Schedule of Investments | ||||||||
May 31, 2025 (unaudited) | ||||||||
Archer Dividend Growth Fund | ||||||||
Shares or Principal | ||||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | |||
| ||||||||
Common Stocks - 83.04% | ||||||||
Beverages - 1.50% | ||||||||
The PepsiCo, Inc. | 2,900 | 381,205 | ||||||
Biological Products (No Diagnostic Substance) - 3.06% | ||||||||
Gilead Sciences, Inc. | 7,065 | 777,715 | ||||||
Bottled & Canned Soft Drinks & Carbonated Waters - 2.94% | ||||||||
Coca-Cola FEMSA S.A.B. de C.V. ADR Series L | 7,850 | 745,750 | ||||||
Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 2.11% | ||||||||
The Kraft Heinz Co. | 20,000 | 534,600 | ||||||
Computer & Office Equipment - 3.06% | ||||||||
International Business Machines Corp. | 3,000 | 777,180 | ||||||
Construction Machinery & Equipment - 2.14% | ||||||||
Caterpillar, Inc. | 1,560 | 542,927 | ||||||
Electric & Other Services Combined - 8.68% | ||||||||
Consolidated Edison, Inc. | 5,405 | 564,768 | ||||||
Duke Energy Corporation | 5,082 | 598,253 | ||||||
Exelon Corporation | 14,100 | 617,862 | ||||||
Nisource, Inc. | 10,700 | 423,078 | ||||||
2,203,961 | ||||||||
Electric Services - 5.08% | ||||||||
American Electric Power Co., Inc. | 6,500 | 672,685 | ||||||
The Southern Co. | 6,850 | 616,500 | ||||||
1,289,185 | ||||||||
Guided Missiles & Space Vehicles & Parts - 2.42% | ||||||||
Lockheed Martin Corp. | 1,275 | 615,035 | ||||||
Life Insurance - 3.22% | ||||||||
Manulife Financial Corp. (Canada) | 25,700 | 818,288 | ||||||
Motor Vehicles & Passenger Car Bodies - 2.45% | ||||||||
Ford Motor Co. | 60,000 | 622,800 | ||||||
National Commercial Banks - 9.91% | ||||||||
Bank of America Corp. | 12,500 | 551,625 | ||||||
JPMorgan Chase & Co. | 3,150 | 831,600 | ||||||
Regions Financial Corp. | 31,600 | 677,504 | ||||||
Truist Financial Corp. | 11,525 | 455,238 | ||||||
2,515,967 | ||||||||
Natural Gas Transmission - 3.14% | ||||||||
Kinder Morgan, Inc. | 28,400 | 796,336 | ||||||
ONEOK, Inc. | 5,500 | 444,620 | ||||||
1,240,956 | ||||||||
Petroleum Refining- 4.16% | ||||||||
BP plc ADR | 12,965 | 377,282 | ||||||
Chevron Corp. | 3,270 | 447,009 | ||||||
Valero Energy Corp. | 1,800 | 232,146 | ||||||
1,056,437 | ||||||||
Pharmaceutical Preparations - 11.48% | ||||||||
AbbVie, Inc. | 4,590 | 854,245 | ||||||
Bristol Myers Squibb Co. | 9,970 | 481,352 | ||||||
Johnson & Johnson | 3,485 | 540,907 | ||||||
Merck & Co., Inc. | 6,415 | 492,929 | ||||||
Pfizer, Inc. | 23,200 | 544,968 | ||||||
2,914,400 | ||||||||
Plastic Materials, Synthetic Resins & Nonvulcan Elastomers- 1.37% | ||||||||
Dow, Inc. | 12,550 | 348,137 | ||||||
Retail - Drug Stores and Proprietary Stores - 1.61% | ||||||||
CVS Health Corp. | 6,400 | 409,856 | ||||||
Semiconductors & Related Devices - 2.86% | ||||||||
Broadcom, Inc. | 3,000 | 726,210 | ||||||
Specialty Cleaning, Polishing And Sanitation Preparations - 1.34% | ||||||||
The Clorox Co. | 2,575 | 339,591 | ||||||
State Commercial Banks - 2.15% | ||||||||
Citizens Financial Group, Inc. | 13,500 | 544,725 | ||||||
Telephone Communications (No Radio Telephone) - 2.41% | ||||||||
Verizon Communications, Inc. | 13,900 | 611,044 | ||||||
Trucking & Courier Services - 1.92% | ||||||||
United Parcel Service, Inc. Class B | 5,000 | 487,700 | ||||||
Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies - 2.29% | ||||||||
Genuine Parts Co. | 4,600 | 581,992 | ||||||
Total Common Stock | (Cost $ 16,002,615) | 21,085,660 | ||||||
Real Estate Investment Trusts - 9.74% | ||||||||
Crown Castle International Corp. | 3,600 | 361,260 | ||||||
Healthpeak Properties, Inc. | 20,500 | 356,905 | ||||||
Iron Mountain, Inc. | 7,800 | 769,938 | ||||||
VICI Properties, Inc. | 17,500 | 554,925 | ||||||
W.P. Carey, Inc. | 6,835 | 428,965 | ||||||
Total Real Estate Investment Trusts | (Cost $ 1,958,594) | 2,471,993 | ||||||
Money Market Registered Investment Companies - 6.82% | ||||||||
Federated Treasury Obligation Fund - Institutional Shares - 4.15% (3) | 1,731,137 | 1,731,137 | ||||||
Total Money Market Registered Investment Companies | (Cost $ 1,731,137) | 1,731,137 | ||||||
Total Investments - 99.60% | (Cost $ 19,692,346) | 25,288,789 | ||||||
Other Assets Less Liabilities - 0.40% | 104,016 | |||||||
Total Net Assets - 100.00% | 25,392,806 | |||||||
(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | ||||||||
These inputs are summarized in the three broad levels listed below. | ||||||||
• Level 1 - quoted prices in active markets for identical securities | ||||||||
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | ||||||||
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | ||||||||
The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's assets carried at fair value: | ||||||||
|
|
|
|
| Investments in |
| Other Financial | |
Valuation Inputs |
|
|
| Securities |
| Instruments | ||
Level 1 - Quoted Prices |
|
| $ | 25,288,789 | $ | 0 | ||
Level 2 - Other Significant Observable Inputs |
|
| - |
| - | |||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | |||
Total |
|
|
| $ | 25,288,789 | $ | 0 | |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | ||||||||
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | ||||||||
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | ||||||||
market, such securities are reflected as Level 2. | ||||||||
(3) Variable rate security; the coupon rate shown represents the yield at May 31, 2025. | ||||||||