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Humankind Benefit

Filed: 8 Sep 21, 2:50pm

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.

 

 

 

 

 

(HUMANKINGLOGO)

 

 

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/IndexJune 30, 2021
Humankind US Stock ETF10.33%
Humankind US Stock ETF - Market Price10.41%
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.

1

 
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 

2

 
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 

3

 
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 

4

 
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 

5

 
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 

6

 
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 

7

 
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 

8

 
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 

9

 
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 

10

 
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 

11

 
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 

12

 
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 

13

 
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 

14

 
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 

15

 
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 

16

 
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 

17

 
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 

18

 
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 

19

 
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 

20

 
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 

21

 
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 

22

 
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 

23

 
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 

24

 
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 

25

 
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 

26

 
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 

27

 
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 

28

 
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 

29

 
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 

30

 
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 

31

 
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 

32

 
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 

33

 
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 

34

 
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

 

LP-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.

35

 
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.

36

 
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.

37

 
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.

38

 
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.

39

 
Humankind US Stock ETF
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30,2021

 

1.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.

 

2.SIGNIFICANT ACCOUNTING POLICIES

 

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

 

Security Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of 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

40

 
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.

41

 
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.

 

3.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.

 

4.INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

 

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

42

 
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.

 

5.CAPITAL SHARE TRANSACTIONS

 

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

43

 
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 PurchasesMaximum Additional Variable Charge for Cash
Purchases*
$2502.00%

 

*As a percentage of the amount invested.

 

6.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 

 

7.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.

44

 
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*    
 $1,000.00$ 1,103.300.11%$0.40
Hypothetical**
    (5% return before expenses)
    
 $1,000.00$ 1,024.250.11%$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).

45

 
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.

46

 
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.

47

 
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.

48

 
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.

 

 

18Generally, the Funds have institutional clients which are not considered “customers” for purposes of regulation S-P.

49

 

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
  
Date9/3/21