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Schedule of Investments |
November 30, 2023 (unaudited) |
Archer Focus Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 87.14% |
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Accident & Health Insurance - 2.83% |
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Principal Financial Group, Inc. |
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| 3,435 |
| 253,606 |
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Agricultural Chemicals - 4.42% |
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CF Industries Holdings, Inc. |
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| 2,575 |
| 193,511 |
Mosaic Co. |
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| 5,650 |
| 202,779 |
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| 396,290 |
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Beverages - 1.84% |
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The Coca Cola Company |
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| 2,814 |
| 164,450 |
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Computer Communications Equipment - 1.85% |
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Cisco Systems, Inc. |
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| 3,417 |
| 165,314 |
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Compter Storage Devices - 2.33% |
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NetApp, Inc. |
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| 2,280 |
| 208,369 |
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Crude Petroleum & Natural Gas - 4.17% |
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Coterra Energy, Inc. Class A |
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| 7,200 |
| 189,000 |
Devon Energy Corp. |
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| 4,110 |
| 184,827 |
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| 373,827 |
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Electric Services - 5.98% |
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NextEra Energy, Inc. |
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| 4,170 |
| 243,987 |
NRG Energy, Inc. |
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| 6,095 |
| 291,585 |
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| 535,572 |
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Fats & Oils - 1.94% |
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Archer-Daniels-Midland Co. |
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| 2,358 |
| 173,855 |
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Fire, Marine & Casualty Insurance - 1.94% |
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American Financial Group, Inc. |
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| 1,520 |
| 173,873 |
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Gas & Other Services - 1.78% |
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UGI Corp. |
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| 7,240 |
| 159,208 |
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General Bldg Contractors - Residential Bldgs - 2.10% |
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Lennar Corp. |
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| 1,470 |
| 188,042 |
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Hospital & Medical Service Plans - 2.72% |
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UnitedHealth Group, Inc. |
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| 441 |
| 243,860 |
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Natural Gas Distribution - 2.95% |
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Atmos Energy Corp. |
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| 2,320 |
| 264,039 |
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Operative Builders - 2.33% |
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PulteGroup, Inc. |
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| 2,362 |
| 208,848 |
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Pharmaceutical Preparations - 7.81% |
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Johnson & Johnson |
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| 1,310 |
| 202,605 |
Merck & Co., Inc. |
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| 2,685 |
| 275,159 |
Pfizer, Inc. |
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| 7,288 |
| 222,065 |
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| 699,829 |
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Pipe Lines (No Natural Gas) - 2.60% |
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HF Sinclair Corp. |
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| 4,400 |
| 233,011 |
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Radio & Tv Broadcasting & Communications Equipment - 2.45% |
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Qualcomm, Inc. |
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| 1,700 |
| 219,385 |
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Retail-Building Materials, Hardware, Garden Supply - 2.06% |
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Tractor Supply Co. |
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| 910 |
| 184,739 |
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Retail - Miscellaneous Shopping Goods Stores- 2.17% |
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Dick's Sporting Goods, Inc. |
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| 1,495 |
| 194,499 |
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Retail - Variety Stores - 4.17% |
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Costco Wholesale Corp. |
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| 630 |
| 373,426 |
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Security & Commodity Brokers, Dealers, Exchanges & Services - 2.10% |
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LPL Financial Holdings, Inc. |
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| 847 |
| 188,288 |
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Services- Advertising Agencies - 3.39% |
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Interpublic Group of Cos., Inc. |
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| 4,450 |
| 136,793 |
Omnicom Group, Inc. |
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| 2,070 |
| 166,904 |
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| 303,697 |
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Services- Computer Programming, Data Processing, Etc.- 8.24% |
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Alphabet, Inc. Class A (2) |
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| 2,900 |
| 384,337 |
Meta Platforms, Inc. Class A (2) |
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| 1,080 |
| 353,322 |
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| 737,659 |
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Services-Help Supply Services - 1.62% |
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Robert Half, Inc. |
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| 1,765 |
| 144,695 |
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Services - Prepackaged Software - 2.32% |
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Gen Digital, Inc. |
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| 9,403 |
| 207,618 |
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Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 2.20% |
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Steel Dynamics, Inc. |
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| 1,655 |
| 197,160 |
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Sugar & Confectionery Products - 2.10% |
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Hershey Co. |
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| 1,003 |
| 188,484 |
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Surgical & Medical Instruments & Apparatus - 2.15% |
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3M Co. |
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| 1,940 |
| 192,196 |
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Wholesale - Hardware & Plumbing & Heating Equipment & Supplies - 2.58% |
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Ferguson PLC. (United Kingdom) |
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| 1,351 |
| 231,480 |
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Total Common Stock |
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| (Cost $ 7,331,787) |
| 7,805,319 |
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Real Estate Investment Trusts - 7.19% |
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Avalonbay Communities, Inc. | 1,680 |
| 290,539 |
Public Storage |
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| 660 |
| 170,782 |
Weyerhaeuser Co. | 5,820 |
| 182,457 |
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Total Real Estate Investment Trusts | (Cost $ 661,164) |
| 643,778 |
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Money Market Registered Investment Companies - 5.36% |
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Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class - 5.23% (3) | 480,520 |
| 480,520 |
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Total Money Market Registered Investment Companies | (Cost $ 480,520) |
| 480,520 |
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Total Investments - 99.70% | (Cost $ 8,473,471) |
| 8,929,617 |
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Other Assets less Liabilities - .30% |
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| 27,191 |
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Total Net Assets - 100.00% |
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| 8,956,808 |
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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 November 30, 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 | | | $ | 8,929,617 | $ | 0 |
Level 2 - Other Significant Observable Inputs | | | 0 | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 8,929,617 | $ | 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 November 30, 2023. |
