# EDGAR Filing Document

**Accession Number:** 0001477491
**File Stem:** 0001162044-26-000051
**Filing Date:** 2026-1
**Character Count:** 88856
**Document Hash:** 0bf08c49994f293b2294292b6677ecc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000051.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001162044-26-000051

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**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:** 26563864

**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** |
| **November 30, 2025 (unaudited)** | **November 30, 2025 (unaudited)** | **November 30, 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 - 52.13% (5)** | **Corporate Bonds - 52.13% (5)** | **Corporate Bonds - 52.13% (5)** |
| **Accident & Health Insurance - 0.89%** |  |  |
| Unum Group, 6.750%, 12/15/28 | 300000  | 319351  |
| **Air Transportation, Scheduled - 0.71%** |  |  |
| Johnson Controls International, plc, 4.900%, 12/1/32 | 250000  | 256106  |
| **Asset Management - 0.71%** |  |  |
| Ares Capital Corp., 5.875%, 3/1/29 | 250000  | 256873  |
| **Banks & Financial Institutions - 1.39%** |  |  |
| Federal Home Loan Bank, 4.000%, 9/12/30 | 500000  | 499314  |
| **Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 0.73%** |  |  |
| Kraft Heintz Foods Co., 6.375%, 7/15/28 | 250000  | 261741  |
| **Commercial Banks - 2.24%** |  |  |
| Bank of Montreal MTN, 5.650%, 7/12/29 | 250000  | 242495  |
| National Bank of Canada, 5.600%, 12/18/28 | 250000  | 261235  |
| Royal Bank of Canada, 5.000%, 07/21/2032 | 300000  | 301260  |
|  |  | 804990  |
| **Construction Machinery & Equip - 0.11%** |  |  |
| Caterpillar, Inc., 3.050%, 5/15/27 | 40000  | 38695  |
| **Consumer Products - 0.15%** |  |  |
| YMCA of Greater NY, 3.160%, 8/1/31 | 60000  | 54111  |
| **Crude Petroleum & Natural Gas - 0.88%** |  |  |
| EOG Resources, Inc., 6.650%, 4/1/28 | 300000  | 315704  |
| **Consumer Cyclical Services - 1.61%** |  |  |
| American Medical College, 3.017%, 10/1/35 | 250000  | 217663  |
| Prime Healthcare Foundation, 7.000%, 12/1/27 | 350000  | 362551  |
|  |  | 580214  |
| **Cutlery, Handtools, & General Hardware - 1.02%** |  |  |
| Stanley Black & Decker, Inc., 2.300%, Due 3/15/2030 | 400000  | 365480  |
| **Dental Equipment & Supplies - 0.39%** |  |  |
| Dentsply Sirona, Inc., 3.250%, to 06/01/2030 | 150000  | 138530  |
| **Electric & Other Services Combined - 0.98%** |  |  |
| Empire District Electric Co., 6.700%, 11/15/33 | 325000  | 351794  |
| **Financial Services - 1.95%** |  |  |
| Ford Motor Credit Co. LLC., 5.450%, 2/20/28 | 200000  | 200148  |
| Ford Motor Credit Co. LLC., 5.700%, 9/20/34 | 350000  | 349991  |
| General Motors Financial Company, Inc. Series C, 5.70%, to 9/30/30 <sup>(a) (b)</sup> | 150000  | 150030  |
|  |  | 700169  |
| **General Building Contractors - Residential Buildings - 0.28%** |  |  |
| Lennar Corp., 4.750%, due 11/29/27 | 100000  | 100792  |
| **Hospital & Medical Service Plans - Residential Buildings - 0.65%** |  |  |
| Centene Corp., 2.450%, 07/15/2028 | 250000  | 233063  |
| **Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.22%** |  |  |
| Masco Corp., 7.750%, 08/1/29 | 400000  | 440074  |
| **Midstream - 0.93%** |  |  |
| Southern Natural Gas, 7.350%, 2/15/31 | 300000  | 333816  |
| **National Commercial Banks - 12.28%** |  |  |
| Bank of America Corp., 4.500%, due 8/6/27 | 500000  | 499215  |
| Bank Of America Corp., 5.100%, 9/16/36 | 250000  | 249269  |
| Bank of America Corp., 5.200%, due 12/5/31 | 250000  | 250049  |
| Bank of Montreal, 5.100%, due 10/18/34 | 250000  | 248486  |
| Citigroup, Inc., 4.600%, 3/30/27 | 250000  | 249190  |
| Goldman Sachs Group, Inc., 1.500%, 9/15/27 | 500000  | 479038  |
| JPMorgan Chase & Co. Series B, 5.330, due 02/1/27 (3-month US Libor + .50%) | 150000  | 149381  |
| JPMorgan Chase & Co. Series CC, 7.117%, 5/1/26 | 150000  | 151530  |
| Mellon Capital IV Series 1, 5.131%, to 6/20/25 | 200000  | 164347  |
| Simmons First National Corp., 6.25 %, 10/1/35 | 350000  | 353696  |
| Truist Financial Corp. Series M, 5.125%, to 12/15/27 | 100000  | 99196  |
| Truist Financial Corp. Series Q Perpetual, 5.10%, 3/1/30 | 75000  | 75237  |
| TTCU Federal Credit Union, 5.000%, 7/26/27 | 150000  | 153063  |
| US Bancorp, 3.70%, 1/15/27 | 200000  | 194159  |
| US Bancorp, 5.200%, due 12/26/29 | 250000  | 249997  |
| Wells Fargo & Company, 4.050%, 10/2/29 | 400000  | 398236  |
| Wells Fargo & Company, 5.200%, 8/16/34 | 350000  | 349232  |
| Wells Fargo & Company, 5.250%, 4/28/30 | 100000  | 100431  |
|  |  | 4413752  |
| **Natural Gas Transmission - 1.43%** |  |  |
| Northern Illinois Gas Co., 5.900%, due 12/1/32 | 250000  | 259836  |
| Targa Resources Corp., 5.500%, 3/1/30 | 250000  | 254384  |
|  |  | 514220  |
| **Other Sectors - 0.15%** |  |  |
| Conservation Fund, 3.474%, 12/15/29 | 55000  | 52944  |
| **Paper Mills - 1.37%** |  |  |
| Georgia-Pacific, LLC., 7.250%, 6/1/28 | 300000  | 322047  |
| Georgia-Pacific, LLC., 7.750%, 11/15/29 | 150000  | 170036  |
|  |  | 492083  |
| **Personal Credit Institutions - 0.41%** |  |  |
| OneMain Finance Corp., 3.500%, due 1/15/27  | 150000  | 148044  |
| **Retail-Department Store - 0.10%** |  |  |
| Dillards, Inc., 7.750%, due 7/15/26  | 35000  | 35716  |
| **Retail - Variety Stores - 0.84%** |  |  |
| Ross Stores, Inc. 4.800%, 4/15/30 | 300000  | 302120  |
| **Retail-Drug Stores & Proprietary Stores - 0.86%** |  |  |
| CVS Health Corp., 5.300%, 6/1/33 | 300000  | 310423  |
| **Security Brokers, Dealers & Flotation Companies - 2.38%** |  |  |
| Goldman Sachs Group, Inc. Series MTN, 5.100%, 2/14/30 | 300000  | 300587  |
| Jefferies Financial Group, Inc., 6.000%, 1/31/33 | 300000  | 301420  |
| Jefferies Financial Group, Inc., 6.500%, 4/30/35 | 250000  | 252258  |
|  |  | 854265  |
| **Services-Equipment Rental & Leasing - 0.69%** |  |  |
| Air Lease Corp., 3.625%, due 12/1/27  | 100000  | 98627  |
| United Rentals, Inc., 3.875%, due 11/15/27  | 150000  | 148418  |
|  |  | 247044  |
| **Services-General Medical & Surgical Hospitals - 0.73%** |  |  |
| HCA Healthcare, Inc., 7.050%, due 12/1/27 | 250000  | 263284  |
| **Services - Miscellaneous Amusement & Recreation - 0.95%** |  |  |
| Walt Disney Co., 6.750%, 1/9/38 | 100000  | 117746  |
| Walt Disney Co., 7.125%, 4/8/28 | 210000  | 224399  |
|  |  | 342145  |
| **Services-Prepackaged Software - 0.42%** |  |  |
| VMWare, Inc., 3.900%, due 8/21/27  | 150000  | 149746  |
| **State Commercial Banks - 7.47%** |  |  |
| Ally Financial, Inc. Series B, 4.700%, to 5/15/26 | 150000  | 146902  |
| Citizens Financial Group, Inc., 2.638%, 9/30/32 | 250000  | 215569  |
| Citizens Financial Group, Inc., 4.300%, due 2/11/31 | 250000  | 248712  |
| Deutsche Bank, 5.150%, 9/15/34 | 250000  | 242144  |
| First Citizens Bank, 6.125%, 3/9/28 | 350000  | 362983  |
| Keycorp., 2.250%, 4/6/27 | 200000  | 194979  |
| M&T Bank Corporation, 7.413%, 10/30/29 | 250000  | 271175  |
| Merchants Bancorp, 5.250, 10/1/27 | 4000  | 98960  |
| Renasant Corp., 5.500%, 9/1/31 | 400000  | 397326  |
| State Street Corp., 7.350%, 6/15/26 | 500000  | 508219  |
|  |  | 2686969  |
| **Steel Works, Blast Furances & Rolling Mills (Coke Ovens) - 0.42%** |  |  |
| Steel Dynamics, Inc., 5.00%, due 12/15/26 | 150000  | 149979  |
| **Telephone Communications - 3.25%** |  |  |
| AT&T Inc., 7,125%, 12/15/31 | 400000  | 447053  |
| Pacific Bell, 7.125%, 3/15/26 | 400000  | 401639  |
| Verizon Communications, Inc., 6.800%, 5/1/29 | 250000  | 267714  |
| Indiana Bell Tel Co., Inc., 7.300%, due 8/15/26 | 50000  | 50852  |
|  |  | 1167258  |
| **Trucking & Courier Services (No Air) - 1.11%** |  |  |
| United Parcel Service, Inc., 7.620%, 4/1/30 | 350000  | 398526  |
| **Wholesale-Groceries & Related Products - 0.45%** |  |  |
| Sysco Corp., 6.500%, due 8/1/28  | 152000  | 161217  |
| Total Corporate Bonds | (Cost $18,798,184) | 18740552  |
| **Exchange-Traded Funds - 2.28% (3)** | **Exchange-Traded Funds - 2.28% (3)** | **Exchange-Traded Funds - 2.28% (3)** |
| iShares 10+ Year Investment Grade Corporate Bond ETF | 10000  | 516200  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 5000  | 271950  |
| iShares US Preferred Stock ETF | 1000  | 30950  |
| Total Exchange-Traded Funds | (Cost $809,693) | 819100  |
| **Real Estate Investment Trusts - 1.37% (3)** | **Real Estate Investment Trusts - 1.37% (3)** | **Real Estate Investment Trusts - 1.37% (3)** |
| Boston Properties LP., 4.500%, 12/1/28 | 250000  | 251218  |
| Ready Capital Corp., 5.750%, due 2/15/26 | 6000  | 143100  |
| Ready Capital Corp., 9.000%, 12/15/29 | 4000  | 99200  |
| Total Real Estate Investment Trusts | (Cost $494,775) | 493518  |
| **Municipal Bonds - 12.91% (5)** | **Municipal Bonds - 12.91% (5)** | **Municipal Bonds - 12.91% (5)** |
| **Alabama - 0.45%** |  |  |
| Jacksonville Public Educational Building Authority Taxable, 6.100%, 8/10/30 | 150000  | 162438  |
| **Connecticut - 0.33%** |  |  |
| Town of Hamden, 4.930%, 8/15/35 | 120000  | 119998  |
| **Florida - 0.61%** |  |  |
| Hillsborough County Aviation, 5.170%, 10/1/35 | 70000  | 70008  |
| North Miami Beach, FL, Water Revenue Series B, 2.311%, due 8/1/27 | 150000  | 146480  |
|  |  | 216488  |
| **Georgia - 0.56%** |  |  |
| Georgia Local Government, 4.750%, due 6/1/28 | 50000  | 51249  |
| Georgia Qualified School Construction Bond Series F, 4.000%, 2/1/26 | 150000  | 150023  |
|  |  | 201272  |
| **Illinois - 1.39%** |  |  |
| Illinois Build America Bond, 6.900%, due 3/1/35 | 125000  | 138456  |
| Illinois State Taxable Pension AGM CR, 5.100%, 6/1/33 | 39265  | 40392  |
| Saint Clair County IL School District #187, 5.169%, 1/1/31 | 70000  | 72619  |
| Village of Rosemont, 6.600%, due 12/1/30 | 85000  | 87165  |
| Village of Rosemont, 6.750%, due 12/1/35 | 150000  | 159597  |
|  |  | 498229  |
| **Indiana - 3.36%** |  |  |
| City of South Bend IN Educational Center Project, 2.500%, 8/1/35 | 25000  | 20386  |
| Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 7/15/26 | 85000  | 85096  |
| Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 7/15/27 | 100000  | 100188  |
| Gary Community School, 3.200%, due 7/15/29 | 50000  | 49315  |
| Gary Community School, 3.500%, 1/15/33 | 25000  | 24155  |
| Indiana State Financial Authority University Housing Revenue, 5.388 %, 7/1/35 | 250000  | 254105  |
| Indiana State Housing & Community Development Authority, 4.984 %, 7/1/30 | 140000  | 145177  |
| Plainfield Redevelopment Commission, 2.000%, due 2/1/29 | 300000  | 280395  |
| Schererville Income Econ Dev Revenue, 2.579%, 1/15/30 | 150000  | 142275  |
| Town of Speedway IN Revenue Bond, 5.000%, 8/1/34 | 50000  | 50173  |
| Valparaiso, IN Middle School Building Corp., 5.900, 1/15/26 | 50000  | 50079  |
| Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, due 2/1/26 | 5000  | 4996  |
|  |  | 1206339  |
| **Maryland - 0.96%** |  |  |
| Baltimore MD, Brd of Sch Commissioners City Schs Revenue, 5.692%, due 12/15/25  | 100000  | 100078  |
| Maryland State Health & Higher Education Facilities, 2.269%, 1/1/27 | 250000  | 243628  |
|  |  | 343706  |
| **Michigan - 0.49%** |  |  |
| Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27 | 177500  | 176121  |
| **Nebraska - 0.84%** |  |  |
| City of Grand Island NE, 1.920%, 08/15/2028 | 300000  | 285579  |
| Omaha NE Special Obligation Taxable Ref Riverfront, 6.400%, due 2/1/26 | 15000  | 15060  |
|  |  | 300639  |
| **New York - 0.26%** |  |  |
| New York St Dorm Auth Revenues, 5.289%, due 3/15/33 | 90334  | 91945  |
| **Ohio - 0.78%** |  |  |
| Avon, OH, General Obligations Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, due 12/1/25 | 100000  | 100000  |
| Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/1/25 | 60000  | 60000  |
| JobsOhio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 1/1/28 | 125000  | 121261  |
|  |  | 281261  |
| **Oregon - 0.43%** |  |  |
| Philomath, Oregon Sch District, 5.472%, due 6/15/27 | 150000  | 153351  |
| **Pennsylvania - 0.85%** |  |  |
| East-Norriton-Plymouth-Whitpain Joint Sewer Authority, 1.832%, due 8/1/28 | 200000  | 189940  |
| Philadelphia PA Qualified School Construction Bond, 5.995%, 9/1/30 | 80000  | 85570  |
| Pennsylvania Higher Educational Facs Authority Revenue, 3.000%, 6/15/25 | 25000  | 30515  |
| Susquehanna Area Regional Airport Authority, 9.875%, 1/1/34 |  |  |
|  |  | 306025  |
| **South Carolina - 0.16%** |  |  |
| South Carolina State Jobs-Econ Dev Authority Hospital Revenue, 2.729%, 7/1/30 | 60000  | 55855  |
| **Texas - 0.35%** |  |  |
| North Texas Tollway Authority, 8.410%, due 2/1/30 | 37000  | 39882  |
| Somerset Hills Road Dist #4 Texas, 5.125%, due 8/15/34 | 85000  | 86055  |
|  |  | 125936  |
| **Washington - 0.42%** |  |  |
| City of Bellevue, WA, 0.751%, 12/1/25 | 150000  | 150000  |
| **Wisconsin - 0.70%** |  |  |
| City of Milwaukee, WI, 3.950%, 12/1/28 | 250000  | 250875  |
| Total Municipal Bonds | (Cost $4,514,558) | 4640477  |
| **U.S. Government Agencies & Obligations - 6.28%**  | **U.S. Government Agencies & Obligations - 6.28%**  | **U.S. Government Agencies & Obligations - 6.28%**  |
| US Treasury Bill, 3.875%, 08/15/33 | 750000  | 751406  |
| US Treasury Bill, 3.625%, 9/30/30 | 1000000  | 1000938  |
| US Treasury Bill, 3.875%, 9/30/32 | 500000  | 502734  |
| Total US Government Treasury | (Cost $2,197,939) | 2255078  |
| **Preferred Securities - 1.20%** | **Preferred Securities - 1.20%** | **Preferred Securities - 1.20%** |
| **Asset Management - 0.17%** |  |  |
| B Riley Financial, Inc., 6.50%, due 9/30/26 | 3000  | 59730  |
| **National Commercial Banks - 1.02%** |  |  |
| BAC Capital Trust XIII Series F, 4.960%, 3/15/43 <sup>(b)</sup> | 100000  | 76699  |
| Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27 | 150000  | 146847  |
| PNC Capital Trust C, 5.150%, due 6/1/28 | 150000  | 147547  |
|  |  | 371094  |
| **State Commercial Banks - 0.00%** |  |  |
| SVB Financial Group Trust, 0.00%, due 11/7/29 | 6000  | 11  |
| Total Preferred Securities | (Cost $547,500) | 430834  |
| **Structured Note - 2.03% (5)** | **Structured Note - 2.03% (5)** | **Structured Note - 2.03% (5)** |
| **Security Brokers, Dealers & Flotation Companies - 0.88%** |  |  |
| Goldman Sachs Group, Inc. Series MTN, 2.964%, 12/13/28 | 100000  | 85445  |
| Goldman Sachs Group, Inc., 2.448%, 11/13/28 | 120000  | 108000  |
| Morgan Stanley Series MTN, 2.988%, due 8/30/28 | 25000  | 22073  |
| Morgan Stanley, Series MTN, 2.336%, due 8/19/28 | 114000  | 99695  |
|  |  | 315213  |
| **National Commercial Banks - 1.14%** |  |  |
| Citigroup, Inc., 1.393%, 3/12/34 | 394000  | 312277  |
| Key Corp., 5.49386%, due 7/1/28 (3-month US Libor + 0.74%) | 100000  | 97788  |
|  |  | 410065  |
| Total Structured Note | (Cost $675,540) | 725278  |
| **Money Market Registered Investment Companies - 20.74%** | **Money Market Registered Investment Companies - 20.74%** | **Money Market Registered Investment Companies - 20.74%** |
| Federated Treasury Obligation Fund - Institutional Shares - 3.82% (4) | 7451444  | 7451444  |
| Total Money Market Registered Investment Companies | (Cost $7,451,444) | 7451444  |
| **Total Investments - 98.94%** | (Cost $35,691,019) | 35556281  |
| Other Assets Less Liabilities - 1.09% |  | 390523  |
| Total Net Assets - 100.00% |  | 35946804  |
| ***(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 November 30, 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 November 30, 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 November 30, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments |
| Level 1 - Quoted Prices | $8270544  | $- |
| Level 2 - Other Significant Observable Inputs | 27285737 | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $35556281 | $- |
| &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 November 30, 2025. |  |  |
| (5) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations are categorized as Level 2 of the fair value hierarchy.  | (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.  | 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:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $35981140.54

**Total Liabilities:** $34336.55

**Net Assets:** $35946803.99

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 46.18 | **1-Year:** 536.42 | **5-Year:** 4931.07 | **10-Year:** 1755.85 | **30-Year:** 75.55

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0 | **1-Year:** 10.02 | **5-Year:** 248.56 | **10-Year:** -0 | **30-Year:** 198.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000093505 | 0.55%                | 0.30%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4837.28                 | $60939.34                                  |
| Month 2  | $-350.46                 | $-80493.74                                 |
| Month 3  | $24.52                   | $156751.98                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc.                                                | AT&T Inc., 7,125%, 12/15/2031                                                                                  | CUSIP: 00206RGT3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    400000 | PA      | $447053.13    | 1.24%             | 2031-12-15      | Fixed         | 7.13%                 | 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      | $98626.62     | 0.27%             | 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      | $146902.20    | 0.41%             | 2050-12-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Association Amern Med Colleges Ill                       | American Medical College, 3.017%, 10/01/2035                                                                   | CUSIP: 04609QAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $217662.74    | 0.61%             | 2035-10-01      | Fixed         | 3.02%                 | 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      | $256872.73    | 0.71%             | 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      | $100000.00    | 0.28%             | 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      | $59730.00     | 0.17%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | 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      | $76699.32     | 0.21%             | 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      | $100078.00    | 0.28%             | 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      | $249269.30    | 0.69%             | 2036-09-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                    | Bank of America Corp., 4.500%, due 8/6/2027                                                                    | CUSIP: 06055JMY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499215.00    | 1.39%             | 2027-08-06      | Fixed         | 4.50%                 | 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      | $250049.32    | 0.70%             | 2031-12-05      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bank Of Montreal                                         | Bank of Montreal MTN, 2.000%, 1/28/2027                                                                        | CUSIP: 06368GF44<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $242494.76    | 0.67%             | 2027-01-28      | Fixed         | 2.00%                 | 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      | $248485.89    | 0.69%             | 2034-10-18      | Fixed         | 5.10%                 | 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      | $60000.00     | 0.17%             | 2025-12-01      | Fixed         | 5.80%                 | 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      | $251217.78    | 0.70%             | 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      | $310423.36    | 0.86%             | 2033-06-01      | Fixed         | 5.30%                 | 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      | $38695.02     | 0.11%             | 2027-05-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                            | Centene Corp., 2.450%, 07/15/2028                                                                              | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | USGA              | US        |    250000 | PA      | $233062.75    | 0.65%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                          | Citigroup, Inc., 1.393%, 3/12/2034                                                                             | CUSIP: 1730T0L64<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    394000 | PA      | $312276.52    | 0.87%             | 2034-03-12      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                          | Citigroup, Inc., 4.600%, 3/30/2027                                                                             | CUSIP: 17292GAX3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249189.92    | 0.69%             | 2027-03-30      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                           | Citizens Financial Group, Inc., 2.638%, 9/30/2032                                                              | CUSIP: 174610AW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $215568.68    | 0.60%             | 2032-09-30      | Fixed         | 2.64%                 | 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      | $248712.20    | 0.69%             | 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      | $150000.00    | 0.42%             | 2025-12-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| City of Grand Island                                     | City of Grand Island NE, 1.920%, 08/15/2028                                                                    | CUSIP: 385630AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $285579.00    | 0.79%             | 2028-08-15      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee                                        | City of Milwaukee, WI, 3.950%, 12/01/2028                                                                      | CUSIP: 6023664L7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250875.00    | 0.70%             | 2028-12-01      | Fixed         | 3.95%                 | 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      | $20385.75     | 0.06%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Conservation Fund, 3.474%, 12/15/29                                                                            | CUSIP: 20848FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $52944.47     | 0.15%             | 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      | $138530.33    | 0.39%             | 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      | $242143.76    | 0.67%             | 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      | $35716.08     | 0.10%             | 2026-07-15      | Fixed         | 7.75%                 | 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      | $315704.21    | 0.88%             | 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      | $189940.00    | 0.53%             | 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      | $351794.05    | 0.98%             | 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        |     85000 | PA      | $85096.05     | 0.24%             | 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      | $100188.00    | 0.28%             | 2027-07-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Bank                                   | Federal Home Loan Bank, 4.000%, 9/12/2030                                                                      | CUSIP: 3130B7SB1<br>LEI: QSI3ZLDNZWB2G3888J43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499314.29    | 1.39%             | 2030-09-12      | Fixed         | 4.00%                 | 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        |   7451444 | NS      | $7451443.87   | 20.73%            |  |  |  | No            |                  1 | 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      | $362983.15    | 1.01%             | 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      | $200148.34    | 0.56%             | 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      | $349990.75    | 0.97%             | 2034-09-20      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Gary Community School, 3.200%, 07/15/2029                                                                      | CUSIP: 366754CT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49314.50     | 0.14%             | 2029-07-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Gary Community School, 3.500%, 01/15/2033                                                                      | CUSIP: 366754CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24154.50     | 0.07%             | 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      | $150029.55    | 0.42%             | 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      | $51249.00     | 0.14%             | 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      | $150022.50    | 0.42%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Pac Corp                                         | Georgia-Pacific, LLC., 7.250%, 06/01/28                                                                        | CUSIP: 373298BP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $322047.08    | 0.90%             | 2028-06-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Georgia Pac Corp                                         | Georgia-Pacific, LLC., 7.750%, 11/15/2029                                                                      | CUSIP: 373298BR8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $170035.57    | 0.47%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                | Goldman Sachs Group, Inc. Series MTN, 2.964%, 12/13/2028                                                       | CUSIP: 38147Q2A3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85445.00     | 0.24%             | 2028-12-13      | Variable      | 2.96%                 | 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      | $300586.99    | 0.84%             | 2030-02-14      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| The Goldman Sachs Group, Inc.                            | Goldman Sachs Group, Inc., 1.500%, 9/15/2027                                                                   | CUSIP: 38150AHR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479037.84    | 1.33%             | 2027-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                | Goldman Sachs Group, Inc., 2.448%, 11/13/28                                                                    | CUSIP: 38147QK21<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $108000.00    | 0.30%             | 2028-11-13      | Variable      | 2.45%                 | 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      | $263283.74    | 0.73%             | 2027-12-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation                             | Hillsborough County Aviation, 5.170%, 10/01/35                                                                 | CUSIP: 432275AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $70008.40     | 0.19%             | 2035-10-01      | Fixed         | 5.17%                 | 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      | $146846.85    | 0.41%             | 2027-10-15      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Illinois Build America Bond, 6.900%, 03/01/2035                                                                | CUSIP: 452152ER8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $138456.25    | 0.39%             | 2035-03-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Illinois State Taxable Pension AGM CR, 5.100%, 06/01/2033                                                      | CUSIP: 452152FP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39265 | PA      | $40391.60     | 0.11%             | 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      | $50851.69     | 0.14%             | 2026-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Indiana State Financial Authority University Housing Revenue, 5.388 %, 7/1/2035                                | CUSIP: 45471MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254105.00    | 0.71%             | 2035-07-01      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Indiana State Housing & Community Development Authority, 4.984 %, 7/1/2030                                     | CUSIP: 45505TV32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $145177.20    | 0.40%             | 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      | $149381.23    | 0.42%             | 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      | $151530.45    | 0.42%             | 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      | $162438.00    | 0.45%             | 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      | $301419.67    | 0.84%             | 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      | $252258.16    | 0.70%             | 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      | $121261.25    | 0.34%             | 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      | $256106.06    | 0.71%             | 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      | $97788.40     | 0.27%             | 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      | $194979.34    | 0.54%             | 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      | $261740.54    | 0.73%             | 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      | $100792.46    | 0.28%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                     | M&T Bank Corporation, 7.413%, 10/30/2029                                                                       | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    250000 | PA      | $271174.75    | 0.75%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Maryland State Health & Educational Facility             | Maryland State Health & Higher Education Facilities, 2.269%, 01/01/27                                          | CUSIP: 57421CDJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $243627.50    | 0.68%             | 2027-01-01      | Fixed         | 2.27%                 | 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      | $440074.23    | 1.22%             | 2029-08-01      | Fixed         | 7.75%                 | No            |                  2 | 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      | $164346.56    | 0.46%             | 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      | $98960.00     | 0.28%             | 2027-10-01      | Fixed         | 5.25%                 | No            |                  2 | 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      | $176120.83    | 0.49%             | 2027-05-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                           | Morgan Stanley Series MTN, 2.988%, due 8/30/2028                                                               | CUSIP: 61760QDF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22072.75     | 0.06%             | 2028-08-30      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                           | Morgan Stanley, Series MTN, 2.336%, due 8/19/2028                                                              | CUSIP: 61760QDA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    114000 | PA      | $99695.28     | 0.28%             | 2028-08-19      | Variable      | 2.34%                 | 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      | $261235.44    | 0.73%             | 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      | $91944.56     | 0.26%             | 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      | $146479.50    | 0.41%             | 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      | $39881.56     | 0.11%             | 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      | $259835.83    | 0.72%             | 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      | $15060.15     | 0.04%             | 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      | $148043.66    | 0.41%             | 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      | $147547.38    | 0.41%             | 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      | $401639.15    | 1.12%             | 2026-03-15      | Fixed         | 7.13%                 | 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      | $85570.40     | 0.24%             | 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      | $153351.00    | 0.43%             | 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      | $280395.00    | 0.78%             | 2029-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Prime Healthcare Foundation                              | Prime Healthcare Foundation, 7.000%, 12/01/2027                                                                | CUSIP: 74166AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $362551.15    | 1.01%             | 2027-12-01      | Fixed         | 7.00%                 | 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      | $99200.00     | 0.28%             | 2026-02-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ready Capital Corp.                                      | Ready Capital Corp., 9.000%, 12/15/2029                                                                        | CUSIP: 75574U838<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | NS      | $143100.00    | 0.40%             | 2029-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Renasant Corp.                                           | Renasant Corp., 5.500%, 9/1/31                                                                                 | CUSIP: 75970EAB3<br>LEI: 549300OVE6OZHW2UUH81 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397325.60    | 1.11%             | 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      | $302119.82    | 0.84%             | 2030-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                     | Royal Bank of Canada, 5.000%, 07/21/2032                                                                       | CUSIP: 78014RG53<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $301259.95    | 0.84%             | 2032-07-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                      | SVB Financial Group Trust                                                                                      | CUSIP: 78500B403<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $10.50        | 0.00%             | 2031-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Saint Clair County IL School District                    | Saint Clair County IL School District #187, 5.169%, 01/01/31                                                   | CUSIP: 788550NE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $72619.40     | 0.20%             | 2031-01-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Schererville Income Econ Dev Revenue, 2.579%, 1/15/2030                                                        | CUSIP: 806541BM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $142275.00    | 0.40%             | 2030-01-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Simmons First National Corp.                             | Simmons First National Corp., 6.25 %, 10/01/2035                                                               | CUSIP: 828730AC5<br>LEI: 549300IVR5AJKUVOGN05 | Long             | DBT              | CORP              | US        |    350000 | PA      | $353696.00    | 0.98%             | 2035-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Somerset Hills Road Dist #4 Texas, 5.125, 08/15/2034                                                           | CUSIP: 83473PEE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $86054.85     | 0.24%             | 2034-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Conway Hospital, Inc.                                    | South Carolina State Jobs-Econ Dev Authority Hospital Revenue, 2.729%, 7/1/2030                                | CUSIP: 83703FLY6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $55854.60     | 0.16%             | 2030-07-01      | Fixed         | 2.73%                 | 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      | $333815.70    | 0.93%             | 2031-02-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                             | Stanley Black & Decker, Inc., 2.300%, Due 3/15/2030                                                            | CUSIP: 854502AL5<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    400000 | PA      | $365479.99    | 1.02%             | 2030-03-15      | Fixed         | 2.30%                 | 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      | $508219.00    | 1.41%             | 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      | $149979.25    | 0.42%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                      | Susquehanna Area Regional Airport Authority, 9.875%, 01/01/2034                                                | CUSIP: 86909RAW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $30515.00     | 0.08%             | 2034-01-01      | Fixed         | 9.88%                 | 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      | $161216.78    | 0.45%             | 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      | $153063.05    | 0.43%             | 2027-07-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners                                 | Targa Resources Corp., 5.500%, 03/01/2030                                                                      | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254383.76    | 0.71%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Hamden                                           | Town of Hamden, 4.930%, 8/15/2035                                                                              | CUSIP: 4067922T7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $119997.60    | 0.33%             | 2035-08-15      | Fixed         | 4.93%                 | 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      | $50173.00     | 0.14%             | 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      | $99195.78     | 0.28%             | 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      | $75237.08     | 0.21%             | 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      | $751406.25    | 2.09%             | 2033-08-15      | Fixed         | 3.88%                 | 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      | $194158.78    | 0.54%             | 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      | $249997.25    | 0.70%             | 2029-12-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Department Of The Treasury                 | US Treasury Bill, 3.625%, 9/30/2030                                                                            | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1000937.50   | 2.78%             | 2030-09-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Department Of The Treasury                 | US Treasury Bill, 3.875%, 9/30/2032                                                                            | CUSIP: 91282CNZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $502734.38    | 1.40%             | 2032-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                              | United Parcel Service, Inc., 7.620%, 4/1/2030                                                                  | CUSIP: 911308AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $398526.28    | 1.11%             | 2030-04-01      | Fixed         | 7.62%                 | 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      | $148417.70    | 0.41%             | 2027-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Unum Group                                               | Unum Group, 6.750%, 12/15/2028                                                                                 | CUSIP: 903192AA0<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |    300000 | PA      | $319350.87    | 0.89%             | 2028-12-15      | Fixed         | 6.75%                 | 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      | $149746.01    | 0.42%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Valparaiso, IN Middle School Building Corp.              | Valparaiso, IN Middle School Building Corp., 5.900, 1/15/2026                                                  | CUSIP: 92028PDF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50079.00     | 0.14%             | 2026-01-15      | Fixed         | 5.90%                 | 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      | $267714.12    | 0.74%             | 2029-05-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Village of Rosemont                                      | Village of Rosemont, 6.600%, due 12/01/2030                                                                    | CUSIP: 777543RF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $87164.95     | 0.24%             | 2030-12-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Village of Rosemont                                      | Village of Rosemont, 6.750%, due 12/01/2035                                                                    | CUSIP: 777543SB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $159597.00    | 0.44%             | 2035-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Disney Walt Co.                                          | Walt Disney Co., 6.750%, 01/09/2038                                                                            | CUSIP: 254687EK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $117745.74    | 0.33%             | 2038-01-09      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Disney Walt Co.                                          | Walt Disney Co., 7.125%, 4/08/2028                                                                             | CUSIP: 254687DM5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    210000 | PA      | $224399.44    | 0.62%             | 2028-04-08      | Fixed         | 7.13%                 | 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        |      5000 | PA      | $4996.45      | 0.01%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                    | Wells Fargo & Company, 4.050%, 10/2/2029                                                                       | CUSIP: 95001DLY4<br>LEI: 549300YFEWUJMPG9CN91 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398235.91    | 1.11%             | 2029-10-02      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                    | Wells Fargo & Company, 5.200%, 8/16/2034                                                                       | CUSIP: 95001DGZ7<br>LEI: 549300YFEWUJMPG9CN91 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349231.72    | 0.97%             | 2034-08-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                    | Wells Fargo & Company, 5.250%, 4/28/2030                                                                       | CUSIP: 95001DK41<br>LEI: 549300YFEWUJMPG9CN91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100431.34    | 0.28%             | 2030-04-28      | Fixed         | 5.25%                 | 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      | $54110.68     | 0.15%             | 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      | $516200.00    | 1.44%             |  |  |  | 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      | $271950.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                            | iShares US Preferred Stock ETF                                                                                 | CUSIP: 464288687<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1000 | NS      | $30950.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

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

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

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

**Title:** President