Unified Series Trust NPORT-P Fiig Fixed Income Fund for Retirement (May 2023 report)

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

104.66%

Shares

Fair

Value

Argentina

—

2.15%

Consumer

Discretionary

—

2.15%

MercadoLibre,

Inc.

(a)

3‌

$

3,717‌

Total  

Argentina

3,717‌

Australia

—

2.39%

Health

Care

—

1.15%

CSL

Ltd.

10‌

1,993‌

Technology

—

1.24%

XERO

LTD

(a)

30‌

2,145‌

Total  

Australia

4,138‌

Canada

—

1.12%

Technology

—

1.12%

Shopify,

Inc.,

Class

A

(a)

34‌

1,944‌

Total  

Canada

1,944‌

China

—

5.29%

Communications

—

1.87%

NetEase,

Inc.

-

ADR

19‌

1,617‌

Tencent

Holdings

Ltd.

-

ADR

41‌

1,620‌

3,237‌

Consumer

Discretionary

—

2.98%

Alibaba

Group

Holding

Ltd.

-

ADR

(a)

19‌

1,511‌

Geely

Automobile

Holdings

Ltd.

800‌

931‌

Haier

Smart

Home

Co.

Ltd.,

H

Shares

350‌

1,003‌

JD.com,

Inc.

-

ADR

26‌

848‌

Meituan

-

ADR

(a)

31‌

867‌

5,160‌

Health

Care

—

0.44%

WuXi

Biologics

Cayman

Inc.

(a)

150‌

767‌

Total  

China

9,164‌

Denmark

—

4.47%

Energy

—

1.23%

Vestas

Wind

Systems

A/S

(a)

75‌

2,135‌

Health

Care

—

3.24%

Coloplast

A/S

-

ADR

51‌

644‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

104.66%

-

continued

Shares

Fair

Value

Denmark

—

4.47%

-

continued

Health

Care

—

3.24%

-

continued

Novo

Nordisk

A/S,

Class

B

31‌

$

4,966‌

5,610‌

Total  

Denmark

7,745‌

France

—

16.59%

Consumer

Discretionary

—

5.70%

Cia

Generale

de

Establissements

Michelin

SCA

58‌

1,646‌

Hermes

International

SA

3‌

6,098‌

Kering

SA

4‌

2,131‌

9,875‌

Consumer

Staples

—

1.73%

L'Oreal

SA

7‌

2,985‌

Financials

—

1.99%

BNP

Paribas

SA

25‌

1,443‌

Credit

Agricole

SA

116‌

1,326‌

Societe

Generale

SA

29‌

670‌

3,439‌

Health

Care

—

1.17%

Sanofi

20‌

2,028‌

Industrials

—

1.67%

Aeroports

de

Paris

(a)

14‌

2,126‌

Vinci

SA

-

ADR

27‌

768‌

2,894‌

Materials

—

2.08%

Cie

de

Saint-Gobain

65‌

3,598‌

Technology

—

2.25%

Dassault

Systems

SE

70‌

3,076‌

Teleperformance

3‌

449‌

Worldline

SA/France

(a)

10‌

388‌

3,913‌

Total  

France

28,732‌

Germany

—

7.70%

Consumer

Staples

—

1.54%

Beiersdorf

AG

21‌

2,674‌

Financials

—

1.60%

Deutsche

Boerse

AG

16‌

2,762‌

Industrials

—

3.88%

Deutsche

Post

AG

73‌

3,281‌

Siemens

AG

21‌

3,441‌

6,722‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

104.66%

-

continued

Shares

Fair

Value

Germany

—

7.70%

-

continued

Technology

—

0.68%

SAP

SE

9‌

$

1,175‌

Total  

Germany

13,333‌

Hong

Kong

—

0.62%

Consumer

Staples

—

0.62%

China

Mengniu

Dairy

Co.

Ltd.

(a)

275‌

1,068‌

Total  

Hong

Kong

1,068‌

India

—

2.53%

Financials

—

1.57%

HDFC

Bank

Ltd.

-

ADR

42‌

2,704‌

Technology

—

0.96%

Infosys

Ltd.

-

ADR

104‌

1,660‌

Total  

India

4,364‌

Indonesia

—

1.94%

Financials

—

1.94%

Bank

Rakyat

Indonesia

Persero

Tbk

PT

-

ADR

188‌

3,372‌

Total  

Indonesia

3,372‌

Israel

—

1.24%

Technology

—

1.24%

NICE-Systems

Ltd.

-

ADR

(a)

6‌

1,236‌

Wix.com

Ltd.

(a)

12‌

915‌

2,151‌

Total  

Israel

2,151‌

Italy

—

1.49%

Energy

—

1.05%

Eni

SpA

137‌

1,823‌

Financials

—

0.44%

Intesa

Sanpaolo

SpA

329‌

758‌

Total  

Italy

2,581‌

Japan

—

11.24%

Communications

—

0.79%

M3,

Inc.

61‌

1,361‌

Health

Care

—

2.07%

Eisai

Co

Ltd

-

ADR

56‌

886‌

Hoya

Corp.

-

ADR

14‌

1,749‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

104.66%

-

continued

Shares

Fair

Value

Japan

—

11.24%

-

continued

Health

Care

—

2.07%

-

continued

Terumo

Corp.

-

ADR

31‌

$

941‌

3,576‌

Industrials

—

7.72%

Daifuku

Co.

Ltd.

-

ADR

80‌

806‌

FANUC

Corp.

-

ADR

116‌

1,978‌

Keyence

Corp.

14‌

6,811‌

Kubota

Corp.

100‌

1,383‌

Recruit

Holdings

Co.

Ltd.

-

ADR

390‌

2,379‌

13,357‌

Technology

—

0.66%

OBIC

Co.

Ltd.

7‌

1,135‌

Total  

Japan

19,429‌

Korea

(Republic

of)

—

5.26%

Communications

—

0.78%

NAVER

Corp.

9‌

1,358‌

Financials

—

1.20%

KB

Financial

Group,

Inc.

57‌

2,070‌

Technology

—

3.28%

Samsung

Electronics

Co.

Ltd.

105‌

5,671‌

Total  

Korea

(Republic

of)

9,099‌

Netherlands

—

11.66%

Consumer

Discretionary

—

0.94%

Stellantis

NV

107‌

1,622‌

Financials

—

0.72%

ING

Groep

NV

102‌

1,254‌

Technology

—

10.00%

Adyen

NV

(a)

1‌

1,632‌

ASML

Holding

NV

12‌

8,612‌

NXP

Semiconductors

NV

28‌

5,015‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

104.66%

-

continued

Shares

Fair

Value

Netherlands

—

11.66%

-

continued

Technology

—

10.00%

-

continued

Wolters

Kluwer

NV

18‌

$

2,055‌

17,314‌

Total  

Netherlands

20,190‌

Norway

—

1.12%

Energy

—

1.12%

Equinor

ASA

76‌

1,942‌

Total  

Norway

1,942‌

Spain

—

3.20%

Consumer

Discretionary

—

1.15%

Industria

de

Diseno

Textil

SA

60‌

2,007‌

Energy

—

1.66%

Repsol

SA

211‌

2,861‌

Financials

—

0.39%

Banco

Santander

SA

209‌

680‌

Total  

Spain

5,548‌

Sweden

—

0.97%

Consumer

Discretionary

—

0.97%

H&M

Hennes

&

Mauritz

AB,

Class

B

134‌

1,672‌

Total  

Sweden

1,672‌

Switzerland

—

1.54%

Industrials

—

1.54%

ABB

Ltd.

73‌

2,671‌

Total  

Switzerland

2,671‌

Taiwan

Province

of

China

—

5.01%

Technology

—

5.01%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

-

ADR

88‌

8,676‌

Total  

Taiwan

Province

of

China

8,676‌

United

Kingdom

—

17.13%

Communications

—

0.76%

WPP

PLC

124‌

1,317‌

Consumer

Discretionary

—

0.96%

Next

PLC

21‌

1,657‌

Consumer

Staples

—

3.22%

Coca-Cola

European

Partners

PLC

57‌

3,556‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

104.66%

-

continued

Shares

Fair

Value

United

Kingdom

—

17.13%

-

continued

Consumer

Staples

—

3.22%

-

continued

Reckitt

Benckiser

Group

PLC

26‌

$

2,020‌

5,576‌

Energy

—

1.38%

BP

PLC

425‌

2,396‌

Financials

—

1.28%

Barclays

PLC

785‌

1,478‌

London

Stock

Exchange

Group

PLC

7‌

744‌

2,222‌

Health

Care

—

2.26%

AstraZeneca

PLC

27‌

3,915‌

Materials

—

5.17%

Anglo

American

PLC

99‌

2,738‌

Antofagasta

PLC

216‌

3,593‌

Rio

Tinto

PLC

44‌

2,617‌

8,948‌

Technology

—

2.10%

Experian

PLC

103‌

3,627‌

Total  

United

Kingdom

29,658‌

Total

Common

Stocks  (Cost $165,762)

181,194‌

MONEY

MARKET

FUNDS

—

8.96%

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(b)

15,518‌

15,518‌

Total

Money

Market

Funds

(Cost

$15,518)

15,518‌

Total

Investments

—

113.62%

(Cost

$181,280)

196,712‌

Liabilities

in

Excess

of

Other

Assets — (13.62)%

(23,580‌)

NET

ASSETS

—

100.00%

$

173,132‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.

ADR

-

American

Depositary

Receipt

Fisher

Investments

Institutional

Group

U.S.

Large

Cap

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

101.53%

Shares

Fair

Value

Communications

—

5.11%

Alphabet,

Inc.,

Class

A

(a)

57‌

$

7,004‌

Netflix,

Inc.

(a)

9‌

3,557‌

10,561‌

Consumer

Discretionary

—

12.11%

Amazon.com,

Inc.

(a)

57‌

6,873‌

Aptiv

PLC

(a)

16‌

1,409‌

Ford

Motor

Co.

132‌

1,584‌

General

Motors

Co.

39‌

1,264‌

Hilton

Worldwide

Holdings,

Inc.

8‌

1,089‌

Home

Depot,

Inc.

(The)

26‌

7,369‌

KB

Home

65‌

2,816‌

NIKE,

Inc.,

Class

B

14‌

1,474‌

Yum!

Brands,

Inc.

9‌

1,158‌

25,036‌

Consumer

Staples

—

2.11%

Costco

Wholesale

Corp.

4‌

2,046‌

General

Mills,

Inc.

18‌

1,515‌

Kimberly-Clark

Corp.

6‌

806‌

4,367‌

Energy

—

4.72%

ConocoPhillips

21‌

2,085‌

Exxon

Mobil

Corp.

10‌

1,022‌

Halliburton

Co.

52‌

1,490‌

Hess

Corp.

20‌

2,533‌

Pioneer

Natural

Resources

Co.

8‌

1,596‌

Schlumberger

Ltd.

24‌

1,028‌

9,754‌

Financials

—

9.54%

American

Express

Co.

24‌

3,805‌

Bank

of

America

Corp.

75‌

2,084‌

BlackRock,

Inc.

6‌

3,945‌

Citigroup,

Inc.

46‌

2,039‌

Goldman

Sachs

Group,

Inc.

(The)

12‌

3,887‌

JPMorgan

Chase

&

Co.

15‌

2,036‌

T.

Rowe

Price

Group,

Inc.

18‌

1,929‌

19,725‌

Health

Care

—

9.67%

Abbott

Laboratories

15‌

1,530‌

Align

Technology,

Inc.

(a)

8‌

2,261‌

Amgen,

Inc.

5‌

1,103‌

Biogen,

Inc.

(a)

6‌

1,778‌

DexCom,

Inc.

(a)

11‌

1,290‌

IDEXX

Laboratories,

Inc.

(a)

3‌

1,394‌

Intuitive

Surgical,

Inc.

(a)

15‌

4,619‌

Johnson

&

Johnson

5‌

775‌

Fisher

Investments

Institutional

Group

U.S.

Large

Cap

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

101.53%

-

continued

Shares

Fair

Value

Health

Care

—

9.67%

-

continued

Medtronic

PLC

16‌

$

1,324‌

Merck

&

Co.,

Inc.

21‌

2,320‌

Pfizer,

Inc.

20‌

760‌

ResMed,

Inc.

4‌

843‌

Viatris,

Inc.

1‌

9‌

20,006‌

Industrials

—

9.12%

3M

Co.

7‌

653‌

Caterpillar,

Inc.

13‌

2,675‌

Cummins,

Inc.

8‌

1,635‌

Eaton

Corp.

PLC

13‌

2,286‌

Emerson

Electric

Co.

20‌

1,554‌

HEICO

Corp.

10‌

1,546‌

Norfolk

Southern

Corp.

6‌

1,249‌

Otis

Worldwide

Corp.

22‌

1,749‌

Rockwell

Automation,

Inc.

12‌

3,344‌

United

Parcel

Service,

Inc.,

Class

B

13‌

2,171‌

18,862‌

Materials

—

1.98%

Nucor

Corp.

31‌

4,094‌

Real

Estate

—

0.72%

Prologis,

Inc.

12‌

1,495‌

Technology

—

46.45%

Adobe,

Inc.

(a)

10‌

4,178‌

Advanced

Micro

Devices,

Inc.

(a)

81‌

9,575‌

Apple,

Inc.

95‌

16,839‌

Autodesk,

Inc.

(a)

10‌

1,994‌

Cisco

Systems,

Inc.

38‌

1,887‌

Intel

Corp.

41‌

1,289‌

Marvell

Technology,

Inc.

82‌

4,796‌

Microsoft

Corp.

42‌

13,793‌

MSCI,

Inc.

11‌

5,175‌

NVIDIA

Corp.

42‌

15,890‌

Oracle

Corp.

28‌

2,966‌

PayPal

Holdings,

Inc.

(a)

36‌

2,232‌

QUALCOMM,

Inc.

17‌

1,928‌

salesforce.com,

Inc.

(a)

32‌

7,148‌

Texas

Instruments,

Inc.

15‌

2,608‌

Visa,

Inc.,

Class

A

17‌

3,758‌

96,056‌

Total

Common

Stocks  (Cost $164,702)

209,956‌

MONEY

MARKET

FUNDS

—

6.79%

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(b)

14,049‌

14,049‌

Fisher

Investments

Institutional

Group

U.S.

Large

Cap

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

101.53%

-

continued

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

6.79%

-

continued

Total

Money

Market

Funds

(Cost

$14,049)

$

14,049‌

Total

Investments

—

108.32%

(Cost

$178,751)

224,005‌

Liabilities

in

Excess

of

Other

Assets — (8.32)%

(17,205‌)

NET

ASSETS

—

100.00%

$

206,800‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.

Fisher

Investments

Institutional

Group

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

101.98%

Shares

Fair

Value

Communications

—

0.47%

8X8,

Inc.

(a)

199‌

$

812‌

Consumer

Discretionary

—

19.64%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

56‌

1,738‌

Builders

FirstSource,

Inc.

(a)

65‌

7,537‌

Freshpet,

Inc.

(a)

44‌

2,629‌

Gap,

Inc.

(The)

95‌

762‌

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

69‌

947‌

Hibbett,

Inc.

19‌

684‌

M.D.C.

Holdings,

Inc.

38‌

1,531‌

M/I

Homes,

Inc.

(a)

39‌

2,756‌

National

Vision

Holdings,

Inc.

(a)

34‌

859‌

Papa

John's

International,

Inc.

32‌

2,245‌

Pool

Corp.

5‌

1,581‌

Revolve

Group,

Inc.

(a)

96‌

1,461‌

Shake

Shack,

Inc.,

Class

A

(a)

32‌

2,117‌

Six

Flags

Entertainment

Corp.

(a)

68‌

1,737‌

Taylor

Morrison

Home

Corp.

(a)

36‌

1,527‌

Thor

Industries,

Inc.

11‌

861‌

Upbound

Group,

Inc.

31‌

927‌

Urban

Outfitters,

Inc.

(a)

40‌

1,233‌

Wolverine

World

Wide,

Inc.

69‌

923‌

34,055‌

Consumer

Staples

—

0.97%

Boston

Beer

Co.,

Inc.

(The),

Class

A

(a)

5‌

1,688‌

Energy

—

4.21%

ChampionX

Corp.

136‌

3,435‌

Helmerich

&

Payne,

Inc.

12‌

371‌

Oceaneering

International,

Inc.

(a)

99‌

1,516‌

Ovintiv,

Inc.

60‌

1,984‌

7,306‌

Financials

—

10.30%

Cadence

Bank

71‌

1,275‌

Columbia

Banking

System,

Inc.

43‌

861‌

Evercore

Partners,

Inc.,

Class

A

21‌

2,267‌

First

Merchants

Corp.

56‌

1,482‌

Home

BancShares,

Inc.

39‌

837‌

Independent

Bank

Corp.

23‌

1,015‌

Moelis

&

Co.,

Class

A

44‌

1,666‌

Old

National

Bancorp

58‌

720‌

Piper

Sandler

Companies

20‌

2,548‌

South

State

Corp.

11‌

688‌

Stifel

Financial

Corp.

29‌

1,611‌

Victory

Capital

Holdings,

Inc.

44‌

1,363‌

Virtus

Investment

Partners,

Inc.

8‌

1,526‌

17,859‌

Fisher

Investments

Institutional

Group

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

101.98%

-

continued

Shares

Fair

Value

Health

Care

—

22.57%

Agios

Pharmaceuticals,

Inc.

(a)

45‌

$

1,138‌

Align

Technology,

Inc.

(a)

8‌

2,261‌

Alkermes

PLC

(a)

14‌

405‌

Anika

Therapeutics

(a)

75‌

2,032‌

Avid

Bioservices,

Inc.

(a)

47‌

726‌

BioCryst

Pharmaceuticals,

Inc.

(a)

74‌

612‌

Charles

River

Laboratories

International,

Inc.

(a)

5‌

967‌

CONMED

Corp.

57‌

6,914‌

Exact

Sciences

Corp.

(a)

29‌

2,366‌

Haemonetics

Corp.

(a)

26‌

2,200‌

Halozyme

Therapeutics,

Inc.

(a)

17‌

551‌

ImmunoGen,

Inc.

(a)

231‌

3,151‌

Ironwood

Pharmaceuticals,

Inc.

(a)

85‌

925‌

Ligand

Pharmaceuticals,

Inc.,

Class

B

(a)

13‌

911‌

Medpace

Holdings,

Inc.

(a)

11‌

2,277‌

Myriad

Genetics,

Inc.

(a)

55‌

1,213‌

NanoString

Technologies,

Inc.

(a)

73‌

430‌

Neurocrine

Biosciences

Inc.

(a)

6‌

537‌

OmniAb,

Inc.

-

Earnout

Shares

(a)

4‌

—‌

OmniAb,

Inc.

-

Earnout

Shares

(a)

4‌

—‌

PTC

Therapeutics,

Inc.

(a)

37‌

1,553‌

Shockwave

Medical,

Inc.

(a)

5‌

1,375‌

Twist

Bioscience

Corp.

(a)

29‌

439‌

Vericel

Corp.

(a)

38‌

1,221‌

WillScot

Mobile

Mini

Holdings

Corp.

(a)

114‌

4,911‌

39,115‌

Industrials

—

14.57%

Advanced

Energy

Industries,

Inc.

49‌

4,809‌

Alarm.com

Holdings,

Inc.

(a)

36‌

1,808‌

Cactus,

Inc.,

Class

A

87‌

2,748‌

Casella

Waste

Systems,

Inc.,

Class

A

(a)

34‌

3,065‌

Chart

Industries,

Inc.

(a)

20‌

2,195‌

Columbus

McKinnon

Corp.

67‌

2,444‌

H&E

Equipment

Services,

Inc.

55‌

1,978‌

HEICO

Corp.

6‌

927‌

Lincoln

Electric

Holdings,

Inc.

14‌

2,375‌

Mercury

Systems,

Inc.

(a)

32‌

1,299‌

Montrose

Environmental

Group

Inc.

(a)

46‌

1,614‌

25,262‌

Materials

—

4.77%

Alcoa

Corp.

56‌

1,776‌

Cleveland-Cliffs,

Inc.

(a)

100‌

1,388‌

Steel

Dynamics,

Inc.

17‌

1,562‌

UFP

Industries,

Inc.

26‌

2,031‌

Worthington

Industries,

Inc.

27‌

1,516‌

8,273‌

Fisher

Investments

Institutional

Group

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

101.98%

-

continued

Shares

Fair

Value

Real

Estate

—

0.85%

Macerich

Co.

(The)

153‌

$

1,475‌

Technology

—

23.63%

Allscripts

Healthcare

Solutions,

Inc.

(a)

275‌

3,239‌

Alteryx,

Inc.,

Class

A

(a)

44‌

1,713‌

Amkor

Technology,

Inc.

46‌

1,140‌

Azenta,

Inc.

(a)

27‌

1,168‌

Box,

Inc.,

Class

A

(a)

34‌

958‌

Cerence,

Inc.

(a)

32‌

913‌

Ceridian

HCM

Holding,

Inc.

(a)

16‌

990‌

Diodes,

Inc.

(a)

64‌

5,749‌

Donnelley

Financial

Solutions,

Inc.

(a)

38‌

1,685‌

Dropbox,

Inc.,

Class

A

(a)

38‌

875‌

Five9,

Inc.

(a)

8‌

529‌

Knowles

Corp.

(a)

112‌

2,014‌

LivePerson,

Inc.

(a)

74‌

272‌

Manhattan

Associates,

Inc.

(a)

8‌

1,451‌

Omnicell,

Inc.

(a)

22‌

1,615‌

Paycom

Software,

Inc.

6‌

1,681‌

Paylocity

Holdings

Corp.

(a)

29‌

5,009‌

Pegasystems,

Inc.

14‌

677‌

Power

Integrations,

Inc.

14‌

1,210‌

Qualys,

Inc.

(a)

6‌

758‌

Silicon

Laboratories,

Inc.

(a)

7‌

985‌

SPS

Commerce,

Inc.

(a)

7‌

1,091‌

Synaptics,

Inc.

(a)

15‌

1,290‌

Tenable

Holdings,

Inc.

(a)

14‌

574‌

Ultra

Clean

Holdings,

Inc.

(a)

37‌

1,268‌

Vicor

Corp.

(a)

38‌

2,103‌

40,957‌

Total

Common

Stocks  (Cost $173,203)

176,802‌

MONEY

MARKET

FUNDS

—

8.05%

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(b)

13,961‌

13,961‌

Total

Money

Market

Funds

(Cost

$13,961)

13,961‌

Total

Investments

—

110.03%

(Cost

$187,164)

190,763‌

Liabilities

in

Excess

of

Other

Assets — (10.03)%

(17,396‌)

NET

ASSETS

—

100.00%

$

173,367‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.09%

Shares

Fair

Value

Argentina

—

1.20%

Consumer

Discretionary

—

1.20%

MercadoLibre,

Inc.

(a)

2‌

$

2,478‌

Total  

Argentina

2,478‌

Australia

—

0.72%

Energy

—

0.04%

Woodside

Energy

Group

Ltd.

4‌

89‌

Materials

—

0.68%

BHP

Group

Ltd.

26‌

710‌

Rio

Tinto

Ltd.

10‌

696‌

1,406‌

Total  

Australia

1,495‌

Brazil

—

0.23%

Materials

—

0.23%

Vale

SA

-

ADR

38‌

482‌

Total  

Brazil

482‌

Canada

—

1.92%

Industrials

—

0.74%

Canadian

Pacific

Kansas

City

Ltd.

(a)

20‌

1,524‌

Materials

—

1.18%

Hudbay

Minerals,

Inc.

232‌

993‌

Lundin

Mining

Corp.

208‌

1,454‌

2,447‌

Total  

Canada

3,971‌

China

—

0.69%

Communications

—

0.46%

Tencent

Holdings

Ltd.

-

ADR

24‌

949‌

Consumer

Discretionary

—

0.23%

Alibaba

Group

Holding

Ltd.

-

ADR

(a)

6‌

477‌

Total  

China

1,426‌

France

—

3.52%

Consumer

Discretionary

—

0.90%

Kering

SA

-

ADR

35‌

1,868‌

Energy

—

0.71%

TotalEnergies

SE

26‌

1,475‌

Financials

—

0.64%

BNP

Paribas

SA

23‌

1,328‌

Health

Care

—

0.44%

Sanofi

9‌

913‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.09%

-

continued

Shares

Fair

Value

France

—

3.52%

-

continued

Technology

—

0.83%

Dassault

Systems

SE

39‌

$

1,713‌

Total  

France

7,297‌

Germany

—

4.24%

Consumer

Discretionary

—

2.27%

adidas

AG

12‌

1,943‌

Mercedes-Benz

Group

AG

28‌

2,088‌

Sixt

SE

6‌

657‌

4,688‌

Industrials

—

1.97%

MTU

Aero

Engines

AG

8‌

1,845‌

Siemens

AG

13‌

2,130‌

Siemens

Energy

AG

(a)

4‌

101‌

4,076‌

Total  

Germany

8,764‌

Hong

Kong

—

0.34%

Health

Care

—

0.34%

Sino

Biopharmaceutical

Ltd.

-

ADR

75‌

694‌

Total  

Hong

Kong

694‌

India

—

0.50%

Technology

—

0.50%

Infosys

Ltd.

-

ADR

65‌

1,037‌

Total  

India

1,037‌

Italy

—

0.91%

Energy

—

0.48%

Eni

SpA

75‌

998‌

Financials

—

0.43%

Intesa

Sanpaolo

SpA

390‌

898‌

Total  

Italy

1,896‌

Japan

—

3.23%

Industrials

—

3.23%

Daifuku

Co.

Ltd.

-

ADR

85‌

857‌

FANUC

Corp.

-

ADR

99‌

1,688‌

SMC

Corp.

-

ADR

98‌

2,621‌

Yaskawa

Electric

Corp.

-

ADR

18‌

1,507‌

6,673‌

Total  

Japan

6,673‌

Korea

(Republic

of)

—

2.33%

Financials

—

0.37%

KB

Financial

Group,

Inc.

21‌

763‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.09%

-

continued

Shares

Fair

Value

Korea

(Republic

of)

—

2.33%

-

continued

Technology

—

1.96%

Samsung

Electronics

Co.

Ltd.

-

GDR

3‌

$

4,047‌

Total  

Korea

(Republic

of)

4,810‌

Netherlands

—

3.33%

Financials

—

0.55%

ING

Groep

NV

93‌

1,144‌

Technology

—

2.78%

ASML

Holding

NV

8‌

5,741‌

Total  

Netherlands

6,885‌

Spain

—

0.76%

Financials

—

0.76%

Banco

Bilbao

Vizcaya

Argentaria

SA

142‌

929‌

Banco

Santander

SA

198‌

644‌

1,573‌

Total  

Spain

1,573‌

Switzerland

—

0.60%

Health

Care

—

0.60%

Novartis

AG

13‌

1,244‌

Total  

Switzerland

1,244‌

Taiwan

Province

of

China

—

3.24%

Technology

—

3.24%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

-

ADR

68‌

6,704‌

Total  

Taiwan

Province

of

China

6,704‌

United

Kingdom

—

2.28%

Consumer

Staples

—

0.08%

Haleon

PLC

44‌

174‌

Energy

—

1.36%

BP

PLC

248‌

1,398‌

Shell

PLC

50‌

1,399‌

2,797‌

Health

Care

—

0.84%

AstraZeneca

PLC

8‌

1,160‌

GSK

PLC

35‌

586‌

1,746‌

Total  

United

Kingdom

4,717‌

United

States

—

69.05%

Communications

—

5.92%

Alphabet,

Inc.,

Class

A

(a)

53‌

6,511‌

Meta

Platforms,

Inc.,

Class

A

(a)

11‌

2,912‌

Netflix,

Inc.

(a)

3‌

1,186‌

Uber

Technologies,

Inc.

(a)

29‌

1,100‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.09%

-

continued

Shares

Fair

Value

United

States

—

69.05%

-

continued

Communications

—

5.92%

-

continued

Walt

Disney

Co.

(The)

(a)

6‌

$

528‌

12,237‌

Consumer

Discretionary

—

7.90%

Amazon.com,

Inc.

(a)

40‌

4,823‌

Autoliv,

Inc.

19‌

1,549‌

Capri

Holding

Ltd.

(a)

37‌

1,299‌

General

Motors

Co.

47‌

1,523‌

Home

Depot,

Inc.

(The)

8‌

2,268‌

Starbucks

Corp.

13‌

1,269‌

Toll

Brothers,

Inc.

27‌

1,828‌

Wynn

Resorts

Ltd.

18‌

1,777‌

16,336‌

Consumer

Staples

—

3.81%

Costco

Wholesale

Corp.

6‌

3,070‌

Procter

&

Gamble

Co.

(The)

13‌

1,853‌

Target

Corp.

8‌

1,047‌

Walmart,

Inc.

13‌

1,909‌

7,879‌

Energy

—

2.58%

Chevron

Corp.

11‌

1,658‌

Exxon

Mobil

Corp.

12‌

1,226‌

Marathon

Oil

Corp.

45‌

997‌

Schlumberger

Ltd.

34‌

1,456‌

5,337‌

Financials

—

7.50%

American

Express

Co.

13‌

2,061‌

Bank

of

America

Corp.

25‌

695‌

BlackRock,

Inc.

4‌

2,630‌

Citigroup,

Inc.

37‌

1,640‌

Goldman

Sachs

Group,

Inc.

(The)

5‌

1,620‌

Invesco

Ltd.

52‌

748‌

Jefferies

Financial

Group,

Inc.

25‌

752‌

JPMorgan

Chase

&

Co.

14‌

1,899‌

Morgan

Stanley

29‌

2,370‌

T.

Rowe

Price

Group,

Inc.

10‌

1,072‌

15,487‌

Health

Care

—

8.71%

Abbott

Laboratories

9‌

918‌

Align

Technology,

Inc.

(a)

7‌

1,979‌

Danaher

Corp.

5‌

1,148‌

Edwards

LifeSciences

Corp.

(a)

9‌

758‌

Eli

Lilly

&

Co.

8‌

3,435‌

Exact

Sciences

Corp.

(a)

14‌

1,142‌

Intuitive

Surgical,

Inc.

(a)

9‌

2,771‌

Merck

&

Co.,

Inc.

13‌

1,435‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.09%

-

continued

Shares

Fair

Value

United

States

—

69.05%

-

continued

Health

Care

—

8.71%

-

continued

PTC

Therapeutics,

Inc.

(a)

15‌

$

630‌

Sarepta

Therapeutics,

Inc.

(a)

5‌

618‌

Stryker

Corp.

6‌

1,653‌

Thermo

Fisher

Scientific,

Inc.

3‌

1,525‌

18,012‌

Industrials

—

6.71%

A.O.

Smith

Corp.

23‌

1,471‌

AeroVironment,

Inc.

(a)

17‌

1,588‌

Boeing

Co.

(The)

(a)

10‌

2,057‌

Carrier

Global

Corp.

6‌

245‌

Cummins,

Inc.

8‌

1,635‌

Deere

&

Co.

4‌

1,384‌

IDEX

Corp.

7‌

1,394‌

Lennox

International,

Inc.

7‌

1,928‌

Otis

Worldwide

Corp.

3‌

239‌

Raytheon

Technologies

Corp.

6‌

553‌

Rockwell

Automation,

Inc.

5‌

1,393‌

13,887‌

Materials

—

0.95%

Cleveland-Cliffs,

Inc.

(a)

69‌

958‌

Materion

Corp.

10‌

1,003‌

1,961‌

Technology

—

24.97%

Adobe,

Inc.

(a)

5‌

2,089‌

Advanced

Micro

Devices,

Inc.

(a)

29‌

3,428‌

Apple,

Inc.

55‌

9,749‌

Autodesk,

Inc.

(a)

6‌

1,196‌

Intuit,

Inc.

2‌

838‌

MasterCard,

Inc.,

Class

A

5‌

1,825‌

Microsoft

Corp.

27‌

8,867‌

NVIDIA

Corp.

35‌

13,242‌

Oracle

Corp.

22‌

2,331‌

Paycom

Software,

Inc.

7‌

1,961‌

PayPal

Holdings,

Inc.

(a)

13‌

806‌

salesforce.com,

Inc.

(a)

9‌

2,010‌

ServiceNow,

Inc.

(a)

2‌

1,090‌

Visa,

Inc.,

Class

A

10‌

2,211‌

51,643‌

Total  

United

States

142,779‌

Total

Common

Stocks—

99.09%

(Cost $160,925)

204,925‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.09%

-

continued

Shares

Fair

Value

United

States

—

69.05%

-

continued

MONEY

MARKET

FUNDS

-

0.78%

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(b)

1,609‌

$

1,609‌

Total

Money

Market

Funds

(Cost

$1,609)

1,609‌

Total

Investments

—

99.87%

(Cost

$162,534)

206,534‌

Other

Assets

in

Excess

of

Liabilities — 0.13%

259‌

NET

ASSETS

—

100.00%

$

206,793‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.

ADR

-

American

Depositary

Receipt

GDR

-

Global

Depositary

Receipt

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.39%

Shares

Fair

Value

Argentina

—

1.19%

Consumer

Discretionary

—

1.19%

MercadoLibre,

Inc.

(a)

2‌

$

2,478‌

Total  

Argentina

2,478‌

Australia

—

0.73%

Materials

—

0.73%

Rio

Tinto

Ltd.

22‌

1,531‌

Total  

Australia

1,531‌

Canada

—

1.38%

Industrials

—

0.73%

Canadian

Pacific

Kansas

City

Ltd.

(a)

20‌

1,524‌

Materials

—

0.65%

Hudbay

Minerals

Inc.

158‌

676‌

Lundin

Mining

Corp.

100‌

699‌

1,375‌

Total  

Canada

2,899‌

China

—

0.59%

Communications

—

0.36%

Tencent

Holdings

Ltd.

-

ADR

19‌

751‌

Consumer

Discretionary

—

0.23%

Alibaba

Group

Holding

Ltd.

-

ADR

(a)

6‌

477‌

Total  

China

1,228‌

Colombia

—

0.50%

Energy

—

0.50%

Ecopetrol

SA

-

ADR

116‌

1,053‌

Total  

Colombia

1,053‌

Denmark

—

1.16%

Energy

—

1.16%

Vestas

Wind

Systems

A/S

(a)

85‌

2,419‌

Total  

Denmark

2,419‌

France

—

2.91%

Consumer

Discretionary

—

0.84%

Kering

SA

-

ADR

33‌

1,762‌

Financials

—

0.64%

BNP

Paribas

SA

23‌

1,328‌

Health

Care

—

0.53%

Sanofi

11‌

1,115‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.39%

-

continued

Shares

Fair

Value

France

—

2.91%

-

continued

Technology

—

0.90%

Dassault

Systems

SE

43‌

$

1,889‌

Total  

France

6,094‌

Germany

—

3.19%

Consumer

Discretionary

—

2.28%

adidas

AG

13‌

2,104‌

Mercedes-Benz

Group

AG

27‌

2,013‌

Sixt

SE

6‌

657‌

4,774‌

Industrials

—

0.91%

Siemens

AG

11‌

1,803‌

Siemens

Energy

AG

(a)

4‌

101‌

1,904‌

Total  

Germany

6,678‌

Hong

Kong

—

0.34%

Health

Care

—

0.34%

Sino

Biopharmaceutical

Ltd.

-

ADR

76‌

703‌

Total  

Hong

Kong

703‌

India

—

0.36%

Technology

—

0.36%

Infosys

Ltd.

-

ADR

47‌

750‌

Total  

India

750‌

Italy

—

1.20%

Energy

—

0.78%

Eni

SpA

123‌

1,637‌

Financials

—

0.42%

Intesa

Sanpaolo

SpA

380‌

875‌

Total  

Italy

2,512‌

Japan

—

2.14%

Industrials

—

2.14%

Daifuku

Co.

Ltd.

-

ADR

64‌

645‌

FANUC

Corp.

-

ADR

92‌

1,569‌

Yaskawa

Electric

Corp.

-

ADR

27‌

2,260‌

4,474‌

Total  

Japan

4,474‌

Korea

(Republic

of)

—

1.69%

Financials

—

0.40%

KB

Financial

Group,

Inc.

23‌

835‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.39%

-

continued

Shares

Fair

Value

Korea

(Republic

of)

—

1.69%

-

continued

Technology

—

1.29%

Samsung

Electronics

Co.

Ltd.

-

GDR

2‌

$

2,698‌

Total  

Korea

(Republic

of)

3,533‌

Netherlands

—

2.75%

Technology

—

2.75%

ASML

Holding

NV

8‌

5,741‌

Total  

Netherlands

5,741‌

Spain

—

0.75%

Financials

—

0.75%

Banco

Bilbao

Vizcaya

Argentaria

SA

137‌

896‌

Banco

Santander

SA

208‌

677‌

1,573‌

Total  

Spain

1,573‌

Switzerland

—

0.72%

Industrials

—

0.72%

ABB

Ltd.

41‌

1,497‌

Total  

Switzerland

1,497‌

Taiwan

Province

of

China

—

3.16%

Technology

—

3.16%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

-

ADR

67‌

6,606‌

Total  

Taiwan

Province

of

China

6,606‌

United

Kingdom

—

3.45%

Consumer

Staples

—

0.62%

Unilever

PLC

26‌

1,300‌

Energy

—

1.29%

BP

PLC

479‌

2,700‌

Health

Care

—

0.69%

AstraZeneca

PLC

10‌

1,450‌

Materials

—

0.85%

Antofagasta

PLC

105‌

1,746‌

Total  

United

Kingdom

7,196‌

United

States

—

71.18%

Communications

—

4.36%

Alphabet,

Inc.,

Class

A

(a)

49‌

6,021‌

Netflix,

Inc.

(a)

4‌

1,581‌

Uber

Technologies,

Inc.

(a)

26‌

986‌

Walt

Disney

Co.

(The)

(a)

6‌

528‌

9,116‌

Consumer

Discretionary

—

7.84%

Amazon.com,

Inc.

(a)

39‌

4,702‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.39%

-

continued

Shares

Fair

Value

United

States

—

71.18%

-

continued

Consumer

Discretionary

—

7.84%

-

continued

Autoliv,

Inc.

21‌

$

1,712‌

Capri

Holding

Ltd.

(a)

36‌

1,264‌

General

Motors

Co.

58‌

1,880‌

Home

Depot,

Inc.

(The)

8‌

2,268‌

Marriott

International,

Inc.,

Class

A

12‌

2,013‌

NIKE,

Inc.,

Class

B

8‌

842‌

Toll

Brothers,

Inc.

25‌

1,693‌

16,374‌

Consumer

Staples

—

4.06%

Costco

Wholesale

Corp.

5‌

2,559‌

PepsiCo,

Inc.

11‌

2,006‌

Procter

&

Gamble

Co.

(The)

14‌

1,995‌

Target

Corp.

9‌

1,178‌

Walmart,

Inc.

5‌

734‌

8,472‌

Energy

—

2.49%

Exxon

Mobil

Corp.

34‌

3,475‌

Schlumberger

Ltd.

40‌

1,713‌

5,188‌

Financials

—

8.66%

American

Express

Co.

14‌

2,220‌

Bank

of

America

Corp.

68‌

1,890‌

BlackRock,

Inc.

4‌

2,631‌

Citigroup,

Inc.

41‌

1,817‌

Goldman

Sachs

Group,

Inc.

(The)

5‌

1,620‌

Invesco

Ltd.

124‌

1,783‌

Jefferies

Financial

Group,

Inc.

20‌

601‌

JPMorgan

Chase

&

Co.

14‌

1,899‌

Morgan

Stanley

26‌

2,126‌

T.

Rowe

Price

Group,

Inc.

14‌

1,500‌

18,087‌

Health

Care

—

11.09%

Abbott

Laboratories

9‌

918‌

Align

Technology,

Inc.

(a)

7‌

1,979‌

Danaher

Corp.

5‌

1,148‌

Edwards

LifeSciences

Corp.

(a)

9‌

758‌

Eli

Lilly

&

Co.

13‌

5,582‌

Exact

Sciences

Corp.

(a)

17‌

1,387‌

Intuitive

Surgical,

Inc.

(a)

9‌

2,771‌

Merck

&

Co.,

Inc.

19‌

2,098‌

PTC

Therapeutics,

Inc.

(a)

14‌

588‌

Sarepta

Therapeutics,

Inc.

(a)

5‌

618‌

Stryker

Corp.

6‌

1,653‌

Thermo

Fisher

Scientific,

Inc.

4‌

2,034‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

COMMON

STOCKS

—

99.39%

-

continued

Shares

Fair

Value

United

States

—

71.18%

-

continued

Health

Care

—

11.09%

-

continued

Vertex

Pharmaceuticals,

Inc.

(a)

5‌

$

1,618‌

23,152‌

Industrials

—

6.31%

A.O.

Smith

Corp.

29‌

1,854‌

Cummins,

Inc.

10‌

2,044‌

Deere

&

Co.

5‌

1,730‌

HEICO

Corp.

12‌

1,855‌

Lennox

International,

Inc.

9‌

2,480‌

Rockwell

Automation,

Inc.

9‌

2,507‌

Xylem,

Inc.

7‌

701‌

13,171‌

Materials

—

0.52%

Cleveland-Cliffs,

Inc.

(a)

78‌

1,083‌

Technology

—

25.85%

Adobe,

Inc.

(a)

5‌

2,089‌

Advanced

Micro

Devices,

Inc.

(a)

31‌

3,665‌

Apple,

Inc.

53‌

9,394‌

Autodesk,

Inc.

(a)

7‌

1,396‌

Intuit,

Inc.

2‌

838‌

MasterCard,

Inc.,

Class

A

7‌

2,555‌

Microsoft

Corp.

28‌

9,194‌

NVIDIA

Corp.

37‌

13,998‌

Oracle

Corp.

21‌

2,225‌

Paycom

Software,

Inc.

6‌

1,681‌

PayPal

Holdings,

Inc.

(a)

12‌

744‌

salesforce.com,

Inc.

(a)

8‌

1,787‌

ServiceNow,

Inc.

(a)

2‌

1,090‌

Visa,

Inc.,

Class

A

15‌

3,316‌

53,972‌

Total  

United

States

148,615‌

Total

Common

Stocks—

99.39%

(Cost $161,019)

207,580‌

MONEY

MARKET

FUNDS

-

0.90%

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(b)

1,885‌

1,885‌

Total

Money

Market

Funds

(Cost

$1,885)

1,885‌

Total

Investments

—

100.29%

(Cost

$162,904)

209,465‌

Liabilities

in

Excess

of

Other

Assets — (0.29)%

(610‌)

NET

ASSETS

—

100.00%

$

208,855‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.

ADR

-

American

Depositary

Receipt

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

GDR

-

Global

Depositary

Receipt

Fisher

Investments

Institutional

Group

Fixed

Income

Fund

for

Retirement

Plans

Schedule

of

Investments

May

31,

2023

(Unaudited)

CORPORATE

BONDS

—

29.92%

Principal

Amount

Fair

Value

Communications

—

3.38%

Comcast

Corp.,

3.55%,

5/1/2028

$

100,000‌

$

95,248‌

Consumer

Staples

—

3.85%

Procter

&

Gamble

Co.

(The),

5.50%,

2/1/2034

100,000‌

108,291‌

Financials

—

6.83%

BlackRock,

Inc.,

3.25%,

4/30/2029

100,000‌

94,694‌

JPMorgan

Chase

&

Co.,

4.13%,

12/15/2026

100,000‌

97,731‌

192,425‌

Health

Care

—

2.53%

Bristol-Myers

Squibb

Co.,

4.55%,

2/20/2048

78,000‌

71,228‌

Industrials

—

2.83%

Southwest

Airlines

Co.,

7.38%,

3/1/2027

75,000‌

79,601‌

Real

Estate

—

4.21%

Omega

Healthcare

Investors,

Inc.,

3.38%,

2/1/2031

150,000‌

118,529‌

Technology

—

6.29%

International

Business

Machines

Corp.,

4.25%,

5/15/2049

100,000‌

83,831‌

Oracle

Corp.,

3.25%,

11/15/2027

100,000‌

93,362‌

177,193‌

Total

Corporate

Bonds

(Cost $971,057)

842,515‌

U.S.

GOVERNMENT

&

AGENCIES

—

35.30%

Principal

Amount

Fair

Value

United

States

Treasury

Note,

1.50

%

,

9/30/2024

109,700‌

104,988‌

United

States

Treasury

Note,

1.50

%

,

2/15/2025

254,000‌

241,216‌

United

States

Treasury

Note,

2.63

%

,

2/15/2029

301,100‌

283,410‌

United

States

Treasury

Note,

4.50

%

,

2/15/2036

334,000‌

364,798‌

Total

U.S.

Government

&

Agencies

(Cost $1,110,563)

994,412‌

EXCHANGE-TRADED

FUNDS

—

31.98%

Shares

Fair

Value

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

11,815‌

411,871‌

iShares

MBS

ETF

5,201‌

488,790‌

Total

Exchange-Traded

Funds

(Cost $986,641)

900,661‌

MONEY

MARKET

FUNDS

-

2.19%

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(a)

61,642‌

61,642‌

Total

Money

Market

Funds

(Cost

$61,642)

61,642‌

Total

Investments

—

99.39%

(Cost

$3,129,903)

2,799,230‌

Other

Assets

in

Excess

of

Liabilities — 0.61%

17,064‌

NET

ASSETS

—

100.00%

$

2,816,294‌

(a)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.

Fisher

Investments

Institutional

Group

Fixed

Income

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

Fisher

Investments

Institutional

Group

ESG

Fixed

Income

Fund

for

Retirement

Plans

Schedule

of

Investments

May

31,

2023

(Unaudited)

CORPORATE

BONDS

—

29.40%

Principal

Amount

Fair

Value

Communications

—

3.40%

Comcast

Corp.,

3.55%,

5/1/2028

$

100,000‌

$

95,248‌

Consumer

Staples

—

3.87%

Procter

&

Gamble

Co.

(The),

5.50%,

2/1/2034

100,000‌

108,291‌

Financials

—

6.88%

BlackRock,

Inc.,

3.25%,

4/30/2029

100,000‌

94,694‌

JPMorgan

Chase

&

Co.,

4.13%,

12/15/2026

100,000‌

97,731‌

192,425‌

Health

Care

—

2.55%

Bristol-Myers

Squibb

Co.,

4.55%,

2/20/2048

78,000‌

71,228‌

Industrials

—

2.84%

Southwest

Airlines

Co.,

7.38%,

3/1/2027

75,000‌

79,601‌

Real

Estate

—

3.53%

Omega

Healthcare

Investors,

Inc.,

3.38%,

2/1/2031

125,000‌

98,774‌

Technology

—

6.33%

International

Business

Machines

Corp.,

4.25%,

5/15/2049

100,000‌

83,831‌

Oracle

Corp.,

3.25%,

11/15/2027

100,000‌

93,362‌

177,193‌

Total

Corporate

Bonds

(Cost $950,745)

822,760‌

U.S.

GOVERNMENT

&

AGENCIES

—

35.34%

Principal

Amount

Fair

Value

United

States

Treasury

Note,

1.50

%

,

9/30/2024

109,900‌

105,180‌

United

States

Treasury

Note,

1.50

%

,

2/15/2025

261,000‌

247,863‌

United

States

Treasury

Note,

2.63

%

,

2/15/2029

286,700‌

269,856‌

United

States

Treasury

Note,

4.50

%

,

2/15/2036

335,000‌

365,890‌

Total

U.S.

Government

&

Agencies

(Cost $1,103,174)

988,789‌

EXCHANGE-TRADED

FUNDS

—

32.49%

Shares

Fair

Value

iShares

MBS

ETF

5,156‌

484,561‌

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

20,911‌

424,702‌

Total

Exchange-Traded

Funds

(Cost $1,006,044)

909,263‌

MONEY

MARKET

FUNDS

-

2.17%

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(a)

60,672‌

60,672‌

Total

Money

Market

Funds

(Cost

$60,672)

60,672‌

Total

Investments

—

99.40%

(Cost

$3,120,635)

2,781,484‌

Other

Assets

in

Excess

of

Liabilities — 0.60%

16,716‌

NET

ASSETS

—

100.00%

$

2,798,200‌

(a)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.

Fisher

Investments

Institutional

Group

ESG

Fixed

Income

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

Tactical

Multi-Purpose

Fund

Schedule

of

Investments

May

31,

2023

(Unaudited)

MONEY

MARKET

FUNDS

-

146.87%

Shares

Fair

Value

First

American

Government

Obligations

Fund,

Class

X,

4.97%

(a)

36,709‌

$

36,709‌

Total

Money

Market

Funds

(Cost

$36,709)

36,709‌

Total

Investments

—

146.87%

(Cost

$36,709)

36,709‌

Liabilities

in

Excess

of

Other

Assets — (46.87)%

(11,714‌)

NET

ASSETS

—

100.00%

$

24,995‌

(a)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

May

31,

2023.