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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

1

 

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.

2

 

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.

3

 

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.

4

 

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     1st Source 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.

5

 

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.

6

 

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.

7

 

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.

8

 

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.

9

 

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.

10

 

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.

11

 

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.

12

 

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.

13

 

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.

14

 

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.

15

 

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.

16

 

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.

17

 

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.

18

 

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.

19

 

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.

20

 

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.

21

 

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.

22

 

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.

23

 

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.

24

 

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.

25

 

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.

26

 

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.

27

 

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.

28

 

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.

29

 

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.

30

 

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.

31

 

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.

32

 

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.

33

 

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.

34

 

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.

35

 

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.

36

 

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.

37

 

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.

38

 

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.

39

 

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.

40

 

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.

41

 

Humankind US Stock ETF
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2023
 
1. ORGANIZATION

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the 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.

42

 

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.

43

 

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.

44

 

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.

45

 

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.

 

3. 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.

 

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

 

Humankind Investments LLC, (the “Adviser”) serves as the Fund’s investment adviser. Pursuant to an investment advisory agreement with the Company, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Fund, manages the Fund’s portfolio and supervises the performance of administrative and professional services provided by others. The Adviser pays all operating expenses of the Fund, except for the fee payments under the Advisory Agreement, brokerage fees and commissions, indirect costs of investing in other investment companies, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Company’s Directors and officers with

46

 

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.

47

 

Humankind US Stock ETF
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
 
5. CAPITAL SHARE TRANSACTIONS

 

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

 

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

 

    Maximum Additional
Fee for In-Kind   Variable Charge for
and Cash Purchases   Cash Purchases*
$250   2.00%
     
* As a percentage of the amount invested.

 

6. 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  

48

 

Humankind US Stock ETF
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
 
7. 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     $  

49

 

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:

 

      Accumulated  
Paid In Capital     Earnings (Losses)  
$ 5,627,700     $ (5,627,700 )