(HUMANKINGLOGO)

HKND

Semi-Annual Report

June 30, 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)

June 30, 2023

The first half of 2023 witnessed the reversal of the negative equity market trends of 2022. Through June 30th, the S&P 500 benchmark rallied 16.88% and the Nasdaq Composite rallied 32.32%, reversing substantial portions of the 2022 losses of -19.44% and -33.10% respectively. This equity market rally occurred despite continued macroeconomic uncertainty. Persistent inflation continued to pressure global central banks to raise interest rates further throughout the first half of the year. In addition, the elevated potential for a US recession from the cumulative rate increases remained a cause for concern. Equity markets seemed to look past these risks and focused on prospects for an end to the rate hike cycle. In addition, enthusiasm over developments in artificial intelligence drove the technology rally, particularly in any companies associated with potential future developments in AI.

During the first half of 2023, the fund returned 6.99% compared to 16.13% for the benchmark S&P 1500 index. This divergence can be attributed to the robust rebound in technology names and other depressed sectors of the market. Looking at the combined period of 18 months from the beginning of 2022, which includes both the decline and the rebound in the more volatile sectors of the market, the fund returned -2.90% compared to the -4.76% for the S&P 1500 index.

Sector performance in the fund mirrored broader market trends. The information technology sector posted a return of 35.90% and despite an underweight allocation of approximately 11.32% accounted for just over half of the fund’s total gain at 3.61%. The second most significant estimated contribution of 1.77% was from the communication services sector, which posted a performance of 15.09%. Only four sectors exhibited negative performance during the first half of the year: materials, utilities, consumer staples and financials. These four sectors reduced the fund’s overall return by estimates of -0.16%, -0.15%. -0.03% and -0.01% respectively.

Focusing on the individual company level, the top five contributing companies were Alphabet, Microsoft, Apple, General Electric, and Eli Lilly with estimated return contributions of 1.48%, 1.23%, 1.22%, 0.62% and 0.53% respectively. The fund exhibited narrow breadth much like the overall market, with just the top three tech companies accounting for over half of the total return. The five largest detractors from performance were Pfizer, Abbvie, Mosaic, Archer-Daniels-Midland, and CVS Health with estimated return contributions of -0.62%, -0.29%, -0.23%, -0.19% and -0.17% respectively. The underperformance in these names is likely indicative of a rotation from more defensive back into more speculative sectors.

7635-NLD 07/27/2023

Humankind US Stock

ETF PORTFOLIO REVIEW (Unaudited)

June 30, 2023

The Fund’s performance figures* for the six months ended June 30, 2023 compared to its benchmark:

	For the		Annualized Since
	Six Months	One	Inception** -
Fund/Index	Ended	Year	June 30, 2023
Humankind US Stock ETF – NAV	6.99%	11.56%	6.94%
Humankind US Stock ETF – Market Price	6.99%	11.39%	6.91%
S&P Composite 1500 TR***	16.15%	19.24%	7.18%
Humankind US Equity Index ****	7.04%	11.67%	7.02%

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.

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.

Humankind US Stock ETF

PORTFOLIO REVIEW (Unaudited) (Continued)

June 30, 2023

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 June 30, 2023

Portfolio Composition (Unaudited)	% of Net Assets
Common Stocks		99.8	%
Other Assets in Excess of Liabilities		0.2	%
		100.0	%

Industry Composition (Unaudited)	% of Net Assets
Biotech & Pharma		16.5	%
Medical Equipment & Devices		8.7	%
Health Care Facilities & Services		8.2	%
Chemicals		7.9	%
Software		5.4	%
Technology Hardware		5.2	%
Household Products		4.6	%
Wholesale - Consumer Staples		4.5	%
Internet Media & Services		4.4	%
Machinery		3.8	%
Other Assets and Other Liabilities - Net		30.8	%
		100.0	%

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

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8%
		ADVERTISING & MARKETING — 0.2%
	2,129	Interpublic Group of Companies, Inc.	$	82,137
	1,188	Omnicom Group, Inc.		113,038
	3,415	Stagwell, Inc.^(a)		24,622
				219,797
		AEROSPACE & DEFENSE — 0.0%^(b)
	60	Teledyne Technologies, Inc.^(a)		24,667

		APPAREL& TEXTILE PRODUCTS — 0.0% ^(b)
	248	Carter’s, Inc.		18,005
	41	Oxford Industries, Inc.		4,035
	225	Ralph Lauren Corporation		27,743
				49,783
		ASSET MANAGEMENT — 0.6%
	96	Affiliated Managers Group, Inc.		14,389
	174	Ameriprise Financial, Inc.		57,796
	456	Apollo Global Management, Inc.		35,025
	143	Ares Management Corporation, Class A		13,778
	242	Artisan Partners Asset Management, Inc., Class A		9,513
	233	BlackRock, Inc.		161,036
	291	Blue Owl Capital, Inc.		3,390
	274	Brightsphere Investment Group, Inc.		5,740
	827	Carlyle Group, Inc.		26,423
	565	Charles Schwab Corporation		32,024
	83	Cohen & Steers, Inc.		4,813
	595	F&G Annuities & Life, Inc.		14,744
	299	Federated Hermes, Inc., B		10,719
	2,027	Focus Financial Partners, Inc., Class A^(a)		106,438
	1,290	Franklin Resources, Inc.		34,456
	1,591	Invesco Ltd		26,745
	194	LPL Financial Holdings, Inc.		42,181
	1,037	ODP Corporation (The)^(a)		48,552
	74	OmniAb, Inc. — Earnout shares^(a)(c)(d)(e)		287
	225	Raymond James Financial, Inc.		23,348
	225	StepStone Group, Inc., Class A		5,582

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		ASSET MANAGEMENT — 0.6% (Continued)
	106	Stifel Financial Corporation	$	6,325
	607	T Rowe Price Group, Inc.		67,996
	910	TPG, Inc.		26,627
	195	Victory Capital Holdings, Inc.		6,150
				784,077
		BANKING — 2.2%
	78	1^stSource Corporation		3,271
	240	Ameris Bancorp		8,210
	758	Associated Banc-Corporation		12,302
	170	Atlantic Union Bankshares Corporation		4,412
	58	BancFirst Corporation		5,336
	93	Bancorp, Inc. (The)^(a)		3,036
	12,649	Bank of America Corporation		362,900
	140	Bank of Hawaii Corporation		5,772
	341	Bank OZK		13,695
	103	Banner Corporation		4,498
	175	Berkshire Hills Bancorp, Inc.		3,628
	166	BOK Financial Corporation		13,409
	280	Cadence Bank		5,499
	329	Cathay General Bancorp		10,591
	3,261	Citigroup, Inc.		150,136
	2,039	Citizens Financial Group, Inc.		53,177
	304	Columbia Banking System, Inc.		6,165
	572	Comerica, Inc.		24,230
	232	Commerce Bancshares, Inc.		11,298
	127	Community Bank System, Inc.		5,954
	96	Cullen/Frost Bankers, Inc.		10,323
	201	Customers Bancorp, Inc.^(a)		6,082
	365	CVB Financial Corporation		4,847
	213	Eagle Bancorp, Inc.		4,507
	474	East West Bancorp, Inc.		25,022
	560	Eastern Bankshares, Inc.		6,871
	75	Enterprise Financial Services Corporation		2,933
	147	FB Financial Corporation		4,123

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BANKING — 2.2% (Continued)
	1,841	Fifth Third Bancorp	$	48,253
	102	First Bancorp		3,035
	13	First Citizens BancShares, Inc., Class A		16,685
	252	First Commonwealth Financial Corporation		3,188
	284	First Financial Bancorp		5,805
	172	First Financial Bankshares, Inc.		4,900
	536	First Hawaiian, Inc.		9,653
	2,019	First Horizon Corporation		22,754
	140	First Interstate BancSystem, Inc., Class A		3,338
	172	First Merchants Corporation		4,856
	907	FNB Corporation		10,376
	542	Fulton Financial Corporation		6,461
	213	Glacier Bancorp, Inc.		6,639
	297	Hancock Whitney Corporation		11,399
	173	Heartland Financial USA, Inc.		4,822
	280	Hilltop Holdings, Inc.		8,809
	356	Home BancShares, Inc.		8,117
	633	Hope Bancorp, Inc.		5,330
	3,841	Huntington Bancshares, Inc.		41,406
	108	Independent Bank Corporation		4,807
	126	International Bancshares Corporation		5,569
	4,553	JPMorgan Chase & Company		662,188
	2,312	KeyCorporation		21,363
	158	Live Oak Bancshares, Inc.		4,157
	434	M&T Bank Corporation		53,712
	152	Merchants Bancorp		3,888
	106	National Bank Holdings Corporation, Class A		3,078
	113	NBT Bancorp, Inc.		3,599
	527	New York Community Bancorp, Inc.		5,923
	614	Old National Bancorp		8,559
	296	Pacific Premier Bancorp, Inc.		6,121
	1,091	PacWest Bancorp		8,892
	36	Park National Corporation		3,684
	247	Pinnacle Financial Partners, Inc.		13,993

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BANKING — 2.2% (Continued)
	1,250	PNC Financial Services Group, Inc.	$	157,438
	139	Prosperity Bancshares, Inc.		7,851
	3,396	Regions Financial Corporation		60,517
	190	Renasant Corporation		4,965
	120	S&T Bancorp, Inc.		3,263
	137	Sandy Spring Bancorp, Inc.		3,107
	147	Seacoast Banking Corp of Florida		3,249
	68	ServisFirst Bancshares, Inc.		2,783
	442	Simmons First National Corporation, Class A		7,625
	144	SouthState Corporation		9,475
	78	Stock Yards Bancorp, Inc.		3,539
	593	Synovus Financial Corporation		17,938
	166	Texas Capital Bancshares, Inc.^(a)		8,549
	403	TFS Financial Corporation		5,066
	74	Tompkins Financial Corporation		4,122
	245	Towne Bank		5,694
	84	TriCompany Bancshares		2,789
	59	Triumph Financial, Inc.^(a)		3,582
	2,984	Truist Financial Corporation		90,564
	195	Trustmark Corporation		4,118
	126	UMB Financial Corporation		7,673
	313	United Bankshares, Inc.		9,287
	310	United Community Banks, Inc.		7,747
	4,267	US Bancorp		140,982
	1,719	Valley National Bancorp		13,322
	258	Washington Federal, Inc.		6,842
	379	Webster Financial Corporation		14,307
	10,034	Wells Fargo & Company		428,251
	227	WesBanco, Inc.		5,813
	294	Western Alliance Bancorp		10,722
	301	Wintrust Financial Corporation		21,859
	361	Zions Bancorp NA		9,696
				2,890,321

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BEVERAGES — 1.1%
	4,934	Coca-Cola Company	$	297,125
	55	Coca-Cola Consolidated, Inc.		34,981
	3,020	Keurig Dr Pepper, Inc.		94,435
	726	Monster Beverage Corporation^(a)		41,701
	132	National Beverage Corporation^(a)		6,382
	5,095	PepsiCo, Inc.		943,696
	719	Westrock Coffee Company^(a)		7,816
				1,426,136
		BIOTECH & PHARMA — 16.5%
	253	4D Molecular Therapeutics, Inc.^(a)		4,572
	16,104	AbbVie, Inc.		2,169,692
	1,167	ACADIA Pharmaceuticals, Inc.^(a)		27,950
	618	Aclaris Therapeutics, Inc.^(a)		6,409
	1,300	ADMA Biologics, Inc.^(a)		4,797
	445	Agios Pharmaceuticals, Inc.^(a)		12,602
	880	Allogene Therapeutics, Inc.^(a)		4,374
	1,113	Alnylam Pharmaceuticals, Inc.^(a)		211,403
	4,846	Amgen, Inc.		1,075,909
	2,169	Amicus Therapeutics, Inc.^(a)		27,243
	457	Amphastar Pharmaceuticals, Inc.^(a)		26,264
	273	AnaptysBio, Inc.^(a)		5,553
	120	ANI Pharmaceuticals, Inc.^(a)		6,460
	872	Apellis Pharmaceuticals, Inc.^(a)		79,439
	223	Arcturus Therapeutics Holdings, Inc.^(a)		6,396
	660	Arcus Biosciences, Inc.^(a)		13,405
	2,273	Ardelyx, Inc.^(a)		7,705
	813	Arrowhead Pharmaceuticals, Inc.^(a)		28,992
	155	Avid Bioservices, Inc.^(a)		2,165
	830	Avidity Biosciences, Inc.^(a)		9,205
	330	Axsome Therapeutics, Inc.^(a)		23,714
	577	Beam Therapeutics, Inc.^(a)		18,424
	1,079	BioCryst Pharmaceuticals, Inc.^(a)		7,596
	1,363	Biogen, Inc.^(a)		388,251

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA — 16.5% (Continued)
	432	Biohaven Ltd.^(a)	$	10,333
	1,829	BioMarin Pharmaceutical, Inc.^(a)		158,538
	446	Blueprint Medicines Corporation^(a)		28,187
	823	Bridgebio Pharma, Inc.^(a)		14,156
	19,252	Bristol — Myers Squibb Company		1,231,165
	1,442	Catalyst Pharmaceuticals, Inc.^(a)		19,380
	371	Celldex Therapeutics, Inc.^(a)		12,588
	925	Cerevel Therapeutics Holdings, Inc.^(a)		29,406
	541	Chinook Therapeutics, Inc.^(a)		20,785
	521	Cogent Biosciences, Inc.^(a)		6,169
	926	Coherus Biosciences, Inc.^(a)		3,954
	220	Collegium Pharmaceutical, Inc.^(a)		4,728
	942	Corcept Therapeutics, Inc.^(a)		20,960
	721	Cymabay Therapeutics, Inc.^(a)		7,895
	1,196	Cytek Biosciences, Inc.^(a)		10,214
	630	Cytokinetics, Inc.^(a)		20,551
	631	Deciphera Pharmaceuticals, Inc.^(a)		8,884
	953	Denali Therapeutics, Inc.^(a)		28,123
	333	DICE Therapeutics, Inc.^(a)		15,471
	1,130	Dynavax Technologies Corporation^(a)		14,600
	456	Editas Medicine, Inc.^(a)		3,753
	1,641	Elanco Animal Health, Inc.^(a)		16,508
	6,493	Eli Lilly and Company		3,045,087
	291	Enanta Pharmaceuticals, Inc.^(a)		6,227
	3,321	Exelixis, Inc.^(a)		63,464
	967	Fate Therapeutics, Inc.^(a)		4,603
	980	FibroGen, Inc.^(a)		2,646
	235	Genelux Corporation^(a)		7,689
	11,463	Gilead Sciences, Inc.		883,453
	1,026	Halozyme Therapeutics, Inc.^(a)		37,008
	457	Harmony Biosciences Holdings, Inc.^(a)		16,082
	253	Harrow Health, Inc.^(a)		4,817
	1,212	ImmunityBio, Inc.^(a)		3,369
	568	ImmunoGen, Inc.^(a)		10,718

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA — 16.5% (Continued)
	2,639	Incyte Corporation^(a)	$	164,278
	214	Inhibrx, Inc.^(a)		5,555
	484	Innoviva, Inc.^(a)		6,161
	683	Insmed, Inc.^(a)		14,411
	688	Intellia Therapeutics, Inc.^(a)		28,057
	795	Intra-Cellular Therapies, Inc.^(a)		50,339
	1,116	Ionis Pharmaceuticals, Inc.^(a)		45,789
	1,436	Ironwood Pharmaceuticals, Inc.^(a)		15,279
	887	IVERIC bio, Inc.^(a)		34,895
	369	Janux Therapeutics, Inc.^(a)		4,380
	18,023	Johnson & Johnson		2,983,167
	265	Karuna Therapeutics, Inc.^(a)		57,465
	195	Keros Therapeutics, Inc.^(a)		7,835
	527	Kymera Therapeutics, Inc.^(a)		12,116
	172	Ligand Pharmaceuticals, Inc.^(a)		12,401
	133	Madrigal Pharmaceuticals, Inc.^(a)		30,723
	1,528	MannKind Corporation^(a)		6,219
	2,283	Maravai LifeSciences Holdings, Inc.^(a)		28,378
	21,306	Merck & Company, Inc.		2,458,499
	416	Mirati Therapeutics, Inc.^(a)		15,030
	312	Mirum Pharmaceuticals, Inc.^(a)		8,071
	4,699	Moderna, Inc.^(a)		570,929
	209	Morphic Holding, Inc.^(a)		11,982
	1,003	Neurocrine Biosciences, Inc.^(a)		94,583
	834	Novavax, Inc., Class A^(a)		6,197
	2,409	Organon & Company		50,131
	381	Pacira BioSciences, Inc.^(a)		15,267
	61,477	Pfizer, Inc.		2,254,976
	621	Pliant Therapeutics, Inc.^(a)		11,253
	694	Point Biopharma Global, Inc.^(a)		6,288
	331	Protagonist Therapeutics, Inc.^(a)		9,142
	420	PTC Therapeutics, Inc.^(a)		17,081
	235	RAPT Therapeutics, Inc.^(a)		4,395
	362	Reata Pharmaceuticals, Inc., Class A^(a)		36,910

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		BIOTECH & PHARMA — 16.5% (Continued)
	1,495	Recursion Pharmaceuticals, Inc.^(a)	$	11,168
	1,140	Regeneron Pharmaceuticals, Inc.^(a)		819,136
	435	REGENXBIO, Inc.^(a)		8,696
	1,718	Relay Therapeutics, Inc.^(a)		21,578
	593	Revance Therapeutics, Inc.^(a)		15,009
	781	REVOLUTION Medicines, Inc.^(a)		20,892
	4,791	Royalty Pharma plc, Class A		147,275
	453	Sage Therapeutics, Inc.^(a)		21,300
	578	Sarepta Therapeutics, Inc.^(a)		66,193
	2,380	Scilex Holding Company^(a)		13,257
	1,788	Seagen, Inc.^(a)		344,118
	1,242	Seres Therapeutics, Inc.^(a)		5,949
	3,928	Summit Therapeutics, Inc.^(a)		9,859
	512	Supernus Pharmaceuticals, Inc.^(a)		15,391
	550	Syndax Pharmaceuticals, Inc.^(a)		11,512
	822	TG Therapeutics, Inc.^(a)		20,418
	681	Travere Therapeutics, Inc.^(a)		10,460
	556	Twist Bioscience Corporation^(a)		11,376
	473	Ultragenyx Pharmaceutical, Inc.^(a)		21,819
	458	United Therapeutics Corporation^(a)		101,104
	2,347	Vertex Pharmaceuticals, Inc.^(a)		825,933
	397	Viridian Therapeutics, Inc.^(a)		9,445
	600	Xencor, Inc.^(a)		14,982
	343	Zentalis Pharmaceuticals, Inc.^(a)		9,676
	76	Zoetis, Inc.		13,088
	614	Zymeworks, Inc.^(a)		5,305
				21,593,152
		CABLE & SATELLITE — 1.0%
	1,527	Altice USA, Inc., Class A^(a)		4,612
	7	Cable One, Inc.		4,600
	490	Charter Communications, Inc., Class A^(a)		180,011
	23,350	Comcast Corporation, Class A		970,193
	2,395	DISH Network Corporation, Class A^(a)		15,783
	1,054	Liberty Broadband Corporation — Series A^(a)		84,035

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		CABLE & SATELLITE — 1.0% (Continued)
	480	WideOpenWest, Inc.^(a)	$	4,051
				1,263,285
		CHEMICALS — 7.9%
	19	Air Products and Chemicals, Inc.		5,691
	223	Albemarle Corporation		49,749
	7,682	American Vanguard Corporation		137,277
	325	Avient Corporation		13,293
	147	Balchem Corporation		19,817
	389	Cabot Corporation		26,020
	16,620	CF Industries Holdings, Inc.		1,153,760
	41,328	Corteva, Inc.		2,368,094
	861	CVR Partners, L.P		69,465
	6,713	DuPont de Nemours, Inc.		479,577
	13,821	Ecolab, Inc.		2,580,242
	413	Ecovyst, Inc.^(a)		4,733
	10,547	FMC Corporation		1,100,474
	67	HB Fuller Company		4,791
	198	Ingevity Corporation^(a)		11,516
	1,018	International Flavors & Fragrances, Inc.		81,023
	586	Koppers Holdings, Inc.		19,983
	1,744	Kronos Worldwide, Inc.		15,225
	857	LSB Industries, Inc.^(a)		8,441
	224	Minerals Technologies, Inc.		12,923
	57,432	Mosaic Company (The)		2,010,120
	283	Sensient Technologies Corporation		20,130
	217	Stepan Company		20,737
	1,278	Tronox Holdings PLC, Class A		16,243
	860	Univar Solutions, Inc.^(a)		30,822
				10,260,146
		COMMERCIAL SUPPORT SERVICES — 0.9%
	4,970	ABM Industries, Inc.		211,971
	2,133	ADT, Inc.		12,862
	4,311	Alight, Inc., Class A^(a)		39,834
	199	AMN Healthcare Services, Inc.^(a)		21,715

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		COMMERCIAL SUPPORT SERVICES — 0.9% (Continued)
	273	Aramark	$	11,753
	431	ASGN, Inc.^(a)		32,597
	85	Barrett Business Services, Inc.		7,412
	199	Brink’s Company (The)		13,498
	201	CBIZ, Inc.^(a)		10,709
	194	Cintas Corporation		96,434
	127	Clean Harbors, Inc.^(a)		20,883
	93	CorVel Corporation^(a)		17,996
	111	CRA International, Inc.		11,322
	329	Cross Country Healthcare, Inc.^(a)		9,238
	285	FTI Consulting, Inc.^(a)		54,207
	760	H&R Block, Inc.		24,221
	191	Healthcare Services Group, Inc.		2,852
	212	Huron Consulting Group, Inc.^(a)		18,001
	780	Insperity, Inc.		92,789
	1,883	Kelly Services, Inc., Class A		33,160
	186	Kforce, Inc.		11,655
	247	Korn Ferry		12,236
	1,943	ManpowerGroup, Inc.		154,274
	71	National Research Corporation		3,089
	686	Robert Half International, Inc.		51,601
	1,099	Rollins, Inc.		47,070
	356	Schnitzer Steel Industries, Inc., Class A		10,676
	568	Sovos Brands, Inc.^(a)		11,110
	354	SP Plus Corporation^(a)		13,845
	337	TriNet Group, Inc.^(a)		32,005
	141	UniFirst Corporation		21,856
	208	ZipRecruiter, Inc.^(a)		3,694
				1,116,565
		CONSTRUCTION MATERIALS — 0.0%^(b)
	359	Owens Corning		46,850

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		CONSUMER SERVICES — 0.0%^(b)
	311	European Wax Center, Inc.^(a)	$	5,794
	212	Matthews International Corporation, Class A		9,035
	41	Medifast, Inc.		3,779
	388	Service Corp International		25,061
	2,304	WW International, Inc.^(a)		15,483
				59,152
		CONTAINERS & PACKAGING — 0.0%^(b)
	112	AptarGroup, Inc.		12,976
	422	Berry Global Group, Inc.		27,151
				40,127
		DATA CENTER REIT — 0.2%
	377	Digital Realty Trust, Inc.		42,929
	59	Equinix, Inc.		46,252
				89,181
		DIVERSIFIED INDUSTRIALS — 0.2%
	2,254	3M Company		225,603

		E-COMMERCE DISCRETIONARY — 1.6%
	14,843	Amazon.com, Inc.^(a)		1,934,933
	1,606	eBay, Inc.		71,772
	91	Etsy, Inc.^(a)		7,700
	384	Leslie’s, Inc.^(a)		3,606
	629	Overstock.com, Inc.^(a)		20,487
	277	Revolve Group, Inc.^(a)		4,543
	827	Wayfair, Inc., Class A^(a)		53,763
				2,096,804
		ELECTRICAL EQUIPMENT — 0.1%
	40	Acuity Brands, Inc.		6,523
	81	Advanced Energy Industries, Inc.		9,027
	77	Amphenol Corporation, Class A		6,541
	24	Hubbell, Inc.		7,957
	253	Novanta, Inc.^(a)		46,577
	495	Sensata Technologies Holding plc		22,270
	343	Trimble, Inc.^(a)		18,158
	817	Vertiv Holdings Company		20,237

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		ELECTRICAL EQUIPMENT — 0.1% (Continued)
	256	Watts Water Technologies, Inc., Class A	$	47,035
				184,325
		ENGINEERING & CONSTRUCTION — 0.9%
	2,847	AECOM		241,112
	38	EMCOR Group, Inc.		7,022
	105	Exponent, Inc.		9,799
	6,599	Jacobs Solutions, Inc.		784,555
	153	Montrose Environmental Group, Inc.^(a)		6,444
	128	NV5 Global, Inc.^(a)		14,179
	605	Tetra Tech, Inc.		99,063
	13	TopBuild Corporation^(a)		3,458
	599	WillScot Mobile Mini Holdings Corporation^(a)		28,626
				1,194,258
		ENTERTAINMENT CONTENT — 1.0%
	601	Activision Blizzard, Inc.^(a)		50,664
	618	AMC Networks, Inc., Class A^(a)		7,385
	441	AppLovin Corporation^(a)		11,347
	267	Electronic Arts, Inc.		34,630
	3,602	Endeavor Group Holdings, Inc.^(a)		86,160
	1,880	Fox Corporation — Class B, CLASS B		59,953
	1,374	Lions Gate Entertainment Corporation, Class A^(a)		12,132
	4,051	Paramount Global		75,187
	110	Take — Two Interactive Software, Inc.^(a)		16,188
	9,010	Walt Disney Company (The)^(a)		804,413
	6,303	Warner Bros Discovery, Inc.^(a)		79,040
	2,723	Warner Music Group Corporation		71,043
				1,308,142
		FOOD — 2.4%
	584	B&G Foods, Inc.		8,129
	671	BellRing Brands, Inc.^(a)		24,559
	415	Beyond Meat, Inc.^(a)		5,387
	1,557	Campbell Soup Company		71,170
	5,844	Conagra Brands, Inc.		197,060
	4,263	Flowers Foods, Inc.		106,063

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		FOOD — 2.4% (Continued)
	11,834	Fresh Del Monte Produce, Inc.	$	304,252
	5,439	General Mills, Inc.		417,171
	3,060	Hain Celestial Group, Inc. (The)^(a)		38,281
	433	Hershey Company (The)		108,120
	925	Hostess Brands, Inc.^(a)		23,421
	3,754	Ingredion, Inc.		397,736
	200	J & J Snack Foods Corporation		31,672
	978	J M Smucker Company (The)		144,421
	126	John B Sanfilippo & Son, Inc.		14,776
	5,514	Kellogg Company		371,644
	1,037	Lamb Weston Holdings, Inc.		119,203
	89	Lancaster Colony Corporation		17,897
	992	McCormick & Company, Inc.		86,532
	2,812	Mission Produce, Inc.^(a)		34,081
	6,406	Mondelez International, Inc., Class A		467,254
	760	Post Holdings, Inc.^(a)		65,854
	505	Simply Good Foods Company (The)^(a)		18,478
	209	Tootsie Roll Industries, Inc.		7,401
	1,057	TreeHouse Foods, Inc.^(a)		53,252
	562	Utz Brands, Inc.		9,194
				3,143,008
		GAS & WATER UTILITIES — 1.3%
	1,270	American States Water Company		110,490
	7,624	American Water Works Company, Inc.		1,088,326
	3,468	California Water Service Group		179,053
	3,456	Essential Utilities, Inc.		137,929
	508	Middlesex Water Company		40,975
	1,340	SJW Group		93,947
	347	York Water Company (The)		14,321
				1,665,041
		HEALTH CARE FACILITIES & SERVICES — 8.2%
	12,229	23andMe Holding Company^(a)		21,401
	296	Accolade, Inc.^(a)		3,987
	3,751	AdaptHealth Corporation^(a)		45,650

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 8.2% (Continued)
	215	Addus HomeCare Corporation^(a)	$	19,931
	844	Agiliti, Inc.^(a)		13,926
	1,724	agilon health, Inc.^(a)		29,894
	617	Amedisys, Inc.^(a)		56,418
	2,171	AmerisourceBergen Corporation		417,766
	1,538	Brookdale Senior Living, Inc.^(a)		6,490
	4,917	Cardinal Health, Inc.		465,001
	1,709	Catalent, Inc.^(a)		74,102
	6,316	Centene Corporation^(a)		426,014
	470	Charles River Laboratories International, Inc.^(a)		98,818
	104	Chemed Corporation		56,334
	2,241	Cigna Group (The)		628,825
	7,155	Community Health Systems, Inc.^(a)		31,482
	4,201	CVS Health Corporation		290,415
	1,322	DaVita, Inc.^(a)		132,821
	956	DocGo, Inc.^(a)		8,958
	1,375	Elevance Health, Inc.		610,899
	1,674	Encompass Health Corporation		113,347
	2,604	Enhabit, Inc.^(a)		29,946
	44	Ensign Group, Inc. (The)		4,200
	742	Fulgent Genetics, Inc.^(a)		27,476
	4,347	HCA Healthcare, Inc.		1,319,228
	86	HealthEquity, Inc.^(a)		5,430
	2,654	Henry Schein, Inc.^(a)		215,239
	790	Humana, Inc.		353,233
	1,246	IQVIA Holdings, Inc.^(a)		280,063
	3,653	Laboratory Corp of America Holdings		881,578
	1,132	LifeStance Health Group, Inc.^(a)		10,335
	1,398	McKesson Corporation		597,379
	131	Medpace Holdings, Inc.^(a)		31,462
	482	ModivCare, Inc.^(a)		21,791
	435	Molina Healthcare, Inc.^(a)		131,039
	1,472	NeoGenomics, Inc.^(a)		23,655
	23,761	OPKO Health, Inc.^(a)		51,561

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 8.2% (Continued)
	2,150	Option Care Health, Inc.^(a)	$	69,854
	1,392	Owens & Minor, Inc.^(a)		26,504
	1,020	Patterson Companies, Inc.		33,925
	2,769	Pediatrix Medical Group, Inc.^(a)		39,347
	531	Premier, Inc., Class A		14,687
	264	Progyny, Inc.^(a)		10,386
	4,477	Quest Diagnostics, Inc.		629,287
	2,171	RadNet, Inc.^(a)		70,818
	3,267	Select Medical Holdings Corporation		104,087
	189	SI-BONE, Inc.^(a)		5,099
	2,312	Sotera Health Company^(a)		43,558
	1,175	Surgery Partners, Inc.^(a)		52,863
	1,125	Syneos Health, Inc.^(a)		47,408
	477	Teladoc Health, Inc.^(a)		12,078
	2,664	Tenet Healthcare Corporation^(a)		216,796
	3,167	UnitedHealth Group, Inc.		1,522,187
	2,025	Universal Health Services, Inc., Class B		319,484
	95	US Physical Therapy, Inc.		11,532
				10,765,994
		HEALTH CARE REIT — 0.1%
	271	Healthcare Realty Trust, Inc.		5,111
	917	Healthpeak Properties, Inc.		18,432
	939	Medical Properties Trust, Inc.		8,695
	68	National Health Investors, Inc.		3,565
	293	Omega Healthcare Investors, Inc.		8,992
	321	Physicians Realty Trust		4,491
	416	Sabra Health Care REIT, Inc.		4,896
	877	Ventas, Inc.		41,456
	699	Welltower, Inc.		56,542
				152,180
		HOME & OFFICE PRODUCTS — 0.0%^(b)
	351	Scotts Miracle-Gro Company (The)		22,004

		HOME CONSTRUCTION — 0.0%^(b)
	98	Armstrong World Industries, Inc.		7,199

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		HOTEL REIT — 0.0%^(b)
	706	Apple Hospitality REIT, Inc.	$	10,668
	694	DiamondRock Hospitality Company		5,559
	704	Park Hotels & Resorts, Inc.		9,025
	336	Pebblebrook Hotel Trust		4,684
	607	RLJ Lodging Trust		6,234
	111	Ryman Hospitality Properties, Inc.		10,314
	655	Service Properties Trust		5,692
	751	Sunstone Hotel Investors, Inc.		7,600
	459	Xenia Hotels & Resorts, Inc.		5,650
				65,426
		HOTEL REITS — 0.0%^(b)
	2,541	Host Hotels & Resorts, Inc.		42,765

		HOUSEHOLD PRODUCTS — 4.6%
	3,520	Church & Dwight Company, Inc.		352,810
	713	Clorox Company (The)		113,396
	5,126	Colgate-Palmolive Company		394,907
	33,179	Procter & Gamble Company (The)		5,034,581
	836	Spectrum Brands Holdings, Inc.		65,250
				5,960,944
		INDUSTRIAL INTERMEDIATE PROD — 0.1%
	491	EnPro Industries, Inc.		65,563

		INDUSTRIAL REIT — 0.3%
	2,307	Americold Realty Trust, Inc.		74,516
	28	EastGroup Properties, Inc.		4,861
	123	First Industrial Realty Trust, Inc.		6,475
	516	Prologis, Inc.		63,277
	83	Rexford Industrial Realty, Inc.		4,334
	159	STAG Industrial, Inc.		5,705
	45	Terreno Realty Corporation		2,705
				161,873

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INDUSTRIAL SUPPORT SERVICES — 0.4%
	133	Applied Industrial Technologies, Inc.	$	19,262
	107	Core & Main, Inc.^(a)		3,353
	1,139	Fastenal Company		67,190
	444	Global Industrial Company		12,330
	48	MSC Industrial Direct Company, Inc., Class A		4,573
	100	SiteOne Landscape Supply, Inc.^(a)		16,736
	893	Titan Machinery, Inc.^(a)		26,344
	226	U-Haul Holding Company		12,502
	166	Watsco, Inc.		63,324
	195	WESCO International, Inc.		34,917
	409	WW Grainger, Inc.		322,533
				583,064
		INFRASTRUCTURE REIT — 0.2%
	417	American Tower Corporation		80,873
	267	Crown Castle, Inc.		30,422
	39	SBA Communications Corporation, A		9,039
	953	Uniti Group, Inc.		4,403
				124,737
		INSTITUTIONAL FINANCIAL SERVICES — 0.6%
	1,867	Bank of New York Mellon Corporation (The)		83,119
	2,085	BGC Partners, Inc., Class A		9,237
	178	CME Group, Inc.		32,982
	190	Evercore, Inc., Class A		23,482
	163	Goldman Sachs Group, Inc. (The)		52,574
	139	Houlihan Lokey, Inc.		13,665
	227	Interactive Brokers Group, Inc., Class A		18,857
	287	Intercontinental Exchange, Inc.		32,454
	347	Jefferies Financial Group, Inc.		11,510
	251	Moelis & Company, Class A		11,380
	1,041	Morgan Stanley		88,901
	342	Nasdaq, Inc.		17,049

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 0.6% (Continued)
	88	Northern Trust Corporation	$	6,524
	74	Piper Sandler Cos		9,565
	106	PJT Partners, Inc., Class A		7,382
	297	SEI Investments Company		17,707
	4,706	State Street Corporation		344,385
	68	StoneX Group, Inc.^(a)		5,649
	58	Tradeweb Markets, Inc., Class A		3,972
	45	Virtu Financial, Inc., Class A		769
				791,163
		INSURANCE — 3.5%
	2,061	Aflac, Inc.		143,858
	3,274	Allstate Corporation (The)		356,997
	409	American Equity Investment Life Holding Company		21,313
	629	American Financial Group, Inc.		74,694
	5,779	American International Group, Inc.		332,524
	76	AMERISAFE, Inc.		4,052
	437	Arthur J Gallagher & Company		95,952
	405	Assurant, Inc.		50,917
	523	Brighthouse Financial, Inc.^(a)		24,764
	741	Brown & Brown, Inc.		51,010
	143	BRP Group, Inc., Class A^(a)		3,544
	783	Cincinnati Financial Corporation		76,202
	2,443	CNA Financial Corporation		94,349
	463	CNO Financial Group, Inc.		10,959
	147	Employers Holdings, Inc.		5,499
	2,606	Equitable Holdings, Inc.		70,779
	126	Erie Indemnity Company, Class A		26,461
	5,975	Genworth Financial, Inc., Class A^(a)		29,875
	271	Globe Life, Inc.		29,707
	531	Hagerty, Inc.^(a)		4,970
	382	Hanover Insurance Group, Inc.		43,177
	2,697	Hartford Financial Services Group, Inc.		194,238
	320	Horace Mann Educators Corporation		9,491
	1,193	Jackson Financial, Inc., Class A		36,518

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INSURANCE — 3.5% (Continued)
	829	Kemper Corporation	$	40,008
	17	Kinsale Capital Group, Inc.		6,361
	1,888	Lincoln National Corporation		48,635
	591	Loews Corporation		35,094
	66	Markel Group, Inc.^(a)		91,290
	1,907	Marsh & McLennan Companies, Inc.		358,669
	1,018	Mercury General Corporation		30,815
	11,596	MetLife, Inc.		655,522
	13	National Western Life Group, Inc., Class A		5,402
	198	NMI Holdings, Inc., Class A^(a)		5,112
	2,716	Old Republic International Corporation		68,362
	1,245	Principal Financial Group, Inc.		94,421
	544	ProAssurance Corporation		8,209
	3,127	Progressive Corporation (The)		413,921
	2,953	Prudential Financial, Inc.		260,514
	526	Radian Group, Inc.		13,297
	869	Reinsurance Group of America, Inc.		120,522
	92	RLI Corporation		12,555
	300	Ryan Specialty Holdings, Inc., Class A^(a)		13,467
	113	Safety Insurance Group, Inc.		8,104
	302	Selective Insurance Group, Inc.		28,977
	236	Skyward Specialty Insurance Group, Inc.^(a)		5,994
	1,659	Travelers Companies, Inc. (The)		288,102
	174	Trupanion, Inc.^(a)		3,424
	438	United Fire Group, Inc.		9,925
	1,221	Unum Group		58,242
	907	Voya Financial, Inc.		65,041
	1,436	W R Berkley Corporation		85,528
	6	White Mountains Insurance Group Ltd.		8,333
				4,635,696
		INTERNET MEDIA& SERVICES — 4.4%
	41,266	Alphabet, Inc., Class A^(a)		4,939,540
	40	Booking Holdings, Inc.^(a)		108,013
	567	Expedia Group, Inc.^(a)		62,024

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		INTERNET MEDIA& SERVICES — 4.4% (Continued)
	386	GoDaddy, Inc., Class A^(a)	$	29,000
	1,297	Meta Platforms, Inc., Class A^(a)		372,213
	380	Netflix, Inc.^(a)		167,386
	4,448	Opendoor Technologies, Inc.^(a)		17,881
	489	Pinterest, Inc., Class A^(a)		13,369
	175	Roku, Inc.^(a)		11,193
	177	Shutterstock, Inc.		8,615
	2,449	Snap, Inc., Class A^(a)		28,996
	501	TripAdvisor, Inc.^(a)		8,261
	81	VeriSign, Inc.^(a)		18,304
				5,784,795
		LEISURE FACILITIES & SERVICES — 0.7%
	2,212	AMC Entertainment Holdings, Inc., Class A^(a)		9,733
	983	Bowlero Corporation^(a)		11,442
	398	Cedar Fair, L.P.		15,908
	3	Chipotle Mexican Grill, Inc.^(a)		6,417
	92	Choice Hotels International, Inc.		10,812
	671	Cinemark Holdings, Inc.^(a)		11,072
	819	Dave & Buster’s Entertainment, Inc.^(a)		36,495
	313	Hilton Grand Vacations, Inc.^(a)		14,223
	468	Hilton Worldwide Holdings, Inc.		68,117
	305	Hyatt Hotels Corporation, Class A		34,947
	1,435	Life Time Group Holdings, Inc.^(a)		28,226
	2,203	Live Nation Entertainment, Inc.^(a)		200,715
	522	Madison Square Garden Entertainment Corporation^(a) ...		17,550
	109	Madison Square Garden Sports Corporation		20,497
	915	Marriott International, Inc., Class A		168,076
	157	Marriott Vacations Worldwide Corporation		19,267
	215	Planet Fitness, Inc., Class A^(a)		14,500
	450	SeaWorld Entertainment, Inc.^(a)		25,205
	640	Six Flags Entertainment Corporation^(a)		16,627
	1,070	Starbucks Corporation		105,994
	218	Target Hospitality Corporation^(a)		2,926
	361	Travel + Leisure Company		14,563

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		LEISURE FACILITIES & SERVICES — 0.7% (Continued)
	206	Vail Resorts, Inc.	$	51,863
	209	Wyndham Hotels & Resorts, Inc.		14,331
	119	Xponential Fitness, Inc.^(a)		2,053
				921,559
		LEISURE PRODUCTS — 0.0%^(b)
	107	Hasbro, Inc.		6,930
	287	Mattel, Inc.^(a)		5,608
				12,538
		MACHINERY — 3.8%
	8,743	AGCO Corporation		1,149,005
	960	Cadre Holdings, Inc.		20,928
	214	Caterpillar, Inc.		52,655
	6,476	Deere & Company		2,624,010
	954	Franklin Electric Company, Inc.		98,167
	488	Lindsay Corporation		58,238
	29	Nordson Corporation		7,197
	4,975	Titan International, Inc.^(a)		57,113
	8,667	Xylem, Inc.		976,078
				5,043,391
		MEDICAL EQUIPMENT& DEVICES — 8.7%
	1,014	10X Genomics, Inc., Class A^(a)		56,622
	4,108	Abbott Laboratories		447,854
	1,629	Adaptive Biotechnologies Corporation^(a)		10,931
	1,287	Agilent Technologies, Inc.		154,762
	90	Align Technology, Inc.^(a)		31,828
	747	Alphatec Holdings, Inc.^(a)		13,431
	860	Artivion, Inc.^(a)		14,783
	348	AtriCure, Inc.^(a)		17,177
	7	Atrion Corporation		3,960
	2,200	Avanos Medical, Inc.^(a)		56,232
	7,884	Avantor, Inc.^(a)		161,937
	135	Axonics, Inc.^(a)		6,813
	11,505	Baxter International, Inc.		524,168

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		MEDICAL EQUIPMENT& DEVICES — 8.7% (Continued)
	4,145	Becton Dickinson and Company	$	1,094,321
	93	BioLife Solutions, Inc.^(a)		2,055
	310	Bio-Rad Laboratories, Inc., Class A^(a)		117,527
	1,456	Bio-Techne Corporation		118,853
	12,391	Boston Scientific Corporation^(a)		670,229
	808	Bruker Corporation		59,727
	538	Castle Biosciences, Inc.^(a)		7,381
	401	CONMED Corporation		54,492
	171	Cooper Companies, Inc. (The)		65,567
	4,431	Danaher Corporation		1,063,440
	507	DENTSPLY SIRONA, Inc.		20,290
	1,141	DexCom, Inc.^(a)		146,630
	3,555	Edwards Lifesciences Corporation^(a)		335,343
	1,509	Embecta Corporation		32,594
	468	Envista Holdings Corporation^(a)		15,837
	421	Exact Sciences Corporation^(a)		39,532
	12,243	GE HealthCare Technologies, Inc.		994,621
	274	Glaukos Corporation^(a)		19,512
	1,109	Globus Medical, Inc., Class A^(a)		66,030
	693	Haemonetics Corporation^(a)		59,002
	3,220	Hologic, Inc.^(a)		260,723
	406	ICU Medical, Inc.^(a)		72,345
	230	IDEXX Laboratories, Inc.^(a)		115,513
	530	Illumina, Inc.^(a)		99,370
	187	Inari Medical, Inc.^(a)		10,872
	38	Inspire Medical Systems, Inc.^(a)		12,336
	205	Insulet Corporation^(a)		59,110
	731	Integer Holdings Corporation^(a)		64,774
	1,619	Integra LifeSciences Holdings Corporation^(a)		66,589
	1,070	Intuitive Surgical, Inc.^(a)		365,876
	64	iRhythm Technologies, Inc.^(a)		6,676
	306	Lantheus Holdings, Inc.^(a)		25,680
	155	LeMaitre Vascular, Inc.		10,428
	460	Masimo Corporation^(a)		75,693

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		MEDICAL EQUIPMENT& DEVICES — 8.7% (Continued)
	823	Merit Medical Systems, Inc.^(a)	$	68,836
	70	Mettler-Toledo International, Inc.^(a)		91,815
	1,065	Myriad Genetics, Inc.^(a)		24,687
	264	Natera, Inc.^(a)		12,846
	875	Nevro Corporation^(a)		22,243
	1,453	NuVasive, Inc.^(a)		60,430
	3,077	OraSure Technologies, Inc.^(a)		15,416
	1,580	Orthofix Medical, Inc.^(a)		28,535
	128	OrthoPediatrics Corporation^(a)		5,613
	145	Pacific Biosciences of California, Inc.^(a)		1,929
	549	Paragon 28, Inc.^(a)		9,739
	141	Penumbra, Inc.^(a)		48,512
	671	PerkinElmer, Inc.		79,708
	1,068	QuidelOrtho Corporation^(a)		88,494
	86	Repligen Corporation^(a)		12,166
	879	ResMed, Inc.		192,062
	42	Shockwave Medical, Inc.^(a)		11,987
	163	Silk Road Medical, Inc.^(a)		5,296
	75	STAAR Surgical Company^(a)		3,943
	3,747	Stryker Corporation		1,143,172
	1,124	Tandem Diabetes Care, Inc.^(a)		27,583
	694	Teleflex, Inc.		167,969
	1,630	Thermo Fisher Scientific, Inc.		850,453
	202	Treace Medical Concepts, Inc.^(a)		5,167
	237	Veracyte, Inc.^(a)		6,036
	407	Vericel Corporation^(a)		15,291
	279	Waters Corporation^(a)		74,365
	206	West Pharmaceutical Services, Inc.		78,789
	3,272	Zimmer Biomet Holdings, Inc.		476,403
				11,358,951
		METALS & MINING — 0.0%^(b)
	213	Livent Corporation^(a)		5,843

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		MORTGAGE FINANCE — 0.0%^(b)
	244	Starwood Property Trust, Inc.	$	4,734

		MULTI ASSET CLASS REIT — 0.0%^(b)
	213	Apartment Income REIT Corporation		7,687
	181	Broadstone Net Lease, Inc.		2,795
	563	Vornado Realty Trust		10,213
	193	WP Carey, Inc.		13,039
				33,734
		MULTI ASSET CLASS REITS — 0.0%^(b)
	200	Alexander & Baldwin, Inc.		3,716
	437	LXP Industrial Trust		4,261
				7,977
		OFFICE REIT — 0.0%^(b)
	171	Alexandria Real Estate Equities, Inc.		19,407
	323	Boston Properties, Inc.		18,602
	304	Cousins Properties, Inc.		6,931
	362	Douglas Emmett, Inc.		4,550
	507	Empire State Realty Trust, Inc., Class A		3,797
	174	Equity Commonwealth		3,525
	253	Highwoods Properties, Inc.		6,049
	221	JBG SMITH Properties		3,324
	248	Kilroy Realty Corporation		7,462
	153	SL Green Realty Corporation		4,598
				78,245
		OIL& GAS PRODUCERS — 0.0% ^(b)
	4,372	Clean Energy Fuels Corporation^(a)		21,685

		OIL& GAS SERVICES & EQUIPMENT — 0.0%^(b)
	474	US Silica Holdings, Inc.^(a)		5,750

		PUBLISHING & BROADCASTING — 0.1%
	320	New York Times Company (The), Class A		12,602
	2,137	News Corporation, Class B		42,142
	81	Nexstar Media Group, Inc.		13,491

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		PUBLISHING & BROADCASTING — 0.1% (Continued)
	155	Scholastic Corporation	$	6,028
	366	Sinclair, Inc.		5,058
	607	TEGNA, Inc.		9,858
	340	Thryv Holdings, Inc.^(a)		8,364
	129	World Wrestling Entertainment, Inc., Class A		13,993
				111,536
		REAL ESTATE INVESTMENT TRUSTS — 0.0%^(b)
	3	Texas Pacific Land Corporation		3,950

		REAL ESTATE OWNERS & DEVELOPERS — 0.0%^(b)
	101	Howard Hughes Corporation^(a)		7,971
	82	McGrath RentCorporation		7,583
				15,554
		REAL ESTATE SERVICES — 0.4%
	2,194	Anywhere Real Estate, Inc.^(a)		14,656
	2,983	CBRE Group, Inc., Class A^(a)		240,758
	7,083	Compass, Inc.^(a)		24,791
	1,845	eXp World Holdings, Inc.		37,417
	1,039	Jones Lang LaSalle, Inc.^(a)		161,876
	415	Marcus & Millichap, Inc.		13,077
	3,136	Newmark Group, Inc., Class A		19,506
				512,081
		RESIDENTIAL REIT — 0.0%^(b)
	379	American Homes 4 Rent, Class A		13,436
	521	Apartment Investment and Management Company		4,439
	169	AvalonBay Communities, Inc.		31,987
	123	Camden Property Trust		13,391
	215	Equity LifeStyle Properties, Inc.		14,381
	536	Equity Residential		35,360
	79	Essex Property Trust, Inc.		18,510
	539	Invitation Homes, Inc.		18,542
	144	Mid-America Apartment Communities, Inc.		21,868

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		RESIDENTIAL REIT — 0.0%^(b) (Continued)
	140	Sun Communities, Inc.	$	18,264
	316	UDR, Inc.		13,575
				203,753
		RETAIL — CONSUMER STAPLES — 1.9%
	66	Costco Wholesale Corporation		35,533
	482	Dollar General Corporation		81,834
	674	Dollar Tree, Inc.^(a)		96,719
	58	Five Below, Inc.^(a)		11,399
	155	Ollie’s Bargain Outlet Holdings, Inc.^(a)		8,979
	51	PriceSmart, Inc.		3,777
	1,811	SpartanNash Company		40,766
	386	Sprouts Farmers Market, Inc.^(a)		14,178
	2,457	Target Corporation		324,078
	8,242	Walgreens Boots Alliance, Inc.		234,815
	10,036	Walmart, Inc.		1,577,458
				2,429,536
		RETAIL — DISCRETIONARY — 2.2%
	747	Abercrombie & Fitch Company, Class A^(a)		28,147
	1,785	American Eagle Outfitters, Inc.		21,063
	4	AutoZone, Inc.^(a)		9,973
	830	Bath & Body Works, Inc.		31,125
	3,579	Best Buy Company, Inc.		293,299
	164	Builders FirstSource, Inc.^(a)		22,304
	228	Burlington Stores, Inc.^(a)		35,885
	521	Caleres, Inc.		12,468
	1,939	Chico’s FAS, Inc.^(a)		10,374
	366	Dick’s Sporting Goods, Inc.		48,382
	121	Dillard’s, Inc., Class A		39,480
	56	Floor & Decor Holdings, Inc., Class A^(a)		5,822
	1,411	Foot Locker, Inc.		38,252
	180	Freshpet, Inc.^(a)		11,846
	1,605	GameStop Corporation, Class A^(a)		38,921
	8,571	Gap, Inc. (The)		76,539
	602	Guess?, Inc.		11,709
	146	Hibbett, Inc.		5,298

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		RETAIL — DISCRETIONARY — 2.2% (Continued)
	2,546	Home Depot, Inc. (The)	$	790,889
	2,357	Kohl’s Corporation		54,329
	2,172	Lowe’s Companies, Inc.		490,220
	5,616	Macy’s, Inc.		90,137
	275	National Vision Holdings, Inc.^(a)		6,680
	2,133	Nordstrom, Inc.		43,663
	13	O’Reilly Automotive, Inc.^(a)		12,419
	47	Penske Automotive Group, Inc.		7,832
	1,549	Petco Health & Wellness Company, Inc.^(a)		13,786
	45	RH^(a)		14,832
	722	Ross Stores, Inc.		80,958
	974	Sally Beauty Holdings, Inc.^(a)		12,029
	302	Shoe Carnival, Inc.		7,091
	3,030	TJX Companies, Inc. (The)		256,914
	215	Tractor Supply Company		47,537
	77	Ulta Beauty, Inc.^(a)		36,236
	867	Urban Outfitters, Inc.^(a)		28,724
	886	Warby Parker, Inc.^(a)		10,357
	357	Williams-Sonoma, Inc.		44,675
				2,790,195
		RETAIL REIT — 0.1%
	47	Agree Realty Corporation		3,073
	497	Brixmor Property Group, Inc.		10,934
	109	Federal Realty Investment Trust		10,548
	757	Kimco Realty Corporation		14,928
	155	Kite Realty Group Trust		3,463
	382	Macerich Company		4,305
	182	NNN REIT, Inc.		7,788
	159	Phillips Edison & Company, Inc.		5,419
	352	Realty Income Corporation		21,046
	226	Regency Centers Corporation		13,960
	504	Simon Property Group, Inc.		58,202
	417	SITE Centers Corporation		5,513
	135	Spirit Realty Capital, Inc.		5,316

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		RETAIL REIT — 0.1% (Continued)
	191	Tanger Factory Outlet Centers, Inc.	$	4,215
	223	Urban Edge Properties		3,441
				172,151
		SELF — STORAGE REIT — 0.0%^(b)
	62	Extra Space Storage, Inc.		9,229
	33	Life Storage, Inc.		4,388
	102	Public Storage		29,772
				43,389
		SELF — STORAGE REITS — 0.0%^(b)
	94	CubeSmart		4,198

		SEMICONDUCTORS — 0.3%
	163	Azenta, Inc.^(a)		7,609
	469	Broadcom, Inc.		406,825
				414,434
		SOFTWARE — 5.4%
	432	ACI Worldwide, Inc.^(a)		10,009
	246	Adobe, Inc.^(a)		120,292
	370	Akamai Technologies, Inc.^(a)		33,252
	693	Alignment Healthcare, Inc.^(a)		3,985
	67	Altair Engineering, Inc., Class A^(a)		5,081
	35	ANSYS, Inc.^(a)		11,559
	26	Aspen Technology, Inc.^(a)		4,358
	44	Atlassian Corp plc, CLASS A^(a)		7,384
	75	Autodesk, Inc.^(a)		15,346
	6,614	Avaya Holdings Corporation^(a)(e)		—
	187	Bentley Systems, Inc.		10,141
	109	Black Knight, Inc.^(a)		6,511
	44	Blackbaud, Inc.^(a)		3,132
	80	Cadence Design Systems, Inc.^(a)		18,762
	100	Calix, Inc.^(a)		4,991
	480	CCC Intelligent Solutions Holdings, Inc.^(a)		5,381
	278	Ceridian HCM Holding, Inc.^(a)		18,618
	45	CommVault Systems, Inc.^(a)		3,268

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		SOFTWARE — 5.4% (Continued)
	323	Concentrix Corporation	$	26,082
	34	Crowdstrike Holdings, Inc., Class A^(a)		4,994
	32	Datadog, Inc., Class A^(a)		3,148
	55	DocuSign, Inc.^(a)		2,810
	203	Donnelley Financial Solutions, Inc.^(a)		9,243
	292	Dropbox, Inc., Class A^(a)		7,788
	97	Envestnet, Inc.^(a)		5,757
	658	Evolent Health, Inc., Class A^(a)		19,937
	493	Fortinet, Inc.^(a)		37,266
	432	Hims & Hers Health, Inc.^(a)		4,061
	8	HubSpot, Inc.^(a)		4,257
	291	Informatica, Inc., Class A^(a)		5,384
	111	Intuit, Inc.		50,859
	44	Manhattan Associates, Inc.^(a)		8,795
	15,942	Microsoft Corporation		5,428,889
	398	NextGen Healthcare, Inc.^(a)		6,456
	124	Omnicell, Inc.^(a)		9,135
	2,739	Oracle Corporation		326,188
	609	Oscar Health, Inc.^(a)		4,909
	181	Palo Alto Networks, Inc.^(a)		46,247
	286	Paycor HCM, Inc.^(a)		6,770
	73	Paylocity Holding Corporation^(a)		13,471
	93	Pegasystems, Inc.		4,585
	1,093	Privia Health Group, Inc.^(a)		28,538
	78	Progress Software Corporation		4,532
	77	PTC, Inc.^(a)		10,957
	38	Qualys, Inc.^(a)		4,908
	804	R1 RCM, Inc.^(a)		14,834
	920	Salesforce, Inc.^(a)		194,359
	101	ServiceNow, Inc.^(a)		56,759
	2,476	Sharecare, Inc.^(a)		4,333
	58	Splunk, Inc.^(a)		6,153
	24	SPS Commerce, Inc.^(a)		4,609
	149	Squarespace, Inc.^(a)		4,699

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		SOFTWARE — 5.4% (Continued)
	628	SS&C Technologies Holdings, Inc.	$	38,057
	245	Sterling Check Corporation^(a)		3,004
	114	Synopsys, Inc.^(a)		49,637
	420	Teradata Corporation^(a)		22,432
	37	Tyler Technologies, Inc.^(a)		15,409
	96	Veeva Systems, Inc., Class A^(a)		18,982
	1,668	Veradigm, Inc.^(a)		21,017
	325	Verint Systems, Inc.^(a)		11,395
	877	VMware, Inc., Class A^(a)		126,016
	175	Workday, Inc., Class A^(a)		39,531
	142	Zoom Video Communications, Inc., Class A^(a)		9,639
	216	ZoomInfo Technologies, Inc., Class A^(a)		5,484
				7,014,385
		SPECIALTY FINANCE — 0.8%
	1,600	American Express Company		278,720
	102	Bread Financial Holdings, Inc.		3,202
	1,490	Capital One Financial Corporation		162,961
	942	Discover Financial Services		110,073
	542	Enact Holdings, Inc.		13,620
	3,203	Fidelity National Financial, Inc.		115,308
	1,296	First American Financial Corporation		73,898
	173	International Money Express, Inc.^(a)		4,244
	1,018	MGIC Investment Corporation		16,074
	311	Mr Cooper Group, Inc.^(a)		15,749
	314	OneMain Holdings, Inc.		13,719
	254	PennyMac Financial Services, Inc.		17,859
	340	PROG Holdings, Inc.^(a)		10,921
	6,678	Rocket Companies, Inc.^(a)		59,835
	539	Stewart Information Services Corporation		22,174
	3,031	Synchrony Financial		102,812
	2,084	UWM Holdings Corporation		11,670
	176	Walker & Dunlop, Inc.		13,920
				1,046,759

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		SPECIALTY REIT — 0.0%^(b)
	107	EPR Properties	$	5,008

		SPECIALTY REITS — 0.0%^(b)
	273	Iron Mountain, Inc.		15,512
	215	Lamar Advertising Company, Class A		21,339
	640	Outfront Media, Inc.		10,061
				46,912
		STEEL — 0.1%
	269	Reliance Steel & Aluminum Company		73,058

		TECHNOLOGY HARDWARE — 5.2%
	1,237	ADTRAN Holdings, Inc.		13,026
	24,953	Apple, Inc.		4,840,133
	59	Arista Networks, Inc.^(a)		9,562
	498	Arrow Electronics, Inc.^(a)		71,329
	847	Avnet, Inc.		42,731
	290	Corning, Inc.		10,162
	7,670	Dell Technologies, Inc., Class C		415,024
	200	Dolby Laboratories, Inc., Class A		16,736
	202	F5, Inc.^(a)		29,545
	11,955	Hewlett Packard Enterprise Company		200,844
	21,804	HP, Inc.		669,601
	1,916	Jabil, Inc.		206,794
	1,021	NCR Corporation^(a)		25,729
	569	NetApp, Inc.		43,472
	278	NetScout Systems, Inc.^(a)		8,604
	84	Plexus Corporation^(a)		8,252
	301	Pure Storage, Inc., Class A^(a)		11,083
	314	Sanmina Corporation^(a)		18,925
	515	TD SYNNEX Corporation		48,410
	1,739	Western Digital Corporation^(a)		65,960
	1,782	Xerox Holdings Corporation		26,534
	33	Zebra Technologies Corporation, Class A^(a)		9,762
				6,792,218

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		TECHNOLOGY SERVICES — 2.4%
	545	Amdocs Ltd	$	53,873
	740	Automatic Data Processing, Inc.		162,645
	1,739	Block, Inc., Class A^(a)		115,765
	232	Broadridge Financial Solutions, Inc.		38,426
	1,060	CDW Corporation		194,510
	3,262	Cognizant Technology Solutions Corporation, Class A		212,943
	3,171	Conduent, Inc.^(a)		10,781
	168	CSG Systems International, Inc.		8,860
	812	Dun & Bradstreet Holdings, Inc.		9,395
	4,572	DXC Technology Company^(a)		122,164
	151	EPAM Systems, Inc.^(a)		33,937
	154	Equifax, Inc.		36,236
	216	Euronet Worldwide, Inc.^(a)		25,352
	139	ExlService Holdings, Inc.^(a)		20,997
	35	FactSet Research Systems, Inc.		14,023
	18	Fair Isaac Corporation^(a)		14,566
	1,133	Fidelity National Information Services, Inc.		61,975
	753	Fiserv, Inc.^(a)		94,991
	19	Gartner, Inc.^(a)		6,656
	512	Global Payments, Inc.		50,442
	171	Green Dot Corporation, Class A^(a)		3,205
	222	ICF International, Inc.		27,615
	318	Insight Enterprises, Inc.^(a)		46,536
	2,945	International Business Machines Corporation		394,070
	145	Jack Henry & Associates, Inc.		24,263
	191	John Wiley & Sons, Inc., Class A		6,500
	12,268	Kyndryl Holdings, Inc.^(a)		162,919
	172	LiveRamp Holdings, Inc.^(a)		4,912
	14	MarketAxess Holdings, Inc.		3,660
	647	Mastercard, Inc., Class A		254,465
	726	MAXIMUS, Inc.		61,354
	167	Moody’s Corporation		58,069
	40	MSCI, Inc.		18,772
	451	Paychex, Inc.		50,453
	764	Payoneer Global, Inc.^(a)		3,675

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		TECHNOLOGY SERVICES — 2.4% (Continued)
	3,795	PayPal Holdings, Inc.^(a)	$	253,240
	82	Perficient, Inc.^(a)		6,833
	180	Remitly Global, Inc.^(a)		3,388
	135	Shift4 Payments, Inc.^(a)		9,168
	1,123	Thoughtworks Holding, Inc.^(a)		8,479
	273	TransUnion		21,384
	304	TTEC Holdings, Inc.		10,287
	155	Verisk Analytics, Inc.		35,035
	1,490	Visa, Inc., Class A		353,845
	3,183	Western Union Company (The)		37,337
				3,148,001
		TELECOMMUNICATIONS — 2.4%
	44,365	AT&T, Inc.		707,622
	193	EchoStar Corporation, Class A^(a)		3,347
	1,555	Frontier Communications Parent, Inc.^(a)		28,985
	4,286	Globalstar, Inc.^(a)		4,629
	233	IDT Corporation, Class B^(a)		6,023
	354	Iridium Communications, Inc.		21,990
	7,869	Lumen Technologies, Inc.		17,784
	161	Shenandoah Telecommunications Company		3,128
	998	Telephone and Data Systems, Inc.		8,214
	3,775	T-Mobile US, Inc.^(a)		524,348
	606	United States Cellular Corporation^(a)		10,684
	48,454	Verizon Communications, Inc.		1,802,004
				3,138,758
		TRANSPORTATION & LOGISTICS — 0.2%
	3,448	GXO Logistics, Inc.^(a)		216,603
	240	Ryder System, Inc.		20,350
				236,953
		WHOLESALE — CONSUMER STAPLES — 4.5%
	3,696	Andersons, Inc. (The)		170,570
	42,223	Archer-Daniels-Midland Company		3,190,370
	22,595	Bunge Ltd		2,131,838
	397	Calavo Growers, Inc.		11,521
	390	Chefs’ Warehouse, Inc. (The)^(a)		13,946

See accompanying notes to the financial statements.

Humankind US Stock ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 99.8% (Continued)
		WHOLESALE — CONSUMER STAPLES — 4.5% (Continued)
	2,678	Sysco Corporation	$	198,708
	3,671	United Natural Foods, Inc.^(a)		71,768
	4,454	US Foods Holding Corporation^(a)		195,976
				5,984,697
		WHOLESALE — DISCRETIONARY — 0.1%
	341	ePlus, Inc.^(a)		19,198
	362	PC Connection, Inc.		16,326
	56	Pool Corporation		20,980
	433	ScanSource, Inc.^(a)		12,799
	315	Veritiv Corporation		39,567
				108,870

		TOTAL COMMON STOCKS
		(Cost $122,352,511)		130,634,606

		RIGHT — 0.0%^(b)
		NON-LISTED RIGHT - 0.0%^(b)
	56	ABIOMED, Inc. - CVR^(c)(d)(e)		431
	64	Albireo Pharma, Inc. - CVR^(c)(d)(e)		138

		TOTAL RIGHT (Cost $431)		569

		TOTAL INVESTMENTS — 99.8% (Cost $122,352,942)		130,635,175
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%		319,356
		NET ASSETS — 100.0%	$	130,954,531

ETF - Exchange-Traded Fund

CVR - Contingent Value Right

LP - Limited Partnership

LTD - Limited Company

MSCI - Morgan Stanley Capital International

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(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. See Note 8 for additional details.

(e)

Illiquid security. The total fair value of these securities as of June 30, 2023 was $856, representing 0.0% of net assets.

See accompanying notes to the financial statements.

Humankind US Stock ETF

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2023

ASSETS
Investment securities:
Securities at Cost	$	122,352,942
Securities at Value	$	130,635,175
Cash		172,711
Dividends and interest receivable		98,280
Deposit with broker		60,000
TOTAL ASSETS		130,966,166

LIABILITIES
Investment advisory fees payable		11,635
TOTAL LIABILITIES		11,635
NET ASSETS	$	130,954,531

Net Assets Consist of:
Paid in capital	$	131,238,667
Accumulated loss		(284,136	)
NET ASSETS	$	130,954,531

Net Asset Value Per Share:
Net Assets	$	130,954,531
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		4,650,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	28.16

See accompanying notes to the financial statements.

Humankind US Stock ETF

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended June 30, 2023

INVESTMENT INCOME
Dividends (net of $55 foreign withholding taxes)	$	1,304,297
Interest		6,745
TOTAL INVESTMENT INCOME		1,311,042

EXPENSES
Investment advisory fees		69,850

NET INVESTMENT INCOME		1,241,192

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
Investments:		(8,107,065	)
In-Kind Redemptions:		4,721,776
Net change in unrealized appreciation on investments		10,738,796

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		7 ,353,507

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	8,594,699

See accompanying notes to the financial statements.

Humankind US Stock ETF

STATEMENT OF CHANGES IN NET ASSETS

	For the
	Six Months			For the
	Ended			Year Ended
	June 30,			December 31,
	2023			2022
		(Unaudited)
FROM OPERATIONS:
Net investment income	$	1,241,192		$	2,000,038
Net realized loss from investments		(8,107,065	)		(5,223,712	)
Net realized gain from In-Kind redemptions		4,721,776			5,635,883
Net change in unrealized appreciation (depreciation) on investments		10,738,796			(12,215,167	)
Net increase (decrease) in net assets resulting from operations		8,594,699			(9,802,958	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributions paid from earnings		(1,043,405	)		(2,009,423	)
Net decrease in net assets from distributions to shareholders		(1,043,405	)		(2,009,423	)

FROM SHARES OF BENEFICIAL INTEREST:
Proceeds from shares sold		20,559,554			53,512,862
Payments for shares redeemed		(23,305,634	)		(27,036,381	)
Net increase (decrease) in net assets from shares of beneficial interest		(2,746,080	)		26,476,481

TOTAL INCREASE IN NET ASSETS		4,805,214			14,664,100

NET ASSETS:
Beginning of Year/Period		126,149,317			111,485,217
End of Year/Period	$	130,954,531		$	126,149,317

SHARE ACTIVITY
Shares Sold		750,000			2,000,000
Shares Redeemed		(854,000	)		(1,000,000	)
Net decrease in shares of beneficial interest outstanding		(104,000	)		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
	Six Months			Year Ended			Period Ended
	Ended			December 31,			December 31,
	June 30, 2023			2022			2021*
	(Unaudited)
Net asset value, beginning of year/period	$	26.54		$	29.70		$	25.00
Activity from investment operations:
Net investment income⁽¹⁾		0.26			0.47			0.37
Net realized and unrealized gain (loss) on investments		1.58			(3.16	)		4.69
Total from investment operations		1.84			(2.69	)		5.06
Less distributions from:
Net investment income		(0.22	)		(0.47	)		(0.33	)
Return of capital		—			—			(0.03	)
Total distributions		(0.22	)		(0.47	)		(0.36	)
Net asset value, end of year/period	$	28.16		$	26.54		$	29.70
Market price, end of year/period	$	28.14		$	26.52		$	29.71
Total return⁽²⁾		6.99	% ⁽⁴⁾		(9.05	)%		20.31	% ⁽⁴⁾
Market price total return⁽²⁾		6.99	% ⁽⁴⁾		(9.15	)%		20.35	% ⁽⁴⁾
Net assets, end of year/period (000s)	$	130,955		$	126,149		$	111,485
Ratio of expenses to average net assets		0.11	% ⁽⁵⁾		0.11	%		0.11	% ⁽⁵⁾
Ratio of net investment income to average net assets		1.95	% ⁽⁵⁾		1.74	%		1.54	% ⁽⁵⁾
Portfolio Turnover Rate⁽³⁾		21	% ⁽⁴⁾		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 period.

(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 (Unaudited)

June 30, 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 (Unaudited) (Continued)

June 30, 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, where applicable 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 (Unaudited) (Continued)

June 30, 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 June 30, 2023 for the Fund’s investments measured at fair value:

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	130,634,319	$	287	$	—	$	130,634,606
Right		—		138		431		569
Total	$	130,634,319	$	425	$	431	$	130,635,175

Please refer to the Schedule of Investments for industry classifications.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 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		431		431
Ending balance 6/30/2023	$	431	$	431

The significant unobservable inputs used in the fair value measurement of the Funds’ Level 3 private 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 total change in unrealized appreciation or depreciation included in the Statement of Operations attributable to Level 3 investments still held at June 30, 2023 was $0 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/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.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2023

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 and 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 six months ended June 30, 2023, cost of purchases and proceeds from sales of portfolio securities, other than in-kind transaction and short-term investments, amounted to $26,480,700 and $26,618,929, respectively. For the six months ended June 30, 2023, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $20,592,722 and $23,015,476, 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 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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2023

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 six months ended June 30, 2023, the Fund incurred $69,850 in advisory fees, and $11,635 was due to the advisor.

Northern Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter and national distributor for the shares of the Fund. The Company, with respect to the Fund, has adopted the Company’s ETF Distribution Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”), which allows the Fund to pay the Fund’s distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund’s average daily net assets. As of June 30, 2023, the Plan has not been activated. For the six months ended June 30 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 Advisor, and not the Fund’s shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

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

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

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Adviser.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 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		Variable Charge for
and Cash Purchases		Cash Purchases*
$250		2.00%

As a percentage of the amount invested.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION — TAX BASIS

At June 30, 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	$	122,361,114	$	12,080,831	$	(3,797,937	)	$	8,282,894

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2023

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid for the years ended December 31, 2022, and December 31, 2021, was as follows:

	Fiscal Year		Fiscal Year
	Ended		Ended
	December 31,		December 31,
	2022		2021
Ordinary Income	$	2,009,423	$	1,080,606
Long-Term Capital Gain		—		—
Return of Capital		—		117,160
	$	2,009,423	$	1,197,766

As of December 31, 2022, the components of distributable 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)
$	—	$	—	$	(346,667	)	$	(5,042,126	)	$	—	$	(2,446,637	)	$	(7,835,430	)

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.

Late year losses incurred on certain specified items for tax purposes after October 31st, but within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $10,113.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $336,554.

At December 31, 2022, 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
$	3,869,084	$	1,173,042	$	5,042,126	$	—

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2023

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, 2022, as follows:

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 June 30, 2023, the Fund was invested in the following restricted securities:

	Initial
	Acquisition						% of
Security	Date	Shares	Cost		Value		Net Assets
ABIOMED, Inc. - CVR	12/22/2022	56	$	431	$	431	0.0%
Albireo Pharma, Inc. - CVR	3/3/2023	64		—		138	0.0%
OmniAb, Inc. - Earnout shares	11/2/2022	74		427		287	0.0%

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

CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTANT (Unaudited)

June 30, 2023

On February 16, 2023, BBD, LLP (“BBD”) ceased to serve as the independent registered public accounting firm of Humankind US Stock ETF. The Audit Committee of the Board of Directors approved the replacement of BBD as a result of Cohen & Company, Ltd.’s (“Cohen”) acquisition of BBD’s investment management group.

The report of BBD on the financial statements of the Fund as of and for the fiscal years ended December 31, 2021, and December 31, 2022, did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal years ended December 31, 2021 and December 31, 2022, and during the subsequent interim period through February 16, 2023: (i) there were no disagreements between the registrant and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Fund for such years or interim period; and (ii) there were no “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The registrant requested that BBD furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating that it agrees with the above statements. A copy of such letter is filed as an exhibit to Form N-CSR.

On February 16, 2023, the Audit Committee of the Board of Directors also recommended and approved the appointment of Cohen as the Fund’s independent registered public accounting firm for the fiscal year ending December 31, 2023.

During the fiscal years ended December 31, 2021 and December 31, 2022, and during the subsequent interim period through February 16, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either: (i) the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K.

Humankind US Stock ETF

EXPENSE EXAMPLE (Unaudited)

June 30, 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 January 1, 2023 to June 30, 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		Expenses Paid
	Account Value	Account Value	Annualized	During Period
	1/1/23	6/30/23	Expense Ratio	1/1/23-6/30/23
Actual*	$1,000.00	$1,069.90	0.11%	$0.56
Hypothetical*
(5% return before expenses)	$1,000.00	$1,024.25	0.11%	$0.55

Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the six-month period (181), divided by the number of days in the fiscal year (365).

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2023

HUMANKIND BENEFIT CORPORATION

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:

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.

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.

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

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.

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

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

June 30, 2023

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

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.

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.

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.

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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-SAR23

Accumulated

Paid In Capital

Earnings (Losses)

(5,627,700