# EDGAR Filing Document

**Accession Number:** 0001821080
**File Stem:** 0001580642-25-005879
**Filing Date:** 2025-9
**Character Count:** 116956
**Document Hash:** 6b69f07d1bef7f0994f7ca4e89ab92e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005879.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005879

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Humankind Benefit Corp
- **CENTRAL INDEX KEY:** 0001821080

**ORGANIZATION NAME:**
- **EIN:** 852237195
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23602
- **FILM NUMBER:** 251298721

**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 |  |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

<u>Humankind Benefit Corporation</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>HSC Agent Services, Inc.</u> <br> <u>245 W Chase Street, Baltimore, MD 21217</u> <br> (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> <br>Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Humankind US Stock ETF - Fund (HKND)
(HKND) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Humankind US Stock ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.humankindfunds.com/**. You can also request this information by contacting us at 888 557-6692.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Humankind U.S. Stock ETF | $6 | 0.11%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $154292685 |
| Number of Portfolio Holdings | 1007 |
| Advisory Fee | $82577 |
| Portfolio Turnover | 34% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i19fe771709ff6736df11ae26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.9% |
| Partnership Shares | 0.1% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if832de96f7cb4ab7e5b30a45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.3% |
| Utilities | 0.8% |
| Real Estate | 1.0% |
| Consumer Discretionary | 4.0% |
| Materials | 5.0% |
| Industrials | 5.3% |
| Financials | 7.1% |
| Communications | 8.4% |
| Technology | 13.0% |
| Consumer Staples | 15.1% |
| Health Care | 39.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc., Class A | 4.1% |
| Archer-Daniels-Midland Company | 3.4% |
| Microsoft Corporation | 2.4% |
| Apple, Inc. | 2.4% |
| Eli Lilly & Company | 2.2% |
| AbbVie, Inc. | 2.2% |
| Johnson & Johnson | 2.2% |
| Bunge Global S.A. | 2.1% |
| Intel Corporation | 1.7% |
| Procter & Gamble Company (The) | 1.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.humankindfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Humankind US Stock ETF - Fund (HKND)

#### Semi-Annual Shareholder Report - June 30, 2025
TSR-SAR 063025-HKND

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable

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

Not applicable

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

Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to open-end investment companies.

**Item 6. Investments.** 

Included under Item 7

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(HUMANKIND LOGO)](hu001_v1.jpg) |
| HKND |
| **Semi-Annual** |
| **Financial Statements** |
| **and** |
| **Additional Information** |
| **June 30, 2025** |
| **1-888-557-6692** |
| **<u>www.humankindfunds.com</u>** |
| 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** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 1964 | Interpublic Group of Companies, Inc. | $48079 |
| 950 | Omnicom Group, Inc. | 68343 |
| 492 | QuinStreet, Inc.<sup>(a)</sup> | 7921 |
| 4412 | Stagwell, Inc.<sup>(a)</sup> | 19854 |
| 70 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 5039 |
|  |  | 149236 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 364 | Carter's, Inc. | 10967 |
| 113 | Columbia Sportswear Company | 6902 |
| 85 | Kontoor Brands, Inc. | 5607 |
| 793 | Levi Strauss & Company, Class A | 14663 |
| 263 | PVH Corporation | 18042 |
| 96 | Ralph Lauren Corporation | 26331 |
| 1575 | Under Armour, Inc., Class A<sup>(a)</sup> | 10757 |
| 2018 | VF Corporation | 23712 |
|  |  | 116981 |
|  | **ASSET MANAGEMENT - 0.5%** |  |
| 79 | Affiliated Managers Group, Inc. | 15545 |
| 150 | Ameriprise Financial, Inc. | 80060 |
| 188 | Apollo Global Management, Inc. | 26672 |
| 85 | Ares Management Corporation, Class A | 14722 |
| 141 | Artisan Partners Asset Management, Inc., Class A | 6251 |
| 109 | Blackrock, Inc. | 114367 |
| 669 | Carlyle Group, Inc. | 34387 |
| 1422 | Charles Schwab Corporation | 129742 |
| 346 | F&G Annuities & Life, Inc. | 11065 |
| 197 | Federated Hermes, Inc., B | 8731 |
| 1891 | Franklin Resources, Inc. | 45100 |
| 2293 | Invesco Ltd. | 36161 |
| 139 | LPL Financial Holdings, Inc. | 52121 |
| 74 | OmniAb, Inc. - Earnout shares<sup>(a)(c)(d)(e)</sup> | 46 |
| 143 | Oppenheimer Holdings, Inc., Class A | 9405 |
| 482 | Raymond James Financial, Inc. | 73924 |
| 265 | Stifel Financial Corporation | 27502 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **ASSET MANAGEMENT - 0.5% (Continued)** |  |
| 463 | T Rowe Price Group, Inc. | $44680 |
| 376 | TPG, Inc. | 19721 |
| 81 | Victory Capital Holdings, Inc. | 5157 |
|  |  | 755359 |
|  | **AUTOMOTIVE - 0.2%** |  |
| 805 | BorgWarner, Inc. | 26951 |
| 864 | Dana, Inc. | 14818 |
| 204 | Gentex Corporation | 4486 |
| 3953 | Goodyear Tire & Rubber Company<sup>(a)</sup> | 40993 |
| 349 | Lear Corporation | 33148 |
| 482 | Tesla, Inc.<sup>(a)</sup> | 153112 |
| 66 | Visteon Corporation<sup>(a)</sup> | 6158 |
|  |  | 279666 |
|  | **BANKING - 2.8%** |  |
| 108 | Ameris Bancorp | 6988 |
| 356 | Associated Banc-Corporation | 8683 |
| 15575 | Bank of America Corporation | 737008 |
| 189 | Bank OZK | 8894 |
| 206 | BankUnited, Inc. | 7332 |
| 135 | BOK Financial Corporation | 13180 |
| 257 | Cadence Bank | 8219 |
| 126 | Cathay General Bancorp | 5737 |
| 9299 | Citigroup, Inc. | 791530 |
| 1163 | Citizens Financial Group, Inc. | 52044 |
| 174 | Columbia Banking System, Inc. | 4068 |
| 381 | Comerica, Inc. | 22727 |
| 148 | Commerce Bancshares, Inc. | 9201 |
| 77 | Cullen/Frost Bankers, Inc. | 9898 |
| 157 | East West Bancorp, Inc. | 15854 |
| 1425 | Fifth Third Bancorp | 58610 |
| 9 | First Citizens BancShares, Inc., Class A | 17608 |
| 220 | First Hawaiian, Inc. | 5491 |
| 961 | First Horizon Corporation | 20373 |
| 937 | Flagstar Financial, Inc. | 9932 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **BANKING - 2.8% (Continued)** |  |
| 649 | FNB Corporation | $9462 |
| 351 | Fulton Financial Corporation | 6332 |
| 128 | Glacier Bancorp, Inc. | 5514 |
| 152 | Hancock Whitney Corporation | 8725 |
| 344 | Hilltop Holdings, Inc. | 10440 |
| 198 | Home BancShares, Inc. | 5635 |
| 2344 | Huntington Bancshares, Inc. | 39285 |
| 3604 | JPMorgan Chase & Company | 1044835 |
| 2880 | KeyCorporation | 50170 |
| 234 | M&T Bank Corporation | 45394 |
| 321 | Old National Bancorp | 6850 |
| 213 | Pacific Premier Bancorp, Inc. | 4492 |
| 87 | Pinnacle Financial Partners, Inc. | 9606 |
| 748 | PNC Financial Services Group, Inc. | 139442 |
| 117 | Prosperity Bancshares, Inc. | 8218 |
| 1939 | Regions Financial Corporation | 45605 |
| 312 | Simmons First National Corporation, Class A | 5916 |
| 87 | SouthState Corporation | 8007 |
| 298 | Synovus Financial Corporation | 15422 |
| 100 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 7940 |
| 3242 | Truist Financial Corporation | 139374 |
| 83 | UMB Financial Corporation | 8728 |
| 191 | United Bankshares, Inc. | 6958 |
| 168 | United Community Banks, Inc. | 5005 |
| 3620 | US Bancorp | 163805 |
| 1163 | Valley National Bancorp | 10386 |
| 153 | WaFd, Inc. | 4480 |
| 196 | Webster Financial Corporation | 10702 |
| 7288 | Wells Fargo & Company | 583915 |
| 172 | Western Alliance Bancorp | 13413 |
| 95 | Wintrust Financial Corporation | 11778 |
| 85 | WSFS Financial Corporation | 4675 |
| 404 | Zions Bancorp NA | 20984 |
|  |  | 4274870 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **BEVERAGES - 0.7%** |  |
| 223 | Coca-Cola Company | $15777 |
| 2268 | Keurig Dr Pepper, Inc. | 74980 |
| 7566 | PepsiCo, Inc. | 999015 |
| 736 | Westrock Coffee Company<sup>(a)</sup> | 4217 |
|  |  | 1093989 |
|  | **BIOTECH & PHARMA - 16.4%** |  |
| 18084 | AbbVie, Inc. | 3356751 |
| 1141 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 24611 |
| 2172 | ADMA Biologics, Inc.<sup>(a)</sup> | 39552 |
| 462 | Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 15366 |
| 896 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 292177 |
| 5905 | Amgen, Inc. | 1648735 |
| 3093 | Amicus Therapeutics, Inc.<sup>(a)</sup> | 17723 |
| 6071 | Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 49114 |
| 659 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 15131 |
| 263 | AnaptysBio, Inc.<sup>(a)</sup> | 5839 |
| 268 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 17487 |
| 1093 | Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 18920 |
| 1238 | Arbutus Biopharma Corporation<sup>(a)</sup> | 3825 |
| 659 | Arcus Biosciences, Inc.<sup>(a)</sup> | 5364 |
| 928 | Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 13011 |
| 1942 | Ardelyx, Inc.<sup>(a)</sup> | 7613 |
| 1107 | Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 17491 |
| 883 | Avidity Biosciences, Inc.<sup>(a)</sup> | 25077 |
| 376 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 39251 |
| 836 | Beam Therapeutics, Inc.<sup>(a)</sup> | 14220 |
| 1508 | BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 13512 |
| 3039 | Biogen, Inc.<sup>(a)</sup> | 381668 |
| 2086 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 114667 |
| 545 | Blueprint Medicines Corporation<sup>(a)</sup> | 69858 |
| 1588 | Bridgebio Pharma, Inc.<sup>(a)</sup> | 68570 |
| 32606 | Bristol-Myers Squibb Company | 1509332 |
| 1047 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 22720 |
| 489 | Celldex Therapeutics, Inc.<sup>(a)</sup> | 9951 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **BIOTECH & PHARMA - 16.4% (Continued)** |  |
| 646 | CG oncology, Inc.<sup>(a)</sup> | $16796 |
| 986 | Cogent Biosciences, Inc.<sup>(a)</sup> | 7079 |
| 430 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 12715 |
| 862 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 63271 |
| 1077 | Cytokinetics, Inc.<sup>(a)</sup> | 35584 |
| 908 | Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 5902 |
| 478 | Denali Therapeutics, Inc.<sup>(a)</sup> | 6687 |
| 1617 | Dynavax Technologies Corporation<sup>(a)</sup> | 16041 |
| 4385 | Eli Lilly & Company | 3418238 |
| 708 | Evolus, Inc.<sup>(a)</sup> | 6521 |
| 2299 | Exelixis, Inc.<sup>(a)</sup> | 101328 |
| 5082 | Geron Corporation<sup>(a)</sup> | 7166 |
| 14150 | Gilead Sciences, Inc. | 1568811 |
| 869 | Guardant Health, Inc.<sup>(a)</sup> | 45223 |
| 1227 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 63829 |
| 482 | Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 15231 |
| 296 | Harrow, Inc.<sup>(a)</sup> | 9040 |
| 790 | Ideaya Biosciences, Inc.<sup>(a)</sup> | 16606 |
| 538 | Immunovant, Inc.<sup>(a)</sup> | 8608 |
| 2255 | Incyte Corporation<sup>(a)</sup> | 153566 |
| 820 | Innoviva, Inc.<sup>(a)</sup> | 16474 |
| 1459 | Insmed, Inc.<sup>(a)</sup> | 146834 |
| 854 | Intellia Therapeutics, Inc.<sup>(a)</sup> | 8011 |
| 1601 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 63256 |
| 4657 | Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 8010 |
| 588 | Janux Therapeutics, Inc.<sup>(a)</sup> | 13583 |
| 21822 | Johnson & Johnson | 3333311 |
| 425 | KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 4805 |
| 577 | Kymera Therapeutics, Inc.<sup>(a)</sup> | 25180 |
| 116 | Ligand Pharmaceuticals, Inc., B<sup>(a)</sup> | 13187 |
| 530 | Liquidia Corporation<sup>(a)</sup> | 6604 |
| 174 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 52659 |
| 2829 | MannKind Corporation<sup>(a)</sup> | 10580 |
| 27671 | Merck & Company, Inc. | 2190436 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **BIOTECH & PHARMA - 16.4% (Continued)** |  |
| 355 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | $18066 |
| 10617 | Moderna, Inc.<sup>(a)</sup> | 292923 |
| 845 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 106208 |
| 3348 | Novavax, Inc., Class A<sup>(a)</sup> | 21092 |
| 688 | Nurix Therapeutics, Inc.<sup>(a)</sup> | 7836 |
| 1462 | Ocular Therapeutix, Inc.<sup>(a)</sup> | 13567 |
| 17060 | Organon & Company | 165141 |
| 713 | Pacira BioSciences, Inc.<sup>(a)</sup> | 17041 |
| 100271 | Pfizer, Inc. | 2430569 |
| 560 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 44716 |
| 464 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | 25645 |
| 816 | PTC Therapeutics, Inc.<sup>(a)</sup> | 39853 |
| 3634 | Recursion Pharmaceuticals, Inc., CLASS A<sup>(a)</sup> | 18388 |
| 1191 | Regeneron Pharmaceuticals, Inc. | 625275 |
| 1372 | REVOLUTION Medicines, Inc.<sup>(a)</sup> | 50476 |
| 491 | Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 31026 |
| 5334 | Royalty Pharma plc, Class A | 192184 |
| 1567 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 26796 |
| 765 | Scholar Rock Holding Corporation<sup>(a)</sup> | 27096 |
| 550 | SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 25845 |
| 436 | Spyre Therapeutics, Inc.<sup>(a)</sup> | 6527 |
| 717 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 22600 |
| 1021 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 9562 |
| 336 | Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 13611 |
| 1471 | TG Therapeutics, Inc.<sup>(a)</sup> | 52941 |
| 38 | TransMedics Group, Inc.<sup>(a)</sup> | 5092 |
| 959 | Travere Therapeutics, Inc.<sup>(a)</sup> | 14193 |
| 619 | Twist Bioscience Corporation<sup>(a)</sup> | 22773 |
| 878 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 31924 |
| 426 | United Therapeutics Corporation<sup>(a)</sup> | 122411 |
| 2489 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1108103 |
| 38319 | Viatris, Inc. | 342189 |
| 4197 | Vir Biotechnology, Inc.<sup>(a)</sup> | 21153 |
| 1134 | Xencor, Inc.<sup>(a)</sup> | 8913 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **BIOTECH & PHARMA - 16.4% (Continued)** |  |
| 1202 | Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | $5613 |
| 739 | Zymeworks, Inc.<sup>(a)</sup> | 9274 |
|  |  | 25265330 |
|  | **CABLE & SATELLITE - 1.0%** |  |
| 731 | Charter Communications, Inc., Class A<sup>(a)</sup> | 298840 |
| 30707 | Comcast Corporation, Class A | 1095933 |
| 824 | Liberty Broadband Corporation - Series A<sup>(a)</sup> | 80604 |
| 1817 | Sirius XM Holdings, Inc. | 41736 |
|  |  | 1517113 |
|  | **CHEMICALS - 4.7%** |  |
| 173 | Air Products and Chemicals, Inc. | 48796 |
| 319 | Albemarle Corporation | 19992 |
| 61 | Avery Dennison Corporation | 10704 |
| 165 | Cabot Corporation | 12375 |
| 613 | Celanese Corporation | 33917 |
| 11627 | CF Industries Holdings, Inc. | 1069684 |
| 1960 | Chemours Company (The) | 22442 |
| 22557 | Corteva, Inc. | 1681173 |
| 1029 | CVR Partners, L.P. | 91416 |
| 4678 | DuPont de Nemours, Inc. | 320864 |
| 2912 | Ecolab, Inc. | 784609 |
| 19544 | FMC Corporation | 815962 |
| 162 | Hawkins, Inc. | 23020 |
| 153 | HB Fuller Company | 9203 |
| 203 | Innospec, Inc. | 17070 |
| 2059 | International Flavors & Fragrances, Inc. | 151439 |
| 85 | Materion Corporation | 6746 |
| 112 | Minerals Technologies, Inc. | 6168 |
| 53757 | Mosaic Company (The) | 1961056 |
| 116 | PPG Industries, Inc. | 13195 |
| 192 | Sensient Technologies Corporation | 18916 |
| 41 | Sherwin-Williams Company (The) | 14078 |
| 152 | Stepan Company | 8296 |
|  |  | 7141121 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.5%** |  |
| 645 | ABM Industries, Inc. | $30450 |
| 2702 | ADT, Inc. | 22886 |
| 1774 | Alight, Inc., Class A | 10041 |
| 926 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 19140 |
| 332 | ASGN, Inc.<sup>(a)</sup> | 16577 |
| 136 | Barrett Business Services, Inc. | 5670 |
| 107 | Brady Corporation, Class A | 7273 |
| 239 | Brink's Company (The) | 21340 |
| 223 | CBIZ, Inc.<sup>(a)</sup> | 15991 |
| 182 | Cintas Corporation | 40562 |
| 267 | Clean Harbors, Inc.<sup>(a)</sup> | 61725 |
| 83 | CorVel Corporation<sup>(a)</sup> | 8531 |
| 40 | CRA International, Inc. | 7495 |
| 238 | FTI Consulting, Inc.<sup>(a)</sup> | 38437 |
| 233 | H&R Block, Inc. | 12789 |
| 119 | Heidrick & Struggles International, Inc. | 5445 |
| 95 | Huron Consulting Group, Inc.<sup>(a)</sup> | 13066 |
| 1008 | Insperity, Inc. | 60601 |
| 219 | Kforce, Inc. | 9007 |
| 182 | Korn Ferry | 13346 |
| 3059 | ManpowerGroup, Inc. | 123585 |
| 250 | Radius Recycling, Inc., Class A | 7423 |
| 207 | Republic Services, Inc. | 51048 |
| 809 | Robert Half, Inc. | 33209 |
| 330 | TriNet Group, Inc. | 24136 |
| 170 | UL Solutions, Inc., Class A | 12386 |
| 45 | UniFirst Corporation | 8470 |
| 1012 | Vestis Corporation | 5799 |
| 335 | Waste Management, Inc. | 76656 |
| 121 | Willdan Group, Inc.<sup>(a)</sup> | 7564 |
|  |  | 770648 |
|  | **CONSTRUCTION MATERIALS - 0.0%<sup>(b)</sup>** |  |
| 172 | Advanced Drainage Systems, Inc. | 19756 |
| 124 | Apogee Enterprises, Inc. | 5034 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 0.0%<sup>(b)</sup> (Continued)** |  |
| 87 | Knife River Corporation<sup>(a)</sup> | $7103 |
|  |  | 31893 |
|  | **CONSUMER SERVICES - 0.0%<sup>(b)</sup>** |  |
| 18 | Graham Holdings Company, Class B | 17031 |
| 250 | Service Corp International | 20350 |
| 459 | Upbound Group, Inc. | 11521 |
|  |  | 48902 |
|  | **CONTAINERS & PACKAGING - 0.1%** |  |
| 1476 | International Paper Company | 69121 |
| 1017 | O-I Glass, Inc.<sup>(a)</sup> | 14991 |
| 95 | UFP Technologies, Inc.<sup>(a)</sup> | 23195 |
|  |  | 107307 |
|  | **DATA CENTER REIT - 0.0%<sup>(b)</sup>** |  |
| 136 | Digital Realty Trust, Inc. | 23709 |
| 36 | Equinix, Inc. | 28637 |
|  |  | 52346 |
|  | **DIVERSIFIED INDUSTRIALS - 0.3%** |  |
| 670 | 3M Company | 102001 |
| 237 | Dover Corporation | 43426 |
| 945 | Emerson Electric Company | 125996 |
| 494 | Illinois Tool Works, Inc. | 122142 |
| 30 | ITT, Inc. | 4705 |
|  |  | 398270 |
|  | **E-COMMERCE DISCRETIONARY - 0.9%** |  |
| 5961 | Amazon.com, Inc.<sup>(a)</sup> | 1307785 |
| 162 | Chewy, Inc., Class A<sup>(a)</sup> | 6904 |
| 814 | Coupang, Inc.<sup>(a)</sup> | 24387 |
| 1016 | eBay, Inc. | 75651 |
| 329 | Wayfair, Inc., Class A<sup>(a)</sup> | 16825 |
|  |  | 1431552 |
|  | **ELECTRICAL EQUIPMENT - 0.4%** |  |
| 447 | A O Smith Corporation | 29310 |
| 108 | Acuity, Inc. | 32221 |
| 61 | Advanced Energy Industries, Inc. | 8083 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.4% (Continued)** |  |
| 144 | AMETEK, Inc. | $26058 |
| 997 | Amphenol Corporation, Class A | 98453 |
| 264 | API Group Corporation<sup>(a)</sup> | 13477 |
| 212 | Atkore, Inc. | 14957 |
| 152 | Badger Meter, Inc. | 37232 |
| 95 | Belden, Inc. | 11001 |
| 691 | Carrier Global Corporation | 50574 |
| 151 | Cognex Corporation | 4790 |
| 326 | Fortive Corporation | 16994 |
| 104 | Generac Holdings, Inc.<sup>(a)</sup> | 14894 |
| 55 | Hubbell, Inc. | 22463 |
| 141 | Itron, Inc.<sup>(a)</sup> | 18560 |
| 135 | Keysight Technologies, Inc.<sup>(a)</sup> | 22121 |
| 17 | Lennox International, Inc. | 9745 |
| 50 | Littelfuse, Inc. | 11337 |
| 27 | Mesa Laboratories, Inc. | 2544 |
| 153 | NEXTracker, Inc., Class A<sup>(a)</sup> | 8319 |
| 357 | Novanta, Inc.<sup>(a)</sup> | 46028 |
| 25 | OSI Systems, Inc.<sup>(a)</sup> | 5622 |
| 558 | Otis Worldwide Corporation | 55252 |
| 109 | Ralliant Corporation<sup>(a)</sup> | 5269 |
| 147 | Rockwell Automation, Inc. | 48829 |
| 228 | Trimble, Inc.<sup>(a)</sup> | 17323 |
| 209 | Vertiv Holdings Company | 26838 |
| 374 | Vontier Corporation | 13801 |
| 90 | Watts Water Technologies, Inc., Class A | 22130 |
|  |  | 694225 |
|  | **ENGINEERING & CONSTRUCTION - 0.5%** |  |
| 3204 | AECOM | 361604 |
| 22 | Comfort Systems USA, Inc. | 11797 |
| 66 | EMCOR Group, Inc. | 35303 |
| 125 | Everus Construction Group, Inc.<sup>(a)</sup> | 7941 |
| 570 | Fluor Corporation<sup>(a)</sup> | 29224 |
| 230 | Frontdoor, Inc.<sup>(a)</sup> | 13556 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 0.5% (Continued)** |  |
| 17 | IES Holdings, Inc.<sup>(a)</sup> | $5036 |
| 42 | Installed Building Products, Inc. | 7573 |
| 1802 | Jacobs Solutions, Inc. | 236873 |
| 591 | Tetra Tech, Inc. | 21252 |
| 226 | Tutor Perini Corporation<sup>(a)</sup> | 10572 |
|  |  | 740731 |
|  | **ENTERTAINMENT CONTENT - 0.5%** |  |
| 20 | AppLovin Corporation, Class A<sup>(a)</sup> | 7002 |
| 197 | Electronic Arts, Inc. | 31461 |
| 1661 | Fox Corporation, Class B | 85757 |
| 13015 | Paramount Global, Class B | 167894 |
| 63 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 15300 |
| 2672 | Walt Disney Company (The) | 331354 |
| 10281 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 117820 |
| 1653 | Warner Music Group Corporation | 45028 |
|  |  | 801616 |
|  | **FOOD - 3.8%** |  |
| 5810 | B&G Foods, Inc. | 24576 |
| 60 | Cal-Maine Foods, Inc. | 5978 |
| 22629 | Conagra Brands, Inc. | 463216 |
| 4484 | Darling Ingredients, Inc.<sup>(a)</sup> | 170123 |
| 9678 | Flowers Foods, Inc. | 154654 |
| 19560 | Fresh Del Monte Produce, Inc. | 634135 |
| 12665 | General Mills, Inc. | 656174 |
| 898 | Hershey Company (The) | 149023 |
| 215 | Hormel Foods Corporation | 6504 |
| 7382 | Ingredion, Inc. | 1001147 |
| 340 | J & J Snack Foods Corporation | 38559 |
| 4604 | J M Smucker Company (The) | 452113 |
| 335 | John B Sanfilippo & Son, Inc. | 21185 |
| 7742 | Kellanova | 615721 |
| 4710 | Lamb Weston Holdings, Inc. | 244214 |
| 164 | Lancaster Colony Corporation | 28334 |
| 1210 | McCormick & Company, Inc. | 91742 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **FOOD - 3.8% (Continued)** |  |
| 899 | Mission Produce, Inc.<sup>(a)</sup> | $10536 |
| 8538 | Mondelez International, Inc., Class A | 575803 |
| 1717 | Post Holdings, Inc.<sup>(a)</sup> | 187205 |
| 27 | Seaboard Corporation | 77252 |
| 786 | Simply Good Foods Company (The)<sup>(a)</sup> | 24830 |
| 4305 | The Campbell's Company | 131948 |
| 231 | Tootsie Roll Industries, Inc. | 7727 |
| 2061 | TreeHouse Foods, Inc.<sup>(a)</sup> | 40025 |
| 2234 | Utz Brands, Inc. | 28037 |
| 5933 | WK Kellogg Company | 94572 |
|  |  | 5935333 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.0%<sup>(b)</sup>** |  |
| 227 | Boise Cascade Company | 19708 |
| 71 | Louisiana-Pacific Corporation | 6105 |
| 141 | Sylvamo Corporation | 7064 |
| 79 | Trex Company, Inc.<sup>(a)</sup> | 4296 |
| 251 | UFP Industries, Inc. | 24940 |
|  |  | 62113 |
|  | **GAS & WATER UTILITIES - 0.8%** |  |
| 1029 | American States Water Company | 78883 |
| 5045 | American Water Works Company, Inc. | 701811 |
| 3143 | California Water Service Group | 142944 |
| 4389 | Essential Utilities, Inc. | 163007 |
| 474 | Middlesex Water Company | 25681 |
| 1928 | SJW Group | 100198 |
|  |  | 1212524 |
|  | **HEALTH CARE FACILITIES & SERVICES - 9.3%** |  |
| 838 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 19014 |
| 123 | Addus HomeCare Corporation<sup>(a)</sup> | 14168 |
| 3006 | agilon health, Inc.<sup>(a)</sup> | 6914 |
| 372 | Amedisys, Inc.<sup>(a)</sup> | 36601 |
| 520 | Apollo Medical Holdings, Inc.<sup>(a)</sup> | 12938 |
| 5850 | Ardent Health Partners, Inc.<sup>(a)</sup> | 79911 |
| 4135 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 21626 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 9.3% (Continued)** |  |
| 4000 | BrightSpring Health Services, Inc.<sup>(a)</sup> | $94360 |
| 4104 | Brookdale Senior Living, Inc.<sup>(a)</sup> | 28564 |
| 3144 | Cardinal Health, Inc. | 528192 |
| 1867 | Cencora, Inc. | 559820 |
| 7107 | Centene Corporation<sup>(a)</sup> | 385768 |
| 1387 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 210450 |
| 60 | Chemed Corporation | 29216 |
| 2576 | Cigna Group (The) | 851574 |
| 6023 | Concentra Group Holdings Parent, Inc. | 123893 |
| 22753 | CVS Health Corporation | 1569501 |
| 1193 | DaVita, Inc.<sup>(a)</sup> | 169943 |
| 1349 | Elevance Health, Inc. | 524707 |
| 956 | Encompass Health Corporation | 117234 |
| 286 | Ensign Group, Inc. (The) | 44118 |
| 38748 | Fortrea Holdings, Inc.<sup>(a)</sup> | 191415 |
| 2954 | Fulgent Genetics, Inc.<sup>(a)</sup> | 58726 |
| 329 | GeneDx Holdings Corporation<sup>(a)</sup> | 30370 |
| 2724 | HCA Healthcare, Inc. | 1043564 |
| 1149 | Henry Schein, Inc.<sup>(a)</sup> | 83934 |
| 1340 | Humana, Inc. | 327603 |
| 5315 | IQVIA Holdings, Inc.<sup>(a)</sup> | 837591 |
| 5956 | Labcorp Holdings, Inc. | 1563510 |
| 1066 | LifeStance Health Group, Inc.<sup>(a)</sup> | 5511 |
| 1002 | McKesson Corporation | 734246 |
| 217 | Medpace Holdings, Inc.<sup>(a)</sup> | 68108 |
| 292 | Molina Healthcare, Inc.<sup>(a)</sup> | 86987 |
| 164 | National HealthCare Corporation | 17550 |
| 6713 | NeoGenomics, Inc.<sup>(a)</sup> | 49072 |
| 109299 | OPKO Health, Inc.<sup>(a)</sup> | 144275 |
| 1552 | Option Care Health, Inc.<sup>(a)</sup> | 50409 |
| 4517 | Owens & Minor, Inc.<sup>(a)</sup> | 41105 |
| 2673 | PACS Group Inc<sup>(a)</sup> | 34535 |
| 2084 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 29905 |
| 222 | Pennant Group, Inc. (The)<sup>(a)</sup> | 6627 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 9.3% (Continued)** |  |
| 287 | Premier, Inc., Class A | $6294 |
| 330 | Progyny, Inc.<sup>(a)</sup> | 7260 |
| 6219 | Quest Diagnostics, Inc. | 1117119 |
| 2362 | RadNet, Inc.<sup>(a)</sup> | 134421 |
| 9909 | Select Medical Holdings Corporation | 150419 |
| 503 | SI-BONE, Inc.<sup>(a)</sup> | 9466 |
| 1590 | Surgery Partners, Inc.<sup>(a)</sup> | 35346 |
| 162 | Tempus AI, Inc.<sup>(a)</sup> | 10293 |
| 2105 | Tenet Healthcare Corporation<sup>(a)</sup> | 370480 |
| 4399 | UnitedHealth Group, Inc. | 1372356 |
| 1213 | Universal Health Services, Inc., Class B | 219735 |
| 93 | US Physical Therapy, Inc. | 7273 |
|  |  | 14274017 |
|  | **HEALTH CARE REIT - 0.2%** |  |
| 175 | American Healthcare REIT, Inc. | 6430 |
| 656 | Healthpeak Properties, Inc. | 11487 |
| 174 | Omega Healthcare Investors, Inc. | 6377 |
| 1224 | Ventas, Inc. | 77295 |
| 192 | Welltower, Inc. | 29516 |
|  |  | 131105 |
|  | **HOME & OFFICE PRODUCTS - 0.1%** |  |
| 148 | HNI Corporation | 7279 |
| 5703 | Newell Brands, Inc. | 30796 |
| 143 | Somnigroup International, Inc. | 9731 |
| 904 | Steelcase, Inc., Class A | 9429 |
| 1350 | Whirlpool Corporation | 136917 |
|  |  | 194152 |
|  | **HOME CONSTRUCTION - 0.7%** |  |
| 696 | Beazer Homes USA, Inc.<sup>(a)</sup> | 15570 |
| 15 | Cavco Industries, Inc.<sup>(a)</sup> | 6516 |
| 469 | Century Communities, Inc. | 26414 |
| 115 | Champion Homes, Inc.<sup>(a)</sup> | 7200 |
| 1927 | DR Horton, Inc. | 248429 |
| 529 | Dream Finders Homes, Inc.<sup>(a)</sup> | 13294 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **HOME CONSTRUCTION - 0.7% (Continued)** |  |
| 364 | Fortune Brands Innovations, Inc. | $18739 |
| 152 | Green Brick Partners, Inc.<sup>(a)</sup> | 9558 |
| 198 | Griffon Corporation | 14329 |
| 172 | Hovnanian Enterprises, Inc., Class A<sup>(a)</sup> | 17983 |
| 733 | KB Home | 38827 |
| 1897 | Lennar Corporation, Class B | 199659 |
| 323 | LGI Homes, Inc.<sup>(a)</sup> | 16641 |
| 226 | M/I Homes, Inc.<sup>(a)</sup> | 25339 |
| 624 | Masco Corporation | 40161 |
| 551 | Meritage Homes Corporation | 36900 |
| 9 | NVR, Inc.<sup>(a)</sup> | 66471 |
| 944 | PulteGroup, Inc. | 99554 |
| 810 | Taylor Morrison Home Corporation<sup>(a)</sup> | 49750 |
| 589 | Toll Brothers, Inc. | 67223 |
| 878 | Tri Pointe Homes, Inc.<sup>(a)</sup> | 28052 |
|  |  | 1046609 |
|  | **HOTEL REIT - 0.0%<sup>(b)</sup>** |  |
| 1194 | Host Hotels & Resorts, Inc. | 18340 |
|  | **HOUSEHOLD PRODUCTS - 3.3%** |  |
| 3035 | Church & Dwight Company, Inc. | 291694 |
| 2235 | Clorox Company (The) | 268356 |
| 12888 | Colgate-Palmolive Company | 1171519 |
| 1825 | Energizer Holdings, Inc. | 36792 |
| 846 | Estee Lauder Companies, Inc. (The), Class A | 68357 |
| 26160 | Kenvue, Inc. | 547529 |
| 684 | Kimberly-Clark Corporation | 88181 |
| 15996 | Procter & Gamble Company (The) | 2548483 |
| 308 | Quanex Building Products Corporation | 5821 |
|  |  | 5026732 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.0%<sup>(b)</sup>** |  |
| 72 | Mueller Industries, Inc. | 5722 |
| 235 | Proto Labs, Inc.<sup>(a)</sup> | 9409 |
|  |  | 15131 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.0%<sup>(b)</sup>** |  |
| 84 | AZZ, Inc. | $7936 |
| 32 | Chart Industries, Inc.<sup>(a)</sup> | 5269 |
| 41 | Enpro, Inc. | 7854 |
| 256 | Timken Company | 18572 |
| 36 | Valmont Industries, Inc. | 11757 |
|  |  | 51388 |
|  | **INDUSTRIAL REIT - 0.0%<sup>(b)</sup>** |  |
| 320 | Prologis, Inc. | 33638 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 74 | Applied Industrial Technologies, Inc. | 17201 |
| 391 | Core & Main, Inc., Class A<sup>(a)</sup> | 23597 |
| 75 | DXP Enterprises, Inc.<sup>(a)</sup> | 6574 |
| 908 | Fastenal Company | 38136 |
| 231 | Global Industrials, Co. | 6239 |
| 247 | MSC Industrial Direct Company, Inc., Class A | 21000 |
| 1514 | Resideo Technologies, Inc.<sup>(a)</sup> | 33399 |
| 261 | U-Haul Holding Company<sup>(a)</sup> | 15806 |
| 49 | United Rentals, Inc. | 36917 |
| 71 | Watsco, Inc. | 31355 |
| 125 | WESCO International, Inc. | 23150 |
| 237 | WillScot Holdings Corporation | 6494 |
| 65 | WW Grainger, Inc. | 67615 |
|  |  | 327483 |
|  | **INFRASTRUCTURE REIT - 0.0%<sup>(b)</sup>** |  |
| 309 | American Tower Corporation, A | 68295 |
| 424 | Crown Castle, Inc. | 43558 |
| 63 | SBA Communications Corporation, Class A | 14795 |
|  |  | 126648 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 1245 | Bank of New York Mellon Corporation (The) | 113432 |
| 1557 | BGC Group, Inc., Class A | 15928 |
| 129 | CME Group, Inc. | 35555 |
| 89 | Evercore, Inc., Class A | 24032 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0% (Continued)** |  |
| 768 | Goldman Sachs Group, Inc. (The) | $543552 |
| 68 | Houlihan Lokey, Inc. | 12237 |
| 444 | Interactive Brokers Group, Inc., Class A | 24602 |
| 275 | Intercontinental Exchange, Inc. | 50454 |
| 1096 | Jefferies Financial Group, Inc. | 59940 |
| 363 | Lazard, Inc. | 17417 |
| 142 | Moelis & Company, Class A | 8849 |
| 3073 | Morgan Stanley | 432863 |
| 328 | Nasdaq, Inc. | 29330 |
| 380 | Northern Trust Corporation | 48180 |
| 40 | Piper Sandler Companies | 11118 |
| 49 | PJT Partners, Inc., Class A | 8085 |
| 140 | SEI Investments Company | 12580 |
| 803 | State Street Corporation | 85391 |
| 852 | StoneX Group, Inc.<sup>(a)</sup> | 77651 |
| 34 | Tradeweb Markets, Inc., Class A | 4978 |
| 45 | Virtu Financial, Inc., Class A | 2016 |
|  |  | 1618190 |
|  | **INSURANCE - 2.0%** |  |
| 1004 | Aflac, Inc. | 105882 |
| 1140 | Allstate Corporation (The) | 229493 |
| 316 | American Financial Group, Inc. | 39882 |
| 3216 | American International Group, Inc. | 275257 |
| 151 | Arthur J Gallagher & Company | 48338 |
| 954 | Assurant, Inc. | 188405 |
| 408 | Brighthouse Financial, Inc.<sup>(a)</sup> | 21938 |
| 171 | Brown & Brown, Inc. | 18959 |
| 311 | Cincinnati Financial Corporation | 46314 |
| 101 | CNA Financial Corporation | 4700 |
| 444 | CNO Financial Group, Inc. | 17130 |
| 2840 | Corebridge Financial, Inc. | 100820 |
| 1279 | Equitable Holdings, Inc. | 71752 |
| 39 | Erie Indemnity Company, Class A | 13525 |
| 4613 | Genworth Financial, Inc., Class A<sup>(a)</sup> | 35889 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **INSURANCE - 2.0% (Continued)** |  |
| 190 | Globe Life, Inc. | $23615 |
| 156 | Hanover Insurance Group, Inc. | 26500 |
| 878 | Hartford Financial Services Group, Inc. | 111392 |
| 168 | Horace Mann Educators Corporation | 7219 |
| 429 | Jackson Financial, Inc., Class A | 38091 |
| 409 | Kemper Corporation | 26397 |
| 2011 | Lincoln National Corporation | 69581 |
| 1051 | Loews Corporation | 96335 |
| 12 | Markel Group, Inc.<sup>(a)</sup> | 23968 |
| 513 | Marsh & McLennan Companies, Inc. | 112162 |
| 311 | Mercury General Corporation | 20943 |
| 3551 | MetLife, Inc. | 285570 |
| 1118 | Old Republic International Corporation | 42976 |
| 45 | Primerica, Inc. | 12315 |
| 966 | Principal Financial Group, Inc. | 76729 |
| 821 | Progressive Corporation (The) | 219092 |
| 2333 | Prudential Financial, Inc. | 250658 |
| 294 | Radian Group, Inc. | 10590 |
| 346 | Reinsurance Group of America, Inc. | 68633 |
| 99 | RLI Corporation | 7150 |
| 102 | Ryan Specialty Holdings, Inc. | 6935 |
| 56 | Safety Insurance Group, Inc. | 4446 |
| 190 | Selective Insurance Group, Inc. | 16464 |
| 659 | Travelers Companies, Inc. (The) | 176309 |
| 247 | Trupanion, Inc.<sup>(a)</sup> | 13671 |
| 180 | United Fire Group, Inc. | 5166 |
| 202 | Universal Insurance Holdings, Inc. | 5601 |
| 630 | Unum Group | 50879 |
| 504 | Voya Financial, Inc. | 35784 |
| 669 | W R Berkley Corporation | 49151 |
| 4 | White Mountains Insurance Group Ltd. | 7183 |
|  |  | 3119789 |
|  | **INTERNET MEDIA & SERVICES - 4.4%** |  |
| 187 | Airbnb, Inc., Class A<sup>(a)</sup> | 24748 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 4.4% (Continued)** |  |
| 36155 | Alphabet, Inc., Class A | $6371595 |
| 16 | Booking Holdings, Inc. | 92628 |
| 295 | Expedia Group, Inc. | 49761 |
| 85 | GoDaddy, Inc., Class A<sup>(a)</sup> | 15305 |
| 354 | IAC, Inc.<sup>(a)</sup> | 13218 |
| 438 | Match Group, Inc. | 13530 |
| 105 | Netflix, Inc.<sup>(a)</sup> | 140609 |
| 770 | Roku, Inc.<sup>(a)</sup> | 67675 |
| 240 | Shutterstock, Inc. | 4550 |
| 36 | VeriSign, Inc. | 10397 |
| 105 | Yelp, Inc.<sup>(a)</sup> | 3598 |
| 242 | Zillow Group, Inc., Class A<sup>(a)</sup> | 16575 |
|  |  | 6824189 |
|  | **LEISURE FACILITIES & SERVICES - 0.3%** |  |
| 55 | Choice Hotels International, Inc. | 6978 |
| 259 | Cinemark Holdings, Inc. | 7817 |
| 418 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 12573 |
| 299 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 12417 |
| 160 | Hilton Worldwide Holdings, Inc. | 42614 |
| 162 | Hyatt Hotels Corporation, Class A | 22623 |
| 381 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 11556 |
| 386 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 58394 |
| 27 | Madison Square Garden Sports Corporation<sup>(a)</sup> | 5642 |
| 351 | Marriott International, Inc., Class A | 95898 |
| 301 | Marriott Vacations Worldwide Corporation | 21765 |
| 57 | McDonald's Corporation | 16654 |
| 59 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 6434 |
| 251 | Six Flags Entertainment Corporation | 7638 |
| 113 | Starbucks Corporation | 10354 |
| 39 | TKO Group Holdings, Inc. | 7096 |
| 368 | Travel + Leisure Company | 18992 |
| 204 | United Parks & Resorts, Inc.<sup>(a)</sup> | 9619 |
| 133 | Vail Resorts, Inc. | 20898 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.3% (Continued)** |  |
| 110 | Wyndham Hotels & Resorts, Inc. | $8933 |
|  |  | 404895 |
|  | **LEISURE PRODUCTS - 0.1%** |  |
| 128 | Acushnet Holdings Corporation | 9321 |
| 6 | Axon Enterprise, Inc.<sup>(a)</sup> | 4968 |
| 280 | Hasbro, Inc. | 20670 |
| 181 | LCI Industries | 16505 |
| 823 | Mattel, Inc.<sup>(a)</sup> | 16230 |
| 477 | Thor Industries, Inc. | 42361 |
| 1654 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 13315 |
| 391 | Winnebago Industries, Inc. | 11339 |
|  |  | 134709 |
|  | **MACHINERY - 3.2%** |  |
| 7492 | AGCO Corporation | 772876 |
| 183 | Alamo Group, Inc. | 39964 |
| 486 | Caterpillar, Inc. | 188670 |
| 129 | Crane Company | 24496 |
| 4687 | Deere & Company | 2383294 |
| 128 | Donaldson Company, Inc. | 8877 |
| 657 | Energy Recovery, Inc.<sup>(a)</sup> | 8396 |
| 7970 | Enovis Corporation<sup>(a)</sup> | 249939 |
| 140 | Esab Corporation | 16877 |
| 291 | Flowserve Corporation | 15234 |
| 1328 | Franklin Electric Company, Inc. | 119175 |
| 705 | Gates Industrial Corporation plc<sup>(a)</sup> | 16236 |
| 112 | Graco, Inc. | 9629 |
| 499 | Hillenbrand, Inc. | 10015 |
| 289 | Hyster-Yale Materials Handling, Inc., Class A | 11496 |
| 71 | IDEX Corporation | 12465 |
| 213 | Ingersoll Rand, Inc. | 17717 |
| 789 | Kennametal, Inc. | 18115 |
| 129 | Lincoln Electric Holdings, Inc. | 26744 |
| 259 | Lindsay Corporation | 37361 |
| 131 | Middleby Corporation (The)<sup>(a)</sup> | 18864 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **MACHINERY - 3.2% (Continued)** |  |
| 705 | MSA Safety, Inc. | $118109 |
| 2175 | Mueller Water Products, Inc. - Series A | 52287 |
| 39 | Nordson Corporation | 8360 |
| 106 | Oshkosh Corporation | 12035 |
| 64 | Parker-Hannifin Corporation | 44702 |
| 109 | Regal Rexnord Corporation | 15801 |
| 67 | Snap-on, Inc. | 20849 |
| 1243 | Stanley Black & Decker, Inc. | 84213 |
| 78 | Tennant Company | 6043 |
| 492 | Terex Corporation | 22971 |
| 830 | Toro Company (The) | 58664 |
| 2452 | Veralto Corporation | 247529 |
| 1045 | Xylem, Inc. | 135181 |
| 2842 | Zurn Elkay Water Solutions Corporation | 103932 |
|  |  | 4937116 |
|  | **MEDICAL EQUIPMENT & DEVICES - 14.0%** |  |
| 1568 | 10X Genomics, Inc., Class A<sup>(a)</sup> | 18157 |
| 16808 | Abbott Laboratories | 2286055 |
| 817 | Adaptive Biotechnologies Corporation<sup>(a)</sup> | 9518 |
| 2258 | Agilent Technologies, Inc. | 266467 |
| 90 | Align Technology, Inc.<sup>(a)</sup> | 17040 |
| 1882 | Alphatec Holdings, Inc.<sup>(a)</sup> | 20890 |
| 1173 | Artivion, Inc.<sup>(a)</sup> | 36480 |
| 946 | AtriCure, Inc.<sup>(a)</sup> | 31000 |
| 6793 | Avanos Medical, Inc.<sup>(a)</sup> | 83146 |
| 6260 | Avantor, Inc.<sup>(a)</sup> | 84260 |
| 1145 | Axogen, Inc.<sup>(a)</sup> | 12423 |
| 48708 | Baxter International, Inc. | 1474878 |
| 12389 | Becton Dickinson and Company | 2134004 |
| 198 | BioLife Solutions, Inc.<sup>(a)</sup> | 4265 |
| 599 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 144551 |
| 1544 | Bio-Techne Corporation | 79439 |
| 7025 | Bioventus, Inc.<sup>(a)</sup> | 46506 |
| 12360 | Boston Scientific Corporation<sup>(a)</sup> | 1327588 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 14.0% (Continued)** |  |
| 3052 | Bruker Corporation | $125742 |
| 665 | CareDx, Inc.<sup>(a)</sup> | 12994 |
| 781 | Castle Biosciences, Inc.<sup>(a)</sup> | 15948 |
| 1850 | CONMED Corporation | 96348 |
| 103 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 7329 |
| 4810 | Danaher Corporation | 950167 |
| 912 | Dentsply Sirona, Inc. | 14483 |
| 3057 | DexCom, Inc.<sup>(a)</sup> | 266846 |
| 6965 | Edwards Lifesciences Corporation<sup>(a)</sup> | 544733 |
| 11464 | Embecta Corporation | 111086 |
| 577 | Envista Holdings Corporation<sup>(a)</sup> | 11275 |
| 1308 | Exact Sciences Corporation<sup>(a)</sup> | 69507 |
| 28009 | GE HealthCare Technologies, Inc. | 2074627 |
| 319 | Glaukos Corporation<sup>(a)</sup> | 32950 |
| 1762 | Globus Medical, Inc., Class A<sup>(a)</sup> | 103993 |
| 1661 | Haemonetics Corporation<sup>(a)</sup> | 123927 |
| 9012 | Hologic, Inc.<sup>(a)</sup> | 587222 |
| 1295 | ICU Medical, Inc.<sup>(a)</sup> | 171134 |
| 34 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 18236 |
| 2368 | Illumina, Inc.<sup>(a)</sup> | 225931 |
| 160 | Inspire Medical Systems, Inc.<sup>(a)</sup> | 20763 |
| 374 | Insulet Corporation<sup>(a)</sup> | 117503 |
| 1168 | Integer Holdings Corporation<sup>(a)</sup> | 143629 |
| 13025 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 159817 |
| 1076 | Intuitive Surgical, Inc.<sup>(a)</sup> | 584709 |
| 89 | iRadimed Corporation | 5321 |
| 241 | iRhythm Technologies, Inc.<sup>(a)</sup> | 37104 |
| 715 | Lantheus Holdings, Inc.<sup>(a)</sup> | 58530 |
| 203 | LeMaitre Vascular, Inc. | 16859 |
| 994 | Masimo Corporation<sup>(a)</sup> | 167211 |
| 1279 | Merit Medical Systems, Inc.<sup>(a)</sup> | 119561 |
| 150 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 176208 |
| 1969 | MiMedx Group, Inc.<sup>(a)</sup> | 12031 |
| 6820 | Myriad Genetics, Inc.<sup>(a)</sup> | 36214 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 14.0% (Continued)** |  |
| 167 | Natera, Inc.<sup>(a)</sup> | $28213 |
| 4402 | Orthofix Medical, Inc.<sup>(a)</sup> | 49082 |
| 464 | OrthoPediatrics Corp.<sup>(a)</sup> | 9967 |
| 290 | Penumbra, Inc.<sup>(a)</sup> | 74423 |
| 6122 | QuidelOrtho Corporation<sup>(a)</sup> | 176436 |
| 210 | Repligen Corporation<sup>(a)</sup> | 26120 |
| 1435 | ResMed, Inc. | 370230 |
| 2059 | Revvity, Inc. | 199146 |
| 3513 | Solventum Corporation<sup>(a)</sup> | 266426 |
| 4901 | Stryker Corporation | 1938983 |
| 3081 | Tandem Diabetes Care, Inc.<sup>(a)</sup> | 57430 |
| 2544 | Teleflex, Inc. | 301108 |
| 4349 | Thermo Fisher Scientific, Inc. | 1763346 |
| 317 | Veracyte, Inc.<sup>(a)</sup> | 8569 |
| 403 | Vericel Corporation<sup>(a)</sup> | 17148 |
| 374 | Waters Corporation<sup>(a)</sup> | 130541 |
| 590 | West Pharmaceutical Services, Inc. | 129092 |
| 9024 | Zimmer Biomet Holdings, Inc. | 823079 |
|  |  | 21665944 |
|  | **METALS & MINING - 0.1%** |  |
| 543 | Alcoa Corporation | 16024 |
| 1137 | A-Mark Precious Metals, Inc. | 25219 |
| 3150 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 23940 |
| 915 | Freeport-McMoRan, Inc. | 39665 |
| 501 | Newmont Corporation | 29188 |
| 307 | Southern Copper Corporation | 31059 |
|  |  | 165095 |
|  | **MORTGAGE FINANCE - 0.0%<sup>(b)</sup>** |  |
| 1864 | Rithm Capital Corporation | 21045 |
|  | **MULTI ASSET CLASS REIT - 0.0%<sup>(b)</sup>** |  |
| 451 | Elme Communities | 7171 |
| 300 | Vornado Realty Trust | 11472 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **MULTI ASSET CLASS REIT - 0.0%<sup>(b)</sup> (Continued)** |  |
| 142 | WP Carey, Inc. | $8858 |
|  |  | 27501 |
|  | **OFFICE REIT - 0.0%<sup>(b)</sup>** |  |
| 177 | Alexandria Real Estate Equities, Inc. | 12856 |
| 283 | BXP, Inc. | 19094 |
|  |  | 31950 |
|  | **PUBLISHING & BROADCASTING - 0.1%** |  |
| 157 | New York Times Company (The), Class A | 8789 |
| 1335 | News Corporation, Class B | 45804 |
| 115 | Nexstar Media Group, Inc. | 19889 |
| 772 | TEGNA, Inc. | 12939 |
|  |  | 87421 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.0%<sup>(b)</sup>** |  |
| 217 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | 14648 |
|  | **REAL ESTATE SERVICES - 0.2%** |  |
| 1469 | CBRE Group, Inc., Class A<sup>(a)</sup> | 205836 |
| 2705 | Compass, Inc., Class A<sup>(a)</sup> | 16987 |
| 1473 | eXp World Holdings, Inc. | 13404 |
| 413 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 105637 |
| 163 | Marcus & Millichap, Inc. | 5006 |
| 1034 | Newmark Group, Inc., Class A | 12563 |
|  |  | 359433 |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| 125 | EnerSys | 10721 |
| 4075 | Enphase Energy, Inc.<sup>(a)</sup> | 161574 |
| 1347 | First Solar, Inc.<sup>(a)</sup> | 222983 |
| 16158 | Sunrun, Inc.<sup>(a)</sup> | 132172 |
|  |  | 527450 |
|  | **RESIDENTIAL REIT - 0.6%** |  |
| 1240 | American Homes 4 Rent, Class A | 44727 |
| 1729 | Apartment Investment and Management Company | 14956 |
| 450 | AvalonBay Communities, Inc. | 91574 |
| 374 | Camden Property Trust | 42146 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **RESIDENTIAL REIT - 0.6% (Continued)** |  |
| 718 | Equity LifeStyle Properties, Inc. | $44279 |
| 1438 | Equity Residential | 97050 |
| 203 | Essex Property Trust, Inc. | 57530 |
| 615 | Independence Realty Trust, Inc. | 10879 |
| 2145 | Invitation Homes, Inc. | 70356 |
| 420 | Mid-America Apartment Communities, Inc. | 62164 |
| 598 | Sun Communities, Inc. | 75641 |
| 1152 | UDR, Inc. | 47036 |
| 369 | UMH Properties, Inc. | 6196 |
|  |  | 664534 |
|  | **RETAIL - CONSUMER STAPLES - 1.6%** |  |
| 3715 | Albertsons Companies, Inc., Class A | 79910 |
| 39 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 4205 |
| 124 | Costco Wholesale Corporation | 122753 |
| 1294 | Dollar General Corporation | 148008 |
| 1048 | Dollar Tree, Inc.<sup>(a)</sup> | 103794 |
| 2768 | Kroger Company (The) | 198549 |
| 55 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 7248 |
| 863 | SpartanNash Company | 22861 |
| 99 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 16299 |
| 3202 | Target Corporation | 315877 |
| 92622 | Walgreens Boots Alliance, Inc. | 1063300 |
| 4413 | Walmart, Inc. | 431503 |
| 89 | Weis Markets, Inc. | 6452 |
|  |  | 2520759 |
|  | **RETAIL - DISCRETIONARY - 1.5%** |  |
| 172 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 14250 |
| 1351 | Advance Auto Parts, Inc. | 62808 |
| 1364 | American Eagle Outfitters, Inc. | 13122 |
| 19 | AutoZone, Inc.<sup>(a)</sup> | 70532 |
| 420 | Bath & Body Works, Inc. | 12583 |
| 4749 | Best Buy Company, Inc. | 318799 |
| 165 | BlueLinx Holdings, Inc.<sup>(a)</sup> | 12273 |
| 29 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 4408 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 1.5% (Continued)** |  |
| 110 | Buckle, Inc. (The) | $4989 |
| 435 | Builders FirstSource, Inc.<sup>(a)</sup> | 50760 |
| 103 | Burlington Stores, Inc.<sup>(a)</sup> | 23962 |
| 672 | Caleres, Inc. | 8212 |
| 180 | Dick's Sporting Goods, Inc. | 35606 |
| 55 | Dillard's, Inc., Class A | 22981 |
| 709 | Ferguson Enterprises, Inc. | 154384 |
| 165 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 12533 |
| 1671 | Foot Locker, Inc.<sup>(a)</sup> | 40940 |
| 1600 | GameStop Corporation, Class A<sup>(a)</sup> | 39024 |
| 2252 | Gap, Inc. (The) | 49116 |
| 648 | Genuine Parts Company | 78609 |
| 149 | GMS, Inc.<sup>(a)</sup> | 16204 |
| 1450 | Home Depot, Inc. (The) | 531627 |
| 8356 | Kohl's Corporation | 70859 |
| 1465 | Lowe's Companies, Inc. | 325039 |
| 6887 | Macy's, Inc. | 80302 |
| 690 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 62190 |
| 66 | Penske Automotive Group, Inc. | 11339 |
| 57 | RH<sup>(a)</sup> | 10774 |
| 413 | Ross Stores, Inc. | 52691 |
| 1865 | Sally Beauty Holdings, Inc.<sup>(a)</sup> | 17270 |
| 1185 | TJX Companies, Inc. (The) | 146336 |
| 792 | Tractor Supply Company | 41794 |
| 97 | Ulta Beauty, Inc.<sup>(a)</sup> | 45379 |
| 258 | Urban Outfitters, Inc.<sup>(a)</sup> | 18715 |
| 1123 | Victoria's Secret & Company<sup>(a)</sup> | 20798 |
| 163 | Williams-Sonoma, Inc. | 26629 |
|  |  | 2507837 |
|  | **RETAIL REIT - 0.0%<sup>(b)</sup>** |  |
| 260 | Brixmor Property Group, Inc. | 6770 |
| 571 | Kimco Realty Corporation | 12002 |
| 229 | Realty Income Corporation | 13193 |
| 94 | Regency Centers Corporation | 6696 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **RETAIL REIT - 0.0%<sup>(b)</sup> (Continued)** |  |
| 216 | Simon Property Group, Inc. | $34724 |
|  |  | 73385 |
|  | **SELF-STORAGE REIT - 0.0%<sup>(b)</sup>** |  |
| 58 | Extra Space Storage, Inc. | 8552 |
| 74 | Public Storage | 21713 |
|  |  | 30265 |
|  | **SEMICONDUCTORS - 3.4%** |  |
| 999 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 141758 |
| 219 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 7488 |
| 216 | Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 5543 |
| 2321 | Amkor Technology, Inc. | 48718 |
| 304 | Analog Devices, Inc. | 72358 |
| 1493 | Applied Materials, Inc. | 273324 |
| 112 | Axcelis Technologies, Inc.<sup>(a)</sup> | 7805 |
| 1301 | Azenta, Inc.<sup>(a)</sup> | 40045 |
| 1028 | Broadcom, Inc. | 283368 |
| 111 | Cirrus Logic, Inc.<sup>(a)</sup> | 11572 |
| 261 | Coherent Corp.<sup>(a)</sup> | 23284 |
| 335 | Cohu, Inc.<sup>(a)</sup> | 6445 |
| 246 | CTS Corporation | 10482 |
| 282 | Diodes, Inc.<sup>(a)</sup> | 14915 |
| 189 | Entegris, Inc. | 15243 |
| 187 | FormFactor, Inc.<sup>(a)</sup> | 6435 |
| 1171 | GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 44732 |
| 116444 | Intel Corporation | 2608346 |
| 178 | IPG Photonics Corporation<sup>(a)</sup> | 12220 |
| 106 | KLA Corporation | 94948 |
| 1908 | Lam Research Corporation | 185725 |
| 84 | Lattice Semiconductor Corporation<sup>(a)</sup> | 4115 |
| 398 | Marvell Technology, Inc. | 30805 |
| 792 | Microchip Technology, Inc. | 55733 |
| 2383 | Micron Technology, Inc. | 293705 |
| 129 | MKS, Inc. | 12817 |
| 14 | Monolithic Power Systems, Inc. | 10239 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 3.4% (Continued)** |  |
| 1169 | NVIDIA Corporation | $184690 |
| 1236 | ON Semiconductor Corporation<sup>(a)</sup> | 64779 |
| 81 | Onto Innovation, Inc.<sup>(a)</sup> | 8175 |
| 276 | Photronics, Inc.<sup>(a)</sup> | 5197 |
| 100 | Power Integrations, Inc. | 5590 |
| 254 | Qorvo, Inc.<sup>(a)</sup> | 21567 |
| 1789 | QUALCOMM, Inc. | 284916 |
| 1584 | Sandisk Corporation<sup>(a)</sup> | 71834 |
| 134 | Semtech Corporation<sup>(a)</sup> | 6049 |
| 66 | Silicon Laboratories, Inc.<sup>(a)</sup> | 9726 |
| 549 | Skyworks Solutions, Inc. | 40911 |
| 189 | Synaptics, Inc.<sup>(a)</sup> | 12251 |
| 343 | Teradyne, Inc. | 30843 |
| 910 | Texas Instruments, Inc. | 188934 |
| 614 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | 13858 |
| 31 | Universal Display Corporation | 4788 |
| 280 | Veeco Instruments, Inc.<sup>(a)</sup> | 5690 |
| 1725 | Vishay Intertechnology, Inc. | 27393 |
|  |  | 5309359 |
|  | **SOFTWARE - 3.1%** |  |
| 173 | ACI Worldwide, Inc.<sup>(a)</sup> | 7942 |
| 193 | Adobe, Inc.<sup>(a)</sup> | 74668 |
| 281 | Akamai Technologies, Inc.<sup>(a)</sup> | 22413 |
| 26 | ANSYS, Inc.<sup>(a)</sup> | 9132 |
| 54 | Autodesk, Inc.<sup>(a)</sup> | 16717 |
| 121 | Bentley Systems, Inc., Class B | 6530 |
| 110 | Cadence Design Systems, Inc.<sup>(a)</sup> | 33897 |
| 454 | Concentrix Corporation | 23996 |
| 97 | Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 5980 |
| 340 | Dropbox, Inc., Class A<sup>(a)</sup> | 9724 |
| 1675 | Evolent Health, Inc., Class A<sup>(a)</sup> | 18861 |
| 199 | Fortinet, Inc.<sup>(a)</sup> | 21038 |
| 593 | Gen Digital, Inc. | 17434 |
| 3642 | Ingram Micro Holding Corporation | 75899 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SOFTWARE - 3.1% (Continued)** |  |
| 66 | Intuit, Inc. | $51984 |
| 1176 | Life360, Inc.<sup>(a)</sup> | 76734 |
| 23 | Manhattan Associates, Inc.<sup>(a)</sup> | 4542 |
| 7500 | Microsoft Corporation | 3730575 |
| 209 | Omnicell, Inc.<sup>(a)</sup> | 6145 |
| 1504 | Oracle Corporation | 328819 |
| 105 | Palo Alto Networks, Inc.<sup>(a)</sup> | 21487 |
| 18 | Paycom Software, Inc. | 4165 |
| 576 | Privia Health Group, Inc.<sup>(a)</sup> | 13248 |
| 40 | PTC, Inc.<sup>(a)</sup> | 6894 |
| 53 | Roper Technologies, Inc. | 30043 |
| 409 | Salesforce, Inc. | 111529 |
| 30 | ServiceNow, Inc.<sup>(a)</sup> | 30842 |
| 381 | SS&C Technologies Holdings, Inc. | 31547 |
| 53 | Synopsys, Inc.<sup>(a)</sup> | 27172 |
| 435 | Teradata Corporation<sup>(a)</sup> | 9705 |
| 53 | Twilio, Inc., Class A<sup>(a)</sup> | 6591 |
| 15 | Tyler Technologies, Inc.<sup>(a)</sup> | 8893 |
| 38 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 10943 |
| 2628 | Veradigm, Inc.<sup>(a)</sup> | 12352 |
| 72 | Workday, Inc., Class A<sup>(a)</sup> | 17280 |
|  |  | 4885721 |
|  | **SPECIALTY FINANCE - 0.8%** |  |
| 1906 | Ally Financial, Inc. | 74239 |
| 873 | American Express Company | 278469 |
| 1584 | Capital One Financial Corporation | 337011 |
| 25 | Credit Acceptance Corporation<sup>(a)</sup> | 12736 |
| 235 | Enact Holdings, Inc. | 8730 |
| 1526 | Fidelity National Financial, Inc. | 85548 |
| 919 | First American Financial Corporation | 56417 |
| 358 | MGIC Investment Corporation | 9967 |
| 177 | Mr Cooper Group, Inc.<sup>(a)</sup> | 26410 |
| 547 | OneMain Holdings, Inc. | 31179 |
| 229 | PennyMac Financial Services, Inc. | 22818 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.8% (Continued)** |  |
| 308 | PROG Holdings, Inc. | $9040 |
| 3494 | Rocket Companies, Inc. | 49545 |
| 286 | Stewart Information Services Corporation | 18619 |
| 1602 | Synchrony Financial | 106917 |
| 5675 | UWM Holdings Corporation | 23495 |
| 110 | Walker & Dunlop, Inc. | 7753 |
|  |  | 1158893 |
|  | **SPECIALTY REITS - 0.0%<sup>(b)</sup>** |  |
| 168 | Iron Mountain, Inc. | 17232 |
| 88 | Lamar Advertising Company, Class A | 10680 |
|  |  | 27912 |
|  | **STEEL - 0.2%** |  |
| 93 | ATI, Inc.<sup>(a)</sup> | 8030 |
| 681 | Commercial Metals Company | 33308 |
| 592 | Nucor Corporation | 76687 |
| 163 | Reliance, Inc. | 51166 |
| 363 | Ryerson Holding Corporation | 7830 |
| 360 | Steel Dynamics, Inc. | 46084 |
| 402 | Worthington Enterprises, Inc. | 25583 |
|  |  | 248688 |
|  | **TECHNOLOGY HARDWARE - 5.0%** |  |
| 795 | ADTRAN Holdings, Inc.<sup>(a)</sup> | 7131 |
| 17641 | Apple, Inc. | 3619403 |
| 306 | Arista Networks, Inc.<sup>(a)</sup> | 31307 |
| 395 | Arrow Electronics, Inc.<sup>(a)</sup> | 50335 |
| 551 | Avnet, Inc. | 29247 |
| 403 | Benchmark Electronics, Inc. | 15648 |
| 300 | Ciena Corporation<sup>(a)</sup> | 24399 |
| 5260 | Cisco Systems, Inc. | 364939 |
| 1008 | Corning, Inc. | 53011 |
| 1220 | Corsair Gaming, Inc.<sup>(a)</sup> | 11505 |
| 276 | Crane NXT Company | 14876 |
| 297 | Daktronics, Inc.<sup>(a)</sup> | 4491 |
| 10025 | Dell Technologies, Inc., Class C | 1229065 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 5.0% (Continued)** |  |
| 424 | Diebold Nixdorf, Inc.<sup>(a)</sup> | $23490 |
| 98 | Dolby Laboratories, Inc., Class A | 7277 |
| 356 | Extreme Networks, Inc.<sup>(a)</sup> | 6390 |
| 55 | F5, Inc.<sup>(a)</sup> | 16188 |
| 3067 | Flex Ltd.<sup>(a)</sup> | 153105 |
| 11936 | Hewlett Packard Enterprise Company | 244091 |
| 33311 | HP, Inc. | 814787 |
| 1355 | Jabil, Inc. | 295526 |
| 837 | Juniper Networks, Inc. | 33421 |
| 184 | Lumentum Holdings, Inc.<sup>(a)</sup> | 17491 |
| 98 | Motorola Solutions, Inc. | 41205 |
| 778 | NCR Atleos Corporation<sup>(a)</sup> | 22196 |
| 3855 | NCR Voyix Corporation<sup>(a)</sup> | 45219 |
| 438 | NetApp, Inc. | 46669 |
| 230 | NETGEAR, Inc.<sup>(a)</sup> | 6686 |
| 120 | Plexus Corporation<sup>(a)</sup> | 16237 |
| 174 | Pure Storage, Inc., Class A<sup>(a)</sup> | 10019 |
| 718 | Sanmina Corporation<sup>(a)</sup> | 70242 |
| 695 | Sonos, Inc.<sup>(a)</sup> | 7513 |
| 1026 | Stratasys Ltd.<sup>(a)</sup> | 11768 |
| 678 | Super Micro Computer, Inc.<sup>(a)</sup> | 33229 |
| 451 | TD SYNNEX Corporation | 61201 |
| 645 | TTM Technologies, Inc.<sup>(a)</sup> | 26329 |
| 23 | Ubiquiti, Inc. | 9468 |
| 2211 | Western Digital Corporation<sup>(a)</sup> | 141482 |
| 126 | Zebra Technologies Corporation, Class A<sup>(a)</sup> | 38853 |
|  |  | 7655439 |
|  | **TECHNOLOGY SERVICES - 1.4%** |  |
| 296 | Amdocs Ltd. | 27007 |
| 253 | Amentum Holdings, Inc.<sup>(a)</sup> | 5973 |
| 306 | Automatic Data Processing, Inc. | 94370 |
| 1249 | Block, Inc.<sup>(a)</sup> | 84845 |
| 149 | Booz Allen Hamilton Holding Corporation | 15515 |
| 102 | Broadridge Financial Solutions, Inc. | 24789 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.4% (Continued)** |  |
| 565 | CDW Corporation | $100903 |
| 1444 | Cognizant Technology Solutions Corporation, Class A | 112675 |
| 50 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 17525 |
| 64 | Corpay, Inc.<sup>(a)</sup> | 21236 |
| 131 | CoStar Group, Inc.<sup>(a)</sup> | 10532 |
| 6640 | DXC Technology Company<sup>(a)</sup> | 101526 |
| 108 | EPAM Systems, Inc.<sup>(a)</sup> | 19097 |
| 78 | Equifax, Inc. | 20231 |
| 163 | Euronet Worldwide, Inc.<sup>(a)</sup> | 16525 |
| 374 | ExlService Holdings, Inc.<sup>(a)</sup> | 16377 |
| 20 | FactSet Research Systems, Inc. | 8946 |
| 4 | Fair Isaac Corporation<sup>(a)</sup> | 7312 |
| 519 | Fidelity National Information Services, Inc. | 42252 |
| 442 | Fiserv, Inc.<sup>(a)</sup> | 76205 |
| 82 | Gartner, Inc.<sup>(a)</sup> | 33146 |
| 592 | Global Payments, Inc. | 47384 |
| 265 | ICF International, Inc. | 22448 |
| 101 | Insight Enterprises, Inc.<sup>(a)</sup> | 13947 |
| 1249 | International Business Machines Corporation | 368181 |
| 58 | Jack Henry & Associates, Inc. | 10450 |
| 189 | John Wiley & Sons, Inc., Class A | 8435 |
| 1917 | Kyndryl Holdings, Inc.<sup>(a)</sup> | 80437 |
| 20 | MarketAxess Holdings, Inc. | 4467 |
| 242 | Mastercard, Inc., Class A | 135989 |
| 753 | MAXIMUS, Inc. | 52861 |
| 67 | Moody's Corporation | 33607 |
| 34 | Morningstar, Inc. | 10674 |
| 22 | MSCI, Inc. | 12688 |
| 178 | Paychex, Inc. | 25892 |
| 1588 | PayPal Holdings, Inc.<sup>(a)</sup> | 118020 |
| 100 | S&P Global, Inc. | 52729 |
| 76 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | 7532 |
| 178 | TransUnion | 15664 |
| 56 | Verisk Analytics, Inc. | 17444 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.4% (Continued)** |  |
| 601 | Visa, Inc., Class A | $213385 |
| 3557 | Western Union Company (The) | 29950 |
| 80 | WEX, Inc.<sup>(a)</sup> | 11751 |
|  |  | 2150922 |
|  | **TELECOMMUNICATIONS - 2.3%** |  |
| 44554 | AT&T, Inc. | 1289393 |
| 384 | EchoStar Corporation, Class A<sup>(a)</sup> | 10637 |
| 1606 | Frontier Communications Parent, Inc.<sup>(a)</sup> | 58458 |
| 143 | IDT Corporation, Class B | 9770 |
| 40463 | Lumen Technologies, Inc.<sup>(a)</sup> | 177228 |
| 1277 | Telephone and Data Systems, Inc. | 45436 |
| 2371 | T-Mobile US, Inc. | 564914 |
| 560 | United States Cellular Corporation<sup>(a)</sup> | 35823 |
| 30475 | Verizon Communications, Inc. | 1318653 |
|  |  | 3510312 |
|  | **TRANSPORTATION & LOGISTICS - 0.1%** |  |
| 247 | CH Robinson Worldwide, Inc. | 23699 |
| 162 | Expeditors International of Washington, Inc. | 18509 |
| 270 | GXO Logistics, Inc.<sup>(a)</sup> | 13149 |
| 150 | Hub Group, Inc., Class A | 5015 |
| 94 | Kirby Corporation<sup>(a)</sup> | 10661 |
| 191 | Ryder System, Inc. | 30368 |
|  |  | 101401 |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 388 | Cummins, Inc. | 127070 |
| 278 | PACCAR, Inc. | 26427 |
| 24 | Westinghouse Air Brake Technologies Corporation | 5024 |
|  |  | 158521 |
|  | **WHOLESALE - CONSUMER STAPLES - 5.7%** |  |
| 99376 | Archer-Daniels-Midland Company | 5245065 |
| 40367 | Bunge Global S.A. | 3240663 |
| 1735 | Sysco Corporation | 131409 |
| 1739 | United Natural Foods, Inc.<sup>(a)</sup> | 40536 |

---

---

| |
|:---|
| **HUMANKIND US STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES - 5.7% (Continued)** |  |  |  |
| 766 | US Foods Holding Corporation<sup>(a)</sup> |  |  | $58990 |
|  |  |  |  | 8716663 |
|  | **WHOLESALE - DISCRETIONARY - 0.1%** |  |  |  |
| 243 | G-III Apparel Group Ltd.<sup>(a)</sup> |  |  | 5443 |
| 1404 | LKQ Corporation |  |  | 51962 |
| 61 | PC Connection, Inc. |  |  | 4013 |
| 60 | Pool Corporation |  |  | 17489 |
|  |  |  |  | 78907 |
|  | **TOTAL COMMON STOCKS (Cost $143,788,761)** |  |  | 153865261 |
| **Shares** |  | **Strike Price** | Expiration<br> Date | **Fair Value** |
|  | **RIGHT — 0.0%<sup>(b)</sup>** |  |  |  |
|  | **BIOTECH & PHARMA - 0.0% <sup>(b)</sup>** |  |  |  |
| 64 | Albireo Pharma, Inc. <sup>(a)(c)(d)(e)</sup> | $10 |  | 138 |
| 322 | Bristol-Myers Squibb Company<sup>(a)(c)(d)(e)</sup> | $12 |  | 225 |
| 336 | Inhibrx, Inc.<sup>(a)(c)(d)(e)</sup> | $5 | &nbsp;&nbsp;6/30/2027 | 212 |
| 535 | Novartis A.G. <sup>(a)(c)(d)(e)</sup> | $2 | &nbsp;&nbsp;12/31/2025 | 1112 |
|  |  |  |  | 1687 |
|  | **MEDICAL EQUIPMENT & DEVICES – 0.0% <sup>(b)</sup>** |  |  |  |
| 56 | ABIOMED, Inc. – CVR<sup>(a)(c)(d)(e)</sup> | $35 |  | 308 |
| 1085 | Zimmer Biomet Holdings, Inc.– CVR<sup>(a)(c)(d)(e)</sup> | $1 | &nbsp;&nbsp;12/31/2026 | 98 |
|  |  |  |  | 406 |
|  | **TOTAL RIGHT (Cost $965)** |  |  | 2093 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $143,789,726)** |  |  | $153867354 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** |  |  | 425331 |
|  | **NET ASSETS - 100.0%** |  |  | $154292685 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> The value of this security has been determined in good faith under policies approved by the Board of Directors.

<sup>(d)</sup> Restricted security.

<sup>(e)</sup> Illiquid security. The total fair value of these securities as of June 30, 2025 was $2,139, represents less than 0.01% of net assets.

---

| |
|:---|
| **Humankind US Stock ETF** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Cost | $143789726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Value | $153867354 |
| &nbsp;&nbsp;&nbsp;Cash | 245743 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 114955 |
| &nbsp;&nbsp;&nbsp;Deposit with broker | 78785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 154306837 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 14152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 14152 |
| **NET ASSETS** | $**154292685** |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $157063845 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (2771160) |
| **NET ASSETS** | $**154292685** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**154292685** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **4750000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**32.48** |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended June 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends (foreign withholding taxes $1,493) | $1507561 |
| &nbsp;&nbsp;&nbsp;Interest | 10337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1517898 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 82577 |
| &nbsp;&nbsp;&nbsp;Interest expense | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 82629 |
| **NET INVESTMENT INCOME** | 1435269 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments: | (4700444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures transactions | 26961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions: | 8344521 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (682173) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | 4462 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 2993327 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $**4428596** |

---

*See accompanying notes to financial statements.*

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1435269 | $2515021 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments and future transactions | (4673483) | (3034440) |
| &nbsp;&nbsp;&nbsp;Net realized gain from In-Kind redemptions | 8344521 | 14320148 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (682173) | 54112 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | 4462 | (4462) |
| Net increase in net assets resulting from operations | 4428596 | 13850379 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid from earnings | (1208320) | (2527835) |
| Net decrease in net assets from distributions to shareholders | (1208320) | (2527835) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 28802120 | 55576252 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (29023394) | (47371209) |
| Net decrease in net assets from shares of beneficial interest | (221274) | 8205043 |
| **TOTAL INCREASE IN NET ASSETS** | 2999002 | 19527587 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 151293683 | 131766096 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**154292685** | $**151293683** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 900000 | 1750000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (900000) | (1500000) |
| Net decrease in shares of beneficial interest outstanding |  | 250000 |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **Humankind US Stock ETF** |
| **Financial Highlights** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the**<br>**Sixth Months Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Period Ended**<br>**December 31, 2022 \*** |
|  | **(Unaudited)** | | | |
| Net asset value, beginning of year/period | $31.85 | $29.28 | $26.54 | $29.70 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.55 | 0.50 | 0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.59 | 2.57 | 2.75 | (3.16) |
| Total from investment operations | 0.89 | 3.12 | 3.25 | (2.69) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.55) | (0.51) | (0.47) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |
| Total distributions | (0.26) | (0.55) | (0.51) | (0.47) |
| Net asset value, end of year/period | $32.48 | $31.85 | $29.28 | $26.54 |
| Market price, end of year/period | $32.52 | $31.83 | $29.25 | $26.52 |
| Total return (2) | 2.80% | 10.65% | 12.35% | (9.05)% (4) |
| Net assets, end of year/period (000s) | $154293 | $151294 | $131766 | $126149 |
| Ratio of expenses to average net assets | 0.11% | 0.11% | 0.11% | 0.11% (5) |
| Ratio of net investment income to average net assets | 1.92% | 1.74% | 1.83% | 1.74% (5) |
| Portfolio Turnover Rate (3) | 34% | 30% | 27% | 26% (4) |

---

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

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

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

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

(4) Not Annualized.

(5) Annualized

*See accompanying notes to financial statements.*

**Humankind US Stock ETF**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**June 30, 2025**

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.

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

**Fair Valuation Process.** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid

**Humankind US Stock ETF**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**June 30, 2025**

and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) where applicable "the size and nature of the Fund's holdings"; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

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

**Humankind US Stock ETF**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**June 30, 2025** 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $153865215 | $46 | $— | $153865261 |
| Right |  | 673 | 1420 | 2093 |
| Total | $153865215 | $719 | $1420 | $153867354 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | Rights | Total |
| Beginning balance 12/31/2024 | $1009 | $1009 |
| Total realized gain (loss) |  |  |
| Change in unrealized appreciation (depreciation) | 411 | 411 |
| Cost of purchases |  |  |
| Proceeds from sales |  |  |
| Net transfers in/out of level 3 |  |  |
| Ending balance 6/30/2025 | $1420 | $1420 |

---

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

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

The total change in unrealized appreciation or depreciation included in the Statement of Operations attributable to Level 3 investments still held at June 30, 2025 was $411 for the Fund.

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

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

**Humankind US Stock ETF**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**June 30, 2025**

**Federal Income Tax –** The Fund has qualified and intends to continue to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, 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 reviewed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the fiscal year, the Fund did not incur any interest or penalties. The Fund typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Fund could incur a tax expense.

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

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

For the six months ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than in-kind transaction and short-term investments, amounted to $34,027,998 and $31,355,909 respectively. For the six months ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $34,235,710 and $34,258,903, respectively.

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

Humankind Investments LLC, (the "Adviser") serves as the Fund's investment adviser. Pursuant to an investment advisory agreement with the Company, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Fund, manages the Fund's portfolio and supervises the performance of administrative and professional services provided by others. The Adviser pays all operating expenses of the Fund, except for the fee payments under the Advisory Agreement, brokerage fees and commissions, indirect costs of investing in other investment companies, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Company's Directors and officers with respect thereto, and authorized expenses pursuant to Rule 12b-1 under the 1940 Act. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.11% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred $82,577 in advisory fees, and $14,152 was due to the Adviser.

Northern Lights Distributors, LLC (the "Distributor") serves as the principal underwriter and national distributor for the shares of the Fund. The Company, with respect to the Fund, has adopted the Company's ETF Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan"), which allows the Fund to pay the Fund's distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund's average daily net assets. As of June 30, 2025, the Plan has not been activated. For the six months ended June 30, 2025, the Fund did not incur any distribution fees.

**Humankind US Stock ETF**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**June 30, 2025**

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

<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.

<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:

---

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

---

\* As a percentage of the amount invested.

**Humankind US Stock ETF**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**June 30, 2025**

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

At June 30, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Gross Unrealized <br> Appreciation | Gross Unrealized <br> Depreciation | Net Unrealized <br> Appreciation |
| Humankind US Stock ETF | $143772470 | $20223049 | $(10128165) | $10094884 |

---

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid for the years ended December 31, 2024, and December 31, 2023, was as follows:

---

| | | |
|:---|:---|:---|
|  | Fisical Year Eneded<br>December 31, 2024 | Fiscal Year Ended<br>December 31, 2023 |
| Ordinary Income | $2527835 | $2335275 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $2527835 | $2335275 |

---

As of December 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $— | $— | $(16764031) | $— | $10772595 | $(5991436) |

---

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, the mark-to-market on open Section 1256, and adjustments for partnerships, and C-Corporation return of capital distributions.

At December 31, 2024, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $6527130 | $10236901 | $16764031 | $— |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of distributions in excess, adjustments for prior year tax returns and redemptions in-kind have been made to increase (decrease) such accounts with offsetting adjustments for the Fund for the fiscal year ended December 31, 2024, as follows:

---

| | |
|:---|:---|
| Paid In |  |
| Capital | Accumulated Deficit |
| $14292343 | $(14292343) |

---

**Humankind US Stock ETF**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**June 30, 2025**

**8.** **INVESTMENT IN RESTRICTED SECURITIES** 

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

As of June 30, 2025, the Fund was invested in the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Initial Acquisition Date** | **Shares** | **Cost** | **Value** | **% of Net Assets** |
| ABIOMED, Inc. - CVR | 12/22/2022 | 56 | $431 | $308 | 0.0% |
| Albireo Pharma, Inc. - CVR | 3/3/2023 | 64 |  | 138 | 0.0% |
| Bristol-Myers Squibb Company CVR | 1/23/2024 | 322 | 225 | 225 | 0.0% |
| Inhibrx, Inc CVR | 5/30/2024 | 336 | 212 | 212 | 0.0% |
| Novartis A.G. - CVR | 8/11/2023 | 535 |  | 1112 | 0.0% |
| OmniAb, Inc. - Earnout shares | 7/7/2021 | 74 | 427 | 46 | 0.0% |
| Zimmer Biomet Holdings, Inc - CVR | 6/30/2025 | 1085 | 98 | 98 | 0.0% |
| **Totals:** |  |  | $1393 | $2139 |  |

---

**9.** **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**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**June 30, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**INVESTMENT ADVISER**

Humankind Investments LLC

79 Madison Avenue

New York, NY 10016

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation as of a date within 90 days of this report on Form N-CSR, based on their evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Act.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex_99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](ex_99-906cert.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)

---

| |
|:---|
| /s/ James Katz |
| James Katz, Director |

---

Date <u>9/2/2025</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)

---

| |
|:---|
| /s/ James Katz |
| James Katz, Principal Executive Officer/President |

---

Date <u>9/2/2025</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Financial Officer/Treasurer |

---

Date <u>9/2/2025</u>

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, James Katz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Humankind US Stock ETF, a series of the Humankind
 Benefit Corporation (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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 trustees (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: | 9/2/2025 | /s/ James Katz |
|  |  | James Katz |
|  |  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, James Katz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Humankind US Stock ETF, a series of the Humankind
 Benefit Corporation (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;c. 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;d. 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;e. 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

&nbsp;&nbsp;&nbsp;&nbsp;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 trustees (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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;c. 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: | 9/2/2025 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906 CERT]

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 June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, 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 Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Humankind Benefit Corporation | Humankind Benefit Corporation | Humankind Benefit Corporation | Humankind Benefit Corporation |
| /s/ James Katz | /s/ James Katz | /s/ Brian Curley | /s/ Brian Curley |
| James Katz | James Katz | Brian Curley | Brian Curley |
| Date: | 9/2/2025 | Date: | 9/2/2025 |

---

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.