Unified Series Trust NPORT-P Fiig Us Small Cap Equity (Nov 2024 report)

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.52%

Shares

Fair

Value

Argentina

—

1.99%

Consumer

Discretionary

—

1.99%

MercadoLibre,

Inc.

(a)

2‌

$

3,971‌

Total  

Argentina

3,971‌

Australia

—

2.08%

Health

Care

—

0.83%

CSL

Ltd.

9‌

1,656‌

Technology

—

1.25%

XERO

LTD

(a)

22‌

2,494‌

Total  

Australia

4,150‌

Brazil

—

2.36%

Financials

—

2.36%

Banco

Bradesco

SA

-

ADR

920‌

1,960‌

Itau

Unibanco

Holding

SA

-

ADR

514‌

2,755‌

4,715‌

Total  

Brazil

4,715‌

Canada

—

3.88%

Financials

—

1.46%

Royal

Bank

of

Canada

23‌

2,890‌

Industrials

—

0.81%

Canadian

Pacific

Kansas

City

Ltd.

21‌

1,608‌

Technology

—

1.61%

Shopify,

Inc.,

Class

A

(a)

28‌

3,236‌

Total  

Canada

7,734‌

China

—

7.19%

Communications

—

2.51%

NetEase,

Inc.

-

ADR

19‌

1,662‌

Tencent

Holdings

Ltd.

-

ADR

65‌

3,354‌

5,016‌

Consumer

Discretionary

—

4.20%

Alibaba

Group

Holding

Ltd.

-

ADR

27‌

2,359‌

Geely

Automobile

Holdings

Ltd.

800‌

1,425‌

Haier

Smart

Home

Co.

Ltd.,

H

Shares

(a)

350‌

1,190‌

JD.com,

Inc.

-

ADR

42‌

1,570‌

Meituan

-

ADR

(a)

44‌

1,835‌

8,379‌

Consumer

Staples

—

0.48%

China

Mengniu

Dairy

Co.

Ltd.

437‌

954‌

Total  

China

14,349‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.52%

-

continued

Shares

Fair

Value

Denmark

—

3.84%

Energy

—

0.51%

Vestas

Wind

Systems

A/S

(a)

65‌

$

1,010‌

Health

Care

—

3.33%

Coloplast

A/S

-

ADR

51‌

645‌

Novo

Nordisk

A/S

56‌

6,009‌

6,654‌

Total  

Denmark

7,664‌

France

—

12.99%

Consumer

Discretionary

—

3.85%

Cia

Generale

de

Establissements

Michelin

SCA

35‌

1,137‌

Hermes

International

SA

3‌

6,544‌

7,681‌

Consumer

Staples

—

1.04%

L'Oreal

SA

6‌

2,083‌

Financials

—

1.73%

BNP

Paribas

SA

22‌

1,316‌

Credit

Agricole

SA

102‌

1,365‌

Societe

Generale

SA

29‌

769‌

3,450‌

Health

Care

—

1.07%

Sanofi

22‌

2,140‌

Industrials

—

1.72%

Aeroports

de

Paris

19‌

2,198‌

Vinci

SA

-

ADR

47‌

1,237‌

3,435‌

Materials

—

2.70%

Cie

de

Saint-Gobain

59‌

5,381‌

Technology

—

0.88%

Dassault

Systems

SE

51‌

1,759‌

Total  

France

25,929‌

Germany

—

6.62%

Consumer

Staples

—

1.30%

Beiersdorf

AG

20‌

2,592‌

Financials

—

0.82%

Deutsche

Boerse

AG

7‌

1,638‌

Industrials

—

2.95%

Deutsche

Post

AG

66‌

2,425‌

Siemens

AG

18‌

3,483‌

5,908‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.52%

-

continued

Shares

Fair

Value

Germany

—

6.62%

-

continued

Technology

—

1.55%

SAP

SE

13‌

$

3,089‌

Total  

Germany

13,227‌

Hong

Kong

—

0.65%

Financials

—

0.65%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

Shares

225‌

1,296‌

Total  

Hong

Kong

1,296‌

India

—

2.27%

Financials

—

1.24%

HDFC

Bank

Ltd.

-

ADR

37‌

2,470‌

Technology

—

1.03%

Infosys

Ltd.

-

ADR

93‌

2,053‌

Total  

India

4,523‌

Indonesia

—

0.63%

Financials

—

0.63%

Bank

Rakyat

Indonesia

Persero

Tbk

PT

-

ADR

94‌

1,265‌

Total  

Indonesia

1,265‌

Israel

—

0.55%

Technology

—

0.55%

NICE-Systems

Ltd.

-

ADR

(a)

6‌

1,095‌

Total  

Israel

1,095‌

Italy

—

2.17%

Energy

—

1.63%

Eni

SpA

231‌

3,272‌

Financials

—

0.54%

Intesa

Sanpaolo

SpA

282‌

1,081‌

Total  

Italy

4,353‌

Japan

—

11.84%

Financials

—

7.16%

Mitsubishi

UFJ

Financial

Group,

Inc.

-

ADR

374‌

4,454‌

MIZUHO

FINANCIAL

GROUP,

INC.

100‌

2,529‌

Nomura

Holdings,

Inc.

-

ADR

439‌

2,669‌

Sumitomo

Mitsui

Financial

Group,

Inc.

-

ADR

313‌

4,636‌

14,288‌

Industrials

—

4.10%

Daifuku

Co.

Ltd.

-

ADR

95‌

988‌

FANUC

Corp.

-

ADR

58‌

752‌

Keyence

Corp.

12‌

5,191‌

Kubota

Corp.

100‌

1,252‌

8,183‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.52%

-

continued

Shares

Fair

Value

Japan

—

11.84%

-

continued

Technology

—

0.58%

OBIC

Co.

Ltd.

35‌

$

1,148‌

Total  

Japan

23,619‌

Korea

(Republic

of)

—

1.83%

Technology

—

1.83%

Samsung

Electronics

Co.

Ltd.

94‌

3,654‌

Total  

Korea

(Republic

of)

3,654‌

Netherlands

—

5.16%

Financials

—

0.68%

ING

Groep

NV

88‌

1,363‌

Technology

—

4.48%

ASML

Holding

NV

9‌

6,260‌

Wolters

Kluwer

NV

16‌

2,670‌

8,930‌

Total  

Netherlands

10,293‌

Norway

—

1.44%

Energy

—

1.44%

Equinor

ASA

119‌

2,880‌

Total  

Norway

2,880‌

Spain

—

3.09%

Consumer

Discretionary

—

1.43%

Industria

de

Diseno

Textil

SA

52‌

2,867‌

Energy

—

1.27%

Repsol

SA

203‌

2,536‌

Financials

—

0.39%

Banco

Santander

SA

170‌

786‌

Total  

Spain

6,189‌

Sweden

—

0.97%

Industrials

—

0.97%

Atlas

Copco

AB

121‌

1,933‌

Total  

Sweden

1,933‌

Switzerland

—

4.00%

Health

Care

—

2.32%

Novartis

AG

30‌

3,176‌

Roche

Holding

AG

5‌

1,450‌

4,626‌

Industrials

—

1.68%

ABB

Ltd.

59‌

3,355‌

Total  

Switzerland

7,981‌

Fisher

Investments

Institutional

Group

All

Foreign

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.52%

-

continued

Shares

Fair

Value

Taiwan

Province

of

China

—

5.74%

Technology

—

5.74%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

-

ADR

62‌

$

11,450‌

Total  

Taiwan

Province

of

China

11,450‌

United

Kingdom

—

13.23%

Consumer

Discretionary

—

1.35%

Next

PLC

21‌

2,693‌

Consumer

Staples

—

2.12%

Coca-Cola

European

Partners

PLC

37‌

2,870‌

Reckitt

Benckiser

Group

PLC

22‌

1,360‌

4,230‌

Energy

—

1.60%

BP

PLC

651‌

3,186‌

Financials

—

0.93%

Barclays

PLC

553‌

1,856‌

Health

Care

—

1.49%

AstraZeneca

PLC

22‌

2,971‌

Materials

—

3.55%

Anglo

American

PLC

89‌

2,854‌

Antofagasta

PLC

196‌

4,247‌

7,101‌

Technology

—

2.19%

Experian

PLC

92‌

4,390‌

Total  

United

Kingdom

26,427‌

Total

Common

Stocks

(Cost $149,371)

188,697‌

MONEY

MARKET

FUNDS

-

0.53%

First

American

Government

Obligations

Fund,

Class

X,

4.56%

(b)

1,065‌

1,065‌

Total

Money

Market

Funds

(Cost

$1,065)

1,065‌

Total

Investments

—

95.05%

(Cost

$150,436)

189,762‌

Other

Assets

in

Excess

of

Liabilities — 4.95%

9,880‌

NET

ASSETS

—

100.00%

$

199,642‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.

ADR

-

American

Depositary

Receipt

Fisher

Investments

Institutional

Group

U.S.

Large

Cap

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

96.04%

Shares

Fair

Value

Communications

—

5.58%

Alphabet,

Inc.,

Class

A

57‌

$

9,630‌

Netflix,

Inc.

(a)

9‌

7,981‌

17,611‌

Consumer

Discretionary

—

10.81%

Amazon.com,

Inc.

(a)

56‌

11,642‌

General

Motors

Co.

49‌

2,724‌

Hilton

Worldwide

Holdings,

Inc.

7‌

1,774‌

Home

Depot,

Inc.

(The)

24‌

10,299‌

KB

Home

58‌

4,799‌

NIKE,

Inc.,

Class

B

14‌

1,103‌

Yum!

Brands,

Inc.

13‌

1,806‌

34,147‌

Consumer

Staples

—

3.56%

Costco

Wholesale

Corp.

4‌

3,887‌

General

Mills,

Inc.

23‌

1,524‌

Kimberly-Clark

Corp.

6‌

836‌

PepsiCo,

Inc.

12‌

1,961‌

Procter

&

Gamble

Co.

(The)

17‌

3,048‌

11,256‌

Energy

—

4.85%

Baker

Hughes

Co.

97‌

4,264‌

EOG

Resources,

Inc.

35‌

4,664‌

Halliburton

Co.

83‌

2,644‌

Schlumberger

Ltd.

85‌

3,735‌

15,307‌

Financials

—

14.14%

American

Express

Co.

24‌

7,312‌

Bank

of

America

Corp.

99‌

4,703‌

BlackRock,

Inc.

(a)

5‌

5,114‌

Citigroup,

Inc.

65‌

4,607‌

Goldman

Sachs

Group,

Inc.

(The)

11‌

6,694‌

JPMorgan

Chase

&

Co.

21‌

5,245‌

Morgan

Stanley

31‌

4,080‌

T.

Rowe

Price

Group,

Inc.

15‌

1,858‌

Visa,

Inc.,

Class

A

16‌

5,041‌

44,654‌

Health

Care

—

8.62%

Abbott

Laboratories

15‌

1,782‌

Amgen,

Inc.

6‌

1,697‌

Biogen,

Inc.

(a)

6‌

964‌

Eli

Lilly

&

Co.

5‌

3,977‌

Intuitive

Surgical,

Inc.

(a)

14‌

7,587‌

Johnson

&

Johnson

22‌

3,410‌

Medtronic

PLC

16‌

1,385‌

Merck

&

Co.,

Inc.

28‌

2,846‌

Fisher

Investments

Institutional

Group

U.S.

Large

Cap

Equity

Environmental

and

Social

Values

Fund

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

96.04%

-

continued

Shares

Fair

Value

Health

Care

—

8.62%

-

continued

Pfizer,

Inc.

20‌

$

524‌

UnitedHealth

Group,

Inc.

5‌

3,051‌

Viatris,

Inc.

1‌

13‌

27,236‌

Industrials

—

9.91%

Caterpillar,

Inc.

11‌

4,467‌

Cummins,

Inc.

10‌

3,750‌

Eaton

Corp.

PLC

11‌

4,131‌

Emerson

Electric

Co.

29‌

3,845‌

HEICO

Corp.

14‌

3,827‌

Norfolk

Southern

Corp.

13‌

3,586‌

Otis

Worldwide

Corp.

26‌

2,677‌

Rockwell

Automation,

Inc.

11‌

3,247‌

United

Parcel

Service,

Inc.,

Class

B

13‌

1,764‌

31,294‌

Materials

—

1.57%

Nucor

Corp.

32‌

4,950‌

Technology

—

37.00%

Adobe,

Inc.

(a)

8‌

4,127‌

Advanced

Micro

Devices,

Inc.

(a)

34‌

4,664‌

Apple,

Inc.

91‌

21,597‌

Autodesk,

Inc.

(a)

10‌

2,919‌

KLA-Tencor

Corp.

5‌

3,235‌

Marvell

Technology,

Inc.

61‌

5,654‌

Microsoft

Corp.

47‌

19,903‌

MSCI,

Inc.

8‌

4,877‌

NVIDIA

Corp.

216‌

29,862‌

Oracle

Corp.

27‌

4,991‌

QUALCOMM,

Inc.

18‌

2,854‌

Salesforce,

Inc.

26‌

8,580‌

Texas

Instruments,

Inc.

18‌

3,619‌

116,882‌

Total

Common

Stocks  (Cost $169,190)

303,337‌

MONEY

MARKET

FUNDS

—

0.59%

Federated

Hermes

Government

Obligations

Fund,

Institutional,

4.51%

(b)

13‌

13‌

First

American

Government

Obligations

Fund,

Class

X,

4.56%

(b)

1,857‌

1,856‌

Total

Money

Market

Funds

(Cost

$1,869)

1,869‌

Total

Investments

—

96.63%

(Cost

$171,059)

305,206‌

Other

Assets

in

Excess

of

Liabilities — 3.37%

10,632‌

NET

ASSETS

—

100.00%

$

315,838‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.

Fisher

Investments

Institutional

Group

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.85%

Shares

Fair

Value

Consumer

Discretionary

—

15.16%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

40‌

$

5,988‌

Brinker

International,

Inc.

(a)

29‌

3,836‌

Builders

FirstSource,

Inc.

(a)

32‌

5,967‌

KB

Home

33‌

2,730‌

M/I

Homes,

Inc.

(a)

34‌

5,611‌

Pool

Corp.

5‌

1,885‌

Shake

Shack,

Inc.,

Class

A

(a)

30‌

4,012‌

Taylor

Morrison

Home

Corp.

(a)

42‌

3,103‌

Urban

Outfitters,

Inc.

(a)

48‌

2,339‌

35,471‌

Consumer

Staples

—

3.42%

Boston

Beer

Company,

Inc.

(The),

Class

A

(a)

5‌

1,581‌

Freshpet,

Inc.

(a)

42‌

6,428‌

8,009‌

Energy

—

6.00%

ChampionX

Corp.

122‌

3,776‌

Helmerich

&

Payne,

Inc.

12‌

416‌

Matador

Resources

Co.

40‌

2,400‌

Murphy

Oil

Corp.

64‌

2,078‌

Oceaneering

International,

Inc.

(a)

88‌

2,638‌

Ovintiv,

Inc.

60‌

2,725‌

14,033‌

Financials

—

18.64%

Cadence

Bank

107‌

4,085‌

Columbia

Banking

System,

Inc.

103‌

3,194‌

Evercore

Partners,

Inc.,

Class

A

18‌

5,542‌

First

Merchants

Corp.

82‌

3,588‌

Home

BancShares,

Inc.

102‌

3,240‌

Independent

Bank

Corp.

40‌

2,896‌

Moelis

&

Co.,

Class

A

36‌

2,771‌

Old

National

Bancorp

144‌

3,335‌

Piper

Sandler

Companies

17‌

5,831‌

South

State

Corp.

26‌

2,878‌

Stifel

Financial

Corp.

24‌

2,779‌

Victory

Capital

Holdings,

Inc.

29‌

2,015‌

Virtus

Investment

Partners,

Inc.

6‌

1,482‌

43,636‌

Health

Care

—

14.72%

Acadia

Pharmaceuticals,

Inc.

(a)

42‌

685‌

Agios

Pharmaceuticals,

Inc.

(a)

38‌

2,257‌

Align

Technology,

Inc.

(a)

8‌

1,862‌

Alkermes

PLC

(a)

29‌

842‌

Arrowhead

Pharmaceuticals,

Inc.

(a)

32‌

833‌

Azenta,

Inc.

(a)

26‌

1,201‌

BioCryst

Pharmaceuticals,

Inc.

(a)

74‌

555‌

Fisher

Investments

Institutional

Group

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.85%

-

continued

Shares

Fair

Value

Health

Care

—

14.72%

-

continued

Blueprint

Medicines

Corp.

(a)

12‌

$

1,157‌

Charles

River

Laboratories

International,

Inc.

(a)

5‌

995‌

CONMED

Corp.

54‌

3,998‌

Crinetics

Pharmaceuticals,

Inc.

(a)

21‌

1,201‌

Cytokinetics,

Inc.

(a)

27‌

1,400‌

Denali

Therapeutics,

Inc.

(a)

38‌

950‌

Exact

Sciences

Corp.

(a)

13‌

807‌

Haemonetics

Corp.

(a)

24‌

2,099‌

Halozyme

Therapeutics,

Inc.

(a)

30‌

1,446‌

Ligand

Pharmaceuticals,

Inc.,

Class

B

(a)

11‌

1,336‌

Medpace

Holdings,

Inc.

(a)

10‌

3,407‌

Myriad

Genetics,

Inc.

(a)

71‌

1,155‌

Neurocrine

Biosciences,

Inc.

(a)

6‌

761‌

OmniAb,

Inc.

-

Earnout

Shares

(a)(b)

4‌

—‌

OmniAb,

Inc.

-

Earnout

Shares

(a)(b)

4‌

—‌

Vericel

Corp.

(a)

25‌

1,454‌

WillScot

Mobile

Mini

Holdings

Corp.

(a)

106‌

4,053‌

34,454‌

Industrials

—

16.42%

Cactus,

Inc.,

Class

A

81‌

5,561‌

Casella

Waste

Systems,

Inc.,

Class

A

(a)

29‌

3,283‌

Chart

Industries,

Inc.

(a)

19‌

3,672‌

Columbus

McKinnon

Corp.

62‌

2,436‌

Dayforce,

Inc.

(a)

24‌

1,920‌

H&E

Equipment

Services,

Inc.

53‌

3,166‌

HEICO

Corp.

6‌

1,641‌

Lincoln

Electric

Holdings,

Inc.

13‌

2,840‌

Mercury

Systems,

Inc.

(a)

26‌

1,069‌

Montrose

Environmental

Group,

Inc.

(a)

51‌

960‌

MYR

Group,

Inc.

(a)

16‌

2,526‌

Paycom

Software,

Inc.

7‌

1,623‌

Paylocity

Holdings

Corp.

(a)

27‌

5,604‌

Terex

Corp.

39‌

2,137‌

38,438‌

Materials

—

2.87%

Cleveland-Cliffs,

Inc.

(a)

97‌

1,208‌

UFP

Industries,

Inc.

26‌

3,534‌

Worthington

Industries,

Inc.

23‌

941‌

Worthington

Steel,

Inc.

23‌

1,031‌

6,714‌

Real

Estate

—

1.29%

Macerich

Co.

(The)

142‌

3,012‌

Technology

—

16.33%

Advanced

Energy

Industries,

Inc.

44‌

5,062‌

Alarm.com

Holdings,

Inc.

(a)

37‌

2,410‌

Fisher

Investments

Institutional

Group

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

94.85%

-

continued

Shares

Fair

Value

Technology

—

16.33%

-

continued

Amkor

Technology,

Inc.

74‌

$

1,957‌

Box,

Inc.,

Class

A

(a)

82‌

2,878‌

Diodes,

Inc.

(a)

57‌

3,705‌

Donnelley

Financial

Solutions,

Inc.

(a)

38‌

2,290‌

Dropbox,

Inc.,

Class

A

(a)

74‌

2,047‌

Five9,

Inc.

(a)

36‌

1,486‌

Manhattan

Associates,

Inc.

(a)

10‌

2,854‌

Qualys,

Inc.

(a)

14‌

2,150‌

Silicon

Laboratories,

Inc.

(a)

16‌

1,770‌

SPS

Commerce,

Inc.

(a)

13‌

2,510‌

Synaptics,

Inc.

(a)

22‌

1,765‌

Tenable

Holdings,

Inc.

(a)

45‌

1,889‌

Ultra

Clean

Holdings,

Inc.

(a)

58‌

2,229‌

Veeco

Instruments,

Inc.

(a)

44‌

1,226‌

38,228‌

Total

Common

Stocks  (Cost $145,502)

221,995‌

MONEY

MARKET

FUNDS

—

0.44%

First

American

Government

Obligations

Fund,

Class

X,

4.56

%

(c)

1,020‌

1,020‌

Total

Money

Market

Funds

(Cost

$1,020)

1,020‌

Total

Investments

—

95.29%

(Cost

$146,522)

223,015‌

Other

Assets

in

Excess

of

Liabilities — 4.71%

11,034‌

NET

ASSETS

—

100.00%

$

234,049‌

(a)

Non-income

producing

security.

(b)

Security

is

currently

being

valued

according

to

the

fair

value

procedures

of

the

Adviser,

as

Valuation

Designee,

under

oversight

of

the

Board’s

Pricing

&

Liquidity

Committee.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.53%

Shares

Fair

Value

Australia

—

0.49%

Materials

—

0.49%

BHP

Group

Ltd.

26‌

$

688‌

Rio

Tinto

Ltd.

10‌

771‌

1,459‌

Total  

Australia

1,459‌

Brazil

—

0.70%

Financials

—

0.58%

Banco

Bradesco

SA

-

ADR

357‌

760‌

Itau

Unibanco

Holding

SA

-

ADR

183‌

981‌

1,741‌

Materials

—

0.12%

Vale

SA

-

ADR

38‌

375‌

Total  

Brazil

2,116‌

Canada

—

2.41%

Energy

—

0.38%

Suncor

Energy,

Inc.

29‌

1,145‌

Industrials

—

0.66%

Canadian

Pacific

Kansas

City

Ltd.

26‌

1,991‌

Materials

—

1.37%

Hudbay

Minerals,

Inc.

232‌

2,074‌

Lundin

Mining

Corp.

208‌

2,042‌

4,116‌

Total  

Canada

7,252‌

China

—

1.39%

Communications

—

0.55%

Tencent

Holdings

Ltd.

-

ADR

32‌

1,651‌

Consumer

Discretionary

—

0.73%

Alibaba

Group

Holding

Ltd.

-

ADR

16‌

1,398‌

Meituan

Dianping

(a)

37‌

802‌

2,200‌

Health

Care

—

0.11%

Sino

Biopharmaceutical

Ltd.

-

ADR

41‌

324‌

Total  

China

4,175‌

France

—

2.02%

Consumer

Discretionary

—

0.56%

Kering

SA

-

ADR

72‌

1,679‌

Energy

—

0.50%

TotalEnergies

SE

26‌

1,510‌

Financials

—

0.46%

BNP

Paribas

SA

23‌

1,376‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.53%

-

continued

Shares

Fair

Value

France

—

2.02%

-

continued

Technology

—

0.50%

Dassault

Systems

SE

44‌

$

1,518‌

Total  

France

6,083‌

Germany

—

3.34%

Consumer

Discretionary

—

1.61%

adidas

AG

12‌

2,828‌

Mercedes-Benz

Group

AG

28‌

1,567‌

Sixt

SE

6‌

442‌

4,837‌

Industrials

—

1.73%

MTU

Aero

Engines

AG

8‌

2,723‌

Siemens

AG

13‌

2,515‌

5,238‌

Total  

Germany

10,075‌

Hong

Kong

—

0.27%

Financials

—

0.27%

Ping

An

Insurance

(Group)

Company

of

China

Ltd.,

H

Shares

141‌

812‌

Total  

Hong

Kong

812‌

India

—

0.48%

Technology

—

0.48%

Infosys

Ltd.

-

ADR

65‌

1,435‌

Total  

India

1,435‌

Italy

—

1.32%

Energy

—

0.47%

Eni

SpA

101‌

1,430‌

Financials

—

0.85%

Intesa

Sanpaolo

SpA

672‌

2,575‌

Total  

Italy

4,005‌

Japan

—

1.72%

Industrials

—

1.72%

Daifuku

Co.

Ltd.

-

ADR

85‌

884‌

FANUC

Corp.

-

ADR

99‌

1,284‌

SMC

Corp.

-

ADR

98‌

2,092‌

Yaskawa

Electric

Corp.

-

ADR

18‌

944‌

5,204‌

Total  

Japan

5,204‌

Korea

(Republic

of)

—

0.98%

Technology

—

0.98%

Samsung

Electronics

Co.

Ltd.

-

GDR

3‌

2,943‌

Total  

Korea

(Republic

of)

2,943‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.53%

-

continued

Shares

Fair

Value

Netherlands

—

1.63%

Financials

—

0.48%

ING

Groep

NV

93‌

$

1,440‌

Technology

—

1.15%

ASML

Holding

NV

5‌

3,478‌

Total  

Netherlands

4,918‌

Spain

—

1.51%

Financials

—

1.51%

Banco

Bilbao

Vizcaya

Argentaria

SA

250‌

2,360‌

Banco

Santander

SA

479‌

2,214‌

4,574‌

Total  

Spain

4,574‌

Switzerland

—

0.46%

Health

Care

—

0.46%

Novartis

AG

13‌

1,376‌

Total  

Switzerland

1,376‌

Taiwan

Province

of

China

—

3.12%

Technology

—

3.12%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

-

ADR

51‌

9,418‌

Total  

Taiwan

Province

of

China

9,418‌

United

Kingdom

—

1.79%

Energy

—

1.23%

BP

PLC

248‌

1,214‌

Shell

PLC

77‌

2,499‌

3,713‌

Health

Care

—

0.56%

AstraZeneca

PLC

8‌

1,080‌

GSK

PLC

35‌

595‌

1,675‌

Total  

United

Kingdom

5,388‌

United

States

—

75.90%

Communications

—

6.43%

Alphabet,

Inc.,

Class

A

53‌

8,955‌

Meta

Platforms,

Inc.,

Class

A

12‌

6,892‌

Netflix,

Inc.

(a)

4‌

3,547‌

19,394‌

Consumer

Discretionary

—

7.23%

Amazon.com,

Inc.

(a)

40‌

8,316‌

Home

Depot,

Inc.

(The)

8‌

3,433‌

Starbucks

Corp.

13‌

1,332‌

Toll

Brothers,

Inc.

38‌

6,276‌

Wynn

Resorts

Ltd.

26‌

2,454‌

21,811‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.53%

-

continued

Shares

Fair

Value

United

States

—

75.90%

-

continued

Consumer

Staples

—

6.71%

Coca-Cola

Co./The

42‌

$

2,691‌

Costco

Wholesale

Corp.

6‌

5,831‌

PepsiCo,

Inc.

13‌

2,125‌

Procter

&

Gamble

Co.

(The)

21‌

3,764‌

Walmart,

Inc.

63‌

5,828‌

20,239‌

Energy

—

3.79%

Chevron

Corp.

30‌

4,858‌

ConocoPhillips

11‌

1,243‌

Exxon

Mobil

Corp.

45‌

5,308‌

11,409‌

Financials

—

11.30%

American

Express

Co.

13‌

3,961‌

Bank

of

America

Corp.

67‌

3,183‌

BlackRock,

Inc.

(a)

3‌

3,068‌

Citigroup,

Inc.

42‌

2,977‌

Goldman

Sachs

Group,

Inc.

(The)

5‌

3,043‌

Invesco

Ltd.

52‌

941‌

Jefferies

Financial

Group,

Inc.

25‌

1,979‌

JPMorgan

Chase

&

Co.

14‌

3,497‌

MasterCard,

Inc.,

Class

A

6‌

3,197‌

Morgan

Stanley

29‌

3,816‌

T.

Rowe

Price

Group,

Inc.

10‌

1,238‌

Visa,

Inc.,

Class

A

10‌

3,151‌

34,051‌

Health

Care

—

9.98%

Abbott

Laboratories

9‌

1,069‌

Danaher

Corp.

5‌

1,198‌

Eli

Lilly

&

Co.

8‌

6,363‌

Exact

Sciences

Corp.

(a)

14‌

869‌

Intuitive

Surgical,

Inc.

(a)

9‌

4,878‌

Johnson

&

Johnson

20‌

3,100‌

Merck

&

Co.,

Inc.

21‌

2,134‌

Pfizer,

Inc.

84‌

2,202‌

PTC

Therapeutics,

Inc.

(a)

15‌

658‌

Sarepta

Therapeutics,

Inc.

(a)

5‌

667‌

Stryker

Corp.

6‌

2,353‌

Thermo

Fisher

Scientific,

Inc.

3‌

1,589‌

UnitedHealth

Group,

Inc.

5‌

3,051‌

30,131‌

Industrials

—

7.69%

A.O.

Smith

Corp.

23‌

1,713‌

AeroVironment,

Inc.

(a)

17‌

3,307‌

Boeing

Co.

(The)

(a)

10‌

1,554‌

Cummins,

Inc.

10‌

3,750‌

Fisher

Investments

Institutional

Group

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.53%

-

continued

Shares

Fair

Value

United

States

—

75.90%

-

continued

Industrials

—

7.69%

-

continued

Deere

&

Co.

6‌

$

2,796‌

IDEX

Corp.

7‌

1,615‌

Lennox

International,

Inc.

7‌

4,670‌

Rockwell

Automation,

Inc.

6‌

1,771‌

RTX

Corp.

16‌

1,949‌

23,125‌

Materials

—

0.66%

Cleveland-Cliffs,

Inc.

(a)

69‌

859‌

Materion

Corp.

10‌

1,156‌

2,015‌

Technology

—

22.11%

Adobe,

Inc.

(a)

5‌

2,580‌

Advanced

Micro

Devices,

Inc.

(a)

24‌

3,292‌

Apple,

Inc.

57‌

13,528‌

Autodesk,

Inc.

(a)

7‌

2,043‌

Intuit,

Inc.

4‌

2,567‌

Microsoft

Corp.

27‌

11,433‌

NVIDIA

Corp.

152‌

21,013‌

Oracle

Corp.

22‌

4,066‌

Salesforce,

Inc.

9‌

2,970‌

ServiceNow,

Inc.

(a)

3‌

3,148‌

66,640‌

Total  

United

States

228,815‌

Total

Common

Stocks

(Cost $180,806)

300,048‌

MONEY

MARKET

FUNDS

-

0.34%

First

American

Government

Obligations

Fund,

Class

X,

4.56%

(b)

1,011‌

1,011‌

Total

Money

Market

Funds

(Cost

$1,011)

1,011‌

Total

Investments

—

99.87%

(Cost

$181,817)

301,059‌

Other

Assets

in

Excess

of

Liabilities — 0.13%

405‌

NET

ASSETS

—

100.00%

$

301,464‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.

ADR

-

American

Depositary

Receipt

GDR

-

Global

Depositary

Receipt

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.07%

Shares

Fair

Value

Brazil

—

0.86%

Financials

—

0.86%

Banco

Bradesco

SA

-

ADR

521‌

$

1,110‌

Itau

Unibanco

Holding

SA

-

ADR

277‌

1,485‌

2,595‌

Total  

Brazil

2,595‌

Canada

—

0.80%

Materials

—

0.80%

Hudbay

Minerals

Inc.

158‌

1,410‌

Lundin

Mining

Corp.

100‌

982‌

2,392‌

Total  

Canada

2,392‌

China

—

1.11%

Communications

—

0.51%

Tencent

Holdings

Ltd.

-

ADR

30‌

1,548‌

Consumer

Discretionary

—

0.49%

Alibaba

Group

Holding

Ltd.

-

ADR

17‌

1,485‌

Health

Care

—

0.11%

Sino

Biopharmaceutical

Ltd.

-

ADR

42‌

332‌

Total  

China

3,365‌

Denmark

—

0.51%

Industrials

—

0.51%

Vestas

Wind

Systems

A/S

(a)

98‌

1,523‌

Total  

Denmark

1,523‌

France

—

2.43%

Consumer

Discretionary

—

0.56%

Kering

SA

-

ADR

72‌

1,679‌

Energy

—

0.58%

TotalEnergies

SE

30‌

1,742‌

Financials

—

0.73%

BNP

Paribas

SA

37‌

2,214‌

Technology

—

0.56%

Dassault

Systems

SE

49‌

1,690‌

Total  

France

7,325‌

Germany

—

2.84%

Consumer

Discretionary

—

1.88%

adidas

AG

13‌

3,064‌

Mercedes-Benz

Group

AG

39‌

2,182‌

Sixt

SE

6‌

442‌

5,688‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.07%

-

continued

Shares

Fair

Value

Germany

—

2.84%

-

continued

Industrials

—

0.96%

Siemens

AG

15‌

$

2,902‌

Total  

Germany

8,590‌

Hong

Kong

—

0.18%

Financials

—

0.18%

Ping

An

Insurance

(Group)

Company

of

China

Ltd.,

H

Shares

94‌

541‌

Total  

Hong

Kong

541‌

India

—

0.34%

Technology

—

0.34%

Infosys

Ltd.

-

ADR

47‌

1,037‌

Total  

India

1,037‌

Italy

—

1.83%

Energy

—

0.90%

Eni

SpA

192‌

2,719‌

Financials

—

0.93%

Intesa

Sanpaolo

SpA

730‌

2,797‌

Total  

Italy

5,516‌

Japan

—

1.09%

Industrials

—

1.09%

Daifuku

Co.

Ltd.

-

ADR

64‌

666‌

FANUC

Corp.

-

ADR

92‌

1,193‌

Yaskawa

Electric

Corp.

-

ADR

27‌

1,417‌

3,276‌

Total  

Japan

3,276‌

Korea

(Republic

of)

—

0.65%

Technology

—

0.65%

Samsung

Electronics

Co.

Ltd.

-

GDR

2‌

1,962‌

Total  

Korea

(Republic

of)

1,962‌

Netherlands

—

1.38%

Technology

—

1.38%

ASML

Holding

NV

6‌

4,173‌

Total  

Netherlands

4,173‌

Norway

—

1.09%

Energy

—

1.09%

Equinor

ASA

136‌

3,291‌

Total  

Norway

3,291‌

Spain

—

1.53%

Financials

—

1.53%

Banco

Bilbao

Vizcaya

Argentaria

SA

266‌

2,511‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.07%

-

continued

Shares

Fair

Value

Spain

—

1.53%

-

continued

Financials

—

1.53%

-

continued

Banco

Santander

SA

457‌

$

2,112‌

4,623‌

Total  

Spain

4,623‌

Switzerland

—

0.87%

Industrials

—

0.87%

ABB

Ltd.

46‌

2,625‌

Total  

Switzerland

2,625‌

Taiwan

Province

of

China

—

3.18%

Technology

—

3.18%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

-

ADR

52‌

9,602‌

Total  

Taiwan

Province

of

China

9,602‌

United

Kingdom

—

4.43%

Consumer

Staples

—

0.52%

Unilever

PLC

26‌

1,554‌

Energy

—

2.13%

BP

PLC

675‌

3,304‌

Shell

PLC

97‌

3,125‌

6,429‌

Health

Care

—

0.45%

AstraZeneca

PLC

10‌

1,350‌

Materials

—

1.33%

Anglo

American

PLC

55‌

1,764‌

Antofagasta

PLC

105‌

2,274‌

4,038‌

Total  

United

Kingdom

13,371‌

United

States

—

73.95%

Communications

—

3.93%

Alphabet,

Inc.,

Class

A

49‌

8,279‌

Netflix,

Inc.

(a)

4‌

3,547‌

11,826‌

Consumer

Discretionary

—

6.01%

Amazon.com,

Inc.

(a)

39‌

8,108‌

Home

Depot,

Inc.

(The)

8‌

3,433‌

NIKE,

Inc.,

Class

B

8‌

630‌

Toll

Brothers,

Inc.

36‌

5,946‌

18,117‌

Consumer

Staples

—

6.20%

Colgate-Palmolive

Co.

29‌

2,802‌

Costco

Wholesale

Corp.

5‌

4,859‌

PepsiCo,

Inc.

18‌

2,942‌

Procter

&

Gamble

Co.

(The)

20‌

3,586‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.07%

-

continued

Shares

Fair

Value

United

States

—

73.95%

-

continued

Consumer

Staples

—

6.20%

-

continued

Walmart,

Inc.

49‌

$

4,533‌

18,722‌

Energy

—

1.51%

ConocoPhillips

18‌

1,950‌

Schlumberger

Ltd.

59‌

2,592‌

4,542‌

Financials

—

13.23%

American

Express

Co.

14‌

4,266‌

Bank

of

America

Corp.

68‌

3,231‌

BlackRock,

Inc.

(a)

4‌

4,091‌

Citigroup,

Inc.

61‌

4,322‌

Goldman

Sachs

Group,

Inc.

(The)

5‌

3,043‌

Invesco

Ltd.

124‌

2,243‌

Jefferies

Financial

Group,

Inc.

20‌

1,583‌

JPMorgan

Chase

&

Co.

14‌

3,496‌

MasterCard,

Inc.,

Class

A

7‌

3,731‌

Morgan

Stanley

26‌

3,422‌

T.

Rowe

Price

Group,

Inc.

14‌

1,734‌

Visa,

Inc.,

Class

A

15‌

4,726‌

39,888‌

Health

Care

—

12.07%

Abbott

Laboratories

9‌

1,069‌

Danaher

Corp.

5‌

1,198‌

Eli

Lilly

&

Co.

12‌

9,544‌

Exact

Sciences

Corp.

(a)

17‌

1,055‌

Intuitive

Surgical,

Inc.

(a)

9‌

4,878‌

Johnson

&

Johnson

21‌

3,255‌

Merck

&

Co.,

Inc.

25‌

2,541‌

Pfizer,

Inc.

65‌

1,704‌

PTC

Therapeutics,

Inc.

(a)

14‌

614‌

Sarepta

Therapeutics,

Inc.

(a)

5‌

667‌

Stryker

Corp.

6‌

2,353‌

Thermo

Fisher

Scientific,

Inc.

4‌

2,119‌

UnitedHealth

Group,

Inc.

5‌

3,051‌

Vertex

Pharmaceuticals,

Inc.

(a)

5‌

2,341‌

36,389‌

Industrials

—

9.07%

A.O.

Smith

Corp.

29‌

2,160‌

Cummins,

Inc.

11‌

4,125‌

Deere

&

Co.

7‌

3,261‌

HEICO

Corp.

15‌

4,101‌

Lennox

International,

Inc.

9‌

6,005‌

Rockwell

Automation,

Inc.

10‌

2,951‌

Union

Pacific

Corp.

7‌

1,713‌

Fisher

Investments

Institutional

Group

ESG

Stock

Fund

for

Retirement

Plans

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

COMMON

STOCKS

—

99.07%

-

continued

Shares

Fair

Value

United

States

—

73.95%

-

continued

Industrials

—

9.07%

-

continued

Xylem,

Inc.

24‌

$

3,042‌

27,358‌

Technology

—

21.93%

Adobe,

Inc.

(a)

5‌

2,580‌

Advanced

Micro

Devices,

Inc.

(a)

23‌

3,155‌

Apple,

Inc.

55‌

13,053‌

Autodesk,

Inc.

(a)

8‌

2,335‌

Intuit,

Inc.

4‌

2,567‌

Microsoft

Corp.

28‌

11,857‌

NVIDIA

Corp.

151‌

20,876‌

Oracle

Corp.

21‌

3,882‌

Salesforce,

Inc.

8‌

2,640‌

ServiceNow,

Inc.

(a)

3‌

3,148‌

66,093‌

Total  

United

States

222,935‌

Total

Common

Stocks

(Cost $181,994)

298,742‌

PREFERRED

STOCKS

—

0.46%

Australia

—

0.46%

Materials

—

0.46%

Fortescue

Metals

Group

Ltd.

113‌

1,399‌

Total

Australia

1,399‌

Total

Preferred

Stocks

(Cost $1,554)

1,399‌

MONEY

MARKET

FUNDS

-

0.32%

First

American

Government

Obligations

Fund,

Class

X,

4.56%

(b)

960‌

960‌

Total

Money

Market

Funds

(Cost

$960)

960‌

Total

Investments

—

99.85%

(Cost

$184,508)

301,101‌

Other

Assets

in

Excess

of

Liabilities — 0.15%

446‌

NET

ASSETS

—

100.00%

$

301,547‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.

ADR

-

American

Depositary

Receipt

GDR

-

Global

Depositary

Receipt

Fisher

Investments

Institutional

Group

Fixed

Income

Fund

for

Retirement

Plans

Schedule

of

Investments

November

30,

2024

(Unaudited)

CORPORATE

BONDS

—

24.73%

Principal

Amount

Fair

Value

Communications

—

3.20%

Comcast

Corp.,

3.55%,

5/1/2028

$

100,000‌

$

96,872‌

Consumer

Staples

—

3.51%

Procter

&

Gamble

Co.

(The),

5.50%,

2/1/2034

100,000‌

106,412‌

Financials

—

9.34%

BlackRock,

Inc.,

3.25%,

4/30/2029

100,000‌

95,386‌

Charles

Schwab

Corp.

(The),

2.90%,

3/3/2032

100,000‌

88,294‌

JPMorgan

Chase

&

Co.,

4.13%,

12/15/2026

100,000‌

99,115‌

282,795‌

Health

Care

—

2.31%

Bristol-Myers

Squibb

Co.,

4.55%,

2/20/2048

78,000‌

70,090‌

Real

Estate

—

3.57%

Simon

Property

Group

LP,

6.25%,

1/15/2034

100,000‌

108,325‌

Technology

—

2.80%

International

Business

Machines

Corp.,

4.25%,

5/15/2049

100,000‌

84,822‌

Total

Corporate

Bonds

(Cost $835,710)

749,316‌

U.S.

GOVERNMENT

&

AGENCIES

—

44.29%

United

States

Treasury

Note,

2.63

%

,

2/15/2029

426,100‌

401,940‌

United

States

Treasury

Note,

4.00

%

,

1/31/2031

458,000‌

454,914‌

United

States

Treasury

Note,

4.50

%

,

2/15/2036

469,000‌

485,507‌

Total

U.S.

Government

&

Agencies

(Cost $1,470,996)

1,342,361‌

Shares

EXCHANGE-TRADED

FUNDS

—

29.29%

iShares

MBS

ETF

(a)

9,450‌

887,638‌

Total

Exchange-Traded

Funds

(Cost $944,682)

887,638‌

MONEY

MARKET

FUNDS

-

0.89%

First

American

Government

Obligations

Fund,

Class

X,

4.56%

(b)

26,822‌

26,822‌

Total

Money

Market

Funds

(Cost

$26,822)

26,822‌

Total

Investments

—

99.20%

(Cost

$3,278,210)

3,006,137‌

Other

Assets

in

Excess

of

Liabilities — 0.80%

24,259‌

NET

ASSETS

—

100.00%

$

3,030,396‌

(a)

Represents

an

investment

greater

than

25%

of

the

Fund’s

net

assets.

Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

November

30,

2024,

the

percentage

of

net

assets

invested

in

iShares

MBS

ETF

was

29.29%

of

the

Fund.

The

financial

statements

and

portfolio

holdings

for

this

security

can

be

found

at

www.sec.gov.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.

Fisher

Investments

Institutional

Group

ESG

Fixed

Income

Fund

for

Retirement

Plans

Schedule

of

Investments

November

30,

2024

(Unaudited)

CORPORATE

BONDS

—

24.95%

Principal

Amount

Fair

Value

Communications

—

3.23%

Comcast

Corp.,

3.55%,

5/1/2028

$

100,000‌

$

96,872‌

Consumer

Staples

—

3.54%

Procter

&

Gamble

Co.

(The),

5.50%,

2/1/2034

100,000‌

106,412‌

Financials

—

9.42%

BlackRock,

Inc.,

3.25%,

4/30/2029

100,000‌

95,386‌

Charles

Schwab

Corp.

(The),

2.90%,

3/3/2032

100,000‌

88,294‌

JPMorgan

Chase

&

Co.,

4.13%,

12/15/2026

100,000‌

99,115‌

282,795‌

Health

Care

—

2.33%

Bristol-Myers

Squibb

Co.,

4.55%,

2/20/2048

78,000‌

70,090‌

Real

Estate

—

3.61%

Simon

Property

Group

LP,

6.25%,

1/15/2034

100,000‌

108,325‌

Technology

—

2.82%

International

Business

Machines

Corp.,

4.25%,

5/15/2049

100,000‌

84,822‌

Total

Corporate

Bonds

(Cost $835,710)

749,316‌

U.S.

GOVERNMENT

&

AGENCIES

—

43.02%

United

States

Treasury

Note,

2.63

%

,

2/15/2029

381,700‌

360,058‌

United

States

Treasury

Note,

4.00

%

,

1/31/2031

434,000‌

431,075‌

United

States

Treasury

Note,

4.13

%

,

7/31/2031

40,000‌

39,986‌

United

States

Treasury

Note,

4.50

%

,

2/15/2036

445,000‌

460,662‌

Total

U.S.

Government

&

Agencies

(Cost $1,419,180)

1,291,781‌

EXCHANGE-TRADED

FUNDS

—

30.31%

Shares

iShares

MBS

ETF

(a)

9,692‌

910,369‌

Total

Exchange-Traded

Funds

(Cost $965,837)

910,369‌

MONEY

MARKET

FUNDS

-

0.93%

First

American

Government

Obligations

Fund,

Class

X,

4.56%

(b)

27,931‌

27,931‌

Total

Money

Market

Funds

(Cost

$27,931)

27,931‌

Total

Investments

—

99.21%

(Cost

$3,248,658)

2,979,397‌

Other

Assets

in

Excess

of

Liabilities — 0.79%

23,835‌

NET

ASSETS

—

100.00%

$

3,003,232‌

(a)

Represents

an

investment

greater

than

25%

of

the

Fund’s

net

assets.

Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

November

30,

2024,

the

percentage

of

net

assets

invested

in

iShares

MBS

ETF

was

30.31%

of

the

Fund.

The

financial

statements

and

portfolio

holdings

for

this

security

can

be

found

at

www.sec.gov.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.

Tactical

Multi-Purpose

Fund

Schedule

of

Investments

November

30,

2024

(Unaudited)

MONEY

MARKET

FUNDS

-

64.12%

Shares

Fair

Value

First

American

Government

Obligations

Fund,

Class

X,

4.56%

(a)

17,079‌

$

17,079‌

Total

Money

Market

Funds

(Cost

$17,079)

17,079‌

Total

Investments

—

64.12%

(Cost

$17,079)

17,079‌

Other

Assets

in

Excess

of

Liabilities — 35.88%

9,556‌

NET

ASSETS

—

100.00%

$

26,635‌

(a)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

November

30,

2024.