# EDGAR Filing Document

**Accession Number:** 0001477491
**File Stem:** 0001162044-25-000746
**Filing Date:** 2025-7
**Character Count:** 82532
**Document Hash:** d27d0ac1e40cbc61d76ed61f82cf8b11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000746.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001162044-25-000746

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARCHER INVESTMENT SERIES TRUST
- **CENTRAL INDEX KEY:** 0001477491

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22356
- **FILM NUMBER:** 251165345

**BUSINESS ADDRESS:**
- **STREET 1:** 11711 N. COLLEGE AVENUE
- **STREET 2:** # 200
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** 3175811776

**MAIL ADDRESS:**
- **STREET 1:** 11711 N. COLLEGE AVENUE
- **STREET 2:** # 200
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARCHER SERIES TRUST
- **DATE OF NAME CHANGE:** 20091124

## Series and Classes Contracts Data

### Archer Income Fund (Series ID: S000030455)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000093505 | Archer Income Fund | ARINX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (unaudited)** | **May 31, 2025 (unaudited)** | **May 31, 2025 (unaudited)** |
| **<u>Archer Income Fund</u>** | **<u>Archer Income Fund</u>** | **<u>Archer Income Fund</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Fair Value ($)(1)** |
| **Corporate Bonds - 55.17% (5)** | **Corporate Bonds - 55.17% (5)** | **Corporate Bonds - 55.17% (5)** |
| **Air Transportation, Scheduled - 0.85%** |  |  |
| Johnson Controls International, plc, 4.900%, 12/1/32 | 250000  | 246891  |
| **Aircraft - 0.51%** |  |  |
| Boeing Co., 2.600%, due 10/30/25 | 150000  | 148439  |
| **Asset Management - 0.87%** |  |  |
| Ares Capital Corp., 5.875%, 3/1/29 | 250000  | 253237  |
| **Banks & Financial Institutions - 4.49%** |  |  |
| Federal Farm Credit Bank, 4.940%, 10/8/31 | 250000  | 249635  |
| Federal Farm Credit Bank, 5.570, 8/26/33 | 500000  | 499457  |
| Federal Home Loan Bank, 5.555%, 2/15/33 | 550000  | 549370  |
|  |  | 1298461  |
| **Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 0.90%** |  |  |
| Kraft Heintz Foods Co., 6.375%, 7/15/28 | 250000  | 261182  |
| **Commercial Banks - 2.10%** |  |  |
| Bank of Montreal MTN, 5.650%, 7/12/29 | 250000  | 249030  |
| Capital One Financial Corp., 6.125%, to 06/23/25 Perp. | 100000  | 100217  |
| National Bank of Canada, 5.600%, 12/18/28 | 250000  | 258085  |
|  |  | 607332  |
| **Construction Machinery & Equip - 0.13%** |  |  |
| Caterpillar, Inc., 3.050%, 5/15/27 | 40000  | 38397  |
| **Consumer Products - 0.18%** |  |  |
| YMCA of Greater NY, 3.160%, 8/1/31 | 60000  | 52098  |
| **Crude Petroleum & Natural Gas - 2.21%** |  |  |
| EOG Resources, Inc., 6.650%, 4/1/28 | 300000  | 315440  |
| Southern Natural Gas, 7.350%, 2/15/31 | 300000  | 325149  |
|  |  | 640589  |
| **Dental Equipment & Supplies - 0.47%** |  |  |
| Dentsply Sirona, Inc., 3.250%, to 06/01/2030 | 150000  | 135182  |
| **Electric & Other Services Combined - 1.33%** |  |  |
| Duke Energy Corp., 3.200%, 6/15/25 | 40000  | 39950  |
| Empire District Electric Co., 6.700%, 11/15/33 | 325000  | 344909  |
|  |  | 384860  |
| **Financial Services - 2.35%** |  |  |
| Ford Motor Credit Co. LLC., 5.450%, 2/20/28 | 200000  | 198085  |
| Ford Motor Credit Co. LLC., 5.700%, 9/20/34 | 350000  | 339198  |
| General Motors Financial Company, Inc. Series C, 5.70%, to 9/30/30 <sup>(a) (b)</sup> | 150000  | 143896  |
|  |  | 681179  |
| **General Building Contractors - Residential Buildings - 0.35%** |  |  |
| Lennar Corp., 4.750%, due 11/29/27 | 100000  | 100259  |
| **Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.53%** |  |  |
| Masco Corp., 7.750%, 08/1/29 | 400000  | 442052  |
| **Investment Advice - 0.69%** |  |  |
| Affiliated Managers Group, Inc., 3.500%, due 8/1/25 | 200000  | 199515  |
| **National Commercial Banks - 10.06%** |  |  |
| Amsouth Bancorp, 6.750%, 11/1/25 | 150000  | 150986  |
| Bank Of America Corp., 5.100%, 9/16/36 | 250000  | 242876  |
| Bank of America Corp., 5.200%, due 12/5/31 | 250000  | 252137  |
| Bank Of America Corp., 6.550%, 10/20/33 | 200000  | 201964  |
| Bank of Montreal, 5.100%, due 10/18/34 | 250000  | 238574  |
| CenterState Bank Corp., 5.750%, to 6/1/25 | 10000  | 9950  |
| JPMorgan Chase & Co. Series B, 5.330, due 2/1/27 (3-month US Libor + .50%) | 150000  | 147311  |
| JPMorgan Chase & Co. Series CC, 7.117%, 5/1/26 <sup>(b)</sup> | 150000  | 150182  |
| Mellon Capital IV Series 1, 5.131%, to 6/20/25 | 200000  | 166731  |
| Truist Financial Corp. Series M, 5.125%, to 12/15/27 <sup>(a)(b)</sup> | 100000  | 98205  |
| Truist Financial Corp. Series Q Perpetual, 5.10%, 3/1/30 <sup>(a)(b)</sup> | 75000  | 72989  |
| TTCU Federal Credit Union, 5.000%, 7/26/27 | 150000  | 152607  |
| UMB Financial Corp., 3.700%, 9/17/30 <sup>(a)</sup> | 250000  | 247706  |
| US Bancorp, 3.70%, 1/15/27 <sup>(a)(b)</sup> | 200000  | 190609  |
| US Bancorp, 5.200%, due 12/26/29 <sup>(a)(b)</sup> | 250000  | 251441  |
| Wells Fargo & Company, 5.200%, 8/16/34 | 350000  | 338102  |
|  |  | 2912369  |
| **Natural Gas Transmission - 1.75%** |  |  |
| Northern Illinois Gas Co., 5.900%, due 12/1/32 | 250000  | 254820  |
| Targa Resources Corp., 5.500%, 3/1/30 | 250000  | 251876  |
|  |  | 506696  |
| **Other Sectors - 0.18%** |  |  |
| Conservation Fund, 3.474%, 12/15/29 | 55000  | 51554  |
| **Paper Mills - 1.70%** |  |  |
| Georgia-Pacific, LLC., 7.250%, 6/1/28 | 300000  | 322859  |
| Georgia-Pacific, LLC., 7.750%, 11/15/29 | 150000  | 168965  |
|  |  | 491824  |
| **Personal Credit Institutions - 0.50%** |  |  |
| OneMain Finance Corp., 3.500%, due 1/15/27  | 150000  | 145323  |
| **Retail-Department Store - 0.12%** |  |  |
| Dillards, Inc., 7.750%, due 7/15/26  | 35000  | 35625  |
| **Retail - Variety Stores - 1.03%** |  |  |
| Ross Stores, Inc. 4.800%, 4/15/30 | 300000  | 298782  |
| **Retail-Drug Stores & Proprietary Stores - 1.02%** |  |  |
| CVS Health Corp., 5.300%, 6/1/33 | 300000  | 295650  |
| **Security Brokers, Dealers & Flotation Companies - 3.25%** |  |  |
| Capital Southwest Corp., 3.375%, due 10/1/26 | 100000  | 96342  |
| Goldman Sachs Group, Inc. Series MTN, 5.100%, 2/14/30 | 300000  | 297684  |
| Jefferies Financial Group, Inc., 6.000%, 1/31/33 | 300000  | 297225  |
| Jefferies Financial Group, Inc., 6.500%, 4/30/35 | 250000  | 250897  |
|  |  | 942148  |
| **Services-Equipment Rental & Leasing - 0.85%** |  |  |
| Air Lease Corp., 3.625%, due 12/1/27  | 100000  | 98014  |
| United Rentals, Inc., 3.875%, due 11/15/27  | 150000  | 146624  |
|  |  | 244638  |
| **Services-General Medical & Surgical Hospitals - 0.90%** |  |  |
| HCA Healthcare, Inc., 7.050%, due 12/1/27 | 250000  | 261970  |
| **Services - Miscellaneous Amusement & Recreation - 1.78%** |  |  |
| The Walt Disney Co., 7.700%, 10/30/25 | 400000  | 403620  |
| Walt Disney Co., 6.750%, 1/9/38 | 100000  | 111771  |
|  |  | 515391  |
| **Services-Prepackaged Software - 0.51%** |  |  |
| VMWare, Inc., 3.900%, due 8/21/27  | 150000  | 147908  |
| **State Commercial Banks - 8.97%** |  |  |
| Ally Financial, Inc. Series B, 4.700%, to 5/15/26 <sup>(a)(b)</sup> | 150000  | 141442  |
| Citizens Financial Group, Inc., 4.300%, due 2/11/31 | 250000  | 245886  |
| Deutsche Bank, 5.150%, 9/15/34 | 250000  | 236228  |
| Fifth Third Bancorp Series L, 4.500%, to 9/30/25 <sup>(a)(b)</sup> | 150000  | 149028  |
| First Citizens Bank, 6.125%, 3/9/28 | 350000  | 362204  |
| Keycorp., 2.250%, 4/6/27 | 200000  | 191361  |
| M&T Bank Corporation, 7.413%, 10/30/29 <sup>(a)</sup> | 250000  | 269638  |
| Merchants Bancorp, 5.250, 10/1/27 <sup>(a)(b)</sup> | 4000  | 100640  |
| Renasant Corp., 5.500%, 9/1/31 | 400000  | 388024  |
| State Street Corp., 7.350%, 6/15/26 | 500000  | 512431  |
| SVB Financial Group Series C, 0.000%, due 11/07/29 | 6000  | 1  |
|  |  | 2596883  |
| **Steel Works, Blast Furances & Rolling Mills (Coke Ovens) - 0.52%** |  |  |
| Steel Dynamics, Inc., 5.00%, due 12/15/26 | 150000  | 149951  |
| **Telephone Communications - 2.50%** |  |  |
| Indiana Bell Tel Co., Inc., 7.300%, due 8/15/26 | 50000  | 50981  |
| Pacific Bell, 7.125%, 3/15/26 | 400000  | 405942  |
| Verizon Communications, Inc., 6.800%, 5/1/29 | 250000  | 268083  |
|  |  | 725006  |
| **Wholesale-Groceries & Related Products - 0.56%** |  |  |
| Sysco Corp., 6.500%, due 8/1/28  | 152000  | 161076  |
| Total Corporate Bonds | (Cost $16,404,795) | 15972467  |
| **Exchange-Traded Funds - 2.70% (3)** | **Exchange-Traded Funds - 2.70% (3)** | **Exchange-Traded Funds - 2.70% (3)** |
| iShares 10+ Year Investment Grade Corporate Bond ETF | 10000  | 490000  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 5000  | 262550  |
| iShares US Preferred Stock ETF | 1000  | 30230  |
| Total Exchange-Traded Funds | (Cost $809,693) | 782780  |
| **Real Estate Investment Trusts - 1.66% (3)** | **Real Estate Investment Trusts - 1.66% (3)** | **Real Estate Investment Trusts - 1.66% (3)** |
| Boston Properties LP., 4.500%, 12/1/28 | 250000  | 246350  |
| Ready Capital Corp., 5.750%, due 2/15/26 | 4000  | 95880  |
| Ready Capital Corp., 9.000%, 12/15/29 | 6000  | 138780  |
| Total Real Estate Investment Trusts | (Cost $494,775) | 481010  |
| **Municipal Bonds - 11.76% (5)** | **Municipal Bonds - 11.76% (5)** | **Municipal Bonds - 11.76% (5)** |
| **Alabama - 0.56%** |  |  |
| Jacksonville Public Educational Building Authority Taxable, 6.100%, 8/10/30 | 150000  | 159633  |
| **Florida - 0.51%** |  |  |
| North Miami Beach, FL, Water Revenue Series B, 2.311%, due 8/1/27 | 150000  | 144093  |
| **Georgia - 0.69%** |  |  |
| Georgia Local Government, 4.750%, due 6/1/28 | 50000  | 51086  |
| Georgia Qualified School Construction Bond Series F, 4.000%, 2/1/26 | 150000  | 149777  |
|  |  | 200862  |
| **Illinois - 0.61%** |  |  |
| Illinois Build America Bond, 6.900%, due 3/1/35 | 125000  | 134018  |
| Illinois State Taxable Pension AGM CR, 5.100%, 6/1/33 | 42353  | 42389  |
|  |  | 176406  |
| **Indiana - 4.58%** |  |  |
| Beech Grove, IN Sch Bldg. Corp., 2.850%, due 7/5/25 | 70000  | 69884  |
| City of South Bend IN Educational Center Project, 2.500%, 8/1/35 | 25000  | 19225  |
| Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 7/15/26 | 125000  | 125079  |
| Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 7/15/27 | 100000  | 100094  |
| Gary Community School, 3.200%, due 7/15/29 | 50000  | 48574  |
| Gary Community School, 3.500%, 1/15/33 | 25000  | 23385  |
| Indiana State Financial Authority University Housing Revenue, 5.388 %, 7/1/35 | 250000  | 247445  |
| Indiana State Housing & Community Development Authority, 4.984 %, 7/1/30 | 140000  | 141613  |
| Philadelphia PA Qualified School Construction Bond, 5.995%, 9/1/30 | 80000  | 83721  |
| Plainfield Redevelopment Commission, 2.000%, due 2/1/29 | 300000  | 273318  |
| Schererville Income Econ Dev Revenue, 2.579%, 1/15/30 | 150000  | 134831  |
| Town of Speedway IN Revenue Bond, 5.000%, 8/1/34 | 50000  | 49905  |
| Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, due 2/1/26 | 10000  | 9965  |
|  |  | 1327037  |
| **Maryland - 0.35%** |  |  |
| Baltimore MD, Brd of Sch Commissioners City Schs Revenue, 5.692%, due 12/15/25  | 100000  | 100848  |
| **Michigan - 0.60%** |  |  |
| Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27 | 177500  | 174726  |
| **Nebraska - 0.05%** |  |  |
| Omaha NE Special Obligation Taxable Ref Riverfront, 6.400%, due 2/1/26 | 15000  | 15198  |
| **New York - 0.31%** |  |  |
| New York St Dorm Auth Revenues, 5.289%, due 3/15/33 | 90334  | 90606  |
| **Ohio - 0.98%** |  |  |
| Avon, OH, General Obligations Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, due 12/1/25 | 100000  | 98387  |
| Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/1/25 | 60000  | 60433  |
| Cleveland, OH Income Tax Revenue Build America Bonds, 6.060%, due 10/1/26 | 5000  | 5057  |
| JobsOhio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 1/1/28 | 125000  | 118941  |
|  |  | 282818  |
| **Oregon - 0.53%** |  |  |
| Philomath, Oregon Sch District, 5.472%, due 6/15/27 | 150000  | 152739  |
| **Pennsylvania - 0.99%** |  |  |
| East-Norriton-Plymouth-Whitpain Joint Sewer Authority, 1.832%, due 8/1/28 | 200000  | 186002  |
| Pennsylvania Higher Educational Facs Authority Revenue, 3.000%, 6/15/25 | 100000  | 99942  |
|  |  | 285944  |
| **Texas - 0.50%** |  |  |
| North Texas Tollway Authority, 8.410%, due 2/1/30 | 37000  | 40024  |
| Somerset Hills Road Dist #4 Texas, 5.125%, due 8/15/34 | 105000  | 104713  |
|  |  | 144738  |
| **Washington - 0.51%** |  |  |
| City of Bellevue, WA, 0.751%, 12/1/25 | 150000  | 147524  |
| Total Municipal Bonds | (Cost $3,473,529) | 3403171  |
| **US Government Treasury - 2.53%**  | **US Government Treasury - 2.53%**  | **US Government Treasury - 2.53%**  |
| U.S. Government Treasury Bill, 3.875%, 8/15/33 | 750000  | 728291  |
| Total US Government Treasury | (Cost $705,264) | 728291  |
| **Preferred Securities - 1.74%** | **Preferred Securities - 1.74%** | **Preferred Securities - 1.74%** |
| **Asset Management - 0.11%** |  |  |
| B Riley Financial, Inc., 6.50%, due 9/30/26 | 3000  | 31500  |
| **National Commercial Banks - 1.27%** |  |  |
| BAC Capital Trust XIII Series F, 4.960%, 3/15/43 <sup>(b)</sup> | 100000  | 77088  |
| Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27 | 150000  | 145549  |
| PNC Capital Trust C, 5.150%, due 6/1/28 | 150000  | 147127  |
|  |  | 369764  |
| **State Commercial Banks - 0.35%** |  |  |
| Medallion Bank Utah Series F, 8.000%, to 4/1/25 <sup>(a) (b)</sup> | 4000  | 102160  |
| Total Preferred Securities | (Cost $571,750) | 503424  |
| **Structured Note - 2.34% (5)** | **Structured Note - 2.34% (5)** | **Structured Note - 2.34% (5)** |
|  | Shares | Value |
| **Security Brokers, Dealers & Flotation Companies - 1.04%** |  |  |
| Goldman Sachs Group, Inc. Series MTN, 0.00%, Capped at 10% (4) (maturity date: 12/13/28) | 25000  | 21063  |
| Goldman Sachs Group, Inc., 0.00%, Capped at 10% (4) (maturity date: 11/13/28) | 100000  | 82923  |
| Morgan Stanley, Series MTN, 0.000%, due 8/19/28 Capped at 10% (4) | 120000  | 102396  |
| Morgan Stanley, Series MTN, 0.000%, due 8/30/28 Capped at 12% (4) | 114000  | 95268  |
|  |  | 301649  |
| **National Commercial Banks - 1.29%** |  |  |
| Citigroup, Inc., 0.000%, 3/12/34 | 394000  | 276958  |
| Key Corp., 5.49386%, due 7/1/28 (3-month US Libor + 0.74%) | 100000  | 97040  |
|  |  | 373998  |
| Total Structured Note | (Cost $675,540) | 675647  |
| **Money Market Registered Investment Companies - 20.59%** | **Money Market Registered Investment Companies - 20.59%** | **Money Market Registered Investment Companies - 20.59%** |
| Federated Treasury Obligation Fund - Institutional Shares - 4.14% (4) | 5956365  | 5956365  |
| Total Money Market Registered Investment Companies | (Cost $5,956,365) | 5956365  |
| **Total Investments - 98.49%** | (Cost $29,091,710) | 28503156  |
| Other Assets Less Liabilities - 1.51% |  | 445839  |
| Total Net Assets - 100.00% |  | 28948995  |
| ***(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.*** | ***(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.*** | ***(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • 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) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments |
| Level 1 - Quoted Prices | $7208105 | $- |
| Level 2 - Other Significant Observable Inputs | 21295051 | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $28503156 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. |  |  |
| (3) Exchange Traded Funds. |  |  |
| (4) Variable rate security; the coupon rate shown represents the yield at May 31, 2025. |  |  |
| (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. | (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. | (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.  | 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.  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ARCHER INVESTMENT SERIES TRUST

- **b. Investment Company Act file number:** 811-22356

- **c. CIK number of Registrant:** 0001477491

- **d. LEI of Registrant:** 549300ULDSJ2RHNW9957

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 11711 N. College Ave., #200

  - **City:** Carmel

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46032

  - **Telephone number:** 317-581-1300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Archer Income Fund

- **b. EDGAR series identifier (if any):** S000030455

- **c. LEI of Series:** 5493000U6YE12YDDT022

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $28984609.49

**Total Liabilities:** $35614.63

**Net Assets:** $28948994.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000093505 | 0.10%                | 0.27%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $68.63                   | $-55367.99                                 |
| Month 2  | $-61.81                  | $-11112.46                                 |
| Month 3  | $0.00                    | $-44707.91                                 |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Affiliated Managers Group, Inc.                              | Affiliated Managers Group, Inc., 3.500%, 08/01/25                                                              | CUSIP: 008252AN8<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199515.46    | 0.69%             | 2025-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                              | Air Lease Corp., 3.625%, 12/01/2027                                                                            | CUSIP: 00912XAY0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98014.18     | 0.34%             | 2027-12-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                                         | Ally Financial, Inc. Series B, 4.700%, to 05/15/26                                                             | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141441.66    | 0.49%             | 2050-12-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                   | Amsouth Bancorp, 6.750%, 11/01/25                                                                              | CUSIP: 032165AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150986.38    | 0.52%             | 2025-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                           | Ares Capital Corp., 5.875%, 03/01/29                                                                           | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253237.19    | 0.87%             | 2029-03-01      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Avon, OH                                             | Avon, OH, General Obligations Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, due 12/01/2025 | CUSIP: 054213C27<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98387.00     | 0.34%             | 2025-12-01      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| B Riley Financial, Inc.                                      | B Riley Financial, Inc., 6.50%, due 09/30/26                                                                   | CUSIP: 05580M801<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3000 | NS      | $31500.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                        | BAC Capital Trust XIII Series F, 4.960%, 03/15/43                                                              | CUSIP: 05518UAA5<br>LEI: 549300I6GXQ4O8PHFJ89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $77088.46     | 0.27%             | 2043-03-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Baltimore Board of School Commissioners                      | Baltimore Board of School Commissioners City Schools Revenue, 5.692%, due 12/15/2025                           | CUSIP: 183596CY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100848.00    | 0.35%             | 2025-12-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                        | Bank Of America Corp., 5.100%, 9/16/2036                                                                       | CUSIP: 06055JGB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $242875.51    | 0.84%             | 2036-09-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                        | Bank Of America Corp., 6.550%, 10/20/2033                                                                      | CUSIP: 06055JCN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $201963.83    | 0.70%             | 2033-10-20      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                        | Bank of America Corp., 5.200%, due 12/05/2031                                                                  | CUSIP: 06055JHQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $252136.84    | 0.87%             | 2031-12-05      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bank Of Montreal                                             | Bank of Montreal MTN, 5.650%, 7/12/2029                                                                        | CUSIP: 06376AH60<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $249029.74    | 0.86%             | 2029-07-12      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Bank Of Montreal                                             | Bank of Montreal, 5.100%, due 10/18/234                                                                        | CUSIP: 06376BNM6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238574.19    | 0.82%             | 2034-10-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Beech Grove School Building Corp                             | Beech Grove, IN Sch Bldg. Corp., 2.850%, due 07/05/25                                                          | CUSIP: 076725DK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69883.80     | 0.24%             | 2025-07-05      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Bloom & Carroll Local School District                        | Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/01/25                                                        | CUSIP: 093707ET0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60432.60     | 0.21%             | 2025-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| The Boeing Co.                                               | Boeing Co., 2.600%, due 10/30/25                                                                               | CUSIP: 097023BP9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148439.40    | 0.51%             | 2025-10-30      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP.                                        | Boston Properties LP., 4.500%, 12/01/2028                                                                      | CUSIP: 10112RBA1<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246350.48    | 0.85%             | 2028-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                             | CVS Health Corp., 5.300%, 06/01/2033                                                                           | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295649.98    | 1.02%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Capital Southwest Corp.                                      | Capital One Financial Corp., 6.125%, to 06/23/25 Perp.                                                         | CUSIP: 14040HDL6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100216.62    | 0.35%             | 2025-06-23      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Capital Southwest Corp.                                      | Capital Southwest Corp., 3.375%, due 10/01/26                                                                  | CUSIP: 140501AC1<br>LEI: 54930023YZ4YEJEDBO56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96342.00     | 0.33%             | 2026-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Caterpillar, Inc.                                            | Caterpillar, Inc., 3.050%, 5/15/2027                                                                           | CUSIP: 14912HRU6<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38396.68     | 0.13%             | 2027-05-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| South State Corp.                                            | CenterState Bank Corp., 5.750%, to 06/01/25                                                                    | CUSIP: 15201PAA7<br>LEI: 549300JZUANXM0YQ4W53 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9950.00      | 0.03%             | 2030-06-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                              | Citigroup, Inc., 0.000%, 3/12/2034                                                                             | CUSIP: 1730T0L64<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    394000 | PA      | $276958.36    | 0.96%             | 2034-03-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                               | Citizens Financial Group, Inc., 4.300%, due 2/11/2031                                                          | CUSIP: 174610BA2<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245885.75    | 0.85%             | 2031-02-11      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| City Of Bellevue Wa                                          | City of Bellevue, WA, 0.751%, 12/01/25                                                                         | CUSIP: 0793653V2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $147523.50    | 0.51%             | 2025-12-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| City of South Bend IN Educational Center Project             | City of South Bend IN Educational Center Project, 2.500%, 8/1/2035                                             | CUSIP: 836521BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $19224.50     | 0.07%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cleveland OH Income Tax                                      | Cleveland, OH Income Tax Revenue Build America Bonds, 6.060%, due 10/01/26                                     | CUSIP: 186387EM4<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5057.20      | 0.02%             | 2026-10-01      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Conservation Fund                                            | Conservation Fund, 3.474%, 12/15/29                                                                            | CUSIP: 20848FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $51553.97     | 0.18%             | 2029-12-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.                               | Dentsply Sirona, Inc., 3.250%, to 06/01/2030                                                                   | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135181.98    | 0.47%             | 2030-06-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank                                                | Deutsche Bank, 5.150%, 9/15/2034                                                                               | CUSIP: 25161FL55<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $236227.67    | 0.82%             | 2034-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Dillards, Inc.                                               | Dillards, Inc., 7.750%, due 07/15/26                                                                           | CUSIP: 254063AU4<br>LEI: 529900FGYKMWL6019P91 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35624.56     | 0.12%             | 2026-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                            | Duke Energy Corp., 3.200%, 6/15/2025                                                                           | CUSIP: 26442KAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39950.41     | 0.14%             | 2025-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                          | EOG Resources, Inc., 6.650%, 4/1/2028                                                                          | CUSIP: 293562AD6<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315439.83    | 1.09%             | 2028-04-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| East Norriton & Plymouth                                     | East Norriton & Plymouth PA, Jt Swr Auth, 1.832%, due 08/01/28                                                 | CUSIP: 274029GM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $186002.00    | 0.64%             | 2028-08-01      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| Empire District Electric Co                                  | Empire District Electric Co., 6.700%, 11/15/2033                                                               | CUSIP: 29164RAA9<br>LEI: SODDIORBUCWXMHSFJ978 | Long             | DBT              | CORP              | US        |    325000 | PA      | $344909.18    | 1.19%             | 2033-11-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Evansville-Vanderburgh, IN School Bldg. Corp.                | Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 07/15/26                                   | CUSIP: 299620ED2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $125078.75    | 0.43%             | 2026-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Evansville-Vanderburgh, IN School Bldg. Corp.                | Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 07/15/27                                   | CUSIP: 299620EE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100094.00    | 0.35%             | 2027-07-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks Cons Systemwide Bds                | Federal Farm Credit Bank, 4.940%, 10/08/2031                                                                   | CUSIP: 3133ERWW7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249634.75    | 0.86%             | 2031-10-08      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks Cons Systemwide Bds                | Federal Farm Credit Bank, 5.570, 08/26/2033                                                                    | CUSIP: 3133ERRL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499456.82    | 1.73%             | 2033-08-26      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Bank                                       | Federal Home Loan Bank, 5.555%, 2/15/2033                                                                      | CUSIP: 3130B25L5<br>LEI: AJ6VL0Z1WDC42KKJZO20 | Long             | DBT              | CORP              | US        |    550000 | PA      | $549369.89    | 1.90%             | 2033-02-15      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Federated Hermes Money Market Obligations Trust              | Federated Treasury Obligation Fund - Institutional Shares                                                      | CUSIP: 60934N500<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |   5956365 | NS      | $5956364.66   | 20.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                          | Fifth Third Bancorp Series L, 4.500%, to 09/30/2025                                                            | CUSIP: 316773DB3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149028.41    | 0.51%             | 2025-09-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| First-Citizens Bank & Trust Company                          | First Citizens Bank, 6.125%, 03/09/28                                                                          | CUSIP: 125581GX0<br>LEI: N8O96ZZJQRFYQUJY7K79 | Long             | DBT              | CORP              | US        |    350000 | PA      | $362204.33    | 1.25%             | 2028-03-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC.                                   | Ford Motor Credit Co. LLC., 5.450%, 2/20/28                                                                    | CUSIP: 34540TZE5<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198084.63    | 0.68%             | 2028-02-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC.                                   | Ford Motor Credit Co. LLC., 5.700%, 09/20/2034                                                                 | CUSIP: 34540TK68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    350000 | PA      | $339198.13    | 1.17%             | 2034-09-20      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Gary Community School                                        | Gary Community School, 3.200%, 07/15/2029                                                                      | CUSIP: 366754CT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48574.00     | 0.17%             | 2029-07-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Gary Community School                                        | Gary Community School, 3.500%, 01/15/2033                                                                      | CUSIP: 366754CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23384.75     | 0.08%             | 2033-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co.                                 | General Motors Financial Company, Inc. Series C, 5.70%, to 09/30/2030                                          | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143896.26    | 0.50%             | 2030-09-30      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Georgia Local Govt.                                          | Georgia Loc. Govt., 4.750%, due 06/01/2028                                                                     | CUSIP: 373271AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51085.50     | 0.18%             | 2028-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Georgia Local Govt.                                          | Georgia Qualified School Construction Bond Series F, 4.000%, 02/01/26                                          | CUSIP: 373384L61<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $149776.50    | 0.52%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific, LLC.                                        | Georgia-Pacific, LLC., 7.250%, 06/01/28                                                                        | CUSIP: 373298BP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $322859.26    | 1.12%             | 2028-06-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific, LLC.                                        | Georgia-Pacific, LLC., 7.750%, 11/15/2029                                                                      | CUSIP: 373298BR8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $168964.74    | 0.58%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                    | Goldman Sachs Group, Inc. Series MTN, 0.000%, 12/13/2028                                                       | CUSIP: 38147Q2A3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82923.00     | 0.29%             | 2028-12-13      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group Inc                                      | Goldman Sachs Group, Inc. Series MTN, 5.100%, 2/14/2030                                                        | CUSIP: 38151FEG4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297683.65    | 1.03%             | 2030-02-14      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                    | Goldman Sachs Group, Inc., 0.000%, 11/13/28                                                                    | CUSIP: 38147QK21<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $102396.00    | 0.35%             | 2028-11-13      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| HCA Healthcare, Inc.                                         | HCA Healthcare, Inc., 7.050%, 12/01/27                                                                         | CUSIP: 197677AJ6<br>LEI: EVK05KS7XY1DEII3R011 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261969.53    | 0.90%             | 2027-12-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                                  | Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/2027                                                    | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145548.57    | 0.50%             | 2027-10-15      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific, LLC                                         | Illinois Build America Bond, 6.900%, 03/01/2035                                                                | CUSIP: 452152ER8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $134017.50    | 0.46%             | 2035-03-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific, LLC                                         | Illinois State Taxable Pension AGM CR, 5.100%, 06/01/2033                                                      | CUSIP: 452152FP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     42353 | PA      | $42388.94     | 0.15%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Indiana Bell Telephone Co., Inc.                             | Indiana Bell Tel Co., Inc., 7.300%, due 08/15/2026                                                             | CUSIP: 454614AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50981.18     | 0.18%             | 2026-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Indiana State Financial Authority University Housing Revenue | Indiana State Financial Authority University Housing Revenue, 5.388 %, 7/1/2035                                | CUSIP: 45471MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $247445.00    | 0.85%             | 2035-07-01      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Indiana State Housing & Community Development Authority      | Indiana State Housing & Community Development Authority, 4.984 %, 7/1/2030                                     | CUSIP: 45505TV32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $141612.80    | 0.49%             | 2030-07-01      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                         | JPMorgan Chase & Co. Series B, 5.330, due 02/01/2027 (3-month US Libor + .50%)                                 | CUSIP: 161480AB4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147310.50    | 0.51%             | 2027-02-01      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                         | JPMorgan Chase & Co. Series CC, 7.117%, 05/01/2026                                                             | CUSIP: 48128BAD3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150181.65    | 0.52%             | 2026-05-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State System of Higher Education Foundation     | Jacksonville Public Educational Building Authority Taxable, 6.100%, 08/10/2030                                 | CUSIP: 469480BB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $159633.00    | 0.55%             | 2030-08-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                              | Jefferies Financial Group, Inc., 6.000%, 1/31/2033                                                             | CUSIP: 47233WHV4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297224.61    | 1.03%             | 2033-01-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                              | Jefferies Financial Group, Inc., 6.500%, 4/30/2035                                                             | CUSIP: 47233WJN0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250897.33    | 0.87%             | 2035-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Jobs OH Beverage Sys                                         | JobsOhio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 01/01/2028   | CUSIP: 47770VBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $118941.25    | 0.41%             | 2028-01-01      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International, Plc.                         | Johnson Controls International, Plc., 4.900%, 12/01/2032                                                       | CUSIP: 47837RAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $246890.96    | 0.85%             | 2032-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Key Corp.                                                    | Key Corp., 5.49386%, due 07/01/2028 (3-month US Libor + 0.74%)                                                 | CUSIP: 49326MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97039.95     | 0.34%             | 2028-07-01      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Key Corp.                                                    | Keycorp., 2.250%, 04/06/27                                                                                     | CUSIP: 49326EEK5<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191361.34    | 0.66%             | 2027-04-06      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Co.                                              | Kraft Heintz Foods Co., 6.375%, 7/15/2028                                                                      | CUSIP: 423074AF0<br>LEI: 549300O4DVEIH6VXSE50 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261181.97    | 0.90%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Lennar Corp.                                                 | Lennar Corp., 4.750%, due 11/29/2027                                                                           | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100259.06    | 0.35%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                               | M&T Bank Corp., 7.413%, 10/30/2029                                                                             | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    250000 | PA      | $269637.62    | 0.93%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Masco Corp.                                                  | Masco Corp., 7.750%, 08/01/29                                                                                  | CUSIP: 574599AT3<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $442052.18    | 1.53%             | 2029-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Medallion Bank                                               | Medallion Bank Utah Series F, 8.000%, to 04/01/2025                                                            | CUSIP: 58403B205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4000 | NS      | $102160.40    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mellon Capital IV                                            | Mellon Capital IV Series 1, 5.131%, to 6/20/25                                                                 | CUSIP: 58551TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $166731.22    | 0.58%             | 2030-12-20      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Merchants Bancorp                                            | Merchants Bancorp, 5.250, 10/01/2027                                                                           | CUSIP: 58844R884<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4000 | NS      | $100640.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| State of Michigan                                            | Michigan State Taxable School Loan Series A, 3.200%, due 05/15/2027                                            | CUSIP: 594612BD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    177500 | PA      | $174725.68    | 0.60%             | 2027-05-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                               | Morgan Stanley Series MTN, 0.000%, due 08/30/2028                                                              | CUSIP: 61760QDF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21062.50     | 0.07%             | 2028-08-30      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                               | Morgan Stanley, Series MTN, 0.000%, due 08/19/2028                                                             | CUSIP: 61760QDA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    114000 | PA      | $95267.52     | 0.33%             | 2028-08-19      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                                      | National Bank of Canada, 5.600%, 12/18/28                                                                      | CUSIP: 63307A2X2<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $258085.35    | 0.89%             | 2028-12-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| New York St Dorm Auth Revenues                               | New York St Dorm Auth Revenues, 5.289%, 03/15/2033                                                             | CUSIP: 6499022E2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90334 | PA      | $90605.82     | 0.31%             | 2033-03-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| City of North Miami Beach                                    | North Miami Beach, FL, Water Revenue Series B, 2.311%, due 08/01/2027                                          | CUSIP: 661046BY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $144093.00    | 0.50%             | 2027-08-01      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                | North Texas Tollway Authority, 8.410%, due 02/01/2030                                                          | CUSIP: 66285WFT8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | CORP              | US        |     37000 | PA      | $40024.38     | 0.14%             | 2030-02-01      | Fixed         | 8.41%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Gas Co.                                    | Northern Illinois Gas Co., 5.900%, due 12/1/2032                                                               | CUSIP: 665228CB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254819.97    | 0.88%             | 2032-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Omaha NE Special Obligation Taxable Ref Riverfront           | Omaha NE Special Obligation Taxable Ref Riverfront, 6.400%, 02/01/26                                           | CUSIP: 68189TBA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15198.30     | 0.05%             | 2026-02-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                        | OneMain Finance Corp., 3.500%, due 01/15/2027                                                                  | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145322.97    | 0.50%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PNC Capital Trust C                                          | PNC Capital Trust C, 5.150%, due 06/01/2028                                                                    | CUSIP: 69349AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $147126.96    | 0.51%             | 2028-06-01      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Pacific Bell                                                 | Pacific Bell, 7.125%, 03/15/26                                                                                 | CUSIP: 694032AT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $405941.93    | 1.40%             | 2026-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State System of Higher Education Foundation     | Pennsylvania Higher Educational Facs Authority Revenue, 3.000%, 06/15/25                                       | CUSIP: 70917TDC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99942.00     | 0.35%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                                  | Philadelphia PA Qualified School Construction Bond, 5.995%, 9/1/2030                                           | CUSIP: 717883LV2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $83720.80     | 0.29%             | 2030-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Philomath Oregon Sch Dist # 17J                              | Philomath, Oregon Sch District, 5.472%, due 06/15/2027                                                         | CUSIP: 718781CE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $152739.00    | 0.53%             | 2027-06-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Plainfield Redevelopment Authority                           | Plainfield Redevelopment Commission, 2.000%, due 2/01/2029                                                     | CUSIP: 726305RW7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $273318.00    | 0.94%             | 2029-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ready Capital Corp.                                          | Ready Capital Corp., 5.750%, due 02/15/2026                                                                    | CUSIP: 75574U606<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |      4000 | NS      | $95880.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp.                                          | Ready Capital Corp., 9.000%, 12/15/2029                                                                        | CUSIP: 75574U838<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6000 | NS      | $138780.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp.                                               | Renasant Corp., 5.500%, 9/1/31                                                                                 | CUSIP: 75970EAB3<br>LEI: 549300OVE6OZHW2UUH81 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388024.40    | 1.34%             | 2031-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ross Stores, Inc.                                            | Ross Stores, Inc. 4.800%, 4/15/2030                                                                            | CUSIP: 778296AD5<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298782.16    | 1.03%             | 2030-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                          | SVB Financial Group Trust                                                                                      | CUSIP: 78500B403<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $0.60         | 0.00%             | 2031-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Schererville Income Econ Dev Revenue                         | Schererville Income Econ Dev Revenue, 2.579%, 1/15/2030                                                        | CUSIP: 806541BM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $134830.50    | 0.47%             | 2030-01-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Somerset Hills Road Dist #4 Texas                            | Somerset Hills Road Dist #4 Texas, 5.125, 08/15/2034                                                           | CUSIP: 83473PEE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $104713.35    | 0.36%             | 2034-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Southern Natural Gas                                         | Southern Natural Gas, 7.350%, 2/15/2031                                                                        | CUSIP: 843452AY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $325149.37    | 1.12%             | 2031-02-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                           | State Street Corp., 7.350%, 06/15/26                                                                           | CUSIP: 857473AE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $512430.83    | 1.77%             | 2026-06-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                         | Steel Dynamics, Inc., 5.00%, 12/15/26                                                                          | CUSIP: 858119BF6<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149951.37    | 0.52%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                                  | Sysco Corp., 6.500%, due 08/01/2028                                                                            | CUSIP: 871829AF4<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    152000 | PA      | $161075.99    | 0.56%             | 2028-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TTCU Federal Credit Union                                    | TTCU Federal Credit Union, 5.000%, 07/26/27                                                                    | CUSIP: 89854LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $152606.96    | 0.53%             | 2027-07-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                        | Targa Resources Corp., 5.500%, 03/01/2030                                                                      | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $251875.93    | 0.87%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| The Walt Disney Co.                                          | The Walt Disney Co., 7.700%, 10/30/2025                                                                        | CUSIP: 254687DF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $403619.98    | 1.39%             | 2025-10-30      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Town of Speedway                                             | Town of Speedway IN Revenue Bond, 5.000%, 08/01/2034                                                           | CUSIP: 847729AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49905.00     | 0.17%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                       | Truist Financial Corp. Series M, 5.125%, to 12/15/2027                                                         | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98205.25     | 0.34%             | 2027-12-15      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                       | Truist Financial Corp. Series Q Perpetual, 5.10%, 03/01/2030                                                   | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72988.80     | 0.25%             | 2030-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Department of The Treasury                     | U.S. Government Treasury Bill, 3.875%, 08/15/33                                                                | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $728291.02    | 2.52%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UMB Financial Corp.                                          | UMB Financial Corp., 3.700%, 9/17/2030                                                                         | CUSIP: 902788AA6<br>LEI: 549300MGEH3N3CUCV828 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247706.19    | 0.86%             | 2030-09-17      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                   | US Bancorp, 3.70%, 01/15/2027                                                                                  | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190608.97    | 0.66%             | 2027-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                   | US Bancorp, 5.200%, due 12/26/2029                                                                             | CUSIP: 91159XBG9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251441.19    | 0.87%             | 2029-12-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United Rentals, Inc.                                         | United Rentals, Inc., 3.875%, 11/15/2027                                                                       | CUSIP: 911365BM5<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146624.24    | 0.51%             | 2027-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VMWare, Inc.                                                 | VMWare, Inc., 3.900%, due 08/21/2027                                                                           | CUSIP: 928563AC9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147907.56    | 0.51%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                 | Verizon Communications, Inc., 6.800%, 5/1/2029                                                                 | CUSIP: 92343VEK6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268083.00    | 0.93%             | 2029-05-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| The Walt Disney Co.                                          | The Walt Disney Co., 6.750%, 01/09/2038                                                                        | CUSIP: 254687EK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $111771.34    | 0.39%             | 2038-01-09      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Warsaw Redevelopment District Tax, Inc.                      | Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, due 02/01/2026    | CUSIP: 93638TBL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9964.80      | 0.03%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                            | Wells Fargo & Co., 5.200%, 8/16/2034                                                                           | CUSIP: 95001DGZ7<br>LEI: 549300YFEWUJMPG9CN91 | Long             | DBT              | CORP              | US        |    350000 | PA      | $338101.77    | 1.17%             | 2034-08-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                 | YMCA of Greater NY, 3.160%, 08/01/2031                                                                         | CUSIP: 98425BAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $52097.57     | 0.18%             | 2031-08-01      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| iShares Trust                                                | iShares 10+ Year Investment Grade Corporate Bond ETF                                                           | CUSIP: 464289511<br>LEI: N/A                  | Long             | EC               | RF                | US        |     10000 | NS      | $490000.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                | iShares 5-10 Year Investment Grade Corporate Bond ETF                                                          | CUSIP: 464288638<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5000 | NS      | $262550.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                | iShares US Preferred Stock ETF                                                                                 | CUSIP: 464288687<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1000 | NS      | $30230.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Archer Investment Series Trust

**Signature:** /s/ Troy C. Patton

**Name of Signer:** Troy C. Patton

**Title:** President