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Schedule of Investments |
May 31, 2023 (unaudited) |
Archer Dividend Growth Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 90.86% |
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Beverages - 2.84% |
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PepsiCo, Inc. |
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| 2,900 |
| 528,815 |
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Bottled & Canned Soft Drinks & Carbonated Waters - 3.49% |
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Coca-Cola FEMSA S.A.B. de C.V. ADR Series L |
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| 7,850 |
| 650,137 |
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Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 2.61% |
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Kraft Heinz Co. |
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| 12,700 |
| 485,394 |
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Computer & Office Equipment - 4.54% |
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Cisco Systems, Inc. |
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| 9,300 |
| 461,931 |
International Business Machines Corp. |
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| 3,000 |
| 385,770 |
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| 847,701 |
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Construction Machinery & Equipment - 2.67% |
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Caterpillar, Inc. |
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| 2,425 |
| 498,944 |
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Crude Petroleum & Natural Gas - 1.68% |
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Devon Energy Corp. |
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| 6,800 |
| 313,480 |
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Electric & Other Services Combined - 7.58% |
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Consolidated Edison, Inc. |
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| 4,905 |
| 457,636 |
Duke Energy Corp. |
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| 5,082 |
| 453,772 |
Exelon Corp. |
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| 12,700 |
| 503,555 |
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| 1,414,963 |
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Electric Services - 7.45% |
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American Electric Power Co., Inc. |
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| 5,300 |
| 440,536 |
Entergy Corp. |
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| 4,800 |
| 471,360 |
Southern Co. |
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| 6,850 |
| 477,787 |
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| 1,389,683 |
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Finance Services - 2.48% |
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Hercules Capital, Inc. |
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| 32,000 |
| 462,720 |
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Gas & Other Services Combined- 1.80% |
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UGI Corp. |
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| 12,000 |
| 335,640 |
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Guided Missiles & Space Vehicles & Parts - 3.03% |
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Lockheed Martin Corp. |
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| 1,275 |
| 566,113 |
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Life Insurance - 2.55% |
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Manulife Financial Corp. (Canada) |
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| 25,700 |
| 475,964 |
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National Commercial Banks - 5.58% |
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JPMorgan Chase & Co. |
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| 3,650 |
| 495,341 |
Regions Financial Corp. |
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| 31,600 |
| 545,732 |
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| 1,041,073 |
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Natural Gas Transmission - 2.19% |
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Kinder Morgan, Inc. |
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| 25,400 |
| 409,194 |
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Paper Mills - 1.57% |
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Mativ Holdings, Inc. |
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| 19,400 |
| 292,164 |
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Petroleum Refining- 4.75% |
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BP PLC. ADR |
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| 11,665 |
| 393,227 |
Chevron Corp. |
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| 3,270 |
| 492,528 |
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| 885,755 |
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Pharmaceutical Preparations - 14.20% |
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AbbVie, Inc. |
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| 4,590 |
| 633,236 |
Bristol Myers Squibb Co. |
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| 6,970 |
| 449,147 |
Johnson & Johnson |
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| 2,500 |
| 387,650 |
Merck & Co., Inc. |
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| 6,415 |
| 708,280 |
Pfizer, Inc. |
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| 12,400 |
| 471,448 |
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| 2,649,761 |
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Plastic Materials, Synthetic Resins & Nonvulcan Elastomers- 2.10% |
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Dow, Inc. |
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| 8,050 |
| 392,679 |
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Retail - Drug Stores and Proprietary Stores - 4.38% |
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CVS Health Corp. |
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| 6,400 |
| 435,392 |
Walgreens Boots Alliance, Inc. |
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| 12,600 |
| 382,662 |
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| 818,054 |
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Semiconductors & Related Devices - 4.31% |
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Broadcom, Inc. |
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| 630 |
| 509,015 |
Texas Instruments, Inc. |
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| 1,700 |
| 295,596 |
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| 804,611 |
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Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 2.76% |
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Procter & Gamble Co. |
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| 3,620 |
| 515,850 |
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State Commercial Banks - 1.66% |
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Citizens Financial Group, Inc. |
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| 12,000 |
| 309,360 |
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Telephone Communications (No Radio Telephone) - 1.91% |
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Verizon Communications, Inc. |
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| 10,000 |
| 356,300 |
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Trucking & Courier Services - 2.73% |
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United Parcel Service, Inc. Class B |
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| 3,050 |
| 509,350 |
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Total Common Stock |
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| (Cost $ 14,492,899) |
| 16,953,705 |
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Real Estate Investment Trusts - 6.74% |
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Crown Castle International Corp. |
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| 2,700 |
| 305,667 |
Iron Mountain, Inc. |
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| 10,000 |
| 534,200 |
W. P. Carey, Inc. |
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| 6,035 |
| 418,588 |
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Total Real Estate Investment Trusts | (Cost $ 969,601) |
| 1,258,455 |
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Money Market Registered Investment Companies - 1.96% |
Federated Treasury Obligation Fund - Institutional Shares - 4.95% (3) | 366,388 |
| 366,388 |
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Total Money Market Registered Investment Companies | (Cost $ 366,388) |
| 366,388 |
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Total Investments - 99.56% | (Cost $ 15,828,888) |
| 18,578,548 |
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Other Assets less Liabilities - .44% |
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| 81,267 |
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Total Net Assets - 100.00% |
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| 18,659,815 |
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(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) |
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The following is a summary of the inputs used as of May 31, 2023 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments |
Level 1 - Quoted Prices | | | $ | 18,578,548 | $ | 0 |
Level 2 - Other Significant Observable Inputs | | | 0 | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 18,578,548 | $ | 0 |
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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. |
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(2) Represents non-income producing securities. |
(3) Variable rate security; the coupon rate shown represents the yield at May 31, 2023 |
