Schedule of Investments

May 31, 2025 (unaudited)

Archer Income Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Corporate Bonds - 55.17% (5)

Air Transportation, Scheduled - 0.85%

Johnson Controls International, plc, 4.900%, 12/1/32

250,000

246,891

Aircraft - 0.51%

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

150,000

148,439

Asset Management - 0.87%

Ares Capital Corp., 5.875%, 3/1/29

250,000

253,237

Banks & Financial Institutions - 4.49%

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

550,000

549,370

1,298,461

Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 0.90%

Kraft Heintz Foods Co., 6.375%, 7/15/28

250,000

261,182

Commercial Banks - 2.10%

Bank of Montreal MTN, 5.650%, 7/12/29

250,000

249,030

Capital One Financial Corp., 6.125%, to 06/23/25 Perp.

100,000

100,217

National Bank of Canada, 5.600%, 12/18/28

250,000

258,085

607,332

Construction Machinery & Equip - 0.13%

Caterpillar, Inc., 3.050%, 5/15/27

40,000

38,397

Consumer Products - 0.18%

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

60,000

52,098

Crude Petroleum & Natural Gas - 2.21%

EOG Resources, Inc., 6.650%, 4/1/28

300,000

315,440

Southern Natural Gas, 7.350%, 2/15/31

300,000

325,149

640,589

Dental Equipment & Supplies - 0.47%

Dentsply Sirona, Inc., 3.250%, to 06/01/2030

150,000

135,182

Electric & Other Services Combined - 1.33%

Duke Energy Corp., 3.200%, 6/15/25

40,000

39,950

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

325,000

344,909

384,860

Financial Services - 2.35%

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

200,000

198,085

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

350,000

339,198

General Motors Financial Company, Inc. Series C, 5.70%, to 9/30/30 ^{(a) (b)}

150,000

143,896

681,179

General Building Contractors - Residential Buildings - 0.35%

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

100,000

100,259

Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.53%

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

400,000

442,052

Investment Advice - 0.69%

Affiliated Managers Group, Inc., 3.500%, due 8/1/25

200,000

199,515

National Commercial Banks - 10.06%

Amsouth Bancorp, 6.750%, 11/1/25

150,000

150,986

Bank Of America Corp., 5.100%, 9/16/36

250,000

242,876

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

250,000

252,137

Bank Of America Corp., 6.550%, 10/20/33

200,000

201,964

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

250,000

238,574

CenterState Bank Corp., 5.750%, to 6/1/25

10,000

9,950

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

150,000

147,311

JPMorgan Chase & Co. Series CC, 7.117%, 5/1/26 ^(b)

150,000

150,182

Mellon Capital IV Series 1, 5.131%, to 6/20/25

200,000

166,731

Truist Financial Corp. Series M, 5.125%, to 12/15/27 ^(a)(b)

100,000

98,205

Truist Financial Corp. Series Q Perpetual, 5.10%, 3/1/30 ^(a)(b)

75,000

72,989

TTCU Federal Credit Union, 5.000%, 7/26/27

150,000

152,607

UMB Financial Corp., 3.700%, 9/17/30 ^(a)

250,000

247,706

US Bancorp, 3.70%, 1/15/27 ^(a)(b)

200,000

190,609

US Bancorp, 5.200%, due 12/26/29 ^(a)(b)

250,000

251,441

Wells Fargo & Company, 5.200%, 8/16/34

350,000

338,102

2,912,369

Natural Gas Transmission - 1.75%

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

250,000

254,820

Targa Resources Corp., 5.500%, 3/1/30

250,000

251,876

506,696

Other Sectors - 0.18%

Conservation Fund, 3.474%, 12/15/29

55,000

51,554

Paper Mills - 1.70%

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

300,000

322,859

Georgia-Pacific, LLC., 7.750%, 11/15/29

150,000

168,965

491,824

Personal Credit Institutions - 0.50%

OneMain Finance Corp., 3.500%, due 1/15/27  

150,000

145,323

Retail-Department Store - 0.12%

Dillards, Inc., 7.750%, due 7/15/26  

35,000

35,625

Retail - Variety Stores - 1.03%

Ross Stores, Inc. 4.800%, 4/15/30

300,000

298,782

Retail-Drug Stores & Proprietary Stores - 1.02%

CVS Health Corp., 5.300%, 6/1/33

300,000

295,650

Security Brokers, Dealers & Flotation Companies - 3.25%

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

100,000

96,342

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

250,000

250,897

942,148

Services-Equipment Rental & Leasing - 0.85%

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

100,000

98,014

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

150,000

146,624

244,638

Services-General Medical & Surgical Hospitals - 0.90%

HCA Healthcare, Inc., 7.050%, due 12/1/27

250,000

261,970

Services - Miscellaneous Amusement & Recreation - 1.78%

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

400,000

403,620

Walt Disney Co., 6.750%, 1/9/38

100,000

111,771

515,391

Services-Prepackaged Software - 0.51%

VMWare, Inc., 3.900%, due 8/21/27   

150,000

147,908

State Commercial Banks - 8.97%

Ally Financial, Inc. Series B, 4.700%, to 5/15/26 ^(a)(b)

150,000

141,442

Citizens Financial Group, Inc., 4.300%, due 2/11/31

250,000

245,886

Deutsche Bank, 5.150%, 9/15/34

250,000

236,228

Fifth Third Bancorp Series L, 4.500%, to 9/30/25 ^(a)(b)

150,000

149,028

First Citizens Bank, 6.125%, 3/9/28

350,000

362,204

Keycorp., 2.250%, 4/6/27

200,000

191,361

M&T Bank Corporation, 7.413%, 10/30/29 ^(a)

250,000

269,638

Merchants Bancorp, 5.250, 10/1/27 ^(a)(b)

4,000

100,640

Renasant Corp., 5.500%, 9/1/31

400,000

388,024

State Street Corp., 7.350%, 6/15/26

500,000

512,431

SVB Financial Group Series C, 0.000%, due 11/07/29

6,000

1

2,596,883

Steel Works, Blast Furances & Rolling Mills (Coke Ovens) - 0.52%

Steel Dynamics, Inc., 5.00%, due 12/15/26

150,000

149,951

Telephone Communications - 2.50%

Indiana Bell Tel Co., Inc., 7.300%, due 8/15/26

50,000

50,981

Pacific Bell, 7.125%, 3/15/26

400,000

405,942

Verizon Communications, Inc., 6.800%, 5/1/29

250,000

268,083

725,006

Wholesale-Groceries & Related Products - 0.56%

Sysco Corp., 6.500%, due 8/1/28   

152,000

161,076

Total Corporate Bonds

(Cost $        16,404,795)

15,972,467

Exchange-Traded Funds - 2.70% (3)

iShares 10+ Year Investment Grade Corporate Bond ETF

10,000

490,000

iShares 5-10 Year Investment Grade Corporate Bond ETF

5,000

262,550

iShares US Preferred Stock ETF

1,000

30,230

Total Exchange-Traded Funds

(Cost $             809,693)

782,780

Real Estate Investment Trusts - 1.66% (3)

Boston Properties LP., 4.500%, 12/1/28

250,000

246,350

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

4,000

95,880

Ready Capital Corp., 9.000%, 12/15/29

6,000

138,780

Total Real Estate Investment Trusts

(Cost $             494,775)

481,010

Municipal Bonds - 11.76% (5)

Alabama - 0.56%

Jacksonville Public Educational Building Authority Taxable, 6.100%, 8/10/30

150,000

159,633

Florida - 0.51%

North Miami Beach, FL, Water Revenue Series B, 2.311%, due 8/1/27

150,000

144,093

Georgia - 0.69%

Georgia Local Government, 4.750%, due 6/1/28

50,000

51,086

Georgia Qualified School Construction Bond Series F, 4.000%, 2/1/26

150,000

149,777

200,862

Illinois - 0.61%

Illinois Build America Bond, 6.900%, due 3/1/35

125,000

134,018

Illinois State Taxable Pension AGM CR, 5.100%, 6/1/33

42,353

42,389

176,406

Indiana - 4.58%

Beech Grove, IN Sch Bldg. Corp., 2.850%, due 7/5/25

70,000

69,884

City of South Bend IN Educational Center Project, 2.500%, 8/1/35

25,000

19,225

Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 7/15/26

125,000

125,079

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

100,000

100,094

Gary Community School, 3.200%, due 7/15/29

50,000

48,574

Gary Community School, 3.500%, 1/15/33

25,000

23,385

Indiana State Financial Authority University Housing Revenue, 5.388 %, 7/1/35

250,000

247,445

Indiana State Housing & Community Development Authority, 4.984 %, 7/1/30

140,000

141,613

Philadelphia PA Qualified School Construction Bond, 5.995%, 9/1/30

80,000

83,721

Plainfield Redevelopment Commission, 2.000%, due 2/1/29

300,000

273,318

Schererville Income Econ Dev Revenue, 2.579%, 1/15/30

150,000

134,831

Town of Speedway IN Revenue Bond, 5.000%, 8/1/34

50,000

49,905

Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, due 2/1/26

10,000

9,965

1,327,037

Maryland - 0.35%

Baltimore MD, Brd of Sch Commissioners City Schs Revenue, 5.692%, due 12/15/25  

100,000

100,848

Michigan - 0.60%

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

177,500

174,726

Nebraska - 0.05%

Omaha NE Special Obligation Taxable Ref Riverfront, 6.400%, due 2/1/26

15,000

15,198

New York - 0.31%

New York St Dorm Auth Revenues, 5.289%, due 3/15/33

90,334

90,606

Ohio - 0.98%

Avon, OH, General Obligations Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, due 12/1/25

100,000

98,387

Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/1/25

60,000

60,433

Cleveland, OH Income Tax Revenue Build America Bonds, 6.060%, due 10/1/26

5,000

5,057

JobsOhio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 1/1/28

125,000

118,941

282,818

Oregon - 0.53%

Philomath, Oregon Sch District, 5.472%, due 6/15/27

150,000

152,739

Pennsylvania - 0.99%

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

200,000

186,002

Pennsylvania Higher Educational Facs Authority Revenue, 3.000%, 6/15/25

100,000

99,942

285,944

Texas - 0.50%

North Texas Tollway Authority, 8.410%, due 2/1/30

37,000

40,024

Somerset Hills Road Dist #4 Texas, 5.125%, due 8/15/34

105,000

104,713

144,738

Washington - 0.51%

City of Bellevue, WA, 0.751%, 12/1/25

150,000

147,524

Total Municipal Bonds

(Cost $         3,473,529)

3,403,171

US Government Treasury - 2.53%

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

750,000

728,291

Total US Government Treasury

(Cost $            705,264)

728,291

Preferred Securities - 1.74%

Asset Management - 0.11%

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

3,000

31,500

National Commercial Banks - 1.27%

BAC Capital Trust XIII Series F, 4.960%, 3/15/43 ^(b)

100,000

77,088

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

150,000

145,549

PNC Capital Trust C, 5.150%, due 6/1/28

150,000

147,127

369,764

State Commercial Banks - 0.35%

Medallion Bank Utah Series F, 8.000%, to 4/1/25 ^{(a) (b)}

4,000

102,160

Total Preferred Securities

(Cost $            571,750)

503,424

Structured Note - 2.34%  (5)

Shares

Value

Security Brokers, Dealers & Flotation Companies - 1.04%

Goldman Sachs Group, Inc. Series MTN, 0.00%, Capped at 10% (4) (maturity date: 12/13/28)

25,000

21,063

Goldman Sachs Group, Inc., 0.00%, Capped at 10%  (4) (maturity date: 11/13/28)

100,000

82,923

Morgan Stanley, Series MTN, 0.000%, due 8/19/28 Capped at 10%  (4)

120,000

102,396

Morgan Stanley, Series MTN,  0.000%, due 8/30/28 Capped at 12%  (4)

114,000

95,268

301,649

National Commercial Banks - 1.29%

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

394,000

276,958

Key Corp., 5.49386%, due 7/1/28 (3-month US Libor + 0.74%)

100,000

97,040

373,998

Total Structured Note

(Cost $             675,540)

675,647

Money Market Registered Investment Companies - 20.59%

Federated Treasury Obligation Fund - Institutional Shares - 4.14% (4)

5,956,365

5,956,365

Total Money Market Registered Investment Companies

(Cost $          5,956,365)

5,956,365

Total Investments - 98.49%

(Cost $        29,091,710)

28,503,156

Other Assets Less Liabilities - 1.51%

445,839

Total Net Assets - 100.00%

28,948,995

(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

$

7,208,105

$

-

Level 2 - Other Significant Observable Inputs

21,295,051

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

28,503,156

$

-

       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) Exchange Traded Funds.

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

(5) All Corporate Bonds, Municipal Bonds and Structured Notes are categorized as Level 2 of the fair value hierarchy. Refer to Note 3 of the accompanying notes to the financial statements for additional information.

(a) Security converts to floating rate after the indicated fixed-rate coupon period.

(b) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.

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.