Fisher
Investments
Institutional
Group
All
Foreign
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.17%
Shares
Fair
Value
Argentina
—
1.72%
Consumer
Discretionary
—
1.72%
MercadoLibre
,
Inc.
(a)
3
$
2,792
Total
Argentina
2,792
Australia
—
1.88%
Health
Care
—
1.12%
CSL
Ltd.
9
1,833
Technology
—
0.76%
XERO
LTD
(a)
26
1,247
Total
Australia
3,080
Canada
—
0.85%
Technology
—
0.85%
Shopify,
Inc.,
Class
A
(a)
34
1,390
Total
Canada
1,390
China
—
4.26%
Communications
—
1.78%
NetEase
,
Inc.
-
ADR
19
1,351
Tencent
Holdings
Ltd.
-
ADR
41
1,549
2,900
Consumer
Discretionary
—
2.48%
Alibaba
Group
Holding
Ltd.
-
ADR
(a)
17
1,489
JD.com,
Inc.
-
ADR
26
1,487
Meituan
-
ADR
(a)
25
1,077
4,053
Total
China
6,953
Denmark
—
3.62%
Energy
—
1.05%
Vestas
Wind
Systems
A/S
68
1,708
Health
Care
—
2.57%
Coloplast
A/S
-
ADR
51
600
Novo
Nordisk
A/S,
Class
B
29
3,588
4,188
Total
Denmark
5,896
France
—
15.73%
Consumer
Discretionary
—
5.90%
Cia
Generale
de
Establissements
Michelin
SCA
51
1,420
Hermes
International
SA
4
6,429
Fisher
Investments
Institutional
Group
All
Foreign
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.17%
-
continued
Shares
Fair
Value
France
—
15.73%
-
continued
Consumer
Discretionary
—
5.90%
-
continued
Kering
SA
3
$
1,773
9,622
Consumer
Staples
—
1.37%
L'Oreal
SA
6
2,218
Financials
—
2.00%
BNP
Paribas
SA
25
1,392
Credit
Agricole
SA
116
1,161
Societe
Generale
SA
29
725
3,278
Health
Care
—
0.99%
Sanofi
18
1,622
Industrials
—
1.73%
Aeroports
de
Paris
(a)
14
2,141
Vinci
SA
-
ADR
27
682
2,823
Materials
—
1.70%
Cie
de
Saint-Gobain
61
2,780
Technology
—
2.04%
Dassault
Systems
SE
65
2,375
Teleperformance
2
449
Worldline
SA/France
(a)
10
468
3,292
Total
France
25,635
Germany
—
6.80%
Consumer
Staples
—
1.26%
Beiersdorf
AG
19
2,058
Financials
—
1.68%
Deutsche
Boerse
AG
15
2,749
Industrials
—
3.26%
Deutsche
Post
AG
69
2,719
Siemens
AG
19
2,598
5,317
Technology
—
0.60%
SAP
SE
9
980
Total
Germany
11,104
India
—
2.95%
Financials
—
1.65%
HDFC
Bank
Ltd.
-
ADR
38
2,683
Fisher
Investments
Institutional
Group
All
Foreign
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.17%
-
continued
Shares
Fair
Value
India
—
2.95%
-
continued
Technology
—
1.30%
Infosys
Ltd.
-
ADR
104
$
2,116
Total
India
4,799
Indonesia
—
1.69%
Financials
—
1.69%
Bank
Rakyat
Indonesia
Persero
Tbk
PT
-
ADR
176
2,739
Total
Indonesia
2,739
Israel
—
1.38%
Technology
1.38%
NICE-Systems
Ltd.
-
ADR
(a)
6
1,165
Wix.com
Ltd.
(a)
12
1,086
2,251
Total
Israel
2,251
Italy
—
1.97%
Energy
—
1.52%
Eni
SpA
166
2,477
Financials
—
0.45%
Intesa
Sanpaolo
SpA
329
727
Total
Italy
3,204
Japan
—
10.86%
Communications
—
1.14%
M3,
Inc.
61
1,858
Health
Care
—
1.92%
Eisai
Co.
Ltd.
-
ADR
14
981
Hoya
Corp.
-
ADR
12
1,243
Terumo
Corp.
-
ADR
31
915
3,139
Industrials
—
7.13%
Daifuku
Co.
Ltd.
-
ADR
40
517
FANUC
Corp.
-
ADR
105
1,572
Keyence
Corp.
14
5,793
Kubota
Corp.
100
1,470
Recruit
Holdings
Co.
Ltd.
-
ADR
356
2,268
11,620
Fisher
Investments
Institutional
Group
All
Foreign
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.17%
-
continued
Shares
Fair
Value
Japan
—
10.86%
-
continued
Technology
—
0.67%
Obic
Co.
Ltd.
7
$
1,100
Total
Japan
17,717
Korea
(Republic
of)
—
4.99%
Communications
—
0.79%
NAVER
Corp.
9
1,291
Financials
—
1.28%
KB
Financial
Group,
Inc.
52
2,094
Technology
—
2.92%
Samsung
Electronics
Co.
Ltd.
100
4,770
Total
Korea
(Republic
of)
8,155
Netherlands
—
11.02%
Consumer
Discretionary
—
0.76%
Stellantis
NV
80
1,241
Financials
—
0.64%
ING
Groep
NV
87
1,051
Technology
—
9.62%
Adyen
NV
(a)
1
1,525
ASML
Holding
NV
12
7,014
NXP
Semiconductors
NV
27
4,748
Wolters
Kluwer
NV
22
2,411
15,698
Total
Netherlands
17,990
Norway
—
2.03%
Energy
—
2.03%
Equinor
ASA
86
3,311
Total
Norway
3,311
Spain
—
3.57%
Consumer
Discretionary
—
0.86%
Industria
de
Diseno
Textil
SA
54
1,399
Energy
—
2.33%
Repsol
SA
248
3,824
Fisher
Investments
Institutional
Group
All
Foreign
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.17%
-
continued
Shares
Fair
Value
Spain
—
3.57%
-
continued
Financials
—
0.38%
Banco
Santander
SA
209
$
621
Total
Spain
5,844
Sweden
—
0.81%
Consumer
Discretionary
—
0.81%
H&M
Hennes
&
Mauritz
AB,
Class
B
119
1,322
Total
Sweden
1,322
Switzerland
—
1.43%
Industrials
—
1.43%
ABB
Ltd.
73
2,276
Accelleron
Industries
Ltd.
(a)
3
61
2,337
Total
Switzerland
2,337
Taiwan
Province
of
China
—
4.22%
Technology
—
4.22%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
-
ADR
83
6,887
Total
Taiwan
Province
of
China
6,887
United
Kingdom
—
17.39%
Communications
—
0.69%
WPP
PLC
108
1,127
Consumer
Discretionary
—
0.90%
Next
PLC
(a)
21
1,479
Consumer
Staples
—
2.73%
Coca-Cola
European
Partners
PLC
53
2,814
Reckitt
Benckiser
Group
PLC
23
1,649
4,463
Energy
—
1.79%
BP
PLC
486
2,915
Financials
—
1.13%
Barclays
PLC
587
1,141
London
Stock
Exchange
Group
PLC
7
696
1,837
Health
Care
—
1.90%
AstraZeneca
PLC
23
3,096
Materials
—
6.18%
Anglo
American
PLC
93
3,820
Antofagasta
PLC
206
3,498
Fisher
Investments
Institutional
Group
All
Foreign
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.17%
-
continued
Shares
Fair
Value
United
Kingdom
—
17.39%
-
continued
Materials
—
6.18%
-
continued
Rio
Tinto
PLC
41
$
2,761
10,079
Technology
—
2.07%
Experian
PLC
97
3,398
Total
United
Kingdom
28,394
Total
Common
Stocks (Cost $152,988)
161,800
MONEY
MARKET
FUNDS
—
10.48%
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(b)
17,096
17,096
Total
Money
Market
Funds
(Cost
$17,096)
17,096
Total
Investments
—
109.65%
(Cost
$170,084)
178,896
Liabilities
in
Excess
of
Other
Assets — (9.65)%
(15,740)
NET
ASSETS
—
100.00%
$
163,156
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.
ADR
-
American
Depositary
Receipt
Fisher
Investments
Institutional
Group
U.S.
Large
Cap
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
98.10%
Shares
Fair
Value
Communications
—
5.87%
Alphabet,
Inc.,
Class
A
(a)
57
$
5,757
Meta
Platforms,
Inc.,
Class
A
(a)
23
2,716
Netflix,
Inc.
(a)
8
2,444
10,917
Consumer
Discretionary
—
10.97%
Amazon.com,
Inc.
(a)
57
5,503
Aptiv
PLC
(a)
12
1,280
Ford
Motor
Co.
111
1,543
General
Motors
Co.
28
1,136
Home
Depot,
Inc.
(The)
24
7,775
KB
Home
59
1,852
NIKE,
Inc.,
Class
B
12
1,316
20,405
Consumer
Staples
—
2.42%
Costco
Wholesale
Corp.
4
2,157
General
Mills,
Inc.
18
1,535
Kimberly-Clark
Corp.
6
814
4,506
Energy
—
6.94%
ConocoPhillips
21
2,594
Exxon
Mobil
Corp.
17
1,893
Halliburton
Co.
64
2,425
Hess
Corp.
20
2,878
Pioneer
Natural
Resources
Co.
8
1,888
Schlumberger
Ltd.
24
1,237
12,915
Financials
—
10.88%
American
Express
Co.
24
3,782
Bank
of
America
Corp.
47
1,779
BlackRock,
Inc.
6
4,296
First
Republic
Bank
14
1,787
Goldman
Sachs
Group,
Inc.
(The)
11
4,248
JPMorgan
Chase
&
Co.
15
2,072
Prologis,
Inc.
12
1,413
T.
Rowe
Price
Group,
Inc.
7
874
20,251
Health
Care
—
10.21%
Abbott
Laboratories
15
1,614
Align
Technology,
Inc.
(a)
7
1,377
Amgen,
Inc.
5
1,432
Biogen,
Inc.
(a)
6
1,831
DexCom,
Inc.
(a)
11
1,279
IDEXX
Laboratories,
Inc.
(a)
3
1,278
Intuitive
Surgical,
Inc.
(a)
14
3,784
Johnson
&
Johnson
5
890
Fisher
Investments
Institutional
Group
U.S.
Large
Cap
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
98.10%
-
continued
Shares
Fair
Value
Health
Care
—
10.21%
-
continued
Medtronic
PLC
16
$
1,265
Merck
&
Co.,
Inc.
21
2,312
Pfizer,
Inc.
20
1,003
ResMed,
Inc.
4
921
Viatris,
Inc.
1
11
18,997
Industrials
—
6.71%
3M
Co.
7
882
Caterpillar,
Inc.
11
2,601
Eaton
Corp.
PLC
11
1,798
HEICO
Corp.
8
1,298
Norfolk
Southern
Corp.
4
1,026
Rockwell
Automation,
Inc.
12
3,170
United
Parcel
Service,
Inc.,
Class
B
9
1,708
12,483
Materials
—
2.42%
Nucor
Corp.
30
4,499
Technology
—
41.68%
Adobe,
Inc.
(a)
9
3,104
Advanced
Micro
Devices,
Inc.
(a)
81
6,288
Apple,
Inc.
106
15,692
Autodesk,
Inc.
(a)
10
2,020
Cisco
Systems,
Inc.
38
1,889
Intel
Corp.
41
1,233
Microsoft
Corp.
42
10,716
MSCI,
Inc.
10
5,078
NVIDIA
Corp.
54
9,138
Oracle
Corp.
38
3,155
PayPal
Holdings,
Inc.
(a)
36
2,823
QUALCOMM,
Inc.
15
1,897
Salesforce.com,
Inc.
(a)
30
4,808
Texas
Instruments,
Inc.
25
4,512
Visa,
Inc.,
Class
A
24
5,208
77,561
Total
Common
Stocks (Cost $155,095)
182,534
MONEY
MARKET
FUNDS
—
7.34%
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(b)
13,652
13,652
Total
Money
Market
Funds
(Cost
$13,652)
13,652
Total
Investments
—
105.44%
(Cost
$168,747)
196,186
Liabilities
in
Excess
of
Other
Assets — (5.44)%
(10,122)
NET
ASSETS
—
100.00%
$
186,064
Fisher
Investments
Institutional
Group
U.S.
Large
Cap
Equity
Environmental
and
Social
Values
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.
Fisher
Investments
Institutional
Group
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
98.26%
Shares
Fair
Value
Communications
—
0.47%
8X8,
Inc.
(a)
199
$
852
Consumer
Discretionary
—
16.70%
Abercrombie
&
Fitch
Co.,
Class
A
(a)
36
863
Builders
FirstSource,
Inc.
(a)
62
3,963
Domino's
Pizza,
Inc.
2
777
Freshpet,
Inc.
(a)
44
2,949
Gap,
Inc.
(The)
71
1,032
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
69
774
Hibbett,
Inc.
19
1,267
M.D.C.
Holdings,
Inc.
32
1,038
M/I
Homes,
Inc.
(a)
39
1,762
National
Vision
Holdings,
Inc.
(a)
28
1,133
Papa
John's
International,
Inc.
32
2,664
Pool
Corp.
5
1,647
Rent-A-Center,
Inc.
31
747
Revolve
Group,
Inc.
(a)
96
2,536
Scotts
Miracle-Gro
Co.
(The)
14
783
Shake
Shack,
Inc.,
Class
A
(a)
25
1,315
Six
Flags
Entertainment
Corp.
(a)
52
1,253
Taylor
Morrison
Home
Corp.
(a)
36
1,094
Thor
Industries,
Inc.
11
948
Urban
Outfitters,
Inc.
(a)
40
1,158
Wolverine
World
Wide,
Inc.
58
650
30,353
Consumer
Staples
—
1.06%
Boston
Beer
Company,
Inc.
(The),
Class
A
(a)
5
1,922
Energy
—
5.21%
ChampionX
Corp.
130
4,009
Helmerich
&
Payne,
Inc.
12
613
Oceaneering
International,
Inc.
(a)
99
1,504
Ovintiv,
Inc.
60
3,346
9,472
Financials
—
9.94%
Cadence
Bank
34
981
Evercore
Partners,
Inc.,
Class
A
19
2,188
First
Merchants
Corp.
56
2,475
Focus
Financial
Partners,
Inc.,
Class
A
(a)
46
1,755
Independent
Bank
Corp.
23
2,082
Moelis
&
Co.,
Class
A
39
1,686
Piper
Sandler
Cos.
18
2,586
Stifel
Financial
Corp.
26
1,671
SVB
Financial
Group
(a)
5
1,159
Umpqua
Holdings
Corp.
73
1,480
18,063
Fisher
Investments
Institutional
Group
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
98.26%
-
continued
Shares
Fair
Value
Health
Care
—
21.89%
Agios
Pharmaceuticals,
Inc.
(a)
45
$
1,356
Align
Technology,
Inc.
(a)
11
2,163
Alkermes
PLC
(a)
14
347
Anika
Therapeutics
(a)
82
2,586
Avid
Bioservices,
Inc.
(a)
47
736
BioCryst
Pharmaceuticals,
Inc.
(a)
74
989
Charles
River
Laboratories
International,
Inc.
(a)
5
1,143
CONMED
Corp.
55
4,557
Exact
Sciences
Corp.
(a)
29
1,304
Haemonetics
Corp.
(a)
41
3,498
Halozyme
Therapeutics,
Inc.
(a)
35
2,004
ImmunoGen,
Inc.
(a)
231
1,199
Ironwood
Pharmaceuticals,
Inc.
(a)
85
1,029
Ligand
Pharmaceuticals,
Inc.,
Class
B
(a)
13
948
Medpace
Holdings,
Inc.
(a)
15
3,148
Myriad
Genetics,
Inc.
(a)
55
1,114
NanoString
Technologies,
Inc.
(a)
73
510
Neurocrine
Biosciences
Inc.
(a)
11
1,398
OmniAb,
Inc.
(a)
63
223
OmniAb,
Inc.
-
Earnout
Shares
(a)
4
—
OmniAb,
Inc.
-
Earnout
Shares
(a)
4
—
PTC
Therapeutics,
Inc.
(a)
33
1,369
Shockwave
Medical,
Inc.
(a)
4
1,014
Twist
Bioscience
Corp.
(a)
29
793
Vericel
Corp.
(a)
38
868
WillScot
Mobile
Mini
Holdings
Corp.
(a)
114
5,495
39,791
Industrials
—
14.41%
Advanced
Energy
Industries,
Inc.
47
4,354
Alarm.com
Holdings,
Inc.
(a)
36
1,796
Cactus,
Inc.,
Class
A
83
4,515
Casella
Waste
Systems,
Inc.,
Class
A
(a)
31
2,669
Chart
Industries,
Inc.
(a)
18
2,574
Columbus
McKinnon
Corp.
57
1,837
H&E
Equipment
Services,
Inc.
47
1,971
HEICO
Corp.
6
974
Lincoln
Electric
Holdings,
Inc.
14
2,070
Mercury
Systems,
Inc.
(a)
32
1,626
Montrose
Environmental
Group
Inc.
(a)
39
1,800
26,186
Materials
—
5.27%
Alcoa
Corp.
56
2,808
Cleveland-Cliffs,
Inc.
(a)
100
1,548
Steel
Dynamics,
Inc.
15
1,559
UFP
Industries,
Inc.
26
2,128
Fisher
Investments
Institutional
Group
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
98.26%
-
continued
Shares
Fair
Value
Materials
—
5.27%
-
continued
Worthington
Industries,
Inc.
27
$
1,532
9,575
Real
Estate
—
1.07%
Macerich
Co.
(The)
153
1,943
Technology
—
22.24%
Allscripts
Healthcare
Solutions,
Inc.
(a)
261
4,942
Alteryx,
Inc.,
Class
A
(a)
44
1,973
Azenta,
Inc.
27
1,626
Box,
Inc.,
Class
A
(a)
34
933
Cerence,
Inc.
(a)
32
656
Ceridian
HCM
Holding,
Inc.
(a)
16
1,095
Diodes,
Inc.
(a)
62
5,718
Donnelley
Financial
Solutions,
Inc.
(a)
38
1,451
Dropbox,
Inc.,
Class
A
(a)
38
895
Five9,
Inc.
(a)
8
513
Knowles
Corp.
(a)
112
1,747
Liveperson,
Inc.
(a)
58
681
Manhattan
Associates,
Inc.
(a)
6
756
Momentive
Global,
Inc.
(a)
203
1,610
Omnicell,
Inc.
(a)
22
1,135
Paycom
Software,
Inc.
(a)
6
2,035
Paylocity
Holdings
Corp.
(a)
34
7,405
Pegasystems,
Inc.
14
508
Qualys,
Inc.
(a)
6
740
SPS
Commerce,
Inc.
(a)
7
996
Synaptics,
Inc.
(a)
7
742
Tenable
Holdings,
Inc.
(a)
14
535
Vicor
Corp.
(a)
32
1,728
40,420
Total
Common
Stocks
(Cost $169,441)
178,577
MONEY
MARKET
FUNDS
—
7.47%
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(b)
13,583
13,583
Total
Money
Market
Funds
(Cost
$13,583)
13,583
Total
Investments
—
105.73%
(Cost
$183,024)
192,160
Liabilities
in
Excess
of
Other
Assets — (5.73)%
(10,414)
NET
ASSETS
—
100.00%
$
181,746
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.
Fisher
Investments
Institutional
Group
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.14%
Shares
Fair
Value
Argentina
—
1.00%
Consumer
Discretionary
—
1.00%
MercadoLibre
,
Inc.
(a)
2
$
1,863
Total
Argentina
1,863
Australia
—
1.65%
Energy
—
0.05%
Woodside
Energy
Group
Ltd.
4
101
Materials
—
1.60%
BHP
Group
Ltd.
26
803
OZ
Minerals
Ltd.
77
1,434
Rio
Tinto
Ltd.
10
744
2,981
Total
Australia
3,082
Brazil
—
0.34%
Materials
—
0.34%
Vale
SA
-
ADR
38
627
Total
Brazil
627
Canada
—
1.46%
Industrials
—
0.88%
Canadian
Pacific
Railway
Ltd.
20
1,638
Materials
—
0.58%
Hudbay
Minerals,
Inc.
90
509
Lundin
Mining
Corp.
93
572
1,081
Total
Canada
2,719
China
—
0.77%
Communications
—
0.49%
Tencent
Holdings
Ltd.
-
ADR
24
907
Consumer
Discretionary
—
0.28%
Alibaba
Group
Holding
Ltd.
-
ADR
(a)
6
525
Total
China
1,432
France
—
4.69%
Consumer
Discretionary
—
1.12%
Kering
SA
-
ADR
35
2,086
Energy
—
0.88%
TotalEnergies
SE
26
1,634
Financials
—
0.69%
BNP
Paribas
SA
23
1,280
Health
Care
—
0.43%
Sanofi
9
811
Fisher
Investments
Institutional
Group
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.14%
-
continued
Shares
Fair
Value
France
—
4.69%
-
continued
Technology
—
1.57%
Dassault
Systems
SE
80
$
2,924
Total
France
8,735
Germany
—
2.57
%
Consumer
Discretionary
—
1.5
4
%
adidas
AG
7
892
Mercedes-Benz
Group
AG
21
1,409
Sixt
SE
6
575
2,876
Industrials
—
1.0
3
%
MTU
Aero
Engines
AG
3
626
Siemens
AG
9
1,230
Siemens
Energy
AG
4
66
1,922
Total
Germany
4,798
Hong
Kong
—
0.46%
Health
Care
—
0.46%
Sino
Biopharmaceutical
Ltd.
-
ADR
75
865
Total
Hong
Kong
865
India
—
0.71%
Technology
—
0.71%
Infosys
Ltd.
-
ADR
65
1,323
Total
India
1,323
Italy
—
1.06%
Energy
—
0.60%
Eni
SpA
75
1,119
Financials
—
0.46%
Intesa
Sanpaolo
SpA
390
862
Total
Italy
1,981
Japan
—
2.91%
Industrials
—
2.91%
Daifuku
Co.
Ltd.
-
ADR
42
543
FANUC
Corp.
-
ADR
99
1,482
SMC
Corp.
-
ADR
98
2,233
Yaskawa
Electric
Corp.
-
ADR
18
1,182
5,440
Total
Japan
5,440
Korea
(Republic
of)
—
2.32%
Financials
—
0.45%
KB
Financial
Group,
Inc.
21
845
Fisher
Investments
Institutional
Group
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.14%
-
continued
Shares
Fair
Value
Korea
(Republic
of)
—
2.32%
-
continued
Technology
—
1.87%
Samsung
Electronics
Co.
Ltd.
-
GDR
3���
$
3,489
Total
Korea
(Republic
of)
4,334
Netherlands
—
3.11%
Financials
—
0.60%
ING
Groep
NV
93
1,123
Technology
—
2.51%
ASML
Holding
NV
8
4,677
Total
Netherlands
5,800
Spain
—
0.7
6
%
Financials
—
0.7
6
%
Banco
Bilbao
Vizcaya
Argentaria
SA
142
830
Banco
Santander
SA
198
588
1,418
Total
Spain
1,418
Sweden
—
0.52%
Consumer
Discretionary
—
0.52%
Autoliv
,
Inc.
11
972
Total
Sweden
972
Switzerland
—
0.62%
Health
Care
—
0.62%
Novartis
AG
13
1,149
Total
Switzerland
1,149
Taiwan
Province
of
China
—
3.02%
Technology
—
3.02%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
-
ADR
68
5,643
Total
Taiwan
Province
of
China
5,643
United
Kingdom
—
2.8
2
%
Consumer
Discretionary
—
0.58%
Capri
Holding
Ltd.
(a)
19
1,090
Consumer
Staples
—
0.08%
Haleon
PLC
(a)
44
151
Energy
—
1.2
6
%
BP
PLC
148
888
Shell
PLC
50
1,472
2,360
Health
Care
—
0.90%
AstraZeneca
PLC
8
1,077
Fisher
Investments
Institutional
Group
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.14%
-
continued
Shares
Fair
Value
United
Kingdom
—
2.82%
-
continued
Health
Care
—
0.90%
-
continued
GlaxoSmithKline
PLC
35
$
594
1,671
Total
United
Kingdom
5,272
United
States
—
68.33%
Communications
—
6.4
5
%
Alphabet,
Inc.,
Class
A
(a)
80
8,080
Meta
Platforms,
Inc.,
Class
A
(a)
11
1,299
Netflix,
Inc.
(a)
4
1,222
Uber
Technologies,
Inc.
(a)
29
845
Walt
Disney
Co.
(The)
(a)
6
587
12,033
Consumer
Discretionary
—
4.48%
Amazon.com,
Inc.
(a)
43
4,152
Home
Depot,
Inc.
(The)
8
2,592
Starbucks
Corp.
7
715
Toll
Brothers,
Inc.
19
910
8,369
Consumer
Staples
—
4.19%
Costco
Wholesale
Corp.
6
3,236
Procter
&
Gamble
Co.
(The)
13
1,939
Target
Corp.
4
668
Walmart,
Inc.
13
1,981
7,824
Energy
—
3.71%
Chevron
Corp.
11
2,017
Exxon
Mobil
Corp.
16
1,781
Marathon
Oil
Corp.
45
1,378
Schlumberger
Ltd.
34
1,753
6,929
Financials
—
7.8
3
%
American
Express
Co.
13
2,049
Bank
of
America
Corp.
25
946
BlackRock,
Inc.
4
2,864
Goldman
Sachs
Group,
Inc.
(The)
5
1,931
Jefferies
Financial
Group,
Inc.
25
950
JPMorgan
Chase
&
Co.
14
1,935
Morgan
Stanley
29
2,699
T.
Rowe
Price
Group,
Inc.
10
1,249
14,623
Health
Care
—
8.9
7
%
Abbott
Laboratories
9
968
Align
Technology,
Inc.
(a)
7
1,377
Danaher
Corp.
5
1,367
Edwards
LifeSciences
Corp.
(a)
9
695
Fisher
Investments
Institutional
Group
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.14%
-
continued
Shares
Fair
Value
United
States
—
68.33%
-
continued
Health
Care
—
8.97%
-
continued
Eli
Lilly
&
Co.
11
$
4,081
Exact
Sciences
Corp.
(a)
14
629
Intuitive
Surgical,
Inc.
(a)
9
2,435
Merck
&
Co.,
Inc.
13
1,432
PTC
Therapeutics,
Inc.
(a)
15
622
Sarepta
Therapeutics,
Inc.
(a)
5
614
Stryker
Corp.
6
1,403
Thermo
Fisher
Scientific,
Inc.
2
1,120
16,743
Industrials
—
4.8
2
%
A.O.
Smith
Corp.
11
668
AeroVironment
,
Inc.
(a)
14
1,289
Boeing
Co.
(The)
(a)
5
894
Carrier
Global
Corp.
6
266
Cummins,
Inc.
4
1,005
Deere
&
Co.
4
1,764
IDEX
Corp.
3
712
Lennox
International,
Inc.
3
781
Otis
Worldwide
Corp.
3
234
Raytheon
Technologies
Corp.
6
592
Rockwell
Automation,
Inc.
3
793
8,998
Materials
—
1.00%
Cleveland-Cliffs,
Inc.
(a)
69
1,068
Materion
Corp.
10
806
1,874
Technology
—
26.
90
%
Adobe,
Inc.
(a)
10
3,449
Advanced
Micro
Devices,
Inc.
(a)
17
1,320
Apple,
Inc.
66
9,770
Autodesk,
Inc.
(a)
9
1,818
Block,
Inc.,
Class
A
(a)
12
813
DocuSign,
Inc.
(a)
15
706
Intuit,
Inc.
2
815
MasterCard,
Inc.,
Class
A
8
2,852
Microsoft
Corp.
35
8,930
NVIDIA
Corp.
44
7,445
Oracle
Corp.
38
3,155
Paycom
Software,
Inc.
(a)
6
2,035
PayPal
Holdings,
Inc.
(a)
13
1,019
Salesforce.com,
Inc.
(a)
16
2,564
ServiceNow
,
Inc.
(a)
2
833
Visa,
Inc.,
Class
A
10
2,170
Fisher
Investments
Institutional
Group
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.14%
-
continued
Shares
Fair
Value
United
States
—
68.33%
-
continued
Technology
—
26.90%
-
continued
Zoom
Video
Communications,
Inc.,
Class
A
(a)
7
$
528
50,222
Total
United
States
127,615
Total
Common
Stocks
(Cost $156,371)
185,068
MONEY
MARKET
FUNDS
—
0.66%
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(b)
1,229
1,229
Total
Money
Market
Funds
(Cost
$1,229)
1,229
Total
Investments
—
99.80%
(Cost
$157,600)
186,297
Other
Assets
in
Excess
of
Liabilities — 0.20%
370
NET
ASSETS
—
100.00%
$
186,667
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.
ADR
-
American
Depositary
Receipt
GDR
-
Global
Depositary
Receipt
Fisher
Investments
Institutional
Group
ESG
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.23%
Shares
Fair
Value
Argentina
—
1.00%
Consumer
Discretionary
—
1.00%
MercadoLibre,
Inc.
(a)
2
$
1,862
Total
Argentina
1,862
Australia
—
1.58%
Materials
—
1.58%
OZ
Minerals
Ltd.
70
1,303
Rio
Tinto
Ltd.
22
1,637
2,940
Total
Australia
2,940
Canada
—
1.08%
Industrials
—
0.75%
Canadian
Pacific
Railway
Ltd.
17
1,392
Materials
—
0.33%
Lundin
Mining
Corp.
100
616
Total
Canada
2,008
China
—
0.67%
Communications
—
0.39%
Tencent
Holdings
Ltd.
-
ADR
19
718
Consumer
Discretionary
—
0.28%
Alibaba
Group
Holding
Ltd.
-
ADR
(a)
6
525
Total
China
1,243
Colombia
—
0.61%
Energy
—
0.61%
Ecopetrol
SA
-
ADR
116
1,145
Total
Colombia
1,145
France
—
3.84%
Consumer
Discretionary
—
1.05%
Kering
SA
-
ADR
33
1,968
Financials
—
0.69%
BNP
Paribas
SA
23
1,280
Health
Care
—
0.53%
Sanofi
11
991
Technology
—
1.57%
Dassault
Systems
SE
80
2,924
Total
France
7,163
Germany
—
2
.49
%
Consumer
Discretionary
—
1.65
%
adidas
AG
8
1,019
Mercedes-Benz
Group
AG
22
1,476
Fisher
Investments
Institutional
Group
ESG
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.23%
-
continued
Shares
Fair
Value
Germany
—
2.49%
-
continued
Consumer
Discretionary
—
1.65%
-
continued
Sixt
SE
6
$
575
3,070
Industrials
—
0.8
4
%
Siemens
AG
11
1,504
Siemens
Energy
AG
4
66
1,570
Total
Germany
4,640
Hong
Kong
—
0.47%
Health
Care
—
0.47%
Sino
Biopharmaceutical
Ltd.
-
ADR
76
876
Total
Hong
Kong
876
India
—
0.51%
Technology
—
0.51%
Infosys
Ltd.
-
ADR
47
956
Total
India
956
Italy
—
0.94%
Energy
—
0.49%
Eni
SpA
61
910
Financials
—
0.45%
Intesa
Sanpaolo
SpA
380
840
Total
Italy
1,750
Japan
—
1.9
9
%
Industrials
—
1.99
%
Daifuku
Co.
Ltd.
-
ADR
43
556
FANUC
Corp.
-
ADR
92
1,377
Yaskawa
Electric
Corp.
-
ADR
27
1,773
3,706
Total
Japan
3,706
Korea
(Republic
of)
—
1.75%
Financials
—
0.50%
KB
Financial
Group,
Inc.
23
926
Technology
—
1.25%
Samsung
Electronics
Co.
Ltd.
-
GDR
2
2,326
Total
Korea
(Republic
of)
3,252
Netherlands
—
2.51%
Technology
—
2.51%
ASML
Holding
NV
8
4,677
Total
Netherlands
4,677
Fisher
Investments
Institutional
Group
ESG
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.23%
-
continued
Shares
Fair
Value
Spain
—
0.76%
Financials
—
0.76%
Banco
Bilbao
Vizcaya
Argentaria
SA
137
$
801
Banco
Santander
SA
208
618
1,419
Total
Spain
1,419
Sweden
—
0.47%
Consumer
Discretionary
—
0.47%
Autoliv,
Inc.
10
884
Total
Sweden
884
Switzerland
—
0.70%
Industrials
—
0.70%
ABB
Ltd.
41
1,272
Accelleron
Industries
Ltd.
(a)
2
41
1,313
Total
Switzerland
1,313
Taiwan
Province
of
China
—
2.98%
Technology
—
2.98%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
-
ADR
67
5,560
Total
Taiwan
Province
of
China
5,560
United
Kingdom
—
4.11%
Consumer
Discretionary
—
0.46%
Capri
Holding
Ltd.
(a)
15
860
Consumer
Staples
—
0.70%
Unilever
PLC
26
1,300
Energy
—
1.54%
BP
PLC
479
2,873
Health
Care
—
0.72%
AstraZeneca
PLC
10
1,346
Materials
—
0.69%
Antofagasta
PLC
76
1,291
Total
United
Kingdom
7,670
United
States
—
70.76%
Communications
—
6.40%
Alphabet,
Inc.,
Class
A
(a)
80
8,079
Meta
Platforms,
Inc.,
Class
A
(a)
11
1,299
Netflix,
Inc.
(a)
4
1,222
Uber
Technologies,
Inc.
(a)
26
758
Walt
Disney
Co.
(The)
(a)
6
587
11,945
Consumer
Discretionary
—
4.50%
Amazon.com,
Inc.
(a)
43
4,151
Fisher
Investments
Institutional
Group
ESG
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.23%
-
continued
Shares
Fair
Value
United
States
—
70.76%
-
continued
Consumer
Discretionary
—
4.50%
-
continued
Home
Depot,
Inc.
(The)
8
$
2,592
NIKE,
Inc.,
Class
B
8
878
Toll
Brothers,
Inc.
16
767
8,388
Consumer
Staples
—
4.43%
Costco
Wholesale
Corp.
5
2,696
PepsiCo,
Inc.
11
2,041
Procter
&
Gamble
Co.
(The)
14
2,089
Target
Corp.
4
668
Walmart,
Inc.
5
762
8,256
Energy
—
3.44%
Exxon
Mobil
Corp.
39
4,343
Schlumberger
Ltd.
40
2,062
6,405
Financials
—
7.84%
American
Express
Co.
14
2,206
Bank
of
America
Corp.
20
757
BlackRock,
Inc.
4
2,864
Goldman
Sachs
Group,
Inc.
(The)
5
1,931
Jefferies
Financial
Group,
Inc.
20
760
JPMorgan
Chase
&
Co.
14
1,935
Morgan
Stanley
26
2,419
T.
Rowe
Price
Group,
Inc.
14
1,749
14,621
Health
Care
—
11.23%
Abbott
Laboratories
9
968
Align
Technology,
Inc.
(a)
7
1,377
Danaher
Corp.
5
1,367
Edwards
LifeSciences
Corp.
(a)
9
695
Eli
Lilly
&
Co.
13
4,825
Exact
Sciences
Corp.
(a)
17
764
Intuitive
Surgical,
Inc.
(a)
9
2,434
Merck
&
Co.,
Inc.
19
2,092
PTC
Therapeutics,
Inc.
(a)
14
581
Sarepta
Therapeutics,
Inc.
(a)
5
614
Stryker
Corp.
6
1,403
Thermo
Fisher
Scientific,
Inc.
4
2,241
Vertex
Pharmaceuticals,
Inc.
(a)
5
1,582
20,943
Industrials
—
5.03%
A.O.
Smith
Corp.
17
1,033
Cummins,
Inc.
4
1,005
Deere
&
Co.
4
1,764
HEICO
Corp.
10
1,623
Fisher
Investments
Institutional
Group
ESG
Stock
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
99.23%
-
continued
Shares
Fair
Value
United
States
—
70.76%
-
continued
Industrials
—
5.03%
-
continued
Lennox
International,
Inc.
3
$
781
Rockwell
Automation,
Inc.
9
2,378
Xylem,
Inc.
7
786
9,370
Materials
—
0.65%
Cleveland-Cliffs,
Inc.
(a)
78
1,207
Technology
—
27.2
5
%
Adobe,
Inc.
(a)
10
3,448
Advanced
Micro
Devices,
Inc.
(a)
19
1,475
Apple,
Inc.
66
9,770
Autodesk,
Inc.
(a)
7
1,414
Block,
Inc.,
Class
A
(a)
12
813
DocuSign,
Inc.
(a)
12
565
Intuit,
Inc.
2
815
MasterCard,
Inc.,
Class
A
7
2,495
Microsoft
Corp.
35
8,929
NVIDIA
Corp.
44
7,446
Oracle
Corp.
41
3,404
Paycom
Software,
Inc.
(a)
6
2,035
PayPal
Holdings,
Inc.
(a)
12
941
Salesforce.com,
Inc.
(a)
17
2,724
ServiceNow,
Inc.
(a)
2
833
Visa,
Inc.,
Class
A
15
3,255
Zoom
Video
Communications,
Inc.,
Class
A
(a)
6
453
50,815
Total
United
States
131,950
Total
Common
Stocks
(Cost $155,559)
185,014
MONEY
MARKET
FUNDS
—
0.57%
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(b)
1,054
1,054
Total
Money
Market
Funds
(Cost
$1,054)
1,054
Total
Investments
—
99.80%
(Cost
$156,613)
186,068
Other
Assets
in
Excess
of
Liabilities — 0.20%
376
NET
ASSETS
—
100.00%
$
186,444
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.
ADR
-
American
Depositary
Receipt
GDR
-
Global
Depositary
Receipt
Fisher
Investments
Institutional
Group
Fixed
Income
Fund
for
Retirement
Plans
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
CORPORATE
BONDS
—
27.48%
Principal
Amount
Fair
Value
Communications
—
3.43%
Comcast
Corp.,
3.55%,
5/1/2028
$
100,000
$
94,695
Consumer
Staples
—
3.83%
Procter
&
Gamble
Co.
(The),
5.50%,
2/1/2034
100,000
105,793
Financials
—
6.89%
BlackRock,
Inc.,
3.25%,
4/30/2029
100,000
92,824
JPMorgan
Chase
&
Co.,
4.13%,
12/15/2026
100,000
97,603
190,427
Health
Care
—
2.61%
Bristol-Myers
Squibb
Co.,
4.55%,
2/20/2048
78,000
71,969
Industrials
—
2.91%
Southwest
Airlines
Co.,
7.38%,
3/1/2027
75,000
80,288
Real
Estate
—
1.41%
Omega
Healthcare
Investors,
Inc.,
3.38%,
2/1/2031
50,000
38,991
Technology
—
6.40%
International
Business
Machines
Corp.,
4.25%,
5/15/2049
100,000
84,792
Oracle
Corp.,
3.25%,
11/15/2027
100,000
91,986
176,778
Total
Corporate
Bonds
(Cost $894,775)
758,941
U.S.
GOVERNMENT
&
AGENCIES
—
40.67%
Principal
Amount
Fair
Value
United
States
Treasury
Note,
1.50
%
,
9/30/2024
109,700
104,026
United
States
Treasury
Note,
2.63
%
,
2/15/2029
301,100
280,941
United
States
Treasury
Note,
4.50
%
,
2/15/2036
490,000
532,598
United
States
Treasury
Bond,
4.63
%
,
2/15/2040
187,300
205,181
Total
U.S.
Government
&
Agencies
(Cost $1,339,668)
1,122,746
EXCHANGE-TRADED
FUNDS
—
27.82%
Shares
Fair
Value
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
7,880
279,346
iShares
MBS
ETF
5,201
488,842
Total
Exchange-Traded
Funds
(Cost $848,987)
768,188
MONEY
MARKET
FUNDS
-
3.33%
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(a)
92,092
92,092
Total
Money
Market
Funds
(Cost
$92,092)
92,092
Total
Investments
—
99.30%
(Cost
$3,175,522)
2,741,967
Other
Assets
in
Excess
of
Liabilities — 0.70%
19,457
NET
ASSETS
—
100.00%
$
2,761,424
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.
Fisher
Investments
Institutional
Group
Fixed
Income
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
Fisher
Investments
Institutional
Group
ESG
Fixed
Income
Fund
for
Retirement
Plans
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
CORPORATE
BONDS
—
27.63%
Principal
Amount
Fair
Value
Communications
—
3.45%
Comcast
Corp.,
3.55%,
5/1/2028
$
100,000
$
94,695
Consumer
Staples
—
3.85%
Procter
&
Gamble
Co.
(The),
5.50%,
2/1/2034
100,000
105,793
Financials
—
6.93%
BlackRock,
Inc.,
3.25%,
4/30/2029
100,000
92,824
JPMorgan
Chase
&
Co.,
4.13%,
12/15/2026
100,000
97,603
190,427
Health
Care
—
2.62%
Bristol-Myers
Squibb
Co.,
4.55%,
2/20/2048
78,000
71,969
Industrials
—
2.92%
Southwest
Airlines
Co.,
7.38%,
3/1/2027
75,000
80,288
Real
Estate
—
1.42%
Omega
Healthcare
Investors,
Inc.,
3.38%,
2/1/2031
50,000
38,991
Technology
—
6.44%
International
Business
Machines
Corp.,
4.25%,
5/15/2049
100,000
84,792
Oracle
Corp.,
3.25%,
11/15/2027
100,000
91,986
176,778
Total
Corporate
Bonds
(Cost $894,775)
758,941
U.S.
GOVERNMENT
&
AGENCIES
—
40.60%
Principal
Amount
Fair
Value
United
States
Treasury
Note,
1.50
%
,
9/30/2024
109,900
104,216
United
States
Treasury
Note,
2.63
%
,
2/15/2029
286,700
267,505
United
States
Treasury
Note,
4.50
%
,
2/15/2036
495,000
538,033
United
States
Treasury
Bond,
4.63
%
,
2/15/2040
187,100
204,962
Total
U.S.
Government
&
Agencies
(Cost $1,330,574)
1,114,716
EXCHANGE-TRADED
FUNDS
—
28.40%
Shares
Fair
Value
iShares
MBS
ETF
5,156
484,612
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
14,200
295,431
Total
Exchange-Traded
Funds
(Cost $868,804)
780,043
MONEY
MARKET
FUNDS
-
2.67%
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(a)
73,395
73,395
Total
Money
Market
Funds
(Cost
$73,395)
73,395
Total
Investments
—
99.30%
(Cost
$3,167,548)
2,727,095
Other
Assets
in
Excess
of
Liabilities — 0.70%
19,356
NET
ASSETS
—
100.00%
$
2,746,451
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.
Fisher
Investments
Institutional
Group
ESG
Fixed
Income
Fund
for
Retirement
Plans
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
Tactical
Multi-Purpose
Fund
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
MONEY
MARKET
FUNDS
—
124.48%
Shares
Fair
Value
First
American
Government
Obligations
Fund,
Class
X,
3.67%
(a)
30,629
$
30,629
Total
Money
Market
Funds
(Cost
$30,629)
30,629
Total
Investments
—
124.48%
(Cost
$30,629)
30,629
Liabilities
in
Excess
of
Other
Assets — (24.48)%
(6,023)
NET
ASSETS
—
100.00%
$
24,606
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
November
30,
2022.