bankshares, Inc		7,285
	75	Enterprise Financial Services Corporation		3,349
	113	FB Financial Corporation		4,503

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		BANKING — 2.4% (Continued)
	1,637	Fifth Third Bancorp	$	56,460
	95	First Bancorp		3,516
	11	First Citizens BancShares, Inc., Class A		15,609
	234	First Commonwealth Financial Corporation		3,613
	253	First Financial Bancorp		6,009
	162	First Financial Bankshares, Inc		4,909
	448	First Hawaiian, Inc		10,241
	1,747	First Horizon Corporation		24,738
	121	First Interstate BancSystem, Inc., Class A		3,721
	138	First Merchants Corporation		5,117
	826	FNB Corporation		11,374
	417	Fulton Financial Corporation		6,864
	176	Glacier Bancorp, Inc.		7,272
	248	Hancock Whitney Corporation		12,050
	151	Heartland Financial USA, Inc		5,679
	275	Hilltop Holdings, Inc.		9,683
	332	Home BancShares, Inc		8,410
	496	Hope Bancorp, Inc.		5,992
	3,456	Huntington Bancshares, Inc		43,960
	87	Independent Bank Corporation		5,725
	113	International Bancshares Corporation		6,138
	4,079	JPMorgan Chase & Company		693,838
	1,802	KeyCorporation		25,949
	100	Live Oak Bancshares, Inc.		4,550
	412	M&T Bank Corporation		56,477
	105	Merchants Bancorp		4,471
	95	National Bank Holdings Corporation, Class A		3,533
	104	NBT Bancorp, Inc		4,359
	605	New York Community Bancorp, Inc.		6,189
	506	Old National Bancorp		8,546
	245	Pacific Premier Bancorp, Inc.		7,132
	31	Park National Corporation		4,119
	161	Pinnacle Financial Partners, Inc		14,042
	1,119	PNC Financial Services Group, Inc		173,277

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		BANKING — 2.4% (Continued)
	137	Prosperity Bancshares, Inc	$	9,279
	3,413	Regions Financial Corporation		66,144
	168	Renasant Corporation		5,658
	111	S&T Bancorp, Inc.		3,710
	122	Sandy Spring Bancorp, Inc.		3,323
	123	Seacoast Banking Corp of Florida		3,501
	56	ServisFirst Bancshares, Inc		3,731
	423	Simmons First National Corporation, Class A		8,392
	118	SouthState Corporation		9,965
	70	Stock Yards Bancorp, Inc		3,604
	515	Synovus Financial Corporation		19,390
	144	Texas Capital Bancshares, Inc.^(a)		9,307
	331	TFS Financial Corporation		4,862
	69	Tompkins Financial Corporation		4,156
	199	Towne Bank		5,922
	73	TriCompany Bancshares		3,137
	43	Triumph Financial, Inc.^(a)		3,448
	2,701	Truist Financial Corporation		99,721
	184	Trustmark Corporation		5,130
	98	UMB Financial Corporation		8,188
	269	United Bankshares, Inc.		10,101
	269	United Community Banks, Inc.		7,871
	3,327	US Bancorp		143,993
	1,354	Valley National Bancorp		14,704
	240	Washington Federal, Inc.		7,910
	309	Webster Financial Corporation		15,685
	9,193	Wells Fargo & Company		452,479
	187	WesBanco, Inc.		5,866
	201	Western Alliance Bancorp		13,224
	224	Wintrust Financial Corporation		20,776
	262	Zions Bancorp NA		11,494
				3,096,825

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		BEVERAGES — 1.1%
	5,329	Coca-Cola Company	$	314,038
	51	Coca-Cola Consolidated, Inc.		47,348
	3,002	Keurig Dr Pepper, Inc.		100,027
	781	Monster Beverage Corporation^(a)		44,993
	143	National Beverage Corporation^(a)		7,110
	5,757	PepsiCo, Inc.		977,770
	878	Westrock Coffee Company^(a)		8,964
				1,500,250
		BIOTECH & PHARMA — 17.1%
	366	4D Molecular Therapeutics, Inc.^(a)		7,415
	16,692	AbbVie, Inc		2,586,759
	1,211	ACADIA Pharmaceuticals, Inc.^(a)		37,916
	5,203	Aclaris Therapeutics, Inc.^(a)		5,463
	1,314	ADMA Biologics, Inc.^(a)		5,939
	505	Agios Pharmaceuticals, Inc.^(a)		11,246
	1,745	Allogene Therapeutics, Inc.^(a)		5,601
	1,270	Alnylam Pharmaceuticals, Inc.^(a)		243,091
	4,027	Amgen, Inc		1,159,857
	2,340	Amicus Therapeutics, Inc.^(a)		33,205
	356	Amphastar Pharmaceuticals, Inc.^(a)		22,019
	344	AnaptysBio, Inc.^(a)		7,368
	106	ANI Pharmaceuticals, Inc.^(a)		5,845
	1,546	Apellis Pharmaceuticals, Inc.^(a)		92,544
	243	Arcturus Therapeutics Holdings, Inc.^(a)		7,662
	797	Arcus Biosciences, Inc.^(a)		15,223
	1,794	Ardelyx, Inc.^(a)		11,123
	1,039	Arrowhead Pharmaceuticals, Inc.^(a)		31,793
	412	Avid Bioservices, Inc.^(a)		2,678
	1,407	Avidity Biosciences, Inc.^(a)		12,733
	417	Axsome Therapeutics, Inc.^(a)		33,189
	718	Beam Therapeutics, Inc.^(a)		19,544
	1,671	BioCryst Pharmaceuticals, Inc.^(a)		10,009
	1,940	Biogen, Inc.^(a)		502,014
	195	Biohaven Ltd.^(a)		8,346

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		BIOTECH & PHARMA — 17.1% (Continued)
	1,894	BioMarin Pharmaceutical, Inc.^(a)	$	182,620
	375	Blueprint Medicines Corporation^(a)		34,590
	384	Bridgebio Pharma, Inc.^(a)		15,502
	24,646	Bristol-Myers Squibb Company		1,264,586
	1,238	Catalyst Pharmaceuticals, Inc.^(a)		20,811
	420	Celldex Therapeutics, Inc.^(a)		16,657
	1,203	Cerevel Therapeutics Holdings, Inc.^(a)		51,007
	738	Cogent Biosciences, Inc.^(a)		4,339
	199	Collegium Pharmaceutical, Inc.^(a)		6,125
	878	Corcept Therapeutics, Inc.^(a)		28,517
	353	Cymabay Therapeutics, Inc.^(a)		8,338
	1,429	Cytek Biosciences, Inc.^(a)		13,032
	747	Cytokinetics, Inc.^(a)		62,367
	745	Deciphera Pharmaceuticals, Inc.^(a)		12,017
	1,578	Denali Therapeutics, Inc.^(a)		33,864
	905	Dynavax Technologies Corporation^(a)		12,652
	439	Editas Medicine, Inc.^(a)		4,447
	1,189	Elanco Animal Health, Inc.^(a)		17,716
	4,782	Eli Lilly and Company		2,787,524
	3,064	Exelixis, Inc.^(a)		73,505
	447	Genelux Corporation^(a)		6,262
	11,838	Gilead Sciences, Inc		958,996
	857	Halozyme Therapeutics, Inc.^(a)		31,675
	587	Harmony Biosciences Holdings, Inc.^(a)		18,960
	605	Harrow Health, Inc.^(a)		6,776
	860	ImmunityBio, Inc.^(a)		4,317
	500	ImmunoGen, Inc.^(a)		14,825
	3,049	Incyte Corporation^(a)		191,447
	235	Inhibrx, Inc.^(a)		8,930
	468	Innoviva, Inc.^(a)		7,507
	520	Insmed, Inc.^(a)		16,115
	1,019	Intellia Therapeutics, Inc.^(a)		31,069
	862	Intra-Cellular Therapies, Inc.^(a)		61,736
	860	Ionis Pharmaceuticals, Inc.^(a)		43,507

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		BIOTECH & PHARMA — 17.1% (Continued)
	1,522	Ironwood Pharmaceuticals, Inc.^(a)	$	17,412
	622	Janux Therapeutics, Inc.^(a)		6,674
	18,866	Johnson & Johnson		2,957,057
	322	Karuna Therapeutics, Inc.^(a)		101,916
	311	Keros Therapeutics, Inc.^(a)		12,365
	810	Kymera Therapeutics, Inc.^(a)		20,623
	216	Ligand Pharmaceuticals, Inc.^(a)		15,427
	206	Madrigal Pharmaceuticals, Inc.^(a)		47,664
	1,821	MannKind Corporation^(a)		6,628
	5,912	Maravai LifeSciences Holdings, Inc.^(a)		38,724
	23,931	Merck & Company, Inc		2,608,958
	322	Mirati Therapeutics, Inc.^(a)		18,918
	251	Mirum Pharmaceuticals, Inc.^(a)		7,410
	7,636	Moderna, Inc.^(a)		759,400
	501	Morphic Holding, Inc.^(a)		14,469
	853	Neurocrine Biosciences, Inc.^(a)		112,391
	1,016	Novavax, Inc., Class A^(a)		4,877
	4,334	Organon & Company		62,496
	553	Pacira BioSciences, Inc.^(a)		18,658
	74,285	Pfizer, Inc.		2,138,665
	953	Pliant Therapeutics, Inc.^(a)		17,259
	517	Protagonist Therapeutics, Inc.^(a)		11,855
	1,192	PTC Therapeutics, Inc.^(a)		32,852
	338	RAPT Therapeutics, Inc.^(a)		8,399
	1,335	Recursion Pharmaceuticals, Inc.^(a)		13,163
	1,064	Regeneron Pharmaceuticals, Inc.^(a)		934,501
	444	REGENXBIO, Inc.^(a)		7,970
	2,055	Relay Therapeutics, Inc.^(a)		22,626
	2,517	Revance Therapeutics, Inc.^(a)		22,124
	942	REVOLUTION Medicines, Inc.^(a)		27,017
	5,962	Royalty Pharma plc, Class A		167,473
	1,223	Sage Therapeutics, Inc.^(a)		26,502
	978	Sarepta Therapeutics, Inc.^(a)		94,309
	306	Scilex Holding Company^(a)		624

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		BIOTECH & PHARMA — 17.1% (Continued)
	3,275	Summit Therapeutics, Inc.^(a)	$	8,548
	644	Supernus Pharmaceuticals, Inc.^(a)		18,637
	775	Syndax Pharmaceuticals, Inc.^(a)		16,748
	2,038	TG Therapeutics, Inc.^(a)		34,809
	1,911	Travere Therapeutics, Inc.^(a)		17,180
	289	Twist Bioscience Corporation^(a)		10,653
	587	Ultragenyx Pharmaceutical, Inc.^(a)		28,070
	432	United Therapeutics Corporation^(a)		94,992
	2,264	Vertex Pharmaceuticals, Inc.^(a)		921,199
	567	Viridian Therapeutics, Inc.^(a)		12,349
	851	Xencor, Inc.^(a)		18,067
	775	Zentalis Pharmaceuticals, Inc.^(a)		11,741
	78	Zoetis, Inc.		15,395
	728	Zymeworks, Inc.^(a)		7,564
				22,504,278
		CABLE & SATELLITE — 1.0%
	1,872	Altice USA, Inc., Class A^(a)		6,084
	8	Cable One, Inc.		4,453
	402	Charter Communications, Inc., Class A^(a)		156,249
	22,263	Comcast Corporation, Class A		976,232
	4,509	DISH Network Corporation, Class A^(a)		26,017
	962	Liberty Broadband Corporation - Series A^(a)		77,576
				1,246,611
		CHEMICALS — 7.9%
	19	Air Products and Chemicals, Inc.		5,202
	354	Albemarle Corporation		51,146
	14,537	American Vanguard Corporation		159,471
	362	Avient Corporation		15,048
	147	Balchem Corporation		21,866
	345	Cabot Corporation		28,808
	13,946	CF Industries Holdings, Inc.		1,108,707
	48,765	Corteva, Inc		2,336,819
	934	CVR Partners, L.P		61,177
	6,209	DuPont de Nemours, Inc		477,658

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		CHEMICALS — 7.9% (Continued)
	12,902	Ecolab, Inc.	$	2,559,112
	478	Ecovyst, Inc.^(a)		4,670
	21,187	FMC Corporation		1,335,840
	57	HB Fuller Company		4,640
	247	Ingevity Corporation^(a)		11,663
	1,139	International Flavors & Fragrances, Inc.		92,225
	429	Koppers Holdings, Inc.		21,974
	1,665	Kronos Worldwide, Inc.		16,550
	925	LSB Industries, Inc.^(a)		8,612
	217	Minerals Technologies, Inc		15,474
	56,105	Mosaic Company (The)		2,004,632
	339	Sensient Technologies Corporation		22,374
	243	Stepan Company		22,976
	1,171	Tronox Holdings PLC, Class A		16,581
				10,403,225
		COMMERCIAL SUPPORT SERVICES — 0.9%
	5,213	ABM Industries, Inc		233,699
	2,054	ADT, Inc		14,008
	4,913	Alight, Inc., Class A^(a)		41,908
	288	AMN Healthcare Services, Inc.^(a)		21,565
	275	Aramark		7,727
	317	ASGN, Inc.^(a)		30,486
	62	Barrett Business Services, Inc		7,180
	169	Brink’s Company (The)		14,864
	174	CBIZ, Inc.^(a)		10,891
	164	Cintas Corporation		98,836
	106	Clean Harbors, Inc.^(a)		18,498
	88	CorVel Corporation^(a)		21,754
	111	CRA International, Inc		10,972
	403	Cross Country Healthcare, Inc.^(a)		9,124
	233	FTI Consulting, Inc.^(a)		46,402
	485	H&R Block, Inc.		23,459
	272	Healthcare Services Group, Inc.^(a)		2,821
	157	Huron Consulting Group, Inc.^(a)		16,140

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		COMMERCIAL SUPPORT SERVICES — 0.9% (Continued)
	759	Insperity, Inc.	$	88,970
	1,700	Kelly Services, Inc., Class A		36,754
	160	Kforce, Inc.		10,810
	234	Korn Ferry		13,888
	1,865	ManpowerGroup, Inc		148,212
	72	National Research Corporation		2,848
	570	Robert Half, Inc.		50,114
	1,132	Rollins, Inc		49,434
	408	Schnitzer Steel Industries, Inc., Class A		12,305
	440	Sovos Brands, Inc.^(a)		9,693
	252	SP Plus Corporation^(a)		12,915
	272	TriNet Group, Inc.^(a)		32,349
	135	UniFirst Corporation		24,693
	178	Vestis Corporation		3,763
	262	ZipRecruiter, Inc.^(a)		3,642
				1,130,724
		CONSTRUCTION MATERIALS — 0.0%^(b)
	298	Owens Corning		44,173

		CONSUMER SERVICES — 0.1%
	376	European Wax Center, Inc.^(a)		5,110
	221	Matthews International Corporation, Class A		8,099
	55	Medifast, Inc.		3,697
	411	Service Corp International		28,133
	2,577	WW International, Inc.^(a)		22,549
				67,588
		CONTAINERS & PACKAGING — 0.0%^(b)
	102	AptarGroup, Inc.		12,609
	380	Berry Global Group, Inc.		25,608
				38,217
		DATA CENTER REIT — 0.1%
	254	Digital Realty Trust, Inc		34,183
	54	Equinix, Inc		43,491
				77,674

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		DIVERSIFIED INDUSTRIALS — 0.2%
	2,306	3M Company	$	252,092

		E-COMMERCE DISCRETIONARY — 1.5%
	11,736	Amazon.com, Inc.^(a)		1,783,168
	687	Beyond, Inc.^(a)		19,023
	1,706	eBay, Inc.		74,416
	110	Etsy, Inc.^(a)		8,915
	679	Leslie’s, Inc.^(a)		4,692
	320	Revolve Group, Inc.^(a)		5,306
	610	Wayfair, Inc., Class A^(a)		37,637
				1,933,157
		ELECTRICAL EQUIPMENT — 0.1%
	34	Acuity Brands, Inc.		6,964
	78	Advanced Energy Industries, Inc		8,496
	64	Amphenol Corporation, Class A		6,344
	22	Hubbell, Inc		7,236
	294	Novanta, Inc.^(a)		49,513
	618	Sensata Technologies Holding plc		23,218
	374	Trimble, Inc.^(a)		19,897
	288	Vertiv Holdings Company		13,833
	214	Watts Water Technologies, Inc., Class A		44,585
				180,086
		ENGINEERING & CONSTRUCTION — 0.9%
	2,547	AECOM		235,419
	29	EMCOR Group, Inc		6,248
	120	Exponent, Inc.		10,565
	5,629	Jacobs Solutions, Inc		730,644
	185	Montrose Environmental Group, Inc.^(a)		5,944
	119	NV5 Global, Inc.^(a)		13,223
	523	Tetra Tech, Inc		87,304
	9	TopBuild Corporation^(a)		3,368
	685	WillScot Mobile Mini Holdings Corporation^(a)		30,483
				1,123,198

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		ENTERTAINMENT CONTENT — 0.9%
	545	AMC Networks, Inc., Class A^(a)	$	10,241
	278	AppLovin Corporation^(a)		11,078
	248	Electronic Arts, Inc.		33,929
	3,386	Endeavor Group Holdings, Inc., Class A		80,350
	1,894	Fox Corporation - Class B		52,369
	1,590	Lions Gate Entertainment Corporation, Class A^(a)		17,331
	4,089	Paramount Global		80,390
	96	Take-Two Interactive Software, Inc.^(a)		15,451
	8,635	Walt Disney Company (The)		779,654
	7,195	Warner Bros Discovery, Inc.^(a)		81,879
	2,196	Warner Music Group Corporation		78,595
				1,241,267
		FOOD — 2.6%
	798	B&G Foods, Inc		8,379
	515	BellRing Brands, Inc.^(a)		28,547
	628	Beyond Meat, Inc.^(a)		5,589
	1,966	Campbell Soup Company		84,990
	7,262	Conagra Brands, Inc		208,129
	5,168	Flowers Foods, Inc		116,332
	13,309	Fresh Del Monte Produce, Inc.		349,361
	7,217	General Mills, Inc.		470,116
	3,553	Hain Celestial Group, Inc. (The)^(a)		38,905
	575	Hershey Company (The)		107,203
	4,008	Ingredion, Inc		434,988
	184	J & J Snack Foods Corporation		30,754
	1,516	J M Smucker Company (The)		191,592
	148	John B Sanfilippo & Son, Inc.		15,250
	6,661	Kellogg Company		372,417
	1,219	Lamb Weston Holdings, Inc		131,762
	108	Lancaster Colony Corporation		17,970
	1,310	McCormick & Company, Inc		89,630
	3,559	Mission Produce, Inc.^(a)		35,910
	6,860	Mondelez International, Inc., A		496,870
	774	Post Holdings, Inc.^(a)		68,158

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		FOOD — 2.6% (Continued)
	484	Simply Good Foods Company (The)^(a)	$	19,166
	232	Tootsie Roll Industries, Inc.		7,712
	1,308	TreeHouse Foods, Inc.^(a)		54,217
	693	Utz Brands, Inc.		11,254
	2,023	WK Kellogg Co		26,582
				3,421,783
		GAS & WATER UTILITIES — 1.3%
	1,366	American States Water Company		109,854
	8,078	American Water Works Company, Inc		1,066,215
	3,645	California Water Service Group		189,066
	3,879	Essential Utilities, Inc.		144,881
	570	Middlesex Water Company		37,403
	1,507	SJW Group		98,482
	380	York Water Company (The)		14,676
				1,660,577
		HEALTH CARE FACILITIES & SERVICES — 7.9%
	27,281	23andMe Holding Company^(a)		24,921
	387	Accolade, Inc.^(a)		4,648
	4,724	AdaptHealth Corporation^(a)		34,438
	218	Addus HomeCare Corporation^(a)		20,241
	1,764	Agiliti, Inc.^(a)		13,971
	3,120	agilon health, Inc.^(a)		39,156
	511	Amedisys, Inc.^(a)		48,576
	1,076	Brookdale Senior Living, Inc.^(a)		6,262
	4,026	Cardinal Health, Inc		405,821
	1,535	Catalent, Inc.^(a)		68,968
	1,903	Cencora, Inc.		390,838
	5,598	Centene Corporation^(a)		415,428
	487	Charles River Laboratories International, Inc.^(a)		115,127
	95	Chemed Corporation		55,551
	2,001	Cigna Group (The)		599,199
	8,745	Community Health Systems, Inc.^(a)		27,372
	4,177	CVS Health Corporation		329,816
	1,367	DaVita, Inc.^(a)		143,207

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 7.9% (Continued)
	1,452	DocGo, Inc.^(a)	$	8,117
	1,334	Elevance Health, Inc.		629,061
	1,599	Encompass Health Corporation		106,685
	3,070	Enhabit, Inc.^(a)		31,775
	37	Ensign Group, Inc. (The)		4,152
	3,498	Fortrea Holdings, Inc.^(a)		122,080
	1,006	Fulgent Genetics, Inc.^(a)		29,083
	4,908	HCA Healthcare, Inc		1,328,497
	72	HealthEquity, Inc.^(a)		4,774
	2,907	Henry Schein, Inc.^(a)		220,089
	799	Humana, Inc		365,790
	1,195	IQVIA Holdings, Inc.^(a)		276,499
	3,156	Laboratory Corp of America Holdings		717,327
	1,525	LifeStance Health Group, Inc.^(a)		11,941
	1,216	McKesson Corporation		562,984
	99	Medpace Holdings, Inc.^(a)		30,346
	608	ModivCare, Inc.^(a)		26,746
	341	Molina Healthcare, Inc.^(a)		123,207
	1,393	NeoGenomics, Inc.^(a)		22,539
	25,241	OPKO Health, Inc.^(a)		38,114
	2,024	Option Care Health, Inc.^(a)		68,189
	1,499	Owens & Minor, Inc.^(a)		28,886
	850	Patterson Companies, Inc		24,183
	4,106	Pediatrix Medical Group, Inc.^(a)		38,186
	682	Premier, Inc., Class A		15,249
	301	Progyny, Inc.^(a)		11,191
	4,301	Quest Diagnostics, Inc.		593,022
	1,891	RadNet, Inc.^(a)		65,750
	3,947	Select Medical Holdings Corporation		92,754
	272	SI-BONE, Inc.^(a)		5,709
	2,438	Sotera Health Company^(a)		41,080
	1,326	Surgery Partners, Inc.^(a)		42,419
	660	Teladoc Health, Inc.^(a)		14,223
	3,008	Tenet Healthcare Corporation^(a)		227,314

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 7.9% (Continued)
	2,796	UnitedHealth Group, Inc	$	1,472,010
	1,992	Universal Health Services, Inc., Class B		303,660
	126	US Physical Therapy, Inc		11,736
				10,458,907
		HEALTH CARE REIT — 0.1%
	357	Healthcare Realty Trust, Inc.		6,151
	1,090	Healthpeak Properties, Inc		21,582
	1,550	Medical Properties Trust, Inc		7,610
	65	National Health Investors, Inc.		3,630
	266	Omega Healthcare Investors, Inc		8,156
	389	Physicians Realty Trust		5,178
	314	Sabra Health Care REIT, Inc		4,481
	866	Ventas, Inc		43,161
	603	Welltower, Inc		54,373
				154,322
		HOME & OFFICE PRODUCTS — 0.0%^(b)
	422	Scotts Miracle-Gro Company (The)		26,903

		HOME CONSTRUCTION — 0.0%^(b)
	77	Armstrong World Industries, Inc		7,571

		HOTEL REIT — 0.1%
	638	Apple Hospitality REIT, Inc.		10,597
	657	DiamondRock Hospitality Company		6,169
	2,479	Host Hotels & Resorts, Inc.		48,266
	658	Park Hotels & Resorts, Inc		10,067
	363	Pebblebrook Hotel Trust		5,801
	609	RLJ Lodging Trust		7,138
	106	Ryman Hospitality Properties, Inc.		11,666
	716	Service Properties Trust		6,115
	766	Sunstone Hotel Investors, Inc.		8,219
	443	Xenia Hotels & Resorts, Inc.		6,034
				120,072

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		HOUSEHOLD PRODUCTS — 4.4%
	3,547	Church & Dwight Company, Inc.	$	335,404
	836	Clorox Company (The)		119,205
	5,291	Colgate-Palmolive Company		421,746
	32,981	Procter & Gamble Company (The)		4,833,036
	875	Spectrum Brands Holdings, Inc.		69,799
				5,779,190
		INDUSTRIAL INTERMEDIATE PROD — 0.0%^(b)
	384	Enpro, Inc		60,188

		INDUSTRIAL REIT — 0.1%
	2,453	Americold Realty Trust, Inc		74,253
	26	EastGroup Properties, Inc.		4,772
	141	First Industrial Realty Trust, Inc.		7,426
	568	Prologis, Inc.		75,715
	94	Rexford Industrial Realty, Inc		5,273
	151	STAG Industrial, Inc		5,928
	49	Terreno Realty Corporation		3,071
				176,438
		INDUSTRIAL SUPPORT SERVICES — 0.4%
	104	Applied Industrial Technologies, Inc		17,960
	85	Core & Main, Inc.^(a)		3,435
	1,014	Fastenal Co		65,677
	292	Global Industrial Co		11,341
	45	MSC Industrial Direct Company, Inc., Class A		4,557
	107	SiteOne Landscape Supply, Inc.^(a)		17,387
	1,154	Titan Machinery, Inc.^(a)		33,327
	253	U-Haul Holding Company^(a)		18,165
	142	Watsco, Inc		60,843
	170	WESCO International, Inc		29,560
	343	WW Grainger, Inc		284,241
				546,493

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		INFRASTRUCTURE REIT — 0.1%
	395	American Tower Corporation, A	$	85,273
	286	Crown Castle, Inc		32,944
	38	SBA Communications Corporation, A		9,640
	656	Uniti Group, Inc		3,792
				131,649
		INSTITUTIONAL FINANCIAL SERVICES — 0.6%
	1,602	Bank of New York Mellon Corporation (The)		83,384
	1,454	BGC Group, Inc		10,498
	149	CME Group, Inc		31,379
	140	Evercore, Inc., Class A		23,947
	154	Goldman Sachs Group, Inc. (The)		59,409
	114	Houlihan Lokey, Inc		13,670
	215	Interactive Brokers Group, Inc., Class A		17,823
	326	Intercontinental Exchange, Inc.		41,868
	294	Jefferies Financial Group, Inc		11,881
	197	Moelis & Co., Class A		11,058
	1,051	Morgan Stanley		98,006
	347	Nasdaq, Inc.		20,175
	83	Northern Trust Corporation		7,004
	60	Piper Sandler Cos		10,492
	81	PJT Partners, Inc., Class A		8,251
	293	SEI Investments Company		18,620
	4,492	State Street Corporation		347,950
	91	StoneX Group, Inc.^(a)		6,718
	43	Tradeweb Markets, Inc., Class A		3,908
	45	Virtu Financial, Inc., Class A		912
				826,953
		INSURANCE — 3.5%
	1,659	Aflac, Inc		136,868
	2,852	Allstate Corporation (The)		399,223
	286	American Equity Investment Life Holding Company^(a)		15,959
	661	American Financial Group, Inc		78,586
	4,727	American International Group, Inc		320,254
	82	AMERISAFE, Inc		3,836

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		INSURANCE — 3.5% (Continued)
	377	Arthur J Gallagher & Company	$	84,780
	319	Assurant, Inc.		53,748
	421	Brighthouse Financial, Inc.^(a)		22,279
	662	Brown & Brown, Inc		47,075
	162	BRP Group, Inc., Class A^(a)		3,891
	799	Cincinnati Financial Corporation		82,664
	2,350	CNA Financial Corporation		99,428
	393	CNO Financial Group, Inc		10,965
	142	Employers Holdings, Inc.		5,595
	2,223	Equitable Holdings, Inc.		74,026
	101	Erie Indemnity Company, Class A		33,827
	5,686	Genworth Financial, Inc., Class A^(a)		37,982
	244	Globe Life, Inc		29,700
	528	Hagerty, Inc.^(a)		4,118
	376	Hanover Insurance Group, Inc		45,654
	2,458	Hartford Financial Services Group, Inc		197,574
	316	Horace Mann Educators Corporation		10,333
	769	Jackson Financial, Inc., Class A		39,373
	890	Kemper Corporation		43,316
	15	Kinsale Capital Group, Inc.		5,024
	1,636	Lincoln National Corporation		44,123
	508	Loews Corporation		35,352
	62	Markel Group, Inc.^(a)		88,034
	1,706	Marsh & McLennan Companies, Inc		323,236
	854	Mercury General Corporation		31,863
	9,424	MetLife, Inc.		623,209
	10	National Western Life Group, Inc., Class A		4,830
	176	NMI Holdings, Inc., Class A^(a)		5,224
	2,399	Old Republic International Corporation		70,531
	1,171	Principal Financial Group, Inc		92,122
	519	ProAssurance Corporation		7,157
	2,616	Progressive Corporation (The)		416,676
	2,491	Prudential Financial, Inc.		258,342
	511	Radian Group, Inc		14,589

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		INSURANCE — 3.5% (Continued)
	809	Reinsurance Group of America, Inc	$	130,880
	87	RLI Corporation		11,581
	290	Ryan Specialty Holdings, Inc., Class A^(a)		12,476
	104	Safety Insurance Group, Inc.		7,903
	295	Selective Insurance Group, Inc		29,347
	184	Skyward Specialty Insurance Group, Inc.^(a)		6,234
	1,743	Travelers Companies, Inc. (The)		332,024
	139	Trupanion, Inc.^(a)		4,241
	511	United Fire Group, Inc		10,281
	1,308	Unum Group		59,148
	891	Voya Financial, Inc.		65,007
	1,158	W R Berkley Corporation		81,894
	6	White Mountains Insurance Group Ltd.		9,030
				4,661,412
		INTERNET MEDIA& SERVICES — 4.5%
	37,105	Alphabet, Inc., Class A^(a)		5,183,198
	34	Booking Holdings, Inc.^(a)		120,605
	389	Expedia Group, Inc.^(a)		59,046
	296	GoDaddy, Inc., Class A^(a)		31,423
	939	Meta Platforms, Inc., Class A^(a)		332,368
	294	Netflix, Inc.^(a)		143,143
	4,340	Opendoor Technologies, Inc.^(a)		19,443
	345	Pinterest, Inc., Class A^(a)		12,779
	98	Roku, Inc.^(a)		8,983
	204	Shutterstock, Inc.		9,849
	1,960	Snap, Inc., Class A^(a)		33,183
	406	TripAdvisor, Inc.^(a)		8,741
	87	VeriSign, Inc.^(a)		17,919
				5,980,680
		LEISURE FACILITIES & SERVICES — 0.7%
	1,486	AMC Entertainment Holdings, Inc.^(a)		9,094
	1,028	Bowlero Corporation^(a)		14,556
	454	Cedar Fair, L.P.		18,069
	3	Chipotle Mexican Grill, Inc.^(a)		6,861

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		LEISURE FACILITIES & SERVICES — 0.7% (Continued)
	96	Choice Hotels International, Inc.	$	10,877
	779	Cinemark Holdings, Inc.^(a)		10,976
	720	Dave & Buster’s Entertainment, Inc.^(a)		38,772
	386	Hilton Grand Vacations, Inc.^(a)		15,510
	394	Hilton Worldwide Holdings, Inc		71,743
	296	Hyatt Hotels Corporation, Class A		38,601
	1,885	Life Time Group Holdings, Inc.^(a)		28,426
	2,044	Live Nation Entertainment, Inc.^(a)		191,319
	583	Madison Square Garden Entertainment Corporation^(a)		18,534
	117	Madison Square Garden Sports Corporation^(a)		21,274
	779	Marriott International, Inc., Class A		175,672
	244	Marriott Vacations Worldwide Corporation		20,713
	222	Planet Fitness, Inc., Class A^(a)		16,206
	504	SeaWorld Entertainment, Inc.^(a)		26,626
	682	Six Flags Entertainment Corporation^(a)		17,105
	1,045	Starbucks Corporation		100,331
	288	Target Hospitality Corporation^(a)		2,802
	353	Travel + Leisure Company		13,799
	217	Vail Resorts, Inc		46,323
	176	Wyndham Hotels & Resorts, Inc.		14,152
	228	Xponential Fitness, Inc.^(a)		2,939
				931,280
		LEISURE PRODUCTS — 0.0%^(b)
	141	Hasbro, Inc		7,199
	278	Mattel, Inc.^(a)		5,249
				12,448
		MACHINERY — 3.7%
	8,349	AGCO Corporation		1,013,652
	665	Cadre Holdings, Inc.		21,872
	178	Caterpillar, Inc.		52,629
	6,019	Deere & Company		2,406,818
	982	Franklin Electric Company, Inc.		94,910
	452	Lindsay Corporation		58,380
	27	Nordson Corporation		7,132

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		MACHINERY — 3.7% (Continued)
	4,012	Titan International, Inc.^(a)	$	59,699
	1,588	Veralto Corporation		130,629
	8,818	Xylem, Inc		1,008,427
				4,854,148
		MEDICAL EQUIPMENT& DEVICES — 9.1%
	1,345	10X Genomics, Inc., Class A^(a)		75,266
	4,404	Abbott Laboratories		484,748
	2,360	Adaptive Biotechnologies Corporation^(a)		11,564
	1,451	Agilent Technologies, Inc.		201,733
	126	Align Technology, Inc.^(a)		34,524
	992	Alphatec Holdings, Inc.^(a)		14,989
	917	Artivion, Inc.^(a)		16,396
	399	AtriCure, Inc.^(a)		14,240
	14	Atrion Corporation		5,303
	2,245	Avanos Medical, Inc.^(a)		50,355
	8,494	Avantor, Inc.^(a)		193,918
	118	Axonics, Inc.^(a)		7,343
	13,745	Baxter International, Inc.		531,382
	4,409	Becton Dickinson and Company		1,075,047
	165	BioLife Solutions, Inc.^(a)		2,681
	398	Bio-Rad Laboratories, Inc., Class A^(a)		128,510
	1,971	Bio-Techne Corporation		152,082
	12,019	Boston Scientific Corporation^(a)		694,818
	980	Bruker Corporation		72,010
	660	Castle Biosciences, Inc.^(a)		14,243
	438	CONMED Corporation		47,965
	193	Cooper Companies, Inc. (The)		73,039
	4,234	Danaher Corporation		979,494
	680	DENTSPLY SIRONA, Inc		24,201
	1,253	DexCom, Inc.^(a)		155,485
	4,613	Edwards Lifesciences Corporation^(a)		351,741
	2,419	Embecta Corporation		45,792
	691	Envista Holdings Corporation^(a)		16,626

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		MEDICAL EQUIPMENT& DEVICES — 9.1% (Continued)
	527	Exact Sciences Corporation^(a)	$	38,987
	13,137	GE HealthCare Technologies, Inc		1,015,753
	252	Glaukos Corporation^(a)		20,032
	2,601	Globus Medical, Inc., Class A^(a)		138,607
	682	Haemonetics Corporation^(a)		58,318
	3,593	Hologic, Inc.^(a)		256,720
	889	ICU Medical, Inc.^(a)		88,669
	240	IDEXX Laboratories, Inc.^(a)		133,212
	1,131	Illumina, Inc.^(a)		157,480
	198	Inari Medical, Inc.^(a)		12,854
	82	Inspire Medical Systems, Inc.^(a)		16,681
	349	Insulet Corporation^(a)		75,726
	656	Integer Holdings Corporation^(a)		64,996
	2,046	Integra LifeSciences Holdings Corporation^(a)		89,103
	1,076	Intuitive Surgical, Inc.^(a)		362,999
	102	iRhythm Technologies, Inc.^(a)		10,918
	429	Lantheus Holdings, Inc.^(a)		26,598
	181	LeMaitre Vascular, Inc		10,274
	803	Masimo Corporation^(a)		94,120
	954	Merit Medical Systems, Inc.^(a)		72,466
	92	Mettler-Toledo International, Inc.^(a)		111,592
	1,138	Myriad Genetics, Inc.^(a)		21,781
	243	Natera, Inc.^(a)		15,222
	1,417	Nevro Corporation^(a)		30,494
	2,293	OraSure Technologies, Inc.^(a)		18,803
	2,932	Orthofix Medical, Inc.^(a)		39,523
	186	OrthoPediatrics Corporation^(a)		6,047
	222	Pacific Biosciences of California, Inc.^(a)		2,178
	954	Paragon 28, Inc.^(a)		11,858
	194	Penumbra, Inc.^(a)		48,799
	887	PerkinElmer, Inc.		96,958
	1,420	QuidelOrtho Corporation^(a)		104,654
	90	Repligen Corporation^(a)		16,182
	1,312	ResMed, Inc.		225,690

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		MEDICAL EQUIPMENT& DEVICES — 9.1% (Continued)
	64	Shockwave Medical, Inc.^(a)	$	12,196
	583	Silk Road Medical, Inc.^(a)		7,154
	133	STAAR Surgical Company^(a)		4,151
	3,658	Stryker Corporation		1,095,425
	1,756	Tandem Diabetes Care, Inc.^(a)		51,943
	785	Teleflex, Inc.		195,732
	1,824	Thermo Fisher Scientific, Inc.		968,161
	620	Treace Medical Concepts, Inc.^(a)		7,905
	224	Veracyte, Inc.^(a)		6,162
	358	Vericel Corporation^(a)		12,748
	281	Waters Corporation^(a)		92,514
	209	West Pharmaceutical Services, Inc.		73,593
	3,879	Zimmer Biomet Holdings, Inc.		472,074
				11,969,547
		METALS & MINING — 0.0%^(b)
	380	Livent Corporation^(a)		6,832

		MORTGAGE FINANCE — 0.0%^(b)
	206	Starwood Property Trust, Inc.		4,330

		MULTI ASSET CLASS REIT — 0.0% ^(b)
	245	Apartment Income REIT Corporation		8,509
	184	Broadstone Net Lease, Inc.		3,168
	328	Vornado Realty Trust		9,266
	233	WP Carey, Inc.		15,101
				36,044
		MULTI ASSET CLASS REITS — 0.0%^(b)
	218	Alexander & Baldwin, Inc.		4,146
	529	LXP Industrial Trust		5,248
				9,394
		OFFICE REIT — 0.1%
	191	Alexandria Real Estate Equities, Inc.		24,213
	286	Boston Properties, Inc		20,069
	301	Cousins Properties, Inc.		7,329

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		OFFICE REIT — 0.1% (Continued)
	341	Douglas Emmett, Inc.	$	4,945
	321	Empire State Realty Trust, Inc., Class A		3,111
	191	Equity Commonwealth		3,667
	277	Highwoods Properties, Inc		6,360
	246	JBG SMITH Properties		4,184
	214	Kilroy Realty Corporation		8,526
	101	SL Green Realty Corporation		4,562
				86,966
		OIL& GAS PRODUCERS — 0.0%^(b)
	5,619	Clean Energy Fuels Corporation^(a)		21,521

		OIL& GAS SERVICES & EQUIPMENT — 0.0% ^(b)
	530	US Silica Holdings, Inc.^(a)		5,994

		PUBLISHING & BROADCASTING — 0.1%
	253	New York Times Company (The), Class A		12,394
	1,797	News Corporation, Class B		46,218
	85	Nexstar Media Group, Inc		13,324
	161	Scholastic Corporation		6,070
	420	Sinclair, Inc.		5,473
	620	TEGNA, Inc		9,486
	414	Thryv Holdings, Inc.^(a)		8,425
				101,390
		REAL ESTATE INVESTMENT TRUSTS — 0.0%^(b)
	2	Texas Pacific Land Corporation		3,145

		REAL ESTATE OWNERS & DEVELOPERS — 0.0%^(b)
	100	Howard Hughes Holdings, Inc.^(a)		8,555
	73	McGrath RentCorporation		8,732
				17,287
		REAL ESTATE SERVICES — 0.5%
	2,667	Anywhere Real Estate, Inc.^(a)		21,629
	2,900	CBRE Group, Inc., Class A^(a)		269,961
	12,102	Compass, Inc.^(a)		45,503

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		REAL ESTATE SERVICES — 0.5% (Continued)
	1,981	eXp World Holdings, Inc.	$	30,745
	964	Jones Lang LaSalle, Inc.^(a)		182,071
	373	Marcus & Millichap, Inc		16,293
	2,336	Newmark Group, Inc., Class A		25,603
				591,805
		RESIDENTIAL REIT — 0.2%
	348	American Homes 4 Rent, Class A		12,514
	668	Apartment Investment and Management Company^(a)		5,231
	174	AvalonBay Communities, Inc		32,576
	149	Camden Property Trust		14,794
	198	Equity LifeStyle Properties, Inc		13,967
	588	Equity Residential		35,962
	78	Essex Property Trust, Inc.		19,339
	529	Invitation Homes, Inc		18,044
	173	Mid-America Apartment Communities, Inc.		23,262
	145	Sun Communities, Inc		19,379
	383	UDR, Inc		14,665
				209,733
		RETAIL — CONSUMER STAPLES — 2.0%
	56	Costco Wholesale Corporation		36,964
	846	Dollar General Corporation		115,014
	917	Dollar Tree, Inc.^(a)		130,260
	60	Five Below, Inc.^(a)		12,790
	124	Ollie’s Bargain Outlet Holdings, Inc.^(a)		9,410
	54	PriceSmart, Inc		4,092
	1,971	SpartanNash Company		45,234
	336	Sprouts Farmers Market, Inc.^(a)		16,165
	2,821	Target Corporation		401,767
	11,946	Walgreens Boots Alliance, Inc		311,910
	9,467	Walmart, Inc		1,492,473
				2,576,079
		RETAIL — DISCRETIONARY — 2.2%
	230	Abercrombie & Fitch Company, Class A^(a)		20,291
	1,105	American Eagle Outfitters, Inc.		23,382
	4	AutoZone, Inc.^(a)		10,342

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		RETAIL — DISCRETIONARY — 2.2% (Continued)
	1,041	Bath & Body Works, Inc	$	44,929
	3,647	Best Buy Company, Inc.		285,487
	145	Builders FirstSource, Inc.^(a)		24,206
	275	Burlington Stores, Inc.^(a)		53,482
	403	Caleres, Inc.		12,384
	1,238	Chico’s FAS, Inc.^(a)		9,384
	385	Dick’s Sporting Goods, Inc		56,576
	98	Dillard’s, Inc., Class A		39,558
	54	Floor & Decor Holdings, Inc., Class A^(a)		6,024
	1,917	Foot Locker, Inc		59,715
	164	Freshpet, Inc.^(a)		14,229
	2,677	GameStop Corporation, Class A^(a)		46,928
	3,732	Gap, Inc. (The)		78,036
	446	Guess?, Inc		10,285
	128	Hibbett, Inc.		9,219
	2,375	Home Depot, Inc. (The)		823,056
	1,740	Kohl’s Corporation		49,903
	2,157	Lowe’s Companies, Inc		480,040
	5,807	Macy’s, Inc		116,837
	345	National Vision Holdings, Inc.^(a)		7,221
	2,142	Nordstrom, Inc.		39,520
	13	O’Reilly Automotive, Inc.^(a)		12,351
	42	Penske Automotive Group, Inc		6,741
	3,867	Petco Health & Wellness Company, Inc.^(a)		12,220
	44	RH^(a)		12,825
	570	Ross Stores, Inc		78,882
	1,146	Sally Beauty Holdings, Inc.^(a)		15,219
	278	Shoe Carnival, Inc		8,398
	2,632	TJX Companies, Inc. (The)		246,908
	234	Tractor Supply Company		50,317
	91	Ulta Beauty, Inc.^(a)		44,589
	626	Urban Outfitters, Inc.^(a)		22,342
	895	Warby Parker, Inc.^(a)		12,620
	222	Williams-Sonoma, Inc.		44,795
				2,889,241

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		RETAIL REIT — 0.1%
	53	Agree Realty Corporation	$	3,336
	458	Brixmor Property Group, Inc		10,658
	103	Federal Realty Investment Trust		10,614
	722	Kimco Realty Corporation		15,386
	150	Kite Realty Group Trust		3,429
	316	Macerich Company		4,876
	198	NNN REIT, Inc.		8,534
	130	Phillips Edison & Company, Inc		4,742
	393	Realty Income Corporation		22,566
	208	Regency Centers Corporation		13,936
	430	Simon Property Group, Inc		61,335
	362	SITE Centers Corporation		4,934
	128	Spirit Realty Capital, Inc		5,592
	144	Tanger Factory Outlet Centers, Inc		3,992
	178	Urban Edge Properties		3,258
				177,188
		SELF-STORAGE REIT — 0.0% ^(b)
	104	Extra Space Storage, Inc		16,674
	110	Public Storage		33,550
				50,224
		SELF-STORAGE REITS — 0.0%^(b)
	106	CubeSmart		4,913

		SEMICONDUCTORS — 0.4%
	125	Azenta, Inc.^(a)		8,143
	414	Broadcom, Inc		462,127
				470,270
		SOFTWARE — 4.9%
	406	ACI Worldwide, Inc.^(a)		12,424
	147	Adobe, Inc.^(a)		87,700
	285	Akamai Technologies, Inc.^(a)		33,730
	712	Alignment Healthcare, Inc.^(a)		6,130
	62	Altair Engineering, Inc., Class A^(a)		5,217
	36	ANSYS, Inc.^(a)		13,064
	24	Aspen Technology, Inc.^(a)		5,284

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		SOFTWARE — 4.9% (Continued)
	34	Atlassian Corp plc, Class A^(a)	$	8,087
	69	Autodesk, Inc.^(a)		16,800
	161	Bentley Systems, Inc		8,401
	43	Blackbaud, Inc.^(a)		3,728
	63	Cadence Design Systems, Inc.^(a)		17,159
	120	Calix, Inc.^(a)		5,243
	405	CCC Intelligent Solutions Holdings, Inc.^(a)		4,613
	245	Ceridian HCM Holding, Inc.^(a)		16,444
	42	CommVault Systems, Inc.^(a)		3,354
	314	Concentrix Corporation		30,838
	23	Crowdstrike Holdings, Inc., Class A^(a)		5,872
	26	Datadog, Inc., Class A^(a)		3,156
	67	DocuSign, Inc.^(a)		3,983
	161	Donnelley Financial Solutions, Inc.^(a)		10,042
	241	Dropbox, Inc., Class A^(a)		7,105
	140	Envestnet, Inc.^(a)		6,933
	730	Evolent Health, Inc., Class A^(a)		24,112
	655	Fortinet, Inc.^(a)		38,337
	562	Hims & Hers Health, Inc.^(a)		5,002
	8	HubSpot, Inc.^(a)		4,644
	188	Informatica, Inc., Class A^(a)		5,337
	87	Intuit, Inc		54,378
	34	Manhattan Associates, Inc.^(a)		7,321
	13,530	Microsoft Corporation		5,087,821
	273	Omnicell, Inc.^(a)		10,273
	2,401	Oracle Corporation		253,137
	556	Oscar Health, Inc.^(a)		5,087
	134	Palo Alto Networks, Inc.^(a)		39,514
	308	Paycor HCM, Inc.^(a)		6,650
	81	Paylocity Holding Corporation^(a)		13,353
	80	Pegasystems, Inc		3,909
	1,184	Privia Health Group, Inc.^(a)		27,268
	83	Progress Software Corporation		4,507
	66	PTC, Inc.^(a)		11,547
	25	Qualys, Inc.^(a)		4,907

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		SOFTWARE — 4.9% (Continued)
	1,246	R1 RCM, Inc.^(a)	$	13,170
	863	Salesforce, Inc.^(a)		227,090
	77	ServiceNow, Inc.^(a)		54,400
	3,530	Sharecare, Inc.^(a)		3,812
	36	Splunk, Inc.^(a)		5,485
	22	SPS Commerce, Inc.^(a)		4,264
	148	Squarespace, Inc.^(a)		4,885
	629	SS&C Technologies Holdings, Inc.		38,438
	247	Sterling Check Corporation^(a)		3,438
	86	Synopsys, Inc.^(a)		44,282
	403	Teradata Corporation^(a)		17,535
	34	Tyler Technologies, Inc.^(a)		14,216
	89	Veeva Systems, Inc., Class A^(a)		17,134
	1,597	Veradigm, Inc.^(a)		16,753
	498	Verint Systems, Inc.^(a)		13,461
	145	Workday, Inc., Class A^(a)		40,029
	151	Zoom Video Communications, Inc., Class A^(a)		10,859
	378	ZoomInfo Technologies, Inc., Class A^(a)		6,989
				6,458,651
		SPECIALTY FINANCE — 0.9%
	1,485	American Express Company		278,200
	110	Bread Financial Holdings, Inc.		3,623
	1,346	Capital One Financial Corporation		176,487
	1,079	Discover Financial Services		121,280
	465	Enact Holdings, Inc		13,434
	2,468	Fidelity National Financial, Inc.		125,917
	1,269	First American Financial Corporation		81,774
	195	International Money Express, Inc.^(a)		4,308
	870	MGIC Investment Corporation		16,782
	239	Mr Cooper Group, Inc.^(a)		15,564
	295	OneMain Holdings, Inc		14,514
	209	PennyMac Financial Services, Inc		18,469
	392	PROG Holdings, Inc.^(a)		12,117
	6,000	Rocket Companies, Inc.^(a)		86,880
	513	Stewart Information Services Corporation		30,139

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		SPECIALTY FINANCE — 0.9% (Continued)
	3,010	Synchrony Financial	$	114,952
	1,785	UWM Holdings Corporation		12,763
	149	Walker & Dunlop, Inc.		16,540
				1,143,743
		SPECIALTY REIT — 0.0% ^(b)
	97	EPR Properties		4,700

		SPECIALTY REITS — 0.0%^(b)
	238	Iron Mountain, Inc.		16,655
	205	Lamar Advertising Company, Class A		21,788
	751	Outfront Media, Inc.		10,484
				48,927
		STEEL — 0.1%
	236	Reliance Steel & Aluminum Company		66,004

		TECHNOLOGY HARDWARE — 4.7%
	1,965	ADTRAN Holdings, Inc.		14,423
	22,786	Apple, Inc		4,386,989
	39	Arista Networks, Inc.^(a)		9,185
	489	Arrow Electronics, Inc.^(a)		59,780
	741	Avnet, Inc		37,346
	316	Corning, Inc.		9,622
	4,898	Dell Technologies, Inc., Class C		374,697
	201	Dolby Laboratories, Inc., Class A		17,322
	175	F5, Inc.^(a)		31,322
	10,620	Hewlett Packard Enterprise Company		180,328
	23,312	HP, Inc		701,458
	1,203	Jabil, Inc		153,262
	410	NCR Atleos Corporation^(a)		9,959
	952	NCR Voyix Corporation^(a)		16,098
	473	NetApp, Inc		41,700
	423	NetScout Systems, Inc.^(a)		9,285
	68	Plexus Corporation^(a)		7,353
	196	Pure Storage, Inc., Class A^(a)		6,989
	321	Sanmina Corporation^(a)		16,490
	468	TD SYNNEX Corporation		50,362

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		TECHNOLOGY HARDWARE — 4.7% (Continued)
	1,409	Western Digital Corporation^(a)	$	73,789
	1,868	Xerox Holdings Corporation		34,240
	42	Zebra Technologies Corporation, Class A^(a)		11,480
				6,253,479
		TECHNOLOGY SERVICES — 2.4%
	622	Amdocs Ltd		54,668
	687	Automatic Data Processing, Inc		160,050
	1,726	Block, Inc., Class A^(a)		133,506
	193	Broadridge Financial Solutions, Inc.		39,710
	841	CDW Corporation		191,176
	2,924	Cognizant Technology Solutions Corporation, Class A		220,850
	3,965	Conduent, Inc.^(a)		14,472
	161	CSG Systems International, Inc		8,567
	814	Dun & Bradstreet Holdings, Inc.		9,524
	4,890	DXC Technology Company^(a)		111,834
	141	EPAM Systems, Inc.^(a)		41,925
	155	Equifax, Inc		38,330
	300	Euronet Worldwide, Inc.^(a)		30,447
	766	ExlService Holdings, Inc.^(a)		23,631
	29	FactSet Research Systems, Inc.		13,834
	13	Fair Isaac Corporation^(a)		15,132
	1,174	Fidelity National Information Services, Inc		70,522
	714	Fiserv, Inc.^(a)		94,848
	15	Gartner, Inc.^(a)		6,767
	461	Global Payments, Inc		58,547
	364	Green Dot Corporation, Class A^(a)		3,604
	192	ICF International, Inc		25,745
	274	Insight Enterprises, Inc.^(a)		48,550
	2,416	International Business Machines Corporation		395,137
	139	Jack Henry & Associates, Inc.		22,714
	215	John Wiley & Sons, Inc., Class A		6,824
	7,799	Kyndryl Holdings, Inc.^(a)		162,063
	131	LiveRamp Holdings, Inc.^(a)		4,962
	17	MarketAxess Holdings, Inc.		4,978
	615	Mastercard, Inc., Class A		262,304

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		TECHNOLOGY SERVICES — 2.4% (Continued)
	709	MAXIMUS, Inc.	$	59,457
	145	Moody’s Corporation		56,631
	36	MSCI, Inc		20,363
	409	Paychex, Inc		48,716
	606	Payoneer Global, Inc.^(a)		3,157
	4,015	PayPal Holdings, Inc.^(a)		246,561
	101	Perficient, Inc.^(a)		6,648
	152	Remitly Global, Inc.^(a)		2,952
	134	Shift4 Payments, Inc.^(a)		9,962
	2,117	Thoughtworks Holding, Inc.^(a)		10,183
	328	TransUnion		22,537
	549	TTEC Holdings, Inc		11,897
	143	Verisk Analytics, Inc.		34,157
	1,369	Visa, Inc., Class A		356,419
	3,156	Western Union Company (The)		37,620
				3,202,481
		TELECOMMUNICATIONS — 2.4%
	44,988	AT&T, Inc.		754,899
	295	EchoStar Corporation, Class A^(a)		4,888
	1,247	Frontier Communications Parent, Inc.^(a)		31,599
	3,148	Globalstar, Inc.^(a)		6,107
	279	IDT Corporation, Class B^(a)		9,511
	558	Iridium Communications, Inc.		22,967
	13,934	Lumen Technologies, Inc.^(a)		25,499
	134	Shenandoah Telecommunications Company		2,897
	362	Telephone and Data Systems, Inc.		6,643
	3,491	T-Mobile US, Inc.		559,712
	196	United States Cellular Corporation^(a)		8,142
	47,508	Verizon Communications, Inc		1,791,052
				3,223,916
		TRANSPORTATION & LOGISTICS — 0.2%
	3,457	GXO Logistics, Inc.^(a)		211,430
	179	Ryder System, Inc.		20,596
				232,026

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		WHOLESALE — CONSUMER STAPLES — 4.2%
	2,800	Andersons, Inc. (The)	$	161,112
	41,100	Archer-Daniels-Midland Company		2,968,242
	18,681	Bunge Global S.A.		1,885,847
	501	Calavo Growers, Inc.		14,734
	508	Chefs’ Warehouse, Inc. (The)^(a)		14,950
	2,727	Sysco Corporation		199,425
	6,620	United Natural Foods, Inc.^(a)		107,443
	4,238	US Foods Holding Corporation^(a)		192,448
				5,544,201
		WHOLESALE — DISCRETIONARY— 0.1%
	245	ePlus, Inc.^(a)		19,561
	258	PC Connection, Inc.		17,340
	55	Pool Corporation		21,929
	386	ScanSource, Inc.^(a)		15,289
				74,119

		TOTAL COMMON STOCKS (Cost $120,440,056)		131,145,030

		RIGHT — 0.0% ^(b)
		NON-LISTED RIGHT — 0.0% ^(b)
	56	ABIOMED, Inc. - CVR^{(a),(c),(d),(e)}		431
	64	Albireo Pharma, Inc.- CVR ^(c),(d),(e)		137
	535	Novartis A.G. - CVR ^(c),(d),(e)		578

		TOTAL RIGHT (Cost $431)		1,146

		TOTAL INVESTMENTS — 99.5%
		(Cost $120,440,487)		131,146,176
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%		619,920
		NET ASSETS — 100.0%	$	131,766,096

ETF - Exchange-Traded Fund

CVR - Contingent Value Right

L.P. - Limited Partnership

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

LTD - Limited Company

MSCI - Morgan Stanley Capital International

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S.A. - Société Anonyme

(a)

Non-income producing security.

(b)

Percentage rounds to less than 0.1%.

(c)

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

(d)

Restricted security.

(e)

Illiquid security. The total fair value of these securities as of December 31, 2023 was $1,555, representing 0.0% of net assets.

See accompanying notes to the financial statements.

Humankind US Stock ETF

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023

ASSETS
Investment securities:
Securities at Cost	$	120,440,487
Securities at Value	$	131,146,176
Cash		418,664
Dividends and interest receivable		131,168
Deposit with broker		83,422
TOTAL ASSETS		131,779,430

LIABILITIES
Investment advisory fees payable		13,334
TOTAL LIABILITIES		13,334
NET ASSETS	$	131,766,096

Net Assets Consist of:
Paid in capital	$	134,787,733
Accumulated losses		(3,021,637	)
NET ASSETS	$	131,766,096

Net Asset Value Per Share:
Net Assets	$	131,766,096
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		4,500,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	29.28

See accompanying notes to the financial statements.

Humankind US Stock ETF

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2023

INVESTMENT INCOME
Dividends (net of $55 foreign withholding taxes)	$	2,453,364
Interest		18,297
TOTAL INVESTMENT INCOME		2,471,661

EXPENSES
Investment advisory fees		140,278
NET INVESTMENT INCOME		2,331,383

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
Investments:		(8,384,169	)
Net realized gain from futures transactions		23,422
In-Kind Redemptions:		7,796,085
Net change in unrealized appreciation on investments		13,162,252

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		12,597,590

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	14,928,973

See accompanying notes to the financial statements.

Humankind US Stock ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	December 31,			December 31,
	2023			2022

FROM OPERATIONS:
Net investment income	$	2,331,383		$	2,000,038
Net realized loss from investments and future transactions		(8,360,747	)		(5,223,712	)
Net realized gain from In-Kind redemptions		7,796,085			5,635,883
Net change in unrealized appreciation (depreciation) on investments		13,162,252			(12,215,167	)
Net increase (decrease) in net assets resulting from operations		14,928,973			(9,802,958	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributions paid from earnings		(2,335,275	)		(2,009,423	)
Net decrease in net assets from distributions to shareholders		(2,335,275	)		(2,009,423	)

FROM SHARES OF BENEFICIAL INTEREST:
Proceeds from shares sold		27,526,646			53,512,862
Payments for shares redeemed		(34,503,565	)		(27,036,381	)
Net increase (decrease) in net assets from shares of beneficial interest		(6,976,919	)		26,476,481

TOTAL INCREASE IN NET ASSETS		5,616,779			14,664,100

NET ASSETS:
Beginning of Year		126,149,317			111,485,217
End of Year	$	131,766,096		$	126,149,317

SHARE ACTIVITY
Shares Sold		1,000,000			2,000,000
Shares Redeemed		(1,254,000	)		(1,000,000	)
Net decrease in shares of beneficial interest outstanding		(254,000	)		1,000,000

See accompanying notes to the financial statements.

Humankind US Stock ETF

FINANCIAL HIGHLIGHTS

(Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Each Year/Period Presented)

	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	December 31,			December 31,			December 31,
	2023			2022			2021*
Net asset value, beginning of year/period	$	26.54		$	29.70		$	25.00
Activity from investment operations:
Net investment income⁽¹⁾		0.50			0.47			0.37
Net realized and unrealized gain (loss) on investments		2.75			(3.16	)		4.69
Total from investment operations		3.25			(2.69	)		5.06
Less distributions from:
Net investment income		(0.51	)		(0.47	)		(0.33	)
Return of capital		—			—			(0.03	)
Total distributions		(0.51	)		(0.47	)		(0.36	)
Net asset value, end of year/period	$	29.28		$	26.54		$	29.70
Market price, end of year/period	$	29.25		$	26.52		$	29.71
Total return⁽²⁾		12.35	%		(9.05	)%		20.31	% ⁽⁴⁾
Market price total return⁽²⁾		12.32	%		(9.15	)%		20.35	% ⁽⁴⁾
Net assets, end of year/period (000s)	$	131,766		$	126,149		$	111,485
Ratio of expenses to average net assets		0.11	%		0.11	%		0.11	% ⁽⁵⁾
Ratio of net investment income to average net assets		1.83	%		1.74	%		1.54	% ⁽⁵⁾
Portfolio Turnover Rate⁽³⁾		27	%		26	%		22	% ⁽⁴⁾

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 year.

(2)

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

(3)

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

(4)

Not Annualized.

(5)

Annualized

See accompanying notes to the financial statements.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

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.

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 year. 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.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the “fair value” procedures approved by the Board. The Board has designated the Adviser as its valuation designee (the “Valuation Designee”) to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

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, 2023 for the Fund’s investments measured at fair value:

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	131,144,621	$	409	$	—	$	131,145,030
Right		—		137		1,009		1,146
Total	$	131,144,621	$	546	$	1,009	$	131,146,176

Please refer to the Schedule of Investments for industry classifications.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

The following is a reconciliation of assets in which level 3 inputs were used in determining value:

	Rights		Total
Beginning balance 12/31/2022	$	—	$	—
Total realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		—		—
Cost of purchases		—		—
Proceeds from sales		—		—
Net transfers in/out of level 3		1,009		1,009
Ending balance 12/31/2023	$	1,009	$	1,009

The significant unobservable inputs used in the fair value measurement of the Funds’ Level 3 private investment position in the Abiomed CVR, are as follows: (1) updates from Johnson and Johnson including new clinical trials data (2) the revenue trajectory from Abiomed as an independent public company before the acquisition and (3) existing information about the efficacy and safety of the company’s devices in related indications. A significant series of clinically adverse events associated with the Impella heart pump system could decrease the potential fair value of the CVR.

The significant unobservable inputs used in the fair value measurement of the Funds’ Level 3 private investment position in the Novartis A.G CVR, are as follows: (1) updates from Novartis on the efficacy and safety of atrasentan from the phase 3 trial for IgA Nephropathy, (2) FDA communications specific to an NDA filing for atrasentan or more generally about risk mitigation for hepatoxicity of endothelin receptor antagonists, and (3) updates from clinical trials of atrasentan or other pharmaceuticals for the treatment of focal segmental glomerulosclerosis. A significant series of clinically adverse events associated with atrasentan could decrease the potential fair value of the CVR.

The total change in unrealized appreciation or depreciation included in the Statement of Operations attributable to Level 3 investments still held at December 31, 2023 was $578 for the Fund.

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.

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/

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

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. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2021 through December 31, 2022, or expected to be taken in the Fund’s December 31, 2023, year-end tax returns. 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. 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.

INVESTMENT TRANSACTIONS

For the year ended December 31, 2023, cost of purchases and proceeds from sales of portfolio securities, other than in-kind transaction and short-term investments, amounted to $34,026,145 and $33,698,273, respectively. For the year ended December 31, 2023, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $27,526,470 and $34,174,546, respectively.

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

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 year ended December 31, 2023, the Fund incurred $140,278 in advisory fees, and $13,334 was due to the Adviser.

Northern Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter and national distributor for the shares of the Fund. The Company, with respect to the Fund, has adopted the Company’s ETF Distribution Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”), which allows the Fund to pay the Fund’s distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund’s average daily net assets. As of December 31, 2023, the Plan has not been activated. For the year ended December 31, 2023, 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 Adviser, 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.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 50,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant, or as a result of other market circumstances. In addition, the Fund generally imposes transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades, which is payable to the custodian (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Fund are disclosed in the Statement of Changes in Net Assets.

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

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

As a percentage of the amount invested.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION — TAX BASIS

At December 31, 2023, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

			Gross		Gross			Net
			Unrealized		Unrealized			Unrealized
Fund	Tax Cost		Appreciation		Depreciation			Appreciation
Humankind US Stock ETF	$	120,436,748	$	15,758,839	$	(5,049,411	)	$	10,709,428

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid for the years ended December 31, 2023, and December 31, 2022, was as follows:

	Fiscal Year		Fiscal Year
	Ended		Ended
	December 31,		December 31,
	2023		2022
Ordinary Income	$	2,335,275	$	2,009,423
Long-Term Capital Gain		—		—
Return of Capital		—		—
	$	2,335,275	$	2,009,423

As of December 31, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

				Post October									Total
Undistributed		Undistributed		Loss and		Capital			Other		Unrealized		Accumulated
Ordinary		Long-Term		Late Year		Loss Carry			Book/Tax		Appreciation/		Earnings/
Income		Gains		Loss		Forwards			Differences		(Depreciation)		(Losses)
$	—	$	—	$	—	$	(13,731,065	)	$	—	$	10,709,428	$	(3,021,637	)

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/ (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and adjustments for partnerships, and C-Corporation return of capital distributions.

At December 31, 2023, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

		Non-Expiring				CLCF
Short-Term		Long-Term		Total		Utilized
$	6,440,055	$	7,291,010	$	13,731,065	$	—

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 fiscal year ended December 31, 2023, as follows:

		Accumulated
Paid In Capital		Earnings (Losses)
$	7,779,905	$	(7,779,905	)

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

INVESTMENT IN RESTRICTED SECURITIES

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. Each Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% of the Fund’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

As of December 31, 2023, the Fund was invested in the following restricted securities:

	Initial							% of
	Acquisition							Net
Security	Date	Shares		Cost		Value		Assets
ABIOMED, Inc. – CVR	12/22/2022		56	$	431	$	431		0.0	%
Albireo Pharma, Inc. – CVR	3/3/2023		64		—		137		0.0	%
Novartis A.G. – CVR	8/11/2023		535		—		578		0.0	%
OmniAb, Inc. – Earnout shares	7/7/2021		74		427		409		0.0	%

RECENT REGULATORY UPDATES

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

10.

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.

Humankind US Stock ETF

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

(COHEN & CO LOGO)

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Humankind US Stock ETF (the “Fund”), a series of shares of beneficial interest in Humankind Benefit Corporation, as of December 31, 2023, the related statements of operations and changes in net assets for the year then ended, the related notes (collectively referred to as the “financial statements”), and the financial highlights for the year then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations, the changes in net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial statements and financial highlights of the Fund for the year and periods ended December 31, 2022, and prior, were audited by another auditor whose report, dated March 1, 2023, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights 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 laws 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 and financial highlights are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, 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 and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2023.

COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
February 28, 2024

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

Humankind US Stock ETF

EXPENSE EXAMPLE (Unaudited)

December 31, 2023

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, 2023 to December 31, 2023 (the “period”).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as contingent deferred sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Annualized	Expenses Paid
	Account Value	Account Value	Expense	During Period
	7/1/23	12/31/23	Ratio	7/1/23-12/31/23
Actual*	$1,000.00	$1,050.20	0.11%	$0.57
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

ADDITIONAL INFORMATION (Unaudited)

December 31, 2023

Approval of Continuation of Investment Advisory Agreement

At its meeting in November 2023, the Board of Directors (the “Board”), including the Independent Directors, considered the continuation of the Investment Advisory Agreement between the Humankind Benefit Corporation (the “Company”) and Humankind Investments, LLC (the “Adviser”) with respect to the Humankind U.S. Stock ETF (separately, the “Fund” and the “Investment Advisory Agreement”). The material factors and conclusions that formed the basis of the Board’s determination to approve the continuation of the Investment Advisory Agreement are summarized below.

Nature, Extent and Quality of Services Provided. The Board, including the Independent Directors, considered the scope of services that the Adviser provides under the Investment Advisory Agreement, noting that such services include but are not limited to the following: (1) investing the Fund’s assets consistent with the Fund’s investment objective and investment policies; (2) determining the portfolio securities to be purchased, sold or otherwise disposed of and the timing of such transactions; (3) voting proxies with respect to the Fund’s portfolio securities; (4) maintaining the required books and records for transactions that the Adviser effects on behalf of the Fund; (5) selecting broker-dealers to execute orders on behalf of the Fund; and (6) performing compliance services on behalf of the Fund. The Independent Directors noted no changes to the services that the Adviser provides to the Fund under the terms of the Investment Advisory Agreement. The Board, including the Independent Directors, considered the Adviser’s capitalization and its assets under management. The Board, including the Independent Directors further considered the investment philosophy and investment industry experience of the portfolio managers, and noted the investment methodology developed by the Adviser and utilized to manage the Fund’s portfolio consistent with the index it tracks, and in accordance with its investment strategy. The Board, including the Independent Directors also noted the Fund’s performance compared to its benchmark index for the one-year and since inception periods as of September 30, 2023. Based upon the foregoing, the Board, including the Independent Directors concluded that they are satisfied with the nature, extent, and quality of services that the Adviser provides to the Fund under the Investment Advisory Agreement.

Cost of Advisory Services and Profitability. The Board, including the Independent Directors considered the unitary management fee that the Fund pays to the Adviser under the Investment Advisory Agreement, as well as the Adviser’s profitability from the services that it renders to the Fund, noting the said services were unprofitable during the last fiscal year and were projected to be unprofitable in the current fiscal year, absent substantial growth in the Fund’s assets. The Board, including the Independent Directors considered the Adviser’s business plans, as further discussed earlier in executive session, aimed at growing the

Humankind US Stock ETF

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2023

business and the path toward profitability. The Board, including the Independent Directors noted that, while a Rule 12b-1 Distribution Plan had been approved on behalf of the Fund, 12b-1 fees were neither accrued nor paid pursuant to the Rule 12b-1 Distribution Plan. The Independent Directors also considered Humankind’s commitment with respect to the Fund and the growth of assets in the Fund over time.

Comparative Fee and Expense Data. The Board, including the Independent Directors noted that the Fund’s unitary fee was less than the Morningstar category median and the Morningstar category average, and the Fund’s unitary fee was lower than both the median and average for the Broadridge custom peer group. While recognizing that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, or from one investment product to another, the Board concluded that the Adviser’s advisory fee continues to be reasonable.

Economies of Scale. The Board, including the Independent Directors considered whether the Fund may benefit from any economies of scale and did not find that any meaningful economies of scale were realized and noted the relatively low level of assets in the Fund. The Board, including the Independent Directors also noted the Adviser’s view that due to the Fund’s total net asset and the Adviser’s current unprofitability with respect to the Fund, fee breakpoints are not necessary or appropriate at this time.

Other Benefits. The Board, including the Independent Directors noted that the Adviser does not utilize soft dollar arrangements with respect to portfolio transactions and does not use affiliated brokers to execute the Fund’s portfolio transactions. The Board, including the Independent Directors concluded that all things considered, the Adviser does not receive material additional financial benefits from services rendered to the Fund.

General Conclusion. After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser throughout the course of the year and since the inception of the Fund, the Board, including the Independent Directors voting separately, concluded in its business judgment that the terms of the Investment Advisory Agreement between the Adviser and the Company were fair and reasonable, and that it would be in the best interests of the Fund and its shareholders to approve renewal of the Investment Advisory Agreement. In reaching this conclusion the Board, including the Independent Directors, did not give particular weight to any single piece of information or factor examined. The Board, including the Independent Directors considered various factors and information over the course of the year and since inception in numerous meetings, some of which were in executive session. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Investment Advisory Agreement.

Humankind US Stock ETF

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2023

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, 2023, the Company’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

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2023

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	Managing Director, Head of Fund Finance, Monroe Capital LLC (since 2022); Director, Fund Finance, Financial Institutions Sector, ING Capital LLC (2010- 2022)	1	None
Zachary Roseman (1987) Director since 2021	Founder and Chief Executive Officer, Draftboard (since 2022); Chief Executive Officer, Mosaic Group; General Manager, Apalon	1	None
Interested Director
James Katz (1987); Director since 2020	Chief Executive Officer (since 2019) and Chief Compliance Officer (2019-2021), Humankind Investments LLC (since 2019); Quantitative Equity Analyst, Data Scientist, Vanguard (2016-2018)	1	Director, Humankind Financial Group, PBC (since 2020)

The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

As of December 31, 2023, the Trust was comprised of 1 active portfolio managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund in the Trust advised by the Fund’s Adviser. The Fund does not hold themselves out as related to any other series within the Trust that is not advised by the Fund’s Adviser.

Humankind US Stock ETF

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2023

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 (since 2019) and Chief Compliance Officer (2019-2021), Humankind Investments LLC; Quantitative Equity Analyst, Data Scientist, Vanguard (2016-2018).
Yi Yi Mon Aye Han (1984)	Vice President	Chief Operating Officer (since 2023), Director of Operations (2022), Portfolio Manager (since 2020), Humankind Investments LLC; Portfolio Manager, Senior Quantitative Analyst, Quantitative Analyst, Redwood Investment Management, LLC (2015-2020).
Brian Curley (1976)	Treasurer, and Principal Financial Officer	President, Northern Lights Fund Trust III (2023); Treasurer, Northern Lights Fund Trust III (since 2013); Treasurer, Cantor Fitzgerald Sustainable Infrastructure Fund (since 2022); Treasurer, Cantor Fitzgerald Select Trust (since 2023); Treasurer, Fairway Private Equity & Venture Capital Opportunities Fund (since 2022); Treasurer, Humankind US Stock ETF (since 2021); Vice President, Ultimus Fund Solutions, LLC (since 2014); 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, Capitol Series Trust (since 2021); Secretary, Papp Investment Trust (since 2021); Assistant Secretary, Texas Capital Funds Trust (Since 2023); 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 (since 2018); AML Officer, Princeton Everest Fund (since 2019); AML Officer, Lind Capital Municipal Credit Income Fund (since 2022); AML Officer, RM Opportunities Fund (since 2022); AML Officer, Reynolds Funds (since 2022); AML Officer, Zacks Trust (since 2022); AML Officer, Timothy Plan (since 2022); AML Officer, Boyar (since 2023).
N. Lynn Bowley (1958)	Chief Compliance Officer	Senior Vice President and Senior Compliance Officer, Northern Lights Compliance Services, LLC (since 2007).

The Fund’s SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-877-760-0005.

Humankind US Stock ETF

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2023

HUMANKIND BENEFIT CORPORATION

(the “Company”)

Privacy Policies and Procedures

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

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

1) The Company is committed to protecting the confidentiality and security of the information they collect and will handle personal customer and consumer information only in accordance with Regulation S-P and any other applicable laws, rules and 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 records and information are protected from unauthorized access or use.

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

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

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

¹⁸

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

Humankind US Stock ETF

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2023

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

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

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

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.

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-AR23