Schedule of Investments

May 31, 2025 (unaudited)

Archer Balanced Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 64.06%

Air Courier Services - 1.35%

FedEx Corp.

3,250

708,825

Aircraft Engines & Engines Parts - 2.16%

Honeywell International, Inc.

5,000

1,133,350

Beverages - 1.00%

The PepsiCo, Inc.

4,000

525,800

Electric Services - 3.08%

American Electric Power Co., Inc.

3,400

351,866

NextEra Energy, Inc.

17,900

1,264,456

1,616,322

Electrical Work - 2.94%

Quanta Services, Inc.

4,500

1,541,520

Electronic Computers - 2.38%

Apple, Inc.

6,200

1,245,270

Food & Kindred Products - 1.00%

Nestle S.A. ADR

4,900

521,899

Guided Missiles & Space Vehicles & Parts - 2.35%

Lockheed Martin Corp.

2,550

1,230,069

National Commercial Banks - 3.88%

Citigroup, Inc.

4,000

301,280

JPMorgan Chase & Co.

6,560

1,731,840

2,033,120

Petroleum Refining - 2.62%

Chevron Corp.

6,300

861,210

Exxon Mobil Corp.

5,000

511,500

1,372,710

Pharmaceutical Preparations - 6.15%

Bristol-Myers Squibb Co.

8,550

412,794

Eli Lilly and Co.

1,450

1,069,622

Johnson & Johnson

5,000

776,050

Merck & Co., Inc.

9,080

697,707

Pfizer, Inc.

11,400

267,786

3,223,959

Railroads, Line-Haul Operating - 1.94%

Union Pacific Corp. Class B

4,600

1,019,636

Retail-Drug Stores and Proprietary Stores - 1.31%

CVS Health Corp.

10,694

684,844

Retail-Lumber & Other Building Materials Dealers - 1.55%

The Home Depot, Inc.

2,200

810,238

Retail-Variety Stores - 4.14%

Walmart, Inc.

22,000

2,171,840

Semiconductors & Related Devices - 4.34%

Broadcom, Inc.

9,400

2,275,458

Services-Business Services - 5.33%

Accenture plc Class A (Ireland)

3,000

950,460

MasterCard, Inc. Class A

3,150

1,844,640

2,795,100

Services-Computer Programming, Data Processing, Etc. - 7.48%

Alphabet, Inc. Class A

8,600

1,476,964

Meta Platforms, Inc. Class A  

3,775

2,444,275

3,921,239

Services-Medical Laboratories - 1.02%

Laboratory Corp. of America Holdings  

2,150

535,286

Services-Miscellaneous Amusement & Recreation - 1.29%

The Walt Disney Co. (2)

6,000

678,240

Services-Prepackaged Software - 3.25%

Microsoft Corp.

3,700

1,703,332

Ship & Boat Building & Repairing - 2.21%

Huntington Ingalls Industries, Inc.

5,200

1,159,912

Surgical & Medical Instruments & Apparatus - 1.29%

Becton Dickinson & Co. (2)

3,920

676,553

Total Common Stock

(Cost $         14,217,226)

33,584,521

Real Estate Investment Trusts - 3.70%

Extra Space Storage, Inc.

5,100

770,865

Prologis, Inc.

9,452

1,026,487

Ready Capital Corp., 5.750%, due 2/15/26

6,000

143,820

Total Real Estate Investment Trusts

(Cost $            1,043,026)

1,941,172

Corporate Bonds - 18.60%   (4)

Air-Conditioning, Heating Equipment, and Commercial & Industrial Refrigeration Equipment - 0.47%

Johnson Controls International, Plc., 4.900%, 12/1/32

250,000

246,891

Aircraft - 0.47%

Boeing Co., 2.600%, due 10/30/25

250,000

247,399

Banks & Financial Institutions - 2.76%

Federal Farm Credit Bank, 4.940%, 10/8/31

250,000

249,635

Federal Farm Credit Bank, 5.570, 8/26/33

500,000

499,457

Federal Home Loan Bank, 5.555%, 2/15/33

700,000

699,198

1,448,290

Commercial Banks - 0.66%

Capital One Financial Corp., 6.125%, to 6/23/25 Perp.

250,000

250,542

Royal Bank of Canada, 1.200%, due 4/27/26

100,000

97,207

347,749

Consumer Products - 0.10%

YMCA of Greater NY, 3.160%, 8/1/31

60,000

52,098

Electric Services - 1.20%

Empire District Electric Co., 6.700%, 11/15/33

500,000

530,630

Southern California Edison Co. Series E, 3.700%, due 8/1/25

100,000

99,702

630,331

Financial Services - 1.31%

Ford Motor Credit Co. LLC., 5.700%, due 9/20/34

350,000

339,198

Ford Motor Credit Co. LLC., 5.450%, 2/20/28

350,000

346,648

685,846

General Building Contractors - Residential Buildings - 0.29%

Lennar Corp., 4.750%, due 11/29/27

150,000

150,389

Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.05%

Masco Corp., 7.750%, 08/1/29

500,000

552,565

Investment Advice - 0.38%

Affiliated Managers Group, Inc., 3.500%, due 08/1/25

200,000

199,515

Motor Vehicles & Passenger Car Bodies - 0.25%

General Motors Financial Co., Inc., 3.100%, 1/12/32

150,000

129,097

National Commercial Banks - 2.52%

Bank of America Corp., 5.200%, due 12/5/31

250,000

252,137

Bank of Montreal, 5.100%, due 10/18/34

250,000

238,574

JPMorgan Chase & Co. Series B, 5.330, due 2/1/27 (3-month US Libor + .50%)

150,000

147,311

Truist Financial Corp. Series M, 5.125%, to 12/15/27

150,000

147,308

US Bancorp, 3.70%, 1/15/27

300,000

285,913

US Bancorp, 5.200%, due 12/26/29

250,000

251,441

1,322,684

Natural Gas Transmission - 0.49%

Northern Illinois Gas Co., 5.900%, due 12/1/32

250,000

254,820

Pharmaceutical Preparations - 0.19%

AbbVie, Inc., 3.200%, due 5/14/26

100,000

98,926

Paper Mills - 0.82%

Georgia-Pacific, LLC., 7.250%, 6/1/28

400,000

430,479

Security Brokers, Dealers & Flotation Companies - 2.44%

Capital Southwest Corp., 3.375%, due 10/1/26

400,000

385,368

Goldman Sachs Group, Inc. Series MTN, 5.100%, 2/14/30

300,000

297,684

Jefferies Financial Group, Inc., 6.000%, 1/31/33

300,000

297,225

Jefferies Financial Group, Inc., 6.500%, 4/30/35

300,000

301,077

1,281,353

Services-Advertising Agencies - 0.38%

Omnicom Group, Inc., 3.600%, due 4/15/26

200,000

197,996

Services-Equipment Rental & Leasing, Nec - 0.84%

Air Lease Corp., 3.625%, due 12/1/27

200,000

196,028

United Rentals, Inc., 3.875%, due 11/15/27

250,000

244,374

440,402

Services-Misc. Amusement and Recreation - 0.48%

The Walt Disney Co., 7.700%, 10/30/25

250,000

252,262

Services-Prepackaged Software - 0.47%

Oracle Corp., 1.650%, due 3/25/26

100,000

97,553

VMWare, Inc., 3.900%, due 8/21/27

150,000

147,908

245,461

State Commercial Banks - 1.02%

Citizens Financial Group, Inc., 4.350%, due 8/1/25

100,000

99,908

Deutsche Bank, 5.150%, 9/15/34

250,000

236,228

Fifth Third Bancorp Series L, 4.500%, to 9/30/25

200,000

198,705

534,841

Total Corporate Bonds

(Cost $         8,362,102)

9,749,394

Municipal Bonds - 3.81%    (4)

California - 0.04%

Porterville Unified School District, 7.250%, due 7/1/27

20,000

20,043

Georgia - 0.19%

Georgia Loc. Govt., 4.750%, due 6/1/28

99,000

101,149

Indiana - 0.60%

Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 7/15/27

135,000

135,127

Fishers, IN Econ Development Revenue Taxable-P3 Project, 2.650%, due 8/1/28

190,000

181,258

316,385

Maryland - 0.38%

Baltimore Board of School Commissioners City Schools Revenue, 5.692%, due 12/15/25

200,000

201,696

Michigan - 0.48%

City of Coldwater, MI Water Supply & Wastewater System Revenue, 5.000%, due 8/1/26

25,000

25,588

Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27

227,500

223,944

249,532

New York - 0.47%

New York City, NY Transitional Finance Authority Revenue, 2.760%, due 2/1/26

250,000

247,433

Ohio - 0.49%

New Albany, Floyd County Industry School First Mortgage, 5.000%, due 1/15/27

250,000

257,588

Pennsylvania - 0.81%

East-Norriton-Plymouth-Whipain Joint Sewer Authority, 1.832%, due 8/1/28

250,000

232,503

Pennsylvania ST Taxable-Ref-First Refunding Series, 1.200%, due 8/1/26

200,000

193,210

425,713

Washington - 0.13%

Douglas County, WA School District No. 206 Eastmont Qualified School Construction, 4.700%, due 12/1/25

70,000

70,130

Wisconsin - 0.21%

Greendale, WI Taxable Community Development, Series A, 4.750%, due 12/1/26

110,000

110,032

Total Municipal Bonds

(Cost $           2,181,412)

1,999,700

Preferred Securities - 1.20%   (4)

Asset Management - 0.08%

B Riley Financial, Inc., 6.50%, due 9/30/26

4,000

42,000

Motor Vehicles & Passenger Car Bodies - 0.24%

Ford Motor Co., 6.000%, due 12/1/59

6,000

124,320

National Commercial Banks - 0.79%

BAC Capital Trust XIII Series F, 6.071%, 3/15/43

150,000

115,633

Huntington Bancshares, Inc. Series G, 4.450%, 10/15/27

150,000

145,549

PNC Capital Trust C, 5.750%, 6/1/28

150,000

147,127

408,308

Telephone Communications (No Radio Telephone) - 0.10%

QWest Corp., 6.500%, due 9/1/56

3,000

54,840

Total Preferred Securities

(Cost $              767,125)

629,468

Structured Notes - 0.89%   (4)

Banks - 0.54%

Citigroup, Inc., 0.000%, 3/12/34

400,000

281,176

Security Brokers, Dealers & Flotation Companies - 0.36%

Goldman Sachs Group, Inc., 0.000%, 11/13/28

125,000

106,663

Morgan Stanley Series MTN, 0.000%, due 8/30/28

95,000

80,038

186,700

Total Structured Note

(Cost $              447,846)

467,876

US Government - 1.39%   

U.S. Government Treasury Bill, 3.875%, 8/15/33

750,000

728,291

Total US Government

(Cost $              705,264)

728,291

Money Market Registered Investment Companies - 5.98%

Federated Treasury Obligation Fund - Institutional Shares - 4.14% (3)

3,135,462

3,135,462

Total Money Market Registered Investment Companies

(Cost $            3,135,462

3,135,462

Total Investments - 99.63%

(Cost $         32,534,302)

52,235,884

Other Assets Less Liabilities - 0.37%

193,095

Total Net Assets - 100.00%

52,428,979

(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

$

38,882,315

$

-

Level 2 - Other Significant Observable Inputs

13,353,569

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

52,235,884

$

-

       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.

(2)  Represents non-income producing securities.

(3) Variable rate security; the coupon rate shown represents the yield at May 31, 2025.

(4) All Corporate Bonds, Municipal Bonds, Preferred Securities and Structured Notes are categorized as Level 2 of the fair value hierarchy.

ADR - American Depository Receipt

LIBOR- London Inter-Bank Offer Rate, which is an international interest rate benchmark that almost all banks use as reference to set their funding​ costs.