Archer Investment Series Trust
05/06/2026 | Press release | Distributed by Public on 05/06/2026 10:24
Semi-Annual Report by Investment Company (Form N-CSRS)
united states
securities and exchange commission
washington, d.c. 20549
form N-CSR
certified shareholder report of registered management
investment companies
Investment Company Act file number 811-22356
Archer Investment Series Trust
(Exact name of registrant as specified in charter)
c/o Archer Investment Corporation
11711 N. College Ave., #200, Carmel, IN 46032
(Address of principal executive offices) (Zip code)
c/o Archer Investment Corporation
11711 N. College Ave., #200, Carmel, IN 46032
(Name and address of agent for service)
With copies to:
C. Richard Ropka, Esq.
Law Office of C. Richard Ropka
215 Fries Mill Road
Turnersville, NJ 08012
Registrant's telephone number, including area code: (800)238-7701
Date of fiscal year end: August 31
Date of reporting period: February 28, 2026
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
SEMI-ANNUAL SHAREHOLDER REPORT
February 28, 2026 (Unaudited)
ARCHER BALANCED FUND
ARCHX
ADDITIONAL INFORMATION
This semi-annual shareholder report contains important information about the Archer Balanced Fund - ARCHX (the "Fund") for the period September 1, 2025 to February 28, 2026.
You can find additional information about the Fund at www.thearcherfunds.com. You can also request this information by contacting us at 1-800-238-7701.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Archer Balanced Fund | $64 | 1.20% |
*Annualized
Fund statistics
| PORTFOLIO | PORTFOLIO | ADVISORY FEES | |
| NET ASSETS: | HOLDINGS: | TURNOVER: | PAID BY FUND: |
| $59,797,356 | 92 | 4.81% | $135,228 |
INVESTMENT TYPE WEIGHTINGS
The following chart gives a visual breakdown of the Fund by the investment type. The underlying securities represent a percentage of the portfolio of investments.
top ten holdings (% OF NET ASSETS)
| 1. | Federated Treasury Obligation Fund - Institutional Shares | 5.12% |
| 2. | Alphabet, Inc. Class A | 4.49% |
| 3. | Quanta Services, Inc. | 4.24% |
| 4. | Broadcom, Inc. | 4.17% |
| 5. | Meta Platforms, Inc. Class A | 4.09% |
| 6. | Huntington Ingalls Industries, Inc. | 3.87% |
| 7. | Microsoft Corp. | 3.31% |
| 8. | JPMorgan Chase & Co. | 2.86% |
| 9. | NextEra Energy, Inc. | 2.81% |
| 10. | Lockheed Martin Corp. | 2.81% |
| Total % of Net Assets | 37.77% |
How has the fund changed
The Fund has not had any material changes during the six months ended February 28, 2026.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Archer Balanced Fund documents not be householded, please contact Archer Funds at 1-800-238-7701, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Archer Funds or your financial intermediary.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.thearcherfunds.com or contact us at 1-800-238-7701.
SEMI-ANNUAL SHAREHOLDER REPORT
February 28, 2026 (Unaudited)
ARCHER INCOME FUND
ARINX
ADDITIONAL INFORMATION
This semi-annual shareholder report contains important information about the Archer Income Fund - ARINX (the "Fund") for the period September 1, 2025 to February 28, 2026.
You can find additional information about the Fund at www.thearcherfunds.com. You can also request this information by contacting us at 1-800-238-7701.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Archer Income Fund | $49 | 0.96% |
*Annualized
Fund statistics
| PORTFOLIO | PORTFOLIO | ADVISORY FEES | |
| NET ASSETS: | HOLDINGS: | TURNOVER: | PAID BY FUND: |
| $34,944,950 | 135 | 15.09% | $13,364 |
INVESTMENT TYPE WEIGHTINGS
The following chart gives a visual breakdown of the Fund by investment type. The underlying securities represent a percentage of the portfolio of investments.
top ten holdings (% OF NET ASSETS)
| 1. | Federated Treasury Obligation Fund - Institutional Shares | 12.40% |
| 2. | U.S. Government Treasury Note/Bond, 3.625%, due 9/30/30 | 2.88% |
| 3. | U.S. Government Treasury Note/Bond, 3.875%, due 8/15/33 | 2.16% |
| 4. | Anheuser-Busch Cos., LLC, 6.800%, due 8/20/32 | 1.62% |
| 5. | iShares 10+ Year Investment Grade Corporate Bond ETF | 1.47% |
| 6. | U.S. Government Treasury Note/Bond, 3.875%, due 9/30/32 | 1.44% |
| 7. | State Street Corp., 7.350%, due 6/15/26 | 1.44% |
| 8. | Federal Home Loan Bank, 4.000%, due 9/12/30 | 1.43% |
| 9. | GE Capital Funding, LLC, 4.050%, due 5/15/27 | 1.42% |
| 10. | Southwest Airlines Co., 3.450%, due 11/16/27 | 1.42% |
| Total % of Net Assets | 27.68% |
How has the fund changed
The Fund has not had any material changes during the six months ended February 28, 2026.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Archer Income Fund documents not be householded, please contact Archer Funds at 1-800-238-7701, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Archer Funds or your financial intermediary.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.thearcherfunds.com or contact us at 1-800-238-7701.
SEMI-ANNUAL SHAREHOLDER REPORT
February 28, 2026 (Unaudited)
ARCHER STOCK FUND
ARSKX
ADDITIONAL INFORMATION
This semi-annual shareholder report contains important information about the Archer Stock Fund - ARSKX (the "Fund") for the period September 1, 2025 to February 28, 2026.
You can find additional information about the Fund at www.thearcherfunds.com. You can also request this information by contacting us at 1-800-238-7701.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Archer Stock Fund | $59 | 1.15% |
*Annualized
Fund statistics
| PORTFOLIO | PORTFOLIO | ADVISORY FEES | |
| NET ASSETS: | HOLDINGS: | TURNOVER: | PAID BY FUND: |
| $24,916,047 | 44 | 5.72% | $32,704 |
SECTOR WEIGHTINGS
The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.
top ten holdings (% OF NET ASSETS)
| 1. | Alphabet, Inc. Class A | 5.25% |
| 2. | NVIDIA Corp. | 3.91% |
| 3. | MKS, Inc. | 3.90% |
| 4. | Apple, Inc. | 3.72% |
| 5. | Meta Platforms, Inc. Class A | 3.40% |
| 6. | Johnson & Johnson | 3.39% |
| 7. | Boeing Co. | 3.32% |
| 8. | RTX Corp. | 3.25% |
| 9. | Amazon.com, Inc. | 3.20% |
| 10. | Microsoft Corp. | 3.10% |
| Total % of Net Assets | 36.44% |
How has the fund changed
The Fund has not had any material changes during the six months ended February 28, 2026.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Archer Stock Fund documents not be householded, please contact Archer Funds at 1-800-238-7701, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Archer Funds or your financial intermediary.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.thearcherfunds.com or contact us at 1-800-238-7701.
SEMI-ANNUAL SHAREHOLDER REPORT
February 28, 2026 (Unaudited)
ARCHER DIVIDEND GROWTH FUND
ARDGX
ADDITIONAL INFORMATION
This semi-annual shareholder report contains important information about the Archer Dividend Growth Fund - ARDGX (the "Fund") for the period September 1, 2025 to February 28, 2026.
You can find additional information about the Fund at www.thearcherfunds.com. You can also request this information by contacting us at 1-800-238-7701.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Archer Dividend Growth Fund | $53 | 0.98% |
*Annualized
Fund statistics
| PORTFOLIO | PORTFOLIO | ADVISORY FEES | |
| NET ASSETS: | HOLDINGS: | TURNOVER: | PAID BY FUND: |
| $30,843,002 | 47 | 8.12% | $13,906 |
SECTOR WEIGHTINGS
The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.
top ten holdings (% OF NET ASSETS)
| 1. | Federated Treasury Obligation Fund - Institutional Shares | 4.26% |
| 2. | Gilead Sciences, Inc. | 3.41% |
| 3. | JPMorgan Chase & Co. | 3.07% |
| 4. | Kinder Morgan, Inc. | 3.06% |
| 5. | Manulife Financial Corp. (Canada) | 2.96% |
| 6. | Regions Financial Corp. | 2.85% |
| 7. | Coca-Cola FEMSA S.A.B. de C.V. ADR Series L | 2.83% |
| 8. | American Electric Power Co., Inc. | 2.82% |
| 9. | Johnson & Johnson | 2.81% |
| 10. | Ford Motor Co. | 2.74% |
| Total % of Net Assets | 30.81% |
How has the fund changed
The Fund has not had any material changes during the six months ended February 28, 2026.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Archer Dividend Growth Fund documents not be householded, please contact Archer Funds at 1-800-238-7701, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Archer Funds or your financial intermediary.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.thearcherfunds.com or contact us at 1-800-238-7701.
SEMI-ANNUAL SHAREHOLDER REPORT
February 28, 2026 (Unaudited)
ARCHER FOCUS FUND
AFOCX
ADDITIONAL INFORMATION
This semi-annual shareholder report contains important information about the Archer Focus Fund - AFOCX (the "Fund") for the period September 1, 2025 to February 28, 2026.
You can find additional information about the Fund at www.thearcherfunds.com. You can also request this information by contacting us at 1-800-238-7701.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Archer Focus Fund | $50 | 0.98% |
*Annualized
Fund statistics
| ADVISOR | |||
| PORTFOLIO | PORTFOLIO | REIMBURSED | |
| NET ASSETS: | HOLDINGS: | TURNOVER: | THE FUND: |
| $3,889,610 | 32 | 82.80% | $(11,049) |
SECTOR WEIGHTINGS
The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.
top ten holdings (% OF NET ASSETS)
| 1. | Lockheed Martin Corp. | 4.57% |
| 2. | Lam Research Corp. | 4.27% |
| 3. | KLA Corp. | 3.92% |
| 4. | Costco Wholesale Corp. | 3.90% |
| 5. | Caterpillar, Inc. | 3.82% |
| 6. | Illinois Tool Works, Inc. | 3.73% |
| 7. | Meta Platforms, Inc. Class A | 3.67% |
| 8. | Atmos Energy Corp. | 3.52% |
| 9. | Procter & Gamble Co. | 3.48% |
| 10. | Arista Networks, Inc. | 3.43% |
| Total % of Net Assets | 38.31% |
How has the fund changed
The Fund has not had any material changes during the six months ended February 28, 2026.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Archer Focus Fund documents not be householded, please contact Archer Funds at 1-800-238-7701, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Archer Funds or your financial intermediary.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.thearcherfunds.com or contact us at 1-800-238-7701.
SEMI-ANNUAL SHAREHOLDER REPORT
February 28, 2026 (Unaudited)
ARCHER MULTI CAP FUND
ALSMX
ADDITIONAL INFORMATION
This semi-annual shareholder report contains important information about the Archer Multi Cap Fund - ALSMX (the "Fund") for the period September 1, 2025 to February 28, 2026.
You can find additional information about the Fund at www.thearcherfunds.com. You can also request this information by contacting us at 1-800-238-7701.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Archer Multi Cap Fund | $51 | 0.95% |
*Annualized
Fund statistics
| ADVISOR | |||
| PORTFOLIO | PORTFOLIO | REIMBURSED | |
| NET ASSETS: | HOLDINGS: | TURNOVER: | THE FUND: |
| $14,991,766 | 74 | 48.80% | $(5,866) |
SECTOR WEIGHTINGS
The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.
top ten holdings (% OF NET ASSETS)
| 1. | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class | 3.98% |
| 2. | Lumentum Holdings, Inc. | 2.18% |
| 3. | Solstice Advanced Materials, Inc. | 1.94% |
| 4. | MOOG, Inc. Class A | 1.82% |
| 5. | TTM Technologies, Inc. | 1.81% |
| 6. | XPO, Inc. | 1.81% |
| 7. | Interdigital, Inc. | 1.71% |
| 8. | Ciena Corp. | 1.70% |
| 9. | TechnipFMC PLC. (United Kingdom) | 1.68% |
| 10. | Coherent Corp. | 1.66% |
| Total % of Net Assets | 20.29% |
How has the fund changed
The Fund has not had any material changes during the six months ended February 28, 2026.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Archer Multi Cap Fund documents not be householded, please contact Archer Funds at 1-800-238-7701, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Archer Funds or your financial intermediary.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.thearcherfunds.com or contact us at 1-800-238-7701.
Item 2. Code of Ethics Not applicable.
Item 3. Audit Committee Financial Expert Not applicable.
Item 4. Principal Accountant Fees and Services Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Schedule included in Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.
THE ARCHER FUNDS
BALANCED FUND (ARCHX)
INCOME FUND (ARINX)
STOCK FUND (ARSKX)
DIVIDEND GROWTH FUND (ARDGX)
FOCUS FUND (AFOCX)
MULTI CAP FUND (ALSMX)
SEMI-ANNUAL FINANCIAL STATEMENTS
FEBRUARY 28, 2026
(UNAUDITED)
| ARCHER BALANCED FUND | |||
| SCHEDULE OF INVESTMENTS | |||
| February 28, 2026 (Unaudited) | |||
| Shares/Principal | Fair Value | ||
| COMMON STOCKS - 70.92% | |||
| Air Courier Services - 2.10% | |||
| 3,250 | FedEx Corp. | $ 1,257,750 | |
| Aircraft Engines & Engine Parts - 2.04% | |||
| 5,000 | Honeywell International, Inc. | 1,217,950 | |
| Beverages - 1.14% | |||
| 4,000 | PepsiCo, Inc. | 678,960 | |
| Chemicals & Allied Products - 0.16% | |||
| 1,250 | Solstice Advanced Materials, Inc. | 98,137 | |
| Electric Services - 3.57% | |||
| 3,400 | American Electric Power Company, Inc. | 454,988 | |
| 17,900 | NextEra Energy, Inc. | 1,678,483 | |
| 2,133,471 | |||
| Electrical Work - 4.24% | |||
| 4,500 | Quanta Services, Inc. | 2,533,860 | |
| Electronic Computers - 2.74% | |||
| 6,200 | Apple, Inc. | 1,637,916 | |
| Food & Kindred Products - 0.89% | |||
| 4,900 | Nestle S.A. ADR * | 534,296 | |
| Guided Missiles & Space Vehicles & Parts - 2.81% | |||
| 2,550 | Lockheed Martin Corp. | 1,678,104 | |
| Hospital & Medical Service Plans - 0.98% | |||
| 2,000 | UnitedHealth Group, Inc. | 586,540 | |
| Laboratory Analytical Instruments - 0.28% | |||
| 530 | Waters Corp. * | 169,272 | |
| National Commercial Banks - 3.60% | |||
| 4,000 | Citigroup, Inc. | 440,760 | |
| 5,700 | JPMorgan Chase & Co. | 1,711,710 | |
| 2,152,470 | |||
| Petroleum Refining - 3.24% | |||
| 6,300 | Chevron Corp. | 1,176,588 | |
| 5,000 | Exxon Mobil Corp. | 762,500 | |
| 1,939,088 | |||
| Pharmaceutical Preparations - 8.67% | |||
| 8,550 | Bristol Myers Squibb Co. | 533,263 | |
| 1,450 | Eli Lilly & Co. | 1,525,385 | |
| 5,000 | Johnson & Johnson | 1,242,150 | |
| 9,080 | Merck & Co., Inc. | 1,124,286 | |
| 27,500 | Pfizer, Inc. | 760,375 | |
| 5,185,459 | |||
| Railroads, Line-Haul Operating - 2.04% | |||
| 4,600 | Union Pacific Corp. Class B | 1,218,908 | |
| Retail - Drug Stores and Proprietary Stores - 1.43% | |||
| 10,694 | CVS Health Corp. | 854,451 | |
| Retail - Lumber & Other Building Material Dealers - 1.40% | |||
| 2,200 | Home Depot, Inc. | 837,584 | |
| Retail - Variety Stores - 2.52% | |||
| 11,800 | WalMart, Inc. | 1,509,810 | |
| Semiconductors & Related Devices - 4.17% | |||
| 7,800 | Broadcom, Inc. | $ 2,492,490 | |
| Services - Business Services - 2.72% | |||
| 3,150 | MasterCard, Inc. Class A | 1,629,211 | |
| Services - Computer Programming, Data Processing, Etc. - 8.58% | |||
| 8,600 | Alphabet, Inc. Class A | 2,681,136 | |
| 3,775 | Meta Platforms, Inc. Class A | 2,446,879 | |
| 5,128,015 | |||
| Services - Medical Laboratories - 1.04% | |||
| 2,150 | Laboratory Corp. of America Holdings | 621,608 | |
| Services - Miscellaneous Amusement & Recreation - 1.24% | |||
| 7,000 | Walt Disney Co. | 742,280 | |
| Services - Prepackaged Software - 4.29% | |||
| 2,250 | Adobe, Inc. * | 590,423 | |
| 5,035 | Microsoft Corp. | 1,977,446 | |
| 2,567,869 | |||
| Ship & Boat Building & Repairing - 3.87% | |||
| 5,200 | Huntington Ingalls Industries, Inc. | 2,311,504 | |
| Surgical & Medical Instruments & Apparatus - 1.16% | |||
| 3,920 | Becton Dickinson & Co. | 691,802 | |
| TOTAL FOR COMMON STOCKS (Cost $15,860,455) - 70.92% | 42,408,805 | ||
| CORPORATE BONDS - 13.12% (c) | |||
| Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip - 0.43% | |||
| 250,000 | Johnson Controls International PLC., 4.900%, due 12/01/32 (Ireland) | 257,215 | |
| Commercial Banks - 1.09% | |||
| 250,000 | Bank of Montreal Series MTN, 5.100%, due 10/18/34 (Canada) | 249,854 | |
| 100,000 | Royal Bank of Canada, 1.200%, due 4/27/26 (Canada) | 99,582 | |
| 300,000 | Royal Bank of Canada Series GMTN, 5.000%, due 7/21/32 (Canada) | 300,569 | |
| 650,005 | |||
| Consumer Cyclical Services - 0.69% | |||
| 400,000 | Prime Healthcare Foundation Series B, 7.000%, due 12/01/27 | 413,745 | |
| Consumer Products - 0.09% | |||
| 60,000 | YMCA of Greater New York Series 2020, 3.160%, due 8/01/31 | 54,643 | |
| Electric Services - 0.91% | |||
| 500,000 | Empire District Electric Co., 6.700%, due 11/15/33 | 542,853 | |
| Financial Services - 0.23% | |||
| 150,000 | General Motors Financial Co., Inc., 3.100%, due 1/12/32 | 138,777 | |
| Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 0.93% | |||
| 500,000 | Masco Corp., 7.750%, due 8/01/29 | 553,227 | |
| Medical Services - 0.37% | |||
| 250,000 | American Medical College Series 2020, 3.017%, due 10/01/35 | 219,214 | |
| Miscellaneous Business Credit Institution - 1.17% | |||
| 350,000 | Ford Motor Credit Co., LLC Series MTN, 5.450%, due 2/20/28 | 351,159 | |
| 350,000 | Ford Motor Credit Co., LLC Series NOTZ, 5.700%, due 9/20/34 | 346,914 | |
| 698,073 | |||
| National Commercial Banks - 1.66% | |||
| 250,000 | Bank of America Corp. Series MTN, 5.200%, due 12/05/31 | 250,805 | |
| 150,000 | Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27 (a) (b) | 149,001 | |
| 150,000 | JPMorgan Chase & Co. Series B, 4.425250%, due 2/01/27 (3-Month SOFR + 0.76161%) *** | 148,914 | |
| 150,000 | Truist Financial Corp. Series M, 5.125%, to 12/15/27 (a) (b) | 149,639 | |
| 300,000 | US Bancorp, 3.700%, to 1/15/27 (a) (b) | 297,231 | |
| 995,590 | |||
| Natural Gas Transmission - 0.44% | |||
| 250,000 | Northern Illinois Gas Co., 5.900%, due 12/01/32 | $ 261,201 | |
| Operative Builders - 0.25% | |||
| 150,000 | Lennar Corp., 4.750%, due 11/29/27 | 151,349 | |
| Paper Mills - 0.72% | |||
| 400,000 | Georgia-Pacific, LLC, 7.250%, due 6/01/28 | 428,633 | |
| Pharmaceutical Preparations - 0.17% | |||
| 100,000 | AbbVie, Inc., 3.200%, due 5/14/26 | 99,865 | |
| Security Brokers, Dealers & Flotation Companies - 1.17% | |||
| 400,000 | Goldman Sachs Group, Inc. Series MTN, 4.800%, due 2/11/33 | 397,769 | |
| 300,000 | Jefferies Financial Group, Inc. Series MTN, 6.500%, due 4/30/35 | 305,547 | |
| 703,316 | |||
| Services - Advertising Agencies - 0.33% | |||
| 200,000 | Omnicom Group, Inc., 3.600%, due 4/15/26 | 199,966 | |
| Services - Computer Programming, Data Processing, Etc. - 0.38% | |||
| 250,000 | Factset Research Systems, Inc., 3.450%, due 3/01/32 | 229,126 | |
| Services - Equipment Rental & Leasing - 0.75% | |||
| 200,000 | Air Lease Corp., 3.625%, due 12/01/27 | 198,686 | |
| 250,000 | United Rentals, Inc., 3.875%, due 11/15/27 | 248,540 | |
| 447,226 | |||
| Services - Prepackaged Software - 0.17% | |||
| 100,000 | Oracle Corp., 1.650%, due 3/25/26 | 99,825 | |
| State Commercial Banks - 0.42% | |||
| 250,000 | Deutsche Bank AG Series GMTN, 5.150%, due 9/15/34 (Germany) | 251,193 | |
| Telephone Communications (No Radiotelephone) - 0.75% | |||
| 400,000 | AT&T, Inc., 7.125%, due 12/15/31 | 450,268 | |
| TOTAL FOR CORPORATE BONDS (Cost $7,797,434) - 13.12% | 7,845,310 | ||
| MUNICIPAL BONDS - 3.12% (c) | |||
| California - 0.03% | |||
| 20,000 | Porterville Unified School District, 7.250%, due 7/01/27 | 20,050 | |
| Georgia - 0.17% | |||
| 99,000 | Georgia State Local Govt. Cops Grantor Trust Series A, 4.750%, due 6/01/28 | 102,099 | |
| Illinois - 0.62% | |||
| 35,000 | Illinois Build America Bonds, 7.350%, due 7/01/35 | 38,431 | |
| 75,000 | Saint Clair County IL Community School District #187 Series C, 5.169%, due 01/01/31 | 78,305 | |
| 90,000 | Village of Rosemont Series B, 6.600%, due 12/01/30 | 92,700 | |
| 150,000 | Village of Rosemont Series C, 6.750%, due 12/01/35 | 161,686 | |
| 371,122 | |||
| Indiana - 0.54% | |||
| 135,000 | Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150% due 7/15/27 | 135,265 | |
| 190,000 | Fishers, IN Econ Development Revenue Taxable-P3 Project Series C, 2.650%, due 8/01/28 | 185,539 | |
| 320,804 | |||
| Michigan - 0.42% | |||
| 25,000 | City of Coldwater, MI Water Supply & Wastewater System Revenue, 5.000%, due 8/01/26 | 25,283 | |
| 227,500 | Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27 | 226,364 | |
| 251,647 | |||
| Ohio - 0.43% | |||
| 250,000 | New Albany, Floyd County Industry School First Mortgage, 5.000%, due 1/15/27 | $ 255,523 | |
| Pennsylvania - 0.73% | |||
| 250,000 | East-Norriton-Plymouth-Whitpain Joint Sewer Authority, 1.832%, due 8/01/28 | 239,535 | |
| 200,000 | Pennsylvania ST Txble-Ref-First-Refunding Series, 1.200%, due 8/01/26 | 197,912 | |
| 437,447 | |||
| Wisconsin - 0.18% | |||
| 110,000 | Greendale, WI Taxable Community Development, Series A, 4.750%, due 12/01/26 | 110,084 | |
| TOTAL FOR MUNICIPAL BONDS (Cost $1,866,613) - 3.12% | 1,868,776 | ||
| REAL ESTATE INVESTMENT TRUSTS - 3.54% | |||
| 5,100 | Extra Space Storage, Inc. | 770,253 | |
| 9,452 | Prologis, Inc. | 1,347,572 | |
| TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $893,026) - 3.54% | 2,117,825 | ||
| PREFERRED SECURITIES - 0.91% | |||
| Asset Management - 0.16% | |||
| 4,000 | BRC Group Holdings, Inc., 6.50%, due 9/30/26 | 92,800 | |
| Motor Vehicles & Passenger Car Bodies - 0.21% | |||
| 6,000 | Ford Motor Co., 6.000%, due 12/01/59 | 126,000 | |
| National Commercial Banks - 0.44% | |||
| 150,000 | BAC Capital Trust XIII Series F, 4.38481%, to 10/17/25 (3-Month SOFR + 0.66161%) (b) *** | 116,491 | |
| 150,000 | PNC Capital Trust C, 4.62395%, due 6/01/28 (3-Month SOFR + 0.83161%) *** | 147,769 | |
| 264,260 | |||
| Telephone Communications (No Radio Telephone) - 0.10% | |||
| 3,000 | QWest Corp., 6.500%, due 9/01/56 | 58,110 | |
| TOTAL FOR PREFERRED SECURITIES (Cost $613,303) - 0.91% | 541,170 | ||
| STRUCTURED NOTES - 1.41% (c) | |||
| National Commercial Banks - 0.54% | |||
| 400,000 | Citigroup, Inc. Series MTN, 1.46384%, due 3/12/34, Capped at 10.5% (a) | 319,280 | |
| Security Brokers, Dealers & Flotation Companies - 0.87% | |||
| 125,000 | Goldman Sachs Group, Inc., 2.747795%, due 11/13/28, Capped at 10% *** | 113,125 | |
| 95,000 | Morgan Stanley, Series MTN, 3.2255%, due 8/30/28, Capped at 12% *** | 85,293 | |
| 375,000 | Morgan Stanley, Series MTN, 7.4112%, due 5/29/30, Capped at 10% *** | 322,500 | |
| 520,918 | |||
| TOTAL FOR STRUCTURED NOTES (Cost $842,500) - 1.41% | 840,198 | ||
| U.S. GOVERNMENT AGENCIES & OBLIGATIONS- 1.26%(c) | |||
| 750,000 | U.S. Government Treasury Note/Bond, 3.875%, due 8/15/33 | 755,625 | |
| TOTAL FOR U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost $715,878) -1.26% | 755,625 | ||
| MONEY MARKET FUND - 5.12% | |||
| 3,063,675 | Federated Treasury Obligation Fund - Institutional Shares 3.55% ** (Cost $3,063,675) - 5.12% | 3,063,675 | |
| TOTAL INVESTMENTS (Cost $31,652,884) - 99.40% | 59,441,384 | ||
| OTHER ASSETS LESS LIABILITIES, NET - 0.60% | 355,972 | ||
| NET ASSETS - 100.00% | $ 59,797,356 | ||
| (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. | |||
| (c) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations 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. | |||
| * Non-income producing security during period. | |||
| ** Variable rate security; the coupon rate shown represents the yield at February 28, 2026. | |||
| *** Variable Rate Security - Interest rate shown is rate in effect at February 28, 2026. | |||
| For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. | |||
| ADR - American Depository Receipt | |||
| SOFR- Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. | |||
| 3-month is the period where it is a fixed period of 3 months a lender will lend at that cost. | |||
| The accompanying notes are an integral part of these financial statements. | |||
| ARCHER INCOME FUND | |||
| SCHEDULE OF INVESTMENTS | |||
| February 28, 2026 (Unaudited) | |||
| Shares/Principal | Fair Value | ||
| CORPORATE BONDS - 58.71% (c) | |||
| Accident & Health Insurance - 0.91% | |||
| 300,000 | Unum Group, 6.750%, due 12/15/28 | $ 318,286 | |
| Aerospace & Defense - 1.42% | |||
| 500,000 | GE Capital Funding, LLC, 4.050%, due 5/15/27 | 495,985 | |
| Air Transportation, Scheduled - 1.42% | |||
| 500,000 | Southwest Airlines Co., 3.450%, due 11/16/27 | 494,487 | |
| Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip - 0.74% | |||
| 250,000 | Johnson Controls International PLC., 4.900%, due 12/01/32 (Ireland) | 257,216 | |
| Asset Management - 0.73% | |||
| 250,000 | Ares Capital Corp., 5.875%, due 3/01/29 | 254,689 | |
| Canned, Frozen & Preservd Fruit, Veg & Food Specialties - 0.75% | |||
| 250,000 | Kraft Heinz Foods Co., 6.375%, due 7/15/28 | 261,779 | |
| Commercial Banks - 3.02% | |||
| 250,000 | Bank of Montreal Series MTN, 2.000%, due 1/28/27 (Canada) | 245,321 | |
| 250,000 | Bank of Montreal Series MTN, 5.100%, due 10/18/34 (Canada) | 249,854 | |
| 250,000 | National Bank of Canada, 5.600%, due 12/18/28 (Canada) | 261,186 | |
| 300,000 | Royal Bank of Canada Series GMTN, 5.000%, due 7/21/32 (Canada) | 300,569 | |
| 1,056,930 | |||
| Construction Machinery & Equipment - 0.11% | |||
| 40,000 | Caterpillar, Inc. Series NOTZ, 3.050%, due 5/15/2027 | 39,261 | |
| Consumer Cyclical Services - 1.19% | |||
| 55,000 | Conservation Fund Series 2019, 3.4740%, due 12/15/29 | 53,216 | |
| 350,000 | Prime Healthcare Foundation Series B, 7.000%, due 12/01/27 | 362,026 | |
| 415,242 | |||
| Consumer Products - 0.16% | |||
| 60,000 | YMCA of Greater NY Series 2020, 3.160%, due 8/01/31 | 54,643 | |
| Crude Petroleum & Natural Gas - 0.90% | |||
| 300,000 | EOG Resources, Inc., 6.650%, due 4/01/28 | 315,548 | |
| Cutlery, Handtools & General Hardware - 1.06% | |||
| 400,000 | Stanley Black & Decker, Inc., 2.300%, due 3/15/30 | 371,046 | |
| Dental Equipment & Supplies - 0.40% | |||
| 150,000 | Dentsply Sirona, Inc. 3.250%, to 06/01/30 | 140,742 | |
| Electric & Other Services - 1.19% | |||
| 400,000 | Kentucky Power Co. Series D, 5.625%, due 12/01/32 | 414,321 | |
| Electric Services - 1.01% | |||
| 325,000 | Empire District Electric Co., 6.700%, due 11/15/33 | 352,855 | |
| Federal & Federally-Sponsored Credit Agencies - 1.43% | |||
| 500,000 | Federal Home Loan Bank, 4.000%, due 9/12/30 | 499,103 | |
| Financial Services - 2.00% | |||
| 200,000 | Ford Motor Credit Co. LLC. Series MTN, 5.450%, due 2/20/28 | $ 200,662 | |
| 350,000 | Ford Motor Credit Co. LLC. Series NOTZ, 5.700%, due 9/20/34 | 346,914 | |
| 150,000 | General Motors Financial Company, Inc. Series C, 5.70%, to 9/30/30 (a) (b) | 150,812 | |
| 698,388 | |||
| General Building Contractors - Residential Buildings - 0.29% | |||
| 100,000 | Lennar Corp., 4.750%, due 11/29/27 | 100,899 | |
| Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.27% | |||
| 400,000 | Masco Corp., 7.750%, due 8/01/29 | 442,582 | |
| Hospital & Medical Service Plans - 0.67% | |||
| 250,000 | Centene Corp., 2.450%, due 7/15/28 | 235,632 | |
| Malt Beverages - 1.62% | |||
| 500,000 | Anheuser-Busch Cos., LLC, 6.800%, due 8/20/32 | 565,917 | |
| Medical Services - 0.63% | |||
| 250,000 | American Medical College Series 2020, 3.017%, due 10/01/35 | 219,214 | |
| Midstream - 0.97% | |||
| 300,000 | Southern Natural Gas, 7.350%, due 2/15/31 | 338,338 | |
| National Commercial Banks - 11.01% | |||
| 250,000 | Bank of America Corp. Series MTN, 4.050%, due 2/23/29 | 249,603 | |
| 250,000 | Bank of America Corp. Series MTN, 5.100%, due 9/16/36 | 251,125 | |
| 250,000 | Bank of America Corp. Series MTN, 5.200%, due 12/05/31 | 250,805 | |
| 250,000 | Citigroup, Inc. Series MTN, 4.600%, due 9/30/32 | 249,116 | |
| 150,000 | Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27 (a) (b) | 149,002 | |
| 150,000 | JPMorgan & Chase Co. Series B, 4.42525%, due 2/01/27 (3-Month SOFR + 0.76161%) *** | 148,914 | |
| 150,000 | JPMorgan & Chase Co. Series CC, 6.50525%, to 2/01/26 (3-Month SOFR + 2.84161%) (b) *** | 151,536 | |
| 200,000 | Keycorp Series MTN, 2.250%, due 4/06/27 | 196,363 | |
| 350,000 | Simmons First National Corp., 6.250%, to 10/01/35 (a) | 355,416 | |
| 100,000 | Truist Financial Corp. Series M, 5.125%, to 12/15/27 (a) (b) | 99,760 | |
| 75,000 | Truist Financial Corp. Series Q, 5.100%, to 3/01/30 (a) (b) | 75,845 | |
| 150,000 | TTCU Federal Credit Union Series CD, 5.000%, due 7/26/27 | 152,525 | |
| 200,000 | US Bancorp, 3.700%, to 1/15/27 (a) (b) | 198,154 | |
| 400,000 | Wachovia Corp., 7.500%, due 4/15/35 | 473,199 | |
| 400,000 | Wells Fargo & Co. Series MTN, 4.050%, due 10/02/29 | 396,816 | |
| 350,000 | Wells Fargo & Co. Series MTN, 5.200%, due 8/16/34 | 350,522 | |
| 100,000 | Wells Fargo & Co. Series MTN, 5.250%, due 4/28/30 | 100,185 | |
| 3,848,886 | |||
| Natural Gas Transmission - 1.48% | |||
| 250,000 | Northerm Illinois Gas Co., 5.900%, due 12/01/32 | 261,201 | |
| 250,000 | Targa Resources Corp., 5.500%, due 3/01/30 | 254,529 | |
| 515,730 | |||
| Paper Mills - 1.40% | |||
| 300,000 | Georgia-Pacific, LLC, 7.250%, due 6/01/28 | 321,475 | |
| 150,000 | Georgia-Pacific, LLC, 7.750%, due 11/15/29 | 169,411 | |
| 490,886 | |||
| Personal Credit Institutions - 0.42% | |||
| 150,000 | OneMain Finance Corp., 3.500%, due 1/15/27 | 148,242 | |
| Real Estate Investment Trust - 1.08% | |||
| 250,000 | Boston Properties LP, 4.500%, due 12/01/28 | $ 252,156 | |
| 6,000 | Ready Capital Corp., 9.000%, due 12/15/29 | 125,700 | |
| 377,856 | |||
| Retail - Department Stores - 0.10% | |||
| 35,000 | Dillards, Inc., 7.750%, due 7/15/26 | 35,284 | |
| Retail-Drug Stores and Proprietary Stores - 0.89% | |||
| 300,000 | CVS Health Corp., 5.300%, due 6/01/33 | 311,079 | |
| Retail-Family Clothing Stores - 0.87% | |||
| 300,000 | Ross Stores, Inc., 4.800%, due 4/15/30 | 304,266 | |
| Security Brokers, Dealers & Flotation Companies - 2.96% | |||
| 500,000 | Goldman Sachs Group, Inc., 1.500%, due 9/15/27 | 482,050 | |
| 300,000 | Goldman Sachs Group, Inc. Series MTN, 4.800%, due 2/11/33 | 298,327 | |
| 250,000 | Jefferies Financial Group, Inc. Series MTN, 6.500%, due 4/30/35 | 254,622 | |
| 1,034,999 | |||
| Services - Computer Programming, Data Processing, Etc. - 1.05% | |||
| 400,000 | Factset Research Systems, Inc., 3.450%, due 3/01/32 | 366,601 | |
| Services - Equipment Rental & Leasing - 0.71% | |||
| 100,000 | Air Lease Corp., 3.625%, due 12/01/27 | 99,343 | |
| 150,000 | United Rentals, Inc., 3.875%, due 11/15/27 | 149,124 | |
| 248,467 | |||
| Services-Miscellaneous Amusement & Recreation - 0.98% | |||
| 100,000 | Walt Disney Co., 6.750%, due 1/09/38 | 117,480 | |
| 210,000 | Walt Disney Co., 7.125%, due 4/08/28 | 223,241 | |
| 340,721 | |||
| Services - General Medical & Surgical Hospitals - 0.75% | |||
| 250,000 | HCA Healthcare, Inc., 7.050%, due 12/01/27 | 261,772 | |
| State Commercial Banks - 6.18% | |||
| 150,000 | Ally Financial, Inc. Series B, 4.700%, to 5/15/26 (a) (b) | 149,595 | |
| 250,000 | Citizens Financial Group, Inc., 2.638%, due 9/30/32 | 219,907 | |
| 250,000 | Deutsche Bank AG Series GMTN, 5.150%, due 9/15/34 | 251,193 | |
| 350,000 | First Citizens Bank, 6.125%, due 3/09/28 | 362,345 | |
| 250,000 | M&T Bank Corp., 7.413%, to 10/30/29 (3-month SOFR + 2.800%) (a) *** | 271,244 | |
| 400,000 | Renasant Corp., 5.500%, to 9/01/26 (a) | 402,195 | |
| 500,000 | State Street Corp., 7.350%, due 6/15/26 | 504,447 | |
| 2,160,926 | |||
| Telephone Communications (No Radio Telephone) - 3.34% | |||
| 400,000 | AT&T, Inc., 7.125%, due 12/15/31 | 450,268 | |
| 50,000 | Indiana Bell Telephone Co., Inc., 7.300%, due 8/15/26 | 50,677 | |
| 400,000 | Pacific Bell Telephone Co., 7.125%, due 3/15/26 | 400,347 | |
| 250,000 | Verizon Wireless Communications, Inc., 6.800%, due 5/01/29 | 267,498 | |
| 1,168,790 | |||
| Trucking & Courier Services (No Air) - 1.14% | |||
| 350,000 | United Parcel Service, Inc., 7.620%, due 4/01/30 | 398,453 | |
| Wholesale - Groceries & Related Products - 0.46% | |||
| 152,000 | Sysco Corp., 6.500%, due 8/01/28 | 161,209 | |
| TOTAL FOR CORPORATE BONDS (Cost $20,295,767) - 58.71% | 20,517,270 | ||
| EXCHANGE TRADED FUNDS - 2.34% | |||
| 5,000 | iShares 5-10 Year Investment Grade Corporate Bond ETF | $ 272,550 | |
| 10,000 | iShares 10+ Year Investment Grade Corporate Bond ETF | 513,900 | |
| 1,000 | iShares US Preferred Stock ETF | 31,410 | |
| TOTAL FOR EXCHANGE TRADED FUNDS (Cost $809,693) - 2.34% | 817,860 | ||
| MUNICIPAL BONDS - 13.20% (c) | |||
| Alabama - 0.47% | |||
| 150,000 | Jacksonville Public Educational Building Authority Taxable, 6.100%, due 8/10/30 | 164,468 | |
| Connecticut - 0.34% | |||
| 120,000 | Town of Hamden, 4.930%, due 8/15/35 | 120,032 | |
| Florida - 0.62% | |||
| 70,000 | Hillsborough County FL Aviation Auth Customer Fac Charge Revenue Series B, 5.170%, due 10/01/35 | 70,033 | |
| 150,000 | North Miami Beach, FL, Water Revenue Series B, 2.311%, due 8/01/27 | 147,337 | |
| 217,370 | |||
| Georgia - 0.15% | |||
| 50,000 | Georgia State Local Government Cops Grantor Trust Series A, 4.750%, due 6/01/28 | 51,565 | |
| Illinois - 2.11% | |||
| 125,000 | Illinois Build America Bond, 6.900%, due 3/01/35 | 141,175 | |
| 34,959 | Illinois State Taxable Pension AGM CR, 5.100%, due 6/01/33 | 36,352 | |
| 70,000 | Saint Clair County IL Community School District #187 Series C, 5.169%, due 1/01/31 | 73,085 | |
| 50,000 | State of Illinois Build America Bonds-Taxable Series 3, 6.725%, due 4/01/35 | 53,433 | |
| 180,000 | State of Illinois Revert-M-Acorns Series 9, 5.100%, due 6/01/33 | 185,275 | |
| 85,000 | Village of Rosemont Series B, 6.600%, due 12/01/30 | 87,550 | |
| 150,000 | Village of Rosemont Series C, 6.750%, due 12/01/35 | 161,686 | |
| 738,556 | |||
| Indiana - 4.32% | |||
| 25,000 | City of South Bend, IN Educational Center Project, 2.500%, due 8/01/35 | 20,775 | |
| 45,000 | Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 7/15/26 | 45,054 | |
| 100,000 | Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 7/15/27 | 100,196 | |
| 50,000 | Gary Community School Bldg. Corp., 3.200%, due 7/15/29 | 49,571 | |
| 25,000 | Gary Community School Bldg. Corp., 3.500%, due 1/15/33 | 24,419 | |
| 250,000 | Indiana State Financial Authority University Housing Revenue, 5.388%, due 7/01/35 | 256,136 | |
| 140,000 | Indiana State Housing & Community Development Authority Series A-2, 4.984%, due 7/01/30 | 146,242 | |
| 300,000 | Plainfield Redevelopment Commission Series B, 2.000%, due 2/01/29 | 283,606 | |
| 150,000 | Schererville Income Econ Dev Revenue, 2.579%, due 1/15/30 | 143,820 | |
| 350,000 | Sppedway IN Redev Auth Lease Rental Revenue Taxable-A-Build America Bonds, 6.512%, due 2/01/35 | 387,813 | |
| 50,000 | Town of Speedway, IN Revenue Bond, 5.000%, due 8/01/34 | 50,143 | |
| 1,507,775 | |||
| Maryland - 0.70% | |||
| 250,000 | Maryland State Health & Higher Education Facilities Series C, 2.269%, due 1/01/27 | 245,368 | |
| Michigan - 0.51% | |||
| 177,500 | Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27 | 176,613 | |
| Nebraska - 0.83% | |||
| 300,000 | Grand Island NE Combined Utils Revenue, 1.920%, due 8/15/28 | 288,254 | |
| New York - 0.26% | |||
| 90,334 | New York St Dorm Auth Revenues, 5.289%, due 3/15/33 | 92,410 | |
| Ohio - 0.35% | |||
| 125,000 | Jobs Ohio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 1/01/28 | $ 122,039 | |
| Oregon - 0.44% | |||
| 150,000 | Philomath, Oregon Sch District Series A, 5.472%, due 6/15/27 | 152,691 | |
| Pennsylvania - 0.88% | |||
| 200,000 | East-Norriton-Plymouth-Whitpain Joint Sewer Authority, 1.832%, due 8/01/28 | 191,628 | |
| 80,000 | Philadelphia PA School District Qualified School Construction Bond Series A, 5.995%, due 9/01/30 | 86,020 | |
| 25,000 | Susquehanna Area Regional Airport Authority Sys Revenue Series B, 9.875%, due 1/01/34 | 30,769 | |
| 308,417 | |||
| South Carolina - 0.16% | |||
| 60,000 | South Carolina State Jobs-Econ Dev Authority Hospital Revenue, 2.729%, due 7/01/30 | 56,549 | |
| Texas - 0.34% | |||
| 30,000 | North Texas Tollway Authority Series B-1, 8.410%, due 2/01/30 | 32,614 | |
| 85,000 | Somerset Hills Road District #4 Texas, 5.125%, due 8/15/34 | 86,317 | |
| 118,931 | |||
| Wisconsin - 0.72% | |||
| 250,000 | City of Milwaukee, WI, 3.950%, due 12/01/28 | 252,130 | |
| TOTAL FOR MUNICIPAL BONDS (Cost $4,498,735) - 13.20% | 4,613,168 | ||
| PREFERRED SECURITIES - 1.90% | |||
| Asset Management - 0.20% | |||
| 3,000 | BRC Group Holdings, Inc., 6.50%, due 09/30/26 | 69,600 | |
| National Commercial Banks - 1.41% | |||
| 100,000 | BAC Capital Trust XIII Series F, 4.38481%, to 10/17/25 (3-month SOFR + 0.66161%) (b) *** | 77,661 | |
| 100,000 | Key Corp. Capital I, 4.66239%, due 7/01/28 (3-month SOFR + 1.00161%) *** | 98,224 | |
| 200,000 | Mellon Capital IV Series 1, 4.52119%, to 11/01/25 (3-Month SOFR + 0.82661%) (b) *** | 169,778 | |
| 150,000 | PNC Capital Trust C, 4.62395%, due 6/01/28 (3-Month SOFR + 0.83161) *** | 147,769 | |
| 493,432 | |||
| State Commercial Banks - 0.29% | |||
| 4,000 | Merchants Bancorp, Inc., 8.250%, to 10/01/27 (a) (b) | 101,800 | |
| 6,000 | SVB Financial Group Series C, 0.000%, due 11/07/29 | 1 | |
| 101,801 | |||
| TOTAL FOR PREFERRED SECURITIES (Cost $865,766) - 1.90% | 664,833 | ||
| STRUCTURED NOTES - 3.59% (c) | |||
| National Commercial Banks - 0.84% | |||
| 300,000 | JPMorgan & Chase Co., 2.500%, due 8/15/27 | 292,140 | |
| Security Brokers, Dealers & Flotation Companies - 2.75% | |||
| 394,000 | Citigroup, Inc, Series MTN, 1.6426%, due 3/12/34, Capped at 10.5% (a) | $ 314,491 | |
| 100,000 | Goldman Sachs Group, Inc. Series MTN, 2.965398%, due 12/13/28, Capped at 10% *** | 87,589 | |
| 120,000 | Goldman Sachs Group, Inc., 2.747795%, due 11/13/28, Capped at 10% *** | 108,600 | |
| 114,000 | Morgan Stanley, Series MTN, 3.0852%, due 8/19/28, Capped at 10% *** | 100,807 | |
| 25,000 | Morgan Stanley, Series MTN, 3.2255%, due 8/30/28, Capped at 12% *** | 22,445 | |
| 379,000 | Morgan Stanley, Series MTN, 7.4112%, due 5/29/30, Capped at 10% *** | 325,940 | |
| 959,872 | |||
| TOTAL FOR STRUCTURED NOTES (Cost $1,274,905) - 3.59% | 1,252,012 | ||
| U.S. GOVERNMENT AGENCIES & OBLIGATIONS- 6.48% (c) | |||
| 1,000,000 | U.S. Government Treasury Note/Bond, 3.625%, due 9/30/30 | 1,005,312 | |
| 500,000 | U.S. Government Treasury Note/Bond, 3.875%, due 9/30/32 | 505,430 | |
| 750,000 | U.S. Government Treasury Note/Bond, 3.875%, due 8/15/33 | 755,625 | |
| TOTAL FOR U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost $2,209,133) - 6.48% | 2,266,367 | ||
| MONEY MARKET FUND - 12.40% | |||
| 4,332,061 | Federated Treasury Obligation Fund - Institutional Shares 3.55% ** (Cost $4,332,061) - 12.40% | 4,332,061 | |
| TOTAL INVESTMENTS (Cost $34,286,060) - 98.62% | 34,463,571 | ||
| OTHER ASSETS LESS LIABILITIES, NET - 1.38% | 481,379 | ||
| NET ASSETS - 100.00% | $ 34,944,950 | ||
| (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. | |||
| (c) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations 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. | |||
| ** Variable rate security; the coupon rate shown represents the yield at February 28, 2026. | |||
| *** Variable Rate Security - Interest rate shown is rate in effect at February 28, 2026. | |||
| For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. | |||
| SOFR- Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. | |||
| 3-month is the period where it is a fixed period of 3 months a lender will lend at that cost. | |||
| The accompanying notes are an integral part of these financial statements. | |||
| ARCHER STOCK FUND | |||
| SCHEDULE OF INVESTMENTS | |||
| February 28, 2026 (Unaudited) | |||
| Shares/Principal | Fair Value | ||
| COMMON STOCKS - 97.55% | |||
| Aircraft - 3.32% | |||
| 3,640 | Boeing Co. * | $ 828,209 | |
| Aircraft Engines & Engine Parts - 3.25% | |||
| 4,000 | RTX Corp. | 810,480 | |
| Beverages - 2.29% | |||
| 7,000 | The Coca-Cola Company | 570,920 | |
| Computer Peripheral Equipment - 0.84% | |||
| 1,400 | Palo Alto Networks, Inc. * | 208,488 | |
| Electric Services - 3.61% | |||
| 2,000 | American Electric Power Company, Inc. | 267,640 | |
| 6,750 | NextEra Energy, Inc. | 632,947 | |
| 900,587 | |||
| Electromedical & Electrotherapeutic Apparatus - 1.77% | |||
| 4,525 | Medtronic PLC. (Ireland) | 441,911 | |
| Electronic Computers - 3.72% | |||
| 3,504 | Apple, Inc. | 925,687 | |
| Fire, Marine & Casualty Insurance - 3.66% | |||
| 1,100 | Berkshire Hathaway, Inc. Class B * | 555,445 | |
| 1,670 | Progressive Corp. | 356,812 | |
| 912,257 | |||
| Hospital & Medical Service Plans - 0.92% | |||
| 785 | UnitedHealth Group, Inc. | 230,217 | |
| Industrial Inorganic Chemicals - 2.45% | |||
| 1,200 | Linde PLC. (United Kingdom) | 609,696 | |
| Industrial Instruments for Measurement, Display & Control - 3.90% | |||
| 3,970 | MKS, Inc. | 970,506 | |
| Measuring & Controlling Devices - 1.87% | |||
| 895 | Thermo Fisher Scientific, Inc. | 466,393 | |
| Motor Vehicles & Passenger Car Bodies - 2.21% | |||
| 39,000 | Ford Motor Co. | 549,510 | |
| National Commercial Banks - 5.17% | |||
| 12,000 | Bank of America Corp. | 597,960 | |
| 2,300 | JPMorgan Chase & Co. | 690,690 | |
| 1,288,650 | |||
| Petroleum Refining - 2.90% | |||
| 4,735 | Exxon Mobil Corp. | 722,087 | |
| Pharmaceutical Preparations - 8.92% | |||
| 635 | Eli Lilly & Co. | $ 668,014 | |
| 3,400 | Johnson & Johnson | 844,662 | |
| 5,730 | Merck & Co., Inc. | 709,489 | |
| 2,222,165 | |||
| Retail - Catalog & Mail-Order Houses - 3.20% | |||
| 3,800 | Amazon.com, Inc. * | 798,000 | |
| Retail - Lumber & Other Building Materials Dealers - 2.25% | |||
| 1,470 | Home Depot, Inc. | 559,658 | |
| Retail - Variety Stores - 3.09% | |||
| 4,935 | Dollar General Corp. | 771,044 | |
| Semiconductors & Related Devices - 8.19% | |||
| 2,300 | Broadcom, Inc. | 734,965 | |
| 800 | Micron Technology, Inc. | 329,896 | |
| 5,500 | NVIDIA Corp. | 974,545 | |
| 2,039,406 | |||
| Services - Business Services - 1.99% | |||
| 1,550 | Visa, Inc. Class A | 496,217 | |
| Services - Computer Programming Services - 0.87% | |||
| 8,850 | Doximity, Inc. Class A * | 217,091 | |
| Services - Computer Programming, Data Processing, Etc. - 8.65% | |||
| 4,200 | Alphabet, Inc. Class A | 1,309,392 | |
| 1,305 | Meta Platforms, Inc. Class A | 845,875 | |
| 2,155,267 | |||
| Services - Equipment Rental & Leasing - 2.36% | |||
| 700 | United Rentals, Inc. | 588,000 | |
| Services - Medical Laboratories - 2.27% | |||
| 1,960 | Labcorp Holdings, Inc. | 566,675 | |
| Services - Miscellaneous Amusement & Recreation - 1.95% | |||
| 4,590 | Walt Disney Co. | 486,724 | |
| Services - Prepackaged Software - 7.41% | |||
| 2,900 | Cloudflare, Inc. Class A * | 499,351 | |
| 4,105 | Dynatrace, Inc. * | 147,452 | |
| 1,967 | Microsoft Corp. | 772,520 | |
| 1,022 | Palantir Technologies, Inc. Class A * | 140,208 | |
| 1,355 | ServiceNow, Inc. * | 146,354 | |
| 830 | Snowflake, Inc. Class A * | 139,780 | |
| 1,845,665 | |||
| Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 2.06% | |||
| 3,068 | Procter & Gamble Co. | 512,970 | |
| Surgical & Medical Instruments & Apparatus - 2.46% | |||
| 1,580 | Stryker Corp. | 612,187 | |
| TOTAL FOR COMMON STOCKS (Cost $11,816,574) - 97.55% | 24,306,667 | ||
| REAL ESTATE INVESTMENT TRUST - 1.42% | |||
| 1,840 | American Tower Corp. | $ 353,023 | |
| TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $300,523) - 1.42% | 353,023 | ||
| MONEY MARKET FUND - 0.92% | |||
| 229,125 | Federated Treasury Obligation Fund - Institutional Shares 3.55% ** (Cost $229,125) - 0.92% | 229,125 | |
| TOTAL INVESTMENTS (Cost $12,346,222) - 99.89% | 24,888,815 | ||
| OTHER ASSETS LESS LIABILITIES, NET - 0.11% | 27,232 | ||
| NET ASSETS - 100.00% | $ 24,916,047 | ||
| * Non-income producing security during period. | |||
| ** Variable rate security; the coupon rate shown represents the yield at February 28, 2026. | |||
| The accompanying notes are an integral part of these financial statements. | |||
| ARCHER DIVIDEND GROWTH FUND | |||
| SCHEDULE OF INVESTMENTS | |||
| February 28, 2026 (Unaudited) | |||
| Shares/Principal | Fair Value | ||
| COMMON STOCKS - 85.07% | |||
| Beverages - 1.87% | |||
| 3,400 | PepsiCo, Inc. | $ 577,116 | |
| Biological Products, (No Diagnostic Substances) - 3.41% | |||
| 7,065 | Gilead Sciences, Inc. | 1,052,332 | |
| Bottled & Canned Soft Drinks & Carbonated Waters - 2.83% | |||
| 7,850 | Coca-Cola FEMSA S.A.B. de C.V. ADR Series L | 872,527 | |
| Canned, Frozen & Preservd Fruit, Vegetable & Food Specialties - 1.76% | |||
| 22,000 | Kraft Heinz Co. | 541,420 | |
| Crude Petroleum & Natural Gas - 0.81% | |||
| 2,000 | EOG Resources, Inc. | 248,160 | |
| Electric & Other Services Combined - 8.23% | |||
| 5,405 | Consolidated Edison, Inc. | 608,171 | |
| 5,082 | Duke Energy Corp. | 664,980 | |
| 14,100 | Exelon Corp. | 697,527 | |
| 12,000 | Nisource, Inc. | 567,600 | |
| 2,538,278 | |||
| Electric Services - 4.98% | |||
| 6,500 | American Electric Power Co., Inc. | 869,830 | |
| 6,850 | Southern Co. | 667,053 | |
| 1,536,883 | |||
| Electronic Computers - 1.30% | |||
| 2,700 | Dell Technologies, Inc. Class C | 399,816 | |
| Guided Missiles & Space Vehicles & Parts - 2.72% | |||
| 1,275 | Lockheed Martin Corp. | 839,052 | |
| Hospital & Medical Service Plans - 0.95% | |||
| 1,000 | UnitedHealth Group, Inc. | 293,270 | |
| Life Insurance - 2.96% | |||
| 25,700 | Manulife Financial Corp. (Canada) | 913,378 | |
| Motor Vehicles & Passenger Car Bodies - 2.74% | |||
| 60,000 | Ford Motor Co. | 845,400 | |
| National Commercial Banks - 10.65% | |||
| 12,500 | Bank of America Corp. | 622,875 | |
| 3,150 | JPMorgan Chase & Co. | 945,945 | |
| 5,000 | Peoples Financial Services Corp. | 268,000 | |
| 31,600 | Regions Financial Corp. | 879,428 | |
| 11,525 | Truist Financial Corp. | 568,298 | |
| 3,284,546 | |||
| Natural Gas Transmission - 3.06% | |||
| 28,400 | Kinder Morgan, Inc. | $ 944,868 | |
| Natural Gas Transmisison & Distribution - 1.83% | |||
| 6,800 | ONEOK, Inc. | 562,836 | |
| Petroleum Refining - 5.07% | |||
| 15,065 | BP PLC. ADR | 585,426 | |
| 3,270 | Chevron Corp. | 610,705 | |
| 1,800 | Valero Energy Corp. | 368,352 | |
| 1,564,483 | |||
| Pharmaceutical Preparations - 11.83% | |||
| 2,295 | AbbVie, Inc. | 532,624 | |
| 9,970 | Bristol Myers Squibb Co. | 621,829 | |
| 3,485 | Johnson & Johnson | 865,778 | |
| 6,415 | Merck & Co., Inc. | 794,305 | |
| 30,200 | Pfizer, Inc. | 835,030 | |
| 3,649,566 | |||
| Retail - Drug Stores and Proprietary Stores - 1.66% | |||
| 6,400 | CVS Health Corp. | 511,360 | |
| Retail - Variety Stores - 2.14% | |||
| 5,800 | Target Corp. | 659,982 | |
| Security & Commodity Brokers, Dealers, Exchanges & Services - 1.55% | |||
| 1,500 | CME Group, Inc. Class A | 479,250 | |
| Semiconductors & Related Devices - 2.69% | |||
| 2,600 | Broadcom, Inc. | 830,830 | |
| Specialty Cleaning, Polishing and Sanitation Preparations - 1.47% | |||
| 3,575 | Clorox Co. | 454,597 | |
| State Commercial Banks - 2.64% | |||
| 13,500 | Citizens Financial Group, Inc. | 812,565 | |
| Telephone Communications (No Radio Telephone) - 2.26% | |||
| 13,900 | Verizon Communications, Inc. | 696,946 | |
| Trucking & Courier Services - 1.88% | |||
| 5,000 | United Parcel Service, Inc. Class B | 579,800 | |
| Wholesale-Motor Vehicle Supplies & New Parts - 1.78% | |||
| 4,600 | Genuine Parts Co. | 548,596 | |
| TOTAL FOR COMMON STOCKS (Cost $17,296,691) - 85.07% | 26,237,857 | ||
| REAL ESTATE INVESTMENT TRUSTS - 9.71% | |||
| 3,600 | Crown Castle International Corp. | $ 322,344 | |
| 1,800 | Extra Space Storage, Inc. | 271,854 | |
| 24,500 | Healthpeak Properties, Inc. | 433,160 | |
| 7,800 | Iron Mountain, Inc. | 844,974 | |
| 17,500 | VICI Properties, Inc. | 528,675 | |
| 7,935 | W.P. Carey, Inc. | 592,348 | |
| TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $2,339,112) - 9.71% | 2,993,355 | ||
| MONEY MARKET FUND - 4.26% | |||
| 1,315,245 | Federated Treasury Obligation Fund - Institutional Shares 3.55% ** (Cost $1,315,245) - 4.26% | 1,315,245 | |
| TOTAL INVESTMENTS (Cost $20,951,048) - 99.04% | 30,546,457 | ||
| OTHER ASSETS LESS LIABILITIES, NET - 0.96% | 296,545 | ||
| NET ASSETS - 100.00% | $ 30,843,002 | ||
| ** Variable rate security; the coupon rate shown represents the yield at February 28, 2026. | |||
| ADR - American Depository Receipt | |||
| The accompanying notes are an integral part of these financial statements. | |||
| ARCHER FOCUS FUND | |||
| SCHEDULE OF INVESTMENTS | |||
| February 28, 2026 (Unaudited) | |||
| Shares/Principal | Fair Value | ||
| COMMON STOCKS - 97.07% | |||
| Computer Communications Equipment - 3.43% | |||
| 1,000 | Arista Networks, Inc. * | $ 133,500 | |
| Construction Machinery & Equip - 3.82% | |||
| 200 | Caterpillar, Inc. | 148,566 | |
| Electronic Computers - 2.78% | |||
| 410 | Apple, Inc. | 108,314 | |
| General Industrial Machinery & Equipment - 3.73% | |||
| 500 | Illinois Tool Works, Inc. | 145,315 | |
| Guided Missiles & Space Vehicles & Parts - 4.57% | |||
| 270 | Lockheed Martin Corp. | 177,682 | |
| Hospital & Medical Service Plans - 2.49% | |||
| 330 | UnitedHealth Group, Inc. | 96,779 | |
| Industrial Inorganic Chemicals - 2.61% | |||
| 200 | Linde PLC. (Ireland) | 101,616 | |
| Natural Gas Distribution - 3.52% | |||
| 733 | Atmos Energy Corp. | 136,917 | |
| Oil & Gas Field Services - 3.43% | |||
| 2,600 | SLB Ltd. N.V. | 133,484 | |
| Optical Instruments & Lenses - 3.92% | |||
| 100 | KLA Corp. | 152,455 | |
| Pharmaceutical Preparations - 8.31% | |||
| 400 | Johnson & Johnson | 99,372 | |
| 95 | Eli Lilly & Co. | 99,939 | |
| 1,000 | Merck & Co., Inc. | 123,820 | |
| 323,131 | |||
| Radio & Tv Broadcasting & Communications Equipment - 2.78% | |||
| 760 | Qualcomm, Inc. | 108,194 | |
| Retail-Eating Places - 2.87% | |||
| 3,000 | Chipotle Mexican Grill, Inc. * | 111,660 | |
| Retail-Family Clothing Stores - 2.91% | |||
| 700 | TJX Cos., Inc. | 113,162 | |
| Retail-Variety Stores - 3.90% | |||
| 150 | Costco Wholesale Corp. | 151,618 | |
| Rubber & Plastics Footwear - 2.80% | |||
| 1,750 | Nike, Inc. Class B | $ 108,815 | |
| Semiconductors & Related Devices - 6.11% | |||
| 305 | Applied Materials, Inc. | 113,551 | |
| 700 | NVIDIA Corp. | 124,033 | |
| 237,584 | |||
| Services-Business Services - 8.23% | |||
| 400 | Accenture PLC. Class A (Ireland) | 83,488 | |
| 250 | Mastercard, Inc. Class A | 129,302 | |
| 335 | Visa, Inc. Class A | 107,247 | |
| 320,037 | |||
| Services-Computer Processing & Data Preparation - 2.48% | |||
| 450 | Automatic Data Processing, Inc. | 96,462 | |
| Services - Computer Programming, Data Processing, Etc. - 6.35% | |||
| 335 | Alphabet, Inc. Class A | 104,440 | |
| 220 | Meta Platforms, Inc. Class A | 142,600 | |
| 247,040 | |||
| Services-Prepackaged Software - 4.99% | |||
| 365 | Adobe, Inc. * | 95,780 | |
| 250 | Microsoft Corp. | 98,185 | |
| 193,965 | |||
| Services-Video Tape Rental - 3.29% | |||
| 1,330 | Netflix, Inc. * | 127,999 | |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics - 3.48% | |||
| 810 | Procter & Gamble Co. | 135,432 | |
| Special Industry Machinery - 4.27% | |||
| 710 | Lam Research Corp. | 166,062 | |
| TOTAL FOR COMMON STOCKS (Cost $3,296,841) - 97.07% | 3,775,789 | ||
| MONEY MARKET FUND - 2.74% | |||
| 106,411 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class - 3.54% ** (Cost $106,411) - 2.74% | 106,411 | |
| TOTAL INVESTMENTS (Cost $3,403,252) - 99.81% | 3,882,200 | ||
| OTHER ASSETS LESS LIABILITIES, NET - 0.19% | 7,410 | ||
| NET ASSETS - 100.00% | $ 3,889,610 | ||
| * Non-income producing security during period. | |||
| ** Variable rate security; the coupon rate shown represents the yield at February 28, 2026. | |||
| The accompanying notes are an integral part of these financial statements. | |||
| ARCHER MULTI CAP FUND | |||
| SCHEDULE OF INVESTMENTS | |||
| February 28, 2026 (Unaudited) | |||
| Shares/Principal | Fair Value | ||
| COMMON STOCKS - 93.48% | |||
| Biological Products, (No Diagnostic Substances) - 1.34% | |||
| 730 | Krystal Biotech, Inc. * | $ 201,217 | |
| Chemicals & Allied Products - 1.02% - 1.94% | |||
| 3,705 | Solstice Advanced Materials, Inc. * | 290,880 | |
| Communications Equipment - 2.18% | |||
| 466 | Lumentum Holdings, Inc. * | 326,624 | |
| Computer Storage Devices - 1.11% | |||
| 2,600 | Pure Storage, Inc. Class A * | 166,972 | |
| Electric Services - 1.11% | |||
| 450 | Talen Energy Corp. * | 166,936 | |
| Electrical Industrial Apparatus - 1.49% | |||
| 579 | Woodward, Inc. | 223,934 | |
| Electronic Computers - 1.23% | |||
| 700 | Apple, Inc. | 184,926 | |
| Engines & Turbines - 1.24% | |||
| 900 | BWX Technologies, Inc. | 185,382 | |
| Fire, Marine & Casualty Insurance - 1.13% | |||
| 336 | Berkshire Hathaway, Inc. Class B * | 169,663 | |
| General Industrial Machinery & Equipment - 1.22% | |||
| 3,590 | Zurn Elkay Water Solutions Corp. | 183,018 | |
| Household Furniture - 1.21% | |||
| 2,028 | Somnigroup International, Inc. | 181,526 | |
| Laboratory Analytical Instruments - 0.96% | |||
| 1,073 | Illumina, Inc. * | 144,276 | |
| Life Insurance - 0.92% | |||
| 4,042 | Lincoln National Corp. | 138,641 | |
| Mineral Royalty Traders - 1.63% | |||
| 814 | Royal Gold, Inc. | 244,029 | |
| Misc. Industrial & Commercial Machinery & Equipment - 3.34% | |||
| 325 | Curtiss Wright Corp. | 227,607 | |
| 808 | MOOG, Inc. Class A | 272,643 | |
| 500,250 | |||
| Motor Vehicles & Passenger Car Bodies - 2.10% | |||
| 1,317 | Federal Signal Corp. | 153,338 | |
| 400 | Tesla, Inc. * | 161,004 | |
| 314,342 | |||
| National Commercial Banks - 2.31% | |||
| 3,623 | Bank of America Corp. | 180,534 | |
| 551 | JPMorgan Chase & Co. | 165,465 | |
| 345,999 | |||
| Oil & Gas Field Machinery & Equipment - 1.68% | |||
| 3,805 | TechnipFMC PLC. (United Kingdom) | 252,310 | |
| Optical Instruments & Lenses - 1.66% | |||
| 959 | Coherent Corp. * | $ 248,314 | |
| Patent Owners & Lessors - 1.71% | |||
| 700 | Interdigital, Inc. | 256,571 | |
| Petroleum Refining - 1.64% | |||
| 1,616 | Exxon Mobil Corp. | 246,440 | |
| Pharmaceutical Preparations - 5.96% | |||
| 1,013 | AbbVie, Inc. | 235,097 | |
| 200 | Eli Lilly & Co. | 210,398 | |
| 951 | Johnson & Johnson | 236,257 | |
| 419 | United Therapeutics Corp. * | 211,134 | |
| 892,886 | |||
| Plastic Materials, Synth Resins & Nonvulcan Elastomers - 1.42% | |||
| 2,820 | Eastman Chemical Co. | 212,938 | |
| Plastics Products - 0.97% | |||
| 837 | Armstrong World Industries, Inc. | 145,219 | |
| Printed Circuit Boards - 4.31% | |||
| 3,000 | Flex Ltd. (Singapore) * | 189,060 | |
| 1,200 | Sanmina Corp.* | 186,312 | |
| 2,600 | TTM Technologies, Inc.* | 271,024 | |
| 646,396 | |||
| Retail - Auto Dealers & Gasoline Stations - 1.46% | |||
| 320 | Caseys General Stores, Inc. | 219,389 | |
| Retail - Catalog & Mail-Order Houses - 0.88% | |||
| 627 | Amazon.com, Inc. * | 131,670 | |
| Retail - Department Stores - 1.06% | |||
| 516 | Burlington Stores, Inc. * | 158,345 | |
| Retail - Eating Places - 0.92% | |||
| 930 | Brinker Intl., Inc. * | 137,826 | |
| Retail - Lumber & Other Building Materials Dealers - 0.83% | |||
| 326 | Home Depot, Inc. | 124,115 | |
| Retail - Variety Stores - 2.83% | |||
| 192 | Costco Wholesale Corp. | 194,072 | |
| 1,803 | WalMart, Inc. | 230,694 | |
| 424,766 | |||
| Security Brokers, Dealers & Flotation Companies - 1.27% | |||
| 993 | Marketaxess Holdings, Inc. | 190,656 | |
| Semiconductors & Related Devices - 7.42% | |||
| 800 | Advanced Micro Devices, Inc. * | $ 160,168 | |
| 484 | Broadcom, Inc. | 154,662 | |
| 1,008 | NVIDIA Corp. | 178,608 | |
| 2,100 | Qorvo, Inc. * | 174,090 | |
| 2,683 | Semtech Corp. * | 242,060 | |
| 510 | Sitime Corp. * | 202,919 | |
| 1,112,507 | |||
| Services - Business Services - 2.81% | |||
| 232 | MasterCard, Inc. Class A | 119,993 | |
| 1,337 | RB Global, Inc. | 134,984 | |
| 521 | Visa, Inc. Class A | 166,793 | |
| 421,770 | |||
| Services - Computer Programming, Data Processing - 4.54% | |||
| 678 | Alphabet, Inc. Class A | 211,373 | |
| 778 | Alphabet, Inc. Class C | 242,293 | |
| 350 | Meta Platforms, Inc. Class A | 226,863 | |
| 680,529 | |||
| Services - Equipment Rental & Leasing - 1.48% | |||
| 3,415 | Air Lease Corp. | 221,429 | |
| Services - General Medical & Surgical Hospitals - 0.96% | |||
| 600 | Tenet Healthcare Corp. * | 143,634 | |
| Services - Prepackaged Software - 2.70% | |||
| 275 | Microsoft Corp. | 108,004 | |
| 1,013 | Palantir Technologies, Inc. Class A * | 138,973 | |
| 1,300 | Twilio, Inc. Class A * | 157,248 | |
| 404,225 | |||
| Services - Video Tape Rental - 0.88% | |||
| 1,370 | Netflix, Inc. * | 131,849 | |
| Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.85% | |||
| 761 | Procter & Gamble Co. | 127,239 | |
| Special Industry Machinery (No Metalworking Machinery) - 2.56% | |||
| 1,195 | JBT Marel Corp. | 184,030 | |
| 1,685 | nVent Electric PLC. (United Kingdom) | 199,437 | |
| 383,467 | |||
| Steel Pipe & Tubes - 1.65% | |||
| 1,510 | ATI, Inc. * | 247,021 | |
| Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 1.41% | |||
| 532 | Carpenter Technology Corp. | 211,773 | |
| Surgical & Medical Instruments & Apparatus - 1.28% | |||
| 1,594 | Glaukos Corp. * | 191,918 | |
| Telephone & Telegraph Apparatus - 3.07% | |||
| 732 | Ciena Corp. * | 255,248 | |
| 375 | Fabrinet (Cayman Islands) * | 204,611 | |
| 459,859 | |||
| Telephone Communications (No Radiotelephone) - 1.04% | |||
| 22,000 | Lumen Technologies, Inc. * | 156,420 | |
| Transportation Services - 1.81% | |||
| 1,286 | XPO, Inc. * | 270,664 | |
| Water, Sewer, Pipeline, Comm & Power Line Construction - 1.46% | |||
| 1,450 | Primoris Services Corp. | $ 218,544 | |
| Wholesale - Groceries & Related Products - 1.18% | |||
| 1,835 | US Foods Holdings Corp. * | 177,279 | |
| Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies - 1.32% | |||
| 5,960 | LKQ Corp. | 197,336 | |
| TOTAL FOR COMMON STOCKS (Cost $10,668,510) - 93.48% | 14,013,919 | ||
| REAL ESTATE INVESTMENT TRUST - 1.36% | |||
| 5,013 | CareTrust REIT, Inc. | 203,628 | |
| TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $135,986) - 1.36% | 203,628 | ||
| MONEY MARKET FUND - 3.98% | |||
| 597,417 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class - 3.54% ** (Cost $597,417) - 3.98% | 597,417 | |
| TOTAL INVESTMENTS (Cost $11,401,913) - 99.94% | 14,814,964 | ||
| OTHER ASSETS LESS LIABILITIES, NET - 1.18% | 176,802 | ||
| NET ASSETS - 100.00% | $ 14,991,766 | ||
| * Non-income producing security during period. | |||
| ** Variable rate security; the coupon rate shown represents the yield at February 28, 2026. | |||
| The accompanying notes are an integral part of these financial statements. | |||
| ARCHER FUNDS | |||||||
| STATEMENTS OF ASSETS & LIABILITIES | |||||||
| February 28, 2026 (Unaudited) | |||||||
| Balanced | Income | Stock | Dividend | Focus | Multi Cap | ||
| Assets: | Fund | Fund | Fund | Growth Fund | Fund | Fund | |
| Investments in Securities, at Fair Value (Cost $31,652,884, | $ 59,441,384 | $ 34,463,571 | $ 24,888,815 | $ 30,546,457 | $ 3,882,200 | $ 14,814,964 | |
| $34,286,060, $12,346,222, $20,951,048, $3,403,252, and | |||||||
| $11,401,913, respectively) | |||||||
| Cash | 2,500 | - | - | - | - | - | |
| Receivables: | |||||||
| Shareholder Subscriptions | 216,070 | 104,863 | 1,432 | 207,680 | 67 | 162,604 | |
| Interest | 118,935 | 375,695 | 929 | 3,361 | 468 | 1,325 | |
| Dividend | 79,534 | 3,375 | 29,952 | 96,434 | 3,281 | 6,000 | |
| Due from Advisor | - | - | - | - | 2,014 | - | |
| Prepaid Expenses | 15,586 | 20,650 | 17,874 | 13,837 | 8,488 | 17,470 | |
| Total Assets | 59,874,009 | 34,968,154 | 24,939,002 | 30,867,769 | 3,896,518 | 15,002,363 | |
| Liabilities: | |||||||
| Payables: | |||||||
| Shareholder Redemptions | 22,819 | - | - | 2,300 | - | - | |
| Due to Advisor | 41,742 | 15,086 | 14,473 | 14,265 | - | 5,212 | |
| Due to Compliance Officer | 656 | 18 | 45 | 232 | 43 | - | |
| Due to Trustees | 2,038 | 821 | 1,671 | 1,124 | 286 | 213 | |
| Due to Transfer Agent | 3,868 | 2,877 | 2,879 | 3,211 | 2,707 | 1,932 | |
| Accrued Expenses | 5,530 | 4,402 | 3,887 | 3,635 | 3,872 | 3,240 | |
| Total Liabilities | 76,653 | 23,204 | 22,955 | 24,767 | 6,908 | 10,597 | |
| Net Assets | $ 59,797,356 | $ 34,944,950 | $ 24,916,047 | $ 30,843,002 | $ 3,889,610 | $ 14,991,766 | |
| Net Assets Consist of: | |||||||
| Paid In Capital | $ 30,576,787 | $ 35,169,776 | $ 11,859,933 | $ 20,319,025 | $ 2,681,238 | $ 11,208,089 | |
| Distributable Earnings (Deficit) | 29,220,569 | (224,826) | 13,056,114 | 10,523,977 | 1,208,372 | 3,783,677 | |
| Net Assets (unlimited shares authorized; 2,879,115, 1,895,481, | |||||||
| 352,167, 957,137, 161,109, and 898,357 shares outstanding, respectively) | $ 59,797,356 | $ 34,944,950 | $ 24,916,047 | $ 30,843,002 | $ 3,889,610 | $ 14,991,766 | |
| Net Asset Value and Offering Price Per Share | $ 20.77 | $ 18.44 | $ 70.75 | $ 32.22 | $ 24.14 | $ 16.69 | |
| Redemption Price Per Share ($20.77 x 0.99), | |||||||
| ($18.44 x 0.99), ($70.75 x 0.99), ($32.22 x 0.99), ($24.14 x 0.99), & | |||||||
| ($16.69 x 0.99), respectively * | $ 20.56 | $ 18.25 | $ 70.04 | $ 31.90 | $ 23.90 | $ 16.53 | |
| *The Funds will deduct a 1.00% redemption fee from redemption proceeds if purchased and redeemed within 90 days. | |||||||
| The accompanying notes are an integral part of these financial statements. | |||||||
| ARCHER FUNDS | |||||||||
| STATEMENTS OF OPERATIONS | |||||||||
| FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED) | |||||||||
| Investment Income: |
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|||
| Dividends (net of foreign withholding taxes of $0, $0, $0, $2,461, $0, and $225, respectively) | $ 374,814 | $ 36,420 | $ 173,069 | $ 489,303 | $ 67,965 | $ 56,599 | |||
| Interest | 326,223 | 686,749 | 3,608 | 28,000 | 3,738 | 7,506 | |||
| Total Investment Income | 701,037 | 723,169 | 176,677 | 517,303 | 71,703 | 64,105 | |||
| Expenses: | |||||||||
| Advisory Fees (a) | 141,696 | 85,405 | 61,847 | 70,182 | 23,613 | 32,813 | |||
| Administrative (a) | 126,454 | 85,405 | 61,847 | 70,182 | 23,613 | 32,813 | |||
| Transfer Agent | 25,911 | 20,528 | 18,195 | 20,402 | 15,080 | 14,556 | |||
| Registration | 12,171 | 12,446 | 10,941 | 12,652 | 5,491 | 7,626 | |||
| Legal | 10,089 | 4,623 | 4,454 | 4,827 | 2,311 | 1,941 | |||
| Audit | 4,615 | 5,059 | 5,059 | 5,059 | 5,059 | 5,058 | |||
| Compliance Officer Fees | 2,360 | 1,022 | 787 | 1,068 | 428 | 375 | |||
| Custody | 4,073 | 2,515 | 2,028 | 2,076 | 1,625 | 1,855 | |||
| Trustee | 3,390 | 2,269 | 2,113 | 1,838 | 733 | 721 | |||
| Miscellaneous | 11,992 | (b) | 13,859 | (b) | 2,559 | 3,321 | 2,113 | 2,287 | |
| Insurance | 1,774 | 1,278 | 850 | 1,016 | 336 | 298 | |||
| Printing and Mailing | 2,014 | 1,610 | 710 | 1,210 | 541 | 681 | |||
| Total Expenses | 346,539 | 236,019 | 171,390 | 193,833 | 80,943 | 101,024 | |||
| Fees Waived and/or Reimbursed by the Advisor (a) | (6,468) | (72,041) | (29,143) | (56,276) | (34,662) | (38,679) | |||
| Net Expenses | 340,071 | 163,978 | 142,247 | 137,557 | 46,281 | 62,345 | |||
| Net Investment Income | 360,966 | 559,191 | 34,430 | 379,746 | 25,422 | 1,760 | |||
| Realized and Unrealized Gain (Loss) on Investments: | |||||||||
| Net Realized Gain on Investments | 1,337,429 | 7,624 | 487,106 | 1,436,247 | 730,852 | 495,280 | |||
| Net Change in Unrealized Appreciation (Depreciation) on Derivatives | (30,859) | (29,681) | - | - | - | - | |||
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 5,340,081 | 323,953 | 1,104,206 | 2,175,217 | (464,199) | 1,465,835 | |||
| Net Realized and Unrealized Gain on Investments | 6,646,651 | 301,896 | 1,591,312 | 3,611,464 | 266,653 | 1,961,115 | |||
| Net Increase in Net Assets Resulting from Operations | $ 7,007,617 | $ 861,087 | $ 1,625,742 | $ 3,991,210 | $ 292,075 | $ 1,962,875 | |||
| (a) See Note 5 in the Notes to the Financial Statements. | |||||||||
| (b) The Miscellaneous Expenses include Bond Pricing Services of $3,240 and $6,892, respectively. | |||||||||
| The accompanying notes are an integral part of these financial statements. | |||||||||
| ARCHER BALANCED FUND | ||||
| STATEMENTS OF CHANGES IN NET ASSETS | ||||
| (Unaudited) | ||||
| Six Months | ||||
| Ended | Year Ended | |||
| 2/28/2026 | 8/31/2025 | |||
| Increase in Net Assets From Operations: | ||||
| Net Investment Income | $ 360,966 | $ 739,668 | ||
| Net Realized Gain on Investments | 1,337,429 | 1,014,409 | ||
| Net Change in Unrealized Appreciation on Derivatives & Investments | 5,309,222 | 2,800,848 | ||
| Net Increase in Net Assets Resulting from Operations | 7,007,617 | 4,554,925 | ||
| Distributions to Shareholders: | ||||
| Distributions | (1,383,503) | (2,166,511) | ||
| Total Distributions | (1,383,503) | (2,166,511) | ||
| Capital Share Transactions: | ||||
| Proceeds from Sale of Shares | 2,993,997 | 5,785,744 | ||
| Shares Issued on Reinvestment of Dividends | 1,148,772 | 1,781,541 | ||
| Early Redemption Fees (Note 2) | 1,010 | 1,144 | ||
| Cost of Shares Redeemed | (5,621,633) | (5,030,477) | ||
| Net Increase (Decrease) from Capital Share Transactions | (1,477,854) | 2,537,952 | ||
| Net Assets: | ||||
| Net Increase in Net Assets | 4,146,260 | 4,926,366 | ||
| Beginning of Period/Year | 55,651,096 | 50,724,730 | ||
| End of Period/Year | $ 59,797,356 | $ 55,651,096 | ||
| Share Transactions: | ||||
| Shares Sold | 150,813 | 322,188 | ||
| Shares Issued on Reinvestment of Dividends | 58,578 | 101,084 | ||
| Shares Redeemed | (286,314) | (281,024) | ||
| Net Increase (Decrease) in Shares | (76,923) | 142,248 | ||
| Outstanding at Beginning of Period/Year | 2,956,038 | 2,813,790 | ||
| Outstanding at End of Period/Year | 2,879,115 | 2,956,038 | ||
| The accompanying notes are an integral part of these financial statements. | ||||
| ARCHER INCOME FUND | ||||
| STATEMENTS OF CHANGES IN NET ASSETS | ||||
| (Unaudited) | ||||
| Six Months | ||||
| Ended | Year Ended | |||
| 2/28/2026 | 8/31/2025 | |||
| Increase (Decrease) in Net Assets From Operations: | ||||
| Net Investment Income | $ 559,191 | $ 972,485 | ||
| Net Realized Gain (Loss) on Investments | 7,624 | (5,271) | ||
| Net Change in Unrealized Appreciation on Derivatives & Investments | 294,272 | 236,102 | ||
| Net Increase in Net Assets Resulting from Operations | 861,087 | 1,203,316 | ||
| Distributions to Shareholders: | ||||
| Distributions | (557,038) | (964,454) | ||
| Total Distributions | (557,038) | (964,454) | ||
| Capital Share Transactions: | ||||
| Proceeds from Sale of Shares | 7,260,547 | 12,392,806 | ||
| Shares Issued on Reinvestment of Dividends | 389,149 | 647,534 | ||
| Early Redemption Fees (Note 2) | 756 | 711 | ||
| Cost of Shares Redeemed | (3,536,182) | (2,379,155) | ||
| Net Increase from Capital Share Transactions | 4,114,270 | 10,661,896 | ||
| Net Assets: | ||||
| Net Increase in Net Assets | 4,418,319 | 10,900,758 | ||
| Beginning of Period/Year | 30,526,631 | 19,625,873 | ||
| End of Period/Year | $ 34,944,950 | $ 30,526,631 | ||
| Share Transactions: | ||||
| Shares Sold | 395,188 | 683,888 | ||
| Shares Issued on Reinvestment of Dividends | 21,219 | 35,729 | ||
| Shares Redeemed | (192,858) | (131,131) | ||
| Net Increase in Shares | 223,549 | 588,486 | ||
| Outstanding at Beginning of Period/Year | 1,671,932 | 1,083,446 | ||
| Outstanding at End of Period/Year | 1,895,481 | 1,671,932 | ||
| The accompanying notes are an integral part of these financial statements. | ||||
| ARCHER STOCK FUND | ||||
| STATEMENTS OF CHANGES IN NET ASSETS | ||||
| (Unaudited) | ||||
| Six Months | ||||
| Ended | Year Ended | |||
| 2/28/2026 | 8/31/2025 | |||
| Increase (Decrease) in Net Assets From Operations: | ||||
| Net Investment Income | $ 34,430 | $ 53,323 | ||
| Net Realized Gain on Investments | 487,106 | 3,014,593 | ||
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 1,104,206 | (1,403,584) | ||
| Net Increase in Net Assets Resulting from Operations | 1,625,742 | 1,664,332 | ||
| Distributions to Shareholders: | ||||
| Distributions | (2,912,124) | (1,871,413) | ||
| Total Distributions | (2,912,124) | (1,871,413) | ||
| Capital Share Transactions: | ||||
| Proceeds from Sale of Shares | 828,564 | 1,573,423 | ||
| Shares Issued on Reinvestment of Dividends | 2,462,570 | 1,543,107 | ||
| Early Redemption Fees (Note 2) | 154 | 331 | ||
| Cost of Shares Redeemed | (2,223,775) | (3,002,030) | ||
| Net Increase from Capital Share Transactions | 1,067,513 | 114,831 | ||
| Net Assets: | ||||
| Net Decrease in Net Assets | (218,869) | (92,250) | ||
| Beginning of Period/Year | 25,134,916 | 25,227,166 | ||
| End of Period/Year | $ 24,916,047 | $ 25,134,916 | ||
| Share Transactions: | ||||
| Shares Sold | 11,475 | 21,643 | ||
| Shares Issued on Reinvestment of Dividends | 35,438 | 22,776 | ||
| Shares Redeemed | (29,728) | (42,923) | ||
| Net Increase in Shares | 17,185 | 1,496 | ||
| Outstanding at Beginning of Period/Year | 334,982 | 333,486 | ||
| Outstanding at End of Period/Year | 352,167 | 334,982 | ||
| The accompanying notes are an integral part of these financial statements. | ||||
| ARCHER DIVIDEND GROWTH FUND | |||||
| STATEMENTS OF CHANGES IN NET ASSETS | |||||
| (Unaudited) | |||||
| Six Months | |||||
| Ended | Year Ended | ||||
| 2/28/2026 | 8/31/2025 | ||||
| Increase in Net Assets From Operations: | |||||
| Net Investment Income | $ 379,746 | $ 732,220 | |||
| Net Realized Gain on Investments | 1,436,247 | 241,227 | |||
| Net Change in Unrealized Appreciation on Investments | 2,175,217 | 1,171,027 | |||
| Net Increase in Net Assets Resulting from Operations | 3,991,210 | 2,144,474 | |||
| Distributions to Shareholders: | |||||
| Distributions | (389,525) | (731,306) | |||
| Total Distributions | (389,525) | (731,306) | |||
| Capital Share Transactions: | |||||
| Proceeds from Sale of Shares | 2,207,858 | 3,702,249 | |||
| Shares Issued on Reinvestment of Dividends | 337,462 | 590,387 | |||
| Early Redemption Fees (Note 2) | 379 | 371 | |||
| Cost of Shares Redeemed | (2,688,020) | (1,841,026) | |||
| Net Increase (Decrease) from Capital Share Transactions | (142,321) | 2,451,981 | |||
| Net Assets: | |||||
| Net Increase in Net Assets | 3,459,364 | 3,865,149 | |||
| Beginning of Period/Year | 27,383,638 | 23,518,489 | |||
| End of Period/Year | $ 30,843,002 | $ 27,383,638 | |||
| Share Transactions: | |||||
| Shares Sold | 73,932 | 136,418 | |||
| Shares Issued on Reinvestment of Dividends | 11,219 | 21,539 | |||
| Shares Redeemed | (90,880) | (67,444) | |||
| Net Increase (Decrease) in Shares | (5,729) | 90,513 | |||
| Outstanding at Beginning of Period/Year | 962,866 | 872,353 | |||
| Outstanding at End of Period/Year | 957,137 | 962,866 | |||
| The accompanying notes are an integral part of these financial statements. | |||||
| ARCHER FOCUS FUND | |||||
| STATEMENTS OF CHANGES IN NET ASSETS | |||||
| (Unaudited) | |||||
| Six Months | |||||
| Ended | Year Ended | ||||
| 2/28/2026 | 8/31/2025 | ||||
| Increase (Decrease) in Net Assets From Operations: | |||||
| Net Investment Income | $ 25,422 | $ 128,381 | |||
| Net Realized Gain on Investments | 730,852 | 175,180 | |||
| Net Change in Unrealized Depreciation on Investments | (464,199) | (492,595) | |||
| Net Increase (Decrease) in Net Assets Resulting from Operations | 292,075 | (189,034) | |||
| Distributions to Shareholders: | |||||
| Distributions | (269,080) | (1,108,823) | |||
| Total Distributions | (269,080) | (1,108,823) | |||
| Capital Share Transactions: | |||||
| Proceeds from Sale of Shares | 420,047 | 1,472,251 | |||
| Shares Issued on Reinvestment of Dividends | 192,655 | 760,583 | |||
| Early Redemption Fees (Note 2) | 506 | 140 | |||
| Cost of Shares Redeemed | (7,573,186) | (1,263,395) | |||
| Net Increase (Decrease) from Capital Share Transactions | (6,959,978) | 969,579 | |||
| Net Assets: | |||||
| Net Decrease in Net Assets | (6,936,983) | (328,278) | |||
| Beginning of Period/Year | 10,826,593 | 11,154,871 | |||
| End of Period/Year | $ 3,889,610 | $ 10,826,593 | |||
| Share Transactions: | |||||
| Shares Sold | 17,610 | 59,627 | |||
| Shares Issued on Reinvestment of Dividends | 8,236 | 32,228 | |||
| Shares Redeemed | (316,766) | (51,367) | |||
| Net Increase (Decrease) in Shares | (290,920) | 40,488 | |||
| Outstanding at Beginning of Period/Year | 452,029 | 411,541 | |||
| Outstanding at End of Period/Year | 161,109 | 452,029 | |||
| The accompanying notes are an integral part of these financial statements. | |||||
| ARCHER MULTI CAP FUND | |||||
| STATEMENTS OF CHANGES IN NET ASSETS | |||||
| (Unaudited) | |||||
| Six Months | |||||
| Ended | Year Ended | ||||
| 2/28/2026 | 8/31/2025 | ||||
| Increase in Net Assets From Operations: | |||||
| Net Investment Income | $ 1,760 | $ 23,588 | |||
| Net Realized Gain on Investments | 495,280 | 764,370 | |||
| Net Change in Unrealized Appreciation on Investments | 1,465,835 | 245,944 | |||
| Net Increase in Net Assets Resulting from Operations | 1,962,875 | 1,033,902 | |||
| Distributions to Shareholders: | |||||
| Distributions | (899,067) | (301,026) | |||
| Total Distributions | (899,067) | (301,026) | |||
| Capital Share Transactions: | |||||
| Proceeds from Sale of Shares | 2,702,564 | 3,733,020 | |||
| Shares Issued on Reinvestment of Dividends | 864,133 | 282,216 | |||
| Early Redemption Fees (Note 2) | 540 | 324 | |||
| Cost of Shares Redeemed | (1,667,522) | (545,818) | |||
| Net Increase from Capital Share Transactions | 1,899,715 | 3,469,742 | |||
| Net Assets: | |||||
| Net Increase in Net Assets | 2,963,523 | 4,202,618 | |||
| Beginning of Period/Year | 12,028,243 | 7,825,625 | |||
| End of Period/Year | $ 14,991,766 | $ 12,028,243 | |||
| Share Transactions: | |||||
| Shares Sold | 168,555 | 258,200 | |||
| Shares Issued on Reinvestment of Dividends | 56,628 | 19,490 | |||
| Shares Redeemed | (105,551) | (38,022) | |||
| Net Increase in Shares | 119,632 | 239,668 | |||
| Outstanding at Beginning of Period/Year | 778,725 | 539,057 | |||
| Outstanding at End of Period/Year | 898,357 | 778,725 | |||
| The accompanying notes are an integral part of these financial statements. | |||||
| ARCHER BALANCED FUND | |||||||||
| FINANCIAL HIGHLIGHTS | |||||||||
| SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD/YEAR. | |||||||||
| (Unaudited) | |||||||||
| Six Months | |||||||||
| Ended | Years Ended | ||||||||
| 2/28/2026 | 8/31/2025 | 8/31/2024 | 8/31/2023 | 8/31/2022 | 8/31/2021 | ||||
| Net Asset Value, at Beginning of Period/Year | $ 18.83 | $ 18.03 | $ 15.75 | $ 14.98 | $ 16.54 | $ 13.96 | |||
| Income (Loss) From Investment Operations: | |||||||||
| Net Investment Income * | 0.12 | 0.25 | 0.22 | 0.19 | 0.17 | 0.16 | |||
| Net Gain (Loss) on Securities (Realized and Unrealized) | 2.30 | 1.31 | 2.28 | 1.07 | (1.42) | 2.59 | |||
| Total from Investment Operations | 2.42 | 1.56 | 2.50 | 1.26 | (1.25) | 2.75 | |||
| Distributions: | |||||||||
| Net Investment Income | (0.13) | (0.25) | (0.22) | (0.19) | (0.15) | (0.17) | |||
| Realized Gains | (0.35) | (0.51) | - | ** | (0.30) | (0.16) | - | ||
| Total from Distributions | (0.48) | (0.76) | (0.22) | (0.49) | (0.31) | (0.17) | |||
| Proceeds from Redemption Fees ** | - | - | - | - | - | - | |||
| Net Asset Value, at End of Period/Year | $ 20.77 | $ 18.83 | $ 18.03 | $ 15.75 | $ 14.98 | $ 16.54 | |||
| Total Return *** | 13.03% | (b) | 8.96% | 16.03% | 8.72% | (7.70)% | 19.82% | ||
| Ratios/Supplemental Data: | |||||||||
| Net Assets at End of Period/Year (Thousands) | $ 59,797 | $ 55,651 | $ 50,725 | $ 45,451 | $ 44,215 | $ 51,011 | |||
| Before Waivers and Reimbursements | |||||||||
| Ratio of Expenses to Average Net Assets | 1.22% | (a) | 1.26% | 1.30% | 1.31% | 1.30% | 1.27% | ||
| Ratio of Net Investment Income to Average Net Assets | 1.25% | (a) | 1.36% | 1.21% | 1.15% | 0.94% | 0.98% | ||
| After Waivers and Reimbursements | |||||||||
| Ratio of Expenses to Average Net Assets | 1.20% | (a) | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | ||
| Ratio of Net Investment Income to Average Net Assets | 1.27% | (a) | 1.42% | 1.31% | 1.26% | 1.04% | 1.05% | ||
| Portfolio Turnover | 4.81% | (b) | 17.55% | 11.69% | 1.79% | 6.35% | 17.23% | ||
| * Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | |||||||||
| ** Amount less than $0.005 per share. | |||||||||
| *** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | |||||||||
| reinvestment of dividends. | |||||||||
| (a) Annualized. | |||||||||
| (b) Not annualized. | |||||||||
| The accompanying notes are an integral part of these financial statements. | |||||||||
| ARCHER INCOME FUND | ||||||||
| FINANCIAL HIGHLIGHTS | ||||||||
| SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD/YEAR. | ||||||||
| (Unaudited) | ||||||||
| Six Months | ||||||||
| Ended | Years Ended | |||||||
| 2/28/2026 | 8/31/2025 | 8/31/2024 | 8/31/2023 | 8/31/2022 | 8/31/2021 | |||
| Net Asset Value, at Beginning of Period/Year | $ 18.26 | $ 18.11 | $ 17.57 | $ 17.99 | $ 19.76 | $ 19.51 | ||
| Income (Loss) From Investment Operations: | ||||||||
| Net Investment Income * | 0.30 | 0.69 | 0.70 | 0.62 | 0.47 | 0.51 | ||
| Net Gain (Loss) on Securities (Realized and Unrealized) | 0.17 | 0.13 | 0.55 | (0.45) | (1.77) | 0.26 | ||
| Total from Investment Operations | 0.47 | 0.82 | 1.25 | 0.17 | (1.30) | 0.77 | ||
| Distributions: | ||||||||
| Net Investment Income | (0.29) | (0.67) | (0.71) | (0.59) | (0.47) | (0.52) | ||
| Total from Distributions | (0.29) | (0.67) | (0.71) | (0.59) | (0.47) | (0.52) | ||
| Proceeds from Redemption Fees ** | - | - | - | - | - | - | ||
| Net Asset Value, at End of Period/Year | $ 18.44 | $ 18.26 | $ 18.11 | $ 17.57 | $ 17.99 | $ 19.76 | ||
| Total Return *** | 2.61% | (b) | 4.62% | 7.25% | 0.99% | (6.66)% | 3.97% | |
| Ratios/Supplemental Data: | ||||||||
| Net Assets at End of Period/Year (Thousands) | $ 34,945 | $ 30,527 | $ 19,626 | $ 17,074 | $ 9,431 | $ 11,309 | ||
| Before Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets | 1.38% | (a) | 1.43% | 1.56% | 1.66% | 1.83% | 1.73% | |
| Ratio of Net Investment Income to Average Net Assets | 2.85% | (a) | 3.32% | 3.32% | 2.81% | 1.60% | 1.84% | |
| After Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets | 0.96% | (a) | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% | |
| Ratio of Net Investment Income to Average Net Assets | 3.27% | (a) | 3.79% | 3.92% | 3.52% | 2.47% | 2.61% | |
| Portfolio Turnover | 15.09% | (b) | 25.61% | 23.30% | 16.24% | 14.52% | 29.76% | |
| * Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | ||||||||
| ** Amount less than $0.005 per share. | ||||||||
| *** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||
| reinvestment of dividends. | ||||||||
| (a) Annualized. | ||||||||
| (b) Not annualized. | ||||||||
| The accompanying notes are an integral part of these financial statements. | ||||||||
| ARCHER STOCK FUND | ||||||||
| FINANCIAL HIGHLIGHTS | ||||||||
| SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD/YEAR. | ||||||||
| (Unaudited) | ||||||||
| Six Months | ||||||||
| Ended | Years Ended | |||||||
| 2/28/2026 | 8/31/2025 | 8/31/2024 | 8/31/2023 | 8/31/2022 | 8/31/2021 | |||
| Net Asset Value, at Beginning of Period/Year | $ 75.03 | $ 75.65 | $ 64.44 | $ 57.11 | $ 71.62 | $ 54.69 | ||
| Income (Loss) From Investment Operations: | ||||||||
| Net Investment Income (Loss) * | 0.10 | 0.16 | 0.08 | 0.08 | (0.09) | (0.15) | ||
| Net Gain (Loss) on Securities (Realized and Unrealized) | 4.81 | 4.76 | 15.46 | 8.89 | (11.58) | 17.09 | ||
| Total from Investment Operations | 4.91 | 4.92 | 15.54 | 8.97 | (11.67) | 16.94 | ||
| Distributions: | ||||||||
| Net Investment Income | (0.14) | (0.13) | (0.04) | (0.05) | - | (0.01) | ||
| Realized Gains | (9.05) | (5.41) | (4.29) | (1.59) | (2.84) | - | ||
| Total from Distributions | (9.19) | (5.54) | (4.33) | (1.64) | (2.84) | (0.01) | ||
| Proceeds from Redemption Fees ** | - | - | - | - | - | - | ||
| Net Asset Value, at End of Period/Year | $ 70.75 | $ 75.03 | $ 75.65 | $ 64.44 | $ 57.11 | $ 71.62 | ||
| Total Return *** | 6.76% | (c) | 7.30% | 25.24% | 16.17% | (17.09)% | 30.97% | |
| Ratios/Supplemental Data: | ||||||||
| Net Assets at End of Period/Year (Thousands) | $ 24,916 | $ 25,135 | $ 25,227 | $ 20,893 | $ 22,117 | $ 27,990 | ||
| Before Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets | 1.39% | (b) | 1.38% | 1.39% | 1.44% | 1.38% | 1.38% | |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.04% | (b) | 0.04% | (0.04)% | (0.07)% | (0.29)% | (0.40)% | |
| After Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets (a) | 1.15% | (b) | 1.20% | 1.23% | 1.23% | 1.23% | 1.23% | |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.28% | (b) | 0.22% | 0.12% | 0.14% | (0.14)% | (0.24)% | |
| Portfolio Turnover | 5.72% | (c) | 29.91% | 8.56% | 6.58% | 8.04% | 14.90% | |
| * Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | ||||||||
| ** Amount less than $0.005 per share. | ||||||||
| *** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||
| reinvestment of dividends. | ||||||||
| (a) As of May 1, 2025, the expense reimbursement was reduced from 1.23% to 1.15% of the average daily net assets. | ||||||||
| (b) Annualized. | ||||||||
| (c) Not annualized. | ||||||||
| The accompanying notes are an integral part of these financial statements. | ||||||||
| ARCHER DIVIDEND GROWTH FUND | ||||||||
| FINANCIAL HIGHLIGHTS | ||||||||
| SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD/YEAR. | ||||||||
| (Unaudited) | ||||||||
| Six Months | ||||||||
| Ended | Years Ended | |||||||
| 2/28/2026 | 8/31/2025 | 8/31/2024 | 8/31/2023 | 8/31/2022 | 8/31/2021 | |||
| Net Asset Value, at Beginning of Period/Year | $ 28.44 | $ 26.96 | $ 23.28 | $ 24.13 | $ 24.02 | $ 18.99 | ||
| Income (Loss) From Investment Operations: | ||||||||
| Net Investment Income * | 0.40 | 0.79 | 0.73 | 0.75 | 0.58 | 0.53 | ||
| Net Gain (Loss) on Securities (Realized and Unrealized) | 3.79 | 1.48 | 3.69 | (0.89) | 0.03 | 5.02 | ||
| Total from Investment Operations | 4.19 | 2.27 | 4.42 | (0.14) | 0.61 | 5.55 | ||
| Distributions: | ||||||||
| Net Investment Income | (0.41) | (0.79) | (0.74) | (0.71) | (0.50) | (0.52) | ||
| Total from Distributions | (0.41) | (0.79) | (0.74) | (0.71) | (0.50) | (0.52) | ||
| Proceeds from Redemption Fees ** | - | - | - | - | - | - | ||
| Net Asset Value, at End of Period/Year | $ 32.22 | $ 28.44 | $ 26.96 | $ 23.28 | $ 24.13 | $ 24.02 | ||
| Total Return *** | 14.85% | (b) | 8.57% | 19.39% | (0.59)% | 2.51% | 29.56% | |
| Ratios/Supplemental Data: | ||||||||
| Net Assets at End of Period/Year (Thousands) | $ 30,843 | $ 27,384 | $ 23,518 | $ 19,361 | $ 24,545 | $ 23,596 | ||
| Before Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets | 1.38% | (a) | 1.38% | 1.42% | 1.43% | 1.38% | 1.44% | |
| Ratio of Net Investment Income to Average Net Assets | 2.30% | (a) | 2.51% | 2.59% | 2.71% | 1.94% | 2.02% | |
| After Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets | 0.98% | (a) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |
| Ratio of Net Investment Income to Average Net Assets | 2.70% | (a) | 2.91% | 3.03% | 3.15% | 2.34% | 2.47% | |
| Portfolio Turnover | 8.12% | (b) | 13.85% | 14.03% | 10.37% | 18.05% | 25.30% | |
| * Per share net investment income has been determined on the basis of average shares outstanding during the period. | ||||||||
| ** Amount less than $0.005 per share. | ||||||||
| *** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||
| reinvestment of dividends. | ||||||||
| (a) Annualized. | ||||||||
| (b) Not annualized. | ||||||||
| The accompanying notes are an integral part of these financial statements. | ||||||||
| ARCHER FOCUS FUND | ||||||||
| FINANCIAL HIGHLIGHTS | ||||||||
| SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD/YEAR. | ||||||||
| (Unaudited) | ||||||||
| Six Months | ||||||||
| Ended | Years Ended | |||||||
| 2/28/2026 | 8/31/2025 | 8/31/2024 | 8/31/2023 | 8/31/2022 | 8/31/2021 | |||
| Net Asset Value, at Beginning of Period/Year | $ 23.95 | $ 27.11 | $ 21.81 | $ 21.51 | $ 25.41 | $ 20.67 | ||
| Income (Loss) From Investment Operations: | ||||||||
| Net Investment Income * | 0.06 | 0.29 | 0.37 | 0.44 | 0.34 | 0.15 | ||
| Net Gain (Loss) on Securities (Realized and Unrealized) | 0.74 | (0.78) | 5.13 | 1.23 | (1.82) | 4.69 | ||
| Total from Investment Operations | 0.80 | (0.49) | 5.50 | 1.67 | (1.48) | 4.84 | ||
| Distributions: | ||||||||
| Net Investment Income | (0.21) | (0.38) | (0.20) | (0.40) | (0.29) | (0.10) | ||
| Realized Gains | (0.40) | (2.29) | - | (0.97) | (2.13) | - | ||
| Total from Distributions | (0.61) | (2.67) | (0.20) | (1.37) | (2.42) | (0.10) | ||
| Proceeds from Redemption Fees ** | - | - | - | - | - | - | ||
| Net Asset Value, at End of Period/Year | $ 24.14 | $ 23.95 | $ 27.11 | $ 21.81 | $ 21.51 | $ 25.41 | ||
| Total Return *** | 3.42% | (b) | (1.67)% | 25.42% | 8.25% | (6.67)% | 23.46% | |
| Ratios/Supplemental Data: | ||||||||
| Net Assets at End of Period/Year (Thousands) | $ 3,890 | $ 10,827 | $ 11,155 | $ 9,028 | $ 3,438 | $ 3,691 | ||
| Before Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets | 1.72% | (a) | 1.60% | 1.66% | 1.77% | 2.61% | 3.28% | |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.20)% | (a) | 0.58% | 0.89% | 1.24% | (0.17)% | (1.51)% | |
| After Waivers and Reimbursements | ||||||||
| Ratio of Expenses to Average Net Assets | 0.98% | (a) | 0.98% | 0.98% | 0.98% | 0.98% | 1.12% | |
| Ratio of Net Investment Income to Average Net Assets | 0.54% | (a) | 1.20% | 1.56% | 2.03% | 1.45% | 0.64% | |
| Portfolio Turnover | 82.80% | (b) | 111.01% | 89.11% | 69.27% | 64.39% | 120.30% | |
| * Per share net investment income has been determined on the basis of average shares outstanding during the period. | ||||||||
| ** Amount less than $0.005 per share. | ||||||||
| *** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||
| reinvestment of dividends. | ||||||||
| (a) Annualized | ||||||||
| (b) Not annualized | ||||||||
| The accompanying notes are an integral part of these financial statements. | ||||||||
| ARCHER MULTI CAP FUND | |||||||||
| FINANCIAL HIGHLIGHTS | |||||||||
| SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD/YEAR. | |||||||||
| (Unaudited) | |||||||||
| Six Months | |||||||||
| Ended | Years Ended | ||||||||
| 2/28/2026 | 8/31/2025 | 8/31/2024 | 8/31/2023 | 8/31/2022 | 8/31/2021 | ||||
| Net Asset Value, at Beginning of Period/Year | $ 15.45 | $ 14.52 | $ 11.42 | $ 10.97 | $ 13.50 | $ 10.32 | |||
| Income (Loss) From Investment Operations: | |||||||||
| Net Investment Income (Loss) * | 0.00 | 0.04 | 0.03 | 0.05 | (0.02) | (0.03) | |||
| Net Gain (Loss) on Securities (Realized and Unrealized) | 2.32 | 1.41 | 3.10 | 1.13 | (2.29) | 3.23 | |||
| Total from Investment Operations | 2.32 | 1.45 | 3.13 | 1.18 | (2.31) | 3.20 | |||
| Distributions: | |||||||||
| Net Investment Income | (0.03) | (0.03) | (0.03) | (0.04) | - | ** | (0.02) | ||
| Realized Gains | (1.05) | (0.49) | - | (0.69) | (0.22) | - | |||
| Total from Distributions | (1.08) | (0.52) | (0.03) | (0.73) | (0.22) | (0.02) | |||
| Proceeds from Redemption Fees ** | - | - | - | - | - | - | |||
| Net Asset Value, at End of Period/Year | $ 16.69 | $ 15.45 | $ 14.52 | $ 11.42 | $ 10.97 | $ 13.50 | |||
| Total Return *** | 15.66% | (b) | 10.25% | 27.46% | 11.75% | (17.42)% | 31.07% | ||
| Ratios/Supplemental Data: | |||||||||
| Net Assets at End of Period/Year (Thousands) | $ 14,992 | $ 12,028 | $ 7,826 | $ 5,743 | $ 4,262 | $ 4,856 | |||
| Before Waivers and Reimbursements | |||||||||
| Ratio of Expenses to Average Net Assets | 1.54% | (a) | 1.66% | 1.78% | 1.88% | 1.98% | 2.39% | ||
| Ratio of Net Investment Loss to Average Net Assets | (0.56)% | (a) | (0.47)% | (0.58)% | (0.46)% | (1.16)% | (1.70)% | ||
| After Waivers and Reimbursements | |||||||||
| Ratio of Expenses to Average Net Assets | 0.95% | (a) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | ||
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.03% | (a) | 0.25% | 0.25% | 0.47% | (0.13)% | (0.26)% | ||
| Portfolio Turnover | 48.80% | (b) | 48.17% | 57.42% | 52.08% | 62.50% | 39.02% | ||
| * Per share net investment income has been determined on the basis of average shares outstanding during the period. | |||||||||
| ** Amount less than $0.005 per share. | |||||||||
| *** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | |||||||||
| reinvestment of dividends. | |||||||||
| (a) Annualized | |||||||||
| (b) Not annualized | |||||||||
| The accompanying notes are an integral part of these financial statements. | |||||||||
Archer Funds
Notes to Financial Statements
February 28, 2026 (Unaudited)
NOTE 1. ORGANIZATION
The Archer Investment Series Trust, an Ohio business trust (the "Trust"), is an open-end investment management company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 7, 2009 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Trust currently consists of seven funds: The Archer Balanced Fund (the "Balanced Fund"), the Archer Income Fund (the "Income Fund"), the Archer Stock Fund (the "Stock Fund"), the Archer Dividend Growth Fund (the "Dividend Growth Fund"), the Archer Focus Fund (the "Focus Fund), and the Archer Multi Cap Fund (the "Multi Cap Fund), each a diversified fund, (collectively referred to as the "Funds"), along with an additional fund, the Archer Growth ETF, which is reported in a separate filing.
The Balanced Fund commenced operations on September 27, 2005. The investment objective of the Balanced Fund is total return. Total return is comprised of both income and capital appreciation. The Income Fund and the Stock Fund each commenced investment operations on March 11, 2011. The investment objective of the Income Fund is income while secondarily striving for capital appreciation. The investment objective of the Stock Fund is capital appreciation. The Archer Dividend Growth Fund commenced operations on September 1, 2016. The investment objective of the Dividend Growth Fund is to provide income and, as a secondary focus, long-term capital appreciation. The Focus Fund and Multi Cap Fund each commenced operations on December 30, 2019. The investment objective of the Focus Fund is long-term growth of capital. The investment objective of the Multi Cap Fund is long-term growth of capital. The investment advisor to the Funds is Archer Investment Corporation, Inc. (the "Advisor"). See Note 5 for additional information regarding the Advisor.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.
Securities Valuation - All investments in securities are recorded at their estimated fair value as described in Note 3.
Federal Income Taxes- The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as "regulated investment companies" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended February 28, 2026, the Funds did not incur any interest or penalties.
Security Transactions and Related Income - The Funds follow industry practice and record security transactions on the trade date. Realized gains and losses are computed using the specific cost of the security. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the straight line method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The amounts may subsequently be reclassified upon receipt of information from the issuer.
Dividends and Distributions - The Funds typically will distribute substantially all of their net investment income in the form of dividends and capital gains to its shareholders. The Balanced Fund will distribute dividends quarterly and capital gains annually, and expects that distributions will consist primarily of ordinary income. The Income and Dividend Growth Fund will distribute dividends monthly and capital gains annually, and expect that distributions will consist primarily of ordinary income. The Stock Fund, Focus Fund, and Multi Cap Fund may distribute dividends quarterly and capital gains annually, and expect that distributions will consist primarily of ordinary income. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds.
Redemption Fee - To discourage short-term trades by investors, the Funds will impose a redemption fee. The Funds will each impose a redemption fee of 1.00% of the total redemption amount (calculated at market value) if shares are redeemed within 90 calendar days of purchase. For the six months ended February 28, 2026, the Balanced Fund, Income Fund, Stock Fund, Dividend Growth Fund, Focus Fund, and Multi Cap Fund collected $1,010, $756, $154, $379, $506, and $540 in redemption fees, respectively.
Options - The Balanced and Income Funds may sell covered call options as part of their investment programs to obtain market exposure or to manage risk or hedge against adverse market conditions. When a fund writes an option, an amount equal to the premium received by the fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss.
If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the fund. The fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Neither the Balanced or Income Funds engaged in options activity during the fiscal six months ended February 28, 2026.
Structured Notes - The Balanced Fund and Income Fund invest in structured notes which are subject to a number of fixed income risks including general market risk, interest rate risk, as well as the risk that the issuer on the note may fail to make interest and/ or principal payments when due, or may default on its obligations entirely. In addition, as a result of imbedded derivative features in these securities, structured notes generally are subject to more risk than investing in a simple note or bond issued by the same issuer. See Note 4 for additional information related to Structured Notes.
Expenses - Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund's relative net assets or other appropriate basis as determined by the Board.
Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.
NOTE 3. SECURITIES VALUATION
Processes and Structure
The Funds' Board of Trustees has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Trustees.
In accordance with the Trust's good faith pricing guidelines, the Advisor is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Advisor would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Advisor's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Funds' NAV calculation that may affect a security's value, or the Advisor is aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in instances when the bonds the Funds invest in may default or otherwise cease to have market quotations readily available.
Hierarchy of Fair Value Inputs
The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:
| · | Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access. |
| · | Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. |
| · | Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fair Value Measurements
A description of the valuation techniques applied to each Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows:
Equity securities (common and preferred stock, exchange traded fund/notes, real estate investment trusts). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in level 2.
Fixed income securities (corporate bonds, municipal bonds, preferred bonds and structured notes). The fair value of fixed income securities is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Although most fixed income securities are categorized in level 2 of the fair value hierarchy, in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in level 3.
U.S. government agencies & obligations. U.S. government agencies & obligations are normally valued using market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government obligations are categorized in level 1 or level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.
Investments in open-end mutual funds including money market funds are valued at their closing net asset value each business day and are classified in Level 1 of the fair value hierarchy.
The following table summarizes the inputs used to value Balanced Fund's assets measured at fair value as of February 28, 2026:
| BALANCED FUND | Financial Instruments-Assets | |||
| Categories | Level 1 | Level 2 | Level 3 | Fair Value |
| Common Stocks * | $ 42,408,805 | $ - | $ - | $ 42,408,805 |
| Corporate Bonds * | - | 7,845,310 | - | 7,845,310 |
| Municipal Bonds | - | 1,868,776 | - | 1,868,776 |
| Real Estate Investment Trusts | 2,117,825 | - | - | 2,117,825 |
| Preferred Securities * | 276,910 | 264,260 | - | 541,170 |
| Structured Notes * | - | 840,198 | - | 840,198 |
| U.S. Government Agencies & Obligations | - | 755,625 | - | 755,625 |
| Money Market Fund | 3,063,675 | - | - | 3,063,675 |
| $ 47,867,215 | $11,574,169 | $ - | $ 59,441,384 | |
The following table summarizes the inputs used to value Income Fund's assets measured at fair value as of February 28, 2026:
| INCOME FUND | Financial Instruments-Assets | |||
| Categories | Level 1 | Level 2 | Level 3 | Fair Value |
| Corporate Bonds * | $ - | $ 20,517,270 | $ - | $ 20,517,270 |
| Exchange Traded Funds | 817,860 | - | - | 817,860 |
| Municipal Bonds | - | 4,613,168 | - | 4,613,168 |
| Preferred Securities * | 171,400 | 493,433 | - | 664,833 |
| Structured Notes * | - | 1,252,012 | - | 1,252,012 |
| U.S. Government Agencies & Obligations | - | 2,266,367 | - | 2,266,367 |
| Money Market Fund | 4,332,061 | - | - | 4,332,061 |
| $ 5,321,321 | $ 29,142,250 | $ - | $34,463,571 | |
The following table summarizes the inputs used to value Stock Fund's assets measured at fair value as of February 28, 2026:
| STOCK FUND | Financial Instruments-Assets | |||
| Categories | Level 1 | Level 2 | Level 3 | Fair Value |
| Common Stocks * | $ 24,306,667 | $ - | $ - | $ 24,306,667 |
| Real Estate Investment Trust | 353,023 | - | - | 353,023 |
| Money Market Fund | 229,125 | - | - | 229,125 |
| $ 24,888,815 | $ - | $ - | $ 24,888,815 | |
The following table summarizes the inputs used to value Dividend Growth Fund's assets measured at fair value as of February 28, 2026:
| DIVIDEND GROWTH FUND | Financial Instruments-Assets | |||
| Categories | Level 1 | Level 2 | Level 3 | Fair Value |
| Common Stocks * | $ 26,237,857 | $ - | $ - | $ 26,237,857 |
| Real Estate Investment Trusts | 2,993,355 | - | - | 2,993,355 |
| Money Market Fund | 1,315,245 | - | - | 1,315,245 |
| $ 30,546,457 | $ - | $ - | $ 30,546,457 | |
The following table summarizes the inputs used to value Focus Fund's assets measured at fair value as of February 28, 2026:
| FOCUS FUND | Financial Instruments-Assets | |||
| Categories | Level 1 | Level 2 | Level 3 | Fair Value |
| Common Stocks * | $ 3,775,789 | $ - | $ - | $ 3,775,789 |
| Money Market Fund | 106,411 | - | - | 106,411 |
| $ 3,882,200 | $ - | $ - | $ 3,882,200 | |
The following table summarizes the inputs used to value Multi Cap Fund's assets measured at fair value as of February 28, 2026:
| MULTI CAP FUND | Financial Instruments-Assets | |||
| Categories | Level 1 | Level 2 | Level 3 | Fair Value |
| Common Stocks * | $ 14,013,919 | $ - | $ - | $ 14,013,919 |
| Real Estate Investment Trust | 203,628 | - | - | 203,628 |
| Money Market Fund | 597,417 | - | - | 597,417 |
| $ 14,814,964 | $ - | $ - | $ 14,814,964 | |
*Industry classifications of these categories are detailed on each Fund's Schedule of Investments.
The Funds did not hold any Level 3 assets during the six months ended February 28, 2026; therefore, a reconciliation of assets in which significant unobservable inputs were used in determining fair value is not applicable. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is each Fund's policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period.
NOTE 4. DERIVATIVE TRANSACTIONS
The Funds may use certain options (both traded on an exchange and over-the-counter), futures contracts and options on futures contracts (collectively, "Derivative Instruments") as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of the Fund's position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions.
As of February 28, 2026, there were no options outstanding in any Fund. The Funds did not have any options transactions during the six months ended February 28, 2026.
The location on the Statement of Assets and Liabilities of the Balanced and Income Funds' derivative positions, which are not accounted for as hedging instruments under GAAP, is as follows:
Asset Derivatives
Investment in Securities, at Value
Structured Notes
Balanced Fund $ 840,198
Income Fund $ 1,252,012
Unrealized gains and losses on derivatives during the six months ended February 28, 2026, for the Balanced and Income Funds, are included in the Statement of Operations, in the location, "Net Change in Unrealized Appreciation (Depreciation) on Derivatives" as follows:
Balanced Fund $ (30,859) Income Fund $ (29,681)
There were no realized gains or losses on sales of Structured Notes, included in the Statement of Operations, in the location, "Net Realized Gain on Investments" for the six months ended February 28, 2026 for the Balanced and Income Funds, respectively.
NOTE 5. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor, under the terms of the management agreement (the "Agreement"), manages the Funds' investments. As compensation for its management services, each Fund is obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 0.50% of each Fund's average daily net assets. For the six months ended February 28, 2026, the Advisor earned the following fees before the waivers and reimbursements described below:
|
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|
| Advisor Fees Incurred | $ 141,696 | $ 85,405 | $ 61,847 | $ 70,182 | $ 23,613 | $ 32,813 |
At February 28, 2026, the following fees were due to the Advisor or due from the Advisor after Advisor waived fees and owed the fund for reimbursement of expenses:
|
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|
| Due to Advisor | $ 22,081 | $ 1,804 | $ 4,864 | $ 2,679 | $ - | $ - |
| Due from Advisor | $ - | $ - | $ - | $ - | $ 3,769 | $ 329 |
The Advisor also performs administrative duties for the Funds including all regulatory reporting and necessary office equipment, personnel and facilities, in which the Advisor receives administrative fees. Administrative fees are paid according to the following schedule for each of the Funds: 0.50% on average net assets under $50 million, 0.07% on assets from $50 million up to $100 million, 0.05% on average net assets over $100 million up to $150 million, and 0.03% on assets over $150 million. The minimum monthly fee is $2,500. As of and for the six months ended February 28, 2026, Administrative fees earned and payable to the Advisor were as follows:
|
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|
| Administrative Fees Incurred | $ 126,454 | $ 85,405 | $ 61,847 | $ 70,182 | $ 23,613 | $ 32,813 |
| Administrative Fees Accrued | $ 19,661 | $ 13,282 | $ 9,609 | $ 11,586 | $ 1,755 | $ 5,541 |
Archer Balanced Fund
The Advisor has contractually agreed to waive its management fee and/or reimburse expenses through December 31, 2026 so that total annual operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses, and any indirect expenses (such as expenses incurred by other investment companies in which the Balanced Fund invests) do not exceed 1.20% of the Balanced Fund's average daily net assets. For the six months ended February 28, 2026, the Advisor waived fees of $6,468. Pursuant to the Expense Limitation Agreement, if the Adviser so requests, any Fund Operating Expenses waived or reimbursed by the Adviser pursuant to the Agreement that had the effect of reducing Fund Operating Expenses to 1.20% within the most recent three years prior to recoupment shall be repaid to the Adviser by the Fund; provided, however, that such recoupment will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of the expense cap in effect at the time of the waiver or the expense cap in effect at the time of recoupment. Advisory fees waived and/or reimbursed expenses that may be subject to potential recoupment by the Advisor through August 31, 2028 totaled $128,326.
The amounts subject to repayment by the Balanced Fund, pursuant to the aforementioned conditions, at August 31, 2025 were as follows:
| Subject to Repayment | |
| Amount | by August 31, |
| $ 48,353 | 2026 |
| $ 46,577 | 2027 |
| $ 33,396 | 2028 |
Archer Income Fund
The Advisor has contractually agreed to waive its management fee and/or reimburse expenses through December 31, 2026 so that total annual operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses, and any indirect expenses (such as expenses incurred by other investment companies in which the Income Fund invests) do not exceed 0.96% of the Income Fund's average daily net assets. For the six months ended February 28, 2026, the Advisor waived fees of $72,041. Pursuant to the Expense Limitation Agreement, if the Adviser so requests, any Fund Operating Expenses waived or reimbursed by the Adviser pursuant to the Agreement that had the effect of reducing Fund Operating Expenses to 0.96% within the most recent three years prior to recoupment shall be repaid to the Adviser by the Fund; provided, however, that such recoupment will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of the expense cap in effect at the time of the waiver or the expense cap in effect at the time of recoupment. Advisory fees waived and/or reimbursed expenses that may be subject to potential recoupment by the Advisor through August 31, 2028 totaled $314,765.
The amounts subject to repayment by the Income Fund, pursuant to the aforementioned conditions, at August 31, 2025 were as follows:
| Subject to Repayment | |
| Amount | by August 31, |
| $ 90,296 | 2026 |
| $103,936 | 2027 |
| $120,533 | 2028 |
Archer Stock Fund
The Advisor has contractually agreed to waive its management fee and/or reimburse expenses through December 31, 2026 so that total annual operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses, and any indirect expenses (such as expenses incurred by other investment companies in which the Stock Fund invests) do not exceed 1.23% of the Stock Fund's average daily net assets. Effective May 1, 2025, the expense cap was reduced to 1.15% of the Stock Fund's average daily net assets until December 31, 2026. For the six months ended February 28, 2026, the Advisor waived fees of $29,143. Pursuant to the Expense Limitation Agreement, if the Adviser so requests, any Fund Operating Expenses waived or reimbursed by the Adviser pursuant to the Agreement that had the effect of reducing Fund Operating Expenses to 1.23% within the most recent three years prior to recoupment shall be repaid to the Adviser by the Fund; provided, however, that such recoupment will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of the expense cap in effect at the time of the waiver or the expense cap in effect at the time of recoupment. Advisory fees waived and/or reimbursed expenses that may be subject to potential recoupment by the Advisor through August 31, 2028 totaled $123,340.
The amounts subject to repayment by the Stock Fund, pursuant to the aforementioned conditions, at August 31, 2025 were as follows:
| Subject to Repayment | |
| Amount | by August 31, |
| $ 43,793 | 2026 |
| $ 35,533 | 2027 |
| $ 44,014 | 2028 |
Archer Dividend Growth Fund
The Advisor has contractually agreed to waive its management fee and/or reimburse expenses through December 31, 2026 so that total annual operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses, and any indirect expenses (such as expenses incurred by other investment companies in which the Dividend Growth Fund invests) do not exceed 0.98% of the Dividend Growth Fund's average daily net assets. For the six months ended February 28, 2026, the Advisor waived fees of $56,276. Pursuant to the Expense Limitation Agreement, if the Adviser so requests, any Fund Operating Expenses waived or reimbursed by the Adviser pursuant to the Agreement that had the effect of reducing Fund Operating Expenses to 0.98% within the most recent three years prior to recoupment shall be repaid to the Adviser by the Fund; provided, however, that such recoupment will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of the expense cap in effect at the time of the waiver or the expense cap in effect at the time of recoupment. Advisory fees waived and/or reimbursed expenses that may be subject to potential recoupment by the Advisor through August 31, 2028 totaled $290,853.
The amounts subject to repayment by the Dividend Growth Fund, pursuant to the aforementioned conditions, at August 31, 2025 were as follows:
| Subject to Repayment | |
| Amount | by August 31, |
| $ 99,666 | 2026 |
| $ 89,355 | 2027 |
| $101,832 | 2028 |
Archer Focus Fund
The Advisor has contractually agreed to waive its management fee and/or reimburse expenses through December 31, 2026 so that total annual operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses, and any indirect expenses (such as expenses incurred by other investment companies in which the Focus Fund invests) do not exceed 0.98% of the Focus Fund's average daily net assets. For the six months ended February 28, 2026, the Advisor waived fees of $34,662 and reimbursed the Focus Fund $12,753 in expenses. Pursuant to the Expense Limitation Agreement, if the Adviser so requests, any Fund Operating Expenses waived or reimbursed by the Adviser pursuant to the Agreement that had the effect of reducing Fund Operating Expenses to 0.98% within the most recent three years prior to recoupment shall be repaid to the Adviser by the Fund; provided, however, that such recoupment will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of the expense cap in effect at the time of the waiver or the expense cap in effect at the time of recoupment. Advisory fees waived and/or reimbursed expenses that may be subject to potential recoupment by the Advisor through August 31, 2028 totaled $180,699.
The amounts subject to repayment by the Focus Fund, pursuant to the aforementioned conditions, at August 31, 2025 were as follows:
| Subject to Repayment | |
| Amount | by August 31, |
| $ 48,117 | 2026 |
| $ 66,247 | 2027 |
| $ 66,335 | 2028 |
Archer Multi Cap Fund
The Advisor has contractually agreed to waive its management fee and/or reimburse expenses through December 31, 2026 so that total annual operating expenses, excluding brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes, extraordinary expenses, and any indirect expenses (such as expenses incurred by other investment companies in which the Multi Cap invests) do not exceed 0.95% of the Multi Cap Fund's average daily net assets. For the six months ended February 28, 2026, the Advisor waived fees of $38,679 and reimbursed the Multi Cap Fund $20,466 in expenses. Pursuant to the Expense Limitation Agreement, if the Adviser so requests, any Fund Operating Expenses waived or reimbursed by the Adviser pursuant to the Agreement that had the effect of reducing Fund Operating Expenses to 0.95% within the most recent three years prior to recoupment shall be repaid to the Adviser by the Fund; provided, however, that such recoupment will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of the expense cap in effect at the time of the waiver or the expense cap in effect at the time of recoupment. Advisory fees waived and/or reimbursed expenses that may be subject to potential recoupment by the Advisor through August 31, 2028 totaled $170,991.
The amounts subject to repayment by the Multi Cap Fund, pursuant to the aforementioned conditions, at August 31, 2025 were as follows:
| Subject to Repayment | |
| Amount | by August 31, |
| $ 48,165 | 2026 |
| $ 54,996 | 2027 |
| $ 67,830 | 2028 |
Related Party
Umberto Anastasi is an officer of the Trust, and therefore an interested person. Mr. Anastasi is an employee of Mutual Shareholder Services, LLC ("MSS"). MSS is the transfer agent and fund accountant of the Funds. For the six months ended February 28, 2026, MSS earned fees of $114,672 from the Trust. The Multi Cap Fund will receive a discount of between 10% - 50% on fund accounting fees until assets reach $10 million.
Brandon Pokersnik is the chief compliance officer of the Trust as of November 2017, and therefore an interested person. Mr. Pokersnik is an employee of MSS. For the six months ended February 28, 2026, Mr. Pokersnik earned fees of $6,040 from the Trust.
Troy Patton is an officer of the Trust and President of the Adviser, and therefore an interested person. There are certain shareholders of the Funds that also have a direct, regular discretionary investment accounts with the Adviser. As compensation for its management services for these particular shareholder accounts, the Adviser's annual fee shall be 1% of the market value of the assets under management. These fees are in addition to the Management Fees earned by the Adviser as reported on the Statement of Operations of each Fund and are included in shareholder redemptions in each Fund's Statement of Changes in Net Assets. For the six months ended February 28, 2026, the Advisor earned fees from these shareholder accounts as follows:
|
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|
| $ 3,308 | $ 50 | $ 2,989 | $ 191 | $ 54 | $ 38 |
NOTE 6. SEGMENT REPORTING
Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the respective Adviser is deemed to be the Chief Operating Decision Maker.
NOTE 7. INVESTMENTS
For the six months ended February 28, 2026, purchases and sales of investment securities, other than short-term investments and short-term U.S. government obligations were as follows:
|
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|
| Purchases | $ 2,606,844 | $ 10,964,010 | $ 1,413,437 | $ 2,331,153 | $ 7,397,799 | $ 6,755,394 |
| Sales | $ 4,782,666 | $ 4,142,504 | $ 3,227,900 | $ 2,183,783 | $ 14,494,739 | $ 6,240,505 |
For the six months ended February 28, 2026, long-term purchases and sales of U.S. government obligations were $0 and $0, respectively, for the Balanced Fund. For the six months ended February 28, 2026, long-term purchases and sales of U.S. government obligations were $1,492,676 and $0, respectively, for the Income Fund.
NOTE 8. BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940 as amended. As of February 28, 2026, the shareholders listed in the table below held, for the benefit of their customers, the following percentages of the outstanding shares of each Fund and may be deemed to control each of the respective Funds:
|
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|
| First Clearing, LLC. | N/A | N/A | N/A | N/A | N/A | N/A |
| Wells Fargo Clearing Services, LLC. | 35% | 41% | 38% | 51% | 78% | 90% |
| NFS, LLC. | N/A | N/A | N/A | N/A | N/A | N/A |
NOTE 9. TAX MATTERS
Each Fund's distributable earnings on a tax basis are determined only at the end of each fiscal year. As of August 31, 2025, the Trust's most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:
|
Balanced Fund |
Income Fund |
Stock Fund |
Dividend Growth Fund |
Focus Fund |
Multi Cap Fund |
|
| Unrealized Appreciation/(Depreciation) | $22,479,278 | $ (116,761) | $11,438,387 | $ 7,420,192 | $ 943,147 | $1,945,155 |
| Undistributed Ordinary Income | 109,265 | 8,031 | 37,437 | 144,503 | 67,050 | 82,478 |
| Deferral of Post-October Losses | - | (5,140) | - | - | - | - |
| Undistributed long-term capital gains | 1,007,912 | - | 2,866,672 | - | 175,180 | 692,236 |
| Capital loss carryforward: + | ||||||
| Short term (no expiration) | - | (209,303) | - | (642,403) | - | - |
| Long term (no expiration) | - | (205,702) | - | - | - | - |
|
Total Distributable Earnings/(Deficit) |
$23,596,455 | $(528,875) | $14,342,496 | $ 6,922,292 | $1,185,377 | $2,719,869 |
Under current tax law, net capital losses realized after October 31st and net ordinary losses incurred after December 31st may be deferred and treated as occurring on the first day of the following fiscal year. Each Fund's carryforward losses, post-October losses and post December ordinary losses are determined only at the end of each fiscal year.
+ The capital loss carryforward will be used to offset any capital gains realized by the Funds in future years. The Funds will not make distributions from capital gains while a capital loss remains.
As of August 31, 2025 for U.S. Federal income tax purposes, the cost of securities owned, unrealized appreciation (depreciation) of investments for the Funds was as follows:
| Balanced | Income | Stock | Dividend | Focus | Multi | ||
| Fund | Fund | Fund | Growth Fund | Fund | Cap Fund | ||
| Gross unrealized appreciation on investment securities | $ 22,814,051 | $ 292,417 | $ 11,691,156 | $ 7,993,333 | $1,097,519 | $ 2,417,182 | |
| Gross unrealized depreciation on investment securities | (334,773) | (409,178) | (252,769) | (573,141) | (154,372) | (472,027) | |
| Net unrealized appreciation/(depreciation) | $ 22,479,278 | $ (116,761) | $ 11,438,387 | $ 7,420,192 | $ 943,147 | $ 1,945,155 | |
| Tax cost of investments (including short-term investments) * | $ 32,975,507 | $ 30,343,098 | $ 13,673,969 | $ 19,858,227 | $ 9,884,600 | $ 10,076,323 |
* The difference between book and tax cost represents disallowed wash sales for tax purposes for the Multi Cap Fund.
The Dividend Growth Fund utilized $241,227 of its short term capital loss carryforward during the year ended August 31, 2025.
The Funds paid the following distributions for the six months ended February 28, 2026, and year ended August 31, 2025, as applicable:
| Period Ended | $ Amount | Tax Character | ||||
| Balanced Fund | 2/28/2026 | $ 375,588 | Ordinary Income | |||
| Balanced Fund | 2/28/2026 | $ 1,007,915 | Long Term Capital Gain | |||
| Income Fund | 2/28/2026 | $ 557,038 | Ordinary Income | |||
| Stock Fund | 2/28/2026 | $ 45,362 | Ordinary Income | |||
| Stock Fund | 2/28/2026 | $ 2,866,762 | Long Term Capital Gain | |||
| Dividend Growth Fund | 2/28/2026 | $ 389,525 | Ordinary Income | |||
| Focus Fund | 2/28/2026 | $ 93,900 | Ordinary Income | |||
| Focus Fund | 2/28/2026 | $ 175,180 | Long Term Capital Gain | |||
| Multi Cap Fund | 2/28/2026 | $ 203,219 | Ordinary Income | |||
| Multi Cap Fund | 2/28/2026 | $ 695,848 | Long Term Capital Gain | |||
| Year Ended | $ Amount | Tax Character | ||||
| Balanced Fund | 8/31/2025 | $ 725,445 | Ordinary Income | |||
| Balanced Fund | 8/31/2025 | $ 1,441,066 | Long Term Capital Gain | |||
| Income Fund | 8/31/2025 | $ 964,454 | Ordinary Income | |||
| Stock Fund | 8/31/2025 | $ 190,947 | Ordinary Income | |||
| Stock Fund | 8/31/2025 | $ 1,680,466 | Long Term Capital Gain | |||
| Dividend Growth Fund | 8/31/2025 | $ 731,306 | Ordinary Income | |||
| Focus Fund | 8/31/2025 | $ 598,419 | Ordinary Income | |||
| Focus Fund | 8/31/2025 | $ 510,404 | Long Term Capital Gain | |||
| Multi Cap Fund | 8/31/2025 | $ 147,696 | Ordinary Income | |||
| Multi Cap Fund | 8/31/2025 | $ 153,330 | Long Term Capital Gain | |||
NOTE 10. INDEMNIFICATIONS
In the normal course of business, the Funds enter into contracts that contain general indemnification to other parties. The Funds' maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. The Funds expect the risk of loss to be remote.
NOTE 11. MARKET RISK
Overall market risks may also affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on each Fund and its investments and could result in increased premiums or discounts to each Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.
NOTE 12. NEW ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.
NOTE 13. SUBSEQUENT EVENTS
On March 30, 2026, the following Funds declared distributions from ordinary income to shareholders of record as of March 30, 2026:
Ordinary Income Per Share Amount
Balanced Fund $173,481 $0.06
Income Fund $103,991 $0.05
Dividend Growth Fund $ 70,305 $0.07
Focus Fund $ 3,850 $0.02
Stock Fund $ 25,003 $0.07
Management has evaluated the impact of all subsequent events through the date the financial statements were available to be issued and has determined that there were no other subsequent events requiring disclosure in the financial statements for the Funds.
Archer Funds
Additional Information
February 28, 2026 (Unaudited)
Information Regarding Proxy Voting
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, are available without charge upon request by (1) calling the Fund at (800)238-7701 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.
This report is intended only for the information of shareholders or those who have received the Funds' prospectus which contains information about the Funds' management fee and expenses. Please read the prospectus carefully before investing.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. The information is included as part of the material filed under Item 7 of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. The information is included as part of the material filed under Item 7 of this Form.
Item 12. Disclosure of Closed End fund Proxy Voting Policies/Procedures. Not applicable.
Item 13. Portfolio Managers of Closed-End Funds. Not applicable.
Item 14. Purchases of Equity Securities by Closed End Funds. Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders. Not applicable.
Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) EX-99.CODE ETH. Not Applicable.
(a)(2) EX-99.CERT. Filed herewith.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) EX-99.906CERT. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Archer Investment Series Trust
By /s/Troy C. Patton
* Troy C. Patton
President
Date: May 4, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/Troy C. Patton
* Troy C. Patton
President
Date: May 4, 2026
By /s/Bob Anastasi
* Bob Anastasi
Treasurer
Date: May 4, 2026
* Print the name and title of each signing officer under his or her signature.
Archer Investment Series Trust published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 06, 2026 at 16:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]