Schedule of Investments | ||||||||
May 31, 2026 (unaudited) | ||||||||
Archer Income Fund | ||||||||
Shares or Principal | ||||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | |||
| ||||||||
Corporate Bonds - 64.12% (5) | ||||||||
Accident & Health Insurance - 0.88% | ||||||||
Unum Group, 6.750%, 12/15/28 | 300,000 | 312,669 | ||||||
Aerospace & Defense - 1.40% | ||||||||
GE Capital Funding, LLC., 4.050%, 5/15/2027 | 500,000 | 497,457 | ||||||
Aerospace & Defense - 2.31% | ||||||||
American Airlines, 3.950%, 07/11/2030 | ||||||||
Southwest Airlines Co., 3.450%, 11/16/2027 | 342,500 | 328,431 | ||||||
500,000 | 491,863 | |||||||
820,294 | ||||||||
Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip - 0.71% | ||||||||
Johnson Controls International, plc, 4.900%, 12/1/32 | 250,000 | 250,852 | ||||||
Asset Management - 0.71% | ||||||||
Ares Capital Corp., 5.875%, 3/1/29 | 250,000 | 252,549 | ||||||
Banks - 1.29% | ||||||||
Wachovia Corp., 7.500%. due 4/15/2035 | 400,000 | 458,633 | ||||||
Banks & Financial Institutions - 1.39% | ||||||||
Wachovia Corp., 7.500%. due 4/15/2035 | 500,000 | 494,550 | ||||||
Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 0.73% | ||||||||
Kraft Heintz Foods Co., 6.375%, 7/15/28 | 250,000 | 258,814 | ||||||
Commercial Banks - 2.25% | ||||||||
Bank of Montreal MTN, 2.000%, 1/28/2027 (Canada) | 250,000 | 245,446 | ||||||
National Bank of Canada, 5.600%, 12/18/28 (Canada) | 250,000 | 256,818 | ||||||
Royal Bank of Canada, 5.000%, 07/21/2032 (Canada) | 300,000 | 297,444 | ||||||
799,708 | ||||||||
Construction Machinery & Equip - 0.11% | ||||||||
Caterpillar, Inc., 3.050%, 5/15/27 | 40,000 | 39,589 | ||||||
Consumer Cyclical Services - 1.01% | ||||||||
Prime Healthcare Foundation, 7.000%, 12/01/2027 | 350,000 | 360,552 | ||||||
Consumer Products - 0.15% | ||||||||
YMCA of Greater NY, 3.160%, 8/1/31 | 60,000 | 53,259 | ||||||
Crude Petroleum & Natural Gas - 1.71% | ||||||||
Concho Resources, Inc., 3.750%, 10/01/2027 | ||||||||
EOG Resources, Inc., 6.650%, 4/1/28 | 300,000 | 296,281 | ||||||
300,000 | 310,372 | |||||||
606,653 | ||||||||
Dental Equipment & Supplies - 0.39% | ||||||||
Dentsply Sirona, Inc., 3.250%, to 06/01/2030 | 150,000 | 138,782 | ||||||
Electric & Other Services Combined - 2.83% | ||||||||
Arizona Public Service, 5.500%, 9/1/2035 | 300,000 | 302,472 | ||||||
Empire District Electric Co., 6.700%, 11/15/33 | 325,000 | 346,327 | ||||||
Pacificorp, 5.800%, 4/15/2036 | 350,000 | 359,639 | ||||||
1,008,438 | ||||||||
Electric & Other Services Combined - 0.96% | ||||||||
Kentucky Power Co., 5.625%, 12/01/2032 | 400,000 | 403,704 | ||||||
Financial Services - 1.95% | ||||||||
Ford Motor Credit Co. LLC., 5.450%, 2/20/28 | 200,000 | 199,382 | ||||||
Ford Motor Credit Co. LLC., 5.700%, 9/20/34 | 350,000 | 343,238 | ||||||
General Motors Financial Company, Inc. Series C, 5.70%, to 9/30/30 (a) (b) | 150,000 | 150,017 | ||||||
692,637 | ||||||||
General Building Contractors - Residential Buildings - 0.28% | ||||||||
Lennar Corp., 4.750%, due 11/29/27 | 100,000 | 100,216 | ||||||
Hospital & Medical Service Plans - Residential Buildings - 0.67% | ||||||||
Centene Corp., 2.450%, 07/15/2028 | 250,000 | 236,992 | ||||||
Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.21% | ||||||||
Masco Corp., 7.750%, 08/1/29 | 400,000 | 429,049 | ||||||
Investment Advice - 1.03% | ||||||||
Stanley Black & Decker, Inc., 2.300%, Due 3/15/2030 | 400,000 | 366,364 | ||||||
Malt Beverage - 1.54% | ||||||||
Anheuser-Busch Inbev Finance, Inc., 6.800%, 8/20/2032 | 500,000 | 549,162 | ||||||
Medical Services - 0.60% | ||||||||
American Medical College, 3.017%, 10/01/2035 | 250,000 | 214,390 | ||||||
Midstream - 0.91% | ||||||||
Southern Natural Gas, 7.350%, 2/15/2031 | 300,000 | 325,207 | ||||||
National Commercial Banks - 11.75% | ||||||||
Bank of America Corp., 4.050%, 2/23/2029 | 250,000 | 244,300 | ||||||
Bank of America Corp., 5.100%, 9/16/2036 | 250,000 | 244,464 | ||||||
Bank of America Corp., 5.200%, 12/05/2031 | 250,000 | 247,229 | ||||||
Bank of Montreal, 5.100%, 10/18/234 | 250,000 | 246,146 | ||||||
Citigroup, Inc., 4.600%, 3/30/2027 | 250,000 | 246,994 | ||||||
Goldman Sachs Group, Inc., 1.500%, 9/15/2027 | 500,000 | 480,401 | ||||||
JPMorgan Chase & Co. Series B, 4.425, 02/01/2027 (3-month US Libor + .50%) (4) | 150,000 | 149,149 | ||||||
JPMorgan Chase & Co. Series CC, 6.504%, 8/01/2026 (4) | 150,000 | 150,946 | ||||||
JPMorgan Chase & Co., 2.500%, 8/15/2027 | 300,000 | 291,762 | ||||||
Mellon Capital IV Series 1, 4.521%, to 6/20/25 | 200,000 | 169,903 | ||||||
Simmons First National Corp., 6.25 %, 10/01/2035 | 350,000 | 350,575 | ||||||
Truist Financial Corp. Series M, 5.125%, to 12/15/2027 | 100,000 | 99,282 | ||||||
Truist Financial Corp. Series Q Perpetual, 5.10%, 03/01/2030 | 75,000 | 74,734 | ||||||
TTCU Federal Credit Union, 5.000%, 07/26/27 | 150,000 | 151,651 | ||||||
US Bancorp, 3.70%, 01/15/2027 | 200,000 | 197,669 | ||||||
Wells Fargo & Company, 4.050%, 10/2/2029 | 400,000 | 390,448 | ||||||
Wells Fargo & Company, 5.200%, 8/16/2034 | 350,000 | 345,197 | ||||||
Wells Fargo & Company, 5.250%, 4/28/2030 | 100,000 | 100,292 | ||||||
4,181,142 | ||||||||
Natural Gas Transmission - 1.43% | ||||||||
Northern Illinois Gas Co., 5.900%, due 12/1/32 | 250,000 | 254,915 | ||||||
Targa Resources Corp., 5.500%, 3/1/30 | 250,000 | 253,052 | ||||||
507,967 | ||||||||
Other Sectors - 0.15% | ||||||||
Conservation Fund, 3.474%, 12/15/29 | 55,000 | 52,276 | ||||||
Paper Mills - 1.35% | ||||||||
Georgia-Pacific, LLC., 7.250%, 6/1/28 | 300,000 | 316,095 | ||||||
Georgia-Pacific, LLC., 7.750%, 11/15/29 | 150,000 | 165,697 | ||||||
481,791 | ||||||||
Personal Credit Institutions - 0.42% | ||||||||
OneMain Finance Corp., 3.500%, due 1/15/27 | 150,000 | 148,741 | ||||||
Pipe Lines (No Natural Gas) - 1.13% | ||||||||
HF Sinclair Corp., 5.500%, 9/1/2032 | 400,000 | 403,739 | ||||||
Retail-Department Store - 0.10% | ||||||||
Dillards, Inc., 7.750%, due 7/15/26 | 35,000 | 35,135 | ||||||
Retail - Variety Stores - 0.85% | ||||||||
Ross Stores, Inc. 4.800%, 4/15/30 | 300,000 | 301,393 | ||||||
Retail-Drug Stores & Proprietary Stores - 0.85% | ||||||||
CVS Health Corp., 5.300%, 6/1/33 | 300,000 | 304,176 | ||||||
Retail-Lumber & Other Building Material Dealers - 1.46% | ||||||||
Lowe's Companies, Inc., 6.875%, 2/15/2028 | 500,000 | 521,143 | ||||||
Security Brokers, Dealers & Flotation Companies - 2.42% | ||||||||
Goldman Sachs Group, Inc. Series MTN, 4.800%, 2/11/2033 | 300,000 | 293,561 | ||||||
Jefferies Financial Group, Inc., 6.000%, 1/31/33 | 250,000 | 242,874 | ||||||
Morgan Stanley Series MTN, 3.872%, 5/29/2030 | 379,000 | 325,940 | ||||||
862,375 | ||||||||
Services - Computer Programming, Data Processing, Etc. - 1.02% | ||||||||
Factset Research Systems, Inc.,3.450%, 3/1/2032 | 400,000 | 362,529 | ||||||
Services-Equipment Rental & Leasing - 0.69% | ||||||||
Air Lease Corp., 3.625%, due 12/1/27 | 100,000 | 98,600 | ||||||
United Rentals, Inc., 3.875%, due 11/15/27 | 150,000 | 148,439 | ||||||
247,039 | ||||||||
Services-General Medical & Surgical Hospitals - 0.72% | ||||||||
HCA Healthcare, Inc., 7.050%, due 12/1/27 | 250,000 | 257,679 | ||||||
Services - Miscellaneous Amusement & Recreation - 0.94% | ||||||||
Walt Disney Co., 6.750%, 1/9/38 | 100,000 | 112,576 | ||||||
Walt Disney Co., 7.125%, 4/8/28 | 210,000 | 220,686 | ||||||
333,263 | ||||||||
Services-Prepackaged Software - 0.99% | ||||||||
Salesforce, Inc., 5.200%, 3/15/2033 | 350,000 | 351,963 | ||||||
State Commercial Banks - 6.41% | ||||||||
Citizens Financial Group, Inc., 2.638%, 9/30/2032 | 250,000 | 215,892 | ||||||
Deutsche Bank, 5.150%, 9/15/2034 | 250,000 | 244,971 | ||||||
First Citizens Bank, 6.125%, 03/09/28 | 350,000 | 358,069 | ||||||
Keycorp., 2.250%, 04/06/27 | 200,000 | 196,763 | ||||||
M&T Bank Corporation, 7.413%, 10/30/2029 | 250,000 | 265,448 | ||||||
Merchants Bancorp, 5.250, 10/01/2027 | 4,000 | 101,800 | ||||||
Renasant Corp., 5.500%, 9/1/31 | 400,000 | 397,746 | ||||||
State Street Corp., 7.350%, 06/15/26 | 500,000 | 500,577 | ||||||
SVB Financial Group Series C, 0.000%, 11/07/29 | 6,000 | 1 | ||||||
2,281,268 | ||||||||
Telephone Communications - 2.71% | ||||||||
AT&T Inc., 6.875%, 10/15/2031 | 200,000 | 214,796 | ||||||
AT&T Inc., 7,125%, 12/15/31 | 400,000 | 437,183 | ||||||
Indiana Bell Tel Co., Inc., 7.300%, due 8/15/26 | 50,000 | 50,277 | ||||||
Verizon Communications, Inc., 6.800%, 5/1/29 | 250,000 | 262,460 | ||||||
964,717 | ||||||||
Trucking & Courier Services (No Air) - 1.08% | ||||||||
United Parcel Service, Inc., 7.620%, 4/1/30 | 350,000 | 385,819 | ||||||
Wholesale-Groceries & Related Products - 0.44% | ||||||||
Sysco Corp., 6.500%, 8/1/28 | 152,000 | 157,921 | ||||||
Total Corporate Bonds | (Cost $ 23,295,632) | 22,812,596 | ||||||
Exchange-Traded Funds - 2.25% (3) | ||||||||
iShares 10+ Year Investment Grade Corporate Bond ETF | 10,000 | 501,300 | ||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 5,000 | 266,600 | ||||||
iShares US Preferred Stock ETF | 1,000 | 31,560 | ||||||
Total Exchange-Traded Funds | (Cost $ 809,693) | 799,460 | ||||||
Real Estate Investment Trusts - 1.08% (3) | ||||||||
Boston Properties LP., 4.500%, 12/1/28 | 250,000 | 249,238 | ||||||
Ready Capital Corp., 9.000%, 12/15/29 | 6,000 | 136,620 | ||||||
Total Real Estate Investment Trusts | (Cost $ 394,775) | 385,858 | ||||||
Municipal Bonds - 14.06% (5) | ||||||||
Alabama - 0.45% | ||||||||
Jacksonville Public Educational Building Authority Taxable, 6.100%, 8/10/30 | 150,000 | 159,860 | ||||||
Connecticut - 0.33% | ||||||||
Town of Hamden, 4.930%, 8/15/35 | 120,000 | 119,116 | ||||||
Florida - 0.62% | ||||||||
Hillsborough County Aviation, 5.170%, 10/1/35 | 70,000 | 70,008 | ||||||
North Miami Beach, FL, Water Revenue Series B, 2.311%, due 8/1/27 | 150,000 | 147,059 | ||||||
217,066 | ||||||||
Georgia - 0.14% | ||||||||
Georgia Local Government, 4.750%, due 6/1/28 | 50,000 | 50,988 | ||||||
Illinois - 1.98% | ||||||||
Illinois Build America Bond, 6.900%, due 3/1/35 | 125,000 | 136,501 | ||||||
Illinois State Taxable Pension AGM CR, 5.100%, 6/1/33 | 34,959 | 35,520 | ||||||
Saint Clair County IL School District #187, 5.169%, 1/1/31 | 70,000 | 71,187 | ||||||
Village of Rosemont, 6.600%, due 12/1/30 | 85,000 | 86,088 | ||||||
Village of Rosemont, 6.750%, due 12/1/35 | 150,000 | 156,856 | ||||||
State of Illinois, 5.100%, Due 6/01/2033 | 178,873 | 180,905 | ||||||
State of Illinois, 6.725%, 04/01/2035 | 34,615 | 36,558 | ||||||
703,614 | ||||||||
Indiana - 5.46% | ||||||||
City of South Bend IN Educational Center Project, 2.500%, 8/1/35 | 25,000 | 20,003 | ||||||
Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 7/15/26 | 45,000 | 45,053 | ||||||
Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 7/15/27 | 100,000 | 100,165 | ||||||
Gary Community School, 3.200%, due 7/15/29 | 50,000 | 48,965 | ||||||
Gary Community School, 3.500%, 1/15/33 | 25,000 | 23,720 | ||||||
Indiana State Financial Authority University Housing Revenue, 5.388 %, 7/1/35 | 250,000 | 252,202 | ||||||
Indiana State Housing & Community Development Authority, 4.984 %, 7/1/30 | 140,000 | 142,392 | ||||||
Indiana State Fin Auth Rev Senior Living, 2.920 %, 11/15/2027 | 300,000 | 286,875 | ||||||
Indiana State Fin Auth Rev Senior Living, 3.300 %, 11/15/2030 | 200,000 | 175,881 | ||||||
Town of Speedway IN Revenue Bond, 5.000%, 8/1/34 | 50,000 | 50,007 | ||||||
Town of Speedway IN Revenue Bond, 6.512%, 02/01/2035 | 350,000 | 376,017 | ||||||
Plainfield Redevelopment Commission, 2.000%, due 2/01/2029 | 300,000 | 280,120 | ||||||
Schererville Income Econ Dev Revenue, 2.579%, 1/15/2030 | 150,000 | 140,865 | ||||||
1,942,263 | ||||||||
Maryland - 0.69% | ||||||||
Maryland State Health & Higher Education Facilities, 2.269%, 1/1/27 | 250,000 | 246,896 | ||||||
Michigan - 0.50% | ||||||||
Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27 | 177,500 | 176,199 | ||||||
Nebraska - 0.80% | ||||||||
City of Grand Island NE, 1.920%, 08/15/2028 | 300,000 | 285,311 | ||||||
New York - 0.23% | ||||||||
New York St Dorm Auth Revenues, 5.289%, due 3/15/33 | 80,332 | 81,269 | ||||||
Ohio - 0.34% | ||||||||
JobsOhio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 1/1/28 | 125,000 | 121,160 | ||||||
Oregon - 0.43% | ||||||||
Philomath, Oregon Sch District, 5.472%, due 6/15/27 | 150,000 | 151,563 | ||||||
Pennsylvania - 0.85% | ||||||||
East-Norriton-Plymouth-Whitpain Joint Sewer Authority, 1.832%, due 8/1/28 | 200,000 | 189,558 | ||||||
Philadelphia PA Qualified School Construction Bond, 5.995%, 9/1/30 | 80,000 | 83,736 | ||||||
Susquehanna Area Regional Airport Authority, 9.875%, 1/1/34 | 25,000 | 29,772 | ||||||
303,066 | ||||||||
South Carolina - 0.16% | ||||||||
South Carolina State Jobs-Econ Dev Authority Hospital Revenue, 2.729%, 7/1/30 | 60,000 | 55,551 | ||||||
Texas - 0.40% | ||||||||
Austin, TX Independent Schiol District, 5.241%, 8/1/2035 | 25,000 | 25,142 | ||||||
North Texas Tollway Authority, 8.410%, due 2/1/30 | 30,000 | 31,991 | ||||||
Somerset Hills Road Dist #4 Texas, 5.125%, due 8/15/34 | 85,000 | 85,186 | ||||||
142,319 | ||||||||
Wisconsin - 0.70% | ||||||||
City of Milwaukee, WI, 3.950%, 12/1/28 | 250,000 | 247,717 | ||||||
Total Municipal Bonds | (Cost $ 5,009,672) | 5,003,958 | ||||||
U.S. Government Agencies & Obligations - 6.18% | ||||||||
US Treasury Bill, 3.875%, 08/15/33 | 750,000 | 730,020 | ||||||
US Treasury Bill, 3.625%, 9/30/30 | 1,000,000 | 980,039 | ||||||
US Treasury Bill, 3.875%, 9/30/32 | 500,000 | 489,531 | ||||||
Total US Government Treasury | (Cost $ 2,197,939) | 2,199,590 | ||||||
Preferred Securities - 1.25% | ||||||||
Asset Management - 0.21% | ||||||||
B Riley Financial, Inc., 6.50%, due 9/30/26 | 3,000 | 75,000 | ||||||
National Commercial Banks - 1.04% | ||||||||
BAC Capital Trust XIII Series F, 4.960%, 3/15/43 (b) (4) | 100,000 | 74,641 | ||||||
Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27 (4) | 150,000 | 148,013 | ||||||
PNC Capital Trust C, 3.090%, due 06/01/2028 (4) | 150,000 | 148,154 | ||||||
370,807 | ||||||||
Total Preferred Securities | (Cost $ 471,750) | 445,807 | ||||||
Structured Note - 2.01% (5) | ||||||||
Security Brokers, Dealers & Flotation Companies - 0.90% | ||||||||
Goldman Sachs Group, Inc. Series MTN, 2.964%, 12/13/28 (4) | 100,000 | 89,892 | ||||||
Goldman Sachs Group, Inc., 2.013%, 11/13/28 (4) | 120,000 | 108,972 | ||||||
Morgan Stanley Series MTN, 2.988%, due 8/30/28 (4) | 25,000 | 22,240 | ||||||
Morgan Stanley, Series MTN, 2.336%, due 8/19/28 (4) | 114,000 | 98,938 | ||||||
320,042 | ||||||||
National Commercial Banks - 1.10% | ||||||||
Citigroup, Inc., 1.393%, 3/12/34 (a) (4) | 394,000 | 292,261 | ||||||
Key Corp., 4.663%, due 07/01/2028 (3-month US Libor + 0.74%) (4) | 100,000 | 98,500 | ||||||
390,761 | ||||||||
Total Structured Note | (Cost $ 675,540) | 710,803 | ||||||
Money Market Registered Investment Companies - 7.46% | ||||||||
Federated Treasury Obligation Fund - Institutional Shares - 3.45% (2) | 2,655,757 | 2,655,757 | ||||||
Total Money Market Registered Investment Companies | (Cost $ 2,655,757) | 2,655,757 | ||||||
Total Investments - 98.44% | (Cost $ 35,510,759) | 35,013,829 | ||||||
Other Assets Less Liabilities - 1.59% | 566,106 | |||||||
Total Net Assets - 100.00% | 35,579,935 | |||||||
(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 29, 2026 in valuing the Fund's assets carried at fair value: | ||||||||
|
|
|
|
| Investments in |
| Other Financial | |
Valuation Inputs |
|
|
| Securities |
| Instruments | ||
Level 1 - Quoted Prices |
|
| $ | 3,455,217 | $ | - | ||
Level 2 - Other Significant Observable Inputs |
|
| 31,558,612 |
| - | |||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | |||
Total |
|
|
| $ | 35,013,829 | $ | - | |
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) Variable rate security; the coupon rate shown represents the yield at May 31, 2026. | ||||||||
(3) Exchange Traded Funds. | ||||||||
(4) Variable rate security; the coupon rate shown represents the yield at May 31, 2026. | ||||||||
(5) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations are categorized as Level 2 of the fair value hierarchy. | ||||||||
(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. | ||||||||