Schedule of Investments | |||||||
May 31, 2021 (unaudited) | |||||||
Archer Income Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Corporate Bonds - 54.23% (5) | |||||||
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Accident & Health Insurnace - 0.71% |
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Unum Group, 4.000%, 03/15/2024 |
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| 75,000 |
| 81,297 | ||
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Air Transportation, Scheduled - 0.83% |
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American Airlines 2013-2 , 4.95%, 01/15/2023 |
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| 95,003 |
| 95,954 | ||
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Beverages - 0.92% |
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Keurig Dr. Pepper, Inc., 3.130%, 12/15/2023 |
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| 100,000 |
| 106,025 | ||
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Computer & Office Equipment - 0.88% |
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Hewlett-Packard, 4.375%, 09/15/2021 |
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| 100,000 |
| 101,182 | ||
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Computer Storage Devices - 0.45% |
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EMC Corp., 3.375%, 06/01/2023 |
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| 50,000 |
| 51,565 | ||
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Containers & Packaging - 0.45% |
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Ball Corp., 5.000%, 03/15/2022 |
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| 50,000 |
| 51,635 | ||
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Crude Petroleum & Natural Gas - 0.89% |
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Murphy Oil Corp., 6.875%, due 8/15/24 |
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| 100,000 |
| 102,400 | ||
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Dental Equipment & Supplies - 0.87% |
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DENTSPLY International, Inc., 4.125%, 08/15/2021 |
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| 100,000 |
| 100,226 | ||
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Distribution/Wholesale - 0.90% |
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Ingram Micro, Inc., 5.000%, 08/10/2022 |
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| 100,000 |
| 103,171 | ||
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Electric & Other Services Combined - 0.86% |
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PPL Energy Supply LLC., 4.600%, 12/15/2021 |
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| 100,000 |
| 98,750 | ||
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Electric Services - 1.35% |
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Southern California Edison Co. Series E, 6.250%, 3M USD LIBOR + 4.199%, 02/01/2022 (a) (b) | 50,000 |
| 51,000 | ||||
Southern Co., 2.950%, 07/01/2023 |
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| 100,000 |
| 104,702 | ||
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| 155,702 |
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Electronic & Other Electrical Equipment (No Computer Equipment) - 0.78% |
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General Electric Co. Series A, 4.000%, 06/15/2022 (a) (b) |
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| 100,000 |
| 89,750 | ||
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Financial Services - 1.46% |
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General Motors Financial Company, Inc. Series C, 5.70%, 09/30/2030 (a) (b) |
| 150,000 |
| 168,188 | |||
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General Building Contractors - Residential Buildings - 0.47% |
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Lennar Corp., 4.875%, 12/15/2023 |
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| 50,000 |
| 54,573 | ||
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Healthcare Providers & Services - 0.45% |
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CommonSpirit Health, 2.950%, 11/01/2022 |
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| 50,000 |
| 51,696 | ||
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Men's & Boys' Furnishings, Work Clothing, Allied Garments - 0.65% |
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Cintas Corp. No. 2, 4.300%, 06/01/2021 |
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| 75,000 |
| 75,000 | ||
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Miscellaneous Business Credit Institution - 0.86% |
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Ford Motor Credit Co. LLC., 4.200%, 02/20/2027 |
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| 100,000 |
| 99,181 | ||
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National Commercial Banks - 9.01% |
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Banc of California, Inc., 5.250%, 04/15/2025 |
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| 200,000 |
| 211,265 | ||
CenterState Bank Corp., 5.75%, 06/01/2030 (a) |
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| 10,000 |
| 10,725 | ||
Citigroup, Inc. Series B, 5.900%, to 02/15/2023 (a) (b) |
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| 100,000 |
| 105,250 | ||
JPMorgan & Chase Co., Series B, 0.67563%, due 2/01/2027 (3-month US Libor + 0.500%) FRN | 150,000 |
| 143,872 | ||||
JPMorgan Chase & Co., Series Z, 3.97563%, due 2/01/2027 (3-month US Libor + 3.80%) (b) | 150,000 |
| 150,187 | ||||
Mellon Capital IV, 4.00%, to 12/31/2099 (3-month US Libor + 0.565%) (b) (4) |
| 200,000 |
| 199,136 | |||
Old National Bancorp, 4.125%, 08/15/2024 |
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| 100,000 |
| 109,221 | ||
Truist Financial Corp. Series M Perpetual, 5.125%, 12/15/2027 (b) |
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| 100,000 |
| 106,500 | ||
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| 1,036,156 |
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Natural Gas Distribution - 0.49% |
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National Fuel Gas Co., 5.200%, 07/15/2025 |
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| 50,000 |
| 56,365 | ||
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Other Real Estate Investment Trusts- 0.89% |
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Ready Capital Corp., 5.75%, 02/15/2026 |
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| 4,000 |
| 102,400 | ||
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Personal Credit Institutions - 0.98% |
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Discover Financial Services, Series D Perpetual, 6.125%, 09/23/2165 |
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| 100,000 |
| 112,470 | ||
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Pharmaceutical Preparations - 0.45% |
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AbbVie, Inc., 2.900%, 11/06/2022 |
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| 50,000 |
| 51,806 | ||
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Property & Casualty Insurance - 1.49% |
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Finial Holdings, Inc., 7.125%, due 10/15/2023 (Switzerland) |
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| 150,000 |
| 171,658 | ||
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Retail-Department Store - 0.36% |
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Dillard's, Inc., 7.750%, 07/15/2026 |
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| 35,000 |
| 41,133 | ||
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Retail-Drug Stores & Proprietary Stores - 5.03% |
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CVS Health Corp., 3.500%, 07/20/2022 |
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| 200,000 |
| 206,256 | ||
CVS Health Corp., 2.750%, 12/01/2022 |
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| 190,000 |
| 195,866 | ||
Walgreens Boots Alliance, Inc., 3.300%, 11/18/2021 |
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| 175,000 |
| 176,497 | ||
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| 578,619 |
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Retail-Apparel & Accessory Stores - 1.36% |
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Foot Locker, Inc., 8.500%, 01/15/2022 |
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| 150,000 |
| 155,813 | ||
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Rubber & Plastics Footwear - 1.35% |
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Nike, Inc., 2.250%, 05/01/2023 |
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| 150,000 |
| 155,062 | ||
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Security Brokers, Dealers & Flotation Companies - 2.43% |
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Morgan Stanley, Series MTN, 6.604%, 08/19/2028 (4) |
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| 114,000 |
| 114,000 | ||
The Charles Schwab Corp. Series G, 5.375%, to 06/01/2025 (a) (b) |
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| 150,000 |
| 165,525 | ||
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| 279,525 |
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Services-Business Services - 0.71% |
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eBay, Inc., 2.600%, 07/15/2022 |
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| 80,000 |
| 81,514 | ||
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Services-Computer Programming Services - 1.05% |
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VeriSign, Inc., 4.625%, 05/01/2023 |
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| 120,000 |
| 120,164 | ||
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Services-Medical Laboratories - 0.89% |
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Laboratories Corp. of America Holdings, Inc., 3.200%, 02/01/2022 |
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| 100,000 |
| 101,900 | ||
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Services-Personal Services - 2.04% |
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Block Financial LLC, 5.500%, 11/01/2022 |
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| 225,000 |
| 234,732 | ||
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Services-Prepackaged Software - 1.89% |
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NortonLifelock, Inc., 3.950%, due 6/15/2022 |
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| 50,000 |
| 51,000 | ||
VMWare, Inc., 3.900%, 08/21/2027 |
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| 150,000 |
| 166,683 | ||
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| 217,683 |
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State Commercial Banks - 7.25% |
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Ally Financial, Inc., Series B, 4.70% (b) |
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| 150,000 |
| 154,125 | ||
Bank of the Ozarks, 5.500%, (3M LIBOR + 3.935%), 07/01/2026 (a) |
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| 100,000 |
| 100,214 | ||
Eagle Bancorp, Inc., 5.750%, 09/01/2024 |
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| 150,000 |
| 162,315 | ||
Fifth Third Bancorp Series L, 4.500%, to 09/30/2025 (a) (b) |
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| 150,000 |
| 163,313 | ||
Home Bancshares, Inc., 5.625%, (3M LIBOR + 3.207), 04/15/2027 (a) |
| 100,000 |
| 103,030 | |||
SVB Financial Group, 4.10%, 05/15/2169 (b) |
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| 150,000 |
| 149,813 | ||
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| 832,810 |
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Telephone Communications (No Radio Telephone) - 0.53% |
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Indiana Bell Tel Co., Inc., 7.300%, 08/15/2026 |
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| 50,000 |
| 61,229 | ||
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Television Broadcasting Stations - 0.54% |
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CBS Broadcasting, Inc., 7.125%, 11/01/2023 |
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| 54,000 |
| 61,700 | ||
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Wholesale-Groceries & General Line - 1.69% |
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Sysco Corp., 6.500%, 08/01/2028 |
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| 152,000 |
| 194,053 | ||
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Total Corporate Bonds |
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| (Cost $ 6,049,783) |
| 6,233,087 | |
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Registered Investment Companies - 3.92% (3) | |||||||
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Invesco Variable Rate Preferred ETF |
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| 8,000 |
| 208,880 | ||
iShares US Preferred Stock ETF |
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| 1,000 |
| 38,850 | ||
JPMorgan Ultra-Short Income ETF |
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| 4,000 |
| 203,080 | ||
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Total Registered Investment Companies |
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| (Cost $ 444,956) |
| 450,810 | ||
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Municipal Bonds - 24.57% (5) | |||||||
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Arizona - 0.55% |
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City of Phoenix, AZ, 2.717%, 07/01/2022 |
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| 40,000 |
| 41,096 | ||
Maricopa County School District No. 66 Roosevelt Elementary 6.243%, 07/01/2026 |
| 20,000 |
| 22,389 | |||
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| 63,485 |
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California - 1.47% |
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Sacramento, CA Pension Oblg. Series A, 6.420%, 08/01/2023 |
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| 50,000 |
| 56,285 | ||
Sacramento Cnty., CA Pension Oblg., 6.625%, 08/01/2024 |
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| 95,000 |
| 112,212 | ||
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| 168,497 |
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Connecicut - 0.19% |
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Stratford CT Taxable, 5.750%, 08/15/2030 |
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| 20,000 |
| 22,348 | ||
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Florida - 1.35% |
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North Miami Beach FL Water Revenue Series B, 2.311%, 08/01/2027 |
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| 150,000 |
| 155,695 | ||
Osceola County, FL 6.020%, 10/01/2026 |
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| 30,000 |
| 30,581 | ||
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| 186,276 |
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Georgia - 0.49% |
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Georgia Local Government, 4.750%, 06/01/2028 |
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| 50,000 |
| 56,155 | ||
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Illinois - 1.11% |
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Eastern IL University Build America Bond, 5.900%, 04/01/2023 |
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| 45,000 |
| 45,033 | ||
Rosemont, IL Ref Bds Series A, 5.375%, 12/1/2025 |
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| 15,000 |
| 17,669 | ||
State of Illinois, 4.950%, 06/01/2023 |
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| 53,182 |
| 55,025 | ||
State of Illinois, 6.200%, 07/01/2021 |
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| 10,000 |
| 10,037 | ||
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| 127,764 |
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Indiana - 5.19% |
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Beech Grove, IN Sch Bldg. Corp., 2.850%, 07/05/2025 |
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| 140,000 |
| 149,834 | ||
Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, 07/15/2026 |
| 165,000 |
| 165,581 | |||
Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, 07/15/2027 |
| 100,000 |
| 100,367 | |||
Indiana St Univ Revs BAB, 5.260%, 04/01/2024 |
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| 10,000 |
| 10,027 | ||
Lake Station, IN, Multi Sch Bldg. Corp., Series B, 4.000%, 07/15/2022 |
| 50,000 |
| 50,749 | |||
Merrillville, IN, Multi Sch Bldg. Corp., Series B, 3.860%, 07/15/2023 |
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| 50,000 |
| 52,180 | ||
Mt. Vernon of Hancock County Multi-School Bldg. Corp., 5.280%, 07/15/2029 |
| 40,000 |
| 42,262 | |||
Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, 02/01/2026 | 25,000 |
| 25,255 | ||||
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| 596,255 |
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Maryland - 1.05% |
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Baltimore City Board of School Commissioners City Schools Revenue Bonds, Series 2011, 5.692%, 12/15/2025 | 100,000 |
| 120,262 | ||||
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Minnesota - 0.87% |
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University of Minnesota, 2.485%, 08/01/2021 |
|
| 100,000 |
| 100,377 | ||
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Mississippi - 0.04% |
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Jackson, MS Mun Arpt Auth. Series C, 4.900%, 10/01/2021 |
|
| 5,000 |
| 5,078 | ||
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Missouri - 0.17% |
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Kansas City, MO Taxable Gen Obl Series B, 5.050%,0 2/01/2023 |
|
| 20,000 |
| 20,060 | ||
|
|
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New Jersey - 1.45% |
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|
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City of Wildwood, NJ, 4.000%, 11/01/2021 |
|
| 100,000 |
| 101,024 | ||
Hudson County, NJ 6.890%, 03/01/2026 |
|
| 65,000 |
| 65,200 | ||
|
|
|
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|
|
|
|
|
|
|
|
|
|
| 166,224 |
|
|
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New York - 2.90% |
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|
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City of New York, NY, 1.980%, 08/01/2023 |
|
| 150,000 |
| 154,949 | ||
Erie County, NY Tobacco Asset Corp., 6.000%, 06/01/2028 |
|
| 50,000 |
| 50,059 | ||
Schenectady, NY Metroplex Development Authority Revenue Taxable Ref, 2.250%, 08/01/2023 | 125,000 |
| 128,319 | ||||
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|
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|
|
|
|
|
|
|
|
|
|
|
| 333,327 |
|
|
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Ohio - 3.38% |
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|
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Bloom & Carroll Ohio Loc Sch Dist, 5.800%, 12/01/2025 |
|
| 60,000 |
| 70,637 | ||
Avon, OH General Obligation Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, 12/01/2025 | 100,000 |
| 99,237 | ||||
Cleveland, OH Income Tax Revenue Build America Bonds, 6.060%, 10/01/2026 |
| 25,000 |
| 27,910 | |||
JobsOhio Beverage System Statewide Senior Lien Liquor Profits Taxable Revenue Refunding Bonds, Series 2020A, 2.268%, 01/01/2028 | 125,000 |
| 131,237 | ||||
Montgomery, OH Special Obligation Revenue Bond, 4.000%, 10/01/2027 |
| 60,000 |
| 60,000 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 389,021 |
|
|
|
|
|
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|
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Oklahoma - 0.24% |
|
|
|
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Garfield County, OK, 6.000%, 09/01/2024 |
|
| 25,000 |
| 27,130 | ||
|
|
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Oregon - 0.25% |
|
|
|
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|
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Oregon State Sch Brds Assn Pension, Series B, 5.450%, 06/30/2024 |
|
| 25,000 |
| 28,754 | ||
|
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Pennsylvania - 1.72% |
|
|
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East Norriton & Plymouth PA, Jt Swr Auth, 1.832%, due 8/01/28 |
|
| 200,000 |
| 197,276 | ||
|
|
|
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Texas - 1.61% |
|
|
|
|
|
| |
Austin, TX Electric Utility System Revenue Taxable Series A, 2.524%, 11/15/2023 |
| 20,000 |
| 21,042 | |||
City of Irving, TX, 5.657%, 08/15/2023 |
|
| 25,000 |
| 26,365 | ||
North Texas Tollway Authority, 8.410%, 02/01/2030 |
|
| 50,000 |
| 66,690 | ||
Reeves Cnty., TX Cops Taxable - Lease Rentals, 6.375%, 12/01/2021 |
|
| 34,188 |
| 34,338 | ||
Texas St. Taxable Refunding Public Finance Authority Series C, 2.531%, 10/01/2023 |
| 35,000 |
| 36,829 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 185,264 |
|
|
|
|
|
|
|
|
Wisconsin - 0.27% |
|
|
|
|
|
| |
Public Finance Authority, WI, 5.750%, 06/01/2023 |
|
| 30,000 |
| 30,472 | ||
|
|
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|
|
|
|
Total Municipal Bonds |
|
|
| (Cost $ 2,791,315) |
| 2,824,025 | |
|
|
|
|
|
|
|
|
Preferred Securities - 9.01% | |||||||
|
|
|
|
|
|
|
|
Asset Management - 0.68% |
|
|
|
|
| ||
B Riley Financial, Inc., 6.50%, 09/30/2026 |
|
| 3,000 |
| 77,640 | ||
|
|
|
|
|
|
|
|
National Commercial Banks - 6.54% |
|
|
|
|
| ||
BAC Capital Trust XIII Series F, 4.000%, 03/15/2043 (b) (4) |
|
| 100,000 |
| 99,540 | ||
Huntington Bancshares, Inc. Series E, 5.70%, to 04/15/2023 (a) (b) |
|
| 150,000 |
| 153,281 | ||
Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/2027 (a) (b) |
|
| 150,000 |
| 160,316 | ||
PNC Financial Services Group, Inc., 0.7605%, due 06/01/2028 (3-month Libor + 0.57%) FRN | 150,000 |
| 145,171 | ||||
USB Capital IX, 3.500%, (3-month Libor + 1.02), to 04/15/2099 (b) (4) |
| 200,000 |
| 193,870 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 752,178 |
|
|
|
|
|
|
|
|
State Commercial Banks - 0.90% |
|
|
|
|
| ||
Medallion Bank Utah Series F, 8.000%, 04/01/2025 (a) (b) |
|
| 4,000 |
| 103,086 | ||
|
|
|
|
|
|
|
|
Telephone Communications (No Radio Telephone) - 0.89% |
|
|
|
|
| ||
US Cellular Corp., 6.950%, 05/15/2060 |
|
| 4,000 |
| 102,640 | ||
|
|
|
|
|
|
|
|
Total Preferred Securities |
|
| (Cost $ 1,000,909) |
| 1,035,544 | ||
|
|
|
|
|
|
|
|
Structured Note - 2.91% (5) | |||||||
|
|
|
|
| Shares |
| Value |
National Commercial Banks - 0.83% |
|
|
|
|
| ||
Key Corp. 0.9775%, due 07/01/2028 (3-month US Libor + 0.74%) FRN |
| 100,000 |
| 94,928 | |||
|
|
|
|
|
|
|
|
Security Brokers, Dealers & Flotation Companies - 2.09% |
|
|
|
|
| ||
Goldman Sachs Group, Inc., 4.88325%, 11/13/2028 (4) |
|
| 120,000 |
| 118,356 | ||
Goldman Sachs Group, Inc. Series MTN, 1.89255%, 12/13/2028 (4) |
|
| 100,000 |
| 95,645 | ||
Morgan Stanley, Series MTN, 8.775%, due 08/30/2028 (4) |
|
| 25,000 |
| 25,875 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 239,876 |
|
|
|
|
|
|
|
|
Total Structured Note |
|
|
| (Cost $ 325,391) |
| 334,804 | |
|
|
|
|
|
|
|
|
Money Market Registered Investment Companies - 4.41% | |||||||
|
|
|
|
|
|
|
|
Federated Treasury Obligation Fund - Institutional Shares 0.01% (4) |
|
| 506,993 |
| 506,993 | ||
|
|
|
|
|
|
|
|
Total Money Market Registered Investment Companies |
|
| (Cost $ 506,993) |
| 506,993 | ||
|
|
|
|
|
|
|
|
Total Investments - 99.05% |
|
| (Cost $ 11,119,348) |
| 11,385,263 | ||
|
|
|
|
|
|
|
|
Other Assets less Liabilities - .95% |
|
|
|
| 108,906 | ||
|
|
|
|
|
|
|
|
Total Net Assets - 100.00% |
|
|
|
| 11,494,169 | ||
|
|
|
| ||||
(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | |||||||
These inputs are summarized in the three broad levels listed below. | |||||||
• Level 1 - quoted prices in active markets for identical securities | |||||||
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | |||||||
| |||||||
The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments | |
Level 1 - Quoted Prices |
|
| $ | 1,993,347 | $ | - | |
Level 2 - Other Significant Observable Inputs |
|
| 9,391,916 |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 11,385,263 | $ | - |
|
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | |||||||
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | |||||||
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | |||||||
market, such securities are reflected as Level 2. | |||||||
|
|
|
|
|
|
|
|
(2) Represents non-income producing securities. | |||||||
(3) Exchange Traded Funds. |
|
|
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|
| ||
(4) Variable rate security; the coupon rate shown represents the yield at May 31, 2021. | |||||||
(5) All Corporate Bonds, Municipal Bonds and Structured Notes are categorized as Level 2 of the fair value hierarchy. Refer to Note 3 of the accompanying notes to the financial statements for additional information. | |||||||
(a) Security converts to floating rate after the indicated fixed-rate coupon period. |
|
|
|
| |||
(b) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
|
|
| ||||
ADR - American Depository Receipt |
|
|
|
|
| ||
LIBOR- London Inter-Bank Offer Rate, which is an international interest rate benchmark that almost all banks use as reference to set their funding costs. |
|
| |||||
FRN - Floating Rate Note is a debt instrument whose coupon rate is variable and it tied to a benchmark rate such as LIBOR or the US Treasury Bill rate. |
|
| |||||
3-month is the period where it is a fixed period of 3 months a lender will lend at that cost. |
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NPORT-P Filing
Archer Investment Series Trust NPORT-PArcher Income Fund (May 2021 report)
Filed: 9 Jul 21, 12:31pm