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Form NPORT-P ARCHER INVESTMENT SERIES For: May 31

July 1, 2022 3:51 PM EDT

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    NPORT-P
    false
    
      
      
        
          0001477491
          XXXXXXXX
        
      
      
      
      
        S000030455
        C000093505
      
      
      
    
  
  
    
      ARCHER INVESTMENT SERIES TRUST
      811-22356
      0001477491
      549300ULDSJ2RHNW9957
      11711 N. College Ave., #200
      Carmel
      
      46032
      317-581-1300
      Archer Income Fund
      S000030455
      5493000U6YE12YDDT022
      2022-08-31
      2022-05-31
      N
    
    
      9518293.33
      19155.42
      9499137.91
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        AbbVie, Inc.
        FR5LCKFTG8054YNNRU85
        AbbVie, Inc., 2.900%, due 11/06/22
        00287YAL3
        
          
        
        50000.00
        PA
        USD
        50100.06
        0.53
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-06
          Fixed
          2.90
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Affiliated Managers Group, Inc.
        2JE75BUE3T1BLCYYGK54
        Affiliated Managers Group, Inc., 3.500%, due 08/01/25
        008252AN8
        
          
        
        200000.00
        PA
        USD
        200224.82
        2.11
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-08-01
          Fixed
          3.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Air Lease Corp.
        5493004NW4M4P8TMMK63
        Air Lease Corp., 3.625%, due 12/01/27
        00912XAY0
        
          
        
        100000.00
        PA
        USD
        93865.31
        0.99
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-01
          Fixed
          3.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ally Financial, Inc.
        549300JBN1OSM8YNAI90
        Ally Financial, Inc. Series B, 4.700%, to 5/15/26
        02005NBM1
        
          
        
        150000.00
        PA
        USD
        126571.54
        1.33
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-12-31
          Fixed
          4.70
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines 2013-2
        N/A
        American Airlines 2013-2 Class A Pass Through Trust, 4.950%, due 01/15/23
        02377UAB0
        
          
        
        38662.71
        PA
        USD
        38549.97
        0.41
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-01-15
          Fixed
          4.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Austin
        IW10PQVTU7HKS3JMW253
        Austin, TX Electric Utility System Revenue Taxable Series A, 2.524%, due 11/15/23
        052414RP6
        
          
        
        20000.00
        PA
        USD
        19931.00
        0.21
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-11-15
          Fixed
          2.52
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Avon, OH
        N/A
        Avon, OH, General Obligations Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, due 12/01/25
        054213C27
        
          
        
        100000.00
        PA
        USD
        92410.00
        0.97
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-01
          Fixed
          0.96
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        B. Riley Financial, Inc.
        N/A
        B Riley Financial, Inc., 6.50%, due 09/30/26
        05580M801
        
          
        
        3000.00
        NS
        USD
        74850.00
        0.79
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of America Corp.
        549300I6GXQ4O8PHFJ89
        BAC Capital Trust XIII Series F, 4.000% (3-month Libor + 0.40%)
        05518UAA5
        
          
        
        100000.00
        PA
        USD
        75000.00
        0.79
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2043-03-15
          Variable
          4.00
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Baltimore Board of School Commissioners
        N/A
        Baltimore MD, Brd of Sch Commissioners City Schs Revenue, 5.692%, due 12/15/25
        183596CY9
        
          
        
        100000.00
        PA
        USD
        108045.00
        1.14
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-15
          Fixed
          5.69
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banc of California, Inc.
        549300ZKWUJDP6LJ1X87
        Banc of California, Inc., 5.250%, due 04/15/25
        05990KAC0
        
          
        
        200000.00
        PA
        USD
        201436.78
        2.12
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Beech Grove School Building Corp.
        N/A
        Beech Grove, IN Sch Bldg. Corp., 2.850%, due 07/05/25
        076725DK3
        
          
        
        140000.00
        PA
        USD
        138667.20
        1.46
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-05
          Fixed
          2.85
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bloom & Carroll Local School District
        N/A
        Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/01/25
        093707ET0
        
          
        
        60000.00
        PA
        USD
        64563.60
        0.68
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-01
          Fixed
          5.80
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Boeing Co.
        RVHJWBXLJ1RFUBSY1F30
        Boeing Co., 2.600%, due 10/30/25
        097023BP9
        
          
        
        150000.00
        PA
        USD
        142197.00
        1.50
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-10-30
          Fixed
          2.60
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CBS Broadcasting, Inc.
        N/A
        CBS Broadcasting, Inc., 7.125%, due 11/01/23
        124845AF5
        
          
        
        54000.00
        PA
        USD
        56816.41
        0.60
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-11-01
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVS Health Corp.
        549300EJG376EN5NQE29
        CVS Health Corp., 2.750%, due 12/01/22
        126650BZ2
        
          
        
        190000.00
        PA
        USD
        190359.51
        2.00
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-12-01
          Fixed
          2.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Capital Southwest Corp.
        54930023YZ4YEJEDBO56
        Capital Southwest Corp., 3.375%, due 10/01/26
        140501AC1
        
          
        
        100000.00
        PA
        USD
        92531.00
        0.97
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-10-01
          Fixed
          3.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        South State Corp.
        549300JZUANXM0YQ4W53
        CenterState Bank Corp., 5.750%, to 6/01/25
        15201PAA7
        
          
        
        10000.00
        PA
        USD
        10342.95
        0.11
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-01
          Variable
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup, Inc.
        6SHGI4ZSSLCXXQSBB395
        Citigroup, Inc. Series B, 5.900%, to 02/15/23
        172967GF2
        
          
        
        100000.00
        PA
        USD
        99514.41
        1.05
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-15
          Variable
          5.90
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Irving
        5493002R7BX8XPQ92O37
        City of Irving, TX, 5.657%, due 08/15/23
        463805BL4
        
          
        
        25000.00
        PA
        USD
        25156.75
        0.26
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-15
          Fixed
          5.66
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of New York
        549300ABYZD2SFD5JB29
        City of New York, NY, 1.980%, due 08/01/23
        64966MEE5
        
          
        
        150000.00
        PA
        USD
        148783.50
        1.57
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-01
          Fixed
          1.98
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Phoenix, AZ
        N/A
        City of Phoenix, AZ, 2.717%, due 07/01/22
        718814J56
        
          
        
        40000.00
        PA
        USD
        40045.60
        0.42
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-07-01
          Fixed
          2.72
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cleveland, OH Income Tax
        549300IQSLQPCVVMKJ96
        Cleveland, OH Income Tax Revenue Build America Bonds, 6.060%, due 10/01/26
        186387EM4
        
          
        
        20000.00
        PA
        USD
        21132.60
        0.22
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-10-01
          Fixed
          6.06
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CommonSpirit Health
        4SXHN5XW08IBO0UG2V58
        CommonSpirit Health, 2.950%, due 11/01/22
        14916RAC8
        
          
        
        50000.00
        PA
        USD
        50185.07
        0.53
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-01
          Fixed
          2.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dillards, Inc.
        529900FGYKMWL6019P91
        Dillards, Inc., 7.750%, due 07/15/26
        254063AU4
        
          
        
        35000.00
        PA
        USD
        38555.86
        0.41
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          7.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Discover Financial Services
        Z1YLO2USPORE63VVUL20
        Discover Financial Services Series D, 6.125%, to 06/23/25
        254709AQ1
        
          
        
        100000.00
        PA
        USD
        100500.42
        1.06
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-23
          Variable
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eagle Bancorp, Inc.
        549300B47NZODRMG3D47
        Eagle Bancorp, Inc., 5.750%, due 09/01/24
        268948AA4
        
          
        
        150000.00
        PA
        USD
        154704.51
        1.63
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-01
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        East Norriton & Plymouth
        N/A
        East Norriton & Plymouth PA, Jt Swr Auth, 1.832%, due 08/01/28
        274029GM3
        
          
        
        200000.00
        PA
        USD
        183874.00
        1.94
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-01
          Fixed
          1.83
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eastern Illinois University
        N/A
        Eastern IL University Build America Bond, 5.900%, due 04/01/23
        276509CA2
        
          
        
        45000.00
        PA
        USD
        44884.35
        0.47
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-04-01
          Fixed
          5.90
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Evansville-Vanderburgh, IN School Bldg. Corp.
        N/A
        Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 07/15/26
        299620ED2
        
          
        
        165000.00
        PA
        USD
        165381.15
        1.74
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          5.90
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Evansville-Vanderburgh, IN School Bldg. Corp.
        N/A
        Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 07/15/27
        299620EE0
        
          
        
        100000.00
        PA
        USD
        100266.00
        1.06
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-07-15
          Fixed
          6.15
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federated Hermes Money Market Obligations Trust
        25490005VWJDWX717014
        Federated Treasury Obligation Fund - Institutional Shares
        60934N500
        
          
        
        568374.51
        NS
        USD
        568374.51
        5.98
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fifth Third Bancorp
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp Series L, 4.500%, to 09/30/25
        316773DB3
        
          
        
        150000.00
        PA
        USD
        143261.30
        1.51
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-30
          Variable
          4.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Garfield Educational Facilities Authority
        N/A
        Garfield County, OK, 6.000%, due 09/01/24
        365716AP4
        
          
        
        20000.00
        PA
        USD
        20544.60
        0.22
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-01
          Fixed
          6.00
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        General Electric Co.
        3C7474T6CDKPR9K6YT90
        General Electric Co. Series A, 4.000%, to 6/15/22
        369604BM4
        
          
        
        100000.00
        PA
        USD
        70150.00
        0.74
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-06-15
          Variable
          4.00
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        General Motors Financial Co.
        5493008B6JBRUJ90QL97
        General Motors Financial Company, Inc. Series C, 5.70%, to 09/30/30
        37045XDB9
        
          
        
        150000.00
        PA
        USD
        139080.00
        1.46
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-09-30
          Variable
          5.70
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Georgia Local Govt.
        N/A
        Georgia Local Government, 4.750%, due 06/01/28
        373271AA3
        
          
        
        50000.00
        PA
        USD
        53451.50
        0.56
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-01
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Group, Inc.
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc. Series MTN, 0.358050%, Capped at 10%
        38147Q2A3
        
          
        
        100000.00
        PA
        USD
        78616.00
        0.83
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-12-13
          Variable
          0.36
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Group, Inc.
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc., 0.48025%, Capped at 10%
        38147QK21
        
          
        
        120000.00
        PA
        USD
        93660.00
        0.99
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-11-13
          Variable
          0.48
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Huntington Bancshares, Inc.
        549300XTVCVV9I7B5T19
        Huntington Bancshares, Inc. Series E, 5.700%, to 04/15/23
        446150AL8
        
          
        
        150000.00
        PA
        USD
        139408.46
        1.47
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-04-15
          Variable
          5.70
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Huntington Bancshares, Inc.
        549300XTVCVV9I7B5T19
        Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27
        446150AV6
        
          
        
        150000.00
        PA
        USD
        137917.91
        1.45
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-15
          Variable
          4.45
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indiana Bell Telephone Co., Inc.
        N/A
        Indiana Bell Tel Co., Inc., 7.300%, due 08/15/26
        454614AK4
        
          
        
        50000.00
        PA
        USD
        56084.01
        0.59
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          7.30
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        JPMorgan & Chase Co. Series B, 0.81657%, due 02/01/27 (3-month US Libor + .50%) FRN
        161480AB4
        
          
        
        150000.00
        PA
        USD
        141061.14
        1.48
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-01
          Variable
          0.82
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        JPMorgan & Chase Co. Series CC, 4.625%, to 11/01/22
        48128BAD3
        
          
        
        150000.00
        PA
        USD
        138726.05
        1.46
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-01
          Variable
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jobs OH Beverage Sys.
        N/A
        JobsOhio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 01/01/28
        47770VBH2
        
          
        
        125000.00
        PA
        USD
        116056.25
        1.22
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-01
          Fixed
          2.27
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kansas City, MO
        549300EGAE3I3XU7XE19
        Kansas City, MO Taxable Gen Obl Series B, 5.050%, due 02/01/23
        484873JG0
        
          
        
        20000.00
        PA
        USD
        20038.40
        0.21
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-02-01
          Fixed
          5.05
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Keurig Dr. Pepper, Inc.
        DYTQ8KRTKO7Y2BVU5K74
        Keurig Dr. Pepper, Inc., 3.130%, due 12/15/23
        26138EAW9
        
          
        
        100000.00
        PA
        USD
        100267.66
        1.06
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-12-15
          Fixed
          3.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Key Corp.
        N/A
        Key Corp. Capital I, 1.706860%, due 07/01/28 (3-month US Libor + 0.74%)
        49326MAA3
        
          
        
        100000.00
        PA
        USD
        93902.25
        0.99
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-01
          Variable
          1.71
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lennar Corp.
        529900G61XVRLX5TJX09
        Lennar Corp., 4.750%, due 11/29/27
        526057CD4
        
          
        
        100000.00
        PA
        USD
        100588.83
        1.06
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-11-29
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lennar Corp.
        529900G61XVRLX5TJX09
        Lennar Corp., 4.875%, due 12/15/23
        526057BW3
        
          
        
        50000.00
        PA
        USD
        50903.44
        0.54
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-12-15
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Maricopa County ESD 066
        N/A
        Maricopa County School District No. 66 Roosevelt Elementary 6.243%, due 07/01/26
        567337QV5
        
          
        
        15000.00
        PA
        USD
        15979.05
        0.17
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-01
          Fixed
          6.24
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott International, Inc.
        225YDZ14ZO8E1TXUSU86
        Marriott International, Inc., 4.15%, due 12/01/2023
        571903BA0
        
          
        
        100000.00
        PA
        USD
        101316.32
        1.07
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-12-01
          Fixed
          4.15
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medallion Bank
        N/A
        Medallion Bank Utah Series F, 8.000%, to 04/01/25
        58403B205
        
          
        
        4000.00
        NS
        USD
        100000.00
        1.05
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BK Mellon Capital IV
        N/A
        Mellon Capital IV Series 1, 4.00%, to 6/20/22 (3-month US Libor + 0.565%)
        58551TAA5
        
          
        
        200000.00
        PA
        USD
        152000.00
        1.60
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-12-31
          Variable
          4.00
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Merrillville Multi School
        N/A
        Merrillville, IN, Multi Sch Bldg. Corp., Series B, 3.860%, due 07/15/23
        590252PG1
        
          
        
        40000.00
        PA
        USD
        40276.00
        0.42
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-07-15
          Fixed
          3.86
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Michigan
        N/A
        Michigan State Taxable School Loan Series A, 3.200%, due 05/15/27
        594612BD4
        
          
        
        200000.00
        PA
        USD
        198930.00
        2.09
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-15
          Fixed
          3.20
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley, Series MTN, 1.685000%, due 08/30/28, Capped at 12%
        61760QDF8
        
          
        
        25000.00
        PA
        USD
        20450.50
        0.22
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-30
          Variable
          1.69
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley, Series MTN, 1.528000%, due 08/19/28 Capped at 10%
        61760QDA9
        
          
        
        114000.00
        PA
        USD
        82080.00
        0.86
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-19
          Variable
          1.53
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mosaic Co.
        2YD5STGSJNMUB7H76907
        Mosaic Co., 3.250%, due 11/15/22
        61945CAF0
        
          
        
        200000.00
        PA
        USD
        200576.86
        2.11
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-15
          Fixed
          3.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mount Vernon of Hancock
        N/A
        Mt. Vernon of Hancock County Multi-School Bldg. Corp., 5.280%, due 07/15/29
        623619FP3
        
          
        
        40000.00
        PA
        USD
        40189.60
        0.42
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-07-15
          Fixed
          5.28
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Murphy Oil Corp.
        QBKYQD0ODE7DC7PDIN91
        Murphy Oil Corp., 6.875%, due 08/15/24
        626717AH5
        
          
        
        45000.00
        PA
        USD
        45337.50
        0.48
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Fuel Gas Co.
        8JB38FFW1Y3C1HM8E841
        National Fuel Gas Co., 5.200%, due 07/15/25
        636180BM2
        
          
        
        50000.00
        PA
        USD
        51260.80
        0.54
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          5.20
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New York St Dorm Auth Revenues
        N/A
        New York St Dorm Auth Revenues, 1.085%, 07/01/2022
        65000BGS1
        
          
        
        200000.00
        PA
        USD
        190782.00
        2.01
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-07-01
          Fixed
          1.09
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nike, Inc.
        787RXPR0UX0O0XUXPZ81
        Nike, Inc., 2.250%, due 05/01/23
        654106AC7
        
          
        
        150000.00
        PA
        USD
        150036.77
        1.58
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-05-01
          Fixed
          2.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of North Miami Beach
        N/A
        North Miami Beach, FL, Water Revenue Series B, 2.311%, due 08/01/27
        661046BY7
        
          
        
        150000.00
        PA
        USD
        141336.00
        1.49
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-08-01
          Fixed
          2.31
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        North Texas Tollway Authority
        PQGZGRE0F2WPMYQQ1B78
        North Texas Tollway Authority, 8.410%, due 02/01/30
        66285WFT8
        
          
        
        50000.00
        PA
        USD
        59735.00
        0.63
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-01
          Fixed
          8.41
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NortonLifeLock, Inc.
        YF6ZV0M6AU4FY94MK914
        NortonLifeLock, Inc., 3.950%, due 6/15/22
        871503AK4
        
          
        
        50000.00
        PA
        USD
        50000.00
        0.53
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-06-15
          Fixed
          3.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Old National Bancorp
        549300MMK90CL5KMVX16
        Old National Bancorp, 4.125%, due 08/15/24
        680033AC1
        
          
        
        100000.00
        PA
        USD
        100916.36
        1.06
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-15
          Fixed
          4.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Onemain Finance Corp.
        5493008I795YYBFWFU90
        OneMain Finance Corp., 3.500%, due 01/15/27
        682691AB6
        
          
        
        150000.00
        PA
        USD
        133462.50
        1.40
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          3.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oregon School Boards Association
        N/A
        Oregon State Sch Brds Assn Pension, Series B, 5.450%, due 06/30/24
        686053CQ0
        
          
        
        25000.00
        PA
        USD
        26225.25
        0.28
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-30
          Fixed
          5.45
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PNC Capital Trust C
        N/A
        PNC Capital Trust C, 1.093000%, due 06/01/28 (3-month Libor + 0.57%)
        69349AAA0
        
          
        
        150000.00
        PA
        USD
        142054.22
        1.50
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-01
          Variable
          1.09
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Public Finance Authority
        5493004S6D3NA627K012
        Public Finance Authority, WI, 5.750%, due 06/01/23
        74442HAD5
        
          
        
        20000.00
        PA
        USD
        19973.00
        0.21
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-06-01
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ready Capital Corp.
        549300MYWGZUG7ZUYO87
        Ready Capital Corp., 5.750%, due 02/15/26
        75574U606
        
          
        
        4000.00
        NS
        USD
        100600.00
        1.06
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Village of Rosemont, Illinois
        5493007BOTZDVXZYCM52
        Rosemont, IL Ref Bds Series A, 5.375%, due 12/01/25
        777543QK8
        
          
        
        15000.00
        PA
        USD
        16009.50
        0.17
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-01
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SVB Financial Group
        549300D2KJ20JMXE7542
        SVB Financial Group, 4.100%, to 02/15/31
        78486QAG6
        
          
        
        150000.00
        PA
        USD
        113955.00
        1.20
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-12-31
          Fixed
          4.10
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Sacramento
        549300OXI5MD45L13R20
        Sacramento Cnty., CA Pension Oblg., 6.625%, due 08/01/24
        786091AF5
        
          
        
        95000.00
        PA
        USD
        102014.80
        1.07
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-01
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Sacramento
        549300OXI5MD45L13R20
        Sacramento, CA Pension Oblg. Series A, 6.420%, due 08/01/23
        786056BB6
        
          
        
        50000.00
        PA
        USD
        52255.00
        0.55
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-01
          Fixed
          6.42
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Schenectady Metroplex Development
        N/A
        Schenectady, NY Metroplex Development Authority Revenue Taxable Ref, 2.250%, due 08/01/23
        80647NFC9
        
          
        
        125000.00
        PA
        USD
        124682.50
        1.31
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-01
          Fixed
          2.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southern California Edison Co.
        9R1Z5I36FERIBVKW4P77
        Southern California Edison Co. Series E, 5.485 (3-month US Libor + 4.199%), to 4/18/22
        842400FU2
        
          
        
        50000.00
        PA
        USD
        47505.11
        0.50
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-08-01
          Variable
          5.49
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Southern Co.
        549300FC3G3YU2FBZD92
        Southern Co., 2.950%, due 07/01/23
        842587CU9
        
          
        
        100000.00
        PA
        USD
        100154.43
        1.05
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-07-01
          Fixed
          2.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwest Airlines Co.
        UDTZ87G0STFETI6HGH41
        Southwest Airlines Co., 5.250%, due 05/04/25
        844741BJ6
        
          
        
        150000.00
        PA
        USD
        156112.76
        1.64
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-04
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        State of Illinois, 4.950%, due 06/01/23
        452151LE1
        
          
        
        38181.82
        PA
        USD
        38583.11
        0.41
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-06-01
          Fixed
          4.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Stratford, CT
        549300A6A1N73WLV0K30
        Stratford CT Taxable, 5.750%, due 08/15/30
        8628114A1
        
          
        
        20000.00
        PA
        USD
        20802.20
        0.22
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-08-15
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sysco Corp.
        5RGWIFLMGH3YS7KWI652
        Sysco Corp., 6.500%, due 08/01/28
        871829AF4
        
          
        
        152000.00
        PA
        USD
        170060.78
        1.79
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-01
          Fixed
          6.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Texas
        549300X9CH74QB747L76
        Texas St. Taxable Refunding Public Finance Authority Series C, 2.531%, due 10/01/23
        882723A74
        
          
        
        35000.00
        PA
        USD
        35061.60
        0.37
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-10-01
          Fixed
          2.53
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Charles Schwab Corp.
        549300VSGCJ7E698NM85
        The Charles Schwab Corp. Series G, 5.375%, to 06/01/25
        808513BD6
        
          
        
        150000.00
        PA
        USD
        151508.79
        1.59
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Variable
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Truist Financial Corp.
        549300DRQQI75D2JP341
        Truist Financial Corp. Series M, 5.125%, to 12/15/27
        89832QAC3
        
          
        
        100000.00
        PA
        USD
        89009.44
        0.94
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-15
          Variable
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Truist Financial Corp.
        549300DRQQI75D2JP341
        Truist Financial Corp. Series Q, 5.100%, to 03/01/30
        89832QAF6
        
          
        
        75000.00
        PA
        USD
        72375.36
        0.76
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          5.10
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. Bancorp
        N1GZ7BBF3NP8GI976H15
        U.S. Bancorp, 3.700%, to 01/15/27
        902973BC9
        
          
        
        200000.00
        PA
        USD
        165882.50
        1.75
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          3.70
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Rentals, Inc.
        NGIZXNT70J2LYT3FBI09
        United Rentals, Inc., 3.875%, due 11/15/27
        911365BM5
        
          
        
        150000.00
        PA
        USD
        143964.00
        1.52
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-11-15
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Unum Group
        549300E32YFDO6TZ8R31
        Unum Group, 4.000%, due 03/15/24
        91529YAK2
        
          
        
        75000.00
        PA
        USD
        75716.48
        0.80
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-15
          Fixed
          4.00
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VMWare, Inc.
        549300BUDHS3LRWBE814
        VMWare, Inc. 3.900%, due 08/21/27
        928563AC9
        
          
        
        150000.00
        PA
        USD
        147846.89
        1.56
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-08-21
          Fixed
          3.90
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Warsaw Redevelopment District Tax, Inc.
        N/A
        Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, due 02/01/26
        93638TBL4
        
          
        
        25000.00
        PA
        USD
        24922.75
        0.26
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-02-01
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zurich Reinsurance Centre Holdings, Inc.
        N/A
        Finial Holdings, Inc., 7.125%, due 10/15/23 (Switzerland)
        989822AA9
        
          
        
        150000.00
        PA
        USD
        157763.81
        1.66
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-10-15
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iShares Trust
        5493000860OXIC4B5K91
        iShares US Preferred Stock ETF
        464288687
        
          
        
        1000.00
        NS
        USD
        34750.00
        0.37
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-31
      Archer Investment Series Trust
      /s/ Troy C. Patton
      Troy C. Patton
      President
    
  
  XXXX






Schedule of Investments

May 31, 2022 (unaudited)

Archer Income Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares or Principal

 

 

Security Description

 

 

Amount ($)

 

Fair Value ($)(1)

 

 

 

 

 

 

Corporate Bonds - 55.41% (5)

 

 

 

 

 

 

 

 

Accident & Health Insurance - 0.80%

 

 

 

 

 

Unum Group, 4.000%, due 03/15/2024 (2)

 

 

75,000

 

75,716

 

 

 

 

 

 

 

 

Agricultural Chemicals - 2.11%

 

 

 

 

 

Mosaic Co., 3.250%, due 11/15/2022 (2)

 

 

200,000

 

200,577

 

 

 

 

 

 

 

 

Air Transportation, Scheduled - 2.05%

 

 

 

 

 

American Airlines 2013-2 Class A Pass Through Trust, 4.950%, due 01/15/2023 (2)

 

38,663

 

38,550

Southwest Airlines Co., 5.250%, due 05/04/2025 (2)

 

 

150,000

 

156,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

194,663

 

 

 

 

 

 

 

 

Aircraft - 1.50%

 

 

 

 

 

 

Boeing Co., 2.600%, due 10/30/2025 (2)

 

 

150,000

 

142,197

 

 

 

 

 

 

 

 

Beverages - 1.06%

 

 

 

 

 

 

Keurig Dr. Pepper, Inc., 3.130%, due 12/15/2023 (2)

 

 

100,000

 

100,268

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 0.48%

 

 

 

 

 

Murphy Oil Corp., 6.875%, due 08/15/2024 (2)

 

 

45,000

 

45,338

 

 

 

 

 

 

 

 

Electric Services - 1.55%

 

 

 

 

 

Southern California Edison Co. Series E, 5.48% (3-month US Libor + 4.199%, to 04/18/2022 (a) (b) (2)

100,000

 

100,154

Southern Co., 2.950%, due 07/01/2023 (2)

 

 

50,000

 

47,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

147,659

 

 

 

 

 

 

 

 

Electronic & Other Electrical Equipment (No Computer Equipment) - 0.74%

 

 

 

 

General Electric Co. Series A, 4.000%, to 06/15/2022 (a) (b) (2)

 

 

100,000

 

70,150

 

 

 

 

 

 

 

 

Financial Services - 1.46%

 

 

 

 

 

General Motors Financial Company, Inc. Series C, 5.70%, to 09/30/2030 (a) (b) (2)

 

150,000

 

139,080

 

 

 

 

 

 

 

 

General Building Contractors - Residential Buildings - 1.59%

 

 

 

 

 

Lennar Corp., 4.750%, due 11/29/2027 (2)

 

 

100,000

 

100,589

Lennar Corp., 4.875%, due 12/15/2023 (2)

 

 

50,000

 

50,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

151,492

 

 

 

 

 

 

 

 

Healthcare Providers & Services - 0.53%

 

 

 

 

 

CommonSpirit Health, 2.950%, due 11/01/2022 (2)

 

 

50,000

 

50,185

 

 

 

 

 

 

 

 

Hotels and Motels - 1.07%

 

 

 

 

 

Marriott International, Inc., 4.15%, due 12/01/2023 (2)

 

 

100,000

 

101,316

 

 

 

 

 

 

 

 

Investment Advice - 2.11%

 

 

 

 

 

Affiliated Managers Group, Inc., 3.5.0%, due 08/01/2025 (2)

 

 

200,000

 

200,225

 

 

 

 

 

 

 

 

National Commercial Banks - 12.33%

 

 

 

 

 

Banc of California, Inc., 5.250%, due 04/15/2025 (2)

 

 

200,000

 

201,437

CenterState Bank Corp., 5.750%, to 06/01/2025 (a) (2)

 

 

10,000

 

10,343

Citigroup, Inc. Series B, 5.900%, to 02/15/2023 (a) (b) (2)

 

 

100,000

 

99,514

JPMorgan & Chase Co. Series B, 0.81657%, due 2/01/27 (3-month US Libor + .50%) FRN

 

150,000

 

141,061

JPMorgan Chase & Co. Series CC, 4.625%, to 11/01/2022 (a) (b) (2)

 

 

150,000

 

138,726

Mellon Capital IV Series 1, 4.00%, to 06/20/22 (3-month US Libor + 0.565%) (b) (2)(4)

 

200,000

 

152,000

Old National Bancorp, 4.125%, due 08/15/2024 (2)

 

 

100,000

 

100,916

Truist Financial Corp. Series M, 5.125%, to 12/15/2027 (a) (b) (2)

 

 

100,000

 

89,009

Truist Financial Corp. Series Q, 5.100%, to  03/01/2030 (2)

 

 

75,000

 

72,375

U.S. Bancorp, 3.700%, 01/15/2027 (a) (b) (2)

 

 

200,000

 

165,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,171,264

 

 

 

 

 

 

 

 

Natural Gas Distribution - 0.54%

 

 

 

 

 

National Fuel Gas Co., 5.200%, due 07/15/2025 (2)

 

 

50,000

 

51,261

 

 

 

 

 

 

 

 

Personal Credit Institutions - 2.46%

 

 

 

 

 

Discover Financial Services Series D, 6.125%, to 06/23/2025 (a) (b) (2)

 

100,000

 

100,500

OneMain Finance Corp., 3.500%, due 01/15/2027 (2)

 

 

150,000

 

133,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

233,963

 

 

 

 

 

 

 

 

Pharmaceutical Preparations - 0.53%

 

 

 

 

 

AbbVie, Inc., 2.900%, due 11/06/2022 (2)

 

 

50,000

 

50,100

 

 

 

 

 

 

 

 

Property & Casualty Insurance - 1.66%

 

 

 

 

 

Finial Holdings, 7.125%, due 10/15/2023 (2)

 

 

150,000

 

157,764

 

 

 

 

 

 

 

 

Real Estate Investment Trusts - 1.06%

 

 

 

 

 

Ready Capital Corp., 5.750%, due 02/15/2026

 

 

4,000

 

100,600

 

 

 

 

 

 

 

 

Retail-Department Store - 0.41%

 

 

 

 

 

Dillards, Inc., 7.750%, due 07/15/2026 (2)

 

 

35,000

 

38,556

 

 

 

 

 

 

 

 

Retail-Drug Stores & Proprietary Stores - 2.00%

 

 

 

 

 

CVS Health Corp., 2.750%, due 12/01/2022 (2)

 

 

190,000

 

190,360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

190,360

 

 

 

 

 

 

 

 

Rubber & Plastics Footwear - 1.58%

 

 

 

 

 

Nike, Inc., 2.250%, due 05/01/2023 (2)

 

 

150,000

 

150,037

 

 

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 2.57%

 

 

 

 

 

Capital Southwest Corp., 3.375%, due 10/01/2026 (2)

 

 

100,000

 

92,531

The Charles Schwab Corp. Series G, 5.375%, to 06/01/2025 (a) (b) (2)

 

150,000

 

151,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

244,040

 

 

 

 

 

 

 

 

Services-Equipment Rental & Leasing - 2.50%

 

 

 

 

 

Air Lease Corp., 3.625%, due 12/01/2027 (2)

 

 

100,000

 

93,865

United Rentals, Inc., 3.875%, due 11/15/2027 (2)

 

 

150,000

 

143,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

237,829

 

 

 

 

 

 

 

 

Services-Prepackaged Software - 2.08%

 

 

 

 

 

NortonLifelock, Inc., 3.950%, due 06/15/2022 (2)

 

 

50,000

 

50,000

VMWare, Inc., 3.900%, due 08/21/2027 (2)

 

 

150,000

 

147,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

197,847

 

 

 

 

 

 

 

 

State Commercial Banks - 5.67%

 

 

 

 

 

Ally Financial, Inc. Series B, 4.700%, to 05/15/2026 (a) (b) (2)

 

 

150,000

 

126,572

Eagle Bancorp, Inc., 5.750%, due 09/01/2024 (2)

 

 

150,000

 

154,704

Fifth Third Bancorp Series L, 4.500%, to 09/30/2025 (a) (b) (2)

 

 

150,000

 

143,261

SVB Financial Group, 4.100%, to 02/15/2031 (a) (b) (2)

 

 

150,000

 

113,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

538,492

 

 

 

 

 

 

 

 

Telephone Communications (No Radio Telephone) - 0.59%

 

 

 

 

 

Indiana Bell Tel Co., Inc., 7.300%, due 08/15/2026 (2)

 

 

50,000

 

56,084

 

 

 

 

 

 

 

 

Television Broadcasting Stations - 0.60%

 

 

 

 

 

CBS Broadcasting, Inc., 7.125%, due 11/01/2023 (2)

 

 

54,000

 

56,816

 

 

 

 

 

 

 

 

Wholesale-Groceries & Related Products - 1.79%

 

 

 

 

 

Sysco Corp., 6.500%, due 08/01/2028 (2)

 

 

152,000

 

170,061

 

 

 

 

 

 

 

 

Total Corporate Bonds

 

 

 

(Cost $            5,627,726)

 

5,263,940

 

 

 

 

 

 

 

 

Exchange-Traded Funds - 0.37% (3)

 

 

 

 

 

 

 

 

iShares US Preferred Stock ETF

 

 

1,000

 

34,750

 

 

 

 

 

 

 

 

Total Exchange-Traded Funds

 

 

(Cost $                 37,982)

 

34,750

 

 

 

 

 

 

 

 

Municipal Bonds - 26.43%(2) (5)

 

 

 

 

 

 

 

 

Arizona - 0.59%

 

 

 

 

 

 

City of Phoenix, AZ, 2.717%, due 07/01/2022 (2)

 

 

40,000

 

40,046

Maricopa County School District No. 66 Roosevelt Elementary 6.243%, due 07/01/2026 (2)

 

15,000

 

15,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56,025

 

 

 

 

 

 

 

 

California - 1.62%

 

 

 

 

 

 

Sacramento, CA Pension Oblg. Series A, 6.420%, due 08/01/2023 (2)

 

 

50,000

 

52,255

Sacramento Cnty., CA Pension Oblg., 6.625%, due 08/01/2024 (2)

 

 

95,000

 

102,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

154,270

 

 

 

 

 

 

 

 

Connecticut - 0.22%

 

 

 

 

 

 

Stratford CT Taxable, 5.750%, due 08/15/2030 (2)

 

 

20,000

 

20,802

 

 

 

 

 

 

 

 

Florida - 1.49%

 

 

 

 

 

 

North Miami Beach, FL, Water Revenue Series B, 2.311%, due 08/01/2027 (2)

 

150,000

 

141,336

 

 

 

 

 

 

 

 

Georgia - 0.56%

 

 

 

 

 

 

Georgia Local Government, 4.750%, due 06/01/2028 (2)

 

 

50,000

 

53,451

 

 

 

 

 

 

 

 

Illinois - 1.05%

 

 

 

 

 

 

Eastern IL University Build America Bond, 5.900%, due 04/01/2023 (2)

 

45,000

 

44,884

Rosemont, IL Ref Bds Series A, 5.375%, due 12/01/2025 (2)

 

 

15,000

 

16,009

State of Illinois, 4.950%, due 06/01/2023 (2)

 

 

38,182

 

38,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99,476

 

 

 

 

 

 

 

 

Indiana - 5.37%

 

 

 

 

 

 

Beech Grove, IN Sch Bldg. Corp., 2.850%, due 07/05/2025 (2)

 

 

140,000

 

138,667

Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 07/15/2026 (2)

 

165,000

 

165,381

Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 07/15/2027 (2)

 

100,000

 

100,266

Merrillville, IN, Multi Sch Bldg. Corp., Series B, 3.860%, due 07/15/2023 (2)

 

40,000

 

40,276

Mt. Vernon of Hancock County Multi-School Bldg. Corp., 5.280%, due 07/15/2029 (2)

 

40,000

 

40,190

Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, due 02/01/2026 (2)

25,000

 

24,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

509,703

 

 

 

 

 

 

 

 

Maryland - 1.14%

 

 

 

 

 

 

Baltimore MD, Brd of Sch Commissioners City Schs Revenue, 5.692%, due 12/15/25 (2)

 

100,000

 

108,045

 

 

 

 

 

 

 

 

Michigan - 2.09%

 

 

 

 

 

 

Michigan State Taxable School Loan Series A, 3.200%, due 05/15/2027 (2)

 

200,000

 

198,930

 

 

 

 

 

 

 

 

Missouri - 0.21%

 

 

 

 

 

 

Kansas City, MO Taxable Gen Obl Series B, 5.050%, due 02/01/2023 (2)

 

20,000

 

20,038

 

 

 

 

 

 

 

 

New York - 4.89%

 

 

 

 

 

 

City of New York, NY, 1.980%, due 08/01/2023 (2)

 

 

150,000

 

148,783

New York St Dorm Auth Revenues, 1.085%, 07/01/2022 (2)

 

 

200,000

 

190,782

Schenectady, NY Metroplex Development Authority Revenue Taxable Ref, 2.250%, due 08/01/2023 (2)

125,000

 

124,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

464,248

 

 

 

 

 

 

 

 

Ohio - 3.10%

 

 

 

 

 

 

Avon, OH, General Obligations Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, due 12/01/2025 (2)

100,000

 

92,410

Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/01/2025 (2)

 

 

60,000

 

64,564

Cleveland, OH Income Tax Revenue Build America Bonds, 6.060%, due 10/01/2026 (2)

 

20,000

 

21,133

JobsOhio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 01/01/2028 (2)

125,000

 

116,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

294,163

 

 

 

 

 

 

 

 

Oklahoma - 0.22%

 

 

 

 

 

 

Garfield County, OK, 6.000%, due 09/01/2024 (2)

 

 

20,000

 

20,545

 

 

 

 

 

 

 

 

Oregon - 0.28%

 

 

 

 

 

 

Oregon State Sch Brds Assn Pension, Series B, 5.450%, due 06/30/2024 (2)

 

25,000

 

26,226

 

 

 

 

 

 

 

 

Pennsylvania - 1.94%

 

 

 

 

 

 

East Norriton & Plymouth PA, Jt Swr Auth, 1.832%, due 8/01/28 (2)

 

 

200,000

 

183,874

 

 

 

 

 

 

 

 

Texas - 1.47%

 

 

 

 

 

 

Austin, TX Electric Utility System Revenue Taxable Series A, 2.524%, due 11/15/2023 (2)

 

20,000

 

19,931

City of Irving, TX, 5.657%, due 08/15/2023 (2)

 

 

25,000

 

25,157

North Texas Tollway Authority, 8.410%, due 02/01/2030 (2)

 

 

50,000

 

59,735

Texas St. Taxable Refunding Public Finance Authority Series C, 2.531%, due 10/01/2023 (2)

 

35,000

 

35,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

139,884

 

 

 

 

 

 

 

 

Wisconsin - 0.21%

 

 

 

 

 

 

Public Finance Authority, WI, 5.750%, due 06/01/2023 (2)

 

 

20,000

 

19,973

 

 

 

 

 

 

 

 

Total Municipal Bonds

 

 

 

(Cost $           2,598,761)

 

2,510,989

 

 

 

 

 

 

 

 

Preferred Securities - 7.05%

 

 

 

 

 

 

 

 

Asset Management - 0.79%

 

 

 

 

 

B Riley Financial, Inc., 6.50%, due 09/30/2026

 

 

3,000

 

74,850

 

 

 

 

 

 

 

 

National Commercial Banks - 5.20%

 

 

 

 

 

BAC Capital Trust XIII Series F, 4.000% (3-month Libor + 0.40%) (b) (2)(4)

 

100,000

 

75,000

Huntington Bancshares, Inc. Series E, 5.700%, to 04/15/2023 (a) (b)(2)

 

1,500,000

 

139,408

Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/2027 (a) (b)(2)

 

150,000

 

137,918

PNC Capital Trust C, 1.093000%, due 06/01/2028 (3-month Libor + 0.57%) FRN (2)

 

150,000

 

142,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

494,380

 

 

 

 

 

 

 

 

State Commercial Banks - 1.05%

 

 

 

 

 

Medallion Bank Utah Series F, 8.000%, to 04/01/2025 (a) (b)

 

 

4,000

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Preferred Securities

 

 

(Cost $              723,487)

 

669,230

 

 

 

 

 

 

 

 

Structured Note - 3.88% (2)(5)

 

 

 

 

 

Shares

 

Value

National Commercial Banks - 0.99%

 

 

 

 

 

Key Corp., 1.706860%, due 07/01/2028 (3-month US Libor + 0.74%) FRN (2)

 

100,000

 

93,902

 

 

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 2.89%

 

 

 

 

 

Goldman Sachs Group, Inc. Series MTN, 0.358050%, Capped at 10% (2) (4) (maturity date: 12/13/2028)

100,000

 

78,616

Goldman Sachs Group, Inc., 0.48025%, Capped at 10% (2)(4) (maturity date: 11/13/2028)

 

120,000

 

93,660

Morgan Stanley, Series MTN, 1.528000%, due 08/19/2028 Capped at 10% (2)(4)

 

114,000

 

82,080

Morgan Stanley, Series MTN,  1.685000%, due 08/30/2028 Capped at 12% (2)(4)

 

25,000

 

20,451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

274,807

 

 

 

 

 

 

 

 

Total Structured Note

 

 

 

(Cost $                442,782)

 

368,709

 

 

 

 

 

 

 

 

Money Market Registered Investment Companies - 5.98%

 

 

 

 

 

 

 

 

Federated Treasury Obligation Fund - Institutional Shares 0.66% (4)

 

 

568,375

 

568,375

 

 

 

 

 

 

 

 

Total Money Market Registered Investment Companies

 

 

(Cost $                568,375)

 

568,375

 

 

 

 

 

 

 

 

Total Investments - 99.12%

 

 

(Cost $           9,999,113)

 

9,415,993

 

 

 

 

 

 

 

 

Other Assets less Liabilities - .88%

 

 

 

 

83,145

 

 

 

 

 

 

 

 

Total Net Assets - 100.00%

 

 

 

 

9,499,138

 

 

 

 

(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, 2022 in valuing the Fund's assets carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in

 

Other Financial

Valuation Inputs

 

 

 

Securities

 

Instruments

Level 1 - Quoted Prices

 

 

$

777,975

$

-

Level 2 - Other Significant Observable Inputs

 

 

8,638,018

 

-

Level 3 - Significant Unobservable Inputs

 

 

-

 

-

Total

 

 

 

$

9,415,993

$

-

 

 

 

 

 

 

 

 

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) Exchange Traded Funds.

 

 

 

 

 

(4) Variable rate security; the coupon rate shown represents the yield at May 31, 2022.

(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. 

 

 

FRN - Floating Rate Note is a debt instrument whose coupon rate is variable and it tied to a benchmark rate such as LIBOR or the US Treasury Bill rate.

 

 

3-month is the period where it is a fixed period of 3 months a lender will lend at that cost.

 

 

 

 






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