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
      2021-11-30
      N
    
    
      10477276.53
      14474.01
      10462802.53
      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
      44.45
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        AbbVie, Inc.
        FR5LCKFTG8054YNNRU85
        AbbVie, Inc., 2.900%, due 11/06/2022
        00287YAL3
        
          
        
        50000.00
        PA
        USD
        51003.74
        0.49
        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., 3.50%, 08/01/2025
        008252AN8
        
          
        
        200000.00
        PA
        USD
        213713.00
        2.04
        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 12/01/2027
        00912XAY0
        
          
        
        100000.00
        PA
        USD
        105371.46
        1.01
        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 05/15/2026
        02005NBM1
        
          
        
        150000.00
        PA
        USD
        154687.50
        1.48
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-15
          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 01/15/2023
        02377UAB0
        
          
        
        41007.37
        PA
        USD
        42037.11
        0.40
        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 11/15/2023
        052414RP6
        
          
        
        20000.00
        PA
        USD
        20733.60
        0.20
        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 12/01/2025
        054213C27
        
          
        
        100000.00
        PA
        USD
        98040.00
        0.94
        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 09/30/2026
        05580M801
        
          
        
        3000.00
        NS
        USD
        79320.00
        0.76
        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
        97749.25
        0.93
        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 Board of School Commissioners City Schools Revenue, 5.692%, due 12/15/2025
        183596CY9
        
          
        
        100000.00
        PA
        USD
        117096.00
        1.12
        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 04/15/2025
        05990KAC0
        
          
        
        200000.00
        PA
        USD
        209068.96
        2.00
        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 07/05/2025
        076725DK3
        
          
        
        140000.00
        PA
        USD
        146713.00
        1.40
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-05
          Fixed
          2.85
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Block Financial LLC
        N/A
        Block Financial LLC, 5.500%, due 11/01/2022
        093662AE4
        
          
        
        225000.00
        PA
        USD
        229162.09
        2.19
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-01
          Fixed
          5.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bloom & Carroll Local School District
        N/A
        Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/01/2025
        093707ET0
        
          
        
        60000.00
        PA
        USD
        69514.20
        0.66
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-01
          Fixed
          5.80
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boeing Co.
        RVHJWBXLJ1RFUBSY1F30
        Boeing Co., 2.600%, due 10/30/2025
        097023BP9
        
          
        
        150000.00
        PA
        USD
        153348.87
        1.47
        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 11/01/2023
        124845AF5
        
          
        
        54000.00
        PA
        USD
        59518.23
        0.57
        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. Series 7YR, 3.500%, due 07/20/2022
        126650CK4
        
          
        
        200000.00
        PA
        USD
        202774.58
        1.94
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-07-20
          Fixed
          3.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVS Health Corp.
        549300EJG376EN5NQE29
        CVS Health Corp., 2.750%, due 12/01/2022
        126650BZ2
        
          
        
        190000.00
        PA
        USD
        192882.35
        1.84
        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 10/01/2026
        140501AC1
        
          
        
        100000.00
        PA
        USD
        100500.01
        0.96
        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 06/01/2025
        15201PAA7
        
          
        
        10000.00
        PA
        USD
        10977.55
        0.10
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Variable
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup, Inc.
        6SHGI4ZSSLCXXQSBB395
        Citigroup, Inc. Series B, 5.900%, to 02/15/2023
        172967GF2
        
          
        
        100000.00
        PA
        USD
        102625.00
        0.98
        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 08/15/2023
        463805BL4
        
          
        
        25000.00
        PA
        USD
        25944.75
        0.25
        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 08/01/2023
        64966MEE5
        
          
        
        150000.00
        PA
        USD
        153148.50
        1.46
        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 07/01/2022
        718814J56
        
          
        
        40000.00
        PA
        USD
        40581.60
        0.39
        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 10/01/2026
        186387EM4
        
          
        
        20000.00
        PA
        USD
        22317.80
        0.21
        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 11/01/2022
        14916RAC8
        
          
        
        50000.00
        PA
        USD
        50974.42
        0.49
        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 07/15/2026
        254063AU4
        
          
        
        35000.00
        PA
        USD
        41294.61
        0.39
        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 06/23/2025
        254709AQ1
        
          
        
        100000.00
        PA
        USD
        110080.00
        1.05
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-23
          Variable
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EBay, Inc.
        OML71K8X303XQONU6T67
        EBay, Inc., 2.600%, due 07/15/2022
        278642AE3
        
          
        
        80000.00
        PA
        USD
        80639.64
        0.77
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-07-15
          Fixed
          2.60
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eagle Bancorp, Inc.
        549300B47NZODRMG3D47
        Eagle Bancorp, Inc., 5.750%, due 09/01/2024
        268948AA4
        
          
        
        150000.00
        PA
        USD
        161201.15
        1.54
        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 Whitpain Joint Sewer Authority, 1.832%, due 08/01/2028
        274029GM3
        
          
        
        200000.00
        PA
        USD
        200974.00
        1.92
        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 04/01/2023
        276509CA2
        
          
        
        45000.00
        PA
        USD
        45048.15
        0.43
        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 07/15/2026
        299620ED2
        
          
        
        165000.00
        PA
        USD
        165612.15
        1.58
        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 07/15/2027
        299620EE0
        
          
        
        100000.00
        PA
        USD
        100398.00
        0.96
        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
        
          
        
        128137.57
        NS
        USD
        128137.57
        1.22
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fifth Third Bancorp
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp Series L, 4.500%, to 09/30/2025
        316773DB3
        
          
        
        150000.00
        PA
        USD
        159000.00
        1.52
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-30
          Variable
          4.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zurich Reinsurance Centre Holdings, Inc.
        N/A
        Finial Holdings, Inc., 7.125%, due 10/15/2023
        989822AA9
        
          
        
        150000.00
        PA
        USD
        166994.51
        1.60
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-10-15
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Foot Locker, Inc.
        549300X383CBNP6MTV94
        Foot Locker, Inc., 8.500%, due 01/15/2022
        980883AC6
        
          
        
        150000.00
        PA
        USD
        150750.00
        1.44
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-01-15
          Fixed
          8.50
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Credit Co. LLC
        UDSQCVRUX5BONN0VY111
        Ford Motor Credit Co. LLC. Series NOTZ, 4.200%, due 02/20/2027
        34540TPH9
        
          
        
        100000.00
        PA
        USD
        99805.11
        0.95
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-20
          Fixed
          4.20
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Garfield Educational Facilities Authority
        N/A
        Garfield County, OK, 6.000%, due 09/01/2024
        365716AP4
        
          
        
        20000.00
        PA
        USD
        21415.80
        0.20
        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 06/15/2022
        369604BM4
        
          
        
        100000.00
        PA
        USD
        88875.00
        0.85
        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 09/30/2030
        37045XDB9
        
          
        
        150000.00
        PA
        USD
        169875.00
        1.62
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-09-30
          Variable
          5.70
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Georgia Local Govt.
        N/A
        Georgia Loc. Govt., 4.750%, due 06/01/2028
        373271AA3
        
          
        
        50000.00
        PA
        USD
        56304.00
        0.54
        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, 3.71535%, 12/13/2028
        38147Q2A3
        
          
        
        100000.00
        PA
        USD
        89604.00
        0.86
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-12-13
          Variable
          3.72
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Group, Inc.
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc., 1.734%, 11/13/2028
        38147QK21
        
          
        
        120000.00
        PA
        USD
        115350.00
        1.10
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-11-13
          Variable
          1.73
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Home Bancshares, Inc.
        N/A
        Home Bancshares, Inc., 5.625%, to 04/15/2022
        436893AA9
        
          
        
        100000.00
        PA
        USD
        101441.44
        0.97
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-04-15
          Variable
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Huntington Bancshares, Inc.
        549300XTVCVV9I7B5T19
        Huntington Bancshares, Inc. Series E, 5.700%, to 04/15/2023
        446150AL8
        
          
        
        150000.00
        PA
        USD
        151875.00
        1.45
        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 10/15/2027
        446150AV6
        
          
        
        150000.00
        PA
        USD
        159750.00
        1.53
        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 08/15/2026
        454614AK4
        
          
        
        50000.00
        PA
        USD
        60620.00
        0.58
        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, 0.63163%, due 02/01/2027 (3-month US Libor + 0.500%)
        161480AB4
        
          
        
        150000.00
        PA
        USD
        146059.92
        1.40
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-01
          Variable
          0.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co. Series CC, 4.625%, to 11/01/2022
        48128BAD3
        
          
        
        150000.00
        PA
        USD
        148875.00
        1.42
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-01
          Variable
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co., Series Z, 3.93163%, due 02/01/2027 (3-month US Libor + 3.80%)
        46625HKK5
        
          
        
        150000.00
        PA
        USD
        150420.00
        1.44
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-01
          Variable
          3.93
          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 01/01/2028
        47770VBH2
        
          
        
        125000.00
        PA
        USD
        129848.75
        1.24
        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 02/01/2023
        484873JG0
        
          
        
        20000.00
        PA
        USD
        20063.60
        0.19
        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 12/15/2023
        26138EAW9
        
          
        
        100000.00
        PA
        USD
        104268.74
        1.00
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-12-15
          Fixed
          3.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Key Corp.
        N/A
        Key Corp., 0.87088%, due 07/01/2028 (3-month US Libor + 0.74%)
        49326MAA3
        
          
        
        100000.00
        PA
        USD
        96452.15
        0.92
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-01
          Variable
          0.87
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lake Station, IN, Multi School
        N/A
        Lake Station, IN, Multi Sch Bldg. Corp., Series B, 4.000%, due 07/15/2022
        51084TAA6
        
          
        
        50000.00
        PA
        USD
        50218.00
        0.48
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-07-15
          Fixed
          4.00
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lennar Corp.
        529900G61XVRLX5TJX09
        Lennar Corp., 4.750%, due 11/29/2027
        526057CD4
        
          
        
        100000.00
        PA
        USD
        113649.00
        1.09
        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 12/15/2023
        526057BW3
        
          
        
        50000.00
        PA
        USD
        53201.50
        0.51
        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 07/01/2026
        567337QV5
        
          
        
        15000.00
        PA
        USD
        16894.95
        0.16
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-01
          Fixed
          6.24
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medallion Bank
        N/A
        Medallion Bank Utah Series F, 8.000%, to 04/01/2025
        58403B205
        
          
        
        4000.00
        NS
        USD
        108000.00
        1.03
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mellon Capital IV
        N/A
        Mellon Capital IV Series 1, 4.00%, to 11/08/21 (3-month US Libor + 0.565%)
        58551TAA5
        
          
        
        200000.00
        PA
        USD
        198198.41
        1.89
        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 07/15/2023
        590252PG1
        
          
        
        50000.00
        PA
        USD
        51278.50
        0.49
        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 05/15/2027
        594612BD4
        
          
        
        200000.00
        PA
        USD
        207828.00
        1.99
        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, 6.75%, due 08/30/2028
        61760QDF8
        
          
        
        25000.00
        PA
        USD
        23661.00
        0.23
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-30
          Variable
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley, Series MTN, 5.244%, due 08/19/2028
        61760QDA9
        
          
        
        114000.00
        PA
        USD
        109440.00
        1.05
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-19
          Variable
          5.24
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mount Vernon of Hancock
        N/A
        Mt. Vernon of Hancock County Multi-School Bldg. Corp., 5.280%, due 07/15/2029
        623619FP3
        
          
        
        40000.00
        PA
        USD
        41231.60
        0.39
        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 08/15/2024
        626717AH5
        
          
        
        73000.00
        PA
        USD
        73912.50
        0.71
        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 07/15/2025
        636180BM2
        
          
        
        50000.00
        PA
        USD
        54937.84
        0.53
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          5.20
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nike, Inc.
        787RXPR0UX0O0XUXPZ81
        Nike, Inc., 2.250%, due 05/01/2023
        654106AC7
        
          
        
        150000.00
        PA
        USD
        153015.89
        1.46
        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 08/01/2027
        661046BY7
        
          
        
        150000.00
        PA
        USD
        154369.50
        1.48
        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 02/01/2030
        66285WFT8
        
          
        
        50000.00
        PA
        USD
        65470.00
        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 06/15/2022
        871503AK4
        
          
        
        50000.00
        PA
        USD
        50000.00
        0.48
        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 08/15/2024
        680033AC1
        
          
        
        100000.00
        PA
        USD
        106437.87
        1.02
        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 01/15/2027
        682691AB6
        
          
        
        150000.00
        PA
        USD
        144750.00
        1.38
        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 06/30/2024
        686053CQ0
        
          
        
        25000.00
        PA
        USD
        27890.50
        0.27
        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, 0.68988%, due 06/01/2028 (3-month Libor + 0.57%)
        69349AAA0
        
          
        
        150000.00
        PA
        USD
        145554.39
        1.39
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-01
          Variable
          0.69
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PPL Energy Supply LLC
        K5K33XN0PQAU1XF7NN66
        PPL Energy Supply LLC., 4.600%, due 12/15/2021
        69352JAN7
        
          
        
        100000.00
        PA
        USD
        93638.00
        0.89
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2021-12-15
          Fixed
          4.60
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Public Finance Authority
        5493004S6D3NA627K012
        Public Finance Authority, WI, 5.750%, due 06/01/2023
        74442HAD5
        
          
        
        25000.00
        PA
        USD
        25173.25
        0.24
        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 02/15/2026
        75574U606
        
          
        
        4000.00
        NS
        USD
        102000.00
        0.97
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reeves County Tax CTFS Partnership
        N/A
        Reeves Cnty., TX Cops Taxable - Lease Rentals, 6.375%, due 12/01/2021
        758582CL2
        
          
        
        22288.33
        PA
        USD
        22288.33
        0.21
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2021-12-01
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Village of Rosemont, Illinois
        5493007BOTZDVXZYCM52
        Rosemont, IL Ref Bds Series A, 5.375%, due 12/01/2025
        777543QK8
        
          
        
        15000.00
        PA
        USD
        17271.15
        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 02/15/2031
        78486QAG6
        
          
        
        150000.00
        PA
        USD
        146625.00
        1.40
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-02-15
          Fixed
          4.10
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Sacramento
        549300OXI5MD45L13R20
        Sacramento Cnty., CA Pension Oblg., 6.625%, due 08/01/2024
        786091AF5
        
          
        
        95000.00
        PA
        USD
        108426.35
        1.04
        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 08/01/2023
        786056BB6
        
          
        
        50000.00
        PA
        USD
        54601.00
        0.52
        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 08/01/2023
        80647NFC9
        
          
        
        125000.00
        PA
        USD
        127782.50
        1.22
        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, 6.250%, to 02/01/2022
        842400FU2
        
          
        
        50000.00
        PA
        USD
        50109.72
        0.48
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-02-01
          Variable
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southern Co.
        549300FC3G3YU2FBZD92
        Southern Co., 2.950%, due 07/01/2023
        842587CU9
        
          
        
        100000.00
        PA
        USD
        102688.81
        0.98
        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 05/04/2025
        844741BJ6
        
          
        
        150000.00
        PA
        USD
        166713.66
        1.59
        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 06/01/2023
        452151LE1
        
          
        
        38181.82
        PA
        USD
        39936.27
        0.38
        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 08/15/2030
        8628114A1
        
          
        
        20000.00
        PA
        USD
        21748.60
        0.21
        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 08/01/2028
        871829AF4
        
          
        
        152000.00
        PA
        USD
        190897.51
        1.82
        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 10/01/2023
        882723A74
        
          
        
        35000.00
        PA
        USD
        36234.10
        0.35
        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 06/01/2025
        808513BD6
        
          
        
        150000.00
        PA
        USD
        162240.00
        1.55
        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 12/15/2027
        89832QAC3
        
          
        
        100000.00
        PA
        USD
        106740.00
        1.02
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-15
          Variable
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. Bancorp
        N1GZ7BBF3NP8GI976H15
        U.S. Bancorp, 3.70%, 01/15/2027
        902973BC9
        
          
        
        200000.00
        PA
        USD
        195500.00
        1.87
        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 11/15/2027
        911365BM5
        
          
        
        150000.00
        PA
        USD
        155625.00
        1.49
        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 03/15/2024
        91529YAK2
        
          
        
        75000.00
        PA
        USD
        79435.56
        0.76
        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 08/21/2027
        928563AC9
        
          
        
        150000.00
        PA
        USD
        163531.95
        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 02/01/2026
        93638TBL4
        
          
        
        25000.00
        PA
        USD
        25073.50
        0.24
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-02-01
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iShares Trust
        5493000860OXIC4B5K91
        iShares US Preferred Stock ETF
        464288687
        
          
        
        1000.00
        NS
        USD
        38410.00
        0.37
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-11-30
      Archer Investment Series Trust
      /s/ Troy C. Patton
      Troy C. Patton
      President
    
  
  XXXX
NPORT-EX




Schedule of Investments

November 30, 2021 (unaudited)

Archer Income Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares or Principal

 

 

Security Description

 

 

Amount ($)

 

Fair Value ($)(1)

 

 

 

 

 

 

Corporate Bonds - 61.96% (5)

 

 

 

 

 

 

 

 

Accident & Health Insurance - 0.76%

 

 

 

 

 

Unum Group, 4.000%, due 03/15/2024

 

 

75,000

 

79,436

 

 

 

 

 

 

 

 

Air Transportation, Scheduled - 2.00%

 

 

 

 

 

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

 

41,007

 

42,037

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

 

 

150,000

 

166,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

208,751

 

 

 

 

 

 

 

 

Aircraft - 1.47%

 

 

 

 

 

 

Boeing Co., 2.600%, due 10/30/2025

 

 

150,000

 

153,349

 

 

 

 

 

 

 

 

Beverages - 1.00%

 

 

 

 

 

 

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

 

 

100,000

 

104,269

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 0.71%

 

 

 

 

 

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

 

 

73,000

 

73,912

 

 

 

 

 

 

 

 

Electric & Other Services Combined - 0.89%

 

 

 

 

 

PPL Energy Supply LLC., 4.600%, due 12/15/2021

 

 

100,000

 

93,638

 

 

 

 

 

 

 

 

Electric Services - 1.46%

 

 

 

 

 

Southern California Edison Co. Series E, 6.250%, to 02/01/2022 (a) (b)

 

50,000

 

50,110

Southern Co., 2.950%, due 07/01/2023

 

 

100,000

 

102,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

152,799

 

 

 

 

 

 

 

 

Electronic & Other Electrical Equipment (No Computer Equipment) - 0.85%

 

 

 

 

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

 

 

100,000

 

88,875

 

 

 

 

 

 

 

 

Financial Services - 1.62%

 

 

 

 

 

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

 

150,000

 

169,875

 

 

 

 

 

 

 

 

General Building Contractors - Residential Buildings - 1.59%

 

 

 

 

 

Lennar Corp., 4.750%, due 11/29/2027

 

 

100,000

 

113,649

Lennar Corp., 4.875%, due 12/15/2023

 

 

50,000

 

53,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

166,850

 

 

 

 

 

 

 

 

Healthcare Providers & Services - 0.49%

 

 

 

 

 

CommonSpirit Health, 2.950%, due 11/01/2022

 

 

50,000

 

50,974

 

 

 

 

 

 

 

 

Investment Advice - 2.04%

 

 

 

 

 

Affiliated Managers Group, Inc., 3.50%, 08/01/2025

 

 

200,000

 

213,713

 

 

 

 

 

 

 

 

Miscellaneous Business Credit Institution - 0.95%

 

 

 

 

 

Ford Motor Credit Co. LLC. Series NOTZ, 4.200%, due 02/20/2027

 

 

100,000

 

99,805

 

 

 

 

 

 

 

 

National Commercial Banks - 13.14%

 

 

 

 

 

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

 

 

200,000

 

209,069

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

 

 

10,000

 

10,978

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

 

 

100,000

 

102,625

JPMorgan & Chase Co. Series B, 0.63163%, due 02/01/2027 (3-month US Libor + 0.500%) FRN

150,000

 

146,060

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

 

 

150,000

 

148,875

JPMorgan Chase & Co., Series Z, 3.93163%, due 02/01/2027 (3-month US Libor + 3.80%) (b) (4)

150,000

 

150,420

Mellon Capital IV Series 1, 4.00%, to 11/08/21 (3-month US Libor + 0.565%) (b) (4)

 

200,000

 

198,198

Old National Bancorp, 4.125%, due 08/15/2024

 

 

100,000

 

106,438

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

 

 

100,000

 

106,740

U.S. Bancorp, 3.70%, 01/15/2027 (a) (b)

 

 

200,000

 

195,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,374,903

 

 

 

 

 

 

 

 

Natural Gas Distribution - 0.53%

 

 

 

 

 

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

 

 

50,000

 

54,938

 

 

 

 

 

 

 

 

Other Real Estate Investment Trusts- 0.97%

 

 

 

 

 

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

 

 

4,000

 

102,000

 

 

 

 

 

 

 

 

Personal Credit Institutions - 2.44%

 

 

 

 

 

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

 

 

100,000

 

110,080

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

 

 

150,000

 

144,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

254,830

 

 

 

 

 

 

 

 

Pharmaceutical Preparations - 0.49%

 

 

 

 

 

AbbVie, Inc., 2.900%, due 11/06/2022

 

 

50,000

 

51,004

 

 

 

 

 

 

 

 

Property & Casualty Insurance - 1.60%

 

 

 

 

 

Finial Holdings, Inc., 7.125%, due 10/15/2023 (Switzerland)

 

 

150,000

 

166,995

 

 

 

 

 

 

 

 

Retail-Department Store - 0.39%

 

 

 

 

 

Dillards, Inc., 7.750%, due 07/15/2026

 

 

35,000

 

41,295

 

 

 

 

 

 

 

 

Retail-Drug Stores & Proprietary Stores - 3.78%

 

 

 

 

 

CVS Health Corp. Series 7YR, 3.500%, due 07/20/2022

 

 

200,000

 

202,775

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

 

 

190,000

 

192,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

395,657

 

 

 

 

 

 

 

 

Retail-Shoe Stores - 1.44%

 

 

 

 

 

Foot Locker, Inc., 8.500%, due 01/15/2022

 

 

150,000

 

150,750

 

 

 

 

 

 

 

 

Rubber & Plastics Footwear - 1.46%

 

 

 

 

 

Nike, Inc., 2.250%, due 05/01/2023

 

 

150,000

 

153,016

 

 

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 2.51%

 

 

 

 

 

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

 

 

100,000

 

100,500

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

 

 

150,000

 

162,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

262,740

 

 

 

 

 

 

 

 

Services-Business Services - 0.77%

 

 

 

 

 

EBay, Inc., 2.600%, due 07/15/2022

 

 

80,000

 

80,640

 

 

 

 

 

 

 

 

Services-Equipment Rental & Leasing, NEC - 2.49%

 

 

 

 

 

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

 

 

100,000

 

105,371

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

 

 

150,000

 

155,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

260,996

 

 

 

 

 

 

 

 

Services-Personal Services - 2.19%

 

 

 

 

 

Block Financial LLC, 5.500%, due 11/01/2022

 

 

225,000

 

229,162

 

 

 

 

 

 

 

 

Services-Prepackaged Software - 2.04%

 

 

 

 

 

NortonLifelock, Inc., 3.950%, due 06/15/2022

 

 

50,000

 

50,000

VMWare, Inc., 3.900%, due 08/21/2027

 

 

150,000

 

163,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

213,532

 

 

 

 

 

 

 

 

State Commercial Banks - 6.91%

 

 

 

 

 

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

 

 

150,000

 

154,687

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

 

 

150,000

 

161,201

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

 

 

150,000

 

159,000

Home Bancshares, Inc., 5.625%, to 04/15/2022 (a) (maturity date: 04/15/2027)

 

100,000

 

101,441

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

 

 

150,000

 

146,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

722,954

 

 

 

 

 

 

 

 

Telephone Communications (No Radio Telephone) - 0.58%

 

 

 

 

 

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

 

 

50,000

 

60,620

 

 

 

 

 

 

 

 

Television Broadcasting Stations - 0.57%

 

 

 

 

 

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

 

 

54,000

 

59,518

 

 

 

 

 

 

 

 

Wholesale-Groceries & Related Products - 1.82%

 

 

 

 

 

Sysco Corp., 6.500%, due 08/01/2028

 

 

152,000

 

190,898

 

 

 

 

 

 

 

 

Total Corporate Bonds

 

 

 

(Cost $            6,394,596)

 

6,482,694

 

 

 

 

 

 

 

 

Exchange-Traded Funds - 0.37% (3)

 

 

 

 

 

 

 

 

iShares US Preferred Stock ETF

 

 

1,000

 

38,410

 

 

 

 

 

 

 

 

Total Exchange-Traded Funds

 

 

(Cost $                37,982)

 

38,410

 

 

 

 

 

 

 

 

Municipal Bonds - 24.16% (5)

 

 

 

 

 

 

 

 

Arizona - 0.55%

 

 

 

 

 

 

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

 

 

40,000

 

40,582

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

 

15,000

 

16,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,477

 

 

 

 

 

 

 

 

California - 1.56%

 

 

 

 

 

 

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

 

 

50,000

 

54,601

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

 

 

95,000

 

108,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,027

 

 

 

 

 

 

 

 

Connecticut - 0.21%

 

 

 

 

 

 

Stratford CT Taxable, 5.750%, due 08/15/2030

 

 

20,000

 

21,749

 

 

 

 

 

 

 

 

Florida - 1.48%

 

 

 

 

 

 

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

 

150,000

 

154,369

 

 

 

 

 

 

 

 

Georgia - 0.54%

 

 

 

 

 

 

Georgia Loc. Govt., 4.750%, due 06/01/2028

 

 

50,000

 

56,304

 

 

 

 

 

 

 

 

Illinois - 0.98%

 

 

 

 

 

 

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

 

 

45,000

 

45,048

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

 

 

15,000

 

17,271

State of Illinois, 4.950%, due 06/01/2023

 

 

38,182

 

39,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102,255

 

 

 

 

 

 

 

 

Indiana - 5.55%

 

 

 

 

 

 

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

 

 

140,000

 

146,713

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

 

165,000

 

165,612

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

 

100,000

 

100,398

Lake Station, IN, Multi Sch Bldg. Corp., Series B, 4.000%, due 07/15/2022

 

50,000

 

50,218

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

 

50,000

 

51,279

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

 

40,000

 

41,232

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

25,000

 

25,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

580,525

 

 

 

 

 

 

 

 

Maryland - 1.12%

 

 

 

 

 

 

Baltimore Board of School Commissioners City Schools Revenue, 5.692%, due 12/15/2025

 

100,000

 

117,096

 

 

 

 

 

 

 

 

Michigan - 1.99%

 

 

 

 

 

 

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

 

200,000

 

207,828

 

 

 

 

 

 

 

 

Missouri - 0.19%

 

 

 

 

 

 

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

 

 

20,000

 

20,064

 

 

 

 

 

 

 

 

New York - 2.69%

 

 

 

 

 

 

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

 

 

150,000

 

153,149

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

125,000

 

127,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

280,931

 

 

 

 

 

 

 

 

Ohio - 3.06%

 

 

 

 

 

 

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

100,000

 

98,040

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

 

 

60,000

 

69,514

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

 

20,000

 

22,318

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

125,000

 

129,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

319,721

 

 

 

 

 

 

 

 

Oklahoma - 0.20%

 

 

 

 

 

 

Garfield County, OK, 6.000%, due 09/01/2024

 

 

20,000

 

21,416

 

 

 

 

 

 

 

 

Oregon - 0.27%

 

 

 

 

 

 

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

 

25,000

 

27,890

 

 

 

 

 

 

 

 

Pennsylvania - 1.92%

 

 

 

 

 

 

East Norriton Plymouth Whitpain Joint Sewer Authority, 1.832%, due 08/01/2028

 

200,000

 

200,974

 

 

 

 

 

 

 

 

Texas - 1.63%

 

 

 

 

 

 

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

 

20,000

 

20,734

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

 

 

25,000

 

25,945

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

 

 

50,000

 

65,470

Reeves Cnty., TX Cops Taxable - Lease Rentals, 6.375%, due 12/01/2021

 

22,288

 

22,288

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

35,000

 

36,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

170,671

 

 

 

 

 

 

 

 

Wisconsin - 0.24%

 

 

 

 

 

 

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

 

 

25,000

 

25,173

 

 

 

 

 

 

 

 

Total Municipal Bonds

 

 

 

(Cost $           2,506,225)

 

2,527,470

 

 

 

 

 

 

 

 

Preferred Securities - 7.09%

 

 

 

 

 

 

 

 

Asset Management - 0.76%

 

 

 

 

 

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

 

 

3,000

 

79,320

 

 

 

 

 

 

 

 

National Commercial Banks - 5.30%

 

 

 

 

 

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

 

100,000

 

97,749

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

 

 

150,000

 

151,875

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

 

 

150,000

 

159,750

PNC Capital Trust C, 0.68988%, due 06/01/2028 (3-month Libor + 0.57%) FRN

 

150,000

 

145,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

554,928

 

 

 

 

 

 

 

 

State Commercial Banks - 1.03%

 

 

 

 

 

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

 

 

4,000

 

108,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Preferred Securities

 

 

(Cost $              724,646)

 

742,248

 

 

 

 

 

 

 

 

Structured Note - 4.15% (5)

 

 

 

 

 

Shares

 

Value

National Commercial Banks - 0.92%

 

 

 

 

 

Key Corp., 0.87088%, due 07/01/2028 (3-month US Libor + 0.74%) FRN

 

100,000

 

96,452

 

 

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 3.23%

 

 

 

 

 

Goldman Sachs Group, Inc. Series MTN, 3.71535%, Capped at 10% (4) (maturity date: 12/13/2028)

100,000

 

89,604

Goldman Sachs Group, Inc., 1.734%, Capped at 10% (4) (maturity date: 11/13/2028)

 

120,000

 

115,350

Morgan Stanley, Series MTN, 5.244%, due 08/19/2028 Capped at 10% (4)

 

114,000

 

109,440

Morgan Stanley, Series MTN,  6.75%, due 08/30/2028 Capped at 12% (4)

 

25,000

 

23,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

338,055

 

 

 

 

 

 

 

 

Total Structured Note

 

 

 

(Cost $              441,509)

 

434,507

 

 

 

 

 

 

 

 

Money Market Registered Investment Companies - 1.22%

 

 

 

 

 

 

 

 

Federated Treasury Obligation Fund - Institutional Shares 0.01% (4)

 

 

128,138

 

128,138

 

 

 

 

 

 

 

 

Total Money Market Registered Investment Companies

 

 

(Cost $               128,138)

 

128,138

 

 

 

 

 

 

 

 

Total Investments - 98.96%

 

 

(Cost $          10,233,096)

 

10,353,467

 

 

 

 

 

 

 

 

Other Assets less Liabilities - 1.04%

 

 

 

 

109,336

 

 

 

 

 

 

 

 

Total Net Assets - 100.00%

 

 

 

 

10,462,803

 

 

 

 

(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  November 30, 2021 in valuing the Fund's assets carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in

 

Other Financial

Valuation Inputs

 

 

 

Securities

 

Instruments

Level 1 - Quoted Prices

 

 

$

353,868

$

-

Level 2 - Other Significant Observable Inputs

 

 

9,999,599

 

-

Level 3 - Significant Unobservable Inputs

 

 

-

 

-

Total

 

 

 

$

10,353,467

$

-

 

 

 

 

 

 

 

 

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 November 30, 2021.

(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.