| | | | | | | | | | |
Schedule of Investments | |
November 30, 2024 (unaudited) | |
Archer Balanced Fund | |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 66.40% | |
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Air Courier Services - 1.91% |
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FedEx Corp. |
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| 3,250 |
| 983,678 |
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Aircraft Engines & Engines Parts - 2.26% |
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Honeywell International, Inc. |
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| 5,000 |
| 1,164,650 |
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Beverages - 1.27% |
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The PepsiCo, Inc. |
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| 4,000 |
| 653,800 |
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Electric Services - 3.39% |
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American Electric Power Co., Inc. |
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| 3,400 |
| 339,524 |
NextEra Energy, Inc. |
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| 17,900 |
| 1,408,193 |
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|
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| 1,747,717 |
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Electrical Work - 3.51% |
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Quanta Services, Inc. |
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| 5,255 |
| 1,810,453 |
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Electromedical & Electrotherapeutic Apparatus - 1.58% |
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Medtronic plc (Ireland) |
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| 9,400 |
| 813,476 |
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Electronic Computers - 2.86% |
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Apple, Inc. |
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| 6,200 |
| 1,471,446 |
Dell Technologies, Inc. Class C (2) |
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| 2,800 |
| 357,252 |
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| 1,828,698 |
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Food & Kindred Products - 0.83% |
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Nestle S.A. ADR (2) |
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| 4,900 |
| 425,222 |
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Guided Missiles & Space Vehicles & Parts - 2.62% |
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Lockheed Martin Corp. |
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| 2,550 |
| 1,349,996 |
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National Commercial Banks - 3.18% |
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JPMorgan Chase & Co. |
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| 6,560 |
| 1,638,163 |
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Petroleum Refining - 3.12% |
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Chevron Corp. |
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| 6,300 |
| 1,020,159 |
Exxon Mobil Corporation |
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| 5,000 |
| 589,800 |
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| 1,609,959 |
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Pharmaceutical Preparations - 6.52% |
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Bristol Myers Squibb Co. |
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| 8,550 |
| 506,331 |
Eli Lilly & Co. |
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| 1,450 |
| 1,153,258 |
Johnson & Johnson |
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| 5,000 |
| 775,050 |
Merck & Co., Inc. |
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| 9,080 |
| 922,891 |
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| 3,357,530 |
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Railroads, Line-Haul Operating - 2.18% |
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Union Pacific Corp. Class B |
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| 4,600 |
| 1,125,436 |
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Retail-Drug Stores and Proprietary Stores - 1.24% |
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CVS Health Corp. |
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| 10,694 |
| 640,036 |
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Retail-Lumber & Other Building Materials Dealers - 1.83% |
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The Home Depot, Inc. |
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| 2,200 |
| 944,086 |
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Retail-Variety Stores - 4.31% |
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WalMart, Inc. |
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| 24,000 |
| 2,220,000 |
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Semiconductors & Related Devices - 3.27% |
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Broadcom, Inc. |
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| 10,400 |
| 1,685,632 |
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Services-Business Services - 5.37% |
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Accenture plc Class A (Ireland) |
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| 3,000 |
| 1,087,110 |
MasterCard, Inc. Class A |
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| 3,150 |
| 1,678,761 |
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| 2,765,871 |
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Services-Computer Programming, Data Processing, Etc. - 7.03% |
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Alphabet, Inc. Class A |
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| 8,600 |
| 1,452,970 |
Meta Platforms, Inc. Class A |
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| 3,775 |
| 2,168,058 |
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| 3,621,028 |
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Services-Medical Laboratories - 1.01% |
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Laboratory Corp. of America Holdings |
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| 2,150 |
| 518,494 |
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Services-Miscellaneous Amusement & Recreation - 1.37% |
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The Walt Disney Co. (2) |
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| 6,000 |
| 704,820 |
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Services-Prepackaged Software - 3.04% |
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Microsoft Corp. |
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| 3,700 |
| 1,566,802 |
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Ship & Boat Building & Repairing - 1.54% |
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Huntington Ingalls Industries, Inc. |
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| 4,000 |
| 791,680 |
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Sugar & Confectionery Products - 0.48% |
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The Hershey Co. |
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| 1,400 |
| 246,582 |
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Total Common Stock |
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| (Cost $ 14,428,862) |
| 34,213,807 |
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Real Estate Investment Trusts - 4.12% | |
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Extra Space Storage, Inc. |
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| 5,100 |
| 871,896 |
Prologis, Inc. |
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| 9,452 |
| 1,103,805 |
Ready Capital Corp., 5.750%, due 02/15/26 |
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| 6,000 |
| 147,600 |
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Total Real Estate Investment Trusts |
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| (Cost $ 1,043,026) |
| 2,123,301 |
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Corporate Bonds - 14.83% (4) | |
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Air Transportation, Scheduled - 0.49% |
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Southwest Airlines Co., 5.250%, due 05/04/25 |
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| 250,000 |
| 250,039 |
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Aircraft - 0.48% |
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Boeing Co., 2.600%, due 10/30/25 |
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| 250,000 |
| 245,126 |
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Banks & Financial Institutions - 0.48% |
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Federal Farm Credit Bank, 4.940%, 10/08/2031 |
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| 250,000 |
| 248,732 |
Federal Farm Credit Bank, 5.570, 08/26/2033 |
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| 500,000 |
| 499,848 |
Federal Home Loan Bank, 5.555%, 2/15/2033 |
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| 700,000 |
| 700,268 |
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| 1,448,849 |
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Builders - 0.29% |
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Lennar Corp., 4.750%, due 11/29/27 |
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| 150,000 |
| 150,522 |
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Commercial Banks - 0.19% |
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Royal Bank of Canada, 1.200%, due 04/27/26 |
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| 100,000 |
| 95,523 |
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Electric Services - 0.19% |
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Southern California Edison Co. Series E, 3.700%, due 08/01/25 |
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| 100,000 |
| 99,255 |
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Entertainment - 0.50% |
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The Walt Disney Co., 7.700%, 10/30/2025 |
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| 250,000 |
| 255,380 |
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Financial Services - 0.68% |
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Ford Motor Credit Co. LLC., 5.700%, due 09/20/2034 |
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| 350,000 |
| 350,568 |
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Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.09% |
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Masco Corp., 7.750%, 08/01/29 |
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| 500,000 |
| 561,759 |
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Investment Advice - 0.38% |
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Affiliated Managers Group, Inc., 3.500%, due 08/01/25 |
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| 200,000 |
| 198,121 |
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Motor Vehicles & Passenger Car Bodies - 0.25% |
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General Motors Financial Co., Inc., 3.100%, 01/12/2032 |
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| 150,000 |
| 130,704 |
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National Commercial Banks - 1.90% |
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Banc of California, Inc., 5.250%, due 04/15/25 |
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| 300,000 |
| 297,644 |
Bank of America Corp. Series L, 3.950%, due 04/21/2025 |
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| 100,000 |
| 99,592 |
JPMorgan Chase & Co. Series B, 5.330, due 02/01/2027 (3-month US Libor + .50%) |
| 150,000 |
| 148,104 |
Truist Financial Corp. Series M, 5.125%, to 12/15/2027 |
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| 150,000 |
| 146,469 |
US Bancorp, 3.70%, 01/15/2027 |
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| 300,000 |
| 284,646 |
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| 976,456 |
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Personal Credit Institutions - 0.48% |
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Discover Financial Services Series D, 6.125%, to 06/23/25 |
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| 250,000 |
| 249,833 |
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Pharmaceutical Preparations - 0.19% |
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AbbVie, Inc., 3.200%, due 05/14/26 |
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| 100,000 |
| 98,180 |
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Paper Mills - 0.84% |
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Georgia-Pacific, LLC., 7.250%, 06/01/28 |
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| 400,000 |
| 434,271 |
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Security Brokers, Dealers & Flotation Companies - 1.32% |
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Capital Southwest Corp., 3.375%, due 10/01/26 |
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| 400,000 |
| 379,012 |
Jeffries Financial Group, Inc. 6.500%, 10/31/29 |
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| 300,000 |
| 300,796 |
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| 679,808 |
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Services-Advertising Agencies - 0.38% |
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Omnicom Group, Inc., 3.600%, due 04/15/26 |
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| 200,000 |
| 197,221 |
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Services-Equipment Rental & Leasing, Nec - 0.84% |
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Air Lease Corp., 3.625%, due 12/01/27 |
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| 200,000 |
| 193,547 |
United Rentals, Inc., 3.875%, due 11/15/27 |
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| 250,000 |
| 241,378 |
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| 434,925 |
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Services-Prepackaged Software - 0.47% |
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Oracle Corp., 1.650%, due 03/25/26 |
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| 100,000 |
| 96,138 |
VMWare, Inc., 3.900%, due 08/21/27 |
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| 150,000 |
| 146,908 |
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| 243,046 |
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State Commercial Banks - 1.05% |
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Citizens Financial Group, Inc., 4.350%, due 08/01/25 |
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| 100,000 |
| 99,573 |
Deutsche Bank, 5.150%, 9/15/2034 |
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| 250,000 |
| 243,976 |
Fifth Third Bancorp Series L, 4.500%, to 09/30/2025 |
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| 200,000 |
| 197,090 |
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|
|
| 540,639 |
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Total Corporate Bonds |
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| (Cost $ 8,362,102) |
| 7,640,222 |
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Municipal Bonds - 3.86% (4) | |
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California - 0.04% |
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|
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Porterville Unified School District, 7.250%, due 07/01/27 |
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| 20,000 |
| 20,041 |
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Georgia - 0.20% |
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Georgia Loc. Govt., 4.750%, due 06/01/28 |
|
| 99,000 |
| 101,309 |
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Indiana - 0.61% |
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Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 07/15/27 |
| 135,000 |
| 135,105 |
Fishers, IN Econ Development Revenue Taxable-P3 Project, 2.650%, due 08/01/28 |
| 190,000 |
| 179,278 |
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|
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|
|
|
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|
|
| 314,384 |
|
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Maryland - 0.39% |
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|
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Baltimore Board of School Commissioners City Schools Revenue, 5.692%, due 12/15/25 |
| 200,000 |
| 202,852 |
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|
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Michigan - 0.48% |
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|
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City of Coldwater, MI Water Supply & Wastewater System Revenue, 5.000%, due 08/01/26 |
| 25,000 |
| 25,876 |
Michigan State Taxable School Loan Series A, 3.200%, due 05/15/27 |
|
| 227,500 |
| 221,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 247,520 |
|
|
|
|
|
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|
|
New York - 0.48% |
|
|
|
|
|
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New York City, NY Transitional Financice Authority Revenue, 2.760%, due 02/01/26 |
| 250,000 |
| 245,255 |
|
|
|
|
|
|
|
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Ohio - 0.51% |
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|
|
|
|
|
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New Albany, Floyd County Industry School First Mortgage, 5.000%, due 01/15/27 |
| 250,000 |
| 260,565 |
|
|
|
|
|
|
|
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Pennsylvania - 0.81% |
|
|
|
|
|
|
East-Norriton-Plymouth-Whipain Joint Sewer Authority, 1.832%, due 8/01/28 |
| 250,000 |
| 228,753 |
Pennsylvania ST Txble-Ref-First Refunding Series, 1.200%, due 08/01/26 |
|
| 200,000 |
| 189,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 418,679 |
|
|
|
|
|
|
|
|
Washington - 0.14% |
|
|
|
|
|
|
Douglas County, WA School District No. 206 Eastmont Qualified School Construction, 4.700%, due 12/01/25 | 70,000 |
| 70,128 |
|
|
|
|
|
|
|
|
Wisconsin - 0.21% |
|
|
|
|
|
|
Greendale, WI Taxable Community Development, Series A, 4.750%, due 12/01/26 |
| 110,000 |
| 110,023 |
|
|
|
|
|
|
|
|
Total Municipal Bonds |
|
|
| (Cost $ 2,181,412) |
| 1,990,754 |
|
|
|
|
|
|
|
|
Preferred Securities - 1.28% (4) | |
|
|
|
|
|
|
|
|
Asset Management - 0.10% |
|
|
|
|
|
B Riley Financial, Inc., 6.50%, due 09/30/26 |
|
| 4,000 |
| 53,600 |
|
|
|
|
|
|
|
|
Motor Vehicles & Passenger Car Bodies - 0.27% |
|
|
|
|
|
Ford Motor Co., 6.000%, due 12/01/59 |
|
| 6,000 |
| 141,660 |
|
|
|
|
|
|
|
|
National Commercial Banks - 0.81% |
|
|
|
|
|
BAC Capital Trust XIII Series F, 6.071%, 03/15/43 |
|
| 150,000 |
| 121,331 |
Huntington Bancshares, Inc. Series G, 4.450%, 10/15/2027 |
|
| 150,000 |
| 143,807 |
PNC Capital Trust C, 5.750%, 06/01/2028 |
|
| 150,000 |
| 146,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 412,049 |
|
|
|
|
|
|
|
|
Telephone Communications (No Radio Telephone) - 0.10% |
|
|
|
|
|
QWest Corp., 6.500%, due 09/01/56 |
|
| 3,000 |
| 52,830 |
|
|
|
|
|
|
|
|
Total Preferred Securities |
|
|
| (Cost $ 463,000) |
| 660,139 |
|
|
|
|
|
|
|
|
Structured Notes - 0.36% (4) | |
|
|
|
|
|
|
|
|
Security Brokers, Dealers & Flotation Companies - 0.36% |
|
|
|
|
|
Goldman Sachs Group, Inc., 0.000%, 11/13/28 |
|
| 125,000 |
| 108,125 |
Morgan Stanley Series MTN, 0.000%, due 08/30/2028 |
|
| 95,000 |
| 79,481 |
|
|
|
|
|
|
|
|
Total Structured Note |
|
|
| (Cost $ 196,846) |
| 187,606 |
|
|
|
|
|
|
|
|
US Government - 1.42% | |
|
|
|
|
|
|
|
|
U.S. Government Treasury Bill, 3.875%, 08/15/33 |
|
| 750,000 |
| 733,037 |
|
|
|
|
|
|
|
|
Total US Government |
|
|
| (Cost $ 705,264) |
| 733,037 |
|
|
|
|
|
|
|
|
Money Market Registered Investment Companies - 7.44% | |
|
|
|
|
|
|
|
|
Federated Treasury Obligation Fund - Institutional Shares - 4.50% (3) |
|
| 3,834,025 |
| 3,834,025 |
|
|
|
|
|
|
|
|
Total Money Market Registered Investment Companies |
|
| (Cost $ 3,834,025) |
| 3,834,025 |
|
|
|
|
|
|
|
|
Total Investments - 99.72% |
|
| (Cost $ 31,131,006) |
| 51,382,892 |
|
|
|
|
|
|
|
|
Other Assets Less Liabilities - 0.28% |
|
|
|
| 144,192 |
|
|
|
|
|
|
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Total Net Assets - 100.00% |
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| 51,527,084 |
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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 29, 2024 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 | | | $ | 40,419,223 | $ | - |
Level 2 - Other Significant Observable Inputs | | | 10,963,669 | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 51,382,892 | $ | - |
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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 29, 2024. | |
(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 |
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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. |
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