# EDGAR Filing Document

**Accession Number:** 0001821080
**File Stem:** 0001580642-23-001413
**Filing Date:** 2023-3
**Character Count:** 154650
**Document Hash:** 5fdfb17d8b0c03347c8c068714805ecb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001413.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001580642-23-001413

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Humankind Benefit Corp
- **CENTRAL INDEX KEY:** 0001821080
- **IRS NUMBER:** 852237195
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23602
- **FILM NUMBER:** 23723474

**BUSINESS ADDRESS:**
- **STREET 1:** 79 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 646-838-4352

**MAIL ADDRESS:**
- **STREET 1:** 79 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

## Series and Classes Contracts Data

### Humankind US Stock ETF (Series ID: S000069946)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000222778 | Humankind US Stock ETF |  |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-23602</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Humankind Benefit Corporation</u> 

(Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>225 Pictoria Drive, Suite 450, Cincinnati, OH 45246</u> 

(Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>HSC Agent Services, Inc.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>245 W Chase Street, Baltimore, MD 21217</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>646-838-4352</u> 

Date of fiscal year end: <u>12/31</u> 

Date of reporting period: <u>12/31/22</u> 

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

![(HUMANKINGLOGO)](hs001_v1.jpg)

HKND

**Annual Report**

**December 31, 2022**

**1-888-557-6692**

**www.humankindfunds.com**

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

Distributed by Northern Lights Distributors LLC

---

| |
|:---|
| **Humankind US Stock ETF** |
| **MANAGEMENT DISCUSSION & ANALYSIS (Unaudited)** |
| **December 31, 2022** |

---

In 2022, the US equity market suffered its worst annual decline since 2008 with the S&P 500 benchmark posting a -19.44% return. The high inflation that seemed potentially transitory in late 2021 persisted throughout 2022, compounded by the additional shock to certain commodity prices due to Russia's unanticipated invasion of Ukraine near the end of February. The continued rise in inflation forced a change to the policy stance of the Federal Reserve and most other central banks around the world. The highest rates of inflation in 40 years resulted in the most aggressive series of interest rate hikes in the US since the early 1980s. The Fed raised rates a total of seven times between March and December with four of those hikes coming in at 75 basis points. This shift to a higher rate environment, uncertainties about the trajectory of future inflation and the risks of recession, as well as pressure on earnings expectations contributed to the overall decline in stocks.

In 2022, the fund returned -9.05% compared to -17.77% for the benchmark S&P 1500 index. This divergence of 8.72% can be attributed to the sharper decline in technology names and other speculative sectors of the market, as is evidenced by the sharp decline of -33.10% for the Nasdaq Composite in 2022. Although the divergence continued to widen throughout the year, the majority of the move had occurred by the end of June, when the performance gap was already at 7.11%.

Sector performance in the fund was bifurcated. The information technology sector and communication services posted performance of -28.12% and -29.90%. These were joined by the interest rate and economically sensitive sectors of consumer discretionary and real estate, which had a return of -28.59% and -32.98%. The best performing sectors were materials, consumer staples, and healthcare, with returns of 8.93%, -1.59% and -5.36% respectively. The funds high allocation to healthcare at 32.58% and consumer staples at 15.57% and the consequently lower allocation to technology accounted for performance ahead of its benchmark.

Focusing on the individual company level, the top five contributing companies were Corteva, Abbvie, Merck, Eli Lilly, and McKesson with estimated return contributions of .65%, .61%, .55%, .36% and .30% respectively. The five largest detractors from performance were Alphabet, Apple, Verizon, Microsoft, and American Water Works with estimated return contributions of -2.33%, -.98%, -.79%, -.76% and -.45% respectively.

7034-NLD 01/12/2023

---

| |
|:---|
| **Humankind US Stock ETF** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for the year ended December 31, 2022, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;For the Year Ended | &nbsp;&nbsp;Since |
| Fund/Index | &nbsp;&nbsp;December 31, 2022 | &nbsp;&nbsp;Inception\*\* |
| Humankind US Stock ETF | &nbsp;&nbsp;-9.05% | &nbsp;&nbsp;4.98% |
| Humankind US Stock ETF — Market Price | &nbsp;&nbsp;-9.15% | &nbsp;&nbsp;4.94% |
| S&P Composite 1500 TR \*\*\* | &nbsp;&nbsp;-17.77% | &nbsp;&nbsp;0.71% |
| Humankind US Equity Index \*\*\*\* | &nbsp;&nbsp;-9.04% | &nbsp;&nbsp;5.05% |

---

**Comparison of Change in Value of $10,000 Investment**

![(LINE GRAPH)](hs002_v1.jpg)

\* 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 29, 2022 prospectus. Please see the Financial Highlights for a most recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-888-557-6692.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **PORTFOLIO REVIEW (Unaudited) (Continued)** |
| **December 31, 2022** |

---

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

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

---

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

---

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

---

| | |
|:---|:---|
| **Portfolio Composition as of December 31, 2022** | **Portfolio Composition as of December 31, 2022** |
| 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 | 15.7% |
| Health Care Facilities & Services | 11.2% |
| Chemicals | 6.4% |
| Medical Equipment & Devices | 5.5% |
| Telecommuncations | 5.2% |
| Household Products | 5.0% |
| Technology Hardware | 4.9% |
| Internet Media & Services | 4.4% |
| Machinery | 4.1% |
| Wholesale - Consumer Staples | 3.9% |
| Other Assets and Other Liabilities - Net | 33.7% |
|  | 100.0% |

---

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

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **ADVERTISING & MARKETING — 0.1%** |  |
| 1816 | Interpublic Group of Companies, Inc. | $60491 |
| 1237 | Omnicom Group, Inc. | 100902 |
|  |  | 161393 |
|  | **AEROSPACE & DEFENSE — 0.0%<sup>(a)</sup>** |  |
| 211 | Barnes Group, Inc. | 8619 |
| 83 | Moog, Inc., Class A | 7284 |
| 30 | Teledyne Technologies, Inc.<sup>(b)</sup> | 11998 |
|  |  | 27901 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |
| 102 | Carter's, Inc. | 7610 |
| 3480 | Figs, Inc.<sup>(b)</sup> | 23421 |
| 1402 | Fossil Group, Inc.<sup>(b)</sup> | 6043 |
| 1856 | Hanesbrands, Inc. | 11804 |
| 783 | Levi Strauss & Company, Class A | 12152 |
| 326 | PVH Corporation | 23012 |
| 123 | Ralph Lauren Corporation | 12997 |
| 837 | VF Corporation | 23110 |
|  |  | 120149 |
|  | **ASSET MANAGEMENT — 0.4%** |  |
| 63 | Affiliated Managers Group, Inc. | 9981 |
| 176 | Ameriprise Financial, Inc. | 54801 |
| 692 | Ares Management Corporation, Class A | 47360 |
| 111 | BlackRock, Inc. | 78658 |
| 1428 | Carlyle Group, Inc. | 42612 |
| 1073 | Charles Schwab Corporation | 89338 |
| 116 | F&G Annuities & Life, Inc.<sup>(b)</sup> | 2321 |
| 739 | Franklin Resources, Inc. | 19495 |
| 1204 | Invesco Ltd. | 21660 |
| 129 | LPL Financial Holdings, Inc. | 27886 |
| 977 | ODP Corporation (The)<sup>(b)</sup> | 44493 |
| 75 | OmniAb, Inc. - Earnout shares<sup>(b)</sup> | 249 |
| 392 | Raymond James Financial, Inc. | 41885 |
| 363 | Stifel Financial Corporation | 21188 |
| 270 | T Rowe Price Group, Inc. | 29446 |
|  |  | 531373 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **AUTOMOTIVE — 0.1%** |  |
| 4943 | Goodyear Tire & Rubber Company<sup>(b)</sup> | $50171 |
| 7464 | Luminar Technologies, Inc.<sup>(b)</sup> | 36947 |
| 233 | Tesla, Inc.<sup>(b)</sup> | 28701 |
|  |  | 115819 |
|  | **BANKING — 2.1%** |  |
| 273 | Associated Banc-Corporation | 6304 |
| 16834 | Bank of America Corporation | 557541 |
| 144 | Bank OZK | 5769 |
| 191 | BankUnited, Inc. | 6488 |
| 88 | BOK Financial Corporation | 9134 |
| 4634 | Citigroup, Inc. | 209596 |
| 892 | Citizens Financial Group, Inc. | 35118 |
| 271 | Comerica, Inc. | 18116 |
| 101 | Commerce Bancshares, Inc. | 6858 |
| 51 | Cullen/Frost Bankers, Inc. | 6819 |
| 155 | East West Bancorp, Inc. | 10215 |
| 1181 | Fifth Third Bancorp | 38749 |
| 11 | First Citizens BancShares, Inc., Class A | 8342 |
| 493 | First Horizon Corporation | 12079 |
| 169 | First Republic Bank | 20599 |
| 500 | FNB Corporation | 6525 |
| 329 | Hilltop Holdings, Inc. | 9873 |
| 2120 | Huntington Bancshares, Inc. | 29892 |
| 5211 | JPMorgan Chase & Company | 698794 |
| 1986 | KeyCorporation | 34596 |
| 219 | M&T Bank Corporation | 31768 |
| 906 | New York Community Bancorp, Inc. | 7792 |
| 917 | PNC Financial Services Group, Inc. | 144831 |
| 1475 | Regions Financial Corporation | 31801 |
| 67 | Signature Bank | 7720 |
| 92 | SVB Financial Group<sup>(b)</sup> | 21173 |
| 241 | Synovus Financial Corporation | 9050 |
| 1964 | Truist Financial Corporation | 84511 |
| 2453 | US Bancorp | 106975 |
| 149 | Webster Financial Corporation | 7054 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **BANKING — 2.1% (Continued)** |  |
| 9067 | Wells Fargo & Company | $374376 |
| 114 | Western Alliance Bancorp | 6790 |
| 96 | Wintrust Financial Corporation | 8114 |
| 304 | Zions Bancorp NA | 14945 |
|  |  | 2588307 |
|  | **BEVERAGES — 1.4%** |  |
| 4464 | Coca-Cola Company | 283955 |
| 33 | Coca-Cola Consolidated, Inc. | 16908 |
| 5239 | Keurig Dr Pepper, Inc. | 186823 |
| 89 | Monster Beverage Corporation<sup>(b)</sup> | 9036 |
| 6535 | PepsiCo, Inc. | 1180613 |
| 3053 | Primo Water Corporation | 47444 |
|  |  | 1724779 |
|  | **BIOTECH & PHARMA — 15.7%** |  |
| 797 | 2seventy bio, Inc.<sup>(b)</sup> | 7468 |
| 13898 | AbbVie, Inc. | 2246055 |
| 1393 | ACADIA Pharmaceuticals, Inc.<sup>(b)</sup> | 22177 |
| 248 | Agios Pharmaceuticals, Inc.<sup>(b)</sup> | 6964 |
| 123 | Albireo Pharma, Inc.<sup>(b)</sup> | 2658 |
| 730 | Alector, Inc.<sup>(b)</sup> | 6738 |
| 494 | Allogene Therapeutics, Inc.<sup>(b)</sup> | 3107 |
| 481 | Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 114310 |
| 4083 | Amgen, Inc. | 1072358 |
| 970 | Amicus Therapeutics, Inc.<sup>(b)</sup> | 11844 |
| 460 | Amphastar Pharmaceuticals, Inc.<sup>(b)</sup> | 12889 |
| 136 | AnaptysBio, Inc.<sup>(b)</sup> | 4215 |
| 299 | Anavex Life Sciences Corporation<sup>(b)</sup> | 2769 |
| 107 | ANI Pharmaceuticals, Inc.<sup>(b)</sup> | 4305 |
| 499 | Apellis Pharmaceuticals, Inc.<sup>(b)</sup> | 25803 |
| 209 | Arcturus Therapeutics Holdings, Inc.<sup>(b)</sup> | 3545 |
| 315 | Arcus Biosciences, Inc.<sup>(b)</sup> | 6514 |
| 201 | Arcutis Biotherapeutics, Inc.<sup>(b)</sup> | 2975 |
| 859 | Arrowhead Pharmaceuticals, Inc.<sup>(b)</sup> | 34841 |
| 280 | Arvinas, Inc.<sup>(b)</sup> | 9579 |
| 553 | Atara Biotherapeutics, Inc.<sup>(b)</sup> | 1814 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **BIOTECH & PHARMA — 15.7% (Continued)** |  |
| 720 | Avid Bioservices, Inc.<sup>(b)</sup> | $9914 |
| 115 | Axsome Therapeutics, Inc.<sup>(b)</sup> | 8870 |
| 310 | Beam Therapeutics, Inc.<sup>(b)</sup> | 12124 |
| 813 | BioCryst Pharmaceuticals, Inc.<sup>(b)</sup> | 9333 |
| 2021 | Biogen, Inc.<sup>(b)</sup> | 559655 |
| 36 | Biohaven Ltd.<sup>(b)</sup> | 500 |
| 1283 | BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 132778 |
| 496 | Blueprint Medicines Corporation<sup>(b)</sup> | 21730 |
| 623 | Bridgebio Pharma, Inc.<sup>(b)</sup> | 4747 |
| 25576 | Bristol-Myers Squibb Company | 1840192 |
| 141 | Cassava Sciences, Inc.<sup>(b)</sup> | 4165 |
| 363 | Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 6752 |
| 301 | Cerevel Therapeutics Holdings, Inc.<sup>(b)</sup> | 9494 |
| 124 | Chinook Therapeutics, Inc.<sup>(b)</sup> | 3249 |
| 869 | Coherus Biosciences, Inc.<sup>(b)</sup> | 6882 |
| 620 | Corcept Therapeutics, Inc.<sup>(b)</sup> | 12592 |
| 232 | Crinetics Pharmaceuticals, Inc.<sup>(b)</sup> | 4246 |
| 380 | CTI BioPharma Corporation<sup>(b)</sup> | 2284 |
| 426 | Cytokinetics, Inc.<sup>(b)</sup> | 19519 |
| 151 | Deciphera Pharmaceuticals, Inc.<sup>(b)</sup> | 2475 |
| 565 | Denali Therapeutics, Inc.<sup>(b)</sup> | 15713 |
| 188 | Design Therapeutics, Inc.<sup>(b)</sup> | 1929 |
| 85 | DICE Therapeutics, Inc.<sup>(b)</sup> | 2652 |
| 726 | Dynavax Technologies Corporation<sup>(b)</sup> | 7725 |
| 103 | Eagle Pharmaceuticals, Inc.<sup>(b)</sup> | 3011 |
| 738 | Editas Medicine, Inc.<sup>(b)</sup> | 6546 |
| 1250 | Elanco Animal Health, Inc.<sup>(b)</sup> | 15275 |
| 5054 | Eli Lilly and Company | 1848954 |
| 1973 | Emergent BioSolutions, Inc.<sup>(b)</sup> | 23301 |
| 213 | Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 9909 |
| 1852 | EQRx, Inc.<sup>(b)</sup> | 4556 |
| 560 | Erasca, Inc.<sup>(b)</sup> | 2414 |
| 334 | Evolus, Inc.<sup>(b)</sup> | 2508 |
| 3771 | Exelixis, Inc.<sup>(b)</sup> | 60487 |
| 655 | Fate Therapeutics, Inc.<sup>(b)</sup> | 6609 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **BIOTECH & PHARMA — 15.7% (Continued)** |  |
| 887 | FibroGen, Inc.<sup>(b)</sup> | $14210 |
| 10790 | Gilead Sciences, Inc. | 926321 |
| 273 | Guardant Health, Inc.<sup>(b)</sup> | 7426 |
| 852 | Halozyme Therapeutics, Inc.<sup>(b)</sup> | 48479 |
| 129 | Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 7108 |
| 1730 | ImmunoGen, Inc.<sup>(b)</sup> | 8581 |
| 2058 | Incyte Corporation<sup>(b)</sup> | 165299 |
| 122 | Inhibrx, Inc.<sup>(b)</sup> | 3006 |
| 1419 | Innoviva, Inc.<sup>(b)</sup> | 18802 |
| 746 | Insmed, Inc.<sup>(b)</sup> | 14905 |
| 1353 | Instil Bio, Inc.<sup>(b)</sup> | 852 |
| 473 | Intellia Therapeutics, Inc.<sup>(b)</sup> | 16503 |
| 500 | Intra-Cellular Therapies, Inc.<sup>(b)</sup> | 26460 |
| 1816 | Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 68590 |
| 1737 | Iovance Biotherapeutics, Inc.<sup>(b)</sup> | 11099 |
| 2587 | Ironwood Pharmaceuticals, Inc.<sup>(b)</sup> | 32053 |
| 139 | iTeos Therapeutics, Inc.<sup>(b)</sup> | 2715 |
| 250 | IVERIC bio, Inc.<sup>(b)</sup> | 5353 |
| 14231 | Johnson & Johnson | 2513905 |
| 64 | Karuna Therapeutics, Inc.<sup>(b)</sup> | 12576 |
| 85 | Keros Therapeutics, Inc.<sup>(b)</sup> | 4082 |
| 395 | Kezar Life Sciences, Inc.<sup>(b)</sup> | 2781 |
| 216 | Kiniksa Pharmaceuticals Ltd.<sup>(b)</sup> | 3236 |
| 96 | Krystal Biotech, Inc.<sup>(b)</sup> | 7605 |
| 262 | Kura Oncology, Inc.<sup>(b)</sup> | 3251 |
| 264 | Kymera Therapeutics, Inc.<sup>(b)</sup> | 6589 |
| 224 | Legend Biotech Corporation - ADR<sup>(b)</sup> | 11182 |
| 126 | Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 8417 |
| 86 | Madrigal Pharmaceuticals, Inc.<sup>(b)</sup> | 24962 |
| 1180 | MannKind Corporation<sup>(b)</sup> | 6219 |
| 6235 | Maravai LifeSciences Holdings, Inc.<sup>(b)</sup> | 89223 |
| 18192 | Merck & Company, Inc. | 2018401 |
| 210 | Mirati Therapeutics, Inc.<sup>(b)</sup> | 9515 |
| 1951 | Moderna, Inc.<sup>(b)</sup> | 350439 |
| 184 | Morphic Holding, Inc.<sup>(b)</sup> | 4922 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **BIOTECH & PHARMA — 15.7% (Continued)** |  |
| 7143 | Nektar Therapeutics<sup>(b)</sup> | $16143 |
| 583 | Neurocrine Biosciences, Inc.<sup>(b)</sup> | 69634 |
| 778 | NGM Biopharmaceuticals, Inc.<sup>(b)</sup> | 3906 |
| 316 | Nkarta, Inc.<sup>(b)</sup> | 1893 |
| 1200 | Novavax, Inc., Class A<sup>(b)</sup> | 12336 |
| 2574 | Nuvation Bio, Inc.<sup>(b)</sup> | 4942 |
| 2205 | Organogenesis Holdings, Inc.<sup>(b)</sup> | 5931 |
| 7573 | Organon & Company | 211514 |
| 461 | Pacira BioSciences, Inc.<sup>(b)</sup> | 17799 |
| 52908 | Pfizer, Inc. | 2711005 |
| 558 | Point Biopharma Global, Inc.<sup>(b)</sup> | 4068 |
| 313 | Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 19594 |
| 58 | Prometheus Biosciences, Inc.<sup>(b)</sup> | 6380 |
| 459 | PTC Therapeutics, Inc.<sup>(b)</sup> | 17520 |
| 137 | Reata Pharmaceuticals, Inc., Class A<sup>(b)</sup> | 5205 |
| 416 | Recursion Pharmaceuticals, Inc.<sup>(b)</sup> | 3207 |
| 905 | Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 652947 |
| 681 | REGENXBIO, Inc.<sup>(b)</sup> | 15445 |
| 550 | Relay Therapeutics, Inc.<sup>(b)</sup> | 8217 |
| 423 | Relmada Therapeutics, Inc.<sup>(b)</sup> | 1476 |
| 125 | Replimune Group, Inc.<sup>(b)</sup> | 3400 |
| 230 | Revance Therapeutics, Inc.<sup>(b)</sup> | 4246 |
| 284 | REVOLUTION Medicines, Inc.<sup>(b)</sup> | 6765 |
| 7196 | Royalty Pharma plc, Class A | 284386 |
| 340 | Sage Therapeutics, Inc.<sup>(b)</sup> | 12968 |
| 2416 | Sana Biotechnology, Inc.<sup>(b)</sup> | 9543 |
| 2105 | Sangamo Therapeutics, Inc.<sup>(b)</sup> | 6610 |
| 396 | Sarepta Therapeutics, Inc.<sup>(b)</sup> | 51314 |
| 1225 | Seagen, Inc.<sup>(b)</sup> | 157425 |
| 354 | SIGA Technologies, Inc. | 2605 |
| 2174 | Sorrento Therapeutics, Inc.<sup>(b)</sup> | 1926 |
| 287 | SpringWorks Therapeutics, Inc.<sup>(b)</sup> | 7465 |
| 453 | Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 16159 |
| 178 | Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | 4530 |
| 690 | TG Therapeutics, Inc.<sup>(b)</sup> | 8163 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **BIOTECH & PHARMA — 15.7% (Continued)** |  |
| 419 | Travere Therapeutics, Inc.<sup>(b)</sup> | $8812 |
| 884 | Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 40956 |
| 265 | United Therapeutics Corporation<sup>(b)</sup> | 73694 |
| 576 | Vanda Pharmaceuticals, Inc.<sup>(b)</sup> | 4257 |
| 127 | Vaxcyte, Inc.<sup>(b)</sup> | 6090 |
| 1792 | Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 517494 |
| 1414 | Viatris, Inc. | 15738 |
| 512 | Vir Biotechnology, Inc.<sup>(b)</sup> | 12959 |
| 527 | Xencor, Inc.<sup>(b)</sup> | 13723 |
| 245 | Zentalis Pharmaceuticals, Inc.<sup>(b)</sup> | 4934 |
|  |  | 19806409 |
|  | **CABLE & SATELLITE — 1.1%** |  |
| 8210 | Altice USA, Inc., Class A<sup>(b)</sup> | 37766 |
| 10 | Cable One, Inc. | 7119 |
| 777 | Charter Communications, Inc., Class A<sup>(b)</sup> | 263481 |
| 27212 | Comcast Corporation, Class A | 951603 |
| 5322 | DISH Network Corporation, Class A<sup>(b)</sup> | 74721 |
| 1219 | Liberty Broadband Corporation - Series C<sup>(b)</sup> | 92973 |
|  |  | 1427663 |
|  | **CHEMICALS — 6.4%** |  |
| 1582 | AdvanSix, Inc. | 60148 |
| 231 | Air Products and Chemicals, Inc. | 71208 |
| 39 | Albemarle Corporation | 8458 |
| 5130 | American Vanguard Corporation | 111372 |
| 98 | Ashland, Inc. | 10538 |
| 235 | Avery Dennison Corporation | 42535 |
| 288 | Avient Corporation | 9723 |
| 488 | Axalta Coating Systems Ltd.<sup>(b)</sup> | 12429 |
| 385 | Cabot Corporation | 25733 |
| 230 | Celanese Corporation | 23515 |
| 8070 | CF Industries Holdings, Inc. | 687564 |
| 551 | Chemours Company (The) | 16872 |
| 1364 | Codexis, Inc.<sup>(b)</sup> | 6356 |
| 35329 | Corteva, Inc. | 2076640 |
| 283 | CVR Partners, L.P. | 28464 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **CHEMICALS — 6.4% (Continued)** |  |
| 2652 | Dow, Inc. | $133634 |
| 5776 | DuPont de Nemours, Inc. | 396407 |
| 1337 | Eastman Chemical Company | 108885 |
| 10155 | Ecolab, Inc. | 1478163 |
| 664 | Element Solutions, Inc. | 12078 |
| 8632 | FMC Corporation | 1077274 |
| 2785 | GreenLight Biosciences Holdings PBC<sup>(b)</sup> | 3286 |
| 300 | Hawkins, Inc. | 11580 |
| 122 | HB Fuller Company | 8738 |
| 742 | Huntsman Corporation | 20390 |
| 398 | International Flavors & Fragrances, Inc. | 41726 |
| 414 | Intrepid Potash, Inc.<sup>(b)</sup> | 11952 |
| 2693 | LSB Industries, Inc.<sup>(b)</sup> | 35817 |
| 30804 | Mosaic Company | 1351372 |
| 387 | PPG Industries, Inc. | 48661 |
| 187 | RPM International, Inc. | 18223 |
| 127 | Sensient Technologies Corporation | 9261 |
| 240 | Sherwin-Williams Company (The) | 56959 |
| 479 | Trinseo plc | 10878 |
| 683 | Tronox Holdings plc, Class A | 9364 |
| 938 | Univar Solutions, Inc.<sup>(b)</sup> | 29828 |
| 93 | Westlake Corporation | 9536 |
|  |  | 8075567 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.7%** |  |
| 1898 | ABM Industries, Inc. | 84309 |
| 137 | AMN Healthcare Services, Inc.<sup>(b)</sup> | 14086 |
| 1930 | Aramark | 79786 |
| 210 | ASGN, Inc.<sup>(b)</sup> | 17111 |
| 72 | Barrett Business Services, Inc. | 6716 |
| 341 | Brady Corporation, Class A | 16061 |
| 290 | Brink's Company | 15576 |
| 127 | Cintas Corporation | 57356 |
| 66 | Clean Harbors, Inc.<sup>(b)</sup> | 7532 |
| 93 | CorVel Corporation<sup>(b)</sup> | 13516 |
| 1125 | Deluxe Corporation | 19103 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES — 0.7% (Continued)** |  |
| 540 | First Advantage Corporation<sup>(b)</sup> | $7020 |
| 99 | FTI Consulting, Inc.<sup>(b)</sup> | 15721 |
| 437 | H&R Block, Inc. | 15955 |
| 1813 | Healthcare Services Group, Inc. | 21756 |
| 545 | Heritage-Crystal Clean, Inc.<sup>(b)</sup> | 17702 |
| 284 | Insperity, Inc. | 32262 |
| 1753 | Kelly Services, Inc., Class A | 29626 |
| 156 | Kforce, Inc. | 8553 |
| 218 | Korn Ferry | 11035 |
| 1622 | ManpowerGroup, Inc. | 134967 |
| 814 | Robert Half International, Inc. | 60098 |
| 3164 | SP Plus Corporation<sup>(b)</sup> | 109854 |
| 578 | Stericycle, Inc.<sup>(b)</sup> | 28836 |
| 284 | TriNet Group, Inc.<sup>(b)</sup> | 19255 |
| 682 | TrueBlue, Inc.<sup>(b)</sup> | 13354 |
| 71 | UniFirst Corporation | 13702 |
| 1010 | Viad Corporation<sup>(b)</sup> | 24634 |
|  |  | 895482 |
|  | **CONSTRUCTION MATERIALS — 0.1%** |  |
| 516 | Advanced Drainage Systems, Inc. | 42296 |
| 99 | Carlisle Companies, Inc. | 23329 |
| 485 | Owens Corning | 41371 |
|  |  | 106996 |
|  | **CONSUMER SERVICES — 0.1%** |  |
| 18 | Graham Holdings Company, Class B | 10876 |
| 698 | Matthews International Corporation, Class A | 21247 |
| 400 | Rent-A-Center, Inc. | 9020 |
| 242 | Service Corp International | 16732 |
| 2608 | WW International, Inc.<sup>(b)</sup> | 10067 |
|  |  | 67942 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **CONTAINERS & PACKAGING — 0.2%** |  |
| 327 | AptarGroup, Inc. | $35963 |
| 1159 | Berry Global Group, Inc. | 70039 |
| 835 | Graphic Packaging Holding Company | 18579 |
| 196 | Greif, Inc., Class B | 15333 |
| 3348 | Pactiv Evergreen, Inc. | 38033 |
| 736 | Sealed Air Corporation | 36712 |
| 365 | Sonoco Products Company | 22159 |
|  |  | 236818 |
|  | **DATA CENTER REIT — 0.1%** |  |
| 327 | Digital Realty Trust, Inc. | 32788 |
| 69 | Equinix, Inc. | 45197 |
|  |  | 77985 |
|  | **DIVERSIFIED INDUSTRIALS — 2.3%** |  |
| 6262 | 3M Company | 750939 |
| 460 | Dover Corporation | 62289 |
| 804 | Emerson Electric Company | 77232 |
| 21836 | General Electric Company | 1829638 |
| 554 | Honeywell International, Inc. | 118722 |
| 269 | Illinois Tool Works, Inc. | 59261 |
|  |  | 2898081 |
|  | **E—COMMERCE DISCRETIONARY — 0.7%** |  |
| 2105 | 1-800-Flowers.com, Inc., Class A<sup>(b)</sup> | 20124 |
| 8824 | Amazon.com, Inc.<sup>(b)</sup> | 741215 |
| 959 | eBay, Inc. | 39770 |
| 56 | Etsy, Inc.<sup>(b)</sup> | 6708 |
| 314 | Overstock.com, Inc.<sup>(b)</sup> | 6079 |
| 367 | Wayfair, Inc., Class A<sup>(b)</sup> | 12071 |
|  |  | 825967 |
|  | **ELECTRICAL EQUIPMENT — 0.6%** |  |
| 80 | Acuity Brands, Inc. | 13249 |
| 112 | AMETEK, Inc. | 15649 |
| 514 | Amphenol Corporation, Class A | 39136 |
| 88 | Atkore International Group, Inc.<sup>(b)</sup> | 9981 |
| 198 | Belden, Inc. | 14236 |
| 1864 | Carrier Global Corporation | 76890 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT — 0.6% (Continued)** |  |
| 144 | Cognex Corporation | $6784 |
| 2210 | Fortive Corporation | 141993 |
| 189 | Generac Holdings, Inc.<sup>(b)</sup> | 19025 |
| 84 | Hubbell, Inc. | 19713 |
| 296 | Itron, Inc.<sup>(b)</sup> | 14992 |
| 189 | Keysight Technologies, Inc.<sup>(b)</sup> | 32332 |
| 32 | Littelfuse, Inc. | 7046 |
| 231 | National Instruments Corporation | 8524 |
| 121 | Novanta, Inc.<sup>(b)</sup> | 16440 |
| 223 | OSI Systems, Inc.<sup>(b)</sup> | 17733 |
| 329 | Otis Worldwide Corporation | 25764 |
| 313 | Rockwell Automation, Inc. | 80619 |
| 92 | Roper Technologies, Inc. | 39752 |
| 178 | Sensata Technologies Holding plc | 7188 |
| 416 | SMART Global Holdings, Inc.<sup>(b)</sup> | 6190 |
| 229 | Trimble, Inc.<sup>(b)</sup> | 11578 |
| 691 | Vertiv Holdings Company | 9439 |
| 823 | Vontier Corporation | 15909 |
| 457 | Watts Water Technologies, Inc., Class A | 66827 |
|  |  | 716989 |
|  | **ENGINEERING & CONSTRUCTION — 0.8%** |  |
| 848 | AECOM | 72021 |
| 224 | Dycom Industries, Inc.<sup>(b)</sup> | 20966 |
| 152 | EMCOR Group, Inc. | 22513 |
| 6427 | Jacobs Solutions, Inc. | 771690 |
| 422 | Tetra Tech, Inc. | 61270 |
| 49 | TopBuild Corporation<sup>(b)</sup> | 7668 |
|  |  | 956128 |
|  | **ENTERTAINMENT CONTENT — 0.6%** |  |
| 1020 | Activision Blizzard, Inc. | 78081 |
| 621 | AMC Networks, Inc., Class A<sup>(b)</sup> | 9731 |
| 196 | Electronic Arts, Inc. | 23947 |
| 1089 | Endeavor Group Holdings, Inc.<sup>(b)</sup> | 24546 |
| 1731 | Fox Corporation, Class A | 52570 |
| 1695 | Lions Gate Entertainment Corporation, Class A<sup>(b)</sup> | 9678 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT — 0.6% (Continued)** |  |
| 5077 | Paramount Global, Class B | $85701 |
| 902 | ROBLOX Corporation, Class A<sup>(b)</sup> | 25671 |
| 508 | Take-Two Interactive Software, Inc.<sup>(b)</sup> | 52898 |
| 3705 | Walt Disney Company<sup>(b)</sup> | 321891 |
| 3980 | Warner Bros Discovery, Inc.<sup>(b)</sup> | 37730 |
| 1405 | Warner Music Group Corporation | 49203 |
|  |  | 771647 |
|  | **FOOD — 3.7%** |  |
| 2257 | B&G Foods, Inc. | 25166 |
| 4104 | Campbell Soup Company | 232902 |
| 7080 | Conagra Brands, Inc. | 273996 |
| 520 | Darling Ingredients, Inc.<sup>(b)</sup> | 32547 |
| 3064 | Flowers Foods, Inc. | 88059 |
| 24848 | Fresh Del Monte Produce, Inc. | 650769 |
| 4664 | General Mills, Inc. | 391076 |
| 2584 | Hain Celestial Group, Inc.<sup>(b)</sup> | 41809 |
| 251 | Hershey Company | 58124 |
| 1425 | Hostess Brands, Inc.<sup>(b)</sup> | 31977 |
| 2033 | Ingredion, Inc. | 199092 |
| 368 | J & J Snack Foods Corporation | 55093 |
| 3060 | J M Smucker Company | 484888 |
| 256 | John B Sanfilippo & Son, Inc. | 20818 |
| 6910 | Kellogg Company | 492268 |
| 1828 | Lamb Weston Holdings, Inc. | 163350 |
| 53 | Lancaster Colony Corporation | 10457 |
| 477 | McCormick & Company, Inc. | 39539 |
| 1055 | Mission Produce, Inc.<sup>(b)</sup> | 12259 |
| 17492 | Mondelez International, Inc., Class A | 1165841 |
| 452 | Post Holdings, Inc.<sup>(b)</sup> | 40798 |
| 1503 | SunOpta, Inc.<sup>(b)</sup> | 12685 |
| 3140 | TreeHouse Foods, Inc.<sup>(b)</sup> | 155053 |
| 652 | Utz Brands, Inc. | 10341 |
|  |  | 4688907 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.0%<sup>(a)</sup>** |  |
| 167 | Louisiana-Pacific Corporation | $9886 |
|  | **GAS & WATER UTILITIES — 2.0%** |  |
| 1802 | American States Water Company | 166775 |
| 10372 | American Water Works Company, Inc. | 1580901 |
| 3733 | California Water Service Group | 226369 |
| 7777 | Essential Utilities, Inc. | 371196 |
| 399 | Middlesex Water Company | 31389 |
| 144 | Northwest Natural Holding Company | 6853 |
| 1790 | SJW Group | 145330 |
| 430 | York Water Company | 19341 |
|  |  | 2548154 |
|  | **HEALTH CARE FACILITIES & SERVICES — 11.2%** |  |
| 2414 | 23andMe Holding Company<sup>(b)</sup> | 5214 |
| 794 | Acadia Healthcare Company, Inc.<sup>(b)</sup> | 65362 |
| 82 | Addus HomeCare Corporation<sup>(b)</sup> | 8158 |
| 564 | Agiliti, Inc.<sup>(b)</sup> | 9199 |
| 804 | agilon health, Inc.<sup>(b)</sup> | 12977 |
| 320 | Amedisys, Inc.<sup>(b)</sup> | 26733 |
| 3100 | AmerisourceBergen Corporation | 513701 |
| 364 | Apollo Medical Holdings, Inc.<sup>(b)</sup> | 10771 |
| 12909 | Brookdale Senior Living, Inc.<sup>(b)</sup> | 35242 |
| 4569 | Cano Health, Inc.<sup>(b)</sup> | 6260 |
| 8713 | Cardinal Health, Inc. | 669768 |
| 3127 | Catalent, Inc.<sup>(b)</sup> | 140746 |
| 10410 | Centene Corporation<sup>(b)</sup> | 853724 |
| 976 | Charles River Laboratories International, Inc.<sup>(b)</sup> | 212670 |
| 37 | Chemed Corporation | 18886 |
| 1573 | Cigna Corporation | 521198 |
| 92489 | Community Health Systems, Inc.<sup>(b)</sup> | 399552 |
| 8221 | CVS Health Corporation | 766115 |
| 5342 | DaVita, Inc.<sup>(b)</sup> | 398887 |
| 875 | Elevance Health, Inc. | 448849 |
| 1398 | Encompass Health Corporation | 83614 |
| 1578 | Enhabit, Inc.<sup>(b)</sup> | 20766 |
| 345 | Ensign Group, Inc. | 32640 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.8% (Continued)** | |
|  | **HEALTH CARE FACILITIES & SERVICES — 11.2% (Continued)** |  |
| 623 | Fulgent Genetics, Inc.<sup>(b)</sup> | $18553 |
| 4166 | HCA Healthcare, Inc. | 999673 |
| 3106 | Henry Schein, Inc.<sup>(b)</sup> | 248076 |
| 492 | Humana, Inc. | 251997 |
| 5030 | Invitae Corporation<sup>(b)</sup> | 9356 |
| 3781 | IQVIA Holdings, Inc.<sup>(b)</sup> | 774689 |
| 5222 | Laboratory Corp of America Holdings | 1229677 |
| 168 | LHC Group, Inc.<sup>(b)</sup> | 27164 |
| 1542 | LifeStance Health Group, Inc.<sup>(b)</sup> | 7617 |
| 2561 | McKesson Corporation | 960682 |
| 448 | Medpace Holdings, Inc.<sup>(b)</sup> | 95160 |
| 216 | Molina Healthcare, Inc.<sup>(b)</sup> | 71328 |
| 251 | National HealthCare Corporation | 14935 |
| 3093 | NeoGenomics, Inc.<sup>(b)</sup> | 28579 |
| 20405 | OPKO Health, Inc.<sup>(b)</sup> | 25506 |
| 813 | Option Care Health, Inc.<sup>(b)</sup> | 24463 |
| 11081 | Owens & Minor, Inc. | 216412 |
| 963 | Patterson Companies, Inc. | 26993 |
| 4144 | Pediatrix Medical Group, Inc.<sup>(b)</sup> | 61580 |
| 2839 | Premier, Inc., Class A | 99308 |
| 4367 | Quest Diagnostics, Inc. | 683173 |
| 3840 | RadNet, Inc.<sup>(b)</sup> | 72307 |
| 5212 | Select Medical Holdings Corporation | 129414 |
| 2087 | Sotera Health Company<sup>(b)</sup> | 17385 |
| 813 | Surgery Partners, Inc.<sup>(b)</sup> | 22650 |
| 16276 | Syneos Health, Inc.<sup>(b)</sup> | 597004 |
| 638 | Teladoc Health, Inc.<sup>(b)</sup> | 15089 |
| 8767 | Tenet Healthcare Corporation<sup>(b)</sup> | 427742 |
| 2642 | UnitedHealth Group, Inc. | 1400737 |
| 2121 | Universal Health Services, Inc., Class B | 298828 |
| 91 | US Physical Therapy, Inc. | 7374 |
|  |  | 14124483 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **HEALTH CARE REIT — 0.2%** |  |
| 74925 | Diversified Healthcare Trust | $48462 |
| 1059 | Healthpeak Properties, Inc. | 26549 |
| 2192 | Medical Properties Trust, Inc. | 24419 |
| 150 | National Health Investors, Inc. | 7833 |
| 255 | Omega Healthcare Investors, Inc. | 7127 |
| 1347 | Ventas, Inc. | 60683 |
| 698 | Welltower, Inc. | 45754 |
|  |  | 220827 |
|  | **HOME & OFFICE PRODUCTS — 0.1%** |  |
| 1451 | ACCO Brands Corporation | 8111 |
| 2718 | Newell Brands, Inc. | 35551 |
| 490 | Scotts Miracle-Gro Company | 23809 |
| 564 | Whirlpool Corporation | 79784 |
|  |  | 147255 |
|  | **HOME CONSTRUCTION — 0.7%** |  |
| 428 | Century Communities, Inc. | 21404 |
| 1691 | DR Horton, Inc. | 150735 |
| 875 | Dream Finders Homes, Inc.<sup>(b)</sup> | 7578 |
| 255 | Fortune Brands Home & Security, Inc. | 14563 |
| 1166 | KB Home | 37137 |
| 2325 | Lennar Corporation, Class B | 173863 |
| 158 | LGI Homes, Inc.<sup>(b)</sup> | 14631 |
| 420 | M/I Homes, Inc.<sup>(b)</sup> | 19396 |
| 660 | Masco Corporation | 30802 |
| 252 | Masterbrand, Inc.<sup>(b)</sup> | 1903 |
| 738 | MDC Holdings, Inc. | 23321 |
| 371 | Meritage Homes Corporation<sup>(b)</sup> | 34206 |
| 447 | Mohawk Industries, Inc.<sup>(b)</sup> | 45692 |
| 13 | NVR, Inc.<sup>(b)</sup> | 59964 |
| 1936 | PulteGroup, Inc. | 88146 |
| 1370 | Taylor Morrison Home Corporation<sup>(b)</sup> | 41580 |
| 1194 | Toll Brothers, Inc. | 59604 |
| 1401 | Tri Pointe Homes, Inc.<sup>(b)</sup> | 26045 |
|  |  | 850570 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **HOTEL REIT — 0.1%** |  |
| 464 | Apple Hospitality REIT, Inc. | $7322 |
| 1899 | Host Hotels & Resorts, Inc. | 30479 |
| 1314 | Park Hotels & Resorts, Inc. | 15492 |
| 666 | RLJ Lodging Trust | 7053 |
| 82 | Ryman Hospitality Properties, Inc. | 6706 |
|  |  | 67052 |
|  | **HOUSEHOLD PRODUCTS — 5.0%** |  |
| 245 | Beauty Health Company (The)<sup>(b)</sup> | 2230 |
| 408 | Central Garden & Pet Company, Class A<sup>(b)</sup> | 14606 |
| 3998 | Church & Dwight Company, Inc. | 322279 |
| 5425 | Clorox Company | 761290 |
| 8148 | Colgate-Palmolive Company | 641981 |
| 621 | Energizer Holdings, Inc. | 20835 |
| 165 | Estee Lauder Companies, Inc., Class A | 40938 |
| 277 | Kimberly-Clark Corporation | 37603 |
| 194 | Nu Skin Enterprises, Inc., Class A | 8179 |
| 28224 | Procter & Gamble Company | 4277628 |
| 3440 | Spectrum Brands Holdings, Inc. | 209565 |
|  |  | 6337134 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.1%** |  |
| 268 | Valmont Industries, Inc. | 88620 |
|  | **INDUSTRIAL REIT — 0.0%<sup>(a)</sup>** |  |
| 384 | Prologis, Inc. | 43288 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.1%** |  |
| 50 | Applied Industrial Technologies, Inc. | 6302 |
| 382 | Fastenal Company | 18076 |
| 124 | MSC Industrial Direct Company, Inc., Class A | 10131 |
| 870 | Resideo Technologies, Inc.<sup>(b)</sup> | 14312 |
| 88 | SiteOne Landscape Supply, Inc.<sup>(b)</sup> | 10324 |
| 16 | U-Haul Holding Company | 963 |
| 141 | U-Haul Holding Company | 7752 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.1% (Continued)** |  |
| 69 | United Rentals, Inc.<sup>(b)</sup> | $24524 |
| 79 | Watsco, Inc. | 19703 |
| 92 | WESCO International, Inc.<sup>(b)</sup> | 11518 |
| 68 | WW Grainger, Inc. | 37824 |
|  |  | 161429 |
|  | **INFRASTRUCTURE REIT — 0.1%** |  |
| 173 | American Tower Corporation | 36652 |
| 659 | Crown Castle, Inc. | 89387 |
| 91 | SBA Communications Corporation, A | 25508 |
|  |  | 151547 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.9%** |  |
| 2379 | Bank of New York Mellon Corporation | 108292 |
| 2583 | BGC Partners, Inc., Class A | 9738 |
| 176 | Cboe Global Markets, Inc. | 22083 |
| 240 | CME Group, Inc. | 40358 |
| 158 | Evercore, Inc., Class A | 17235 |
| 866 | Goldman Sachs Group, Inc. | 297367 |
| 170 | Interactive Brokers Group, Inc., Class A | 12300 |
| 554 | Intercontinental Exchange, Inc. | 56835 |
| 1404 | Jefferies Financial Group, Inc. | 48129 |
| 485 | Lazard Ltd., Class A | 16815 |
| 178 | Moelis & Company, Class A | 6830 |
| 3693 | Morgan Stanley | 313978 |
| 330 | Nasdaq, Inc. | 20246 |
| 344 | Northern Trust Corporation | 30441 |
| 54 | Piper Sandler Cos | 7030 |
| 140 | SEI Investments Company | 8162 |
| 1255 | State Street Corporation | 97350 |
| 403 | StoneX Group, Inc.<sup>(b)</sup> | 38406 |
| 45 | Virtu Financial, Inc., Class A | 918 |
|  |  | 1152513 |
|  | **INSURANCE — 1.9%** |  |
| 1256 | Aflac, Inc. | 90357 |
| 1941 | Allstate Corporation | 263199 |
| 303 | American Equity Investment Life Holding Company | 13823 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **INSURANCE — 1.9% (Continued)** |  |
| 279 | American Financial Group, Inc. | $38301 |
| 1728 | American International Group, Inc. | 109279 |
| 203 | Arthur J Gallagher & Company | 38274 |
| 413 | Assurant, Inc. | 51650 |
| 398 | Brighthouse Financial, Inc.<sup>(b)</sup> | 20405 |
| 249 | Brown & Brown, Inc. | 14186 |
| 464 | Cincinnati Financial Corporation | 47509 |
| 153 | CNA Financial Corporation | 6469 |
| 623 | CNO Financial Group, Inc. | 14236 |
| 1157 | Equitable Holdings, Inc. | 33206 |
| 47 | Erie Indemnity Company, Class A | 11690 |
| 6849 | Genworth Financial, Inc., Class A<sup>(b)</sup> | 36231 |
| 163 | Globe Life, Inc. | 19650 |
| 202 | Hanover Insurance Group, Inc. | 27296 |
| 1336 | Hartford Financial Services Group, Inc. | 101309 |
| 491 | Jackson Financial, Inc., Class A | 17082 |
| 436 | Kemper Corporation | 21451 |
| 1567 | Lincoln National Corporation | 48138 |
| 1898 | Loews Corporation | 110710 |
| 41 | Markel Corporation<sup>(b)</sup> | 54017 |
| 672 | Marsh & McLennan Companies, Inc. | 111203 |
| 584 | Mercury General Corporation | 19973 |
| 2548 | MetLife, Inc. | 184399 |
| 2121 | Old Republic International Corporation | 51222 |
| 623 | Principal Financial Group, Inc. | 52282 |
| 1704 | Progressive Corporation | 221025 |
| 2150 | Prudential Financial, Inc. | 213838 |
| 473 | Radian Group, Inc. | 9020 |
| 489 | Reinsurance Group of America, Inc. | 69482 |
| 178 | Selective Insurance Group, Inc. | 15773 |
| 1021 | Travelers Companies, Inc. | 191427 |
| 967 | Unum Group | 39676 |
| 396 | Voya Financial, Inc. | 24350 |
| 642 | W R Berkley Corporation | 46590 |
|  |  | 2438728 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES — 4.4%** |  |
| 94 | Airbnb, Inc., CLASS A<sup>(b)</sup> | $8037 |
| 52701 | Alphabet, Inc., Class A<sup>(b)</sup> | 4649810 |
| 33 | Booking Holdings, Inc.<sup>(b)</sup> | 66504 |
| 352 | Expedia Group, Inc.<sup>(b)</sup> | 30835 |
| 271 | GoDaddy, Inc., Class A<sup>(b)</sup> | 20276 |
| 2898 | IAC, Inc.<sup>(b)</sup> | 128671 |
| 3280 | Meta Platforms, Inc., Class A<sup>(b)</sup> | 394715 |
| 497 | Netflix, Inc.<sup>(b)</sup> | 146556 |
| 3636 | Opendoor Technologies, Inc.<sup>(b)</sup> | 4218 |
| 323 | Pinterest, Inc., Class A<sup>(b)</sup> | 7842 |
| 1994 | Snap, Inc., Class A<sup>(b)</sup> | 17846 |
| 51 | VeriSign, Inc.<sup>(b)</sup> | 10477 |
|  |  | 5485787 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |
| 1417 | AMC Entertainment Holdings, Inc., Class A<sup>(b)</sup> | 5767 |
| 764 | Cinemark Holdings, Inc.<sup>(b)</sup> | 6616 |
| 174 | Hilton Grand Vacations, Inc.<sup>(b)</sup> | 6706 |
| 408 | Hilton Worldwide Holdings, Inc. | 51555 |
| 281 | Hyatt Hotels Corporation, Class A<sup>(b)</sup> | 25416 |
| 379 | Live Nation Entertainment, Inc.<sup>(b)</sup> | 26431 |
| 69 | Madison Square Garden Sports Corporation | 12650 |
| 817 | Marriott International, Inc., Class A | 121643 |
| 125 | Marriott Vacations Worldwide Corporation | 16824 |
| 335 | Six Flags Entertainment Corporation<sup>(b)</sup> | 7789 |
| 2291 | Starbucks Corporation | 227268 |
| 593 | Travel + Leisure Company | 21585 |
| 56 | Vail Resorts, Inc. | 13348 |
| 155 | Wyndham Hotels & Resorts, Inc. | 11053 |
|  |  | 554651 |
|  | **LEISURE PRODUCTS — 0.0%<sup>(a)</sup>** |  |
| 264 | Camping World Holdings, Inc., CLASS A | 5892 |
| 320 | Hasbro, Inc. | 19524 |
| 786 | Mattel, Inc.<sup>(b)</sup> | 14022 |
| 311 | Topgolf Callaway Brands Corporation<sup>(b)</sup> | 6142 |
|  |  | 45580 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **MACHINERY — 4.1%** |  |
| 6115 | AGCO Corporation | $848089 |
| 529 | Alamo Group, Inc. | 74906 |
| 538 | Caterpillar, Inc. | 128883 |
| 6089 | Deere & Company | 2610719 |
| 136 | Donaldson Company, Inc. | 8006 |
| 497 | Energy Recovery, Inc.<sup>(b)</sup> | 10184 |
| 837 | Enovis Corporation<sup>(b)</sup> | 44796 |
| 3695 | Evoqua Water Technologies Corporation<sup>(b)</sup> | 146322 |
| 393 | Flowserve Corporation | 12057 |
| 1047 | Franklin Electric Company, Inc. | 83498 |
| 131 | Graco, Inc. | 8811 |
| 523 | Hillenbrand, Inc. | 22316 |
| 700 | Hyster-Yale Materials Handling, Inc., Class A | 17717 |
| 65 | IDEX Corporation | 14841 |
| 316 | Ingersoll Rand, Inc. | 16511 |
| 39 | Kadant, Inc. | 6928 |
| 346 | Kennametal, Inc. | 8325 |
| 86 | Lincoln Electric Holdings, Inc. | 12426 |
| 286 | Lindsay Corporation | 46575 |
| 72 | MSA Safety, Inc. | 10382 |
| 98 | Nordson Corporation | 23297 |
| 233 | Parker-Hannifin Corporation | 67803 |
| 99 | Regal Rexnord Corporation | 11878 |
| 123 | Snap-on, Inc. | 28104 |
| 94 | Standex International Corporation | 9627 |
| 384 | Stanley Black & Decker, Inc. | 28846 |
| 248 | Terex Corporation | 10595 |
| 108 | Toro Company (The) | 12226 |
| 7972 | Xylem, Inc. | 881464 |
|  |  | 5206132 |
|  | **MEDICAL EQUIPMENT & DEVICES — 5.5%** |  |
| 154 | 10X Genomics, Inc., Class A<sup>(b)</sup> | 5612 |
| 3852 | Abbott Laboratories | 422911 |
| 56 | ABIOMED, Inc. - CVR<sup>(b)(c)</sup> | 431 |
| 1659 | Adaptive Biotechnologies Corporation<sup>(b)</sup> | 12675 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.8% (Continued)** | |
|  | **MEDICAL EQUIPMENT & DEVICES — 5.5% (Continued)** |  |
| 780 | Agilent Technologies, Inc. | $116727 |
| 70 | Align Technology, Inc.<sup>(b)</sup> | 14763 |
| 265 | Alphatec Holdings, Inc.<sup>(b)</sup> | 3273 |
| 570 | AngioDynamics, Inc.<sup>(b)</sup> | 7849 |
| 504 | Artivion, Inc.<sup>(b)</sup> | 6108 |
| 118 | AtriCure, Inc.<sup>(b)</sup> | 5237 |
| 6 | Atrion Corporation | 3357 |
| 677 | Avanos Medical, Inc.<sup>(b)</sup> | 18320 |
| 43351 | Avantor, Inc.<sup>(b)</sup> | 914272 |
| 5957 | Baxter International, Inc. | 303628 |
| 2023 | Becton Dickinson and Company | 514448 |
| 301 | Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup> | 126567 |
| 203 | Bio-Techne Corporation | 16825 |
| 6643 | Boston Scientific Corporation<sup>(b)</sup> | 307372 |
| 537 | Bruker Corporation | 36704 |
| 369 | Cardiovascular Systems, Inc.<sup>(b)</sup> | 5026 |
| 196 | CareDx, Inc.<sup>(b)</sup> | 2236 |
| 558 | Cerus Corporation<sup>(b)</sup> | 2037 |
| 298 | CONMED Corporation | 26415 |
| 128 | Cooper Companies, Inc. | 42326 |
| 891 | Cue Health, Inc.<sup>(b)</sup> | 1844 |
| 3660 | Danaher Corporation | 971436 |
| 812 | DENTSPLY SIRONA, Inc. | 25854 |
| 363 | DexCom, Inc.<sup>(b)</sup> | 41106 |
| 1585 | Edwards Lifesciences Corporation<sup>(b)</sup> | 118257 |
| 304 | Envista Holdings Corporation<sup>(b)</sup> | 10236 |
| 546 | Exact Sciences Corporation<sup>(b)</sup> | 27032 |
| 332 | Globus Medical, Inc., Class A<sup>(b)</sup> | 24658 |
| 341 | Haemonetics Corporation<sup>(b)</sup> | 26820 |
| 1399 | Hologic, Inc.<sup>(b)</sup> | 104659 |
| 207 | ICU Medical, Inc.<sup>(b)</sup> | 32598 |
| 69 | IDEXX Laboratories, Inc.<sup>(b)</sup> | 28149 |
| 371 | Illumina, Inc.<sup>(b)</sup> | 75016 |
| 39 | Inari Medical, Inc.<sup>(b)</sup> | 2479 |
| 268 | Inogen, Inc.<sup>(b)</sup> | 5282 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 5.5% (Continued)** |  |
| 12 | Inspire Medical Systems, Inc.<sup>(b)</sup> | $3023 |
| 71 | Insulet Corporation<sup>(b)</sup> | 20902 |
| 1309 | Integer Holdings Corporation<sup>(b)</sup> | 89614 |
| 709 | Integra LifeSciences Holdings Corporation<sup>(b)</sup> | 39754 |
| 505 | Intuitive Surgical, Inc.<sup>(b)</sup> | 134002 |
| 49 | iRhythm Technologies, Inc.<sup>(b)</sup> | 4590 |
| 167 | Lantheus Holdings, Inc.<sup>(b)</sup> | 8510 |
| 56 | LeMaitre Vascular, Inc. | 2577 |
| 190 | Masimo Corporation<sup>(b)</sup> | 28111 |
| 213 | Meridian Bioscience, Inc.<sup>(b)</sup> | 7074 |
| 350 | Merit Medical Systems, Inc.<sup>(b)</sup> | 24717 |
| 35 | Mettler-Toledo International, Inc.<sup>(b)</sup> | 50591 |
| 945 | Myriad Genetics, Inc.<sup>(b)</sup> | 13712 |
| 351 | NanoString Technologies, Inc.<sup>(b)</sup> | 2797 |
| 604 | Natera, Inc.<sup>(b)</sup> | 24263 |
| 233 | Neogen Corporation<sup>(b)</sup> | 3549 |
| 199 | Nevro Corporation<sup>(b)</sup> | 7880 |
| 911 | NuVasive, Inc.<sup>(b)</sup> | 37570 |
| 597 | Orthofix Medical, Inc.<sup>(b)</sup> | 12256 |
| 76 | Penumbra, Inc.<sup>(b)</sup> | 16907 |
| 571 | PerkinElmer, Inc. | 80066 |
| 506 | QuidelOrtho Corporation<sup>(b)</sup> | 43349 |
| 59 | Repligen Corporation<sup>(b)</sup> | 9989 |
| 293 | ResMed, Inc. | 60982 |
| 10032 | SmileDirectClub, Inc.<sup>(b)</sup> | 3533 |
| 3809 | SomaLogic, Inc.<sup>(b)</sup> | 9561 |
| 1835 | Stryker Corporation | 448639 |
| 75 | Surmodics, Inc.<sup>(b)</sup> | 2559 |
| 250 | Tandem Diabetes Care, Inc.<sup>(b)</sup> | 11238 |
| 321 | Teleflex, Inc. | 80131 |
| 1456 | Thermo Fisher Scientific, Inc. | 801804 |
| 803 | Varex Imaging Corporation<sup>(b)</sup> | 16301 |
| 112 | Veracyte, Inc.<sup>(b)</sup> | 2658 |
| 180 | Waters Corporation<sup>(b)</sup> | 61664 |
| 252 | West Pharmaceutical Services, Inc. | 59308 |
| 2082 | Zimmer Biomet Holdings, Inc. | 265455 |
|  |  | 6900181 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **METALS & MINING — 0.1%** |  |
| 1533 | Compass Minerals International, Inc. | $62852 |
| 76 | Encore Wire Corporation | 10455 |
| 646 | Freeport-McMoRan, Inc. | 24548 |
| 386 | Southern Copper Corporation | 23311 |
|  |  | 121166 |
|  | **MORTGAGE FINANCE — 0.1%** |  |
| 1627 | AGNC Investment Corporation | 16839 |
| 764 | Annaly Capital Management, Inc. | 16105 |
| 278 | Blackstone Mortgage Trust, Inc., Class A | 5885 |
| 1693 | Chimera Investment Corporation | 9312 |
| 2484 | New Residential Investment Corporation | 20294 |
| 651 | PennyMac Mortgage Investment Trust | 8066 |
| 512 | Starwood Property Trust, Inc. | 9385 |
|  |  | 85886 |
|  | **MULTI ASSET CLASS REIT — 0.0%<sup>(a)</sup>** |  |
| 944 | American Finance Trust, Inc. | 5598 |
| 259 | Apartment Income REIT Corporation | 8886 |
| 670 | Vornado Realty Trust | 13943 |
| 121 | WP Carey, Inc. | 9456 |
|  |  | 37883 |
|  | **OFFICE REIT — 0.1%** |  |
| 536 | Alexandria Real Estate Equities, Inc. | 78080 |
| 320 | American Assets Trust, Inc. | 8480 |
| 542 | Boston Properties, Inc. | 36628 |
| 1418 | Brandywine Realty Trust | 8721 |
| 393 | Douglas Emmett, Inc. | 6162 |
| 277 | Highwoods Properties, Inc. | 7750 |
| 2203 | Hudson Pacific Properties, Inc. | 21435 |
| 294 | Kilroy Realty Corporation | 11369 |
| 1118 | Paramount Group, Inc. | 6641 |
| 245 | SL Green Realty Corporation | 8261 |
|  |  | 193527 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING — 0.1%** |  |
| 8466 | Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> | $8889 |
| 4839 | Gannett Company, Inc.<sup>(b)</sup> | 9823 |
| 671 | Gray Television, Inc. | 7508 |
| 2107 | iHeartMedia, Inc., Class A<sup>(b)</sup> | 12916 |
| 234 | New York Times Company (The), Class A | 7596 |
| 1589 | News Corporation, Class B | 29302 |
| 92 | Nexstar Media Group, Inc. | 16103 |
| 685 | Sinclair Broadcast Group, Inc., Class A | 10624 |
| 558 | TEGNA, Inc. | 11824 |
|  |  | 114585 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.0%<sup>(a)</sup>** |  |
| 277 | American Homes 4 Rent, Class A | 8349 |
| 419 | Invitation Homes, Inc. | 12419 |
|  |  | 20768 |
|  | **REAL ESTATE SERVICES — 0.2%** |  |
| 5709 | Anywhere Real Estate, Inc.<sup>(b)</sup> | 36481 |
| 1868 | CBRE Group, Inc., Class A<sup>(b)</sup> | 143760 |
| 2426 | Compass, Inc.<sup>(b)</sup> | 5653 |
| 663 | eXp World Holdings, Inc. | 7346 |
| 579 | Jones Lang LaSalle, Inc.<sup>(b)</sup> | 92275 |
| 1439 | Newmark Group, Inc., Class A | 11469 |
|  |  | 296984 |
|  | **RENEWABLE ENERGY — 0.0%<sup>(a)</sup>** |  |
| 350 | EnerSys | 25844 |
| 98 | First Solar, Inc.<sup>(b)</sup> | 14679 |
| 832 | Sunrun, Inc.<sup>(b)</sup> | 19985 |
|  |  | 60508 |
|  | **RESIDENTIAL REIT — 0.1%** |  |
| 137 | AvalonBay Communities, Inc. | 22128 |
| 80 | Camden Property Trust | 8950 |
| 152 | Equity LifeStyle Properties, Inc. | 9819 |
| 383 | Equity Residential | 22597 |
| 67 | Essex Property Trust, Inc. | 14199 |
| 96 | Mid-America Apartment Communities, Inc. | 15071 |
| 74 | Sun Communities, Inc. | 10582 |
| 248 | UDR, Inc. | 9605 |
|  |  | 112951 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **RETAIL — CONSUMER STAPLES — 1.9%** |  |
| 2980 | Albertsons Companies, Inc., Class A | $61805 |
| 779 | Big Lots, Inc. | 11451 |
| 318 | Dollar General Corporation | 78308 |
| 325 | Dollar Tree, Inc.<sup>(b)</sup> | 45968 |
| 49 | Five Below, Inc.<sup>(b)</sup> | 8667 |
| 110 | PriceSmart, Inc. | 6686 |
| 2835 | SpartanNash Company | 85730 |
| 890 | Sprouts Farmers Market, Inc.<sup>(b)</sup> | 28809 |
| 1760 | Target Corporation | 262310 |
| 24032 | Walgreens Boots Alliance, Inc. | 897836 |
| 6462 | Walmart, Inc. | 916247 |
|  |  | 2403817 |
|  | **RETAIL — DISCRETIONARY — 1.7%** |  |
| 727 | Aaron's Company, Inc. | 8688 |
| 399 | Abercrombie & Fitch Company, Class A<sup>(b)</sup> | 9141 |
| 515 | Academy Sports & Outdoors, Inc. | 27058 |
| 93 | Advance Auto Parts, Inc. | 13674 |
| 795 | American Eagle Outfitters, Inc. | 11098 |
| 49 | Asbury Automotive Group, Inc.<sup>(b)</sup> | 8783 |
| 214 | AutoNation, Inc.<sup>(b)</sup> | 22962 |
| 10 | AutoZone, Inc.<sup>(b)</sup> | 24662 |
| 806 | Bath & Body Works, Inc. | 33965 |
| 182 | Beacon Roofing Supply, Inc.<sup>(b)</sup> | 9608 |
| 4240 | Bed Bath & Beyond, Inc.<sup>(b)</sup> | 10642 |
| 5055 | Best Buy Company, Inc. | 405462 |
| 101 | BlueLinx Holdings, Inc.<sup>(b)</sup> | 7182 |
| 157 | Builders FirstSource, Inc.<sup>(b)</sup> | 10186 |
| 148 | Burlington Stores, Inc.<sup>(b)</sup> | 30008 |
| 420 | CarMax, Inc.<sup>(b)</sup> | 25574 |
| 401 | Designer Brands, Inc., Class A | 3922 |
| 425 | Dick's Sporting Goods, Inc. | 51123 |
| 51 | Dillard's, Inc., Class A | 16483 |
| 111 | Floor & Decor Holdings, Inc., Class A<sup>(b)</sup> | 7729 |
| 520 | Foot Locker, Inc. | 19651 |
| 1572 | GameStop Corporation, Class A<sup>(b)</sup> | 29019 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **RETAIL — DISCRETIONARY — 1.7% (Continued)** |  |
| 2496 | Gap, Inc. | $28155 |
| 102 | Genuine Parts Company | 17698 |
| 158 | GMS, Inc.<sup>(b)</sup> | 7868 |
| 54 | Group 1 Automotive, Inc. | 9740 |
| 1374 | Home Depot, Inc. | 433991 |
| 2197 | Kohl's Corporation | 55474 |
| 81 | Lithia Motors, Inc. | 16584 |
| 1512 | Lowe's Companies, Inc. | 301251 |
| 4059 | Macy's, Inc. | 83818 |
| 2580 | Nordstrom, Inc. | 41641 |
| 24 | O'Reilly Automotive, Inc.<sup>(b)</sup> | 20257 |
| 90 | Penske Automotive Group, Inc. | 10344 |
| 750 | Petco Health & Wellness Company, Inc.<sup>(b)</sup> | 7110 |
| 6989 | Qurate Retail, Inc.<sup>(b)</sup> | 35434 |
| 23 | RH<sup>(b)</sup> | 6145 |
| 593 | Ross Stores, Inc. | 68830 |
| 122 | Rush Enterprises, Inc., Class B | 6865 |
| 832 | Sally Beauty Holdings, Inc.<sup>(b)</sup> | 10417 |
| 165 | Sonic Automotive, Inc., Class A | 8130 |
| 1792 | TJX Companies, Inc. | 142643 |
| 174 | Tractor Supply Company | 39145 |
| 48 | Ulta Beauty, Inc.<sup>(b)</sup> | 22515 |
| 330 | Urban Outfitters, Inc.<sup>(b)</sup> | 7871 |
| 326 | Victoria's Secret & Company<sup>(b)</sup> | 11664 |
| 664 | Warby Parker, Inc.<sup>(b)</sup> | 8957 |
| 103 | Williams-Sonoma, Inc. | 11837 |
|  |  | 2201004 |
|  | **RETAIL REIT — 0.1%** |  |
| 367 | Brixmor Property Group, Inc. | 8320 |
| 62 | Federal Realty Investment Trust | 6264 |
| 1315 | Kimco Realty Corporation | 27852 |
| 157 | Realty Income Corporation | 9959 |
| 103 | Regency Centers Corporation | 6438 |
| 411 | Simon Property Group, Inc. | 48284 |
|  |  | 107117 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **SELF—STORAGE REIT — 0.0%<sup>(a)</sup>** |  |
| 77 | Extra Space Storage, Inc. | $11333 |
| 95 | Public Storage | 26618 |
|  |  | 37951 |
|  | **SEMICONDUCTORS — 1.4%** |  |
| 770 | Advanced Micro Devices, Inc.<sup>(b)</sup> | 49873 |
| 353 | Amkor Technology, Inc. | 8465 |
| 248 | Analog Devices, Inc. | 40679 |
| 1275 | Applied Materials, Inc. | 124160 |
| 382 | Azenta, Inc. | 22240 |
| 331 | Broadcom, Inc. | 185072 |
| 251 | Cirrus Logic, Inc.<sup>(b)</sup> | 18694 |
| 624 | Coherent Corporation<sup>(b)</sup> | 21902 |
| 91 | Diodes, Inc.<sup>(b)</sup> | 6929 |
| 238 | Entegris, Inc. | 15610 |
| 19585 | Intel Corporation | 517633 |
| 87 | IPG Photonics Corporation<sup>(b)</sup> | 8236 |
| 99 | KLA Corporation | 37326 |
| 164 | Lam Research Corporation | 68929 |
| 407 | Marvell Technology, Inc. | 15075 |
| 404 | Microchip Technology, Inc. | 28381 |
| 2744 | Micron Technology, Inc. | 137145 |
| 179 | MKS Instruments, Inc. | 15167 |
| 641 | NVIDIA Corporation | 93676 |
| 473 | ON Semiconductor Corporation<sup>(b)</sup> | 29501 |
| 340 | Qorvo, Inc.<sup>(b)</sup> | 30818 |
| 1313 | QUALCOMM, Inc. | 144351 |
| 284 | Skyworks Solutions, Inc. | 25881 |
| 90 | Synaptics, Inc.<sup>(b)</sup> | 8564 |
| 225 | Teradyne, Inc. | 19654 |
| 584 | Texas Instruments, Inc. | 96488 |
| 773 | Vishay Intertechnology, Inc. | 16674 |
|  |  | 1787123 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **SOFTWARE — 3.5%** |  |
| 165 | Adobe, Inc.<sup>(b)</sup> | $55527 |
| 116 | Akamai Technologies, Inc.<sup>(b)</sup> | 9779 |
| 27 | ANSYS, Inc.<sup>(b)</sup> | 6523 |
| 66 | Autodesk, Inc.<sup>(b)</sup> | 12333 |
| 6614 | Avaya Holdings Corporation<sup>(b)</sup> | 1296 |
| 64 | Cadence Design Systems, Inc.<sup>(b)</sup> | 10281 |
| 107 | Concentrix Corporation | 14248 |
| 9951 | ContextLogic, Inc.<sup>(b)</sup> | 4853 |
| 611 | Dropbox, Inc., Class A<sup>(b)</sup> | 13674 |
| 379 | Ebix, Inc. | 7565 |
| 463 | Evolent Health, Inc., Class A<sup>(b)</sup> | 13001 |
| 325 | Fortinet, Inc.<sup>(b)</sup> | 15889 |
| 614 | Gen Digital, Inc. | 13158 |
| 80 | Intuit, Inc. | 31138 |
| 15225 | Microsoft Corporation | 3651261 |
| 317 | Oak Street Health, Inc.<sup>(b)</sup> | 6819 |
| 1124 | Omnicell, Inc.<sup>(b)</sup> | 56672 |
| 2750 | Oracle Corporation | 224785 |
| 83 | Palo Alto Networks, Inc.<sup>(b)</sup> | 11582 |
| 1547 | R1 RCM, Inc.<sup>(b)</sup> | 16940 |
| 415 | Salesforce, Inc.<sup>(b)</sup> | 55025 |
| 31 | ServiceNow, Inc.<sup>(b)</sup> | 12036 |
| 267 | SS&C Technologies Holdings, Inc. | 13900 |
| 41 | Synopsys, Inc.<sup>(b)</sup> | 13091 |
| 557 | VMware, Inc., Class A<sup>(b)</sup> | 68377 |
| 64 | Workday, Inc., Class A<sup>(b)</sup> | 10709 |
| 80 | Zoom Video Communications, Inc., Class A<sup>(b)</sup> | 5419 |
|  |  | 4355881 |
|  | **SPECIALTY FINANCE — 0.6%** |  |
| 1485 | American Express Company | 219408 |
| 1010 | Bread Financial Holdings, Inc. | 38037 |
| 1527 | Capital One Financial Corporation | 141949 |
| 604 | Discover Financial Services | 59089 |
| 1733 | Fidelity National Financial, Inc. | 65195 |
| 1005 | First American Financial Corporation | 52602 |
| 4795 | loanDepot, Inc. | 7912 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **SPECIALTY FINANCE — 0.6% (Continued)** |  |
| 663 | MGIC Investment Corporation | $8619 |
| 245 | Mr Cooper Group, Inc.<sup>(b)</sup> | 9832 |
| 493 | OneMain Holdings, Inc. | 16422 |
| 178 | PennyMac Financial Services, Inc. | 10085 |
| 513 | PROG Holdings, Inc.<sup>(b)</sup> | 8665 |
| 427 | Stewart Information Services Corporation | 18246 |
| 1801 | Synchrony Financial | 59181 |
| 97 | Walker & Dunlop, Inc. | 7613 |
|  |  | 722855 |
|  | **SPECIALTY REITS — 0.0%<sup>(a)</sup>** |  |
| 686 | Iron Mountain, Inc. | 34197 |
| 118 | Lamar Advertising Company, Class A | 11139 |
| 389 | Outfront Media, Inc. | 6450 |
|  |  | 51786 |
|  | **TECHNOLOGY HARDWARE — 4.9%** |  |
| 790 | 3D Systems Corporation<sup>(b)</sup> | 5846 |
| 22447 | Apple, Inc. | 2916540 |
| 240 | Arista Networks, Inc.<sup>(b)</sup> | 29124 |
| 438 | Arrow Electronics, Inc.<sup>(b)</sup> | 45802 |
| 586 | Avnet, Inc. | 24366 |
| 1650 | Benchmark Electronics, Inc. | 44039 |
| 517 | Ciena Corporation<sup>(b)</sup> | 26357 |
| 8019 | Cisco Systems, Inc. | 382025 |
| 4678 | CommScope Holding Company, Inc.<sup>(b)</sup> | 34383 |
| 3335 | Corning, Inc. | 106520 |
| 22246 | Dell Technologies, Inc., Class C | 894734 |
| 83 | F5, Inc.<sup>(b)</sup> | 11911 |
| 9821 | Hewlett Packard Enterprise Company | 156743 |
| 27541 | HP, Inc. | 740027 |
| 3155 | Jabil, Inc. | 215171 |
| 964 | Juniper Networks, Inc. | 30809 |
| 459 | Knowles Corporation<sup>(b)</sup> | 7537 |
| 241 | Lumentum Holdings, Inc.<sup>(b)</sup> | 12573 |
| 140 | Motorola Solutions, Inc. | 36079 |
| 1218 | NCR Corporation<sup>(b)</sup> | 28513 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE — 4.9% (Continued)** |  |
| 420 | NetApp, Inc. | $25225 |
| 328 | NETGEAR, Inc.<sup>(b)</sup> | 5940 |
| 1000 | Plexus Corporation<sup>(b)</sup> | 102930 |
| 245 | Pure Storage, Inc., Class A<sup>(b)</sup> | 6556 |
| 735 | Sanmina Corporation<sup>(b)</sup> | 42108 |
| 888 | Snap One Holdings Corporation<sup>(b)</sup> | 6580 |
| 382 | Super Micro Computer, Inc.<sup>(b)</sup> | 31362 |
| 278 | TD SYNNEX Corporation | 26329 |
| 797 | TTM Technologies, Inc.<sup>(b)</sup> | 12019 |
| 33 | Ubiquiti, Inc. | 9026 |
| 3246 | Western Digital Corporation<sup>(b)</sup> | 102411 |
| 2798 | Xerox Holdings Corporation | 40851 |
| 127 | Zebra Technologies Corporation, Class A<sup>(b)</sup> | 32564 |
|  |  | 6193000 |
|  | **TECHNOLOGY SERVICES — 1.4%** |  |
| 317 | Amdocs Ltd. | 28815 |
| 410 | Automatic Data Processing, Inc. | 97932 |
| 731 | Block, Inc., Class A<sup>(b)</sup> | 45936 |
| 112 | Booz Allen Hamilton Holding Corporation | 11706 |
| 117 | Broadridge Financial Solutions, Inc. | 15693 |
| 59 | CACI International, Inc., Class A<sup>(b)</sup> | 17735 |
| 391 | CDW Corporation/DE | 69825 |
| 1901 | Cognizant Technology Solutions Corporation, Class A. | 108717 |
| 11691 | Conduent, Inc.<sup>(b)</sup> | 47349 |
| 3412 | DXC Technology Company<sup>(b)</sup> | 90418 |
| 40 | EPAM Systems, Inc.<sup>(b)</sup> | 13110 |
| 224 | Equifax, Inc. | 43537 |
| 169 | Euronet Worldwide, Inc.<sup>(b)</sup> | 15950 |
| 74 | ExlService Holdings, Inc.<sup>(b)</sup> | 12538 |
| 17 | Fair Isaac Corporation<sup>(b)</sup> | 10176 |
| 1136 | Fidelity National Information Services, Inc. | 77078 |
| 669 | Fiserv, Inc.<sup>(b)</sup> | 67616 |
| 28 | Gartner, Inc.<sup>(b)</sup> | 9412 |
| 368 | Global Payments, Inc. | 36550 |
| 357 | Green Dot Corporation, Class A<sup>(b)</sup> | 5648 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **TECHNOLOGY SERVICES — 1.4% (Continued)** |  |
| 102 | ICF International, Inc. | $10103 |
| 247 | Insight Enterprises, Inc.<sup>(b)</sup> | 24767 |
| 1286 | International Business Machines Corporation | 181184 |
| 35 | Jack Henry & Associates, Inc. | 6145 |
| 7493 | Kyndryl Holdings, Inc.<sup>(b)</sup> | 83322 |
| 299 | Mastercard, Inc., Class A | 103970 |
| 937 | MAXIMUS, Inc. | 68710 |
| 576 | MoneyGram International, Inc.<sup>(b)</sup> | 6273 |
| 176 | Moody's Corporation | 49037 |
| 167 | Parsons Corporation<sup>(b)</sup> | 7724 |
| 300 | Paychex, Inc. | 34668 |
| 1346 | PayPal Holdings, Inc.<sup>(b)</sup> | 95862 |
| 138 | S&P Global, Inc. | 46222 |
| 588 | TransUnion | 33369 |
| 199 | TTEC Holdings, Inc. | 8782 |
| 2651 | Unisys Corporation<sup>(b)</sup> | 13547 |
| 106 | Verisk Analytics, Inc. | 18701 |
| 379 | Visa, Inc., Class A | 78741 |
| 2387 | Western Union Company | 32869 |
|  |  | 1729737 |
|  | **TELECOMMUNICATIONS — 5.2%** |  |
| 50072 | AT&T, Inc. | 921826 |
| 662 | DigitalBridge Group, Inc. | 7242 |
| 564 | EchoStar Corporation, Class A<sup>(b)</sup> | 9408 |
| 1162 | Frontier Communications Parent, Inc.<sup>(b)</sup> | 29608 |
| 242 | IDT Corporation, Class B<sup>(b)</sup> | 6817 |
| 25490 | Lumen Technologies, Inc. | 133058 |
| 3013 | Telephone and Data Systems, Inc. | 31606 |
| 1249 | T-Mobile US, Inc.<sup>(b)</sup> | 174860 |
| 132064 | Verizon Communications, Inc. | 5203321 |
|  |  | 6517746 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |
| 1395 | CH Robinson Worldwide, Inc. | $127726 |
| 754 | Expeditors International of Washington, Inc. | 78356 |
| 1084 | GXO Logistics, Inc.<sup>(b)</sup> | 46276 |
| 373 | Hub Group, Inc., Class A<sup>(b)</sup> | 29650 |
| 209 | JB Hunt Transport Services, Inc. | 36441 |
| 226 | Landstar System, Inc. | 36815 |
| 68 | Norfolk Southern Corporation | 16757 |
| 710 | Ryder System, Inc. | 59335 |
|  |  | 431356 |
|  | **TRANSPORTATION EQUIPMENT — 0.0%<sup>(a)</sup>** |  |
| 115 | Cummins, Inc. | 27864 |
| 98 | Westinghouse Air Brake Technologies Corporation | 9781 |
|  |  | 37645 |
|  | **WHOLESALE — CONSUMER STAPLES — 3.9%** |  |
| 6031 | Andersons, Inc. (The) | 211025 |
| 16301 | Archer-Daniels-Midland Company | 1513548 |
| 25313 | Bunge Ltd. | 2525479 |
| 532 | Calavo Growers, Inc. | 15641 |
| 605 | Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 20134 |
| 259 | Grocery Outlet Holding Corporation<sup>(b)</sup> | 7560 |
| 3380 | Sysco Corporation | 258401 |
| 5019 | United Natural Foods, Inc.<sup>(b)</sup> | 194285 |
| 3461 | US Foods Holding Corporation<sup>(b)</sup> | 117743 |
|  |  | 4863816 |
|  | **WHOLESALE — DISCRETIONARY — 0.1%** |  |
| 397 | ePlus, Inc.<sup>(b)</sup> | 17579 |
| 384 | G-III Apparel Group Ltd.<sup>(b)</sup> | 5265 |
| 153 | PC Connection, Inc. | 7176 |
| 505 | ScanSource, Inc.<sup>(b)</sup> | 14756 |
| 186 | Veritiv Corporation | 22638 |
|  |  | 67414 |
|  | **TOTAL COMMON STOCKS (Cost $128,365,449)** | 125908625 |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(a)</sup>** |  |
|  | **NON—LISTED RIGHT — 0.0%<sup>(a)</sup>** |  |
| 195 | Contra Zogenix, Inc.<sup>(c)</sup> | $390 |
|  | **TOTAL RIGHT (Cost $129)** | 390 |
|  | **TOTAL INVESTMENTS — 99.8% (Cost $128,365,578)** | 125909015 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** | 240302 |
|  | **NET ASSETS — 100.0%** | $126149317 |

---

ADR - American Depositary Receipt

CVR - Contingent Value Right

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a) Percentage
rounds to less than 0.1%.

(b) Non-income
 producing security.

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

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **December 31, 2022** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Cost | $128365578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Value | $125909015 |
| &nbsp;&nbsp;&nbsp;Cash | 70930 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 121874 |
| &nbsp;&nbsp;&nbsp;Due from Authorized Participant | 1326772 |
| &nbsp;&nbsp;&nbsp;Deposit with broker | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 127488591 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 650 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 11852 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1326772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1339274 |
| **NET ASSETS** | $**126149317** |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $133984747 |
| &nbsp;&nbsp;&nbsp;Accumulated loss | (7835430) |
| **NET ASSETS** | $**126149317** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**126149317** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **4754000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**26.54** |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended December 31, 2022** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of $156 foreign withholding taxes) | $2121670 |
| &nbsp;&nbsp;&nbsp;Interest | 4082 |
| &nbsp;&nbsp;&nbsp;Other income | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2126721 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 126683 |
| **NET INVESTMENT INCOME** | 2000038 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments: | (5223712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions: | 5635883 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (12215167) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (11802996) |
| **NET DECREASE IN NET ASSETS FROM OPERATIONS** | $**(9802958)** |

---

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Period\* Ended**<br>**December 31,**<br>**2021** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2000038 | $1079121 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (5223712) | (165306) |
| &nbsp;&nbsp;&nbsp;Net realized gain from distributions from underlying investments |  | 4556 |
| &nbsp;&nbsp;&nbsp;Net realized gain from In-Kind redemptions | 5635883 | 3218150 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (12215167) | 9758604 |
| Net increase (decrease) in net assets resulting from operations | (9802958) | 13895125 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp;From Return of Capital |  | (117160) |
| &nbsp;&nbsp;&nbsp;Total distributions paid from earnings | (2009423) | (1080606) |
| Net decrease in net assets from distributions to shareholders | (2009423) | (1197766) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 53512862 | 116775927 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (27036381) | (18088069) |
| Net increase in net assets from shares of beneficial interest | 26476481 | 98687858 |
| **TOTAL INCREASE IN NET ASSETS** | 14664100 | 111385217 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 111485217 | 100000 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**126149317** | $**111485217** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2000000 | 4400000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1000000) | (650000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1000000 | 3750000 |

---

\* Commenced operations on February 24, 2021.

 

*See accompanying notes to the financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF**<br>**FINANCIAL HIGHLIGHTS** |
| (Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Each Year/Period Presented) |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Period Ended**<br>**December 31,**<br>**2021\*** |
| Net asset value, beginning of year/period | $29.70 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.47 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | (3.16) | 4.69 |
| Total from investment operations | (2.69) | 5.06 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.33) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.03) |
| Total distributions | (0.47) | (0.36) |
| Net asset value, end of year/period | $26.54 | $29.70 |
| Market price, end of year/period | $26.52 | $29.71 |
| Total return<sup>(3)</sup> | (9.05)% | 20.31% <sup>(2)</sup> |
| Market price total return<sup>(3)</sup> | (9.15)% | 20.35% <sup>(2)</sup> |
| Net assets, end of year/period (000s) | $126149 | $111485 |
| Ratio of expenses to average net assets | 0.11% | 0.11% <sup>(4)</sup> |
| Ratio of net investment income to average net assets | 1.74% | 1.54% <sup>(4)</sup> |
| Portfolio Turnover Rate<sup>(5)</sup> | 26% | 22% <sup>(2)</sup> |

---

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

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

(2) Not
annualized.

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

(4) Annualized.

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

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2022** |

---

**1.** **ORGANIZATION** 

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

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies".*

**Security Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Directors (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Securities traded on a foreign exchange which has not closed by the valuation time or for which the official closing prices are not available at the time the net asset value per share ("NAV") is determined may use alternative market prices provided by a pricing service.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**Fair Valuation Process.** As noted above, the fair value committee is composed of one or more representatives from each of the (i) Company, (ii) administrator, and (iii) adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2022 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $125908625 | $— | $— | $125908625 |
| Rights |  | 390 |  | 390 |
| Total | $125908625 | $390 | $— | $125909015 |

---

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

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

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using effective yield method. Dividend income and expense are recorded on the ex-dividend date. Non-cash dividends are included in dividend income on the ex-dividend date at the fair market value of the shares received. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends and foreign capital gain taxes have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP and are recorded on the ex-dividend date. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards, etc.) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund.

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. 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 year ended December 31, 2021, or expected to be taken in the Fund's December 31, 2022 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. For the year ended December 31, 2022, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended December 31, 2022, cost of purchases and proceeds from sales of portfolio securities, other than in-kind transaction and short-term investments, amounted to $29,462,041 and $29,323,412, respectively. For the year ended December 31, 2022 cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $53,400,974 and $27,025,179, respectively.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Humankind Investments LLC, (the "Adviser") serves as the Fund's investment adviser. Pursuant to an investment advisory agreement with the Company, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Fund, manages the Fund's portfolio and supervises the performance of administrative and professional services provided by others. The Adviser pays all operating expenses of the Fund, except for the fee payments under the Advisory Agreement, brokerage fees and commissions, indirect costs of investing in other investment companies, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Company's Directors and officers with respect thereto, and authorized expenses pursuant to Rule 12b-1 under the 1940 Act. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.11% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund incurred $126,683 in advisory fees, and $11,852 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 December 31, 2022, the Plan has not been activated. For the year ended December 31, 2022, the Fund did not incur any distribution fees.

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

<u>Ultimus Fund Solutions, LLC ("UFS")</u> – 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.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> – 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.

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

**5.** **CAPITAL SHARE TRANSACTIONS** 

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

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

---

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

---

\* As a percentage of the amount invested.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION — TAX BASIS** 

At December 31, 2022, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Gross | Gross | Net |
|  | | Unrealized | Unrealized | Unrealized |
| Fund | Tax Cost | Appreciation | Depreciation | Depreciation |
| Humankind US Stock ETF | $128355652 | $9810472 | $(12257109) | $(2446637) |

---

**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<br>Ended<br>December 31,<br>2022 | Fiscal Year<br>Ended<br>December 31,<br>2021 |
| Ordinary Income | $2009423 | $1080606 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  | 117160 |
|  | $2009423 | $1197766 |

---

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) |
| $— | $— | $(346667) | $(5042126) | $— | $(2446637) | $(7835430) |

---

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 <u>$10,113</u>.

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.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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 |
| $3869084 | $1173042 | $5042126 | $— |

---

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) |
| $5627700 | $(5627700) |

---

**8.** **SUBSEQUENT EVENTS** 

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

---

| |
|:---|
| **Humankind US Stock ETF** |
| **REPORT OF INDEPENDENT REGISTERED** |
| **PUBLIC ACCOUNTING FIRM** |

---

**To the Board of Directors of Humankind Benefit Corporation<br> and the Shareholder of Humankind US Stock ETF**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Humankind US Stock ETF, a series of shares of beneficial interest in Humankind Benefit Corporation(the "Fund"), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and for the period February 24, 2021 (commencement of operations) through December 31, 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, and the changes in its net assets and its financial highlights for the year then ended and for the period February 24, 2021 through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![(-s- BBD, LLP)](hs003_v1.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Humankind Benefit Corporation since 2021.*

**Philadelphia, Pennsylvania<br> March 1, 2023**

---

| |
|:---|
| **Humankind US Stock ETF** |
| **EXPENSE EXAMPLE (Unaudited)** |
| **December 31, 2022** |

---

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022 (the "period").

**Actual Expenses**

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

**Hypothetical Example for Comparison Purposes**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | <br>Annualized<br>Expense Ratio | Expenses Paid<br>During Period<br>7/1/22-12/31/22 |
| **Actual\*** | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1042.70 | &nbsp;&nbsp;0.11% | &nbsp;&nbsp;$0.57 |
| **Hypothetical\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5% return before expenses) | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1024.65 | &nbsp;&nbsp;0.11% | &nbsp;&nbsp;$0.56 |

---

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

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

**Approval of Continuation of Investment Advisory Agreement**

At its meeting in November 2022, the Board of Directors (the "Board"), including the Independent Directors, considered the continuation of the Investment Advisory Agreement between the Humankind Benefit Corporation (the "Company") and Humankind Investments, LLC (the "Adviser") with respect to the Humankind U.S. Stock ETF (separately, the "Fund" and the "Investment Advisory Agreement"). The material factors and conclusions that formed the basis of the Board's determination to approve the continuation of the Investment Advisory Agreement are summarized below.

*Nature, Extent and Quality of Services Provided.* The Board, including the Independent Directors, considered the scope of services that the Adviser provides under the Investment Advisory Agreement, noting that such services include but are not limited to the following: (1) investing the Fund's assets consistent with the Fund's investment objective and investment policies; (2) determining the portfolio securities to be purchased, sold or otherwise disposed of and the timing of such transactions; (3) voting proxies with respect to the Fund's portfolio securities; (4) maintaining the required books and records for transactions that the Adviser effects on behalf of the Fund; (5) selecting broker-dealers to execute orders on behalf of the Fund; and (6) performing compliance services on behalf of the Fund. The Board noted no changes to the services that the Adviser provides to the Fund under the terms of the Investment Advisory Agreement. The Board further considered the investment philosophy and investment industry experience of the portfolio managers, and noted the investment methodology developed by the Adviser and utilized to manage the Fund's portfolio consistent with the index it tracks, and in accordance with its investment strategy. The Independent Directors also noted the Fund's performance compared to its benchmark index, including the fact that the Fund had outperformed its benchmark index for the one-year and since inception periods ended September 30, 2022 as well as the Fund's performance compared to its peer group. Based upon the foregoing, the Board concluded that they are satisfied with the nature, extent and quality of services that the Adviser provides to the Fund under the Investment Advisory Agreement.

*Cost of Advisory Services and Profitability.* The Board, including the Independent Directors, considered the unitary management fee that the Fund pays to the Adviser under the Investment Advisory Agreement, as well as the Adviser's profitability from the services that it renders to the Fund. The Board noted that, while a Rule 12b-1 Distribution Plan had been approved on behalf of the Fund, 12b-1 fees were neither accrued nor paid pursuant to the Rule 12b-1 Distribution Plan. The Board also considered the Adviser's commitment with respect to the Fund and the growth of assets in the Fund over time.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2022** |

---

*Comparative Fee and Expense Data.* The Board, including the Independent Directors, noted that the Fund's unitary fee was less than the median and average of the Fund's peer group and its Morningstar category. The Board then noted that the Fund's gross and net total expense ratios were the same. While recognizing that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, or from one investment product to another, the Board concluded that the Adviser's advisory fee continues to be reasonable.

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

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

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

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2022** |

---

**LIQUIDITY RISK MANAGEMENT PROGRAM**

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

During the fiscal period ended December 31, 2022, the Company's Liquidity Risk Management Program Administrator (the "Administrator") reviewed the Funds' investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Administrator concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name (Year of**<br> **Birth; Positions**<br> **with the**<br> **Funds since\*)** | &nbsp;&nbsp;**Principal Occupation During**<br> **Past 5 Years** | &nbsp;&nbsp;**Number of**<br> **Funds**<br> **in Fund**<br> **Complex\*\***<br> **Overseen by**<br> **Director** | &nbsp;&nbsp;**Other**<br> **Directorships**<br> **Held During**<br> **the Past 5**<br> **Years** |
| &nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;**Independent Directors** |
| &nbsp;&nbsp;Jason Cik<br> (1981);<br> Director and<br> Chairman of the<br> Board since 2021 | &nbsp;&nbsp;Founder and Owner, Naturepedic (since 2003) | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Dina Kook<br> (1987);<br> Director<br> since 2021 | &nbsp;&nbsp;Managing Director, Head of Fund Finance, Monroe Capital LLC (since 2022); Director, Fund Finance, Financial Institutions Sector, ING Capital LLC (2020-2022); Vice President, Fund Finance, Financial Institutions Sector, ING Capital LLC (2017-2020); Associate, Fund Finance, Financial Institutions Sector, ING Capital LLC (2014-2017) | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Zachary<br> Roseman (1987);<br> Director<br> since 2021 | &nbsp;&nbsp;Founder and Chief Executive Officer, Draftboard (since 2022); Chief Executive Officer, Mosaic Group (2020-2022); Chief Operating Officer, Mosaic Group (2018-2020); General Manager, Apalon (2019-2020); Vice President of Operations, Apalon (2018-2019); Head of Corporate Development, Apalon (2017-2019); Senior Director, Strategy and M&A, IAC (2017); Director, Strategy and M&A, IAC (2016-2017) | &nbsp;&nbsp;1 |  |

---

**Interested Director**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;James Katz<br> (1987); Director<br> since 2020 | &nbsp;&nbsp;Chief Executive Officer (since 2019) and Chief Compliance Officer (2019-2021), Humankind Investments LLC (since 2019); Quantitative Equity Analyst, Data Scientist, Vanguard (2016-2018) | &nbsp;&nbsp;1 | &nbsp;&nbsp;Director, Humankind Financial Group, PBC (since 2020) |

---

---

| |
|:---|
| **Humankind US Stock ETF** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name<br> (Year of Birth)** | &nbsp;&nbsp;**Position(s) Held with<br> the Company\*** | &nbsp;&nbsp;**Principal Occupations<br> During the Past 5 Years** |
| &nbsp;&nbsp;James Katz<br> (1987) | &nbsp;&nbsp;President, Principal Executive Officer, and Director | &nbsp;&nbsp;Chief Executive Officer (since 2019) and Chief Compliance Officer (2019-2021), Humankind Investments LLC; Quantitative Equity Analyst, Data Scientist, Vanguard (2016-2018) |
| &nbsp;&nbsp;Yi Yi Mon Aye Han<br> (1984) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Chief Operating Officer (since 2023), Director of Operations (2022), Portfolio Manager (since 2020), Humankind Investments LLC; Portfolio Manager, Senior Quantitative Analyst, Quantitative Analyst, Redwood Investment Management, LLC (2015-2020) |
| &nbsp;&nbsp;Brian Curley<br> (1976) | &nbsp;&nbsp;Treasurer, and Principal Financial Officer | &nbsp;&nbsp;Treasurer, Northern Lights Fund Trust III (since 2013); Treasurer, Cantor Fitzgerald Sustainable Infrastructure Fund (since 2022); Treasurer, Fairway Private Equity & Venture Capital Opportunities Fund (since 2022); Treasurer, Humankind US Stock ETF (since 2021); Vice President, Ultimus Fund Solutions, LLC (since 2014); Assistant Vice President, Gemini Fund Services, LLC (2012-2014); Senior Controller of Fund Treasury, The Goldman Sachs Group, Inc. (2008-2012); Senior Associate of Fund Administration, Morgan Stanley (1999-2008). |
| &nbsp;&nbsp;Paul F. Leone<br> (1963) | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Vice President, Senior Legal Counsel; Ultimus Fund Solutions (since 2020); Secretary, Centaur Mutual Funds Trust (since 2020); Secretary, Capitol Series Trust (since 2021); Secretary, Papp Investment Trust (since 2021); Attorney, Leone Law Office P.C. (2019 to 2020); Senior Counsel, Empower Retirement (2015 to 2019). |

---

---

| |
|:---|
| &nbsp;&nbsp;**Humankind US Stock ETF** |
| &nbsp;&nbsp;**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name**<br> **(Year of Birth)** | &nbsp;&nbsp;**Position(s) Held with**<br> **the Company\*** | &nbsp;&nbsp;**Principal Occupations**<br> **During the Past 5 Years** |
| &nbsp;&nbsp;Deryk Jones<br> (1988) | &nbsp;&nbsp;Anti-Money Laundering Compliance Officer | &nbsp;&nbsp;Compliance Analyst, Northern Lights Compliance Services, LLC (since 2018); AML Officer, Princeton Private Investments Access Fund (since 2019); AML Officer, Lind Capitol Partners Municipal Credit Income Fund (since 2022). |
| &nbsp;&nbsp;N. Lynn Bowley<br> (1958) | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Senior Vice President and Senior Compliance Officer, Northern Lights Compliance Services, LLC (since 2007); Chief Compliance Officer, Alternative Strategies Fund (since 2016); Chief Compliance Officer, Dynamic Alternatives Fund (since 2022); Chief Compliance Officer, Primark Private Equity Investments Fund (2020 - 2022); Chief Compliance Officer, the VELA Funds (since 2020); Chief Compliance Officer, Northern Lights Fund Trust (2007-2020); Chief Compliance Officer, Northern Lights Variable Trust (2017-2020). |

---

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

\*\* As of December 31, 2022, the Trust was comprised of 1 active portfolio managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Fund in the Trust advised by the Fund's Adviser. The Fund does not hold themselves out as related to any other series within the Trust that is not advised by the Fund's Adviser.

The Fund's SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-888-557-6692.

---

| |
|:---|
| &nbsp;&nbsp;**Humankind US Stock ETF** |
| &nbsp;&nbsp;**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| &nbsp;&nbsp;**December 31, 2022** |

---

**MARYLAND BENEFIT CORPORATION**

***Privacy Policies and Procedures***

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

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

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

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

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

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

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

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

<sup>18</sup> Generally, the Funds have institutional clients which are not considered "customers" for purposes of regulation S-P.

---

| |
|:---|
| &nbsp;&nbsp;**Humankind US Stock ETF** |
| &nbsp;&nbsp;**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| &nbsp;&nbsp;**December 31, 2022** |

---

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

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

**PROXY VOTING POLICY**

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

**PORTFOLIO HOLDINGS**

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

*(This Page Intentionally Left Blank)*

*(This Page Intentionally Left Blank)*

---

| |
|:---|
| &nbsp;&nbsp;**INVESTMENT ADVISER** |
| &nbsp;&nbsp;Humankind Investments LLC |
| &nbsp;&nbsp;79 Madison Avenue |
| &nbsp;&nbsp;New York, NY 10016 |
| &nbsp;&nbsp;**ADMINISTRATOR** |
| &nbsp;&nbsp;Ultimus Fund Solutions, LLC |
| &nbsp;&nbsp;225 Pictoria Drive, Suite 450 |
| &nbsp;&nbsp;Cincinnati, OH 45246 |
| &nbsp;&nbsp;HUMANKIND-AR22 |

---

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

**Item 3. Audit Committee Financial Expert.** 

(a)(1)i The Registrant's board of trustees has determined that Zachary Roseman is an audit committee financial expert, as defined in Item 3 of Form N-CSR.

(a)(2) Mr. Roseman is independent for purposes of this Item 3.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

Trust Series 2021 2022

Humankind US Stock ETF $7,000 $7,000

(b) Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

Trust Series 2021 2022

Humankind US Stock ETF $3,000 $3,000

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 for the fiscal years ended December 31, 2021 and 2022.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December 31, 2021 and 2022 are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h) Not applicable.

(i) Not applicable

(j) Not applicable

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

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

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

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

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

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

**Item 11. Controls and Procedures.** 

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

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

**Item 13. Exhibits.** 

(a)(1) [Code of Ethics filed herewith.](coe.htm)

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 13(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

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

(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 13(b) of Form N-CSR) are filed herewith.](cert2.htm)

**SIGNATURES**

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

(Registrant) <u>Humankind US Stock ETF</u>

By (Signature and Title)

<u>/s/ James Katz</u> 

James Katz, Director

Date <u>3/6/23</u> 

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

By (Signature and Title)

<u>/s/ James Katz</u> 

James Katz, Principal Executive Officer/President

Date <u>3/6/23</u> 

By (Signature and Title)

<u>/s/ Brian Curley</u> 

Brian Curley, Principal Financial Officer/Treasurer

Date <u>3/6/23</u>

## Ex-99.Cert

CERTIFICATIONS

I, James Katz, certify that:

1. I have reviewed this report on Form N-CSR of the Humankind US Stock ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>3/6/23</u> <u>/s/ James Katz</u> 

James Katz

Principal Executive Officer/President

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the Humankind US Stock ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>3/6/23</u> <u>/s/ Brian Curley</u> 

Brian Curley

Principal Financial Officer/Treasurer

## Exhibit 99.906

**certification**

James Katz, Principal Executive Officer/President, and Brian Curley, Principal Financial Officer/Treasurer of Humankind Benefit Corporation (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer/President Principal Financial Officer/Treasurer

<u>/s/ James Katz</u> <u>/s/ Brian Curley</u> 

James Katz Brian Curley

Date: <u>3/6/23</u> Date: <u>3/6/23</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Humankind US Stock ETF and will be retained by the Humankind Benefit Corporation and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;I. Introduction

**HUMANKIND BENEFIT CORPORATION**

***Financial Officer Code of Ethics***

 ****

The reputation and integrity of Humankind Benefit Corporation (the "Company") are valuable assets that are vital to the Company's success. The Company's senior financial officers ("SFOs") are responsible for conducting the Company's business in a manner that demonstrates a commitment to the highest standards of integrity. The Company's SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Company) must either have a code of ethics for their SFOs or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. The Company has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

&nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Code

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To promote honest and ethical conduct by the Company's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To assist the Company's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company file with, or submit to, the SEC and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To promote compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To establish accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;III. Questions about this Code

The Company's Adviser and CCO are designated to oversee compliance with the Company's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Conduct Guidelines

The Company has adopted the following guidelines under which the Company's SFOs must perform their official duties and conduct the business affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** The Company's SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent
conflicts of interest with the Company in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** The Company's SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the
Company that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result
of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the
matter to the Compliance Officer, it should be disclosed to the Company's Principal Financial Officer, Chief Executive Officer or
another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved,
the Company's SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise
become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction
or relationship is "material," you should bring the matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Company.** The Company's SFOs must at all times seek to provide information to the Company's service
providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant,
timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** The Company's SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure
in the Company's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** The Company's
SFOs must comply with the federal securities laws and other laws and rules applicable to the Company, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** The Company's SFOs
must at all times act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your
independent judgment to be subordinated. The Company's SFOs must conduct the affairs of the Company in a responsible manner, consistent
with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** The Company's
SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized
by the Company to disclose it or where disclosure is

otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** The Company's SFOs should share information with relevant parties to keep them informed of the business affairs of the Company,
as appropriate, and maintain skills important and relevant to the Company's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** The Company's
SFOs should at all times proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** The Company's
SFOs must at all times endeavor to ensure that the Company's financial books and records are thoroughly and accurately maintained
to the best of their knowledge in a manner consistent with applicable laws and this Code.

&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers of this Code

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares the Company's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of the Company, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the Company's shareholders to the extent required by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Affirmation of the Code

Upon adoption of the Code, the Company's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, the Company's Chief Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Reporting Violations

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his discretion, consult with another member of the Company's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of the Company omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning. SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Violations of the Code

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Company. A variety of laws apply to the Company and its operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Company officers, and

criminal laws. The Company will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.