Humankind Benefit NCSRS Certified semi-annual shareholder report (management investment company)

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

811-23602

Humankind Benefit Corporation

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH		45246
(Address of principal executive offices)		(Zip code)

HSC Agent Services, Inc.

245 W Chase Street, Baltimore, MD 21217

(Name and address of agent for service)

Registrant’s telephone number, including area code:	646-838-4352

Date of fiscal year end: 12/31

Date of reporting period: 6/30/21

Item 1. Reports to Stockholders.

HKND

Semi-Annual Report

June 30, 2021

1-888-557-6692

www.humankindfunds.com

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

Distributed by Northern Lights Distributors LLC

HUMANKIND US STOCK ETF

PORTFOLIO REVIEW (Unaudited)

June 30, 2021

The Fund’s performance figures* for the periods ended June 30, 2021, compared to its benchmark:

	Since Inception** -
Fund/Index	June 30, 2021
Humankind US Stock ETF	10.33%
Humankind US Stock ETF - Market Price	10.41%
S&P Composite 1500 ***	10.91%
Humankind US Equity Index ****	10.39%

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (2/24/2021) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.11% per the February 19, 2021 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-888-557-6692.

As of the close of business on the day of commencement of trading February 24, 2021

***

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

****

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

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

Portfolio Composition as of June 30, 2021

Portfolio Composition	% of Net Assets			Sector Composition	% of Net Assets
Common Stocks		99.9	%	Biotech & Pharma		14.8	%
Other Assets and Liabilities - Net		0.1	%	Health Care Facilities & Services		12.3	%
		100.0	%	Chemicals		6.6	%
				Medical Equipment & Devices		5.5	%
				Telecommuncations		5.1	%
				Technology Hardware		5.1	%
				Internet Media & Services		4.8	%
				Wholesale - Consumer Staples		4.0	%
				Food		3.7	%
				Banking		3.6	%
				Other Assets and Liabilities - Net		34.5	%
						100.0	%

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

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS — 99.9%
		ADVERTISING & MARKETING - 0.1%
	1,138	Interpublic Group of Companies, Inc.	$	36,974
	788	Omnicom Group, Inc.		63,032
				100,006
		AEROSPACE & DEFENSE -0.0%^(a)
	12	Teledyne Technologies, Inc.^(b)		5,026
	33	Woodward, Inc.		4,055
				9,081
		APPAREL & TEXTILE PRODUCTS - 0.0%^(a)
	48	VF Corporation		3,938

		ASSET MANAGEMENT - 0.5%
	39	Affiliated Managers Group, Inc.		6,014
	164	Ameriprise Financial, Inc.		40,816
	106	Ares Management Corporation, Class A		6,741
	54	B Riley Financial, Inc.		4,077
	60	BlackRock, Inc.		52,498
	312	Carlyle Group, Inc.		14,502
	630	Charles Schwab Corporation		45,870
	113	Federated Hermes, Inc., Class B		3,832
	760	Franklin Resources, Inc.		24,312
	910	Invesco Ltd.		24,324
	145	LPL Financial Holdings, Inc.		19,572
	1,011	ODP Corporation (The)^(b)		48,538
	121	Oppenheimer Holdings, Inc., Class A		6,152
	364	Raymond James Financial, Inc.		47,284
	272	Stifel Financial Corporation		17,642
	95	T Rowe Price Group, Inc.		18,807
				380,981
		AUTOMOTIVE - 0.0%^(a)
	1,406	Tenneco, Inc., Class A^(b)		27,164
	361	Velodyne Lidar, Inc.^(b)		3,841
				31,005
		BANKING - 3.6%
	75	Ameris Bancorp		3,797

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BANKING - 3.6% (Continued)
	331	Associated Banc-Corporation	$	6,779
	157	BancorpSouth Bank		4,448
	13,260	Bank of America Corporation		546,710
	44	Bank of Hawaii Corporation		3,706
	143	Bank OZK		6,029
	162	BankUnited, Inc.		6,916
	90	BOK Financial Corporation		7,794
	95	Cathay General Bancorp		3,739
	255	CIT Group, Inc.		13,155
	2,999	Citigroup, Inc.		212,179
	901	Citizens Financial Group, Inc.		41,329
	276	Comerica, Inc.		19,690
	87	Commerce Bancshares, Inc.		6,487
	61	Cullen/Frost Bankers, Inc.		6,832
	128	East West Bancorp, Inc.		9,176
	1,176	Fifth Third Bancorp		44,958
	10	First Citizens BancShares, Inc., Class A		8,327
	151	First Hawaiian, Inc.		4,279
	624	First Horizon Corporation		10,783
	179	First Midwest Bancorp, Inc.		3,550
	89	First Republic Bank		16,658
	142	Flagstar Bancorp, Inc.		6,002
	524	FNB Corporation		6,461
	293	Fulton Financial Corporation		4,624
	136	Hancock Whitney Corporation		6,044
	299	Hilltop Holdings, Inc.		10,884
	154	Home BancShares, Inc.		3,801
	1,800	Huntington Bancshares, Inc.		25,686
	328	Investors Bancorp, Inc.		4,677
	3,723	JPMorgan Chase & Company		579,074
	2,015	KeyCorporation		41,610
	242	M&T Bank Corporation		35,165
	821	New York Community Bancorp, Inc.		9,047
	228	Old National Bancorp		4,015

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BANKING - 3.6% (Continued)
	136	PacWest Bancorp	$	5,598
	551	People’s United Financial, Inc.		9,444
	57	Pinnacle Financial Partners, Inc.		5,033
	1,059	PNC Financial Services Group, Inc.		202,015
	71	Prosperity Bancshares, Inc.		5,098
	2,005	Regions Financial Corporation		40,461
	28	Signature Bank		6,878
	130	Simmons First National Corporation, Class A		3,814
	44	South State Corporation		3,597
	213	Sterling Bancorp		5,280
	29	SVB Financial Group^(b)		16,136
	212	Synovus Financial Corporation		9,303
	88	Texas Capital Bancshares, Inc.^(b)		5,587
	1,318	Truist Financial Corporation		73,149
	80	UMB Financial Corporation		7,445
	316	Umpqua Holdings Corporation		5,830
	120	United Bankshares, Inc.		4,380
	1,971	US Bancorp		112,288
	451	Valley National Bancorp		6,057
	110	Washington Federal, Inc.		3,496
	124	Webster Financial Corporation		6,614
	8,819	Wells Fargo & Company		399,413
	65	Western Alliance Bancorp		6,035
	106	Wintrust Financial Corporation		8,017
	280	Zions Bancorp NA		14,801
				2,690,180
		BEVERAGES - 1.7%
	3,149	Coca-Cola Company		170,392
	3,197	Keurig Dr Pepper, Inc.		112,662
	6,757	PepsiCo, Inc.		1,001,185
				1,284,239
		BIOTECH & PHARMA - 14.8%
	93	4D Molecular Therapeutics, Inc.^(b)		2,239
	9,272	AbbVie, Inc.		1,044,397

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BIOTECH & PHARMA - 14.8% (Continued)
	533	ACADIA Pharmaceuticals, Inc.^(b)	$	13,000
	200	Acceleron Pharma, Inc.^(b)		25,098
	172	Aerie Pharmaceuticals, Inc.^(b)		2,754
	768	Agenus, Inc.^(b)		4,216
	238	Agios Pharmaceuticals, Inc.^(b)		13,116
	1,005	Akebia Therapeutics, Inc.^(b)		3,809
	83	Akoya Biosciences, Inc.^(b)		1,605
	58	Albireo Pharma, Inc.^(b)		2,040
	239	Alector, Inc.^(b)		4,978
	908	Alexion Pharmaceuticals, Inc.^(b)		166,809
	195	Allakos, Inc.^(b)		16,647
	407	Allogene Therapeutics, Inc.^(b)		10,615
	337	Alnylam Pharmaceuticals, Inc.^(b)		57,128
	376	ALX Oncology Holdings, Inc.^(b)		20,560
	2,918	Amgen, Inc.		711,262
	912	Amicus Therapeutics, Inc.^(b)		8,792
	284	Amphastar Pharmaceuticals, Inc.^(b)		5,725
	109	AnaptysBio, Inc.^(b)		2,826
	86	Anika Therapeutics, Inc.^(b)		3,723
	482	Antares Pharma, Inc.^(b)		2,102
	219	Apellis Pharmaceuticals, Inc.^(b)		13,841
	78	Arcturus Therapeutics Holdings, Inc.^(b)		2,640
	210	Arcus Biosciences, Inc.^(b)		5,767
	332	Ardelyx, Inc.^(b)		2,517
	260	Arena Pharmaceuticals, Inc.^(b)		17,732
	329	Arrowhead Pharmaceuticals, Inc.^(b)		27,248
	300	Atea Pharmaceuticals, Inc.^(b)		6,444
	309	Avid Bioservices, Inc.^(b)		7,926
	104	Avidity Biosciences, Inc.^(b)		2,570
	106	Axsome Therapeutics, Inc.^(b)		7,151
	115	Beam Therapeutics, Inc.^(b)		14,802
	122	BioAtla, Inc.^(b)		5,170
	487	BioCryst Pharmaceuticals, Inc.^(b)		7,699
	1,021	Biogen, Inc.^(b)		353,541

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BIOTECH & PHARMA - 14.8% (Continued)
	157	Biohaven Pharmaceutical Holding Company Ltd.^(b)	$	15,242
	545	BioMarin Pharmaceutical, Inc.^(b)		45,475
	307	Bluebird Bio, Inc.^(b)		9,818
	288	Blueprint Medicines Corporation^(b)		25,332
	144	Bolt Biotherapeutics, Inc.^(b)		2,226
	436	Bridgebio Pharma, Inc.^(b)		26,579
	14,847	Bristol-Myers Squibb Company		992,076
	165	C4 Therapeutics, Inc.^(b)		6,244
	185	Cara Therapeutics, Inc.^(b)		2,640
	388	Catalyst Pharmaceuticals, Inc.^(b)		2,231
	167	ChemoCentryx, Inc.^(b)		2,236
	285	Chimerix, Inc.^(b)		2,280
	387	Clovis Oncology, Inc.^(b)		2,245
	410	Coherus Biosciences, Inc.^(b)		5,670
	460	Corcept Therapeutics, Inc.^(b)		10,120
	104	Crinetics Pharmaceuticals, Inc.^(b)		1,960
	551	Curis, Inc.^(b)		4,447
	340	Cytokinetics, Inc.^(b)		6,729
	648	CytomX Therapeutics, Inc.^(b)		4,102
	184	Deciphera Pharmaceuticals, Inc.^(b)		6,736
	282	Denali Therapeutics, Inc.^(b)		22,120
	209	Dicerna Pharmaceuticals, Inc.^(b)		7,800
	301	Dynavax Technologies Corporation^(b)		2,965
	49	Eagle Pharmaceuticals, Inc.^(b)		2,097
	156	Editas Medicine, Inc.^(b)		8,836
	3,515	Eli Lilly and Company		806,762
	291	Emergent BioSolutions, Inc.^(b)		18,330
	217	Enanta Pharmaceuticals, Inc.^(b)		9,550
	363	Epizyme, Inc.^(b)		3,017
	200	Esperion Therapeutics, Inc.^(b)		4,230
	1,963	Exelixis, Inc.^(b)		35,766
	283	Fate Therapeutics, Inc.^(b)		24,562
	388	FibroGen, Inc.^(b)		10,332
	380	Finch Therapeutics Group, Inc.^(b)		5,347

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BIOTECH & PHARMA - 14.8% (Continued)
	193	Forma Therapeutics Holdings, Inc.^(b)	$	4,804
	8,163	Gilead Sciences, Inc.		562,103
	209	Global Blood Therapeutics, Inc.^(b)		7,319
	54	Guardant Health, Inc.^(b)		6,706
	807	Halozyme Therapeutics, Inc.^(b)		36,646
	195	Harmony Biosciences Holdings, Inc.^(b)		5,505
	152	Harpoon Therapeutics, Inc.^(b)		2,108
	323	Heron Therapeutics, Inc.^(b)		5,013
	196	Hookipa Pharma, Inc.^(b)		1,795
	93	IGM Biosciences, Inc.^(b)		7,738
	956	ImmunoGen, Inc.^(b)		6,300
	465	Immunovant, Inc.^(b)		4,915
	1,093	Incyte Corporation^(b)		91,954
	78	Inhibrx, Inc.^(b)		2,147
	340	Innoviva, Inc.^(b)		4,559
	529	Inovio Pharmaceuticals, Inc.^(b)		4,904
	352	Insmed, Inc.^(b)		10,018
	93	Intellia Therapeutics, Inc.^(b)		15,058
	143	Intercept Pharmaceuticals, Inc.^(b)		2,856
	106	Intersect ENT, Inc.^(b)		1,812
	242	Intra-Cellular Therapies, Inc.^(b)		9,878
	561	Ionis Pharmaceuticals, Inc.^(b)		22,378
	494	Iovance Biotherapeutics, Inc.^(b)		12,854
	1,640	Ironwood Pharmaceuticals, Inc.^(b)		21,107
	9,144	Johnson & Johnson		1,506,382
	543	Kadmon Holdings, Inc.^(b)		2,101
	95	KalVista Pharmaceuticals, Inc.^(b)		2,276
	97	Karuna Therapeutics, Inc.^(b)		11,057
	230	Karyopharm Therapeutics, Inc.^(b)		2,374
	90	Keros Therapeutics, Inc.^(b)		3,822
	139	Kinnate Biopharma, Inc.^(b)		3,236
	154	Kodiak Sciences, Inc.^(b)		14,322
	259	Kura Oncology, Inc.^(b)		5,400
	144	Kymera Therapeutics, Inc.^(b)		6,984

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BIOTECH & PHARMA - 14.8% (Continued)
	638	Lexicon Pharmaceuticals, Inc.^(b)	$	2,928
	73	Ligand Pharmaceuticals, Inc.^(b)		9,577
	410	MacroGenics, Inc.^(b)		11,013
	76	Madrigal Pharmaceuticals, Inc.^(b)		7,403
	994	MannKind Corporation^(b)		5,417
	2,393	Maravai LifeSciences Holdings, Inc.^(b)		99,860
	106	Marinus Pharmaceuticals, Inc.^(b)		1,902
	122	MeiraGTx Holdings PLC^(b)		1,891
	11,754	Merck & Company, Inc.		914,108
	279	Mersana Therapeutics, Inc.^(b)		3,789
	164	Mirati Therapeutics, Inc.^(b)		26,491
	932	Moderna, Inc.^(b)		219,001
	104	Morphic Holding, Inc.^(b)		5,969
	1,400	Nektar Therapeutics^(b)		24,024
	488	Neurocrine Biosciences, Inc.^(b)		47,492
	454	NGM Biopharmaceuticals, Inc.^(b)		8,953
	87	Nkarta, Inc.^(b)		2,757
	157	Novavax, Inc., Class A^(b)		33,333
	168	Nurix Therapeutics, Inc.^(b)		4,457
	717	Ocugen, Inc.^(b)		5,758
	231	Ocular Therapeutix, Inc.^(b)		3,276
	302	Omeros Corporation^(b)		4,482
	215	Organogenesis Holdings, Inc.^(b)		3,573
	195	Pacira BioSciences, Inc.^(b)		11,833
	34,654	Pfizer, Inc.		1,357,050
	148	Pliant Therapeutics, Inc.^(b)		4,310
	389	PMV Pharmaceuticals, Inc.^(b)		13,288
	168	Praxis Precision Medicines, Inc.^(b)		3,071
	759	Precigen, Inc.^(b)		4,949
	297	Prestige Consumer Healthcare, Inc.^(b)		15,474
	224	Prometheus Biosciences, Inc.^(b)		5,501
	109	Protagonist Therapeutics, Inc.^(b)		4,892
	269	PTC Therapeutics, Inc.^(b)		11,371
	210	Radius Health, Inc.^(b)		3,830

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BIOTECH & PHARMA - 14.8% (Continued)
	53	RAPT Therapeutics, Inc.^(b)	$	1,685
	330	Recursion Pharmaceuticals, Inc.^(b)		12,045
	520	Regeneron Pharmaceuticals, Inc.^(b)		290,441
	197	REGENXBIO, Inc.^(b)		7,653
	240	Relay Therapeutics, Inc.^(b)		8,782
	222	Revance Therapeutics, Inc.^(b)		6,580
	268	REVOLUTION Medicines, Inc.^(b)		8,506
	572	Rigel Pharmaceuticals, Inc.^(b)		2,482
	193	Rocket Pharmaceuticals, Inc.^(b)		8,548
	4,277	Royalty Pharma PLC		175,314
	385	Sage Therapeutics, Inc.^(b)		21,872
	550	Sangamo Therapeutics, Inc.^(b)		6,584
	310	Sarepta Therapeutics, Inc.^(b)		24,099
	116	Scholar Rock Holding Corporation^(b)		3,352
	666	Seagen, Inc.^(b)		105,148
	134	Shattuck Labs, Inc.^(b)		3,885
	460	SIGA Technologies, Inc.^(b)		2,889
	667	Sorrento Therapeutics, Inc.^(b)		6,463
	136	SpringWorks Therapeutics, Inc.^(b)		11,208
	281	Supernus Pharmaceuticals, Inc.^(b)		8,652
	231	Sutro Biopharma, Inc.^(b)		4,294
	170	Syndax Pharmaceuticals, Inc.^(b)		2,919
	425	TG Therapeutics, Inc.^(b)		16,486
	169	Translate Bio, Inc.^(b)		4,654
	325	Travere Therapeutics, Inc.^(b)		4,742
	161	Turning Point Therapeutics, Inc.^(b)		12,561
	108	Twist Bioscience Corporation^(b)		14,391
	305	Ultragenyx Pharmaceutical, Inc.^(b)		29,082
	250	United Therapeutics Corporation^(b)		44,853
	235	Vanda Pharmaceuticals, Inc.^(b)		5,055
	388	Vaxart, Inc.^(b)		2,906
	409	Verastem, Inc.^(b)		1,665
	1,383	Vertex Pharmaceuticals, Inc.^(b)		278,854
	272	Veru, Inc.^(b)		2,195

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		BIOTECH & PHARMA - 14.8% (Continued)
	314	Viatris, Inc.	$	4,487
	435	Vir Biotechnology, Inc.^(b)		20,567
	117	XBiotech, Inc.^(b)		1,938
	354	Xencor, Inc.^(b)		12,209
	146	Y-mAbs Therapeutics, Inc.^(b)		4,935
	200	Zogenix, Inc.^(b)		3,456
				11,214,482
		CABLE & SATELLITE - 1.2%
	553	Altice USA, Inc., Class A^(b)		18,879
	2	Cable One, Inc.		3,826
	275	Charter Communications, Inc., Class A^(b)		198,399
	10,761	Comcast Corporation, Class A		613,592
	1,045	DISH Network Corporation, Class A^(b)		43,681
	310	Liberty Broadband Corporation - Series A^(b)		52,133
	171	WideOpenWest, Inc.^(b)		3,541
				934,051
		CHEMICALS - 6.6%
	3,823	American Vanguard Corporation		66,941
	10,624	CF Industries Holdings, Inc.		546,605
	55,956	Corteva, Inc.		2,481,649
	358	CVR Partners, L.P.^(b)		22,171
	3,659	Ecolab, Inc.		753,644
	5,715	FMC Corporation		618,363
	219	International Flavors & Fragrances, Inc.		32,719
	58	Minerals Technologies, Inc.		4,563
	14,607	Mosaic Company		466,109
	18	Rogers Corporation^(b)		3,614
				4,996,378
		COMMERCIAL SUPPORT SERVICES - 0.7%
	407	ABM Industries, Inc.		18,050
	400	ADT, Inc.		4,316
	462	Advantage Solutions, Inc.^(b)		4,985
	98	AMN Healthcare Services, Inc.^(b)		9,504
	654	Aramark		24,362

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		COMMERCIAL SUPPORT SERVICES - 0.7% (Continued)
	130	ASGN, Inc.^(b)	$	12,601
	63	Barrett Business Services, Inc.		4,574
	104	Brady Corporation, Class A		5,828
	60	Brink’s Company		4,610
	101	Cintas Corporation		38,582
	110	CorVel Corporation^(b)		14,773
	175	Deluxe Corporation		8,360
	183	Forrester Research, Inc.^(b)		8,381
	76	FTI Consulting, Inc.^(b)		10,382
	482	H&R Block, Inc.		11,317
	75	Huron Consulting Group, Inc.^(b)		3,686
	215	Insperity, Inc.		19,430
	913	Kelly Services, Inc., Class A^(b)		21,885
	93	Kforce, Inc.		5,852
	106	Korn Ferry		7,690
	711	ManpowerGroup, Inc.		84,546
	2,056	R1 RCM, Inc.^(b)		45,725
	278	Robert Half International, Inc.		24,734
	70	Schnitzer Steel Industries, Inc., Class A		3,434
	2,198	SP Plus Corporation^(b)		67,237
	280	Stericycle, Inc.^(b)		20,034
	258	TriNet Group, Inc.^(b)		18,700
	345	TrueBlue, Inc.^(b)		9,698
	41	UniFirst Corporation		9,620
	322	Viad Corporation^(b)		16,052
				538,948
		CONSTRUCTION MATERIALS - 0.0%^(a)
	50	Carlisle Companies, Inc.		9,569


		CONSUMER SERVICES - 0.1%
	111	Adtalem Global Education, Inc.^(b)		3,956
	33	Bright Horizons Family Solutions, Inc.^(b)		4,855
	13	Graham Holdings Company, Class B		8,240
	155	Matthews International Corporation, Class A		5,574

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		CONSUMER SERVICES - 0.1% (Continued)
	14	Medifast, Inc.	$	3,962
	100	Rent-A-Center, Inc.		5,307
	135	Service Corp International		7,235
	117	WW International, Inc.^(b)		4,228
				43,357
		CONTAINERS & PACKAGING - 0.0%^(a)
	213	Sealed Air Corporation		12,620

		DATA CENTER REIT - 0.1%
	54	CyrusOne, Inc.		3,862
	125	Digital Realty Trust, Inc.		18,808
	23	Equinix, Inc.		18,460
				41,130
		DIVERSIFIED INDUSTRIALS - 2.3%
	1,803	3M Company		358,130
	58	Dover Corporation		8,735
	100,581	General Electric Company		1,353,820
	170	Honeywell International, Inc.		37,290
	58	Illinois Tool Works, Inc.		12,966
				1,770,941
		E-COMMERCE DISCRETIONARY - 0.4%
	1,159	1-800-Flowers.com, Inc., Class A^(b)		36,937
	73	Amazon.com, Inc.^(b)		251,131
	63	Chewy, Inc.^(b)		5,022
	389	eBay, Inc.		27,312
	42	Wayfair, Inc., Class A^(b)		13,260
				333,662
		ELECTRICAL EQUIPMENT - 0.6%
	35	Acuity Brands, Inc.		6,546
	50	AMETEK, Inc.		6,675
	547	Amphenol Corporation, Class A		37,420
	155	Belden, Inc.		7,838
	135	Carrier Global Corporation		6,561
	40	Cognex Corporation		3,362

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		ELECTRICAL EQUIPMENT - 0.6% (Continued)
	1,525	Fortive Corporation	$	106,353
	12	Generac Holdings, Inc.^(b)		4,982
	58	Hubbell, Inc.		10,837
	73	Itron, Inc.^(b)		7,299
	98	Keysight Technologies, Inc.^(b)		15,132
	1,325	Kimball Electronics, Inc.^(b)		28,806
	14	Littelfuse, Inc.		3,567
	119	National Instruments Corporation		5,031
	124	Novanta, Inc.^(b)		16,710
	120	OSI Systems, Inc.^(b)		12,197
	75	Rockwell Automation, Inc.		21,452
	35	Roper Technologies, Inc.		16,457
	83	Trimble, Inc.^(b)		6,792
	644	Watts Water Technologies, Inc., Class A		93,966
				417,983
		ENGINEERING & CONSTRUCTION - 0.2%
	361	Dycom Industries, Inc.^(b)		26,905
	63	EMCOR Group, Inc.		7,761
	402	Jacobs Engineering Group, Inc.		53,635
	452	Tetra Tech, Inc.		55,162
				143,463
		ENTERTAINMENT CONTENT - 0.6%
	852	Activision Blizzard, Inc.		81,314
	118	AMC Networks, Inc., Class A^(b)		7,882
	1,067	Discovery, Inc. - Series A^(b)		32,736
	114	Electronic Arts, Inc.		16,397
	439	Endeavor Group Holdings, Inc.^(b)		12,165
	1,032	Fox Corporation, Class B		36,326
	551	Lions Gate Entertainment Corporation, Class A^(b)		11,406
	350	MSG Networks, Inc., Class A^(b)		5,103
	215	ROBLOX Corporation^(b)		19,346
	83	Take-Two Interactive Software, Inc.^(b)		14,693
	1,135	ViacomCBS, Inc.		54,991
	641	Walt Disney Company^(b)		112,668

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		ENTERTAINMENT CONTENT - 0.6% (Continued)
	467	Warner Music Group Corporation	$	16,831
	1,554	Zynga, Inc., Class A^(b)		16,519
				438,377
		FOOD - 3.7%
	996	B&G Foods, Inc.		32,669
	2,648	Campbell Soup Company		120,722
	8,807	Conagra Brands, Inc.		320,399
	319	Darling Ingredients, Inc.^(b)		21,533
	6,311	Flowers Foods, Inc.		152,726
	5,670	Fresh Del Monte Produce, Inc.		186,430
	5,729	General Mills, Inc.		349,067
	814	Hain Celestial Group, Inc.^(b)		32,658
	257	Hershey Company		44,764
	773	Hostess Brands, Inc.^(b)		12,515
	693	Ingredion, Inc.		62,717
	304	J & J Snack Foods Corporation		53,021
	1,594	J M Smucker Company		206,535
	82	John B Sanfilippo & Son, Inc.		7,263
	5,430	Kellogg Company		349,311
	2,420	Lamb Weston Holdings, Inc.		195,197
	140	Lancaster Colony Corporation		27,091
	328	Mission Produce, Inc.^(b)		6,793
	7,068	Mondelez International, Inc., Class A		441,325
	609	Post Holdings, Inc.^(b)		66,058
	3,207	TreeHouse Foods, Inc.^(b)		142,776
	230	Utz Brands, Inc.		5,012
				2,836,582
		FORESTRY, PAPER & WOOD PRODUCTS - 0.0%^(a)
	308	Glatfelter Corporation		4,303


		GAS & WATER UTILITIES - 2.8%
	1,805	American States Water Company		143,606
	7,927	American Water Works Company, Inc.		1,221,788
	4,197	California Water Service Group		233,101

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		GAS & WATER UTILITIES - 2.8% (Continued)
	6,960	Essential Utilities, Inc.	$	318,072
	272	Middlesex Water Company		22,231
	2,201	SJW Group		139,323
	322	York Water Company		14,587
				2,092,708
		HEALTH CARE FACILITIES & SERVICES -12.3%
	458	Acadia Healthcare Company, Inc.^(b)		28,740
	159	AdaptHealth Corporation^(b)		4,358
	72	Addus HomeCare Corporation^(b)		6,281
	1,200	Agiliti, Inc.^(b)		26,244
	636	agilon health, Inc.^(b)		25,803
	70	Amedisys, Inc.^(b)		17,145
	1,544	AmerisourceBergen Corporation		176,773
	480	Anthem, Inc.		183,264
	215	Apollo Medical Holdings, Inc.^(b)		13,504
	1,202	Aveanna Healthcare Holdings, Inc.^(b)		14,869
	9,286	Brookdale Senior Living, Inc.^(b)		73,359
	10,049	Cardinal Health, Inc.		573,697
	697	Catalent, Inc.^(b)		75,360
	1,616	Centene Corporation^(b)		117,855
	328	Charles River Laboratories International, Inc.^(b)		121,334
	31	Chemed Corporation		14,710
	25,475	Community Health Systems, Inc.^(b)		393,334
	4,593	CVS Health Corporation		383,240
	1,245	DaVita, Inc.^(b)		149,935
	613	Encompass Health Corporation		47,832
	267	Ensign Group, Inc.		23,141
	61	Fulgent Genetics, Inc.^(b)		5,626
	916	Hanger, Inc.^(b)		23,156
	6,153	HCA Healthcare, Inc.		1,272,070
	650	Henry Schein, Inc.^(b)		48,224
	257	Humana, Inc.		113,779
	273	Innovage Holding Corporation^(b)		5,818
	208	Invitae Corporation^(b)		7,016

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		HEALTH CARE FACILITIES & SERVICES - 12.3% (Continued)
	2,839	IQVIA Holdings, Inc.^(b)	$	687,946
	2,498	Laboratory Corp of America Holdings^(b)		689,073
	81	LHC Group, Inc.^(b)		16,221
	113	Magellan Health, Inc.^(b)		10,645
	3,787	McKesson Corporation		724,226
	2,732	MEDNAX, Inc.^(b)		82,370
	257	Medpace Holdings, Inc.^(b)		45,394
	130	Molina Healthcare, Inc.^(b)		32,898
	83	National HealthCare Corporation		5,802
	387	NeoGenomics, Inc.^(b)		17,481
	5,657	OPKO Health, Inc.^(b)		22,911
	1,733	Option Care Health, Inc.^(b)		37,901
	1,912	Ortho Clinical Diagnostics Holdings PLC^(b)		40,936
	2,520	Owens & Minor, Inc.		106,672
	902	Patterson Companies, Inc.		27,412
	87	Pennant Group, Inc. (The)^(b)		3,558
	127	Personalis, Inc.^(b)		3,213
	5,423	PPD, Inc.^(b)		249,946
	1,110	PRA Health Sciences, Inc.^(b)		183,383
	1,081	Premier, Inc., Class A		37,608
	3,315	Quest Diagnostics, Inc.		437,481
	1,605	RadNet, Inc.^(b)		54,072
	2,149	Select Medical Holdings Corporation		90,817
	41	SI-BONE, Inc.^(b)		1,290
	388	Sotera Health Company^(b)		9,401
	686	Surgery Partners, Inc.^(b)		45,701
	2,721	Syneos Health, Inc.^(b)		243,502
	73	Teladoc Health, Inc.^(b)		12,139
	6,940	Tenet Healthcare Corporation^(b)		464,911
	585	Tivity Health, Inc.^(b)		15,391
	1,618	UnitedHealth Group, Inc.		647,912
	1,998	Universal Health Services, Inc., Class B		292,567
	54	US Physical Therapy, Inc.		6,257
				9,293,504

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		HEALTH CARE REIT - 0.3%
	13,450	Diversified Healthcare Trust	$	56,221
	403	Healthcare Realty Trust, Inc.		12,171
	513	Healthpeak Properties, Inc.		17,078
	314	Medical Properties Trust, Inc.		6,311
	118	Omega Healthcare Investors, Inc.		4,282
	344	Ventas, Inc.		19,642
	1,028	Welltower, Inc.		85,427
				201,132
		HOME & OFFICE PRODUCTS - 0.1%
	66	Scotts Miracle-Gro Company		12,667
	182	Whirlpool Corporation		39,679
				52,346
		HOME CONSTRUCTION - 0.2%
	341	Beazer Homes USA, Inc.^(b)		6,578
	108	Century Communities, Inc.		7,186
	137	Dream Finders Homes, Inc.^(b)		3,347
	55	Fortune Brands Home & Security, Inc.		5,479
	69	Hovnanian Enterprises, Inc.^(b)		7,334
	367	KB Home		14,944
	35	LGI Homes, Inc.^(b)		5,668
	137	M/I Homes, Inc.^(b)		8,038
	158	Masco Corporation		9,308
	217	MDC Holdings, Inc.		10,980
	135	Meritage Homes Corporation^(b)		12,701
	597	Taylor Morrison Home Corporation^(b)		15,773
	402	Toll Brothers, Inc.		23,239
	494	Tri Pointe Homes, Inc.^(b)		10,586
				141,161
		HOTEL REIT - 0.1%
	325	Apple Hospitality REIT, Inc.		4,960
	1,772	Host Hotels & Resorts, Inc.^(b)		30,283
	564	Park Hotels & Resorts, Inc.^(b)		11,624
	155	Pebblebrook Hotel Trust		3,650
	354	RLJ Lodging Trust		5,391

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		HOTEL REIT - 0.1% (Continued)
	61	Ryman Hospitality Properties, Inc.^(b)	$	4,817
	350	Sunstone Hotel Investors, Inc.^(b)		4,347
	211	Xenia Hotels & Resorts, Inc.^(b)		3,952
				69,024
		HOUSEHOLD PRODUCTS - 3.6%
	465	Central Garden & Pet Company^(b)		24,612
	2,029	Church & Dwight Company, Inc.		172,911
	1,882	Clorox Company		338,591
	5,447	Colgate-Palmolive Company		443,113
	1,200	Energizer Holdings, Inc.		51,576
	249	Estee Lauder Companies, Inc., Class A		79,202
	1,263	Kimberly-Clark Corporation		168,964
	9,811	Procter & Gamble Company		1,323,799
	1,677	Spectrum Brands Holdings, Inc.		142,612
				2,745,380
		INDUSTRIAL INTERMEDIATE PROD - 0.1%
	113	Timken Company		9,107
	139	Valmont Industries, Inc.		32,811
				41,918
		INDUSTRIAL REIT - 0.1%
	411	Americold Realty Trust		15,556
	117	Duke Realty Corporation		5,540
	139	Prologis, Inc.		16,615
				37,711
		INDUSTRIAL SUPPORT SERVICES - 0.1%
	24	AMERCO		14,146
	59	Applied Industrial Technologies, Inc.		5,373
	147	Fastenal Company		7,644
	68	MSC Industrial Direct Company, Inc., Class A		6,102
	244	Resideo Technologies, Inc.^(b)		7,320
	26	SiteOne Landscape Supply, Inc.^(b)		4,401
	55	United Rentals, Inc.^(b)		17,545
	25	Watsco, Inc.		7,166
	51	WESCO International, Inc.^(b)		5,244

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		INDUSTRIAL SUPPORT SERVICES - 0.1% (Continued)
	53	WW Grainger, Inc.	$	23,213
				98,154
		INFRASTRUCTURE REIT - 0.2%
	218	American Tower Corporation		58,891
	296	Crown Castle International Corporation		57,750
	47	SBA Communications Corporation		14,979
				131,620
		INSTITUTIONAL FINANCIAL SERVICES - 1.3%
	2,075	Bank of New York Mellon Corporation		106,302
	1,786	BGC Partners, Inc., Class A		10,127
	105	Cboe Global Markets, Inc.		12,500
	498	CME Group, Inc.		105,915
	199	Cowen, Inc., Class A		8,169
	139	Evercore, Inc., Class A		19,567
	661	Goldman Sachs Group, Inc.		250,870
	141	Houlihan Lokey, Inc.		11,532
	144	Interactive Brokers Group, Inc., Class A		9,465
	325	Intercontinental Exchange, Inc.		38,578
	1,671	Jefferies Financial Group, Inc.		57,148
	409	Lazard Ltd., Class A		18,507
	145	Moelis & Company, Class A		8,249
	2,047	Morgan Stanley		187,690
	143	Nasdaq, Inc.		25,139
	199	Northern Trust Corporation		23,008
	58	Piper Sandler Cos		7,514
	94	PJT Partners, Inc., Class A		6,710
	81	SEI Investments Company		5,020
	656	State Street Corporation		53,976
	393	StoneX Group, Inc.^(b)		23,843
	43	Tradeweb Markets, Inc., Class A		3,636
				993,465
		INSURANCE - 1.8%
	887	Aflac, Inc.		47,596
	1,038	Allstate Corporation		135,397

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		INSURANCE - 1.8% (Continued)
	177	American Equity Investment Life Holding Company	$	5,721
	176	American Financial Group, Inc.		21,951
	770	American International Group, Inc.		36,652
	65	American National Group, Inc.		9,656
	121	Arthur J Gallagher & Company		16,950
	157	Assurant, Inc.		24,520
	183	Brighthouse Financial, Inc.^(b)		8,334
	133	Brown & Brown, Inc.		7,068
	196	Cincinnati Financial Corporation		22,858
	76	CNA Financial Corporation		3,457
	324	CNO Financial Group, Inc.		7,653
	888	Equitable Holdings, Inc.		27,040
	38	Erie Indemnity Company, Class A		7,347
	4,422	Genworth Financial, Inc., Class A^(b)		17,246
	111	Globe Life, Inc.		10,573
	117	Hanover Insurance Group, Inc.		15,870
	895	Hartford Financial Services Group, Inc.		55,463
	92	Horace Mann Educators Corporation		3,443
	160	Kemper Corporation		11,824
	618	Lincoln National Corporation		38,835
	977	Loews Corporation		53,393
	20	Markel Corporation^(b)		23,734
	449	Marsh & McLennan Companies, Inc.		63,165
	176	Mercury General Corporation		11,431
	1,965	MetLife, Inc.		117,605
	986	Old Republic International Corporation		24,561
	637	Principal Financial Group, Inc.		40,252
	1,115	Progressive Corporation		109,504
	1,473	Prudential Financial, Inc.		150,938
	252	Radian Group, Inc.		5,607
	300	Reinsurance Group of America, Inc.		34,200
	107	Selective Insurance Group, Inc.		8,683
	245	State Auto Financial Corporation		4,194
	674	Travelers Companies, Inc.		100,905

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		INSURANCE - 1.8% (Continued)
	121	United Fire Group, Inc.	$	3,355
	830	Unum Group		23,572
	406	Voya Financial, Inc.		24,969
	565	W R Berkley Corporation		42,053
	4	White Mountains Insurance Group Ltd.		4,592
				1,382,167
		INTERNET MEDIA & SERVICES - 4.8%
	38	Airbnb, Inc.^(b)		5,819
	1,239	Alphabet, Inc., Class A^(b)		3,025,378
	21	Booking Holdings, Inc.^(b)		45,950
	175	Expedia Group, Inc. ^(b)		28,649
	928	Facebook, Inc., Class A^(b)		322,675
	135	GoDaddy, Inc., Class A^(b)		11,740
	602	IAC/InterActiveCorporation^(b)		92,810
	128	Netflix, Inc.^(b)		67,611
	58	Pinterest, Inc., Class A^(b)		4,579
	169	Snap, Inc., Class A^(b)		11,516
	148	Twitter, Inc.^(b)		10,184
	32	VeriSign, Inc.^(b)		7,286
				3,634,197
		LEISURE FACILITIES & SERVICES - 0.5%
	190	AMC Entertainment Holdings, Inc., Class A^(b)		10,769
	88	Cedar Fair, L.P.^(b)		3,945
	39	Choice Hotels International, Inc.		4,636
	279	Cinemark Holdings, Inc.^(b)		6,124
	178	Hilton Grand Vacations, Inc.^(b)		7,367
	321	Hilton Worldwide Holdings, Inc.^(b)		38,719
	235	Hyatt Hotels Corporation, Class A^(b)		18,245
	171	Live Nation Entertainment, Inc.^(b)		14,978
	38	Madison Square Garden Sports Corporation^(b)		6,558
	624	Marriott International, Inc., Class A^(b)		85,188
	74	Marriott Vacations Worldwide Corporation^(b)		11,788
	69	SeaWorld Entertainment, Inc.^(b)		3,446
	1,000	Starbucks Corporation		111,811

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		LEISURE FACILITIES & SERVICES - 0.5% (Continued)
	305	Travel + Leisure Company	$	18,132
	28	Vail Resorts, Inc.^(b)		8,863
	97	Wyndham Hotels & Resorts, Inc.		7,012
				357,581
		LEISURE PRODUCTS - 0.0%^(a)
	68	Hasbro, Inc.		6,427

		MACHINERY - 3.6%
	3,067	AGCO Corporation		399,875
	159	Alamo Group, Inc.		24,276
	1,890	Colfax Corporation^(b)		86,581
	2,993	Deere & Company		1,055,661
	385	Energy Recovery, Inc.^(b)		8,770
	3,240	Evoqua Water Technologies Corporation^(b)		109,447
	137	Flowserve Corporation		5,524
	997	Franklin Electric Company, Inc.		80,378
	45	Graco, Inc.		3,407
	141	Hillenbrand, Inc.		6,215
	242	Hyster-Yale Materials Handling, Inc., Class A		17,661
	21	IDEX Corporation		4,621
	116	Ingersoll Rand, Inc.^(b)		5,662
	298	Lindsay Corporation		49,253
	41	Nordson Corporation		9,000
	89	Parker-Hannifin Corporation		27,333
	57	Regal Beloit Corporation		7,610
	57	SPX FLOW, Inc.		3,719
	59	Standex International Corporation		5,600
	70	Stanley Black & Decker, Inc.		14,349
	6,959	Xylem, Inc.		834,802
				2,759,744
		MEDICAL EQUIPMENT & DEVICES - 5.5%
	17	10X Genomics, Inc., Class A^(b)		3,329
	1,719	Abbott Laboratories		199,284
	42	ABIOMED, Inc.^(b)		13,109

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		MEDICAL EQUIPMENT & DEVICES - 5.5% (Continued)
	146	Adaptive Biotechnologies Corporation^(b)	$	5,966
	499	Agilent Technologies, Inc.		73,757
	17	Align Technology, Inc.^(b)		10,387
	184	Alphatec Holdings, Inc.^(b)		2,819
	268	AngioDynamics, Inc.^(b)		7,271
	259	Apria, Inc.^(b)		7,252
	334	Aspira Women’s Health, Inc.^(b)		1,877
	56	AtriCure, Inc.^(b)		4,442
	5	Atrion Corporation		3,105
	539	Avanos Medical, Inc.^(b)		19,603
	2,766	Avantor, Inc.^(b)		98,221
	85	Axogen, Inc.^(b)		1,837
	3,711	Baxter International, Inc.		298,736
	1,708	Becton Dickinson and Company		415,368
	82	BioLife Solutions, Inc.^(b)		3,650
	202	Bionano Genomics, Inc.^(b)		1,481
	106	Bio-Rad Laboratories, Inc., Class A^(b)		68,295
	127	Bio-Techne Corporation		57,183
	115	Bioventus, Inc.^(b)		2,024
	6,548	Boston Scientific Corporation^(b)		279,992
	300	Bruker Corporation		22,794
	118	Cardiovascular Systems, Inc.^(b)		5,033
	115	CareDx, Inc.^(b)		10,525
	185	Castle Biosciences, Inc.^(b)		13,566
	261	Cerus Corporation^(b)		1,543
	144	CONMED Corporation		19,790
	68	Cooper Companies, Inc.		26,946
	191	CryoLife, Inc.^(b)		5,424
	898	Danaher Corporation		240,987
	167	DENTSPLY SIRONA, Inc.		10,564
	57	DermTech, Inc.^(b)		2,369
	51	DexCom, Inc.^(b)		21,777
	862	Edwards Lifesciences Corporation^(b)		89,277
	303	Envista Holdings Corporation^(b)		13,093

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		MEDICAL EQUIPMENT & DEVICES - 5.5% (Continued)
	95	Exact Sciences Corporation^(b)	$	11,809
	16	Glaukos Corporation^(b)		1,357
	214	Globus Medical, Inc., Class A^(b)		16,591
	332	Haemonetics Corporation^(b)		22,124
	580	Hill-Rom Holdings, Inc.		65,882
	944	Hologic, Inc.^(b)		62,984
	127	ICU Medical, Inc.^(b)		26,137
	27	IDEXX Laboratories, Inc.^(b)		17,052
	129	Illumina, Inc.^(b)		61,044
	16	Inari Medical, Inc.^(b)		1,492
	106	Inogen, Inc.^(b)		6,908
	7	Inspire Medical Systems, Inc.^(b)		1,353
	50	Insulet Corporation^(b)		13,726
	1,022	Integer Holdings Corporation^(b)		96,272
	447	Integra LifeSciences Holdings Corporation^(b)		30,503
	96	Intuitive Surgical, Inc.^(b)		88,285
	44	iRhythm Technologies, Inc.^(b)		2,919
	269	Lantheus Holdings, Inc.^(b)		7,435
	42	LeMaitre Vascular, Inc.		2,563
	207	Luminex Corporation		7,618
	70	Masimo Corporation^(b)		16,972
	193	Meridian Bioscience, Inc.^(b)		4,281
	298	Merit Medical Systems, Inc.^(b)		19,269
	23	Mettler-Toledo International, Inc.^(b)		31,863
	469	MiMedx Group, Inc.^(b)		5,867
	464	Myriad Genetics, Inc.^(b)		14,189
	128	NanoString Technologies, Inc.^(b)		8,293
	126	Natera, Inc.^(b)		14,305
	256	Natus Medical, Inc.^(b)		6,651
	57	Neogen Corporation^(b)		2,624
	38	Nevro Corporation^(b)		6,300
	364	NuVasive, Inc.^(b)		24,672
	361	OraSure Technologies, Inc.^(b)		3,661
	197	Orthofix Medical, Inc.^(b)		7,902

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		MEDICAL EQUIPMENT & DEVICES - 5.5% (Continued)
	20	OrthoPediatrics Corporation^(b)	$	1,264
	212	Pacific Biosciences of California, Inc.^(b)		7,414
	36	Penumbra, Inc.^(b)		9,866
	350	PerkinElmer, Inc.		54,044
	129	Precision BioSciences, Inc.^(b)		1,615
	94	Quidel Corporation^(b)		12,043
	169	Repligen Corporation^(b)		33,736
	184	ResMed, Inc.		45,360
	161	SeaSpine Holdings Corporation^(b)		3,302
	1,906	Senseonics Holdings, Inc.^(b)		7,319
	6,961	SmileDirectClub, Inc.^(b)		60,421
	1,476	Stryker Corporation		383,361
	39	Surmodics, Inc.^(b)		2,116
	63	Tactile Systems Technology, Inc.^(b)		3,276
	168	Talis Biomedical Corporation^(b)		1,853
	57	Tandem Diabetes Care, Inc.^(b)		5,552
	135	Teleflex, Inc.		54,242
	830	Thermo Fisher Scientific, Inc.		418,709
	54	Varex Imaging Corporation^(b)		1,448
	163	Veracyte, Inc.^(b)		6,517
	165	Vericel Corporation^(b)		8,663
	99	Waters Corporation^(b)		34,215
	114	West Pharmaceutical Services, Inc.		40,937
	1,373	Zimmer Biomet Holdings, Inc.		220,806
				4,191,658
		METALS & MINING - 0.1%
	1,372	Compass Minerals International, Inc.		81,305
	60	Encore Wire Corporation		4,547
				85,852
		MORTGAGE FINANCE - 0.1%
	1,202	Annaly Capital Management, Inc.		10,674
	109	Blackstone Mortgage Trust, Inc., Class A		3,476
	461	Chimera Investment Corporation		6,943
	1,115	New Residential Investment Corporation		11,808

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		MORTGAGE FINANCE - 0.1% (Continued)
	248	PennyMac Mortgage Investment Trust	$	5,223
	208	Starwood Property Trust, Inc.		5,443
				43,567
		MULTI ASSET CLASS REIT - 0.0%^(a)
	128	Apartment Income REIT Corporation		6,071
	266	Vornado Realty Trust		12,414
	65	WP Carey, Inc.		4,850
				23,335
		OFFICE REIT - 0.2%
	319	Alexandria Real Estate Equities, Inc.		58,039
	220	Boston Properties, Inc.		25,210
	425	Brandywine Realty Trust		5,827
	114	Douglas Emmett, Inc.		3,833
	114	Highwoods Properties, Inc.		5,149
	483	Hudson Pacific Properties, Inc.		13,437
	60	Kilroy Realty Corporation		4,178
	72	SL Green Realty Corporation		5,760
				121,433
		PUBLISHING & BROADCASTING - 0.1%
	2,494	Clear Channel Outdoor Holdings, Inc.^(b)		6,584
	177	Gray Television, Inc.		4,142
	672	iHeartMedia, Inc., Class A^(b)		18,097
	52	Nexstar Media Group, Inc., Class A		7,690
	234	Sinclair Broadcast Group, Inc., Class A		7,773
	401	TEGNA, Inc.		7,523
				51,809
		REAL ESTATE SERVICES - 0.2%
	749	CBRE Group, Inc., Class A^(b)		64,212
	287	Jones Lang LaSalle, Inc.^(b)		56,097
	433	Newmark Group, Inc., Class A		5,200
	1,094	Realogy Holdings Corporation^(b)		19,933
	91	RMR Group, Inc. (The), Class A		3,516
				148,958

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		RESIDENTIAL REIT - 0.1%
	104	American Campus Communities, Inc.	$	4,859
	153	American Homes 4 Rent, Class A		5,944
	73	AvalonBay Communities, Inc.		15,234
	46	Camden Property Trust		6,103
	84	Equity LifeStyle Properties, Inc.		6,242
	251	Equity Residential		19,327
	31	Essex Property Trust, Inc.		9,300
	207	Invitation Homes, Inc.		7,719
	55	Mid-America Apartment Communities, Inc.		9,263
	39	Sun Communities, Inc.		6,685
	131	UDR, Inc.		6,416
				97,092
		RETAIL - CONSUMER STAPLES - 1.3%
	79	BJ’s Wholesale Club Holdings, Inc.^(b)		3,759
	98	Costco Wholesale Corporation		38,776
	319	Dollar General Corporation		69,028
	49	Dollar Tree, Inc.^(b)		4,876
	1,837	Kroger Company (The)		70,375
	1,884	Rite Aid Corporation^(b)		30,709
	1,515	SpartanNash Company		29,255
	403	Sprouts Farmers Market, Inc.^(b)		10,015
	456	Target Corporation		110,233
	6,199	Walgreens Boots Alliance, Inc.		326,129
	2,182	Walmart, Inc.		307,706
				1,000,861
		RETAIL - DISCRETIONARY - 1.3%
	168	Aaron’s Company, Inc.		5,374
	235	Academy Sports & Outdoors, Inc.^(b)		9,691
	98	American Eagle Outfitters, Inc.		3,678
	79	Beacon Roofing Supply, Inc.^(b)		4,207
	1,665	Best Buy Company, Inc.		191,442
	88	BlueLinx Holdings, Inc.^(b)		4,425
	40	Burlington Stores, Inc.^(b)		12,880
	254	Conn’s, Inc.^(b)		6,477

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		RETAIL - DISCRETIONARY - 1.3% (Continued)
	174	Dick’s Sporting Goods, Inc.	$	17,433
	81	Dillard’s, Inc., Class A		14,651
	35	Floor & Decor Holdings, Inc., Class A^(b)		3,700
	150	Foot Locker, Inc.		9,245
	181	GameStop Corporation, Class A^(b)		38,759
	291	Gap, Inc.		9,792
	102	GMS, Inc.^(b)		4,910
	570	Home Depot, Inc.		181,767
	846	Kohl’s Corporation		46,623
	63	L Brands, Inc.		4,540
	857	Lowe’s Companies, Inc.		166,232
	3,285	Macy’s, Inc.^(b)		62,284
	313	Nordstrom, Inc.^(b)		11,446
	377	Petco Health & Wellness Company, Inc.^(b)		8,449
	35	PetIQ, Inc.^(b)		1,351
	2,280	Qurate Retail, Inc. - Series A		29,845
	307	Ross Stores, Inc.		38,068
	231	Sally Beauty Holdings, Inc.^(b)		5,098
	1,038	TJX Companies, Inc.		69,982
	96	Tractor Supply Company		17,862
	31	Ulta Beauty, Inc.^(b)		10,719
				990,930
		RETAIL REIT - 0.1%
	204	Brixmor Property Group, Inc.		4,670
	610	Brookfield Property REIT, Inc., Class A		11,523
	31	Federal Realty Investment Trust		3,632
	207	Macerich Company		3,778
	96	Realty Income Corporation		6,407
	206	Simon Property Group, Inc.		26,879
	83	VEREIT, Inc.		3,812
				60,701
		SELF-STORAGE REIT - 0.0%^(a)
	36	Extra Space Storage, Inc.		5,898

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		SELF-STORAGE REIT - 0.0%^(a) (Continued)
	55	Public Storage	$	16,538
				22,436
		SEMICONDUCTORS -1.3%
	207	Advanced Micro Devices, Inc.^(b)		19,444
	821	Amkor Technology, Inc.		19,433
	107	Analog Devices, Inc.		18,421
	436	Applied Materials, Inc.		62,086
	175	Broadcom, Inc.		83,447
	166	Brooks Automation, Inc.		15,816
	159	Cirrus Logic, Inc.^(b)		13,534
	21	Coherent, Inc.^(b)		5,551
	29	Entegris, Inc.		3,566
	81	II-VI, Inc.^(b)		5,880
	6,055	Intel Corporation		339,927
	27	IPG Photonics Corporation^(b)		5,691
	60	KLA Corporation		19,453
	55	Lam Research Corporation		35,789
	126	Marvell Technology, Inc.		7,350
	67	Maxim Integrated Products, Inc.		7,059
	83	Microchip Technology, Inc.		12,428
	1,038	Micron Technology, Inc.^(b)		88,209
	37	MKS Instruments, Inc.		6,584
	40	NVIDIA Corporation		32,004
	410	ON Semiconductor Corporation^(b)		15,695
	72	Qorvo, Inc.^(b)		14,087
	558	QUALCOMM, Inc.		79,755
	151	Skyworks Solutions, Inc.		28,954
	34	Synaptics, Inc.^(b)		5,290
	53	Teradyne, Inc.		7,100
	218	Texas Instruments, Inc.		41,921
	418	Vishay Intertechnology, Inc.		9,426
	51	Xilinx, Inc.		7,377
				1,011,277

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		SOFTWARE - 3.4%
	322	1Life Healthcare, Inc.^(b)	$	10,645
	51	Adobe, Inc.^(b)		29,868
	43	Akamai Technologies, Inc.^(b)		5,014
	11	ANSYS, Inc.^(b)		3,818
	22	Autodesk, Inc.^(b)		6,422
	249	Avaya Holdings Corporation^(b)		6,698
	43	Cadence Design Systems, Inc.^(b)		5,883
	299	Cerner Corporation		23,370
	64	Citrix Systems, Inc.		7,505
	41	Concentrix Corporation^(b)		6,593
	192	Dropbox, Inc., Class A^(b)		5,820
	19	Fortinet, Inc.^(b)		4,526
	55	Intuit, Inc.		26,959
	7,984	Microsoft Corporation		2,162,865
	312	NortonLifeLock, Inc.		8,493
	62	Nuance Communications, Inc.^(b)		3,375
	211	Oak Street Health, Inc.^(b)		12,358
	262	Omnicell, Inc.^(b)		39,679
	1,468	Oracle Corporation		114,268
	10	Palo Alto Networks, Inc.^(b)		3,711
	82	Privia Health Group, Inc.^(b)		3,638
	123	salesforce.com, Inc.^(b)		30,045
	10	ServiceNow, Inc.^(b)		5,496
	277	SS&C Technologies Holdings, Inc.		19,961
	32	Synopsys, Inc.^(b)		8,825
	102	Tabula Rasa HealthCare, Inc.^(b)		5,100
	82	Teradata Corporation^(b)		4,098
	45	VMware, Inc., Class A^(b)		7,199
	16	Workday, Inc., Class A^(b)		3,820
				2,576,052
		SPECIALTY FINANCE - 1.3%
	538	Alliance Data Systems Corporation		56,054
	1,753	American Express Company		289,649
	1,563	Capital One Financial Corporation		241,780

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		SPECIALTY FINANCE - 1.3% (Continued)
	924	Discover Financial Services	$	109,300
	39	Federal Agricultural Mortgage Corporation, Class C		3,857
	801	Fidelity National Financial, Inc.		34,811
	211	First American Financial Corporation		13,156
	56	FirstCash, Inc.		4,281
	306	Guild Holdings Company		4,694
	725	loanDepot, Inc.		9,316
	388	MGIC Investment Corporation		5,277
	170	Mr Cooper Group, Inc.^(b)		5,620
	199	OneMain Holdings, Inc.		11,922
	179	PennyMac Financial Services, Inc.		11,048
	143	PROG Holdings, Inc.		6,883
	2,209	Rocket Companies, Inc.		42,744
	158	Stewart Information Services Corporation		8,957
	2,597	Synchrony Financial		126,006
	39	Walker & Dunlop, Inc.		4,071
				989,426
		SPECIALTY REIT - 0.1%
	570	Iron Mountain, Inc.		24,122
	60	Lamar Advertising Company, Class A		6,265
	216	Outfront Media, Inc.^(b)		5,190
				35,577
		STEEL - 0.0%^(a)
	117	Reliance Steel & Aluminum Company		17,655

		TECHNOLOGY HARDWARE - 5.0%
	14,138	Apple, Inc.		1,936,341
	55	Arista Networks, Inc.^(b)		19,927
	121	Arrow Electronics, Inc.^(b)		13,773
	243	Avnet, Inc.		9,739
	241	Benchmark Electronics, Inc.		6,859
	424	Ciena Corporation^(b)		24,121
	3,991	Cisco Systems, Inc.		211,523
	744	CommScope Holding Company, Inc.^(b)		15,855

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		TECHNOLOGY HARDWARE - 5.0% (Continued)
	1,426	Corning, Inc.	$	58,323
	127	Corsair Gaming, Inc.^(b)		4,228
	4,896	Dell Technologies, Inc., Class C^(b)		487,985
	37	F5 Networks, Inc.^(b)		6,906
	6,808	Hewlett Packard Enterprise Company		99,261
	15,156	HP, Inc.		457,561
	423	Inseego Corporation^(b)		4,268
	48	InterDigital, Inc.		3,505
	2,426	Jabil, Inc.		140,999
	687	Juniper Networks, Inc.		18,789
	232	Knowles Corporation^(b)		4,580
	81	Lumentum Holdings, Inc.^(b)		6,644
	86	Motorola Solutions, Inc.		18,649
	551	NCR Corporation^(b)		25,131
	243	NetApp, Inc.		19,882
	1,359	Pitney Bowes, Inc.		11,918
	84	Plantronics, Inc.^(b)		3,505
	907	Sanmina Corporation^(b)		35,337
	255	Super Micro Computer, Inc.^(b)		8,971
	49	SYNNEX Corporation		5,966
	661	TTM Technologies, Inc.^(b)		9,452
	14	Ubiquiti, Inc.		4,371
	798	Western Digital Corporation^(b)		56,794
	1,347	Xerox Holdings Corporation		31,641
	22	Zebra Technologies Corporation, Class A^(b)		11,649
				3,774,453
		TECHNOLOGY SERVICES - 1.5%
	261	Amdocs Ltd.		20,191
	202	Automatic Data Processing, Inc.		40,121
	147	Broadridge Financial Solutions, Inc.		23,745
	350	CDW Corporation/DE		61,128
	772	Cognizant Technology Solutions Corporation, Class A		53,469
	12,601	Conduent, Inc.^(b)		94,508
	83	CSG Systems International, Inc.		3,916

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		TECHNOLOGY SERVICES - 1.5% (Continued)
	1,953	DXC Technology Company^(b)	$	76,050
	8	EPAM Systems, Inc.^(b)		4,088
	108	Equifax, Inc.		25,867
	92	Euronet Worldwide, Inc.^(b)		12,452
	48	ExlService Holdings, Inc.^(b)		5,100
	10	Fair Isaac Corporation^(b)		5,027
	361	Fidelity National Information Services, Inc.		51,143
	422	Fiserv, Inc.^(b)		45,108
	77	Gartner, Inc.^(b)		18,649
	128	Global Payments, Inc.		24,005
	111	Green Dot Corporation, Class A^(b)		5,200
	78	ICF International, Inc.		6,853
	378	Insight Enterprises, Inc.^(b)		37,804
	766	International Business Machines Corporation		112,287
	24	Jack Henry & Associates, Inc.		3,924
	185	Mastercard, Inc., Class A		67,542
	172	MAXIMUS, Inc.		15,131
	612	MoneyGram International, Inc.^(b)		6,169
	82	Moody’s Corporation		29,714
	2,478	Nielsen Holdings PLC		61,132
	174	Paychex, Inc.		18,670
	212	PayPal Holdings, Inc.^(b)		61,794
	549	Rackspace Technology, Inc.^(b)		10,766
	87	S&P Global, Inc.		35,709
	481	Sabre Corporation^(b)		6,003
	42	Square, Inc., Class A^(b)		10,240
	249	Sykes Enterprises, Inc.^(b)		13,371
	175	TransUnion		19,217
	297	Unisys Corporation^(b)		7,517
	32	Verisk Analytics, Inc.		5,591
	201	Visa, Inc., Class A		46,998
	605	Western Union Company		13,897
				1,160,096

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS 99.9% — (Continued)
		TELECOMMUNICATIONS - 5.1%
	18,990	AT&T, Inc.	$	546,531
	302	Cincinnati Bell, Inc.^(b)		4,657
	253	EchoStar Corporation, Class A^(b)		6,145
	137	IDT Corporation, Class B^(b)		5,064
	7,823	Lumen Technologies, Inc.		106,315
	1,025	Telephone and Data Systems, Inc.		23,227
	990	T-Mobile US, Inc.^(b)		143,382
	94	United States Cellular Corporation^(b)		3,413
	53,966	Verizon Communications, Inc.		3,023,714
				3,862,448
		TRANSPORTATION & LOGISTICS - 0.1%
	202	JB Hunt Transport Services, Inc.		32,917
	124	Landstar System, Inc.		19,594
	368	Schneider National, Inc., Class B		8,011
				60,522
		WHOLESALE - CONSUMER STAPLES - 3.9%
	1,718	Andersons, Inc. (The)		52,451
	5,743	Archer-Daniels-Midland Company		348,026
	19,400	Bunge Ltd.		1,516,110
	102	Calavo Growers, Inc.		6,469
	234	Chefs’ Warehouse, Inc. (The)^(b)		7,448
	4,614	Performance Food Group Company^(b)		223,733
	5,282	Sysco Corporation		410,676
	2,454	United Natural Foods, Inc.^(b)		90,749
	7,254	US Foods Holding Corporation^(b)		278,263
				2,933,925
		WHOLESALE - DISCRETIONARY - 0.1%
	126	ePlus, Inc.^(b)		10,923
	133	PC Connection, Inc.		6,154
	24	Pool Corporation		11,008
	376	ScanSource, Inc.^(b)		10,577
	234	Veritiv Corporation^(b)		14,372
				53,034

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

	Fair Value
TOTAL COMMON STOCKS (Cost $71,739,476) (Continued)	$	75,586,612

TOTAL INVESTMENTS - 99.9% (Cost $71,739,476)	$	75,586,612
OTHER ASSETS IN EXCESS OF LIABILITIES-0.1%		86,706
NET ASSETS -100.0%	$	75,673,318

ETF

-Exchange-Traded Fund

-Limited Partnership

LTD

-Limited Company

PLC

-Public Limited Company

REIT

-Real Estate Investment Trust

(a)

Percentage rounds to less than 0.1%.

(b)

Non-income producing security.

See accompanying notes which are an integral part of this schedule of investments.

Humankind US Stock ETF

Statement of Assets and Liabilities (Unaudited)

June 30, 2021

Assets
Investment securities:
At cost	$	71,739,476
At value	$	75,586,612
Cash		146,398
Dividends and interest receivable		52,809
Receivable for Fund shares sold		36,246
Receivable for securities sold		8,973,260
Due from Adviser		453
Total Assets		84,795,778

Liabilities
Payable for investments purchased		9,093,214
Payable for Fund shares redeemed		29,246
Total Liabilities		9,122,460
Net Assets	$	75,673,318

Composition of Net Assets:
Paid in capital	$	70,726,293
Accumulated Earnings		4,947,025
Net Assets	$	75,673,318

Net Asset Value Per Share
Fund
Net Assets	$	75,673,318
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,754,000
Net asset value (Net Assets / Shares Outstanding), offering price and redemption price per share	$	27.48
Market Price	$	27.50

See accompanying notes to financial statements.

Humankind US Stock ETF

Statement of Operations

Period* ended June 30, 2021 (Unaudited)

Investment Income
Dividend income	$	345,086
Less:foreign taxes withheld		(5	)
Interest income		1
Total Investment Income		345,082

Expenses
Investment advisory fees		22,659
Total Expenses		22,659
Net Investment Income		322,423

Net Realized and Unrealized Gain (Loss) on Investments

Net realized gain on:
Investments		1,051,111
Net change in unrealized appreciation on:
Investments		3,847,136
Net Realized and Unrealized Gain On Investments		4,898,247
Net Increase in Net Assets Resulting From Operations	$	5,220,670

Commenced operations on February 24, 2021

See accompanying notes to financial statements.

Humankind US Stock ETF

Statements of Changes in Net Assets

	*Period Ended June 30,**
	2021
	(Unaudited)
Operations:
Net investment income	$	322,423
Net realized gain from investments		1,051,111
Net change in unrealized appreciation on investments		3,847,136
Net increase in net assets resulting from operations		5,220,670

Distributions to Shareholders From:
Total Distributions Paid:
Fund		(273,645	)
Net Decrease in Net Assets Resulting From Distributions to Shareholders		(273,645	)

Beneficial Interest Transactions:
Fund
Proceeds from shares sold		81,644,668
Amount paid for shares redeemed		(10,918,375	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		70,726,293

Total Increase in Net Assets		75,673,318

Net Assets:
Beginning of period		—
End of period	$	75,673,318

Share Activity:
Fund Class:
Shares Sold		3,154,000
Shares Redeemed		(400,000	)
Net Increase in Total Shares Outstanding		2,754,000

Commenced operations on February 24, 2021

See accompanying notes to financial statements.

Humankind US Stock ETF

Financial Highlights

(For a share outstanding during each period)

	Period Ended
	June 30, 2021 *
	(Unaudited)
Net asset value, beginning of period	$	25.00
Activity from investment operations:
Net investment income (1)		0.15
Net realized and unrealized gain on investments		2.43
Total from investment operations		2.58
Less distributions from:
Net investment income		(0.10	)
Total distributions		(0.10	)
Net asset value, end of period	$	27.48
Market price, end of period	$	27.50
Total return (2,3)		10.33	%
Net assets, end of period (000s)	$	75,673
Ratio of gross expenses to average net assets (4)		0.11	%
Ratio of net investment income to average net assets (4)		1.56	%
Portfolio Turnover Rate (2,5)		19	%

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

(1)

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

(2)

Not annualized.

(3)

Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.

(4)

Annualized.

(5)

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

See accompanying notes to financial statements.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30,2021

ORGANIZATION

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

SIGNIFICANT ACCOUNTING POLICIES

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

Security Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (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 will be valued using the “fair value” procedures approved by the Board. The fair value committee executes these procedures. The fair value committee is composed of one or more representatives from each of the (i) Company, (ii) administrator, and (iii) adviser. The committee may also enlist third party consultants such as a valuation specialist from a public accounting firm, valuation consultant, or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.

Fair Valuation Process. As noted above, the fair value committee is composed of one or more representatives from each of the (i) Company, (ii) administrator, and (iii) adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30,2021

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2021 for the Fund’s investments measured at fair value:

Assets *	Level 1		Level 2		Level 3		Total
Common Stock	$	75,586,612	$	—	$	—	$	75,586,612
Total	$	75,586,612	$	—	$	—	$	75,586,612

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

Please refer to the Schedule of Investments for industry classifications.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30,2021

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. 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.

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Fund identifies its major tax jurisdictions as U.S. federal, New York, and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations. During the period ended June 30, 2021, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

INVESTMENT TRANSACTIONS

For the period ended June 30, 2021, cost of purchases and proceeds from sales of portfolio securities, other than in kind transaction and short-term investments, amounted to $11,315,832 and $10,965,334, respectively. For the period ended June 30, 2021, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $81,223,946 and $10,886,086, respectively.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30,2021

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 period ended June 30, 2021, the Fund incurred $22,659 in advisory fees.

Northern Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter and national distributor for the shares of the Fund. The Company, with respect to the Fund, has adopted the Company’s ETF Distribution Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”), which allows the Fund to pay the Fund’s distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund’s average daily net assets. As of June 30, 2021, the Plan has not been activated. For the period ended June 30, 2021, the Funds did not incur any distribution fees.

The Adviser’s unitary management fee is designed to pay the Fund’s expenses and to compensate the Adviser for providing services for the Fund. Out of the unitary management fee, the Adviser pays substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services and Independent Trustees’ fees, but not payments under the Funds’ 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 Funds may invest, and extraordinary or non-recurring expenses (including litigation to which the Company or the Funds may be a party and indemnification of the Trustees and officers with respect thereto). The Advisor, and not the Funds’ shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

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

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

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

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.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30,2021

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 Purchases*
$250	2.00%

As a percentage of the amount invested.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

At June 30, 2021, 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 Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Humankind US Stock ETF		$	71,739,476			$	4,404,458			$	(557,322	)		$	3,847,136

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

Expense Example (Unaudited)

June 30, 2021

As a shareholder of the Fund you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 24, 2021 (commencement of the Fund’s operations) to June 30, 2021 (the “period”).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 2/24/21	Ending Account Value 6/30/21	Annualized Expense Ratio	Expenses Paid During Period 2/24/21-6/30/21
Actual*
	$1,000.00	$ 1,103.30	0.11%	$0.40
Hypothetical** (5% return before expenses)
	$1,000.00	$ 1,024.25	0.11%	$0.55

Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the period (126), divided by the number of days in the fiscal year (365).

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

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited)

June 30,2021

Humankind U.S. Stock ETF

The Board considered the following factors at the time of approval of the contracts which occurred prior to commencement of operations.

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services to be provided by the Adviser under the investment advisory agreement (the “Advisory Agreement”), in particular portfolio management. The Board also considered the Adviser’s investment in personnel and infrastructure that benefits the Fund. Finally, Board considered that the Adviser serves other investment advisory clients, such as separately managed accounts, and has experience overseeing service providers.

The Board reviewed and considered the qualifications of the portfolio managers and other key personnel of the Adviser who will provide the advisory services to the Fund. The Board determined that the Adviser’s portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory services to be provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Advisory Agreement.

Performance, Fees and Expenses of the Fund

At the time of its approval, the Board considered that the Adviser planned to arrange for a public offering of shares of the Fund to raise assets for investment and that the offering had not yet begun and concluded that, since the Fund had no assets to invest (other than seed capital required under the Investment Company Act) and had no track record of performance, this was not a factor it needed to address at the time of its approval.

The Board reviewed the advisory fee rate proposed to be paid by the Fund under the Advisory Agreement compared to the Fund’s peers as determined by the Adviser, and reviewed the anticipated total expense ratio of the Fund. The Board noted that the Fund is the first fund to be advised by the Adviser and thus, the Adviser does not advise any comparable funds. The Board considered that the Fund requires the Adviser to develop processes, invest in additional resources and incur additional risks to successfully manage the Fund and concluded that the proposed advisory fee rate and anticipated total expense ratio would be competitive with its peer group averages.

Economies of Scale

The Board considered the growth prospects of the Fund and the structure of the proposed advisory fee schedule, which does not include breakpoints. The Board considered that the Fund’s potential growth was uncertain and concluded that it would be premature to consider economies of scale as a factor in approving the Advisory Agreement at the present time.

Profitability of the Adviser

Since the Fund had not begun operations and had not paid any fees to the Adviser, the Board concluded that this was not a factor that needed to be considered at the present time.

Other Benefits of the Relationship

The Board considered other direct and indirect benefits to the Adviser to be derived from its relationship with the Fund. These benefits may include, among other things, marketing opportunities and research received by the Adviser generated from commission dollars spent on the Fund’s portfolio trading. Since the Fund had not begun operations and had not paid any fees to the Adviser, the Board concluded that these benefits were not a factor that needed to be considered at the present time.

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

June 30,2021

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Advisory Agreement. The Board also reviewed and considered the policies and procedures formulated and adopted by the Adviser for managing the Fund’s operations and the Board’s confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Advisory Agreement and that it is beneficial for the Fund to enter into this relationship with the Adviser.

Other Factors and Current Trends

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund’s Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund’s business.

As part of the Board’s review, the Board received information from management on the impact of the COVID- 19 pandemic on the firm generally and the Adviser and the Fund in particular including, among other information, the pandemic’s current and expected impact on the Fund’s performance and operations.

General Conclusion

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its future shareholders to approve the Advisory Agreement, which will remain in effect for two years and thereafter must be approved annually by the Board of the Fund if it is to continue in effect. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Advisory Agreement.

Humankind US Stock ETF

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

June 30,2021

LIQUIDITY RISK MANAGEMENT PROGRAM

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

During the fiscal period ended June 30, 2021, the Trust’s Liquidity Risk Management Program Administrator (the “Administrator”) reviewed the Funds’ investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Administrator concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

MARYLAND BENEFIT CORPORATION

Privacy Policies and Procedures

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

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

1) The Company is committed to protecting the confidentiality and security of the information they collect and will handle personal customer and consumer information only in accordance with Regulation S-P and any other applicable laws, rules and regulations¹⁸. The Company will ensure: (a) the security and confidentiality of customer records and information; (b) that customer records and information are protected from any anticipated threats and hazards; and (c) that customer records and information are protected from unauthorized access or use.

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

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

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

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

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

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

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

¹⁸

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

PROXY VOTING POLICY

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

PORTFOLIO HOLDINGS

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

INVESTMENT ADVISER

Humankind Investments LLC

79 Madison Avenue

New York, NY 10016

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

HUMANKIND-SA21

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 Companies. Not applicable to open-end investment companies.

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

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

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

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

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

Item 11. Controls and Procedures.

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

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Item 13. Exhibits.

(a)(1)	Not applicable.

(a)(2)	Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

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

(b)	Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

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) Humankind US Stock ETF

By (Signature and Title)
/s/ James Katz
James Katz, Director

Date	9/3/21

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	9/3/21

By (Signature and Title)

/s/ Dan Schriever
Dan Schriever, Principal Financial Officer/Treasurer

Date	9/3/21

Humankind Benefit N-CSRSCertified semi-annual shareholder report (management investment company)