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:	6/30/2025

Item 1. Reports to Stockholders.

(a)

Humankind US Stock ETF - Fund (HKND)

(HKND) NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Humankind U.S. Stock ETF	$6	0.11%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$154,292,685
Number of Portfolio Holdings	1,007
Advisory Fee	$82,577
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	99.9%
Partnership Shares	0.1%
Right	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.humankindfunds.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Humankind US Stock ETF - Fund (HKND)

Semi-Annual Shareholder Report - June 30, 2025

TSR-SAR 063025-HKND

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable

Item 3. Audit Committee Financial Expert.

Not applicable

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end investment companies.

Item 6. Investments.

Included under Item 7

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

(a)












	HKND





	Semi-Annual
	Financial Statements
	and
	Additional Information
	June 30, 2025





	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

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7%
		ADVERTISING & MARKETING - 0.1%
	1,964	Interpublic Group of Companies, Inc.	$	48,079
	950	Omnicom Group, Inc.		68,343
	492	QuinStreet, Inc.^(a)		7,921
	4,412	Stagwell, Inc.^(a)		19,854
	70	Trade Desk, Inc. (The), Class A^(a)		5,039
				149,236
		APPAREL & TEXTILE PRODUCTS - 0.1%
	364	Carter's, Inc.		10,967
	113	Columbia Sportswear Company		6,902
	85	Kontoor Brands, Inc.		5,607
	793	Levi Strauss & Company, Class A		14,663
	263	PVH Corporation		18,042
	96	Ralph Lauren Corporation		26,331
	1,575	Under Armour, Inc., Class A^(a)		10,757
	2,018	VF Corporation		23,712
				116,981
		ASSET MANAGEMENT - 0.5%
	79	Affiliated Managers Group, Inc.		15,545
	150	Ameriprise Financial, Inc.		80,060
	188	Apollo Global Management, Inc.		26,672
	85	Ares Management Corporation, Class A		14,722
	141	Artisan Partners Asset Management, Inc., Class A		6,251
	109	Blackrock, Inc.		114,367
	669	Carlyle Group, Inc.		34,387
	1,422	Charles Schwab Corporation		129,742
	346	F&G Annuities & Life, Inc.		11,065
	197	Federated Hermes, Inc., B		8,731
	1,891	Franklin Resources, Inc.		45,100
	2,293	Invesco Ltd.		36,161
	139	LPL Financial Holdings, Inc.		52,121
	74	OmniAb, Inc. - Earnout shares^(a)(c)(d)(e)		46
	143	Oppenheimer Holdings, Inc., Class A		9,405
	482	Raymond James Financial, Inc.		73,924
	265	Stifel Financial Corporation		27,502

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		ASSET MANAGEMENT - 0.5% (Continued)
	463	T Rowe Price Group, Inc.	$	44,680
	376	TPG, Inc.		19,721
	81	Victory Capital Holdings, Inc.		5,157
				755,359
		AUTOMOTIVE - 0.2%
	805	BorgWarner, Inc.		26,951
	864	Dana, Inc.		14,818
	204	Gentex Corporation		4,486
	3,953	Goodyear Tire & Rubber Company^(a)		40,993
	349	Lear Corporation		33,148
	482	Tesla, Inc.^(a)		153,112
	66	Visteon Corporation^(a)		6,158
				279,666
		BANKING - 2.8%
	108	Ameris Bancorp		6,988
	356	Associated Banc-Corporation		8,683
	15,575	Bank of America Corporation		737,008
	189	Bank OZK		8,894
	206	BankUnited, Inc.		7,332
	135	BOK Financial Corporation		13,180
	257	Cadence Bank		8,219
	126	Cathay General Bancorp		5,737
	9,299	Citigroup, Inc.		791,530
	1,163	Citizens Financial Group, Inc.		52,044
	174	Columbia Banking System, Inc.		4,068
	381	Comerica, Inc.		22,727
	148	Commerce Bancshares, Inc.		9,201
	77	Cullen/Frost Bankers, Inc.		9,898
	157	East West Bancorp, Inc.		15,854
	1,425	Fifth Third Bancorp		58,610
	9	First Citizens BancShares, Inc., Class A		17,608
	220	First Hawaiian, Inc.		5,491
	961	First Horizon Corporation		20,373
	937	Flagstar Financial, Inc.		9,932

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BANKING - 2.8% (Continued)
	649	FNB Corporation	$	9,462
	351	Fulton Financial Corporation		6,332
	128	Glacier Bancorp, Inc.		5,514
	152	Hancock Whitney Corporation		8,725
	344	Hilltop Holdings, Inc.		10,440
	198	Home BancShares, Inc.		5,635
	2,344	Huntington Bancshares, Inc.		39,285
	3,604	JPMorgan Chase & Company		1,044,835
	2,880	KeyCorporation		50,170
	234	M&T Bank Corporation		45,394
	321	Old National Bancorp		6,850
	213	Pacific Premier Bancorp, Inc.		4,492
	87	Pinnacle Financial Partners, Inc.		9,606
	748	PNC Financial Services Group, Inc.		139,442
	117	Prosperity Bancshares, Inc.		8,218
	1,939	Regions Financial Corporation		45,605
	312	Simmons First National Corporation, Class A		5,916
	87	SouthState Corporation		8,007
	298	Synovus Financial Corporation		15,422
	100	Texas Capital Bancshares, Inc.^(a)		7,940
	3,242	Truist Financial Corporation		139,374
	83	UMB Financial Corporation		8,728
	191	United Bankshares, Inc.		6,958
	168	United Community Banks, Inc.		5,005
	3,620	US Bancorp		163,805
	1,163	Valley National Bancorp		10,386
	153	WaFd, Inc.		4,480
	196	Webster Financial Corporation		10,702
	7,288	Wells Fargo & Company		583,915
	172	Western Alliance Bancorp		13,413
	95	Wintrust Financial Corporation		11,778
	85	WSFS Financial Corporation		4,675
	404	Zions Bancorp NA		20,984
				4,274,870

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BEVERAGES - 0.7%
	223	Coca-Cola Company	$	15,777
	2,268	Keurig Dr Pepper, Inc.		74,980
	7,566	PepsiCo, Inc.		999,015
	736	Westrock Coffee Company^(a)		4,217
				1,093,989
		BIOTECH & PHARMA - 16.4%
	18,084	AbbVie, Inc.		3,356,751
	1,141	ACADIA Pharmaceuticals, Inc.^(a)		24,611
	2,172	ADMA Biologics, Inc.^(a)		39,552
	462	Agios Pharmaceuticals, Inc.^(a)		15,366
	896	Alnylam Pharmaceuticals, Inc.^(a)		292,177
	5,905	Amgen, Inc.		1,648,735
	3,093	Amicus Therapeutics, Inc.^(a)		17,723
	6,071	Amneal Pharmaceuticals, Inc.^(a)		49,114
	659	Amphastar Pharmaceuticals, Inc.^(a)		15,131
	263	AnaptysBio, Inc.^(a)		5,839
	268	ANI Pharmaceuticals, Inc.^(a)		17,487
	1,093	Apellis Pharmaceuticals, Inc.^(a)		18,920
	1,238	Arbutus Biopharma Corporation^(a)		3,825
	659	Arcus Biosciences, Inc.^(a)		5,364
	928	Arcutis Biotherapeutics, Inc.^(a)		13,011
	1,942	Ardelyx, Inc.^(a)		7,613
	1,107	Arrowhead Pharmaceuticals, Inc.^(a)		17,491
	883	Avidity Biosciences, Inc.^(a)		25,077
	376	Axsome Therapeutics, Inc.^(a)		39,251
	836	Beam Therapeutics, Inc.^(a)		14,220
	1,508	BioCryst Pharmaceuticals, Inc.^(a)		13,512
	3,039	Biogen, Inc.^(a)		381,668
	2,086	BioMarin Pharmaceutical, Inc.^(a)		114,667
	545	Blueprint Medicines Corporation^(a)		69,858
	1,588	Bridgebio Pharma, Inc.^(a)		68,570
	32,606	Bristol-Myers Squibb Company		1,509,332
	1,047	Catalyst Pharmaceuticals, Inc.^(a)		22,720
	489	Celldex Therapeutics, Inc.^(a)		9,951

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BIOTECH & PHARMA - 16.4% (Continued)
	646	CG oncology, Inc.^(a)	$	16,796
	986	Cogent Biosciences, Inc.^(a)		7,079
	430	Collegium Pharmaceutical, Inc.^(a)		12,715
	862	Corcept Therapeutics, Inc.^(a)		63,271
	1,077	Cytokinetics, Inc.^(a)		35,584
	908	Day One Biopharmaceuticals, Inc.^(a)		5,902
	478	Denali Therapeutics, Inc.^(a)		6,687
	1,617	Dynavax Technologies Corporation^(a)		16,041
	4,385	Eli Lilly & Company		3,418,238
	708	Evolus, Inc.^(a)		6,521
	2,299	Exelixis, Inc.^(a)		101,328
	5,082	Geron Corporation^(a)		7,166
	14,150	Gilead Sciences, Inc.		1,568,811
	869	Guardant Health, Inc.^(a)		45,223
	1,227	Halozyme Therapeutics, Inc.^(a)		63,829
	482	Harmony Biosciences Holdings, Inc.^(a)		15,231
	296	Harrow, Inc.^(a)		9,040
	790	Ideaya Biosciences, Inc.^(a)		16,606
	538	Immunovant, Inc.^(a)		8,608
	2,255	Incyte Corporation^(a)		153,566
	820	Innoviva, Inc.^(a)		16,474
	1,459	Insmed, Inc.^(a)		146,834
	854	Intellia Therapeutics, Inc.^(a)		8,011
	1,601	Ionis Pharmaceuticals, Inc.^(a)		63,256
	4,657	Iovance Biotherapeutics, Inc.^(a)		8,010
	588	Janux Therapeutics, Inc.^(a)		13,583
	21,822	Johnson & Johnson		3,333,311
	425	KalVista Pharmaceuticals, Inc.^(a)		4,805
	577	Kymera Therapeutics, Inc.^(a)		25,180
	116	Ligand Pharmaceuticals, Inc., B^(a)		13,187
	530	Liquidia Corporation^(a)		6,604
	174	Madrigal Pharmaceuticals, Inc.^(a)		52,659
	2,829	MannKind Corporation^(a)		10,580
	27,671	Merck & Company, Inc.		2,190,436

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BIOTECH & PHARMA - 16.4% (Continued)
	355	Mirum Pharmaceuticals, Inc.^(a)	$	18,066
	10,617	Moderna, Inc.^(a)		292,923
	845	Neurocrine Biosciences, Inc.^(a)		106,208
	3,348	Novavax, Inc., Class A^(a)		21,092
	688	Nurix Therapeutics, Inc.^(a)		7,836
	1,462	Ocular Therapeutix, Inc.^(a)		13,567
	17,060	Organon & Company		165,141
	713	Pacira BioSciences, Inc.^(a)		17,041
	100,271	Pfizer, Inc.		2,430,569
	560	Prestige Consumer Healthcare, Inc.^(a)		44,716
	464	Protagonist Therapeutics, Inc.^(a)		25,645
	816	PTC Therapeutics, Inc.^(a)		39,853
	3,634	Recursion Pharmaceuticals, Inc., CLASS A^(a)		18,388
	1,191	Regeneron Pharmaceuticals, Inc.		625,275
	1,372	REVOLUTION Medicines, Inc.^(a)		50,476
	491	Rhythm Pharmaceuticals, Inc.^(a)		31,026
	5,334	Royalty Pharma plc, Class A		192,184
	1,567	Sarepta Therapeutics, Inc.^(a)		26,796
	765	Scholar Rock Holding Corporation^(a)		27,096
	550	SpringWorks Therapeutics, Inc.^(a)		25,845
	436	Spyre Therapeutics, Inc.^(a)		6,527
	717	Supernus Pharmaceuticals, Inc.^(a)		22,600
	1,021	Syndax Pharmaceuticals, Inc.^(a)		9,562
	336	Tarsus Pharmaceuticals, Inc.^(a)		13,611
	1,471	TG Therapeutics, Inc.^(a)		52,941
	38	TransMedics Group, Inc.^(a)		5,092
	959	Travere Therapeutics, Inc.^(a)		14,193
	619	Twist Bioscience Corporation^(a)		22,773
	878	Ultragenyx Pharmaceutical, Inc.^(a)		31,924
	426	United Therapeutics Corporation^(a)		122,411
	2,489	Vertex Pharmaceuticals, Inc.^(a)		1,108,103
	38,319	Viatris, Inc.		342,189
	4,197	Vir Biotechnology, Inc.^(a)		21,153
	1,134	Xencor, Inc.^(a)		8,913

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		BIOTECH & PHARMA - 16.4% (Continued)
	1,202	Xeris Biopharma Holdings, Inc.^(a)	$	5,613
	739	Zymeworks, Inc.^(a)		9,274
				25,265,330
		CABLE & SATELLITE - 1.0%
	731	Charter Communications, Inc., Class A^(a)		298,840
	30,707	Comcast Corporation, Class A		1,095,933
	824	Liberty Broadband Corporation - Series A^(a)		80,604
	1,817	Sirius XM Holdings, Inc.		41,736
				1,517,113
		CHEMICALS - 4.7%
	173	Air Products and Chemicals, Inc.		48,796
	319	Albemarle Corporation		19,992
	61	Avery Dennison Corporation		10,704
	165	Cabot Corporation		12,375
	613	Celanese Corporation		33,917
	11,627	CF Industries Holdings, Inc.		1,069,684
	1,960	Chemours Company (The)		22,442
	22,557	Corteva, Inc.		1,681,173
	1,029	CVR Partners, L.P.		91,416
	4,678	DuPont de Nemours, Inc.		320,864
	2,912	Ecolab, Inc.		784,609
	19,544	FMC Corporation		815,962
	162	Hawkins, Inc.		23,020
	153	HB Fuller Company		9,203
	203	Innospec, Inc.		17,070
	2,059	International Flavors & Fragrances, Inc.		151,439
	85	Materion Corporation		6,746
	112	Minerals Technologies, Inc.		6,168
	53,757	Mosaic Company (The)		1,961,056
	116	PPG Industries, Inc.		13,195
	192	Sensient Technologies Corporation		18,916
	41	Sherwin-Williams Company (The)		14,078
	152	Stepan Company		8,296
				7,141,121

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		COMMERCIAL SUPPORT SERVICES - 0.5%
	645	ABM Industries, Inc.	$	30,450
	2,702	ADT, Inc.		22,886
	1,774	Alight, Inc., Class A		10,041
	926	AMN Healthcare Services, Inc.^(a)		19,140
	332	ASGN, Inc.^(a)		16,577
	136	Barrett Business Services, Inc.		5,670
	107	Brady Corporation, Class A		7,273
	239	Brink's Company (The)		21,340
	223	CBIZ, Inc.^(a)		15,991
	182	Cintas Corporation		40,562
	267	Clean Harbors, Inc.^(a)		61,725
	83	CorVel Corporation^(a)		8,531
	40	CRA International, Inc.		7,495
	238	FTI Consulting, Inc.^(a)		38,437
	233	H&R Block, Inc.		12,789
	119	Heidrick & Struggles International, Inc.		5,445
	95	Huron Consulting Group, Inc.^(a)		13,066
	1,008	Insperity, Inc.		60,601
	219	Kforce, Inc.		9,007
	182	Korn Ferry		13,346
	3,059	ManpowerGroup, Inc.		123,585
	250	Radius Recycling, Inc., Class A		7,423
	207	Republic Services, Inc.		51,048
	809	Robert Half, Inc.		33,209
	330	TriNet Group, Inc.		24,136
	170	UL Solutions, Inc., Class A		12,386
	45	UniFirst Corporation		8,470
	1,012	Vestis Corporation		5,799
	335	Waste Management, Inc.		76,656
	121	Willdan Group, Inc.^(a)		7,564
				770,648
		CONSTRUCTION MATERIALS - 0.0%^(b)
	172	Advanced Drainage Systems, Inc.		19,756
	124	Apogee Enterprises, Inc.		5,034

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		CONSTRUCTION MATERIALS - 0.0%^(b) (Continued)
	87	Knife River Corporation^(a)	$	7,103
				31,893
		CONSUMER SERVICES - 0.0%^(b)
	18	Graham Holdings Company, Class B		17,031
	250	Service Corp International		20,350
	459	Upbound Group, Inc.		11,521
				48,902
		CONTAINERS & PACKAGING - 0.1%
	1,476	International Paper Company		69,121
	1,017	O-I Glass, Inc.^(a)		14,991
	95	UFP Technologies, Inc.^(a)		23,195
				107,307
		DATA CENTER REIT - 0.0%^(b)
	136	Digital Realty Trust, Inc.		23,709
	36	Equinix, Inc.		28,637
				52,346
		DIVERSIFIED INDUSTRIALS - 0.3%
	670	3M Company		102,001
	237	Dover Corporation		43,426
	945	Emerson Electric Company		125,996
	494	Illinois Tool Works, Inc.		122,142
	30	ITT, Inc.		4,705
				398,270
		E-COMMERCE DISCRETIONARY - 0.9%
	5,961	Amazon.com, Inc.^(a)		1,307,785
	162	Chewy, Inc., Class A^(a)		6,904
	814	Coupang, Inc.^(a)		24,387
	1,016	eBay, Inc.		75,651
	329	Wayfair, Inc., Class A^(a)		16,825
				1,431,552
		ELECTRICAL EQUIPMENT - 0.4%
	447	A O Smith Corporation		29,310
	108	Acuity, Inc.		32,221
	61	Advanced Energy Industries, Inc.		8,083

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		ELECTRICAL EQUIPMENT - 0.4% (Continued)
	144	AMETEK, Inc.	$	26,058
	997	Amphenol Corporation, Class A		98,453
	264	API Group Corporation^(a)		13,477
	212	Atkore, Inc.		14,957
	152	Badger Meter, Inc.		37,232
	95	Belden, Inc.		11,001
	691	Carrier Global Corporation		50,574
	151	Cognex Corporation		4,790
	326	Fortive Corporation		16,994
	104	Generac Holdings, Inc.^(a)		14,894
	55	Hubbell, Inc.		22,463
	141	Itron, Inc.^(a)		18,560
	135	Keysight Technologies, Inc.^(a)		22,121
	17	Lennox International, Inc.		9,745
	50	Littelfuse, Inc.		11,337
	27	Mesa Laboratories, Inc.		2,544
	153	NEXTracker, Inc., Class A^(a)		8,319
	357	Novanta, Inc.^(a)		46,028
	25	OSI Systems, Inc.^(a)		5,622
	558	Otis Worldwide Corporation		55,252
	109	Ralliant Corporation^(a)		5,269
	147	Rockwell Automation, Inc.		48,829
	228	Trimble, Inc.^(a)		17,323
	209	Vertiv Holdings Company		26,838
	374	Vontier Corporation		13,801
	90	Watts Water Technologies, Inc., Class A		22,130
				694,225
		ENGINEERING & CONSTRUCTION - 0.5%
	3,204	AECOM		361,604
	22	Comfort Systems USA, Inc.		11,797
	66	EMCOR Group, Inc.		35,303
	125	Everus Construction Group, Inc.^(a)		7,941
	570	Fluor Corporation^(a)		29,224
	230	Frontdoor, Inc.^(a)		13,556

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		ENGINEERING & CONSTRUCTION - 0.5% (Continued)
	17	IES Holdings, Inc.^(a)	$	5,036
	42	Installed Building Products, Inc.		7,573
	1,802	Jacobs Solutions, Inc.		236,873
	591	Tetra Tech, Inc.		21,252
	226	Tutor Perini Corporation^(a)		10,572
				740,731
		ENTERTAINMENT CONTENT - 0.5%
	20	AppLovin Corporation, Class A^(a)		7,002
	197	Electronic Arts, Inc.		31,461
	1,661	Fox Corporation, Class B		85,757
	13,015	Paramount Global, Class B		167,894
	63	Take-Two Interactive Software, Inc.^(a)		15,300
	2,672	Walt Disney Company (The)		331,354
	10,281	Warner Bros Discovery, Inc.^(a)		117,820
	1,653	Warner Music Group Corporation		45,028
				801,616
		FOOD - 3.8%
	5,810	B&G Foods, Inc.		24,576
	60	Cal-Maine Foods, Inc.		5,978
	22,629	Conagra Brands, Inc.		463,216
	4,484	Darling Ingredients, Inc.^(a)		170,123
	9,678	Flowers Foods, Inc.		154,654
	19,560	Fresh Del Monte Produce, Inc.		634,135
	12,665	General Mills, Inc.		656,174
	898	Hershey Company (The)		149,023
	215	Hormel Foods Corporation		6,504
	7,382	Ingredion, Inc.		1,001,147
	340	J & J Snack Foods Corporation		38,559
	4,604	J M Smucker Company (The)		452,113
	335	John B Sanfilippo & Son, Inc.		21,185
	7,742	Kellanova		615,721
	4,710	Lamb Weston Holdings, Inc.		244,214
	164	Lancaster Colony Corporation		28,334
	1,210	McCormick & Company, Inc.		91,742

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		FOOD - 3.8% (Continued)
	899	Mission Produce, Inc.^(a)	$	10,536
	8,538	Mondelez International, Inc., Class A		575,803
	1,717	Post Holdings, Inc.^(a)		187,205
	27	Seaboard Corporation		77,252
	786	Simply Good Foods Company (The)^(a)		24,830
	4,305	The Campbell's Company		131,948
	231	Tootsie Roll Industries, Inc.		7,727
	2,061	TreeHouse Foods, Inc.^(a)		40,025
	2,234	Utz Brands, Inc.		28,037
	5,933	WK Kellogg Company		94,572
				5,935,333
		FORESTRY, PAPER & WOOD PRODUCTS - 0.0%^(b)
	227	Boise Cascade Company		19,708
	71	Louisiana-Pacific Corporation		6,105
	141	Sylvamo Corporation		7,064
	79	Trex Company, Inc.^(a)		4,296
	251	UFP Industries, Inc.		24,940
				62,113
		GAS & WATER UTILITIES - 0.8%
	1,029	American States Water Company		78,883
	5,045	American Water Works Company, Inc.		701,811
	3,143	California Water Service Group		142,944
	4,389	Essential Utilities, Inc.		163,007
	474	Middlesex Water Company		25,681
	1,928	SJW Group		100,198
				1,212,524
		HEALTH CARE FACILITIES & SERVICES - 9.3%
	838	Acadia Healthcare Company, Inc.^(a)		19,014
	123	Addus HomeCare Corporation^(a)		14,168
	3,006	agilon health, Inc.^(a)		6,914
	372	Amedisys, Inc.^(a)		36,601
	520	Apollo Medical Holdings, Inc.^(a)		12,938
	5,850	Ardent Health Partners, Inc.^(a)		79,911
	4,135	Aveanna Healthcare Holdings, Inc.^(a)		21,626

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 9.3% (Continued)
	4,000	BrightSpring Health Services, Inc.^(a)	$	94,360
	4,104	Brookdale Senior Living, Inc.^(a)		28,564
	3,144	Cardinal Health, Inc.		528,192
	1,867	Cencora, Inc.		559,820
	7,107	Centene Corporation^(a)		385,768
	1,387	Charles River Laboratories International, Inc.^(a)		210,450
	60	Chemed Corporation		29,216
	2,576	Cigna Group (The)		851,574
	6,023	Concentra Group Holdings Parent, Inc.		123,893
	22,753	CVS Health Corporation		1,569,501
	1,193	DaVita, Inc.^(a)		169,943
	1,349	Elevance Health, Inc.		524,707
	956	Encompass Health Corporation		117,234
	286	Ensign Group, Inc. (The)		44,118
	38,748	Fortrea Holdings, Inc.^(a)		191,415
	2,954	Fulgent Genetics, Inc.^(a)		58,726
	329	GeneDx Holdings Corporation^(a)		30,370
	2,724	HCA Healthcare, Inc.		1,043,564
	1,149	Henry Schein, Inc.^(a)		83,934
	1,340	Humana, Inc.		327,603
	5,315	IQVIA Holdings, Inc.^(a)		837,591
	5,956	Labcorp Holdings, Inc.		1,563,510
	1,066	LifeStance Health Group, Inc.^(a)		5,511
	1,002	McKesson Corporation		734,246
	217	Medpace Holdings, Inc.^(a)		68,108
	292	Molina Healthcare, Inc.^(a)		86,987
	164	National HealthCare Corporation		17,550
	6,713	NeoGenomics, Inc.^(a)		49,072
	109,299	OPKO Health, Inc.^(a)		144,275
	1,552	Option Care Health, Inc.^(a)		50,409
	4,517	Owens & Minor, Inc.^(a)		41,105
	2,673	PACS Group Inc^(a)		34,535
	2,084	Pediatrix Medical Group, Inc.^(a)		29,905
	222	Pennant Group, Inc. (The)^(a)		6,627

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 9.3% (Continued)
	287	Premier, Inc., Class A	$	6,294
	330	Progyny, Inc.^(a)		7,260
	6,219	Quest Diagnostics, Inc.		1,117,119
	2,362	RadNet, Inc.^(a)		134,421
	9,909	Select Medical Holdings Corporation		150,419
	503	SI-BONE, Inc.^(a)		9,466
	1,590	Surgery Partners, Inc.^(a)		35,346
	162	Tempus AI, Inc.^(a)		10,293
	2,105	Tenet Healthcare Corporation^(a)		370,480
	4,399	UnitedHealth Group, Inc.		1,372,356
	1,213	Universal Health Services, Inc., Class B		219,735
	93	US Physical Therapy, Inc.		7,273
				14,274,017
		HEALTH CARE REIT - 0.2%
	175	American Healthcare REIT, Inc.		6,430
	656	Healthpeak Properties, Inc.		11,487
	174	Omega Healthcare Investors, Inc.		6,377
	1,224	Ventas, Inc.		77,295
	192	Welltower, Inc.		29,516
				131,105
		HOME & OFFICE PRODUCTS - 0.1%
	148	HNI Corporation		7,279
	5,703	Newell Brands, Inc.		30,796
	143	Somnigroup International, Inc.		9,731
	904	Steelcase, Inc., Class A		9,429
	1,350	Whirlpool Corporation		136,917
				194,152
		HOME CONSTRUCTION - 0.7%
	696	Beazer Homes USA, Inc.^(a)		15,570
	15	Cavco Industries, Inc.^(a)		6,516
	469	Century Communities, Inc.		26,414
	115	Champion Homes, Inc.^(a)		7,200
	1,927	DR Horton, Inc.		248,429
	529	Dream Finders Homes, Inc.^(a)		13,294

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		HOME CONSTRUCTION - 0.7% (Continued)
	364	Fortune Brands Innovations, Inc.	$	18,739
	152	Green Brick Partners, Inc.^(a)		9,558
	198	Griffon Corporation		14,329
	172	Hovnanian Enterprises, Inc., Class A^(a)		17,983
	733	KB Home		38,827
	1,897	Lennar Corporation, Class B		199,659
	323	LGI Homes, Inc.^(a)		16,641
	226	M/I Homes, Inc.^(a)		25,339
	624	Masco Corporation		40,161
	551	Meritage Homes Corporation		36,900
	9	NVR, Inc.^(a)		66,471
	944	PulteGroup, Inc.		99,554
	810	Taylor Morrison Home Corporation^(a)		49,750
	589	Toll Brothers, Inc.		67,223
	878	Tri Pointe Homes, Inc.^(a)		28,052
				1,046,609
		HOTEL REIT - 0.0%^(b)
	1,194	Host Hotels & Resorts, Inc.		18,340

		HOUSEHOLD PRODUCTS - 3.3%
	3,035	Church & Dwight Company, Inc.		291,694
	2,235	Clorox Company (The)		268,356
	12,888	Colgate-Palmolive Company		1,171,519
	1,825	Energizer Holdings, Inc.		36,792
	846	Estee Lauder Companies, Inc. (The), Class A		68,357
	26,160	Kenvue, Inc.		547,529
	684	Kimberly-Clark Corporation		88,181
	15,996	Procter & Gamble Company (The)		2,548,483
	308	Quanex Building Products Corporation		5,821
				5,026,732
		INDUSTRIAL INTERMEDIATE PROD - 0.0%^(b)
	72	Mueller Industries, Inc.		5,722
	235	Proto Labs, Inc.^(a)		9,409
				15,131

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		INDUSTRIAL INTERMEDIATE PRODUCTS - 0.0%^(b)
	84	AZZ, Inc.	$	7,936
	32	Chart Industries, Inc.^(a)		5,269
	41	Enpro, Inc.		7,854
	256	Timken Company		18,572
	36	Valmont Industries, Inc.		11,757
				51,388
		INDUSTRIAL REIT - 0.0%^(b)
	320	Prologis, Inc.		33,638

		INDUSTRIAL SUPPORT SERVICES - 0.2%
	74	Applied Industrial Technologies, Inc.		17,201
	391	Core & Main, Inc., Class A^(a)		23,597
	75	DXP Enterprises, Inc.^(a)		6,574
	908	Fastenal Company		38,136
	231	Global Industrials, Co.		6,239
	247	MSC Industrial Direct Company, Inc., Class A		21,000
	1,514	Resideo Technologies, Inc.^(a)		33,399
	261	U-Haul Holding Company^(a)		15,806
	49	United Rentals, Inc.		36,917
	71	Watsco, Inc.		31,355
	125	WESCO International, Inc.		23,150
	237	WillScot Holdings Corporation		6,494
	65	WW Grainger, Inc.		67,615
				327,483
		INFRASTRUCTURE REIT - 0.0%^(b)
	309	American Tower Corporation, A		68,295
	424	Crown Castle, Inc.		43,558
	63	SBA Communications Corporation, Class A		14,795
				126,648
		INSTITUTIONAL FINANCIAL SERVICES - 1.0%
	1,245	Bank of New York Mellon Corporation (The)		113,432
	1,557	BGC Group, Inc., Class A		15,928
	129	CME Group, Inc.		35,555
	89	Evercore, Inc., Class A		24,032

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 1.0% (Continued)
	768	Goldman Sachs Group, Inc. (The)	$	543,552
	68	Houlihan Lokey, Inc.		12,237
	444	Interactive Brokers Group, Inc., Class A		24,602
	275	Intercontinental Exchange, Inc.		50,454
	1,096	Jefferies Financial Group, Inc.		59,940
	363	Lazard, Inc.		17,417
	142	Moelis & Company, Class A		8,849
	3,073	Morgan Stanley		432,863
	328	Nasdaq, Inc.		29,330
	380	Northern Trust Corporation		48,180
	40	Piper Sandler Companies		11,118
	49	PJT Partners, Inc., Class A		8,085
	140	SEI Investments Company		12,580
	803	State Street Corporation		85,391
	852	StoneX Group, Inc.^(a)		77,651
	34	Tradeweb Markets, Inc., Class A		4,978
	45	Virtu Financial, Inc., Class A		2,016
				1,618,190
		INSURANCE - 2.0%
	1,004	Aflac, Inc.		105,882
	1,140	Allstate Corporation (The)		229,493
	316	American Financial Group, Inc.		39,882
	3,216	American International Group, Inc.		275,257
	151	Arthur J Gallagher & Company		48,338
	954	Assurant, Inc.		188,405
	408	Brighthouse Financial, Inc.^(a)		21,938
	171	Brown & Brown, Inc.		18,959
	311	Cincinnati Financial Corporation		46,314
	101	CNA Financial Corporation		4,700
	444	CNO Financial Group, Inc.		17,130
	2,840	Corebridge Financial, Inc.		100,820
	1,279	Equitable Holdings, Inc.		71,752
	39	Erie Indemnity Company, Class A		13,525
	4,613	Genworth Financial, Inc., Class A^(a)		35,889

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		INSURANCE - 2.0% (Continued)
	190	Globe Life, Inc.	$	23,615
	156	Hanover Insurance Group, Inc.		26,500
	878	Hartford Financial Services Group, Inc.		111,392
	168	Horace Mann Educators Corporation		7,219
	429	Jackson Financial, Inc., Class A		38,091
	409	Kemper Corporation		26,397
	2,011	Lincoln National Corporation		69,581
	1,051	Loews Corporation		96,335
	12	Markel Group, Inc.^(a)		23,968
	513	Marsh & McLennan Companies, Inc.		112,162
	311	Mercury General Corporation		20,943
	3,551	MetLife, Inc.		285,570
	1,118	Old Republic International Corporation		42,976
	45	Primerica, Inc.		12,315
	966	Principal Financial Group, Inc.		76,729
	821	Progressive Corporation (The)		219,092
	2,333	Prudential Financial, Inc.		250,658
	294	Radian Group, Inc.		10,590
	346	Reinsurance Group of America, Inc.		68,633
	99	RLI Corporation		7,150
	102	Ryan Specialty Holdings, Inc.		6,935
	56	Safety Insurance Group, Inc.		4,446
	190	Selective Insurance Group, Inc.		16,464
	659	Travelers Companies, Inc. (The)		176,309
	247	Trupanion, Inc.^(a)		13,671
	180	United Fire Group, Inc.		5,166
	202	Universal Insurance Holdings, Inc.		5,601
	630	Unum Group		50,879
	504	Voya Financial, Inc.		35,784
	669	W R Berkley Corporation		49,151
	4	White Mountains Insurance Group Ltd.		7,183
				3,119,789
		INTERNET MEDIA & SERVICES - 4.4%
	187	Airbnb, Inc., Class A^(a)		24,748

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		INTERNET MEDIA & SERVICES - 4.4% (Continued)
	36,155	Alphabet, Inc., Class A	$	6,371,595
	16	Booking Holdings, Inc.		92,628
	295	Expedia Group, Inc.		49,761
	85	GoDaddy, Inc., Class A^(a)		15,305
	354	IAC, Inc.^(a)		13,218
	438	Match Group, Inc.		13,530
	105	Netflix, Inc.^(a)		140,609
	770	Roku, Inc.^(a)		67,675
	240	Shutterstock, Inc.		4,550
	36	VeriSign, Inc.		10,397
	105	Yelp, Inc.^(a)		3,598
	242	Zillow Group, Inc., Class A^(a)		16,575
				6,824,189
		LEISURE FACILITIES & SERVICES - 0.3%
	55	Choice Hotels International, Inc.		6,978
	259	Cinemark Holdings, Inc.		7,817
	418	Dave & Buster's Entertainment, Inc.^(a)		12,573
	299	Hilton Grand Vacations, Inc.^(a)		12,417
	160	Hilton Worldwide Holdings, Inc.		42,614
	162	Hyatt Hotels Corporation, Class A		22,623
	381	Life Time Group Holdings, Inc.^(a)		11,556
	386	Live Nation Entertainment, Inc.^(a)		58,394
	27	Madison Square Garden Sports Corporation^(a)		5,642
	351	Marriott International, Inc., Class A		95,898
	301	Marriott Vacations Worldwide Corporation		21,765
	57	McDonald's Corporation		16,654
	59	Planet Fitness, Inc., Class A^(a)		6,434
	251	Six Flags Entertainment Corporation		7,638
	113	Starbucks Corporation		10,354
	39	TKO Group Holdings, Inc.		7,096
	368	Travel + Leisure Company		18,992
	204	United Parks & Resorts, Inc.^(a)		9,619
	133	Vail Resorts, Inc.		20,898

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		LEISURE FACILITIES & SERVICES - 0.3% (Continued)
	110	Wyndham Hotels & Resorts, Inc.	$	8,933
				404,895
		LEISURE PRODUCTS - 0.1%
	128	Acushnet Holdings Corporation		9,321
	6	Axon Enterprise, Inc.^(a)		4,968
	280	Hasbro, Inc.		20,670
	181	LCI Industries		16,505
	823	Mattel, Inc.^(a)		16,230
	477	Thor Industries, Inc.		42,361
	1,654	Topgolf Callaway Brands Corporation^(a)		13,315
	391	Winnebago Industries, Inc.		11,339
				134,709
		MACHINERY - 3.2%
	7,492	AGCO Corporation		772,876
	183	Alamo Group, Inc.		39,964
	486	Caterpillar, Inc.		188,670
	129	Crane Company		24,496
	4,687	Deere & Company		2,383,294
	128	Donaldson Company, Inc.		8,877
	657	Energy Recovery, Inc.^(a)		8,396
	7,970	Enovis Corporation^(a)		249,939
	140	Esab Corporation		16,877
	291	Flowserve Corporation		15,234
	1,328	Franklin Electric Company, Inc.		119,175
	705	Gates Industrial Corporation plc^(a)		16,236
	112	Graco, Inc.		9,629
	499	Hillenbrand, Inc.		10,015
	289	Hyster-Yale Materials Handling, Inc., Class A		11,496
	71	IDEX Corporation		12,465
	213	Ingersoll Rand, Inc.		17,717
	789	Kennametal, Inc.		18,115
	129	Lincoln Electric Holdings, Inc.		26,744
	259	Lindsay Corporation		37,361
	131	Middleby Corporation (The)^(a)		18,864

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		MACHINERY - 3.2% (Continued)
	705	MSA Safety, Inc.	$	118,109
	2,175	Mueller Water Products, Inc. - Series A		52,287
	39	Nordson Corporation		8,360
	106	Oshkosh Corporation		12,035
	64	Parker-Hannifin Corporation		44,702
	109	Regal Rexnord Corporation		15,801
	67	Snap-on, Inc.		20,849
	1,243	Stanley Black & Decker, Inc.		84,213
	78	Tennant Company		6,043
	492	Terex Corporation		22,971
	830	Toro Company (The)		58,664
	2,452	Veralto Corporation		247,529
	1,045	Xylem, Inc.		135,181
	2,842	Zurn Elkay Water Solutions Corporation		103,932
				4,937,116
		MEDICAL EQUIPMENT & DEVICES - 14.0%
	1,568	10X Genomics, Inc., Class A^(a)		18,157
	16,808	Abbott Laboratories		2,286,055
	817	Adaptive Biotechnologies Corporation^(a)		9,518
	2,258	Agilent Technologies, Inc.		266,467
	90	Align Technology, Inc.^(a)		17,040
	1,882	Alphatec Holdings, Inc.^(a)		20,890
	1,173	Artivion, Inc.^(a)		36,480
	946	AtriCure, Inc.^(a)		31,000
	6,793	Avanos Medical, Inc.^(a)		83,146
	6,260	Avantor, Inc.^(a)		84,260
	1,145	Axogen, Inc.^(a)		12,423
	48,708	Baxter International, Inc.		1,474,878
	12,389	Becton Dickinson and Company		2,134,004
	198	BioLife Solutions, Inc.^(a)		4,265
	599	Bio-Rad Laboratories, Inc., Class A^(a)		144,551
	1,544	Bio-Techne Corporation		79,439
	7,025	Bioventus, Inc.^(a)		46,506
	12,360	Boston Scientific Corporation^(a)		1,327,588

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 14.0% (Continued)
	3,052	Bruker Corporation	$	125,742
	665	CareDx, Inc.^(a)		12,994
	781	Castle Biosciences, Inc.^(a)		15,948
	1,850	CONMED Corporation		96,348
	103	Cooper Companies, Inc. (The)^(a)		7,329
	4,810	Danaher Corporation		950,167
	912	Dentsply Sirona, Inc.		14,483
	3,057	DexCom, Inc.^(a)		266,846
	6,965	Edwards Lifesciences Corporation^(a)		544,733
	11,464	Embecta Corporation		111,086
	577	Envista Holdings Corporation^(a)		11,275
	1,308	Exact Sciences Corporation^(a)		69,507
	28,009	GE HealthCare Technologies, Inc.		2,074,627
	319	Glaukos Corporation^(a)		32,950
	1,762	Globus Medical, Inc., Class A^(a)		103,993
	1,661	Haemonetics Corporation^(a)		123,927
	9,012	Hologic, Inc.^(a)		587,222
	1,295	ICU Medical, Inc.^(a)		171,134
	34	IDEXX Laboratories, Inc.^(a)		18,236
	2,368	Illumina, Inc.^(a)		225,931
	160	Inspire Medical Systems, Inc.^(a)		20,763
	374	Insulet Corporation^(a)		117,503
	1,168	Integer Holdings Corporation^(a)		143,629
	13,025	Integra LifeSciences Holdings Corporation^(a)		159,817
	1,076	Intuitive Surgical, Inc.^(a)		584,709
	89	iRadimed Corporation		5,321
	241	iRhythm Technologies, Inc.^(a)		37,104
	715	Lantheus Holdings, Inc.^(a)		58,530
	203	LeMaitre Vascular, Inc.		16,859
	994	Masimo Corporation^(a)		167,211
	1,279	Merit Medical Systems, Inc.^(a)		119,561
	150	Mettler-Toledo International, Inc.^(a)		176,208
	1,969	MiMedx Group, Inc.^(a)		12,031
	6,820	Myriad Genetics, Inc.^(a)		36,214

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 14.0% (Continued)
	167	Natera, Inc.^(a)	$	28,213
	4,402	Orthofix Medical, Inc.^(a)		49,082
	464	OrthoPediatrics Corp.^(a)		9,967
	290	Penumbra, Inc.^(a)		74,423
	6,122	QuidelOrtho Corporation^(a)		176,436
	210	Repligen Corporation^(a)		26,120
	1,435	ResMed, Inc.		370,230
	2,059	Revvity, Inc.		199,146
	3,513	Solventum Corporation^(a)		266,426
	4,901	Stryker Corporation		1,938,983
	3,081	Tandem Diabetes Care, Inc.^(a)		57,430
	2,544	Teleflex, Inc.		301,108
	4,349	Thermo Fisher Scientific, Inc.		1,763,346
	317	Veracyte, Inc.^(a)		8,569
	403	Vericel Corporation^(a)		17,148
	374	Waters Corporation^(a)		130,541
	590	West Pharmaceutical Services, Inc.		129,092
	9,024	Zimmer Biomet Holdings, Inc.		823,079
				21,665,944
		METALS & MINING - 0.1%
	543	Alcoa Corporation		16,024
	1,137	A-Mark Precious Metals, Inc.		25,219
	3,150	Cleveland-Cliffs, Inc.^(a)		23,940
	915	Freeport-McMoRan, Inc.		39,665
	501	Newmont Corporation		29,188
	307	Southern Copper Corporation		31,059
				165,095
		MORTGAGE FINANCE - 0.0%^(b)
	1,864	Rithm Capital Corporation		21,045

		MULTI ASSET CLASS REIT - 0.0%^(b)
	451	Elme Communities		7,171
	300	Vornado Realty Trust		11,472

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		MULTI ASSET CLASS REIT - 0.0%^(b) (Continued)
	142	WP Carey, Inc.	$	8,858
				27,501
		OFFICE REIT - 0.0%^(b)
	177	Alexandria Real Estate Equities, Inc.		12,856
	283	BXP, Inc.		19,094
				31,950
		PUBLISHING & BROADCASTING - 0.1%
	157	New York Times Company (The), Class A		8,789
	1,335	News Corporation, Class B		45,804
	115	Nexstar Media Group, Inc.		19,889
	772	TEGNA, Inc.		12,939
				87,421
		REAL ESTATE OWNERS & DEVELOPERS - 0.0%^(b)
	217	Howard Hughes Holdings, Inc.^(a)		14,648

		REAL ESTATE SERVICES - 0.2%
	1,469	CBRE Group, Inc., Class A^(a)		205,836
	2,705	Compass, Inc., Class A^(a)		16,987
	1,473	eXp World Holdings, Inc.		13,404
	413	Jones Lang LaSalle, Inc.^(a)		105,637
	163	Marcus & Millichap, Inc.		5,006
	1,034	Newmark Group, Inc., Class A		12,563
				359,433
		RENEWABLE ENERGY - 0.3%
	125	EnerSys		10,721
	4,075	Enphase Energy, Inc.^(a)		161,574
	1,347	First Solar, Inc.^(a)		222,983
	16,158	Sunrun, Inc.^(a)		132,172
				527,450
		RESIDENTIAL REIT - 0.6%
	1,240	American Homes 4 Rent, Class A		44,727
	1,729	Apartment Investment and Management Company		14,956
	450	AvalonBay Communities, Inc.		91,574
	374	Camden Property Trust		42,146

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		RESIDENTIAL REIT - 0.6% (Continued)
	718	Equity LifeStyle Properties, Inc.	$	44,279
	1,438	Equity Residential		97,050
	203	Essex Property Trust, Inc.		57,530
	615	Independence Realty Trust, Inc.		10,879
	2,145	Invitation Homes, Inc.		70,356
	420	Mid-America Apartment Communities, Inc.		62,164
	598	Sun Communities, Inc.		75,641
	1,152	UDR, Inc.		47,036
	369	UMH Properties, Inc.		6,196
				664,534
		RETAIL - CONSUMER STAPLES - 1.6%
	3,715	Albertsons Companies, Inc., Class A		79,910
	39	BJ's Wholesale Club Holdings, Inc.^(a)		4,205
	124	Costco Wholesale Corporation		122,753
	1,294	Dollar General Corporation		148,008
	1,048	Dollar Tree, Inc.^(a)		103,794
	2,768	Kroger Company (The)		198,549
	55	Ollie's Bargain Outlet Holdings, Inc.^(a)		7,248
	863	SpartanNash Company		22,861
	99	Sprouts Farmers Market, Inc.^(a)		16,299
	3,202	Target Corporation		315,877
	92,622	Walgreens Boots Alliance, Inc.		1,063,300
	4,413	Walmart, Inc.		431,503
	89	Weis Markets, Inc.		6,452
				2,520,759
		RETAIL - DISCRETIONARY - 1.5%
	172	Abercrombie & Fitch Company, Class A^(a)		14,250
	1,351	Advance Auto Parts, Inc.		62,808
	1,364	American Eagle Outfitters, Inc.		13,122
	19	AutoZone, Inc.^(a)		70,532
	420	Bath & Body Works, Inc.		12,583
	4,749	Best Buy Company, Inc.		318,799
	165	BlueLinx Holdings, Inc.^(a)		12,273
	29	Boot Barn Holdings, Inc.^(a)		4,408

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		RETAIL - DISCRETIONARY - 1.5% (Continued)
	110	Buckle, Inc. (The)	$	4,989
	435	Builders FirstSource, Inc.^(a)		50,760
	103	Burlington Stores, Inc.^(a)		23,962
	672	Caleres, Inc.		8,212
	180	Dick's Sporting Goods, Inc.		35,606
	55	Dillard's, Inc., Class A		22,981
	709	Ferguson Enterprises, Inc.		154,384
	165	Floor & Decor Holdings, Inc., Class A^(a)		12,533
	1,671	Foot Locker, Inc.^(a)		40,940
	1,600	GameStop Corporation, Class A^(a)		39,024
	2,252	Gap, Inc. (The)		49,116
	648	Genuine Parts Company		78,609
	149	GMS, Inc.^(a)		16,204
	1,450	Home Depot, Inc. (The)		531,627
	8,356	Kohl's Corporation		70,859
	1,465	Lowe's Companies, Inc.		325,039
	6,887	Macy's, Inc.		80,302
	690	O'Reilly Automotive, Inc.^(a)		62,190
	66	Penske Automotive Group, Inc.		11,339
	57	RH^(a)		10,774
	413	Ross Stores, Inc.		52,691
	1,865	Sally Beauty Holdings, Inc.^(a)		17,270
	1,185	TJX Companies, Inc. (The)		146,336
	792	Tractor Supply Company		41,794
	97	Ulta Beauty, Inc.^(a)		45,379
	258	Urban Outfitters, Inc.^(a)		18,715
	1,123	Victoria's Secret & Company^(a)		20,798
	163	Williams-Sonoma, Inc.		26,629
				2,507,837
		RETAIL REIT - 0.0%^(b)
	260	Brixmor Property Group, Inc.		6,770
	571	Kimco Realty Corporation		12,002
	229	Realty Income Corporation		13,193
	94	Regency Centers Corporation		6,696

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		RETAIL REIT - 0.0%^(b) (Continued)
	216	Simon Property Group, Inc.	$	34,724
				73,385
		SELF-STORAGE REIT - 0.0%^(b)
	58	Extra Space Storage, Inc.		8,552
	74	Public Storage		21,713
				30,265
		SEMICONDUCTORS - 3.4%
	999	Advanced Micro Devices, Inc.^(a)		141,758
	219	Allegro MicroSystems, Inc.^(a)		7,488
	216	Alpha & Omega Semiconductor Ltd.^(a)		5,543
	2,321	Amkor Technology, Inc.		48,718
	304	Analog Devices, Inc.		72,358
	1,493	Applied Materials, Inc.		273,324
	112	Axcelis Technologies, Inc.^(a)		7,805
	1,301	Azenta, Inc.^(a)		40,045
	1,028	Broadcom, Inc.		283,368
	111	Cirrus Logic, Inc.^(a)		11,572
	261	Coherent Corp.^(a)		23,284
	335	Cohu, Inc.^(a)		6,445
	246	CTS Corporation		10,482
	282	Diodes, Inc.^(a)		14,915
	189	Entegris, Inc.		15,243
	187	FormFactor, Inc.^(a)		6,435
	1,171	GLOBALFOUNDRIES, Inc.^(a)		44,732
	116,444	Intel Corporation		2,608,346
	178	IPG Photonics Corporation^(a)		12,220
	106	KLA Corporation		94,948
	1,908	Lam Research Corporation		185,725
	84	Lattice Semiconductor Corporation^(a)		4,115
	398	Marvell Technology, Inc.		30,805
	792	Microchip Technology, Inc.		55,733
	2,383	Micron Technology, Inc.		293,705
	129	MKS, Inc.		12,817
	14	Monolithic Power Systems, Inc.		10,239

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SEMICONDUCTORS - 3.4% (Continued)
	1,169	NVIDIA Corporation	$	184,690
	1,236	ON Semiconductor Corporation^(a)		64,779
	81	Onto Innovation, Inc.^(a)		8,175
	276	Photronics, Inc.^(a)		5,197
	100	Power Integrations, Inc.		5,590
	254	Qorvo, Inc.^(a)		21,567
	1,789	QUALCOMM, Inc.		284,916
	1,584	Sandisk Corporation^(a)		71,834
	134	Semtech Corporation^(a)		6,049
	66	Silicon Laboratories, Inc.^(a)		9,726
	549	Skyworks Solutions, Inc.		40,911
	189	Synaptics, Inc.^(a)		12,251
	343	Teradyne, Inc.		30,843
	910	Texas Instruments, Inc.		188,934
	614	Ultra Clean Holdings, Inc.^(a)		13,858
	31	Universal Display Corporation		4,788
	280	Veeco Instruments, Inc.^(a)		5,690
	1,725	Vishay Intertechnology, Inc.		27,393
				5,309,359
		SOFTWARE - 3.1%
	173	ACI Worldwide, Inc.^(a)		7,942
	193	Adobe, Inc.^(a)		74,668
	281	Akamai Technologies, Inc.^(a)		22,413
	26	ANSYS, Inc.^(a)		9,132
	54	Autodesk, Inc.^(a)		16,717
	121	Bentley Systems, Inc., Class B		6,530
	110	Cadence Design Systems, Inc.^(a)		33,897
	454	Concentrix Corporation		23,996
	97	Donnelley Financial Solutions, Inc.^(a)		5,980
	340	Dropbox, Inc., Class A^(a)		9,724
	1,675	Evolent Health, Inc., Class A^(a)		18,861
	199	Fortinet, Inc.^(a)		21,038
	593	Gen Digital, Inc.		17,434
	3,642	Ingram Micro Holding Corporation		75,899

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SOFTWARE - 3.1% (Continued)
	66	Intuit, Inc.	$	51,984
	1,176	Life360, Inc.^(a)		76,734
	23	Manhattan Associates, Inc.^(a)		4,542
	7,500	Microsoft Corporation		3,730,575
	209	Omnicell, Inc.^(a)		6,145
	1,504	Oracle Corporation		328,819
	105	Palo Alto Networks, Inc.^(a)		21,487
	18	Paycom Software, Inc.		4,165
	576	Privia Health Group, Inc.^(a)		13,248
	40	PTC, Inc.^(a)		6,894
	53	Roper Technologies, Inc.		30,043
	409	Salesforce, Inc.		111,529
	30	ServiceNow, Inc.^(a)		30,842
	381	SS&C Technologies Holdings, Inc.		31,547
	53	Synopsys, Inc.^(a)		27,172
	435	Teradata Corporation^(a)		9,705
	53	Twilio, Inc., Class A^(a)		6,591
	15	Tyler Technologies, Inc.^(a)		8,893
	38	Veeva Systems, Inc., Class A^(a)		10,943
	2,628	Veradigm, Inc.^(a)		12,352
	72	Workday, Inc., Class A^(a)		17,280
				4,885,721
		SPECIALTY FINANCE - 0.8%
	1,906	Ally Financial, Inc.		74,239
	873	American Express Company		278,469
	1,584	Capital One Financial Corporation		337,011
	25	Credit Acceptance Corporation^(a)		12,736
	235	Enact Holdings, Inc.		8,730
	1,526	Fidelity National Financial, Inc.		85,548
	919	First American Financial Corporation		56,417
	358	MGIC Investment Corporation		9,967
	177	Mr Cooper Group, Inc.^(a)		26,410
	547	OneMain Holdings, Inc.		31,179
	229	PennyMac Financial Services, Inc.		22,818

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SPECIALTY FINANCE - 0.8% (Continued)
	308	PROG Holdings, Inc.	$	9,040
	3,494	Rocket Companies, Inc.		49,545
	286	Stewart Information Services Corporation		18,619
	1,602	Synchrony Financial		106,917
	5,675	UWM Holdings Corporation		23,495
	110	Walker & Dunlop, Inc.		7,753
				1,158,893
		SPECIALTY REITS - 0.0%^(b)
	168	Iron Mountain, Inc.		17,232
	88	Lamar Advertising Company, Class A		10,680
				27,912
		STEEL - 0.2%
	93	ATI, Inc.^(a)		8,030
	681	Commercial Metals Company		33,308
	592	Nucor Corporation		76,687
	163	Reliance, Inc.		51,166
	363	Ryerson Holding Corporation		7,830
	360	Steel Dynamics, Inc.		46,084
	402	Worthington Enterprises, Inc.		25,583
				248,688
		TECHNOLOGY HARDWARE - 5.0%
	795	ADTRAN Holdings, Inc.^(a)		7,131
	17,641	Apple, Inc.		3,619,403
	306	Arista Networks, Inc.^(a)		31,307
	395	Arrow Electronics, Inc.^(a)		50,335
	551	Avnet, Inc.		29,247
	403	Benchmark Electronics, Inc.		15,648
	300	Ciena Corporation^(a)		24,399
	5,260	Cisco Systems, Inc.		364,939
	1,008	Corning, Inc.		53,011
	1,220	Corsair Gaming, Inc.^(a)		11,505
	276	Crane NXT Company		14,876
	297	Daktronics, Inc.^(a)		4,491
	10,025	Dell Technologies, Inc., Class C		1,229,065

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		TECHNOLOGY HARDWARE - 5.0% (Continued)
	424	Diebold Nixdorf, Inc.^(a)	$	23,490
	98	Dolby Laboratories, Inc., Class A		7,277
	356	Extreme Networks, Inc.^(a)		6,390
	55	F5, Inc.^(a)		16,188
	3,067	Flex Ltd.^(a)		153,105
	11,936	Hewlett Packard Enterprise Company		244,091
	33,311	HP, Inc.		814,787
	1,355	Jabil, Inc.		295,526
	837	Juniper Networks, Inc.		33,421
	184	Lumentum Holdings, Inc.^(a)		17,491
	98	Motorola Solutions, Inc.		41,205
	778	NCR Atleos Corporation^(a)		22,196
	3,855	NCR Voyix Corporation^(a)		45,219
	438	NetApp, Inc.		46,669
	230	NETGEAR, Inc.^(a)		6,686
	120	Plexus Corporation^(a)		16,237
	174	Pure Storage, Inc., Class A^(a)		10,019
	718	Sanmina Corporation^(a)		70,242
	695	Sonos, Inc.^(a)		7,513
	1,026	Stratasys Ltd.^(a)		11,768
	678	Super Micro Computer, Inc.^(a)		33,229
	451	TD SYNNEX Corporation		61,201
	645	TTM Technologies, Inc.^(a)		26,329
	23	Ubiquiti, Inc.		9,468
	2,211	Western Digital Corporation^(a)		141,482
	126	Zebra Technologies Corporation, Class A^(a)		38,853
				7,655,439
		TECHNOLOGY SERVICES - 1.4%
	296	Amdocs Ltd.		27,007
	253	Amentum Holdings, Inc.^(a)		5,973
	306	Automatic Data Processing, Inc.		94,370
	1,249	Block, Inc.^(a)		84,845
	149	Booz Allen Hamilton Holding Corporation		15,515
	102	Broadridge Financial Solutions, Inc.		24,789

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		TECHNOLOGY SERVICES - 1.4% (Continued)
	565	CDW Corporation	$	100,903
	1,444	Cognizant Technology Solutions Corporation, Class A		112,675
	50	Coinbase Global, Inc., Class A^(a)		17,525
	64	Corpay, Inc.^(a)		21,236
	131	CoStar Group, Inc.^(a)		10,532
	6,640	DXC Technology Company^(a)		101,526
	108	EPAM Systems, Inc.^(a)		19,097
	78	Equifax, Inc.		20,231
	163	Euronet Worldwide, Inc.^(a)		16,525
	374	ExlService Holdings, Inc.^(a)		16,377
	20	FactSet Research Systems, Inc.		8,946
	4	Fair Isaac Corporation^(a)		7,312
	519	Fidelity National Information Services, Inc.		42,252
	442	Fiserv, Inc.^(a)		76,205
	82	Gartner, Inc.^(a)		33,146
	592	Global Payments, Inc.		47,384
	265	ICF International, Inc.		22,448
	101	Insight Enterprises, Inc.^(a)		13,947
	1,249	International Business Machines Corporation		368,181
	58	Jack Henry & Associates, Inc.		10,450
	189	John Wiley & Sons, Inc., Class A		8,435
	1,917	Kyndryl Holdings, Inc.^(a)		80,437
	20	MarketAxess Holdings, Inc.		4,467
	242	Mastercard, Inc., Class A		135,989
	753	MAXIMUS, Inc.		52,861
	67	Moody's Corporation		33,607
	34	Morningstar, Inc.		10,674
	22	MSCI, Inc.		12,688
	178	Paychex, Inc.		25,892
	1,588	PayPal Holdings, Inc.^(a)		118,020
	100	S&P Global, Inc.		52,729
	76	Shift4 Payments, Inc., Class A^(a)		7,532
	178	TransUnion		15,664
	56	Verisk Analytics, Inc.		17,444

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		TECHNOLOGY SERVICES - 1.4% (Continued)
	601	Visa, Inc., Class A	$	213,385
	3,557	Western Union Company (The)		29,950
	80	WEX, Inc.^(a)		11,751
				2,150,922
		TELECOMMUNICATIONS - 2.3%
	44,554	AT&T, Inc.		1,289,393
	384	EchoStar Corporation, Class A^(a)		10,637
	1,606	Frontier Communications Parent, Inc.^(a)		58,458
	143	IDT Corporation, Class B		9,770
	40,463	Lumen Technologies, Inc.^(a)		177,228
	1,277	Telephone and Data Systems, Inc.		45,436
	2,371	T-Mobile US, Inc.		564,914
	560	United States Cellular Corporation^(a)		35,823
	30,475	Verizon Communications, Inc.		1,318,653
				3,510,312
		TRANSPORTATION & LOGISTICS - 0.1%
	247	CH Robinson Worldwide, Inc.		23,699
	162	Expeditors International of Washington, Inc.		18,509
	270	GXO Logistics, Inc.^(a)		13,149
	150	Hub Group, Inc., Class A		5,015
	94	Kirby Corporation^(a)		10,661
	191	Ryder System, Inc.		30,368
				101,401
		TRANSPORTATION EQUIPMENT - 0.1%
	388	Cummins, Inc.		127,070
	278	PACCAR, Inc.		26,427
	24	Westinghouse Air Brake Technologies Corporation		5,024
				158,521
		WHOLESALE - CONSUMER STAPLES - 5.7%
	99,376	Archer-Daniels-Midland Company		5,245,065
	40,367	Bunge Global S.A.		3,240,663
	1,735	Sysco Corporation		131,409
	1,739	United Natural Foods, Inc.^(a)		40,536

HUMANKIND US STOCK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2025

Shares						Fair Value
		COMMON STOCKS — 99.7% (Continued)
		WHOLESALE - CONSUMER STAPLES - 5.7% (Continued)
	766	US Foods Holding Corporation^(a)				$	58,990
							8,716,663
		WHOLESALE - DISCRETIONARY - 0.1%
	243	G-III Apparel Group Ltd.^(a)					5,443
	1,404	LKQ Corporation					51,962
	61	PC Connection, Inc.					4,013
	60	Pool Corporation					17,489
							78,907

		TOTAL COMMON STOCKS (Cost $143,788,761)					153,865,261

Shares			Strike Price		Expiration Date	Fair Value
		RIGHT — 0.0%^(b)
		BIOTECH & PHARMA - 0.0% ^(b)
	64	Albireo Pharma, Inc. ^(a)(c)(d)(e)	$	10			138
	322	Bristol-Myers Squibb Company^(a)(c)(d)(e)	$	12			225
	336	Inhibrx, Inc.^(a)(c)(d)(e)	$	5	6/30/2027		212
	535	Novartis A.G. ^(a)(c)(d)(e)	$	2	12/31/2025		1,112
							1,687
		MEDICAL EQUIPMENT & DEVICES – 0.0% ^(b)
	56	ABIOMED, Inc. – CVR^(a)(c)(d)(e)	$	35			308
	1,085	Zimmer Biomet Holdings, Inc.– CVR^(a)(c)(d)(e)	$	1	12/31/2026		98
							406

		TOTAL RIGHT (Cost $965)					2,093

		TOTAL INVESTMENTS - 99.7% (Cost $143,789,726)				$	153,867,354
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%					425,331
		NET ASSETS - 100.0%				$	154,292,685

ETF	- Exchange-Traded Fund

LP	- Limited Partnership

LTD	- Limited Company

MSCI	- Morgan Stanley Capital International

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

^(a)	Non-income producing security.

^(b)	Percentage rounds to less than 0.1%.

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

^(d)	Restricted security.

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

Humankind US Stock ETF

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

ASSETS
Investment securities:
Securities at Cost	$	143,789,726
Securities at Value	$	153,867,354
Cash		245,743
Dividends and interest receivable		114,955
Deposit with broker		78,785
TOTAL ASSETS		154,306,837

LIABILITIES
Investment advisory fees payable		14,152
TOTAL LIABILITIES		14,152
NET ASSETS	$	154,292,685

Net Assets Consist of:
Paid in capital	$	157,063,845
Accumulated losses		(2,771,160	)
NET ASSETS	$	154,292,685

Net Asset Value Per Share:
Net Assets	$	154,292,685
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		4,750,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	32.48

See accompanying notes to financial statements.

Humankind US Stock ETF

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended June 30, 2025

INVESTMENT INCOME
Dividends (foreign withholding taxes $1,493)	$	1,507,561
Interest		10,337
TOTAL INVESTMENT INCOME		1,517,898

EXPENSES
Investment advisory fees		82,577
Interest expense		52
TOTAL EXPENSES		82,629

NET INVESTMENT INCOME		1,435,269

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
Investments:		(4,700,444	)
Futures transactions		26,961
In-Kind Redemptions:		8,344,521
Net change in unrealized depreciation on investments		(682,173	)
Net change in unrealized appreciation on futures contracts		4,462
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		2,993,327

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	4,428,596

See accompanying notes to financial statements.

Humankind US Stock ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2025			December 31, 2024
FROM OPERATIONS:
Net investment income	$	1,435,269		$	2,515,021
Net realized loss from investments and future transactions		(4,673,483	)		(3,034,440	)
Net realized gain from In-Kind redemptions		8,344,521			14,320,148
Net change in unrealized appreciation (depreciation) on investments		(682,173	)		54,112
Net change in unrealized depreciation on futures contracts		4,462			(4,462	)
Net increase in net assets resulting from operations		4,428,596			13,850,379

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributions paid from earnings		(1,208,320	)		(2,527,835	)
Net decrease in net assets from distributions to shareholders		(1,208,320	)		(2,527,835	)

FROM SHARES OF BENEFICIAL INTEREST:
Proceeds from shares sold		28,802,120			55,576,252
Payments for shares redeemed		(29,023,394	)		(47,371,209	)
Net decrease in net assets from shares of beneficial interest		(221,274	)		8,205,043

TOTAL INCREASE IN NET ASSETS		2,999,002			19,527,587

NET ASSETS:
Beginning of Year/Period		151,293,683			131,766,096
End of Year/Period	$	154,292,685		$	151,293,683

SHARE ACTIVITY
Shares Sold		900,000			1,750,000
Shares Redeemed		(900,000	)		(1,500,000	)
Net decrease in shares of beneficial interest outstanding		—			250,000

See accompanying notes to financial statements.

Humankind US Stock ETF

Financial Highlights

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

	For the			For the			For the			For the
	Sixth Months Ended			Year Ended			Year Ended			Period Ended
	June 30, 2025			December 31, 2024			December 31, 2023			December 31, 2022 *
	(Unaudited)
Net asset value, beginning of year/period	$	31.85		$	29.28		$	26.54		$	29.70
Activity from investment operations:
Net investment income (1)		0.30			0.55			0.50			0.47
Net realized and unrealized gain (loss) on investments		0.59			2.57			2.75			(3.16	)
Total from investment operations		0.89			3.12			3.25			(2.69	)
Less distributions from:
Net investment income		(0.26	)		(0.55	)		(0.51	)		(0.47	)
Return of capital		—			—			—			—
Total distributions		(0.26	)		(0.55	)		(0.51	)		(0.47	)
Net asset value, end of year/period	$	32.48		$	31.85		$	29.28		$	26.54
Market price, end of year/period	$	32.52		$	31.83		$	29.25		$	26.52
Total return (2)		2.80	%		10.65	%		12.35	%		(9.05	)% (4)
Net assets, end of year/period (000s)	$	154,293		$	151,294		$	131,766		$	126,149
Ratio of expenses to average net assets		0.11	%		0.11	%		0.11	%		0.11	% (5)
Ratio of net investment income to average net assets		1.92	%		1.74	%		1.83	%		1.74	% (5)
Portfolio Turnover Rate (3)		34	%		30	%		27	%		26	% (4)

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

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

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

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

(4)	Not Annualized.

(5)	Annualized

See accompanying notes to financial statements.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2025

ORGANIZATION

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

SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2025

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

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

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

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

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

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

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2025

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

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	153,865,215	$	46	$	—	$	153,865,261
Right		—		673		1,420		2,093
Total	$	153,865,215	$	719	$	1,420	$	153,867,354

Please refer to the Schedule of Investments for industry classifications.

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

	Rights		Total
Beginning balance 12/31/2024	$	1,009	$	1,009
Total realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		411		411
Cost of purchases		—		—
Proceeds from sales		—		—
Net transfers in/out of level 3		—		—
Ending balance 6/30/2025	$	1,420	$	1,420

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

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

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

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

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2025

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

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

INVESTMENT TRANSACTIONS

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

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

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

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2025

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

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.

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.

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2025

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

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

Fund		Tax Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Humankind US Stock ETF		$	143,772,470			$	20,223,049			$	(10,128,165	)		$	10,094,884

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

	Fisical Year Eneded		Fiscal Year Ended
	December 31, 2024		December 31, 2023
Ordinary Income	$	2,527,835	$	2,335,275
Long-Term Capital Gain		—		—
Return of Capital		—		—
	$	2,527,835	$	2,335,275

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

Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Distributable Earnings/
Income		Gains		Late Year Loss		Forwards			Differences		(Depreciation)		(Accumulated Deficit)
$	—	$	—	$	—	$	(16,764,031	)	$	—	$	10,772,595	$	(5,991,436	)

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on open Section 1256, and adjustments for partnerships, and C-Corporation return of capital distributions.

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

Short-Term				Long-Term				Total				CLCF Utilized
$	6,527,130			$	10,236,901			$	16,764,031			$	—

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

Paid In
Capital		Accumulated Deficit
$	14,292,343	$	(14,292,343	)

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2025

INVESTMENT IN RESTRICTED SECURITIES

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

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

Security	Initial Acquisition Date	Shares		Cost		Value		% of Net Assets
ABIOMED, Inc. - CVR	12/22/2022		56	$	431	$	308		0.0	%
Albireo Pharma, Inc. - CVR	3/3/2023		64		—		138		0.0	%
Bristol-Myers Squibb Company CVR	1/23/2024		322		225		225		0.0	%
Inhibrx, Inc CVR	5/30/2024		336		212		212		0.0	%
Novartis A.G. - CVR	8/11/2023		535		—		1,112		0.0	%
OmniAb, Inc. - Earnout shares	7/7/2021		74		427		46		0.0	%
Zimmer Biomet Holdings, Inc - CVR	6/30/2025		1,085		98		98		0.0	%
Totals:				$	1,393	$	2,139

SUBSEQUENT EVENTS

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

Humankind US Stock ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2025

Changes in and Disagreements with Accountants

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

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.

INVESTMENT ADVISER

Humankind Investments LLC

79 Madison Avenue

New York, NY 10016

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

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

Not applicable.

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

Not applicable.

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

Included under Item 7

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

Included under Item 7

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None

Item 16. Controls and Procedures

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

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

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

9/2/2025

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

9/2/2025

By (Signature and Title)

/s/ Brian Curley
Brian Curley, Principal Financial Officer/Treasurer

Date

9/2/2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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