# EDGAR Filing Document

**Accession Number:** 0001477491
**File Stem:** 0001162044-25-001121
**Filing Date:** 2025-10
**Character Count:** 348500
**Document Hash:** e6e20cb1991da7629eaeb361c56f999d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001121.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001162044-25-001121

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22356
- **FILM NUMBER:** 251438374

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

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

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

## Series and Classes Contracts Data

### Archer Balanced Fund (Series ID: S000028092)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000085570 | Archer Balanced Fund | ARCHX           |

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

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

### Archer Stock Fund (Series ID: S000030456)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000093506 | Archer Stock Fund | ARSKX           |

### Archer Dividend Growth Fund (Series ID: S000054409)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000170898 | Archer Dividend Growth Fund | ARDGX           |

### Archer Focus Fund (Series ID: S000067291)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000216435 | Archer Focus Fund | AFOCX           |

### Archer Multi Cap Fund (Series ID: S000067292)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000216436 | Archer Multi Cap Fund | ALSMX           |

?xml version='1.0' encoding='ASCII'? FORM N-CSR

**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 <u>811-22356</u>

<u>Archer Investment Series Trust</u> 

(Exact name of registrant as specified in charter)

c/o Archer Investment Corporation

<u>11711 N. College Ave., #200, Carmel, IN 46032</u>

(Address of principal executive offices) (Zip code)

c/o Archer Investment Corporation

<u>11711 N. College Ave., #200, Carmel, IN 46032</u>

(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: <u>August 31</u>

Date of reporting period: <u>August 31, 2025</u>

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.**

![](archerlogo.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

ARCHER BALANCED FUND

***ARCHX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Archer Balanced Fund – ARCHX (the "Fund") for the period September 1, 2024 to August 31, 2025.

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.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Archer Balanced Fund | &nbsp;&nbsp;$125 | &nbsp;&nbsp;1.20% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

For the fiscal year, the Balanced Fund gained 8.96%, compared with 10.46% for the Dow Jones Moderate U.S. Portfolio Index and 10.39% for the Morningstar Moderate Target Risk Index. U.S. equity markets advanced unevenly through the period, with large-cap growth stocks leading performance early in the year. Equity holdings in technology and financials contributed positively, while select industrials and consumer holdings trailed. Fixed income positions provided stability and income as yields fluctuated in response to evolving inflation expectations and monetary policy. The portfolio maintained its moderate allocation posture, balancing equity participation with fixed-income diversification to manage overall risk.

**Overall Market and Outlook**

The 2025 fiscal year was marked by resilient equity markets, moderating inflation, and cautious optimism around potential policy easing. Large-cap technology leadership continued to dominate returns, though breadth began to improve mid-year as valuations normalized. Fixed-income markets stabilized, and income opportunities remained attractive. Across the Archer Fund lineup, management continues to emphasize fundamental research, disciplined risk control, and long-term perspective as the foundation for sustainable results.

Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Archer Balanced Fund | &nbsp;&nbsp;8.96% | &nbsp;&nbsp;8.74% | &nbsp;&nbsp;7.62% | &nbsp;&nbsp;$20847 |
| &nbsp;&nbsp;Dow Jones Moderate U.S. Portfolio Index | &nbsp;&nbsp;10.46% | &nbsp;&nbsp;7.85% | &nbsp;&nbsp;8.16% | &nbsp;&nbsp;$21909 |
| &nbsp;&nbsp;Morningstar Moderate Target Risk Index | &nbsp;&nbsp;10.39% | &nbsp;&nbsp;6.79% | &nbsp;&nbsp;7.44% | &nbsp;&nbsp;$20505 |

---

**Cumulative Performance Comparison of $10,000 Investment**

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-800-238-7701.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$55651096 | &nbsp;&nbsp;98 | &nbsp;&nbsp;17.55% | &nbsp;&nbsp;$226693 |

---

**<u>INVESTMENT TYPE WEIGHTINGS</u>**

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.

![](image_002.gif)

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Treasury Obligation Fund - Institutional Shares | &nbsp;&nbsp;6.33% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;5.01% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;MasterCard, Inc. Class A | &nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;2.53% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;38.12% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the year ended August 31, 2025.

**<u>Householding</u>**

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.

![](archerlogo.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025** 

ARCHER INCOME FUND

***ARINX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Archer Income Fund - ARINX (the "Fund") for the period September 1, 2024 to August 31, 2025.

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.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Archer Income Fund | &nbsp;&nbsp;$98 | &nbsp;&nbsp;0.96% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The Income Fund returned 4.62%, outperforming both the Bloomberg Barclays U.S. Aggregate Bond Index (3.14%) and the Bloomberg Barclays Intermediate Credit Index (3.14%). Performance was driven by higher-yielding corporate and credit positions as well as strong income generation in an environment of stable to slightly declining interest rates. The portfolio's intermediate duration positioning helped mitigate volatility during mid-year rate movements. The Fund continues to focus on income consistency, high-quality credit selection, and prudent duration management as it seeks to deliver competitive risk-adjusted returns.

**Overall Market and Outlook**

The 2025 fiscal year was marked by resilient equity markets, moderating inflation, and cautious optimism around potential policy easing. Large-cap technology leadership continued to dominate returns, though breadth began to improve mid-year as valuations normalized. Fixed-income markets stabilized, and income opportunities remained attractive. Across the Archer Fund lineup, management continues to emphasize fundamental research, disciplined risk control, and long-term perspective as the foundation for sustainable results.

Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Archer Income Fund | &nbsp;&nbsp;4.62% | &nbsp;&nbsp;1.92% | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;$12803 |
| &nbsp;&nbsp;Bloomberg Barclay's Capital U.S. Aggregate Bond Index | &nbsp;&nbsp;3.14% | &nbsp;&nbsp;-0.68% | &nbsp;&nbsp;1.80% | &nbsp;&nbsp;$11949 |
| &nbsp;&nbsp;Bloomberg Barclay's Intermediate Credit Index | &nbsp;&nbsp;5.57% | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;2.94% | &nbsp;&nbsp;$13360 |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_003.gif)

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-800-238-7701.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$30526631 | &nbsp;&nbsp;128 | &nbsp;&nbsp;25.61% | &nbsp;&nbsp;$7597 |

---

**<u>INVESTMENT TYPE WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by investment type. The underlying securities represent a percentage of the portfolio of investments.

![](image_004.gif)

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Treasury Obligation Fund - Institutional Shares | &nbsp;&nbsp;22.91% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;U.S. Government Treasury Note/Bond, 3.875%, due 8/15/33 | &nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;State Street Corp., 7.350%, due 6/15/26 | &nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;iShares 10+ Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;AT&T, Inc., 7.125%, due 12/15/31 | &nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Masco Corp., 7.750%, due 8/01/29 | &nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Pacific Bell Telephone Co., 7.125%, due 3/15/26 | &nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Walt Disney Co., 7.700%, due 10/30/25 | &nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Renasant Corp., 5.500%, to 9/01/26 | &nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Stanley Black & Decker, Inc., 2.300%, due 3/15/30 | &nbsp;&nbsp;1.19% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;36.69% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the year ended August 31, 2025.

**<u>Householding</u>**

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.

![](archerlogo.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

ARCHER STOCK FUND

***ARSKX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Archer Stock Fund - ARSKX (the "Fund") for the period September 1, 2024 to August 31, 2025.

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.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Archer Stock Fund | &nbsp;&nbsp;$124 | &nbsp;&nbsp;1.20% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The Stock Fund returned 7.30%, lagging the S&P 500 Index (15.88%) but comparable to the S&P 400 Mid Cap Index (6.84%). Equity markets were driven by a narrow group of mega-cap technology stocks, which limited relative performance for diversified portfolios. Holdings in semiconductor, financial, and industrial companies contributed positively, while exposure to certain defensive and value-oriented sectors weighed on results. The Fund's disciplined valuation focus and balanced exposure across sectors helped reduce volatility relative to the broader market. Long-term performance remains competitive versus peers, reflecting consistent bottom-up stock selection.

**Overall Market and Outlook**

The 2025 fiscal year was marked by resilient equity markets, moderating inflation, and cautious optimism around potential policy easing. Large-cap technology leadership continued to dominate returns, though breadth began to improve mid-year as valuations normalized. Fixed-income markets stabilized, and income opportunities remained attractive. Across the Archer Fund lineup, management continues to emphasize fundamental research, disciplined risk control, and long-term perspective as the foundation for sustainable results.

Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Archer Stock Fund | &nbsp;&nbsp;7.30% | &nbsp;&nbsp;11.13% | &nbsp;&nbsp;10.21% | &nbsp;&nbsp;$26443 |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;14.60% | &nbsp;&nbsp;$39068 |
| &nbsp;&nbsp;S&P 400 Midcap Index | &nbsp;&nbsp;6.84% | &nbsp;&nbsp;12.73% | &nbsp;&nbsp;10.38% | &nbsp;&nbsp;$26861 |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_005.gif)

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-800-238-7701.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$25134916 | &nbsp;&nbsp;43 | &nbsp;&nbsp;29.91% | &nbsp;&nbsp;$77636 |

---

**<u>SECTOR WEIGHTINGS</u>**

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.

![](image_006.gif)

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.08% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;4.02% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;3.00% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;36.89% |

---

**<u>How has the fund changed</u>**

Effective May 1, 2025, the expense cap was reduced from 1.23% to 1.15% of the Stock Fund's average net assets until December 31, 2026.

**<u>Householding</u>**

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.

![](archerlogo.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

ARCHER DIVIDEND GROWTH FUND

***ARDGX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Archer Dividend Growth Fund - ARDGX (the "Fund") for the period September 1, 2024 to August 31, 2025.

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.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Archer Dividend Growth Fund | &nbsp;&nbsp;$102 | &nbsp;&nbsp;0.98% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The Dividend Growth Fund rose 8.57% during the period, modestly underperforming the Dow Jones U.S. Large-Cap Value Total Stock Market Index (10.86%) but ahead of the Morningstar Dividend Yield Focus Index (7.20%). Dividend-paying stocks faced mixed sentiment over the year as investors rotated between growth and income strategies. Financials, healthcare, and technology holdings were key contributors, while select energy and consumer staples lagged. The Fund maintained its emphasis on companies with sustainable cash flows and growing dividends, prioritizing quality and balance-sheet strength over yield alone.

**Overall Market and Outlook**

The 2025 fiscal year was marked by resilient equity markets, moderating inflation, and cautious optimism around potential policy easing. Large-cap technology leadership continued to dominate returns, though breadth began to improve mid-year as valuations normalized. Fixed-income markets stabilized, and income opportunities remained attractive. Across the Archer Fund lineup, management continues to emphasize fundamental research, disciplined risk control, and long-term perspective as the foundation for sustainable results.

Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;Since Inception\* | &nbsp;&nbsp;Ending<br> Value |
| &nbsp;&nbsp;Archer Dividend Growth Fund | &nbsp;&nbsp;8.57% | &nbsp;&nbsp;11.35% | &nbsp;&nbsp;6.96% | &nbsp;&nbsp;$18317 |
| &nbsp;&nbsp; Dow Jones US Large-Cap Value Total Stock Market Index | &nbsp;&nbsp;10.86% | &nbsp;&nbsp;12.60% | &nbsp;&nbsp;10.14% | &nbsp;&nbsp;$23814 |
| &nbsp;&nbsp; Morningstar Dividend Yield Focus Index | &nbsp;&nbsp;7.20% | &nbsp;&nbsp;10.52% | &nbsp;&nbsp;6.09% | &nbsp;&nbsp;$17019 |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_007.gif)

\* Inception September 1, 2016.

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-800-238-7701.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$27383638 | &nbsp;&nbsp;43 | &nbsp;&nbsp;13.85% | &nbsp;&nbsp;$23707 |

---

**<u>SECTOR WEIGHTINGS</u>**

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.

![](image_008.gif)

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Treasury Obligation Fund - Institutional Shares | &nbsp;&nbsp;6.60% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Manulife Financial Corp. (Canada) | &nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;2.67% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;34.02% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the year ended August 31, 2025.

**<u>Householding</u>**

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.

![](archerlogo.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025** 

ARCHER FOCUS FUND

***AFOCX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Archer Focus Fund - AFOCX (the "Fund") for the period September 1, 2024 to August 31, 2025.

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.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Archer Focus Fund | &nbsp;&nbsp;$97 | &nbsp;&nbsp;0.98% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The Focus Fund declined 1.67%, compared with gains of 11.45% for the Dow Jones Industrial Average and 15.88% for the S&P 500 Index. The Fund's concentrated portfolio amplified both positive and negative security selection effects. Strong results from select industrial and financial holdings were offset by weakness in healthcare and energy positions. The Fund maintained its high-conviction, bottom-up approach, emphasizing companies with durable earnings power and long-term growth potential. While short-term relative performance lagged, management believes the Fund's focused strategy positions it well for long-term value creation.

**Overall Market and Outlook**

The 2025 fiscal year was marked by resilient equity markets, moderating inflation, and cautious optimism around potential policy easing. Large-cap technology leadership continued to dominate returns, though breadth began to improve mid-year as valuations normalized. Fixed-income markets stabilized, and income opportunities remained attractive. Across the Archer Fund lineup, management continues to emphasize fundamental research, disciplined risk control, and long-term perspective as the foundation for sustainable results.

Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Year | &nbsp;&nbsp;Since Inception\* | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Archer Focus Fund | &nbsp;&nbsp;-1.67% | &nbsp;&nbsp;9.00% | &nbsp;&nbsp;8.63% | &nbsp;&nbsp;$15992 |
| &nbsp;&nbsp;Dow Jones Industrial Average Index | &nbsp;&nbsp;11.45% | &nbsp;&nbsp;12.05% | &nbsp;&nbsp;10.85% | &nbsp;&nbsp;$17931 |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;14.82% | &nbsp;&nbsp;$21893 |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_009.gif)

\* Inception December 30, 2019.

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-800-238-7701.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISOR REIMBURSED |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;THE FUND: |
| &nbsp;&nbsp;$10826593 | &nbsp;&nbsp;41 | &nbsp;&nbsp;111.01% | &nbsp;&nbsp;$(12753) |

---

**<u>SECTOR WEIGHTINGS</u>**

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.

![](image_010.gif)

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Packaging Corp of America | &nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;2.61% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;28.96% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the year ended August 31, 2025.

**<u>Householding</u>**

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.

![](archerlogo.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

ARCHER MULTI CAP FUND

***ALSMX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Archer Multi Cap Fund – ALSMX (the "Fund") for the period September 1, 2024 to August 31, 2025.

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.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Archer Multi Cap Fund | &nbsp;&nbsp;$100 | &nbsp;&nbsp;0.95% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The Multi Cap Fund advanced 10.25%, trailing the S&P 500 Index (15.88%) but outperforming the S&P 400 Mid Cap Index (6.84%) and S&P 600 Small Cap Index (3.46%). The Fund benefited from allocations to large-cap technology and communication services stocks, which offset weakness among smaller, more cyclically sensitive names. The Fund's flexible multi-cap approach allowed it to capture opportunities across size segments while maintaining diversification. Stock selection and risk management remained central to performance as the portfolio navigated shifting leadership across growth and value styles.

**Overall Market and Outlook**

The 2025 fiscal year was marked by resilient equity markets, moderating inflation, and cautious optimism around potential policy easing. Large-cap technology leadership continued to dominate returns, though breadth began to improve mid-year as valuations normalized. Fixed-income markets stabilized, and income opportunities remained attractive. Across the Archer Fund lineup, management continues to emphasize fundamental research, disciplined risk control, and long-term perspective as the foundation for sustainable results.

Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Year | &nbsp;&nbsp;Since Inception\* | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Archer Multi Cap Fund | &nbsp;&nbsp;10.25% | &nbsp;&nbsp;11.19% | &nbsp;&nbsp;10.48% | &nbsp;&nbsp;$17599 |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;14.82% | &nbsp;&nbsp;$21893 |
| &nbsp;&nbsp;S&P 600 Small Cap Index | &nbsp;&nbsp;3.46% | &nbsp;&nbsp;11.57% | &nbsp;&nbsp;7.94% | &nbsp;&nbsp;$15418 |
| &nbsp;&nbsp;S&P 400 Mid Cap Index | &nbsp;&nbsp;6.84% | &nbsp;&nbsp;12.73% | &nbsp;&nbsp;10.05% | &nbsp;&nbsp;$17213 |
| &nbsp;&nbsp;Synthetic Blend 33-33-33 | &nbsp;&nbsp;8.68% | &nbsp;&nbsp;13.86% | &nbsp;&nbsp;11.14% | &nbsp;&nbsp;$18198 |

---

**Cumulative Performance Comparison of $10,000 Investment**![](image_011.gif)

\* Inception December 30, 2019.

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-800-238-7701.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISOR REIMBURSED |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;THE FUND: |
| &nbsp;&nbsp;$12028243 | &nbsp;&nbsp;76 | &nbsp;&nbsp;48.17% | &nbsp;&nbsp;$(20466) |

---

**<u>SECTOR WEIGHTINGS</u>**

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.

![](image_012.gif)

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Alphabet Inc. | &nbsp;&nbsp;3.65% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Interdigital, Inc. | &nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Mr. Cooper Group, Inc. | &nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class | &nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;1.75% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;22.53% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the year ended August 31, 2025.

**<u>Householding</u>**

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.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on registrant's website.

(f) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

(a) The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

**Item 4. Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** 

FY 2025 $<u>54,000</u>

FY 2024 $<u>54,000</u>

(b)  **<u>Audit-Related Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>0</u>

FY 2024 $<u>0</u>

Nature of the fees: <u>Not applicable.</u>

(c)  **<u>Tax Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>11,100</u>

FY 2024 $<u>11,000</u>

Nature of the fees: <u>Tax preparation and filing.</u>

(d)  **<u>All Other Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>0</u>

FY 2024 $<u>0</u>

Nature of the fees: <u>Not applicable.</u>

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

<u>Registrant</u>

FY 2025 $<u>11,100</u>

FY 2024 $<u>11,000</u>

(h) &nbsp;&nbsp;&nbsp;&nbsp; The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Not applicable – schedule filed with Item 7.

**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, 2025

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**ARCHER BALANCED FUND**<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;August 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 65.71%** | &nbsp;&nbsp;**COMMON STOCKS - 65.71%** |  |
| &nbsp;&nbsp;**Air Courier Services - 1.35%** | &nbsp;&nbsp;**Air Courier Services - 1.35%** |  |
| &nbsp;&nbsp;3250 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750977 |
| &nbsp;&nbsp;**Aircraft Engines & Engine Parts - 1.97%** | &nbsp;&nbsp;**Aircraft Engines & Engine Parts - 1.97%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097500 |
| &nbsp;&nbsp;**Beverages - 1.07%** | &nbsp;&nbsp;**Beverages - 1.07%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594600 |
| &nbsp;&nbsp;**Electric Services - 2.99%** | &nbsp;&nbsp;**Electric Services - 2.99%** |  |
| &nbsp;&nbsp;3400 | &nbsp;&nbsp;American Electric Power Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377468 |
| &nbsp;&nbsp;17900 | &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1667163 |
| &nbsp;&nbsp;**Electrical Work - 3.06%** | &nbsp;&nbsp;**Electrical Work - 3.06%** |  |
| &nbsp;&nbsp;4500 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700820 |
| &nbsp;&nbsp;**Electronic Computers - 2.59%** | &nbsp;&nbsp;**Electronic Computers - 2.59%** |  |
| &nbsp;&nbsp;6200 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439268 |
| &nbsp;&nbsp;**Food & Kindred Products - 0.83%** | &nbsp;&nbsp;**Food & Kindred Products - 0.83%** |  |
| &nbsp;&nbsp;4900 | &nbsp;&nbsp;Nestle S.A. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461188 |
| &nbsp;&nbsp;**Guided Missiles & Space Vehicles & Parts - 2.09%** | &nbsp;&nbsp;**Guided Missiles & Space Vehicles & Parts - 2.09%** |  |
| &nbsp;&nbsp;2550 | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161856 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 1.11%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 1.11%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619740 |
| &nbsp;&nbsp;**National Commercial Banks - 4.25%** | &nbsp;&nbsp;**National Commercial Banks - 4.25%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;386280 |
| &nbsp;&nbsp;6560 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1977315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2363595 |
| &nbsp;&nbsp;**Petroleum Refining - 2.84%** | &nbsp;&nbsp;**Petroleum Refining - 2.84%** |  |
| &nbsp;&nbsp;6300 | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;1011780 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;571450 |
|  |  | &nbsp;&nbsp;1583230 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 6.55%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 6.55%** |  |
| &nbsp;&nbsp;8550 | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403389 |
| &nbsp;&nbsp;1450 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1062241 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;885850 |
| &nbsp;&nbsp;9080 | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;763810 |
| &nbsp;&nbsp;21400 | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;529864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3645154 |
| &nbsp;&nbsp;**Railroads, Line-Haul Operating - 1.85%** | &nbsp;&nbsp;**Railroads, Line-Haul Operating - 1.85%** |  |
| &nbsp;&nbsp;4600 | &nbsp;&nbsp;Union Pacific Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1028422 |
| &nbsp;&nbsp;**Retail - Drug Stores and Proprietary Stores - 1.41%** | &nbsp;&nbsp;**Retail - Drug Stores and Proprietary Stores - 1.41%** |  |
| &nbsp;&nbsp;10694 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782266 |
| &nbsp;&nbsp;**Retail - Lumber & Other Building Material Dealers - 1.61%** | &nbsp;&nbsp;**Retail - Lumber & Other Building Material Dealers - 1.61%** |  |
| &nbsp;&nbsp;2200 | &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894894 |
| &nbsp;&nbsp;**Retail - Variety Stores - 2.44%** | &nbsp;&nbsp;**Retail - Variety Stores - 2.44%** |  |
| &nbsp;&nbsp;14000 | &nbsp;&nbsp;WalMart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357720 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 5.02%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 5.02%** |  |
| &nbsp;&nbsp;9400 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2795466 |
| &nbsp;&nbsp;**Services - Business Services - 4.77%** | &nbsp;&nbsp;**Services - Business Services - 4.77%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Accenture PLC. Class A (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779910 |
| &nbsp;&nbsp;3150 | &nbsp;&nbsp;MasterCard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2655073 |
| &nbsp;&nbsp;**Services - Computer Programming, Data Processing, Etc. - 8.30%** | &nbsp;&nbsp;**Services - Computer Programming, Data Processing, Etc. - 8.30%** |  |
| &nbsp;&nbsp;8600 | &nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1831026 |
| &nbsp;&nbsp;3775 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2788593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4619619 |
| &nbsp;&nbsp;**Services - Medical Laboratories - 1.07%** | &nbsp;&nbsp;**Services - Medical Laboratories - 1.07%** |  |
| &nbsp;&nbsp;2150 | &nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597679 |
| &nbsp;&nbsp;**Services - Miscellaneous Amusement & Recreation - 1.28%** | &nbsp;&nbsp;**Services - Miscellaneous Amusement & Recreation - 1.28%** |  |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710280 |
| &nbsp;&nbsp;**Services - Prepackaged Software - 3.37%** | &nbsp;&nbsp;**Services - Prepackaged Software - 3.37%** |  |
| &nbsp;&nbsp;3700 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874753 |
| &nbsp;&nbsp;**Ship & Boat Building & Repairing - 2.53%** | &nbsp;&nbsp;**Ship & Boat Building & Repairing - 2.53%** |  |
| &nbsp;&nbsp;5200 | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1408108 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 1.36%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 1.36%** |  |
| &nbsp;&nbsp;3920 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756482 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $14,909,299) - 65.71% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $14,909,299) - 65.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36565853 |
| &nbsp;&nbsp;**CORPORATE BONDS - 16.96% <sup>(c)</sup>** | &nbsp;&nbsp;**CORPORATE BONDS - 16.96% <sup>(c)</sup>** |  |
| &nbsp;&nbsp;**Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip - 0.45%** | &nbsp;&nbsp;**Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip - 0.45%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Johnson Controls International PLC., 4.900%, due 12/01/32 (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252544 |
| &nbsp;&nbsp;**Aircraft - 0.45%** | &nbsp;&nbsp;**Aircraft - 0.45%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Boeing Co., 2.600%, due 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249157 |
| &nbsp;&nbsp;**Banks & Financial Institutions - 0.45%** | &nbsp;&nbsp;**Banks & Financial Institutions - 0.45%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Federal Farm Credit Bank, 4.940%, due 10/08/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249824 |
| &nbsp;&nbsp;**Commercial Banks - 1.16%** | &nbsp;&nbsp;**Commercial Banks - 1.16%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Bank of Montreal Series MTN, 5.100%, due 10/18/34 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245193 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Royal Bank of Canada, 1.200%, due 4/27/26 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98055 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 5.000%, due 7/21/32 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643793 |
| &nbsp;&nbsp;**Consumer Cyclical Services - 0.75%** | &nbsp;&nbsp;**Consumer Cyclical Services - 0.75%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Prime Healthcare Foundation Series B, 7.000%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414918 |
| &nbsp;&nbsp;**Consumer Products - 0.10%** | &nbsp;&nbsp;**Consumer Products - 0.10%** |  |
| &nbsp;&nbsp;60000 | &nbsp;&nbsp;YMCA of Greater New York Series 2020, 3.160%, due 8/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53170 |
| &nbsp;&nbsp;**Electric Services - 0.96%** | &nbsp;&nbsp;**Electric Services - 0.96%** |  |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Empire District Electric Co., 6.700%, due 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536929 |
| &nbsp;&nbsp;**Financial Services - 0.24%** | &nbsp;&nbsp;**Financial Services - 0.24%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, due 1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133357 |
| &nbsp;&nbsp;**Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 0.99%** | &nbsp;&nbsp;**Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 0.99%** |  |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Masco Corp., 7.750%, due 8/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549191 |
| &nbsp;&nbsp;**Miscellaneous Business Credit Institution - 1.25%** | &nbsp;&nbsp;**Miscellaneous Business Credit Institution - 1.25%** |  |
| &nbsp;&nbsp;350000 | &nbsp;&nbsp;Ford Motor Credit Co., LLC Series MTN, 5.450%, due 2/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349163 |
| &nbsp;&nbsp;350000 | &nbsp;&nbsp;Ford Motor Credit Co., LLC Series NOTZ, 5.700%, due 9/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697999 |
| &nbsp;&nbsp;**National Commercial Banks - 2.21%** | &nbsp;&nbsp;**National Commercial Banks - 2.21%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Bank of America Corp. Series MTN, 5.200%, due 12/05/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249544 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147846 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;JPMorgan Chase & Co. Series B, 5.0578%, due 2/01/27 (3-Month SOFR + 0.76161%) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147793 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Truist Financial Corp. Series M, 5.125%, to 12/15/27 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146859 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;US Bancorp Series MTN, 5.200%, due 12/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250193 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;US Bancorp, 3.700%, to 1/15/27 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231008 |
| &nbsp;&nbsp;**Natural Gas Transmission - 0.46%** | &nbsp;&nbsp;**Natural Gas Transmission - 0.46%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Northern Illinois Gas Co., 5.900%, due 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258105 |
| &nbsp;&nbsp;**Operative Builders - 0.27%** | &nbsp;&nbsp;**Operative Builders - 0.27%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Lennar Corp., 4.750%, due 11/29/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151109 |
| &nbsp;&nbsp;**Other Real Estate Investment Trust - 0.27%** | &nbsp;&nbsp;**Other Real Estate Investment Trust - 0.27%** |  |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Ready Capital Corp., 5.750%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148500 |
| &nbsp;&nbsp;**Paper Mills - 0.78%** | &nbsp;&nbsp;**Paper Mills - 0.78%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Georgia-Pacific, LLC, 7.250%, due 6/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431822 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 0.18%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 0.18%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;AbbVie, Inc., 3.200%, due 5/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99314 |
| &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 2.33%** | &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 2.33%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Capital Southwest Corp., 3.375%, due 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388836 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. Series MTN, 5.100%, due 2/14/30 | &nbsp;&nbsp;300768 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Jefferies Financial Group, Inc. Series MTN, 6.500%, due 4/30/35 | &nbsp;&nbsp;309284 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Jefferies Financial Group, Inc. Series MTN, 6.000%, due 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299087 |
| &nbsp;&nbsp;**Services - Advertising Agencies - 0.36%** | &nbsp;&nbsp;**Services - Advertising Agencies - 0.36%** |  |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Omnicom Group, Inc., 3.600%, due 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198920 |
| &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 0.80%** | &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 0.80%** |  |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Air Lease Corp., 3.625%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197721 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;United Rentals, Inc., 3.875%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443479 |
| &nbsp;&nbsp;**Services - Miscellaneous Amusement & Recreation - 0.45%** | &nbsp;&nbsp;**Services - Miscellaneous Amusement & Recreation - 0.45%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Walt Disney Co., 7.700%, due 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251067 |
| &nbsp;&nbsp;**Services - Prepackaged Software - 0.44%** | &nbsp;&nbsp;**Services - Prepackaged Software - 0.44%** |  |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Oracle Corp., 1.650%, due 3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98494 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;VMWare, Inc., 3.900%, due 8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247664 |
| &nbsp;&nbsp;**State Commercial Banks - 0.80%** | &nbsp;&nbsp;**State Commercial Banks - 0.80%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Deutsche Bank AG Series GMTN, 5.150%, due 9/15/34 (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247670 |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Fifth Third Bancorp Series L, 4.500%, to 9/30/25 <sup>(a) (b)</sup> | &nbsp;&nbsp;199476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447146 |
| &nbsp;&nbsp;**Telephone Communications (No Radiotelephone) - 0.81%** | &nbsp;&nbsp;**Telephone Communications (No Radiotelephone) - 0.81%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;AT&T, Inc., 7.125%, due 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451051 |
| &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $9,476,831) - 16.96% | &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $9,476,831) - 16.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9439154 |
| &nbsp;&nbsp;**MUNICIPAL BONDS - 4.20% <sup>(c)</sup>** | &nbsp;&nbsp;**MUNICIPAL BONDS - 4.20% <sup>(c)</sup>** |  |
| &nbsp;&nbsp;**California - 0.04%** | &nbsp;&nbsp;**California - 0.04%** |  |
| &nbsp;&nbsp;20000 | &nbsp;&nbsp;Porterville Unified School District, 7.250%, due 7/01/27 | &nbsp;&nbsp;20045 |
| &nbsp;&nbsp;**Georgia - 0.18%** | &nbsp;&nbsp;**Georgia - 0.18%** |  |
| &nbsp;&nbsp;99000 | &nbsp;&nbsp;Georgia State Local Govt. Cops Grantor Trust Series A, 4.750%, due 6/01/28 | &nbsp;&nbsp;102312 |
| &nbsp;&nbsp;**Illinois - 0.59%** | &nbsp;&nbsp;**Illinois - 0.59%** |  |
| &nbsp;&nbsp;75000 | &nbsp;&nbsp;Saint Clair County IL Community School District #187 Series C, 5.169%, due 01/01/31 | &nbsp;&nbsp;77812 |
| &nbsp;&nbsp;90000 | &nbsp;&nbsp;Village of Rosemont Series B, 6.600%, due 12/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92025 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Village of Rosemont Series C, 6.750%, due 12/01/35 | &nbsp;&nbsp;157225 |
|  |  | &nbsp;&nbsp;327062 |
| &nbsp;&nbsp;**Indiana - 0.57%** | &nbsp;&nbsp;**Indiana - 0.57%** |  |
| &nbsp;&nbsp;135000 | &nbsp;&nbsp;Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150% due 7/15/27 | &nbsp;&nbsp;135228 |
| &nbsp;&nbsp;190000 | &nbsp;&nbsp;Fishers, IN Econ Development Revenue Taxable-P3 Project Series C, 2.650%, due 8/01/28 | &nbsp;&nbsp;183306 |
|  |  | &nbsp;&nbsp;318534 |
| &nbsp;&nbsp;**Maryland - 0.36%** | &nbsp;&nbsp;**Maryland - 0.36%** |  |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Baltimore Board of School Commissioners City Schools Revenue, 5.692%, due 12/15/25 | &nbsp;&nbsp;201040 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Michigan - 0.45%** | &nbsp;&nbsp;**Michigan - 0.45%** |  |
| &nbsp;&nbsp;25000 | &nbsp;&nbsp;City of Coldwater, MI Water Supply & Wastewater System Revenue, 5.000%, due 8/01/26 | &nbsp;&nbsp;25578 |
| &nbsp;&nbsp;227500 | &nbsp;&nbsp;Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27 | &nbsp;&nbsp;224959 |
|  |  | &nbsp;&nbsp;250537 |
| &nbsp;&nbsp;**New York - 0.45%** | &nbsp;&nbsp;**New York - 0.45%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;New York City, NY Transitional Finance Authority Revenue, 2.760%, due 2/01/26 | &nbsp;&nbsp;248638 |
| &nbsp;&nbsp;**Ohio - 0.46%** | &nbsp;&nbsp;**Ohio - 0.46%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;New Albany, Floyd County Industry School First Mortgage, 5.000%, due 1/15/27 | &nbsp;&nbsp;258133 |
| &nbsp;&nbsp;**Pennsylvania - 0.77%** | &nbsp;&nbsp;**Pennsylvania - 0.77%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;East-Norriton-Plymouth-Whitpain Joint Sewer Authority, 1.832%, due 8/01/28 | &nbsp;&nbsp;235705 |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Pennsylvania ST Txble-Ref-First-Refunding Series, 1.200%, due 8/01/26 | &nbsp;&nbsp;195252 |
|  |  | &nbsp;&nbsp;430957 |
| &nbsp;&nbsp;**Washington - 0.13%** | &nbsp;&nbsp;**Washington - 0.13%** |  |
| &nbsp;&nbsp;70000 | &nbsp;&nbsp;Douglas County, WA School District No. 206 Eastmont Qualified School Construction, 4.700%, due 12/01/25 | &nbsp;&nbsp;70104 |
| &nbsp;&nbsp;**Wisconsin - 0.20%** | &nbsp;&nbsp;**Wisconsin - 0.20%** |  |
| &nbsp;&nbsp;110000 | &nbsp;&nbsp;Greendale, WI Taxable Community Development, Series A, 4.750%, due 12/01/26 | &nbsp;&nbsp;110056 |
| &nbsp;&nbsp;TOTAL FOR MUNICIPAL BONDS (Cost $2,369,407) - 4.20% | &nbsp;&nbsp;TOTAL FOR MUNICIPAL BONDS (Cost $2,369,407) - 4.20% | &nbsp;&nbsp;2337418 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 3.25%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 3.25%** |  |
| &nbsp;&nbsp;5100 | &nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732258 |
| &nbsp;&nbsp;9452 | &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075448 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $893,026) - 3.25% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $893,026) - 3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1807706 |
| &nbsp;&nbsp;**PREFERRED SECURITIES - 0.96%** | &nbsp;&nbsp;**PREFERRED SECURITIES - 0.96%** |  |
| &nbsp;&nbsp;**Asset Management - 0.15%** | &nbsp;&nbsp;**Asset Management - 0.15%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;B Riley Financial, Inc., 6.50%, due 9/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81800 |
| &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 0.23%** | &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 0.23%** |  |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Ford Motor Co., 6.000%, due 12/01/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126720 |
| &nbsp;&nbsp;**National Commercial Banks - 0.47%** | &nbsp;&nbsp;**National Commercial Banks - 0.47%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;BAC Capital Trust XIII Series F, 4.98008%, to 10/17/25 (3-Month SOFR + 0.66161%) <sup>(b)</sup> \*\*\* | &nbsp;&nbsp;117782 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;PNC Capital Trust C, 5.16144%, due 6/01/28 (3-Month SOFR + 0.83161%) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265198 |
| &nbsp;&nbsp;**Telephone Communications (No Radio Telephone) - 0.11%** | &nbsp;&nbsp;**Telephone Communications (No Radio Telephone) - 0.11%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;QWest Corp., 6.500%, due 9/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700 |
| &nbsp;&nbsp;TOTAL FOR PREFERRED SECURITIES (Cost $612,667) - 0.96% | &nbsp;&nbsp;TOTAL FOR PREFERRED SECURITIES (Cost $612,667) - 0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533418 |
| &nbsp;&nbsp;**STRUCTURED NOTES - 0.91% <sup>(c)</sup>** | &nbsp;&nbsp;**STRUCTURED NOTES - 0.91% <sup>(c)</sup>** |  |
| &nbsp;&nbsp;**National Commercial Banks - 0.57%** | &nbsp;&nbsp;**National Commercial Banks - 0.57%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Citigroup, Inc. Series MTN, 0.19064%, due 3/12/34, Capped at 10.5% <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317224 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 0.34%** | &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 0.34%** |  |
| &nbsp;&nbsp;125000 | &nbsp;&nbsp;Goldman Sachs Group, Inc., 2.329213%, due 11/13/28, Capped at 10% \*\*\* | &nbsp;&nbsp;105000 |
| &nbsp;&nbsp;95000 | &nbsp;&nbsp;Morgan Stanley, Series MTN, 2.98885%, due 8/30/28, Capped at 12% \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186974 |
| &nbsp;&nbsp;TOTAL FOR STRUCTURED NOTES (Cost $475,641) - 0.91% | &nbsp;&nbsp;TOTAL FOR STRUCTURED NOTES (Cost $475,641) - 0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504198 |
| &nbsp;&nbsp;**U.S. GOVERNMENT AGENCIES & OBLIGATIONS- 1.33%<sup>(c)</sup>** | &nbsp;&nbsp;**U.S. GOVERNMENT AGENCIES & OBLIGATIONS- 1.33%<sup>(c)</sup>** |  |
| &nbsp;&nbsp;750000 | &nbsp;&nbsp;U.S. Government Treasury Note/Bond, 3.875%, due 8/15/33 | &nbsp;&nbsp;742002 |
| &nbsp;&nbsp;TOTAL FOR U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost $713,600) - 1.33% | &nbsp;&nbsp;TOTAL FOR U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost $713,600) - 1.33% | &nbsp;&nbsp;742002 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 6.33%** | &nbsp;&nbsp;**MONEY MARKET FUND - 6.33%** |  |
| &nbsp;&nbsp;3525036 | &nbsp;&nbsp;Federated Treasury Obligation Fund - Institutional Shares 4.14% \*\* (Cost $3,525,036) - 6.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3525036 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $32,975,507) - 99.65% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $32,975,507) - 99.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55454785 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.35% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196311 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$55651096 |
| &nbsp;&nbsp;(a) Security converts to floating rate after the indicated fixed-rate coupon period. | &nbsp;&nbsp;(a) Security converts to floating rate after the indicated fixed-rate coupon period. |  |
| &nbsp;&nbsp;(b) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. | &nbsp;&nbsp;(b) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |  |
| &nbsp;&nbsp;(c) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations are categorized as Level 2 | &nbsp;&nbsp;(c) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations are categorized as Level 2 |  |
| &nbsp;&nbsp;of the fair value hierarchy. Refer to Note 3 of the accompanying notes to the financial statements for additional information. | &nbsp;&nbsp;of the fair value hierarchy. Refer to Note 3 of the accompanying notes to the financial statements for additional information. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. |  |
| &nbsp;&nbsp;\*\*\* Variable Rate Security - Interest rate shown is rate in effect at August 31, 2025. | &nbsp;&nbsp;\*\*\* Variable Rate Security - Interest rate shown is rate in effect at August 31, 2025. |  |
| &nbsp;&nbsp;For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. | &nbsp;&nbsp;For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |  |
| &nbsp;&nbsp;ADR - American Depository Receipt | &nbsp;&nbsp;ADR - American Depository Receipt |  |
| &nbsp;&nbsp;SOFR- Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. | &nbsp;&nbsp;SOFR- Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. |  |
| &nbsp;&nbsp;3-month is the period where it is a fixed period of 3 months a lender will lend at that cost. | &nbsp;&nbsp;3-month is the period where it is a fixed period of 3 months a lender will lend at that cost. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**ARCHER INCOME FUND**<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;August 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**CORPORATE BONDS - 54.79% <sup>(c)</sup>** | &nbsp;&nbsp;**CORPORATE BONDS - 54.79% <sup>(c)</sup>** |  |
| &nbsp;&nbsp;**Accident & Health Insurance - 1.05%** | &nbsp;&nbsp;**Accident & Health Insurance - 1.05%** |  |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Unum Group, 6.750%, due 12/15/28 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320881 |
| &nbsp;&nbsp;**Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip - 0.83%** | &nbsp;&nbsp;**Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip - 0.83%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Johnson Controls International PLC., 4.900%, due 12/01/32 (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252544 |
| &nbsp;&nbsp;**Aircraft - 0.49%** | &nbsp;&nbsp;**Aircraft - 0.49%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Boeing Co., 2.600%, due 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149494 |
| &nbsp;&nbsp;**Asset Management - 0.84%** | &nbsp;&nbsp;**Asset Management - 0.84%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Ares Capital Corp., 5.875%, due 3/01/29 | &nbsp;&nbsp;257205 |
| &nbsp;&nbsp;**Banks & Financial Institutions - 0.82%** | &nbsp;&nbsp;**Banks & Financial Institutions - 0.82%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Federal Farm Credit Bank, 4.940%, due 10/08/31 | &nbsp;&nbsp;249824 |
| &nbsp;&nbsp;**Canned, Frozen & Preservd Fruit, Veg & Food Specialties - 0.85%** | &nbsp;&nbsp;**Canned, Frozen & Preservd Fruit, Veg & Food Specialties - 0.85%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Kraft Heinz Foods Co., 6.375%, due 7/15/28 | &nbsp;&nbsp;261135 |
| &nbsp;&nbsp;**Commercial Banks - 2.64%** | &nbsp;&nbsp;**Commercial Banks - 2.64%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Bank of Montreal Series MTN, 5.100%, due 10/18/34 (Canada) | &nbsp;&nbsp;245193 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;National Bank of Canada, 5.600%, due 12/18/28 (Canada) | &nbsp;&nbsp;260150 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 5.000%, due 7/21/32 (Canada) | &nbsp;&nbsp;300545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805888 |
| &nbsp;&nbsp;**Construction Machinery & Equipment - 0.13%** | &nbsp;&nbsp;**Construction Machinery & Equipment - 0.13%** |  |
| &nbsp;&nbsp;40000 | &nbsp;&nbsp;Caterpillar, Inc. Series NOTZ, 3.050%, due 5/15/2027 | &nbsp;&nbsp;38527 |
| &nbsp;&nbsp;**Consumer Cyclical Services - 1.36%** | &nbsp;&nbsp;**Consumer Cyclical Services - 1.36%** |  |
| &nbsp;&nbsp;55000 | &nbsp;&nbsp;Conservation Fund Series 2019, 3.4740%, due 12/15/29 | &nbsp;&nbsp;51861 |
| &nbsp;&nbsp;350000 | &nbsp;&nbsp;Prime Healthcare Foundation Series B, 7.000%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363053 |
|  |  | &nbsp;&nbsp;414914 |
| &nbsp;&nbsp;**Consumer Products - 0.17%** | &nbsp;&nbsp;**Consumer Products - 0.17%** |  |
| &nbsp;&nbsp;60000 | &nbsp;&nbsp;YMCA of Greater NY Series 2020, 3.160%, due 8/01/31 | &nbsp;&nbsp;53170 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 1.04%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 1.04%** |  |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;EOG Resources, Inc., 6.650%, due 4/01/28 | &nbsp;&nbsp;316629 |
| &nbsp;&nbsp;**Cutlery, Handtools & General Hardware - 1.19%** | &nbsp;&nbsp;**Cutlery, Handtools & General Hardware - 1.19%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 2.300%, due 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364184 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Dental Equipment & Supplies - 0.45%** | &nbsp;&nbsp;**Dental Equipment & Supplies - 0.45%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Dentsply Sirona, Inc. 3.250%, to 06/01/30 | &nbsp;&nbsp;137732 |
| &nbsp;&nbsp;**Electric Services - 1.14%** | &nbsp;&nbsp;**Electric Services - 1.14%** |  |
| &nbsp;&nbsp;325000 | &nbsp;&nbsp;Empire District Electric Co., 6.700%, due 11/15/33 | &nbsp;&nbsp;349004 |
| &nbsp;&nbsp;**Financial Services - 2.28%** | &nbsp;&nbsp;**Financial Services - 2.28%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;General Motors Financial Company, Inc. Series C, 5.70%, to 9/30/30 <sup>(a) (b)</sup> | &nbsp;&nbsp;147043 |
| &nbsp;&nbsp;350000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC. Series NOTZ, 5.700%, due 9/20/34 | &nbsp;&nbsp;348836 |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC. Series MTN, 5.450%, due 2/20/28 | &nbsp;&nbsp;199521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695400 |
| &nbsp;&nbsp;**General Building Contractors - Residential Buildings - 0.33%** | &nbsp;&nbsp;**General Building Contractors - Residential Buildings - 0.33%** |  |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Lennar Corp., 4.750%, due 11/29/27 | &nbsp;&nbsp;100739 |
| &nbsp;&nbsp;**Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.44%** | &nbsp;&nbsp;**Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures - 1.44%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Masco Corp., 7.750%, due 8/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439352 |
| &nbsp;&nbsp;**Midstream - 1.09%** | &nbsp;&nbsp;**Midstream - 1.09%** |  |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Southern Natural Gas, 7.350%, due 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331424 |
| &nbsp;&nbsp;**National Commercial Banks - 9.20%** | &nbsp;&nbsp;**National Commercial Banks - 9.20%** |  |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Bank of America Corp. Series MTN, 6.550%, due 10/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200474 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Bank of America Corp. Series MTN, 5.100%, due 9/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242149 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Bank of America Corp. Series MTN, 5.200%, due 12/05/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249544 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Huntington Bancshares, Inc. Series G, 4.450%, to 10/15/27 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147846 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;JPMorgan & Chase Co. Series B, 5.0578%, due 2/01/27 (3-Month SOFR + 0.76161%) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147793 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;JPMorgan & Chase Co. Series CC, 7.1378%, to 2/01/26 (3-Month SOFR + 2.84161%) <sup>(b)</sup> \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151204 |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Keycorp Series MTN, 2.250%, due 4/06/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193741 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;SouthState Bank Corp., 9.94075%, to 6/01/30 (3-Month SOFR +5.617%) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Truist Financial Corp. Series M, 5.125%, to 12/15/27 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97906 |
| &nbsp;&nbsp;75000 | &nbsp;&nbsp;Truist Financial Corp. Series Q, 5.100%, to 3/01/30 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74349 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;TTCU Federal Credit Union Series CD, 5.000%, due 7/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153132 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;UMB Financial Corp., 3.700%, to 9/17/30 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249351 |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;US Bancorp, 3.700%, to 1/15/27 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192516 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;US Bancorp Series MTN, 5.200%, to 12/26/29 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250193 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Wells Fargo & Co. Series MTN, 5.250%, due 4/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100025 |
| &nbsp;&nbsp;350000 | &nbsp;&nbsp;Wells Fargo & Co. Series MTN, 5.200%, due 8/16/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807914 |
| &nbsp;&nbsp;**Natural Gas Transmission - 1.68%** | &nbsp;&nbsp;**Natural Gas Transmission - 1.68%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Northerm Illinois Gas Co., 5.900%, due 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258105 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Targa Resources Corp., 5.500%, due 3/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512822 |
| &nbsp;&nbsp;**Paper Mills - 1.62%** | &nbsp;&nbsp;**Paper Mills - 1.62%** |  |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Georgia-Pacific, LLC, 7.250%, due 6/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323866 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Georgia-Pacific, LLC, 7.750%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494346 |
| &nbsp;&nbsp;**Personal Credit Institutions - 0.48%** | &nbsp;&nbsp;**Personal Credit Institutions - 0.48%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;OneMain Finance Corp., 3.500%, due 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146794 |
| &nbsp;&nbsp;**Real Estate Investment Trust - 1.60%** | &nbsp;&nbsp;**Real Estate Investment Trust - 1.60%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Boston Properties LP, 4.500%, due 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250063 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Ready Capital Corp., 5.750%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99000 |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Ready Capital Corp., 9.000%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489764 |
| &nbsp;&nbsp;**Retail - Department Stores - 0.12%** | &nbsp;&nbsp;**Retail - Department Stores - 0.12%** |  |
| &nbsp;&nbsp;35000 | &nbsp;&nbsp;Dillards, Inc., 7.750%, due 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35605 |
| &nbsp;&nbsp;**Retail-Drug Stores and Proprietary Stores - 1.00%** | &nbsp;&nbsp;**Retail-Drug Stores and Proprietary Stores - 1.00%** |  |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;CVS Health Corp., 5.300%, due 6/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303964 |
| &nbsp;&nbsp;**Retail-Family Clothing Stores - 0.99%** | &nbsp;&nbsp;**Retail-Family Clothing Stores - 0.99%** |  |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Ross Stores, Inc., 4.800%, due 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301161 |
| &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 3.13%** | &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 3.13%** |  |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Capital Southwest Corp., 3.375%, due 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97209 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. Series MTN, 5.100%, due 2/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300768 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Jefferies Financial Group, Inc. Series MTN, 6.000%, due 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300199 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Jefferies Financial Group, Inc. Series MTN, 6.500%, due 4/30/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955913 |
| &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 0.81%** | &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 0.81%** |  |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Air Lease Corp., 3.625%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98861 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;United Rentals, Inc., 3.875%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246316 |
| &nbsp;&nbsp;**Services-Miscellaneous Amusement & Recreation - 1.69%** | &nbsp;&nbsp;**Services-Miscellaneous Amusement & Recreation - 1.69%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Walt Disney Co., 7.700%, due 10/30/25 | &nbsp;&nbsp;401708 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Walt Disney Co., 6.750%, due 1/09/38 | &nbsp;&nbsp;114036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515744 |
| &nbsp;&nbsp;**Services - General Medical & Surgical Hospitals - 0.86%** | &nbsp;&nbsp;**Services - General Medical & Surgical Hospitals - 0.86%** |  |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;HCA Healthcare, Inc., 7.050%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263576 |
| &nbsp;&nbsp;**Services - Prepackaged Software - 0.49%** | &nbsp;&nbsp;**Services - Prepackaged Software - 0.49%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;VMWare, Inc. 3.900%, due 8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149170 |
| &nbsp;&nbsp;**State Commercial Banks - 8.12%** | &nbsp;&nbsp;**State Commercial Banks - 8.12%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Ally Financial, Inc. Series B, 4.700%, to 5/15/26 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145959 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;AmSouth Bancorp., 6.750%, due 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150313 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Citizens Financial Group, Inc., 4.300%, to 2/11/26 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246763 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Deutsche Bank AG Series GMTN, 5.150%, due 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247670 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Fifth Third Bancorp Series L, 4.500%, to 9/30/25 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149607 |
| &nbsp;&nbsp;350000 | &nbsp;&nbsp;First Citizens Bank, 6.125%, due 3/09/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363382 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;M&T Bank Corp., 7.413%, to 10/30/29 (3-month SOFR + 2.800%) <sup>(a)</sup> \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272094 |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Renasant Corp., 5.500%, to 9/01/26 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391696 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;State Street Corp., 7.350%, due 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478615 |
| &nbsp;&nbsp;**Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 0.49%** | &nbsp;&nbsp;**Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 0.49%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Steel Dynamics, Inc., 5.000%, due 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150086 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Telephone Communications (No Radio Telephone) - 3.84%** | &nbsp;&nbsp;**Telephone Communications (No Radio Telephone) - 3.84%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;AT&T, Inc., 7.125%, due 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451051 |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Indiana Bell Telephone Co., Inc., 7.300%, due 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50939 |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;Pacific Bell Telephone Co., 7.125%, due 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404492 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Verizon Wireless Communications, Inc., 6.800%, due 5/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173011 |
| &nbsp;&nbsp;**Wholesale - Groceries & Related Products - 0.53%** | &nbsp;&nbsp;**Wholesale - Groceries & Related Products - 0.53%** |  |
| &nbsp;&nbsp;152000 | &nbsp;&nbsp;Sysco Corp., 6.500%, due 8/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161195 |
| &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $16,675,963) - 54.79% | &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $16,675,963) - 54.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16724042 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 2.62%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 2.62%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;iShares 5-10 Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;268250 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;iShares 10+ Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;501300 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;iShares US Preferred Stock ETF | &nbsp;&nbsp;31460 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $809,693) - 2.62% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $809,693) - 2.62% | &nbsp;&nbsp;801010 |
| &nbsp;&nbsp;**MUNICIPAL BONDS - 12.09% <sup>(c)</sup>** | &nbsp;&nbsp;**MUNICIPAL BONDS - 12.09% <sup>(c)</sup>** |  |
| &nbsp;&nbsp;**Alabama - 0.53%** | &nbsp;&nbsp;**Alabama - 0.53%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Jacksonville Public Educational Building Authority Taxable, 6.100%, due 8/10/30 | &nbsp;&nbsp;162057 |
| &nbsp;&nbsp;**Connecticut - 0.39%** | &nbsp;&nbsp;**Connecticut - 0.39%** |  |
| &nbsp;&nbsp;120000 | &nbsp;&nbsp;Town of Hamden, 4.930%, due 8/15/35 | &nbsp;&nbsp;119846 |
| &nbsp;&nbsp;**Florida - 0.48%** | &nbsp;&nbsp;**Florida - 0.48%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;North Miami Beach, FL, Water Revenue Series B, 2.311%, due 8/01/27 | &nbsp;&nbsp;145640 |
| &nbsp;&nbsp;**Georgia - 0.66%** | &nbsp;&nbsp;**Georgia - 0.66%** |  |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Georgia State Local Government Cops Grantor Trust Series A, 4.750%, due 6/01/28 | &nbsp;&nbsp;51673 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Georgia Qualified School Construction Bond Series F, 4.000%, due 2/01/26 | &nbsp;&nbsp;149999 |
|  |  | &nbsp;&nbsp;201672 |
| &nbsp;&nbsp;**Illinois - 1.61%** | &nbsp;&nbsp;**Illinois - 1.61%** |  |
| &nbsp;&nbsp;125000 | &nbsp;&nbsp;Illinois Build America Bond, 6.900%, due 3/01/35 | &nbsp;&nbsp;136404 |
| &nbsp;&nbsp;39265 | &nbsp;&nbsp;Illinois State Taxable Pension AGM CR, 5.100%, due 6/01/33 | &nbsp;&nbsp;39839 |
| &nbsp;&nbsp;70000 | &nbsp;&nbsp;Saint Clair County IL Community School District #187 Series C, 5.169%, due 1/01/31 | &nbsp;&nbsp;72625 |
| &nbsp;&nbsp;85000 | &nbsp;&nbsp;Village of Rosemont Series B, 6.600%, due 12/01/30 | &nbsp;&nbsp;86912 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Village of Rosemont Series C, 6.750%, due 12/01/35 | &nbsp;&nbsp;157225 |
|  |  | &nbsp;&nbsp;493005 |
| &nbsp;&nbsp;**Indiana - 3.75%** | &nbsp;&nbsp;**Indiana - 3.75%** |  |
| &nbsp;&nbsp;25000 | &nbsp;&nbsp;City of South Bend, IN Educational Center Project, 2.500%, due 8/01/35 | &nbsp;&nbsp;19853 |
| &nbsp;&nbsp;85000 | &nbsp;&nbsp;Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 5.900%, due 7/15/26 | &nbsp;&nbsp;85083 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Evansville-Vanderburgh, IN School Bldg. Corp. Series B, 6.150%, due 7/15/27 | &nbsp;&nbsp;100169 |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Gary Community School Bldg. Corp., 3.200%, due 7/15/29 | &nbsp;&nbsp;49116 |
| &nbsp;&nbsp;25000 | &nbsp;&nbsp;Gary Community School Bldg. Corp., 3.500%, due 1/15/33 | &nbsp;&nbsp;23892 |
| &nbsp;&nbsp;250000 | &nbsp;&nbsp;Indiana State Financial Authority University Housing Revenue, 5.388%, due 7/01/35 | &nbsp;&nbsp;251680 |
| &nbsp;&nbsp;140000 | &nbsp;&nbsp;Indiana State Housing & Community Development Authority Series A-2, 4.984%, due 7/01/30 | &nbsp;&nbsp;143907 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Plainfield Redevelopment Commission Series B, 2.000%, due 2/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278022 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Schererville Income Econ Dev Revenue, 2.579%, due 1/15/30 | &nbsp;&nbsp;137537 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Town of Speedway, IN Revenue Bond, 5.000%, due 8/01/34 | &nbsp;&nbsp;50132 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Warsaw Industry Redevelopment District Tax Taxable Special Taxing District Series A, 4.750%, due 2/01/26 | &nbsp;&nbsp;4988 |
|  |  | &nbsp;&nbsp;1144379 |
| &nbsp;&nbsp;**Maryland - 0.33%** | &nbsp;&nbsp;**Maryland - 0.33%** |  |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Baltimore MD, Brd of Sch Commissioners City Schs Revenue, 5.692%, due 12/15/25 | &nbsp;&nbsp;100520 |
| &nbsp;&nbsp;**Michigan - 0.58%** | &nbsp;&nbsp;**Michigan - 0.58%** |  |
| &nbsp;&nbsp;177500 | &nbsp;&nbsp;Michigan State Taxable School Loan Series A, 3.200%, due 5/15/27 | &nbsp;&nbsp;175517 |
| &nbsp;&nbsp;**Nebraska - 0.05%** | &nbsp;&nbsp;**Nebraska - 0.05%** |  |
| &nbsp;&nbsp;15000 | &nbsp;&nbsp;Omaha NE Special Obligation Taxable Ref Riverfront, 6.400%, due 2/01/26 | &nbsp;&nbsp;15140 |
| &nbsp;&nbsp;**New York - 0.30%** | &nbsp;&nbsp;**New York - 0.30%** |  |
| &nbsp;&nbsp;90334 | &nbsp;&nbsp;New York St Dorm Auth Revenues, 5.289%, due 3/15/33 | &nbsp;&nbsp;91849 |
| &nbsp;&nbsp;**Ohio - 0.93%** | &nbsp;&nbsp;**Ohio - 0.93%** |  |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Avon, OH, General Obligations Various Purpose Improvement Refunding Bonds, Series 2020, 0.955%, due 12/01/25 | &nbsp;&nbsp;99253 |
| &nbsp;&nbsp;60000 | &nbsp;&nbsp;Bloom & Carroll Ohio Loc Sch Dist, 5.800%, due 12/01/25 | &nbsp;&nbsp;60248 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Cleveland, OH Income Tax Revenue Build America Bonds, 6.060%, due 10/01/26 | &nbsp;&nbsp;5042 |
| &nbsp;&nbsp;125000 | &nbsp;&nbsp;Jobs Ohio Beverage Sys Stwd Lien Liquor Profits Revenue Refunding Bonds, Series 2020A, 2.268%, due 1/01/28 | &nbsp;&nbsp;120094 |
|  |  | &nbsp;&nbsp;284637 |
| &nbsp;&nbsp;**Oregon - 0.50%** | &nbsp;&nbsp;**Oregon - 0.50%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Philomath, Oregon Sch District Series A, 5.472%, due 6/15/27 | &nbsp;&nbsp;153894 |
| &nbsp;&nbsp;**Pennsylvania - 0.90%** | &nbsp;&nbsp;**Pennsylvania - 0.90%** |  |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;East-Norriton-Plymouth-Whitpain Joint Sewer Authority, 1.832%, due 8/01/28 | &nbsp;&nbsp;188564 |
| &nbsp;&nbsp;80000 | &nbsp;&nbsp;Philadelphia PA School District Qualified School Construction Bond Series A, 5.995%, due 9/01/30 | &nbsp;&nbsp;84798 |
|  |  | &nbsp;&nbsp;273362 |
| &nbsp;&nbsp;**South Carolina - 0.18%** | &nbsp;&nbsp;**South Carolina - 0.18%** |  |
| &nbsp;&nbsp;60000 | &nbsp;&nbsp;South Carolina State Jobs-Econ Dev Authority Hospital Revenue, 2.729%, due 7/01/30 | &nbsp;&nbsp;55041 |
| &nbsp;&nbsp;**Texas - 0.41%** | &nbsp;&nbsp;**Texas - 0.41%** |  |
| &nbsp;&nbsp;37000 | &nbsp;&nbsp;North Texas Tollway Authority Series B-1, 8.410%, due 2/01/30 | &nbsp;&nbsp;40071 |
| &nbsp;&nbsp;85000 | &nbsp;&nbsp;Somerset Hills Road District #4 Texas, 5.125%, due 8/15/34 | &nbsp;&nbsp;85642 |
|  |  | &nbsp;&nbsp;125713 |
| &nbsp;&nbsp;**Washington - 0.49%** | &nbsp;&nbsp;**Washington - 0.49%** |  |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;City of Bellevue, WA Series B, 0.751%, due 12/01/25 | &nbsp;&nbsp;148853 |
| &nbsp;&nbsp;TOTAL FOR MUNICIPAL BONDS (Cost $3,676,686) - 12.09% | &nbsp;&nbsp;TOTAL FOR MUNICIPAL BONDS (Cost $3,676,686) - 12.09% | &nbsp;&nbsp;3691125 |
| &nbsp;&nbsp;**PREFERRED SECURITIES - 2.16%** | &nbsp;&nbsp;**PREFERRED SECURITIES - 2.16%** |  |
| &nbsp;&nbsp;**Asset Management - 0.20%** | &nbsp;&nbsp;**Asset Management - 0.20%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;B Riley Financial, Inc., 6.50%, due 09/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61350 |
| &nbsp;&nbsp;**National Commercial Banks - 1.63%** | &nbsp;&nbsp;**National Commercial Banks - 1.63%** |  |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;BAC Capital Trust XIII Series F, 4.98008%, to 10/17/25 (3-month SOFR + 0.66161%) <sup>(b)</sup> \*\*\* | &nbsp;&nbsp;78521 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Key Corp. Capital I, 5.29219%, due 7/01/28 (3-month SOFR + 1.00161%) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97609 |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Mellon Capital IV Series 1, 5.14551%, to 11/01/25 (3-Month SOFR + 0.82661%) <sup>(b)</sup> \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173038 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;PNC Capital Trust C, 5.16144%, due 6/01/28 (3-Month SOFR + 0.83161) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147416 |
|  |  | &nbsp;&nbsp;496584 |
| &nbsp;&nbsp;**State Commercial Banks - 0.33%** | &nbsp;&nbsp;**State Commercial Banks - 0.33%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Merchants Bancorp, Inc., 8.250%, to 10/01/27 <sup>(a) (b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101040 |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;SVB Financial Group Series C, 0.000%, due 11/07/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101043 |
| &nbsp;&nbsp;TOTAL FOR PREFERRED SECURITIES (Cost $864,763) - 2.16% | &nbsp;&nbsp;TOTAL FOR PREFERRED SECURITIES (Cost $864,763) - 2.16% | &nbsp;&nbsp;658977 |
| &nbsp;&nbsp;**STRUCTURED NOTES - 2.02% <sup>(c)</sup>** | &nbsp;&nbsp;**STRUCTURED NOTES - 2.02% <sup>(c)</sup>** |  |
| &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 2.02%** | &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 2.02%** |  |
| &nbsp;&nbsp;394000 | &nbsp;&nbsp;Citigroup, Inc, Series MTN, 0.190640%, due 3/12/34, Capped at 10.5% <sup>(a)</sup> | &nbsp;&nbsp;312465 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. Series MTN, 1.815128%, due 12/13/28, Capped at 10% \*\*\* | &nbsp;&nbsp;84630 |
| &nbsp;&nbsp;120000 | &nbsp;&nbsp;Goldman Sachs Group, Inc., 2.329213%, due 11/13/28, Capped at 10% \*\*\* | &nbsp;&nbsp;100800 |
| &nbsp;&nbsp;114000 | &nbsp;&nbsp;Morgan Stanley, Series MTN, 2.25164%, due 8/19/28, Capped at 10% \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97957 |
| &nbsp;&nbsp;25000 | &nbsp;&nbsp;Morgan Stanley, Series MTN, 2.98885%, due 8/30/28, Capped at 12% \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617424 |
| &nbsp;&nbsp;TOTAL FOR STRUCTURED NOTES (Cost $610,636) - 2.02% | &nbsp;&nbsp;TOTAL FOR STRUCTURED NOTES (Cost $610,636) - 2.02% | &nbsp;&nbsp;617424 |
| &nbsp;&nbsp;**U.S. GOVERNMENT AGENCIES & OBLIGATIONS- 2.43% <sup>(c)</sup>** | &nbsp;&nbsp;**U.S. GOVERNMENT AGENCIES & OBLIGATIONS- 2.43% <sup>(c)</sup>** |  |
| &nbsp;&nbsp;750000 | &nbsp;&nbsp;U.S. Government Treasury Note/Bond, 3.875%, due 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742002 |
| &nbsp;&nbsp;TOTAL FOR U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost $713,600) - 2.43% | &nbsp;&nbsp;TOTAL FOR U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost $713,600) - 2.43% | &nbsp;&nbsp;742002 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 22.91%** | &nbsp;&nbsp;**MONEY MARKET FUND - 22.91%** |  |
| &nbsp;&nbsp;6991757 | &nbsp;&nbsp;Federated Treasury Obligation Fund - Institutional Shares 4.14% \*\* (Cost $6,991,757) - 22.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6991757 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $30,343,098) - 99.02% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $30,343,098) - 99.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30226337 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.98% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300294 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;30526631 |
| &nbsp;&nbsp;(a) Security converts to floating rate after the indicated fixed-rate coupon period. | &nbsp;&nbsp;(a) Security converts to floating rate after the indicated fixed-rate coupon period. |  |
| &nbsp;&nbsp;(b) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. | &nbsp;&nbsp;(b) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |  |
| &nbsp;&nbsp;(c) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations are | &nbsp;&nbsp;(c) All Corporate Bonds, Municipal Bonds, Structured Notes, and U.S. Government Agencies & Obligations are |  |
| &nbsp;&nbsp;categorized as Level 2 of the fair value hierarchy. Refer to Note 3 of the accompanying notes to the financial statements for additional information. | &nbsp;&nbsp;categorized as Level 2 of the fair value hierarchy. Refer to Note 3 of the accompanying notes to the financial statements for additional information. | &nbsp;&nbsp;categorized as Level 2 of the fair value hierarchy. Refer to Note 3 of the accompanying notes to the financial statements for additional information. |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. |  |
| &nbsp;&nbsp;\*\*\* Variable Rate Security - Interest rate shown is rate in effect at August 31, 2025. | &nbsp;&nbsp;\*\*\* Variable Rate Security - Interest rate shown is rate in effect at August 31, 2025. |  |
| &nbsp;&nbsp;For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. | &nbsp;&nbsp;For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |  |
| &nbsp;&nbsp;SOFR- Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. | &nbsp;&nbsp;SOFR- Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. |  |
| &nbsp;&nbsp;3-month is the period where it is a fixed period of 3 months a lender will lend at that cost. | &nbsp;&nbsp;3-month is the period where it is a fixed period of 3 months a lender will lend at that cost. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**ARCHER STOCK FUND**<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;August 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 97.51%** | &nbsp;&nbsp;**COMMON STOCKS - 97.51%** |  |
| &nbsp;&nbsp;**Aircraft - 3.40%** | &nbsp;&nbsp;**Aircraft - 3.40%** |  |
| &nbsp;&nbsp;3640 | &nbsp;&nbsp;Boeing Co. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854235 |
| &nbsp;&nbsp;**Aircraft Engines & Engine Parts - 2.52%** | &nbsp;&nbsp;**Aircraft Engines & Engine Parts - 2.52%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;634400 |
| &nbsp;&nbsp;**Beverages - 1.92%** | &nbsp;&nbsp;**Beverages - 1.92%** |  |
| &nbsp;&nbsp;7000 | &nbsp;&nbsp;The Coca-Cola Company | &nbsp;&nbsp;482930 |
| &nbsp;&nbsp;**Computer Peripheral Equipment - 1.06%** | &nbsp;&nbsp;**Computer Peripheral Equipment - 1.06%** |  |
| &nbsp;&nbsp;1400 | &nbsp;&nbsp;Palo Alto Networks, Inc. \* | &nbsp;&nbsp;266728 |
| &nbsp;&nbsp;**Electric Services - 2.82%** | &nbsp;&nbsp;**Electric Services - 2.82%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;American Electric Power Company, Inc. | &nbsp;&nbsp;222040 |
| &nbsp;&nbsp;6750 | &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;486337 |
|  |  | &nbsp;&nbsp;708377 |
| &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 1.67%** | &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 1.67%** |  |
| &nbsp;&nbsp;4525 | &nbsp;&nbsp;Medtronic PLC. (Ireland) | &nbsp;&nbsp;419965 |
| &nbsp;&nbsp;**Electronic Computers - 3.24%** | &nbsp;&nbsp;**Electronic Computers - 3.24%** |  |
| &nbsp;&nbsp;3504 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;813419 |
| &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 4.21%** | &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 4.21%** |  |
| &nbsp;&nbsp;1285 | &nbsp;&nbsp;Berkshire Hathaway, Inc. Class B \* | &nbsp;&nbsp;646329 |
| &nbsp;&nbsp;1670 | &nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;412590 |
|  |  | &nbsp;&nbsp;1058919 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 0.97%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 0.97%** |  |
| &nbsp;&nbsp;785 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;243248 |
| &nbsp;&nbsp;**Industrial Inorganic Chemicals - 2.28%** | &nbsp;&nbsp;**Industrial Inorganic Chemicals - 2.28%** |  |
| &nbsp;&nbsp;1200 | &nbsp;&nbsp;Linde PLC. (United Kingdom) | &nbsp;&nbsp;573948 |
| &nbsp;&nbsp;**Industrial Instruments for Measurement, Display & Control - 1.63%** | &nbsp;&nbsp;**Industrial Instruments for Measurement, Display & Control - 1.63%** |  |
| &nbsp;&nbsp;3970 | &nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;410260 |
| &nbsp;&nbsp;**Measuring & Controlling Devices - 1.75%** | &nbsp;&nbsp;**Measuring & Controlling Devices - 1.75%** |  |
| &nbsp;&nbsp;895 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;440984 |
| &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.55%** | &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.55%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;54350 | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;639700 |
| &nbsp;&nbsp;**Motors & Generators - 2.47%** | &nbsp;&nbsp;**Motors & Generators - 2.47%** |  |
| &nbsp;&nbsp;3350 | &nbsp;&nbsp;Generac Holdings, Inc. \* | &nbsp;&nbsp;620588 |
| &nbsp;&nbsp;**National Commercial Banks - 6.44%** | &nbsp;&nbsp;**National Commercial Banks - 6.44%** |  |
| &nbsp;&nbsp;12000 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;608880 |
| &nbsp;&nbsp;3350 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;1009757 |
|  |  | &nbsp;&nbsp;1618637 |
| &nbsp;&nbsp;**Petroleum Refining - 2.15%** | &nbsp;&nbsp;**Petroleum Refining - 2.15%** |  |
| &nbsp;&nbsp;4735 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;541163 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 6.17%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 6.17%** |  |
| &nbsp;&nbsp;635 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;465188 |
| &nbsp;&nbsp;3400 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;602378 |
| &nbsp;&nbsp;5730 | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;482008 |
|  |  | &nbsp;&nbsp;1549574 |
| &nbsp;&nbsp;**Retail - Catalog & Mail-Order Houses - 3.66%** | &nbsp;&nbsp;**Retail - Catalog & Mail-Order Houses - 3.66%** |  |
| &nbsp;&nbsp;4022 | &nbsp;&nbsp;Amazon.com, Inc. \* | &nbsp;&nbsp;921038 |
| &nbsp;&nbsp;**Retail - Lumber & Other Building Materials Dealers - 2.38%** | &nbsp;&nbsp;**Retail - Lumber & Other Building Materials Dealers - 2.38%** |  |
| &nbsp;&nbsp;1470 | &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;597952 |
| &nbsp;&nbsp;**Retail - Variety Stores - 3.00%** | &nbsp;&nbsp;**Retail - Variety Stores - 3.00%** |  |
| &nbsp;&nbsp;6935 | &nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;754251 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 8.31%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 8.31%** |  |
| &nbsp;&nbsp;3446 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;1024806 |
| &nbsp;&nbsp;6110 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;1064240 |
|  |  | &nbsp;&nbsp;2089046 |
| &nbsp;&nbsp;**Services - Business Services - 3.99%** | &nbsp;&nbsp;**Services - Business Services - 3.99%** |  |
| &nbsp;&nbsp;3310 | &nbsp;&nbsp;Fiserv, Inc. \* | &nbsp;&nbsp;457376 |
| &nbsp;&nbsp;1550 | &nbsp;&nbsp;Visa, Inc. Class A | &nbsp;&nbsp;545259 |
|  |  | &nbsp;&nbsp;1002635 |
| &nbsp;&nbsp;**Services - Computer Programming, Data Processing, Etc. - 7.77%** | &nbsp;&nbsp;**Services - Computer Programming, Data Processing, Etc. - 7.77%** |  |
| &nbsp;&nbsp;4639 | &nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp;987689 |
| &nbsp;&nbsp;1305 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;964004 |
|  |  | &nbsp;&nbsp;1951693 |
| &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 2.66%** | &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 2.66%** |  |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;669438 |
| &nbsp;&nbsp;**Services - Medical Laboratories - 2.39%** | &nbsp;&nbsp;**Services - Medical Laboratories - 2.39%** |  |
| &nbsp;&nbsp;2160 | &nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;600458 |
| &nbsp;&nbsp;**Services - Miscellaneous Amusement & Recreation - 2.16%** | &nbsp;&nbsp;**Services - Miscellaneous Amusement & Recreation - 2.16%** |  |
| &nbsp;&nbsp;4590 | &nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;543364 |
| &nbsp;&nbsp;**Services - Prepackaged Software - 9.34%** | &nbsp;&nbsp;**Services - Prepackaged Software - 9.34%** |  |
| &nbsp;&nbsp;1162 | &nbsp;&nbsp;Adobe, Inc. \* | &nbsp;&nbsp;414485 |
| &nbsp;&nbsp;2900 | &nbsp;&nbsp;Cloudflare, Inc. Class A \* | &nbsp;&nbsp;605259 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;350 | &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;233450 |
| &nbsp;&nbsp;1730 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;876574 |
| &nbsp;&nbsp;1387 | &nbsp;&nbsp;Palantir Technologies, Inc. Class A \* | &nbsp;&nbsp;217357 |
|  |  | &nbsp;&nbsp;2347125 |
| &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 1.92%** | &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 1.92%** |  |
| &nbsp;&nbsp;3068 | &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;481799 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.68%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.68%** |  |
| &nbsp;&nbsp;1720 | &nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;673225 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $13,145,273) - 97.51% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $13,145,273) - 97.51% | &nbsp;&nbsp;24509099 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST - 1.49%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST - 1.49%** |  |
| &nbsp;&nbsp;1840 | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;375084 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $300,523) - 1.49% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $300,523) - 1.49% | &nbsp;&nbsp;375084 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 0.91%** | &nbsp;&nbsp;**MONEY MARKET FUND - 0.91%** |  |
| &nbsp;&nbsp;228173 | &nbsp;&nbsp;Federated Treasury Obligation Fund - Institutional Shares 4.14% \*\* (Cost $228,173) - 0.91% | &nbsp;&nbsp;228173 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $13,673,969) - 99.91% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $13,673,969) - 99.91% | &nbsp;&nbsp;25112356 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.09% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.09% | &nbsp;&nbsp;22560 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 25134916 |
| &nbsp;&nbsp;\* Non-income producing security during period. | &nbsp;&nbsp;\* Non-income producing security during period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND**<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;August 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 83.64%** | &nbsp;&nbsp;**COMMON STOCKS - 83.64%** |  |
| &nbsp;&nbsp;**Beverages - 1.85%** | &nbsp;&nbsp;**Beverages - 1.85%** |  |
| &nbsp;&nbsp;3400 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505410 |
| &nbsp;&nbsp;**Biological Products, (No Diagnostic Substances) - 2.91%** | &nbsp;&nbsp;**Biological Products, (No Diagnostic Substances) - 2.91%** |  |
| &nbsp;&nbsp;7065 | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;798133 |
| &nbsp;&nbsp;**Bottled & Canned Soft Drinks & Carbonated Waters - 2.44%** | &nbsp;&nbsp;**Bottled & Canned Soft Drinks & Carbonated Waters - 2.44%** |  |
| &nbsp;&nbsp;7850 | &nbsp;&nbsp;Coca-Cola FEMSA S.A.B. de C.V. ADR Series L | &nbsp;&nbsp;667172 |
| &nbsp;&nbsp;**Canned, Frozen & Preservd Fruit, Vegetable & Food Specialties - 2.04%** | &nbsp;&nbsp;**Canned, Frozen & Preservd Fruit, Vegetable & Food Specialties - 2.04%** |  |
| &nbsp;&nbsp;20000 | &nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;559400 |
| &nbsp;&nbsp;**Computer & Office Equipment - 2.67%** | &nbsp;&nbsp;**Computer & Office Equipment - 2.67%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;730470 |
| &nbsp;&nbsp;**Construction Machinery & Equipment - 2.39%** | &nbsp;&nbsp;**Construction Machinery & Equipment - 2.39%** |  |
| &nbsp;&nbsp;1560 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;653702 |
| &nbsp;&nbsp;**Electric & Other Services Combined - 8.11%** | &nbsp;&nbsp;**Electric & Other Services Combined - 8.11%** |  |
| &nbsp;&nbsp;5405 | &nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;530933 |
| &nbsp;&nbsp;5082 | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;622494 |
| &nbsp;&nbsp;14100 | &nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;615888 |
| &nbsp;&nbsp;10700 | &nbsp;&nbsp;Nisource, Inc. | &nbsp;&nbsp;452289 |
|  |  | &nbsp;&nbsp;2221604 |
| &nbsp;&nbsp;**Electric Services - 4.94%** | &nbsp;&nbsp;**Electric Services - 4.94%** |  |
| &nbsp;&nbsp;6500 | &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;721630 |
| &nbsp;&nbsp;6850 | &nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;632255 |
|  |  | &nbsp;&nbsp;1353885 |
| &nbsp;&nbsp;**Guided Missiles & Space Vehicles & Parts - 2.12%** | &nbsp;&nbsp;**Guided Missiles & Space Vehicles & Parts - 2.12%** |  |
| &nbsp;&nbsp;1275 | &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;580928 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 1.13%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 1.13%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;309870 |
| &nbsp;&nbsp;**Life Insurance - 2.89%** | &nbsp;&nbsp;**Life Insurance - 2.89%** |  |
| &nbsp;&nbsp;25700 | &nbsp;&nbsp;Manulife Financial Corp. (Canada) | &nbsp;&nbsp;790275 |
| &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.58%** | &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.58%** |  |
| &nbsp;&nbsp;60000 | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;706200 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**National Commercial Banks - 10.91%** | &nbsp;&nbsp;**National Commercial Banks - 10.91%** |  |
| &nbsp;&nbsp;12500 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;634250 |
| &nbsp;&nbsp;3150 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;949473 |
| &nbsp;&nbsp;31600 | &nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;865524 |
| &nbsp;&nbsp;11525 | &nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;539601 |
|  |  | &nbsp;&nbsp;2988848 |
| &nbsp;&nbsp;**Natural Gas Transmission - 2.80%** | &nbsp;&nbsp;**Natural Gas Transmission - 2.80%** |  |
| &nbsp;&nbsp;28400 | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;766232 |
| &nbsp;&nbsp;**Natural Gas Transmisison & Distribution - 1.53%** | &nbsp;&nbsp;**Natural Gas Transmisison & Distribution - 1.53%** |  |
| &nbsp;&nbsp;5500 | &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;420090 |
| &nbsp;&nbsp;**Petroleum Refining - 4.86%** | &nbsp;&nbsp;**Petroleum Refining - 4.86%** |  |
| &nbsp;&nbsp;15065 | &nbsp;&nbsp;BP PLC. ADR | &nbsp;&nbsp;530740 |
| &nbsp;&nbsp;3270 | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;525162 |
| &nbsp;&nbsp;1800 | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;273618 |
|  |  | &nbsp;&nbsp;1329520 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 12.20%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 12.20%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;965736 |
| &nbsp;&nbsp;9970 | &nbsp;&nbsp;Bristol Myers Squibb Co. | &nbsp;&nbsp;470385 |
| &nbsp;&nbsp;3485 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;617437 |
| &nbsp;&nbsp;6415 | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;539630 |
| &nbsp;&nbsp;30200 | &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;747752 |
|  |  | &nbsp;&nbsp;3340940 |
| &nbsp;&nbsp;**Retail - Drug Stores and Proprietary Stores - 1.71%** | &nbsp;&nbsp;**Retail - Drug Stores and Proprietary Stores - 1.71%** |  |
| &nbsp;&nbsp;6400 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;468160 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 3.26%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 3.26%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;892170 |
| &nbsp;&nbsp;**Specialty Cleaning, Polishing and Sanitation Preparations - 1.54%** | &nbsp;&nbsp;**Specialty Cleaning, Polishing and Sanitation Preparations - 1.54%** |  |
| &nbsp;&nbsp;3575 | &nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;422565 |
| &nbsp;&nbsp;**State Commercial Banks - 2.58%** | &nbsp;&nbsp;**State Commercial Banks - 2.58%** |  |
| &nbsp;&nbsp;13500 | &nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;705780 |
| &nbsp;&nbsp;**Telephone Communications (No Radio Telephone) - 2.24%** | &nbsp;&nbsp;**Telephone Communications (No Radio Telephone) - 2.24%** |  |
| &nbsp;&nbsp;13900 | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;614797 |
| &nbsp;&nbsp;**Trucking & Courier Services - 1.60%** | &nbsp;&nbsp;**Trucking & Courier Services - 1.60%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;United Parcel Service, Inc. Class B | &nbsp;&nbsp;437200 |
| &nbsp;&nbsp;**Wholesale-Motor Vehicle Supplies & New Parts - 2.34%** | &nbsp;&nbsp;**Wholesale-Motor Vehicle Supplies & New Parts - 2.34%** |  |
| &nbsp;&nbsp;4600 | &nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;640918 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $16,039,344) - 83.64% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $16,039,344) - 83.64% | &nbsp;&nbsp;22904269 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 9.38%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 9.38%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;3600 | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;356904 |
| &nbsp;&nbsp;20500 | &nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;367770 |
| &nbsp;&nbsp;7800 | &nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;720174 |
| &nbsp;&nbsp;17500 | &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;591150 |
| &nbsp;&nbsp;7935 | &nbsp;&nbsp;W.P. Carey, Inc. | &nbsp;&nbsp;532438 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $2,013,169) - 9.38% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $2,013,169) - 9.38% | &nbsp;&nbsp;2568436 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 6.60%** | &nbsp;&nbsp;**MONEY MARKET FUND - 6.60%** |  |
| &nbsp;&nbsp;1805714 | &nbsp;&nbsp;Federated Treasury Obligation Fund - Institutional Shares 4.14% \*\* (Cost $1,805,714) - 6.60% | &nbsp;&nbsp;1805714 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $19,858,227) - 99.62% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $19,858,227) - 99.62% | &nbsp;&nbsp;27278419 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.38% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.38% | &nbsp;&nbsp;105219 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;27383638 |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. |  |
| &nbsp;&nbsp;ADR - American Depository Receipt | &nbsp;&nbsp;ADR - American Depository Receipt |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**ARCHER FOCUS FUND**<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;August 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 95.74%** | &nbsp;&nbsp;**COMMON STOCKS - 95.74%** |  |
| &nbsp;&nbsp;**Accident & Health Insurance - 2.27%** | &nbsp;&nbsp;**Accident & Health Insurance - 2.27%** |  |
| &nbsp;&nbsp;2304 | &nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246205 |
| &nbsp;&nbsp;**Auto Controls For Regulating Residential & Comml Environments - 2.29%** | &nbsp;&nbsp;**Auto Controls For Regulating Residential & Comml Environments - 2.29%** |  |
| &nbsp;&nbsp;595 | &nbsp;&nbsp;Trane Technologies PLC. (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247282 |
| &nbsp;&nbsp;**Beverages - 2.23%** | &nbsp;&nbsp;**Beverages - 2.23%** |  |
| &nbsp;&nbsp;3500 | &nbsp;&nbsp;Coca Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241465 |
| &nbsp;&nbsp;**Construction Machinery & Equip - 2.21%** | &nbsp;&nbsp;**Construction Machinery & Equip - 2.21%** |  |
| &nbsp;&nbsp;572 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239691 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.61%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.61%** |  |
| &nbsp;&nbsp;7836 | &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282880 |
| &nbsp;&nbsp;**Electrical Work - 2.95%** | &nbsp;&nbsp;**Electrical Work - 2.95%** |  |
| &nbsp;&nbsp;515 | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319300 |
| &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 9.65%** | &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 9.65%** |  |
| &nbsp;&nbsp;1996 | &nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271177 |
| &nbsp;&nbsp;3457 | &nbsp;&nbsp;Berkley W R Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247832 |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266605 |
| &nbsp;&nbsp;955 | &nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044906 |
| &nbsp;&nbsp;**General Industrial Machinery & Equipment - 2.38%** | &nbsp;&nbsp;**General Industrial Machinery & Equipment - 2.38%** |  |
| &nbsp;&nbsp;975 | &nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258034 |
| &nbsp;&nbsp;**Investment Advice - 2.35%** | &nbsp;&nbsp;**Investment Advice - 2.35%** |  |
| &nbsp;&nbsp;494 | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;254316 |
| &nbsp;&nbsp;**Men's & Boys' Furnishgs, Work Clothg, & Allied Garments - 2.23%** | &nbsp;&nbsp;**Men's & Boys' Furnishgs, Work Clothg, & Allied Garments - 2.23%** |  |
| &nbsp;&nbsp;1150 | &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;241534 |
| &nbsp;&nbsp;**Natural Gas Distribution - 2.54%** | &nbsp;&nbsp;**Natural Gas Distribution - 2.54%** |  |
| &nbsp;&nbsp;1655 | &nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;274945 |
| &nbsp;&nbsp;**Oil Royalty Traders - 1.98%** | &nbsp;&nbsp;**Oil Royalty Traders - 1.98%** |  |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;214700 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Paints, Varnishes, Lacquers, Enamels & Allied Prods - 2.71%** | &nbsp;&nbsp;**Paints, Varnishes, Lacquers, Enamels & Allied Prods - 2.71%** |  |
| &nbsp;&nbsp;2340 | &nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293225 |
| &nbsp;&nbsp;**Paperboard Containers & Boxes - 2.69%** | &nbsp;&nbsp;**Paperboard Containers & Boxes - 2.69%** |  |
| &nbsp;&nbsp;1335 | &nbsp;&nbsp;Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290977 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 2.14%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 2.14%** |  |
| &nbsp;&nbsp;1310 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232093 |
| &nbsp;&nbsp;**Real Estate - 2.39%** | &nbsp;&nbsp;**Real Estate - 2.39%** |  |
| &nbsp;&nbsp;1598 | &nbsp;&nbsp;CBRE Group, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259068 |
| &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 2.81%** | &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 2.81%** |  |
| &nbsp;&nbsp;6130 | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304416 |
| &nbsp;&nbsp;**Retail-Home Furniture, Furnishings & Equipment Stores - 2.70%** | &nbsp;&nbsp;**Retail-Home Furniture, Furnishings & Equipment Stores - 2.70%** |  |
| &nbsp;&nbsp;1550 | &nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291694 |
| &nbsp;&nbsp;**Search, Detection, Navigation, Guidance, Aeronautical Sys - 2.45%** | &nbsp;&nbsp;**Search, Detection, Navigation, Guidance, Aeronautical Sys - 2.45%** |  |
| &nbsp;&nbsp;1098 | &nbsp;&nbsp;Garmin Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265518 |
| &nbsp;&nbsp;**Security & Commodity Brokers, Dealers, Exchanges & Services - 4.49%** | &nbsp;&nbsp;**Security & Commodity Brokers, Dealers, Exchanges & Services - 4.49%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;CBOE Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235950 |
| &nbsp;&nbsp;937 | &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485670 |
| &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 7.68%** | &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 7.68%** |  |
| &nbsp;&nbsp;277 | &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312218 |
| &nbsp;&nbsp;1695 | &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287201 |
| &nbsp;&nbsp;2157 | &nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831555 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 3.58%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 3.58%** |  |
| &nbsp;&nbsp;2225 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387550 |
| &nbsp;&nbsp;**Services-Business Services - 7.15%** | &nbsp;&nbsp;**Services-Business Services - 7.15%** |  |
| &nbsp;&nbsp;450 | &nbsp;&nbsp;Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267880 |
| &nbsp;&nbsp;3656 | &nbsp;&nbsp;PayPal Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256615 |
| &nbsp;&nbsp;710 | &nbsp;&nbsp;Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774259 |
| &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 2.30%** | &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 2.30%** |  |
| &nbsp;&nbsp;820 | &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249321 |
| &nbsp;&nbsp;**Services - Computer Programming, Data Processing, Etc. - 3.38%** | &nbsp;&nbsp;**Services - Computer Programming, Data Processing, Etc. - 3.38%** |  |
| &nbsp;&nbsp;495 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365657 |
| &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 2.26%** | &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 2.26%** |  |
| &nbsp;&nbsp;480 | &nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244685 |
| &nbsp;&nbsp;**Services-Engineering, Accounting, Research, Management - 2.14%** | &nbsp;&nbsp;**Services-Engineering, Accounting, Research, Management - 2.14%** |  |
| &nbsp;&nbsp;1663 | &nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231914 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Services-Video Tape Rental - 2.29%** | &nbsp;&nbsp;**Services-Video Tape Rental - 2.29%** |  |
| &nbsp;&nbsp;205 | &nbsp;&nbsp;Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247691 |
| &nbsp;&nbsp;**Special Industry Machinery - 2.39%** | &nbsp;&nbsp;**Special Industry Machinery - 2.39%** |  |
| &nbsp;&nbsp;2579 | &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258287 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.23%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.23%** |  |
| &nbsp;&nbsp;878 | &nbsp;&nbsp;RESMED, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241020 |
| &nbsp;&nbsp;**Wholesale-Durable Goods - 2.27%** | &nbsp;&nbsp;**Wholesale-Durable Goods - 2.27%** |  |
| &nbsp;&nbsp;242 | &nbsp;&nbsp;W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245267 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $9,413,146) - 95.74% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $9,413,146) - 95.74% | &nbsp;&nbsp;10365125 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 2.22%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 2.22%** |  |
| &nbsp;&nbsp;1182 | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240951 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $249,783) - 2.22% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $249,783) - 2.22% | &nbsp;&nbsp;240951 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 2.05%** | &nbsp;&nbsp;**MONEY MARKET FUND - 2.05%** |  |
| &nbsp;&nbsp;221671 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class - 412% \*\* (Cost $221,671) - 2.05% | &nbsp;&nbsp;221671 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $9,884,600) - 100.01% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $9,884,600) - 100.01% | &nbsp;&nbsp;10827747 |
| &nbsp;&nbsp;LIABILITIES LESS OTHER ASSETS, NET - (0.01%) | &nbsp;&nbsp;LIABILITIES LESS OTHER ASSETS, NET - (0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1154) |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10826593 |
| &nbsp;&nbsp;\* Non-income producing security during period. | &nbsp;&nbsp;\* Non-income producing security during period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**ARCHER MULTI CAP FUND**<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;August 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Shares/Principal</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 93.85%** | &nbsp;&nbsp;**COMMON STOCKS - 93.85%** |  |
| &nbsp;&nbsp;**Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products - 0.93%** | &nbsp;&nbsp;**Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products - 0.93%** |  |
| &nbsp;&nbsp;748 | &nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112327 |
| &nbsp;&nbsp;**Adhesives & Sealants - 0.75%** | &nbsp;&nbsp;**Adhesives & Sealants - 0.75%** |  |
| &nbsp;&nbsp;329 | &nbsp;&nbsp;CSW Industries, Inc. | &nbsp;&nbsp;89995 |
| &nbsp;&nbsp;**Chemicals & Allied Products - 1.02%** | &nbsp;&nbsp;**Chemicals & Allied Products - 1.02%** |  |
| &nbsp;&nbsp;760 | &nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;123188 |
| &nbsp;&nbsp;**Computer Storage Devices - 1.73%** | &nbsp;&nbsp;**Computer Storage Devices - 1.73%** |  |
| &nbsp;&nbsp;2675 | &nbsp;&nbsp;Pure Storage, Inc. Class A \* | &nbsp;&nbsp;207607 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 1.11%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 1.11%** |  |
| &nbsp;&nbsp;1375 | &nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;133072 |
| &nbsp;&nbsp;**Electrical Work - 3.20%** | &nbsp;&nbsp;**Electrical Work - 3.20%** |  |
| &nbsp;&nbsp;292 | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;181040 |
| &nbsp;&nbsp;290 | &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;203980 |
|  |  | &nbsp;&nbsp;385020 |
| &nbsp;&nbsp;**Electronic Computers - 0.98%** | &nbsp;&nbsp;**Electronic Computers - 0.98%** |  |
| &nbsp;&nbsp;510 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;118391 |
| &nbsp;&nbsp;**Fabricated Rubber Products - 1.32%** | &nbsp;&nbsp;**Fabricated Rubber Products - 1.32%** |  |
| &nbsp;&nbsp;410 | &nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;158215 |
| &nbsp;&nbsp;**Finance Services - 3.43%** | &nbsp;&nbsp;**Finance Services - 3.43%** |  |
| &nbsp;&nbsp;7550 | &nbsp;&nbsp;Mara Holdings, Inc. \* | &nbsp;&nbsp;120649 |
| &nbsp;&nbsp;1550 | &nbsp;&nbsp;Mr. Cooper Group, Inc. \* | &nbsp;&nbsp;292221 |
|  |  | &nbsp;&nbsp;412870 |
| &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 1.48%** | &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 1.48%** |  |
| &nbsp;&nbsp;354 | &nbsp;&nbsp;Berkshire Hathaway, Inc. Class B \* | &nbsp;&nbsp;178055 |
| &nbsp;&nbsp;**General Industrial Machinery & Equipment - 1.36%** | &nbsp;&nbsp;**General Industrial Machinery & Equipment - 1.36%** |  |
| &nbsp;&nbsp;3595 | &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;163069 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 0.92%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 0.92%** |  |
| &nbsp;&nbsp;359 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;111243 |
| &nbsp;&nbsp;**Laboratory Analytical Instruments - 1.71%** | &nbsp;&nbsp;**Laboratory Analytical Instruments - 1.71%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;7264 | &nbsp;&nbsp;Avantor, Inc. \* | &nbsp;&nbsp;97846 |
| &nbsp;&nbsp;1073 | &nbsp;&nbsp;Illumina, Inc. \* | &nbsp;&nbsp;107257 |
|  |  | &nbsp;&nbsp;205103 |
| &nbsp;&nbsp;**Misc. Industrial & Commercial Machinery & Equipment - 1.00%** | &nbsp;&nbsp;**Misc. Industrial & Commercial Machinery & Equipment - 1.00%** |  |
| &nbsp;&nbsp;615 | &nbsp;&nbsp;MOOG, Inc. Class A | &nbsp;&nbsp;120448 |
| &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.74%** | &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.74%** |  |
| &nbsp;&nbsp;1842 | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;226548 |
| &nbsp;&nbsp;307 | &nbsp;&nbsp;Tesla, Inc. \* | &nbsp;&nbsp;102498 |
|  |  | &nbsp;&nbsp;329046 |
| &nbsp;&nbsp;**National Commercial Banks - 3.01%** | &nbsp;&nbsp;**National Commercial Banks - 3.01%** |  |
| &nbsp;&nbsp;2951 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;149734 |
| &nbsp;&nbsp;705 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;212501 |
|  |  | &nbsp;&nbsp;362235 |
| &nbsp;&nbsp;**Operative Builders - 1.01%** | &nbsp;&nbsp;**Operative Builders - 1.01%** |  |
| &nbsp;&nbsp;1559 | &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;121119 |
| &nbsp;&nbsp;**Optical Instruments & Lenses - 1.06%** | &nbsp;&nbsp;**Optical Instruments & Lenses - 1.06%** |  |
| &nbsp;&nbsp;1411 | &nbsp;&nbsp;Coherent Corp. \* | &nbsp;&nbsp;127653 |
| &nbsp;&nbsp;**Paints, Varnishes, Lacquers, Enamels, & Allied Products - 1.08%** | &nbsp;&nbsp;**Paints, Varnishes, Lacquers, Enamels, & Allied Products - 1.08%** |  |
| &nbsp;&nbsp;1032 | &nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;129320 |
| &nbsp;&nbsp;**Patent Owners & Lessors - 2.52%** | &nbsp;&nbsp;**Patent Owners & Lessors - 2.52%** |  |
| &nbsp;&nbsp;1117 | &nbsp;&nbsp;Interdigital, Inc. | &nbsp;&nbsp;303500 |
| &nbsp;&nbsp;**Petroleum Refining - 1.45%** | &nbsp;&nbsp;**Petroleum Refining - 1.45%** |  |
| &nbsp;&nbsp;1524 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;174178 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 4.69%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 4.69%** |  |
| &nbsp;&nbsp;956 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;201142 |
| &nbsp;&nbsp;151 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;110620 |
| &nbsp;&nbsp;864 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;153075 |
| &nbsp;&nbsp;325 | &nbsp;&nbsp;United Therapeutics Corp. \* | &nbsp;&nbsp;99047 |
|  |  | &nbsp;&nbsp;563884 |
| &nbsp;&nbsp;**Plastics Products - 1.41%** | &nbsp;&nbsp;**Plastics Products - 1.41%** |  |
| &nbsp;&nbsp;868 | &nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;169928 |
| &nbsp;&nbsp;**Printed Circuit Boards - 1.43%** | &nbsp;&nbsp;**Printed Circuit Boards - 1.43%** |  |
| &nbsp;&nbsp;3204 | &nbsp;&nbsp;Flex Ltd. (Singapore) \* | &nbsp;&nbsp;171798 |
| &nbsp;&nbsp;**Real Estate - 1.24%** | &nbsp;&nbsp;**Real Estate - 1.24%** |  |
| &nbsp;&nbsp;2578 | &nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;148931 |
| &nbsp;&nbsp;**Retail - Auto Dealers & Gasoline Stations - 2.85%** | &nbsp;&nbsp;**Retail - Auto Dealers & Gasoline Stations - 2.85%** |  |
| &nbsp;&nbsp;315 | &nbsp;&nbsp;Caseys General Stores, Inc. | &nbsp;&nbsp;155774 |
| &nbsp;&nbsp;402 | &nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;186842 |
|  |  | &nbsp;&nbsp;342616 |
| &nbsp;&nbsp;**Retail - Catalog & Mail-Order Houses - 1.19%** | &nbsp;&nbsp;**Retail - Catalog & Mail-Order Houses - 1.19%** |  |
| &nbsp;&nbsp;627 | &nbsp;&nbsp;Amazon.com, Inc. \* | &nbsp;&nbsp;143583 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Retail - Department Stores - 1.55%** | &nbsp;&nbsp;**Retail - Department Stores - 1.55%** |  |
| &nbsp;&nbsp;640 | &nbsp;&nbsp;Burlington Stores, Inc. \* | &nbsp;&nbsp;186035 |
| &nbsp;&nbsp;**Retail - Eating & Drinking Places - 0.88%** | &nbsp;&nbsp;**Retail - Eating & Drinking Places - 0.88%** |  |
| &nbsp;&nbsp;998 | &nbsp;&nbsp;Shake Shack, Inc. Class A \* | &nbsp;&nbsp;105788 |
| &nbsp;&nbsp;**Retail - Eating Places - 1.21%** | &nbsp;&nbsp;**Retail - Eating Places - 1.21%** |  |
| &nbsp;&nbsp;930 | &nbsp;&nbsp;Brinker Intl., Inc. \* | &nbsp;&nbsp;145061 |
| &nbsp;&nbsp;**Retail - Home Furniture, Furnishings & Equipment Stores - 1.38%** | &nbsp;&nbsp;**Retail - Home Furniture, Furnishings & Equipment Stores - 1.38%** |  |
| &nbsp;&nbsp;885 | &nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;166548 |
| &nbsp;&nbsp;**Retail - Lumber & Other Building Materials Dealers - 1.10%** | &nbsp;&nbsp;**Retail - Lumber & Other Building Materials Dealers - 1.10%** |  |
| &nbsp;&nbsp;326 | &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;132607 |
| &nbsp;&nbsp;**Retail - Variety Stores - 2.41%** | &nbsp;&nbsp;**Retail - Variety Stores - 2.41%** |  |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;127348 |
| &nbsp;&nbsp;1682 | &nbsp;&nbsp;WalMart, Inc. | &nbsp;&nbsp;163120 |
|  |  | &nbsp;&nbsp;290468 |
| &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 1.97%** | &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 1.97%** |  |
| &nbsp;&nbsp;3808 | &nbsp;&nbsp;Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;237010 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 3.95%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 3.95%** |  |
| &nbsp;&nbsp;566 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;168323 |
| &nbsp;&nbsp;993 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;172961 |
| &nbsp;&nbsp;2296 | &nbsp;&nbsp;Semtech Corp. \* | &nbsp;&nbsp;133375 |
|  |  | &nbsp;&nbsp;474659 |
| &nbsp;&nbsp;**Services - Business Services - 5.06%** | &nbsp;&nbsp;**Services - Business Services - 5.06%** |  |
| &nbsp;&nbsp;2406 | &nbsp;&nbsp;Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127542 |
| &nbsp;&nbsp;232 | &nbsp;&nbsp;MasterCard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138107 |
| &nbsp;&nbsp;1842 | &nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210983 |
| &nbsp;&nbsp;376 | &nbsp;&nbsp;Visa, Inc. Class A | &nbsp;&nbsp;132269 |
|  |  | &nbsp;&nbsp;608901 |
| &nbsp;&nbsp;**Services - Computer Programming, Data Processing - 5.96%** | &nbsp;&nbsp;**Services - Computer Programming, Data Processing - 5.96%** |  |
| &nbsp;&nbsp;732 | &nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp;155850 |
| &nbsp;&nbsp;1328 | &nbsp;&nbsp;Alphabet, Inc. Class C | &nbsp;&nbsp;283568 |
| &nbsp;&nbsp;375 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;277013 |
|  |  | &nbsp;&nbsp;716431 |
| &nbsp;&nbsp;**Services - Engineering Services - 1.26%** | &nbsp;&nbsp;**Services - Engineering Services - 1.26%** |  |
| &nbsp;&nbsp;1215 | &nbsp;&nbsp;AECOM | &nbsp;&nbsp;151741 |
| &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 1.71%** | &nbsp;&nbsp;**Services - Equipment Rental & Leasing - 1.71%** |  |
| &nbsp;&nbsp;3415 | &nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;205617 |
| &nbsp;&nbsp;**Services - Prepackaged Software - 6.63%** | &nbsp;&nbsp;**Services - Prepackaged Software - 6.63%** |  |
| &nbsp;&nbsp;3163 | &nbsp;&nbsp;Aci Worldwide, Inc. \* | &nbsp;&nbsp;156097 |
| &nbsp;&nbsp;1383 | &nbsp;&nbsp;DocuSign, Inc. \* | &nbsp;&nbsp;106021 |
| &nbsp;&nbsp;2173 | &nbsp;&nbsp;Dynatrace, Inc. \* | &nbsp;&nbsp;109954 |
| &nbsp;&nbsp;787 | &nbsp;&nbsp;Manhattan Associates, Inc. \* | &nbsp;&nbsp;169551 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;314 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;159101 |
| &nbsp;&nbsp;379 | &nbsp;&nbsp;Salesforce.com, Inc. | &nbsp;&nbsp;97119 |
|  |  | &nbsp;&nbsp;797843 |
| &nbsp;&nbsp;**Services - Video Tape Rental - 1.93%** | &nbsp;&nbsp;**Services - Video Tape Rental - 1.93%** |  |
| &nbsp;&nbsp;192 | &nbsp;&nbsp;Netflix, Inc. \* | &nbsp;&nbsp;231984 |
| &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.99%** | &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.99%** |  |
| &nbsp;&nbsp;761 | &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;119507 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.03%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.03%** |  |
| &nbsp;&nbsp;686 | &nbsp;&nbsp;Inspire Medical Systems, Inc. \* | &nbsp;&nbsp;64271 |
| &nbsp;&nbsp;1983 | &nbsp;&nbsp;Merit Medical Systems, Inc. \* | &nbsp;&nbsp;179541 |
|  |  | &nbsp;&nbsp;243812 |
| &nbsp;&nbsp;**Totalizing Fluid Meters & Counting Devices - 1.23%** | &nbsp;&nbsp;**Totalizing Fluid Meters & Counting Devices - 1.23%** |  |
| &nbsp;&nbsp;811 | &nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;148348 |
| &nbsp;&nbsp;**Transportation Services - 1.00%** | &nbsp;&nbsp;**Transportation Services - 1.00%** |  |
| &nbsp;&nbsp;932 | &nbsp;&nbsp;XPO, Inc. \* | &nbsp;&nbsp;120880 |
| &nbsp;&nbsp;**Water, Sewer, Pipeline, Comm & Power Line Construction - 1.55%** | &nbsp;&nbsp;**Water, Sewer, Pipeline, Comm & Power Line Construction - 1.55%** |  |
| &nbsp;&nbsp;739 | &nbsp;&nbsp;Dycom Industries, Inc. \* | &nbsp;&nbsp;186575 |
| &nbsp;&nbsp;**Wholesale - Groceries & Related Products - 1.19%** | &nbsp;&nbsp;**Wholesale - Groceries & Related Products - 1.19%** |  |
| &nbsp;&nbsp;1850 | &nbsp;&nbsp;US Foods Holdings Corp. \* | &nbsp;&nbsp;143560 |
| &nbsp;&nbsp;**Wholesale - Hardware & Plumbing & Heating Equipment & Supplies - 1.12%** | &nbsp;&nbsp;**Wholesale - Hardware & Plumbing & Heating Equipment & Supplies - 1.12%** |  |
| &nbsp;&nbsp;335 | &nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;134797 |
| &nbsp;&nbsp;**Wholesale - Metals Service Centers & Offices - 1.12%** | &nbsp;&nbsp;**Wholesale - Metals Service Centers & Offices - 1.12%** |  |
| &nbsp;&nbsp;455 | &nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;134525 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $9,371,732) - 93.85% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $9,371,732) - 93.85% | &nbsp;&nbsp;11289091 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 3.76%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 3.76%** |  |
| &nbsp;&nbsp;6089 | &nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;209523 |
| &nbsp;&nbsp;3960 | &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;124027 |
| &nbsp;&nbsp;6466 | &nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;118974 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $422,667) - 3.76% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $422,667) - 3.76% | &nbsp;&nbsp;452524 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 2.33%** | &nbsp;&nbsp;**MONEY MARKET FUND - 2.33%** |  |
| &nbsp;&nbsp;279863 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class - 412% \*\* (Cost $279,863) - 2.33% | &nbsp;&nbsp;279863 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $10,074,262) - 99.94% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $10,074,262) - 99.94% | &nbsp;&nbsp;12021478 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.06% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 0.06% | &nbsp;&nbsp;6765 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12028243 |
| &nbsp;&nbsp;\* Non-income producing security during period. | &nbsp;&nbsp;\* Non-income producing security during period. |  |

---

\*\* Variable rate security; the coupon rate shown represents the yield at August 31, 2025. <br> The accompanying notes are an integral part of these financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** |
| &nbsp;&nbsp;STATEMENTS OF ASSETS & LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS & LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS & LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS & LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS & LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS & LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS & LIABILITIES |
| &nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;August 31, 2025 |
|  | &nbsp;&nbsp;**Balanced** | &nbsp;&nbsp;**Income** | &nbsp;&nbsp;**Stock** | &nbsp;&nbsp;**Dividend** | &nbsp;&nbsp;**Focus** | &nbsp;&nbsp;**Multi Cap** |
| &nbsp;&nbsp;Assets: | &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Growth Fund** | &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Fair Value (Cost $32,975,507, | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;55454785 | &nbsp;&nbsp;$30226337 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25112356 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;27278419 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10827747 | &nbsp;&nbsp;$12021478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30,343,098, $13,673,969, $19,858,227, $9,884,600, and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10,074,262, respectively) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;3010 | &nbsp;&nbsp;71 | &nbsp;&nbsp;2661 | &nbsp;&nbsp;338 | &nbsp;&nbsp; 298 | &nbsp;&nbsp;170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Subscriptions | &nbsp;&nbsp;11194 | &nbsp;&nbsp;4041 | &nbsp;&nbsp;5638 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;150203 | &nbsp;&nbsp;307025 | &nbsp;&nbsp;313 | &nbsp;&nbsp;6855 | &nbsp;&nbsp;617 | &nbsp;&nbsp;2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend | &nbsp;&nbsp;74878 | &nbsp;&nbsp;3375 | &nbsp;&nbsp;31645 | &nbsp;&nbsp;103954 | &nbsp;&nbsp;7660 | &nbsp;&nbsp;7505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | &nbsp;&nbsp; 18091 | &nbsp;&nbsp; 11673 | &nbsp;&nbsp; 10302 | &nbsp;&nbsp; 18228 | &nbsp;&nbsp; 5724 | &nbsp;&nbsp; 10918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 55712161 | &nbsp;&nbsp; 30552522 | &nbsp;&nbsp; 25162915 | &nbsp;&nbsp; 27410794 | &nbsp;&nbsp; 10842046 | &nbsp;&nbsp; 12042187 |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Redemptions | &nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;3689 | &nbsp;&nbsp; 2041 | &nbsp;&nbsp;1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | &nbsp;&nbsp;43107 | &nbsp;&nbsp;13343 | &nbsp;&nbsp; 16678 | &nbsp;&nbsp; 11454 | &nbsp;&nbsp; 3337 | &nbsp;&nbsp;2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Compliance Officer | &nbsp;&nbsp; 354 | &nbsp;&nbsp;192 | &nbsp;&nbsp; 160 | &nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Trustees | &nbsp;&nbsp;1723 | &nbsp;&nbsp;360 | &nbsp;&nbsp;907 | &nbsp;&nbsp;790 | &nbsp;&nbsp;127 | &nbsp;&nbsp;180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Transfer Agent | &nbsp;&nbsp;4420 | &nbsp;&nbsp;3480 | &nbsp;&nbsp;2425 | &nbsp;&nbsp;3458 | &nbsp;&nbsp;2525 | &nbsp;&nbsp;2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | &nbsp;&nbsp; 8437 | &nbsp;&nbsp; 8516 | &nbsp;&nbsp; 7829 | &nbsp;&nbsp; 7598 | &nbsp;&nbsp; 7423 | &nbsp;&nbsp; 7407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp; 61065 | &nbsp;&nbsp;25891 | &nbsp;&nbsp; 27999 | &nbsp;&nbsp; 27156 | &nbsp;&nbsp; 15453 | &nbsp;&nbsp; 13944 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;55651096 | &nbsp;&nbsp;$30526631 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25134916 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;27383638 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10826593 | &nbsp;&nbsp;$12028243 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;32054641 | &nbsp;&nbsp;$31055506 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10792420 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;20461346 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9641216 | &nbsp;&nbsp;$9308374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings (Deficit) | &nbsp;&nbsp; 23596455 | &nbsp;&nbsp; (528875) | &nbsp;&nbsp; 14342496 | &nbsp;&nbsp; 6922292 | &nbsp;&nbsp; 1185377 | &nbsp;&nbsp; 2719869 |
| &nbsp;&nbsp;Net Assets (unlimited shares authorized; 2,956,038, 1,671,932, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334,982, 962,866, 452,029, and 778,725 shares outstanding, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;55651096 | &nbsp;&nbsp;$30526631 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25134916 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;27383638 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10826593 | &nbsp;&nbsp;$12028243 |
| &nbsp;&nbsp;Net Asset Value and Offering Price Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.83 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.26 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75.03 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.44 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.95 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.45 |
| &nbsp;&nbsp;Redemption Price Per Share ($18.83 x 0.99), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($18.26 x 0.99), ($75.03 x 0.99), ($28.44 x 0.99), ($23.95 x 0.99), & |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($15.45 x 0.99), respectively \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.64 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.08 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74.28 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.16 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.30 |

---

---

| |
|:---|
| &nbsp;&nbsp;\*The Funds will deduct a 1.00% redemption fee from redemption proceeds if purchased and redeemed within 90 days. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** | &nbsp;&nbsp;**ARCHER FUNDS** |
| &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS |
| &nbsp;&nbsp;FOR THE YEAR ENDED AUGUST 31, 2025 | &nbsp;&nbsp;FOR THE YEAR ENDED AUGUST 31, 2025 | &nbsp;&nbsp;FOR THE YEAR ENDED AUGUST 31, 2025 | &nbsp;&nbsp;FOR THE YEAR ENDED AUGUST 31, 2025 | &nbsp;&nbsp;FOR THE YEAR ENDED AUGUST 31, 2025 | &nbsp;&nbsp;FOR THE YEAR ENDED AUGUST 31, 2025 | &nbsp;&nbsp;FOR THE YEAR ENDED AUGUST 31, 2025 |
| &nbsp;&nbsp;Investment Income: | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp;**Income Fund** | &nbsp;&nbsp;**Stock Fund** | &nbsp;&nbsp; **Dividend**<br> **Growth Fund** | &nbsp;&nbsp;**Focus Fund** | &nbsp;&nbsp;**Multi Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $7,618, $0, $0, $5,859, $0, and $140, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 702612 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 77682 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 314635 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 899746 | &nbsp;&nbsp;$223324 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 90907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661270 | &nbsp;&nbsp; 1140812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363882 | &nbsp;&nbsp; 1218494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113580 |
| &nbsp;&nbsp;Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Officer Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19136 &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18616 &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Mailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived and/or Reimbursed by the Advisor (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33396) | &nbsp;&nbsp; (120533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89992 |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23588 |
| &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764370 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2735352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165077 | &nbsp;&nbsp; (1403584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171027 | &nbsp;&nbsp; (492595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245944 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3815257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412254 | &nbsp;&nbsp; (317415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010314 |
| &nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4554925 | &nbsp;&nbsp;$1203316 | &nbsp;&nbsp;$1664332 | &nbsp;&nbsp;$2144474 | &nbsp;&nbsp; $(189034) | &nbsp;&nbsp;$1033902 |

---

---

| |
|:---|
| &nbsp;&nbsp;(a) See Note 5 in the Notes to the Financial Statements. |
| &nbsp;&nbsp;(b) The Miscellaneous Expenses include Bond Pricing Services of $5,000 and $9,097, respectively. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;Increase in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 739668 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 610289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1727156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Derivatives & Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4609301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4554925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6946746 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (626363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (626363) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5785744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5313178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5030477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6873114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2537952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1046245) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4926366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5274138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50724730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45450592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$55651096 | &nbsp;&nbsp;$50724730 |
| &nbsp;&nbsp;Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (419511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2813790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2884983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at End of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2956038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2813790 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER INCOME FUND** | &nbsp;&nbsp;**ARCHER INCOME FUND** | &nbsp;&nbsp;**ARCHER INCOME FUND** |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 972485 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 676980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Derivatives & Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1212613 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (964454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (687398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (964454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (687398) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12392806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4745770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2379155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3164824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10661896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026436 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10900758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19625873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17074222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$30526631 | &nbsp;&nbsp;$19625873 |
| &nbsp;&nbsp;Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at End of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083446 |

---

<br> The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER STOCK FUND** | &nbsp;&nbsp;**ARCHER STOCK FUND** | &nbsp;&nbsp;**ARCHER STOCK FUND** |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53323 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3014593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1403584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2867816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1664332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5119018 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1871413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1362233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1871413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1362233) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3007767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3002030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3548007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577507 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4334292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25227166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20892874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$25134916 | &nbsp;&nbsp;$25227166 |
| &nbsp;&nbsp;Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at End of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333486 |

---

<br> The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;Increase in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 732220 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 615290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2712761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2144474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3727385 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (731306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (731306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617317) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3702249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3227946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1841026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2676832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2451981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047715 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3865149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4157783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23518489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19360706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$27383638 | &nbsp;&nbsp;$23518489 |
| &nbsp;&nbsp;Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at End of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872353 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER FOCUS FUND** | &nbsp;&nbsp;**ARCHER FOCUS FUND** | &nbsp;&nbsp;**ARCHER FOCUS FUND** |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 128381 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 153183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2264548 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82045) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1263395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56077) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (328278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11154871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9028445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$10826593 | &nbsp;&nbsp;$11154871 |
| &nbsp;&nbsp;Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at End of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411541 |

---

<br> The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23588 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626549 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15143) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3733020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (545818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3469742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471462 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4202618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7825625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$12028243 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7825625 |
| &nbsp;&nbsp;Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at End of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539057 |

---

<br> The accompanying notes are an integral part of these financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** | &nbsp;&nbsp;**ARCHER BALANCED FUND** |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  |  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |  | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp;$15.75 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;14.98 | &nbsp;&nbsp;$16.54 | &nbsp;&nbsp;$13.96 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp; 0.22 |  | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; 0.16 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp; 1.31 | &nbsp;&nbsp; 2.28 |  | &nbsp;&nbsp; 1.07 | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; 1.56 | &nbsp;&nbsp; 2.50 |  | &nbsp;&nbsp; 1.26 | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; 2.75 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.22) |  | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.17) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.22) |  | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.17) |
| &nbsp;&nbsp;Proceeds from Redemption Fees \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;$18.03 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;14.98 | &nbsp;&nbsp;$16.54 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp; 8.96% | &nbsp;&nbsp; 16.03% |  | &nbsp;&nbsp; 8.72% | &nbsp;&nbsp;(7.70)% | &nbsp;&nbsp; 19.82% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$55651 | &nbsp;&nbsp;$50725 |  | &nbsp;&nbsp;$45451 | &nbsp;&nbsp;$44215 | &nbsp;&nbsp;$51011 |
| &nbsp;&nbsp; Before Waivers and Reimbursements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;1.30% |  | &nbsp;&nbsp;1.31% | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;1.36% | &nbsp;&nbsp;1.21% |  | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;0.94% | &nbsp;&nbsp;0.98% |
| &nbsp;&nbsp; After Waivers and Reimbursements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.20% |  | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;1.42% | &nbsp;&nbsp;1.31% |  | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.05% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;17.55% | &nbsp;&nbsp;11.69% |  | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;6.35% | &nbsp;&nbsp;17.23% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |
| &nbsp;&nbsp;\*\* Amount less than $0.005 per share. |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER INCOME FUND** | &nbsp;&nbsp;**ARCHER INCOME FUND** | &nbsp;&nbsp;**ARCHER INCOME FUND** | &nbsp;&nbsp;**ARCHER INCOME FUND** | &nbsp;&nbsp;**ARCHER INCOME FUND** | &nbsp;&nbsp;**ARCHER INCOME FUND** |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$18.11 | &nbsp;&nbsp;$17.57 | &nbsp;&nbsp;$17.99 | &nbsp;&nbsp;$19.76 | &nbsp;&nbsp;$19.51 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp; 0.69 | &nbsp;&nbsp; 0.70 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp; 0.51 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp; 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; 0.82 | &nbsp;&nbsp; 1.25 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; 0.77 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.52) |
| &nbsp;&nbsp;Proceeds from Redemption Fees \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$18.26 | &nbsp;&nbsp;$18.11 | &nbsp;&nbsp;$17.57 | &nbsp;&nbsp;$17.99 | &nbsp;&nbsp;$19.76 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp;(6.66)% | &nbsp;&nbsp; 3.97% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$30527 | &nbsp;&nbsp;$19626 | &nbsp;&nbsp;$17074 | &nbsp;&nbsp;$9431 | &nbsp;&nbsp;$11309 |
| &nbsp;&nbsp; Before Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;1.56% | &nbsp;&nbsp;1.66% | &nbsp;&nbsp;1.83% | &nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;3.32% | &nbsp;&nbsp;3.32% | &nbsp;&nbsp;2.81% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;1.84% |
| &nbsp;&nbsp; After Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;3.79% | &nbsp;&nbsp;3.92% | &nbsp;&nbsp;3.52% | &nbsp;&nbsp;2.47% | &nbsp;&nbsp;2.61% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;25.61% | &nbsp;&nbsp;23.30% | &nbsp;&nbsp;16.24% | &nbsp;&nbsp;14.52% | &nbsp;&nbsp;29.76% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |  |
| &nbsp;&nbsp;\*\* Amount less than $0.005 per share. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER STOCK FUND** | &nbsp;&nbsp;**ARCHER STOCK FUND** | &nbsp;&nbsp;**ARCHER STOCK FUND** | &nbsp;&nbsp;**ARCHER STOCK FUND** | &nbsp;&nbsp;**ARCHER STOCK FUND** | &nbsp;&nbsp;**ARCHER STOCK FUND** |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$75.65 | &nbsp;&nbsp;$64.44 | &nbsp;&nbsp;$57.11 | &nbsp;&nbsp;$71.62 | &nbsp;&nbsp;$54.69 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.15) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp; 4.76 | &nbsp;&nbsp; 15.46 | &nbsp;&nbsp; 8.89 | &nbsp;&nbsp; (11.58) | &nbsp;&nbsp; 17.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; 4.92 | &nbsp;&nbsp; 15.54 | &nbsp;&nbsp; 8.97 | &nbsp;&nbsp; (11.67) | &nbsp;&nbsp; 16.94 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp; (5.41) | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp; (1.59) | &nbsp;&nbsp; (2.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; (5.54) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; (2.84) | &nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;Proceeds from Redemption Fees \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$75.03 | &nbsp;&nbsp;$75.65 | &nbsp;&nbsp;$64.44 | &nbsp;&nbsp;$57.11 | &nbsp;&nbsp;$71.62 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 25.24% | &nbsp;&nbsp; 16.17% | &nbsp;&nbsp;(17.09)% | &nbsp;&nbsp; 30.97% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$25135 | &nbsp;&nbsp;$25227 | &nbsp;&nbsp;$20893 | &nbsp;&nbsp;$22117 | &nbsp;&nbsp;$27990 |
| &nbsp;&nbsp; Before Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;1.39% | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;0.04% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.29)% | &nbsp;&nbsp; (0.40)% |
| &nbsp;&nbsp; After Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets <sup>(a)</sup> | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;0.22% | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;0.14% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; (0.24)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;29.91% | &nbsp;&nbsp;8.56% | &nbsp;&nbsp;6.58% | &nbsp;&nbsp;8.04% | &nbsp;&nbsp;14.90% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |
| &nbsp;&nbsp;\*\* Amount less than $0.005 per share. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;(a) As of May 1, 2025, the expense reimbursement was reduced from 1.23% to 1.15% of the average daily net assets. | &nbsp;&nbsp;(a) As of May 1, 2025, the expense reimbursement was reduced from 1.23% to 1.15% of the average daily net assets. | &nbsp;&nbsp;(a) As of May 1, 2025, the expense reimbursement was reduced from 1.23% to 1.15% of the average daily net assets. | &nbsp;&nbsp;(a) As of May 1, 2025, the expense reimbursement was reduced from 1.23% to 1.15% of the average daily net assets. | &nbsp;&nbsp;(a) As of May 1, 2025, the expense reimbursement was reduced from 1.23% to 1.15% of the average daily net assets. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** | &nbsp;&nbsp;**ARCHER DIVIDEND GROWTH FUND** |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$26.96 | &nbsp;&nbsp;$23.28 | &nbsp;&nbsp;$24.13 | &nbsp;&nbsp;$24.02 | &nbsp;&nbsp;$18.99 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp; 0.73 | &nbsp;&nbsp; 0.75 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp; 0.53 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp; 1.48 | &nbsp;&nbsp; 3.69 | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp; 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; 2.27 | &nbsp;&nbsp; 4.42 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp; 5.55 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.52) |
| &nbsp;&nbsp;Proceeds from Redemption Fees \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$28.44 | &nbsp;&nbsp;$26.96 | &nbsp;&nbsp;$23.28 | &nbsp;&nbsp;$24.13 | &nbsp;&nbsp;$24.02 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp; 8.57% | &nbsp;&nbsp; 19.39% | &nbsp;&nbsp; (0.59)% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 29.56% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$27384 | &nbsp;&nbsp;$23518 | &nbsp;&nbsp;$19361 | &nbsp;&nbsp;$24545 | &nbsp;&nbsp;$23596 |
| &nbsp;&nbsp; Before Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;1.42% | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;2.51% | &nbsp;&nbsp;2.59% | &nbsp;&nbsp;2.71% | &nbsp;&nbsp;1.94% | &nbsp;&nbsp;2.02% |
| &nbsp;&nbsp; After Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;2.91% | &nbsp;&nbsp;3.03% | &nbsp;&nbsp;3.15% | &nbsp;&nbsp;2.34% | &nbsp;&nbsp;2.47% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;13.85% | &nbsp;&nbsp;14.03% | &nbsp;&nbsp;10.37% | &nbsp;&nbsp;18.05% | &nbsp;&nbsp;25.30% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. |  |  |  |
| &nbsp;&nbsp;\*\* Amount less than $0.005 per share. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER FOCUS FUND** | &nbsp;&nbsp;**ARCHER FOCUS FUND** | &nbsp;&nbsp;**ARCHER FOCUS FUND** | &nbsp;&nbsp;**ARCHER FOCUS FUND** | &nbsp;&nbsp;**ARCHER FOCUS FUND** | &nbsp;&nbsp;**ARCHER FOCUS FUND** |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;21.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;20.67 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp; 0.15 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; 4.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 1.67 | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; 4.84 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.10) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp; (2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; (2.67) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; (2.42) | &nbsp;&nbsp; (0.10) |
| &nbsp;&nbsp;Proceeds from Redemption Fees \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;23.95 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;21.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25.41 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp; (1.67)% | &nbsp;&nbsp;25.42% | &nbsp;&nbsp;8.25% | &nbsp;&nbsp; (6.67)% | &nbsp;&nbsp;23.46% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$10827 | &nbsp;&nbsp;$11155 | &nbsp;&nbsp;$9028 | &nbsp;&nbsp;$3438 | &nbsp;&nbsp;$3691 |
| &nbsp;&nbsp; Before Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;1.66% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;2.61% | &nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;1.24% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (1.51)% |
| &nbsp;&nbsp; After Waivers and Reimbursements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.56% | &nbsp;&nbsp;2.03% | &nbsp;&nbsp;1.45% | &nbsp;&nbsp;0.64% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;111.01% | &nbsp;&nbsp;89.11% | &nbsp;&nbsp;69.27% | &nbsp;&nbsp;64.39% | &nbsp;&nbsp;120.30% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. |  |  |  |  |
| &nbsp;&nbsp;\*\* Amount less than $0.005 per share. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** | &nbsp;&nbsp;**ARCHER MULTI CAP FUND** |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 |  | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$14.52 | &nbsp;&nbsp;$11.42 | &nbsp;&nbsp;$10.97 | &nbsp;&nbsp;$13.50 |  | &nbsp;&nbsp;$10.32 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.02) |  | &nbsp;&nbsp; (0.03) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13 | &nbsp;&nbsp; (2.29) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp; (2.31) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; \*\* | &nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.22) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.22) |  | &nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;Proceeds from Redemption Fees \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$15.45 | &nbsp;&nbsp;$14.52 | &nbsp;&nbsp;$11.42 | &nbsp;&nbsp;$10.97 |  | &nbsp;&nbsp;$13.50 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp;10.25% | &nbsp;&nbsp;27.46% | &nbsp;&nbsp;11.75% | &nbsp;&nbsp; (17.42)% |  | &nbsp;&nbsp;31.07% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$12028 | &nbsp;&nbsp;$7826 | &nbsp;&nbsp;$5743 | &nbsp;&nbsp;$4262 |  | &nbsp;&nbsp;$4856 |
| &nbsp;&nbsp; Before Waivers and Reimbursements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.66% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;1.98% |  | &nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Loss to Average Net Assets | &nbsp;&nbsp; (0.47)% | &nbsp;&nbsp; (0.58)% | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp; (1.16)% |  | &nbsp;&nbsp; (1.70)% |
| &nbsp;&nbsp; After Waivers and Reimbursements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% |  | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp; (0.13)% |  | &nbsp;&nbsp; (0.26)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;48.17% | &nbsp;&nbsp;57.42% | &nbsp;&nbsp;52.08% | &nbsp;&nbsp;62.50% |  | &nbsp;&nbsp;39.02% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. |  |  |  |  |  |
| &nbsp;&nbsp;\*\* Amount less than $0.005 per share. |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |  |

---

**Archer Funds**

Notes to Financial Statements

August 31, 2025

**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 six 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").

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 year ended August 31, 2025, 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 year ended August 31, 2025, the Balanced Fund, Income Fund, Stock Fund, Dividend Growth Fund, Focus Fund, and Multi Cap Fund collected $1,144, $711, $331, $371, $140, and $324 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 year ended August 31, 2025.

*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 a model that incorporates 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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>BALANCED FUND</u>** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$36565853 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$36565853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds \* | &nbsp;&nbsp;- | &nbsp;&nbsp;9439154 | &nbsp;&nbsp;- | &nbsp;&nbsp;9439154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;- | &nbsp;&nbsp;2337418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;2337418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;1807706 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp;1807706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Securities \* | &nbsp;&nbsp;268220 | &nbsp;&nbsp;265198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;533418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured Notes \* | &nbsp;&nbsp;- | &nbsp;&nbsp;504198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;504198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies & Obligations | &nbsp;&nbsp;- | &nbsp;&nbsp;742002 | &nbsp;&nbsp;- | &nbsp;&nbsp;742002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;3525036 | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;3525036 |
|  | &nbsp;&nbsp;$42166815 | &nbsp;&nbsp;$13287970 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$55454785 |

---

The following table summarizes the inputs used to value Income Fund's assets measured at fair value as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>INCOME FUND</u>** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$16724042 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$16724042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;801010 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;801010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;- | &nbsp;&nbsp;3691125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;3691125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Securities \* | &nbsp;&nbsp;162390 | &nbsp;&nbsp;496587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;658977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured Notes \* | &nbsp;&nbsp;- | &nbsp;&nbsp;617424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;617424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies & Obligations | &nbsp;&nbsp;- | &nbsp;&nbsp;742002 | &nbsp;&nbsp;- | &nbsp;&nbsp;742002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;6991757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;6991757 |
|  | &nbsp;&nbsp;$7955157 | &nbsp;&nbsp;$22271180 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$30226337 |

---

The following table summarizes the inputs used to value Stock Fund's assets measured at fair value as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>STOCK FUND</u>** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$24509099 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$24509099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust | &nbsp;&nbsp;375084 |  |  | &nbsp;&nbsp;375084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;228173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;228173 |
|  | &nbsp;&nbsp;$25112356 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$25112356 |

---

The following table summarizes the inputs used to value Dividend Growth Fund's assets measured at fair value as of August 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>DIVIDEND GROWTH FUND</u>** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$22904269 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$22904269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;2568436 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2568436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;1805714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;1805714 |
|  | &nbsp;&nbsp;$27278419 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$27278419 |

---

The following table summarizes the inputs used to value Focus Fund's assets measured at fair value as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>FOCUS FUND</u>** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$10365125 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$10365125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;240951 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;240951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;221671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;221671 |
|  | &nbsp;&nbsp;$10827747 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$10827747 |

---

The following table summarizes the inputs used to value Multi Cap Fund's assets measured at fair value as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>MULTI CAP FUND</u>** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$11289091 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$11289091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;452524 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;452524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;279863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;279863 |
|  | &nbsp;&nbsp;$12021478 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$12021478 |

---

\*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 year ended August 31, 2025; 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 August 31, 2025, there were no options outstanding in any Fund. The Funds did not have any options transactions during the year ended August 31, 2025.

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:

<u>Asset Derivatives</u>

Investment in Securities, at Value

Structured Notes

Balanced Fund $504,198

Income Fund $617,424

Unrealized gains and losses on derivatives during the year ended August 31, 2025, for the Balanced and Income Funds, are included in the Statement of Operations, in the location, "Net Change in Unrealized Appreciation on Derivatives" as follows:

Balanced Fund $65,496 Income Fund $71,025

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 years ended August 31, 2025 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 year ended August 31, 2025, the Advisor accrued the following fees before the waivers and reimbursements described below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp; **Income**<br> **Fund** | &nbsp;&nbsp; **Stock**<br> **Fund** | &nbsp;&nbsp;**Dividend Growth Fund** | &nbsp;&nbsp; **Focus**<br> **Fund** | &nbsp;&nbsp;**Multi Cap Fund** |
| &nbsp;&nbsp;Advisor Fees Accrued | &nbsp;&nbsp;$260089 | &nbsp;&nbsp;$128130 | &nbsp;&nbsp;$121650 | &nbsp;&nbsp;$125539 | &nbsp;&nbsp;$53582 | &nbsp;&nbsp;$47364 |

---

At August 31, 2025, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp; **Income**<br> **Fund** | &nbsp;&nbsp; **Stock**<br> **Fund** | &nbsp;&nbsp;**Dividend Growth Fund** | &nbsp;&nbsp; **Focus**<br> **Fund** | &nbsp;&nbsp;**Multi Cap Fund** |
| &nbsp;&nbsp;Due to Advisor | &nbsp;&nbsp;$21561 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;$6100 | &nbsp;&nbsp;$11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Due from Advisor | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$1222 | &nbsp;&nbsp;$2725 |

---

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 year ended August 31, 2025, Administrative fees earned and payable to the Advisor were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp; **Income**<br> **Fund** | &nbsp;&nbsp; **Stock**<br> **Fund** | &nbsp;&nbsp;**Dividend Growth Fund** | &nbsp;&nbsp; **Focus**<br> **Fund** | &nbsp;&nbsp;**Multi Cap Fund** |
| &nbsp;&nbsp;Administrative Fees Accrued | &nbsp;&nbsp;$251008 | &nbsp;&nbsp;$128130 | &nbsp;&nbsp;$121650 | &nbsp;&nbsp;$125539 | &nbsp;&nbsp;$53582 | &nbsp;&nbsp;$47364 |
| &nbsp;&nbsp;Administrative Fees Due | &nbsp;&nbsp;$21546 | &nbsp;&nbsp;$12942 | &nbsp;&nbsp;$10578 | &nbsp;&nbsp;$11443 | &nbsp;&nbsp;$4559 | &nbsp;&nbsp;$4978 |

---

**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 year ended August 31, 2025, the Advisor waived fees of $33,396. 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Subject to Repayment** |
| &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>by August 31,</u>** |
| &nbsp;&nbsp;$48353 | &nbsp;&nbsp;2026 |
| &nbsp;&nbsp;$46577 | &nbsp;&nbsp;2027 |
| &nbsp;&nbsp;$33396 | &nbsp;&nbsp;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 year ended August 31, 2025, the Advisor waived fees of $120,533. 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Subject to Repayment** |
| &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>by August 31,</u>** |
| &nbsp;&nbsp;$90296 | &nbsp;&nbsp;2026 |
| &nbsp;&nbsp;$103936 | &nbsp;&nbsp;2027 |
| &nbsp;&nbsp;$120533 | &nbsp;&nbsp;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 year ended August 31, 2025, the Advisor waived fees of $44,014. 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Subject to Repayment** |
| &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>by August 31,</u>** |
| &nbsp;&nbsp;$43793 | &nbsp;&nbsp;2026 |
| &nbsp;&nbsp;$35533 | &nbsp;&nbsp;2027 |
| &nbsp;&nbsp;$44014 | &nbsp;&nbsp;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 year ended August 31, 2025, the Advisor waived fees of $101,832. 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Subject to Repayment** |
| &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>by August 31,</u>** |
| &nbsp;&nbsp;$99666 | &nbsp;&nbsp;2026 |
| &nbsp;&nbsp;$89355 | &nbsp;&nbsp;2027 |
| &nbsp;&nbsp;$101832 | &nbsp;&nbsp;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 year ended August 31, 2025, the Advisor waived fees of $53,582 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Subject to Repayment** |
| &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>by August 31,</u>** |
| &nbsp;&nbsp;$48117 | &nbsp;&nbsp;2026 |
| &nbsp;&nbsp;$66247 | &nbsp;&nbsp;2027 |
| &nbsp;&nbsp;$66335 | &nbsp;&nbsp;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 year ended August 31, 2025, the Advisor waived fees of $47,364 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Subject to Repayment** |
| &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>by August 31,</u>** |
| &nbsp;&nbsp;$48165 | &nbsp;&nbsp;2026 |
| &nbsp;&nbsp;$54996 | &nbsp;&nbsp;2027 |
| &nbsp;&nbsp;$67830 | &nbsp;&nbsp;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 year ended August 31, 2025, MSS earned fees of $210,901 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 year ended August 31, 2025, Mr. Pokersnik earned fees of $12,028 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 year ended August 31, 2025, the Advisor earned fees from these shareholder accounts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp; **Income**<br> **Fund** | &nbsp;&nbsp; **Stock**<br> **Fund** | &nbsp;&nbsp;**Dividend Growth Fund** | &nbsp;&nbsp; **Focus**<br> **Fund** | &nbsp;&nbsp;**Multi Cap Fund** |
| &nbsp;&nbsp;$6224 | &nbsp;&nbsp;$127 | &nbsp;&nbsp;$5953 | &nbsp;&nbsp;$539 | &nbsp;&nbsp;$97 | &nbsp;&nbsp;$35 |

---

**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 year ended August 31, 2025, purchases and sales of investment securities, other than short-term investments and short-term U.S. government obligations were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced Fund** | &nbsp;&nbsp; **Income**<br> **Fund** | &nbsp;&nbsp; **Stock**<br> **Fund** | &nbsp;&nbsp;**Dividend Growth Fund** | &nbsp;&nbsp; **Focus**<br> **Fund** | &nbsp;&nbsp;**Multi Cap Fund** |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;$9473456 | &nbsp;&nbsp;$11218339 | &nbsp;&nbsp;$7104728 | &nbsp;&nbsp;$5145432 | &nbsp;&nbsp;$11668846 | &nbsp;&nbsp;$7512277 |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;$8566498 | &nbsp;&nbsp;$5284096 | &nbsp;&nbsp;$7892065 | &nbsp;&nbsp;$3239551 | &nbsp;&nbsp;$11735221 | &nbsp;&nbsp;$4341621 |

---

For the year ended August 31, 2025, long-term purchases and sales of U.S. government obligations were $0 and $0, respectively, for the Balanced Fund. For the year ended August 31, 2025, long-term purchases and sales of U.S. government obligations were $0 and $1,050,000, 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 August 31, 2025, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Balanced**<br> **Fund** | &nbsp;&nbsp; **Income**<br> **Fund** | &nbsp;&nbsp; **Stock**<br> **Fund** | &nbsp;&nbsp; **Dividend**<br> **Growth Fund** | &nbsp;&nbsp; **Focus**<br> **Fund** | &nbsp;&nbsp; **Multi Cap**<br> **Fund** |
| &nbsp;&nbsp;First Clearing, LLC. | N/A | N/A | 25% | N/A | N/A | N/A |
| &nbsp;&nbsp;Wells Fargo Clearing Services, LLC. | 35% | 43% | 38% | 51% | 67% | 92% |
| &nbsp;&nbsp;NFS, LLC. | N/A | N/A | N/A | N/A | 26% | 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Balanced**<br> **Fund** | &nbsp;&nbsp; **Income**<br> **Fund** | &nbsp;&nbsp; **Stock**<br> **Fund** | &nbsp;&nbsp; **Dividend**<br> **Growth Fund** | &nbsp;&nbsp; **Focus**<br> **Fund** | &nbsp;&nbsp; **Multi Cap**<br> **Fund** |
| &nbsp;&nbsp;Unrealized Appreciation/(Depreciation) | &nbsp;&nbsp;$22479278 | &nbsp;&nbsp;$(116761) | &nbsp;&nbsp;$11438387 | &nbsp;&nbsp;$7420192 | &nbsp;&nbsp;$943147 | &nbsp;&nbsp;$1945155 |
| &nbsp;&nbsp;Undistributed Ordinary Income | &nbsp;&nbsp;109265 | &nbsp;&nbsp;8031 | &nbsp;&nbsp;37437 | &nbsp;&nbsp;144503 | &nbsp;&nbsp;67050 | &nbsp;&nbsp;82478 |
| Deferral of Post-October Losses | &nbsp;&nbsp;- | &nbsp;&nbsp;(5140) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| Undistributed long-term capital gains | &nbsp;&nbsp;1007912 | &nbsp;&nbsp;- | &nbsp;&nbsp;2866672 | &nbsp;&nbsp;- | &nbsp;&nbsp;175180 | &nbsp;&nbsp;692236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward: + |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short term (no expiration) | &nbsp;&nbsp;- | &nbsp;&nbsp; (209303) | &nbsp;&nbsp;- | &nbsp;&nbsp;(642403) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long term (no expiration) | &nbsp;&nbsp;- | &nbsp;&nbsp; (205702) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributable<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings/(Deficit) | &nbsp;&nbsp;$23596455 | &nbsp;&nbsp;$(528875) | &nbsp;&nbsp;$14342496 | &nbsp;&nbsp;$6922292 | &nbsp;&nbsp;$1185377 | &nbsp;&nbsp;$2719869 |

---

Under current tax law, net capital losses realized after October 31<sup>st</sup> and net ordinary losses incurred after December 31<sup>st</sup> 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced** | &nbsp;&nbsp;**Income** | &nbsp;&nbsp; **Stock** | &nbsp;&nbsp;**Dividend** | &nbsp;&nbsp;**Focus** | &nbsp;&nbsp;**Multi** |
|  | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp; **<u>Growth</u>**<br> **<u>Fund</u>** | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Cap Fund</u>** |
| &nbsp;&nbsp;Gross unrealized appreciation on investment securities | &nbsp;&nbsp;$22814051 | &nbsp;&nbsp;$292417 | &nbsp;&nbsp;$11691156 | &nbsp;&nbsp;$7993333 | &nbsp;&nbsp;$1097519 | &nbsp;&nbsp;$2417182 |
| &nbsp;&nbsp;Gross unrealized depreciation on investment securities | &nbsp;&nbsp; (334773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409178) | &nbsp;&nbsp; (252769) | &nbsp;&nbsp; (573141) | &nbsp;&nbsp; (154372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472027) |
| &nbsp;&nbsp;Net unrealized appreciation/(depreciation) | &nbsp;&nbsp;<u>$22479278</u> | &nbsp;&nbsp;<u>$(116761)</u> | &nbsp;&nbsp;<u>$11438387</u> | &nbsp;&nbsp;<u>$7420192</u> | &nbsp;&nbsp;<u>$943147</u> | &nbsp;&nbsp;<u>$1945155</u> |
| &nbsp;&nbsp;Tax cost of investments (including short-term investments) \* | &nbsp;&nbsp;<u>$32975507</u> | &nbsp;&nbsp;<u>$30343098</u> | &nbsp;&nbsp;<u>$13673969</u> | &nbsp;&nbsp;<u>$19858227</u> | &nbsp;&nbsp;<u>$9884600</u> | &nbsp;&nbsp;<u>$10076323</u> |

---

\* 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 years ended August 31, 2025 and 2024, as applicable:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Period Ended</u>** | &nbsp;&nbsp; **<u>$ Amount</u>** | &nbsp;&nbsp; **<u>Tax Character</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725445 | &nbsp;&nbsp; Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 1441066 | &nbsp;&nbsp; Long Term Capital Gain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964454 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190947 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 1680466 | &nbsp;&nbsp; Long Term Capital Gain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Growth Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731306 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598419 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510404 | &nbsp;&nbsp; Long Term Capital Gain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi Cap Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147696 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi Cap Fund | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153330 | &nbsp;&nbsp; Long Term Capital Gain |
|  | &nbsp;&nbsp;**<u>Year Ended</u>** | &nbsp;&nbsp; **<u>$ Amount</u>** | &nbsp;&nbsp; **<u>Tax Character</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616422 | &nbsp;&nbsp; Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9941 | &nbsp;&nbsp; Long Term Capital Gain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687398 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12537 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 1349696 | &nbsp;&nbsp; Long Term Capital Gain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Growth Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617317 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82045 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi Cap Fund | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15143 | &nbsp;&nbsp;Ordinary Income |

---

**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. SUBSEQUENT EVENTS**

On September 29, 2025, the following Funds declared distributions from ordinary income to shareholders of record as of September 29, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary Income Per Share Amount

Balanced Fund $185,113 $0.06

Income Fund $97,254 $0.05

Dividend Growth Fund $50,824 $0.05

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 additional subsequent events requiring disclosure in the financial statements for the Funds.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

Archer Balanced Fund, Archer Income Fund, Archer Stock Fund, Archer Dividend Growth Fund,

Archer Focus Fund and Archer Multi Cap Fund, each a Series of the Archer Investment Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Archer Balanced Fund, Archer Income Fund, Archer Stock Fund, Archer Dividend Growth Fund, Archer Focus Fund, and Archer Multi Cap Fund, (collectively the "Funds"), each a series of the Archer Investment Series Trust (the "Trust"), including the schedules of investments, as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements") and the financial highlights for each of the five years in the period then ended for the Funds.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Funds as of August 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![A close-up of a sign Description automatically generated](image_001.jpg)

We have served as the auditor of the

Archer Investment Series Trust since 2011

Huntingdon Valley, Pennsylvania

October 27, 2025

**Archer Funds**

Additional Information

August 31, 2025 (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.

**Annual Renewal of the Management Services Agreement with Archer Investment Corporation with respect to the Archer Balanced Fund, the Archer Income Fund, the Archer Stock Fund, the Archer Dividend Growth Fund, the Archer Focus Fund, and the Archer Multi Cap Fund.**

The Board of Trustees of the Archer Investment Series Trust, including the Independent Trustees voting separately, reviewed and approved the continuance of the Funds' Investment Advisory Agreement ("Advisory Agreement") with Archer Investment Corporation (the "Advisor") at a meeting held on August 27, 2025 (the "Meeting"). All the Trustees, including all of the Independent Trustees, were present for the Board's consideration and approval of these matters.

At the meeting, the Trustees requested and reviewed information provided by the Adviser related to the following: (i) the nature, extent, and quality of the services provided by the Adviser, (ii) the investment performance of the Fund; (iii) the costs of the services provided and the profits realized by the Adviser from its relationship with each individual Archer Fund; (iv) the financial condition of the Adviser; (v) the extent to which economies of scale would be realized as each Fund grows; and (vi) whether fee levels reflect these economies of scale for the benefit of the Fund's shareholders.

The Independent Trustees received various materials from the Advisor prior to the meeting which they reviewed with their independent legal counsel who discussed their fiduciary duties and responsibilities applicable in reviewing and considering the renewal of each Archer Fund's Management Services Agreement. The Independent Trustees met with their independent legal counsel in a private session at which no representatives of management were present. Throughout the process, the Trustees had the opportunity to ask questions to both the Advisor and legal counsel, and answers to their questions were considered along with the materials provided.

With respect to the consideration of the nature, extent, and quality of the services provided by the Adviser to the Funds, the Trustees reviewed the background, qualifications, and experience of the Adviser's investment, operational, and compliance personnel. The Trustees considered the roles of each person as well as their relevant experience in the financial services industry, noting that Mr. Patton had managed the Adviser and the Funds' assets since their inception and that Mr. Rosebrough had co-managed the Funds during that same period taking into consideration the obligations of the Adviser under the Management Services Agreement and with the Adviser's compliance program and the Adviser's role in coordinating such services and programs.

After reviewing the information in the materials provided by the Adviser and the discussion with the Advisor regarding the nature, extent, and quality of the services provided by the Advisor, the Board concluded that the services provided by the Adviser were of high quality, reasonable, and consistent with the Board's expectations and those set forth in the current and proposed Management Services Agreement.

With respect to each Fund's performance, the Trustees reviewed each Fund's performance over various time periods. The Trustees compared such performances of managed mutual funds of similar size in each Fund's stated Morningstar category. The Trustees considered the consistency of the Adviser's management of the Funds with their respective investment objectives and policies along with the overall performance of each Fund as presented to the Trustees in the materials at this meeting and those which the Trustees reviewed quarterly with the Board throughout the past fiscal year.

As to the *Archer Balanced Fund*, the Trustees recognized that the Fund remains relatively in line with its Morningstar category average return over the past ten-year period. The Fund's growth remained competitive relative to its category ranking in the top 50% of Funds in its category. The Trustees noted that the Fund's Net Expense Ratio is 1.21% while the average of funds of similar asset size in the Moderate Allocation category was 1.09%. The Trustees noted that the Adviser's Management Fee remains at 0.50%, while the average in the Fund's comparative category and of similar asset size was 0.63%. The Trustees noted that the Fund's 3-year tax cost ratio of 0.93% was comparatively lower than its category of 1.39%. In particular, the Trustees further noted that a $10,000.00 investment in the Fund would have yielded a return of $20,333.00 compared to its category which would have yielded a $19,951.00 return. Finally, the Trustees noted that the Fund had generally achieved positive annualized returns across its longer-term standard annualized performance measurement time frames of 3-, 5- and 10-year periods of 10.56%, 9.64%, and 6.81%, respectively, compared to funds of a similar asset size in its category which were reported as 9.85%, 9.24%, and 7.06%, respectively.

As to the *Archer Income Fund,* the Trustees found that the Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the most recent year-to-date period 2.96% v. 3.75%, and outperformed the Index during the one-year period 4.44% v. 3.77%, three-year period 3.77% v. 1.64% and five-year period 1.90% v. -1.07%. The Trustees noted that the Fund's Net Expense Ratio is 0.98% while the average of funds of similar asset size in its Intermediate Core-Plus Bond category was 0.88%. The Trustees noted that the Adviser's Management Fee is 0.50% while the average in the Fund's comparative category and of similar asset size was also 0.40%. The Trustees also noted that the Fund's 3-year tax cost ratio at 1.48% was comparatively lower than its category, which was 1.61%. The Trustees further noted that a $10,000.00 investment in the Fund would have yielded a return of $12,731.00 compared to its category, which would have yielded a $12,356.00 return. Finally, the Trustees noted that the Fund had generally achieved mixed annualized returns across its standard annualized performance measurement time frames, 3-, 5- and 10-year periods of 4.22%, 1.97%, and 2.37%, respectively, compared to its category and funds of similar size, which were reported as 2.77%, -0.20%, and 1.80%, respectively.

As to the *Archer Stock Fund*, the Trustees noted that the Fund's Net Expense Ratio was 1.16%, while the average of funds of similar asset size in its large-cap blend category was 1.08%, which the Trustees recognize is lower than the Fund. The Trustees noted that the Adviser's Management Fee is 0.50% while the average of funds of similar asset size in the Fund's comparative category is 0.63%. The Trustees noted that the Fund's 3-year tax cost ratio at 1.38% was slightly higher than its category, which was 1.22%. The Trustees further noted that a $10,000.00 investment in the Fund would have yielded a return of $25,730.00 compared to its category, which would have yielded a $30,389.00 return. Finally, the Trustees noted that the Fund had generally achieved positive annualized returns across its longer-term standard annualized performance measurement time frames, 3-, 5- and 10-year periods of 15.05%, 12.32%, and 8.96%, respectively, compared to funds of similar asset size in its category, which were reported as 17.19%, 14.49%, and 11.78%, respectively. The Trustees noted that the Fund underperformed in all its standard annualized performance measurement time frames compared to its category and its benchmark.

As to the *Archer Dividend Growth Fund*, the Trustees noted that the Fund underperformed its category and benchmark during the 3- and 5-year period. The Fund's total return year-to-date was 7.79% compared to the Fund's category, which was 8.05%. The Trustees noted that the Fund's Net Expense Ratio is 1.090% while the average in its Large Cap No-Load category was 0.780%. The Trustees also noted that the Adviser's Management Fee is 0.50% while the average in the Fund's comparative category is also 0.63%. The Trustees noted that the Fund's 3-year tax cost ratio at 1.19% was comparatively lower than its category, which was 1.57%. The Trustees further noted that a $10,000.00 investment in the Fund since inception would have yielded a return of $18,065.00 compared to its category, which would have yielded a $23,557.00 return and its benchmark having a yield of $26,525.00. Finally, the Trustees noted that the Fund had generally achieved mixed annualized returns across its standard annualized performance measurement time frames of 3-, and 5-year periods of 8.15%, and 11.96%, respectively, compared to funds of a similar asset size in its category, which were reported as 12.32%, and 13.53%, respectively.

As to the *Archer Multi Cap Fund*, the Trustees found that the Fund's total return year-to-date (June 30, 2025) was 5.33% compared to the Fund's benchmark, which was 4.84%. The Trustees noted that the Fund's Net Expense Ratio is 0.960% while the average of funds of similar asset size in its Mid Cap Blend category was also 1.21%. The Trustees noted that the Adviser's Management Fee is 0.50% while the average in the Fund's comparative category is also 0.67%. The Trustees further noted that a $10,000.00 investment in the Fund would have yielded a return of $17,320.00 compared to its category, which would have yielded a $16,514.00 return. Finally, the Trustees noted that the Fund had generally achieved returns across its standard annualized performance measurement time frames of 3-, and 5-year periods of 17.25%, and 12.29%, respectively, compared to funds of a similar asset size in its category, which were reported as 12.56%, and 12.47%, respectively.

As to the *Archer Focus Fund*, the Trustees found that the Fund's Net Expense Ratio is 0.990% while the average of funds of a similar asset size in its Large Cap Blend category was 1.09%. The Trustees noted that the Adviser's Management Fee is 0.50% while the average of funds of a similar asset size in the Fund's comparative category is 0.59%. The Trustees further noted that a $10,000.00 investment in the Fund would have yielded a return of $15,851.00 compared to its category, which would have yielded a $16,753.00 return Finally, the Trustees noted that the Fund had generally achieved returns across its standard annualized performance measurement time frames of 3-, and 5-year periods of 10.23%, and 10.53%, respectively, compared to funds of a similar asset size in its category, which were reported as 12.90%, and 13.77%, respectively.

After considering and discussing the performance of each of the Funds further, the Board found that each Fund's performance reflected the Adviser's ability to effectively manage the Funds' assets on a long-term basis in different market environments. The Trustees also concluded that the Adviser's experience and the historical performance data provided, and other relevant support, was satisfactory.

In considering the fees and expenses paid by each Archer Fund, in addition to each Fund's category comparable expense and funds of similar asset sizes, the Trustees were provided with the overall expenses of each Fund and the asset levels of each Fund. The Board discussed with the Adviser the methodology utilized in assembling the information regarding its profitability, noting that the Adviser is profitable regarding its relationship with the Funds and the Adviser's desire to remain competitive as reflected by its desire to continue to reduce both its adviser fees and administration fees accessed to the shareholders. The Trustees also considered potential benefits for the Adviser in managing the Archer Funds, noting also that the Adviser has been engaged by the Trust to perform certain administrative services under a separate agreement. The Independent Trustees, based on the foregoing, concluded that the fees to be paid to the Adviser by the Funds and the profits to be realized by the Adviser, considering all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Adviser is financially capable of satisfying its obligations under the Management Services Agreement.

The Trustees further recognized that the Adviser's reputation, as well as other intangibles, remains a benefit to it, having an association with the Archer Funds. The Trustees discussed other potential benefits to be derived by the Adviser and concluded that they were consistent with the types of benefits derived by investment managers to mutual funds.

After reviewing and considering the foregoing information and other information they deemed relevant regarding these matters, the Trustees concluded, considering all the facts and circumstances, that the other benefits derived by the Adviser from their relationship with the Funds were satisfactory.

With respect to economies of scale, the Trustees noted that the Management Services Agreement did not have break points that would reduce the advisory fee rate on assets above specified levels. However, the Trustees did note that the Adviser has historically voluntarily reduced certain of the Archer Funds' expense limitations which benefited the shareholders, and that the Adviser remains contractually obligated to maintain the current expense limitation agreement in place until December 31, 2026. The Trustees also considered the potential benefits for the Adviser in managing multiple series under the Trust and that the Adviser did not currently engage in any soft dollar relationships.

Having requested and received such information from the Adviser as the Independent Trustees of the Board of Trustees believed to be reasonably necessary to evaluate renewing the Management Services Agreement, and as assisted by the advice of legal counsel, the Trustees using their reasonable business judgment, concluded that the overall arrangement provided under the terms of the Management Services Agreement with each Fund was a reasonable business arrangement and that the approval of the Management Services Agreement was in the best interests of the Trust and each Fund's shareholders. The Independent Trustees concluded that no single factor was considered in isolation to be determinative to the decision of the Trustees to approve continuance of the Management Services Agreement. Rather, the Trustees concluded, considering a weighing, and balancing of all factors considered, that it would be in the best interests of each Fund and its shareholders to renew the Management Services Agreement for an additional annual period. As a result of their considerations, their review of the Management Services Agreement with management and an opportunity to meet in a private session at which no representatives of the Adviser were present, the Board of Trustees, including all the Independent Trustees, adopted resolutions to that effect.

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 Proxy Voting Policies and Procedures for Closed-End Funds.** 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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. Disclosures of 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. Filed herewith.

(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)&nbsp;&nbsp;&nbsp;&nbsp; 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.

<u>Archer Investment Series Trust</u>

By <u>/s/Troy C. Patton</u>

&nbsp;&nbsp;&nbsp;&nbsp;\* Troy C. Patton

&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer

Date: <u>October 31, 2025</u>

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 <u>/s/Umberto Anastasi</u>

&nbsp;&nbsp;&nbsp;&nbsp;\* Umberto Anastasi

&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Chief Financial Officer

Date: <u>October 31, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

I, Troy C. Patton, certify that:

1. I have reviewed this report on Form N-CSR of Archer Investment Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>October 31, 2025</u>

<u>/s/ Troy C. Patton</u>

Troy C. Patton

President and Chief Executive Officer

I, Umberto Anastasi, certify that:

1. I have reviewed this report on Form N-CSR of Archer Investment Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>October 31, 2025</u>

<u>/s/ Umberto Anastasi</u>

Umberto Anastasi

Treasurer and Chief Financial Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

<u>Troy C. Patton</u>, President and Chief Executive Officer, and <u>Umberto Anastasi</u>, Treasurer and Chief Financial Officer of <u>Archer Investment Series Trust</u> (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended August 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President and Chief Executive Officer

Treasurer and Chief Financial Officer

Archer Investment Series Trust

Archer Investment Series Trust

/s/ <u>Troy C. Patton</u>

/s/ <u>Umberto Anastasi</u>

Troy C. Patton

Umberto Anastasi

Date: <u>October 31, 2025</u>

Date: <u>October 31, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Archer Investment Series Trust</u> and will be retained by <u>Archer Investment Series Trust</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission

## Ex-99.Code

**ARCHER INVESTMENT SERIES TRUST**

**CODE OF ETHICS**

(Adopted January 28, 2010)

**STATEMENT OF PRINCIPLES**

Archer Investment Series Trust (the "Trust") has adopted this Code of Ethics to govern personal securities investment activities of the officers and trustees of the Trust (collectively, "Trust Personnel"), persons affiliated with the investment advisers to each series of the Trust listed on Schedule A of this Code (each, an "Adviser" and collectively, the "Advisers"). This Code shall also serve as the Code of Ethics for each Adviser and the Underwriter for purposes of the Investment Company Act of 1940. Although this Code contains a number of specific standards and policies, there are three key principles embodied throughout the Code.

The Interests Of Trust Shareholders Must Always Be Paramount

Trust Personnel have a legal and fiduciary duty to place the interests of clients first. In any decision relating to their personal investments, Trust Personnel must scrupulously avoid serving their own interests ahead of those of any client.

Trust Personnel May Not Take Inappropriate Advantage Of Their Relationship To Our Shareholders

Trust Personnel should avoid any situation (including unusual investment opportunities, perquisites, accepting gifts of more than token value from persons seeking to do business with the Advisers or the Trust) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of trust shareholders.

All Personal Securities Transactions Should Avoid Any Actual, Potential or Apparent Conflicts Of Interest

Although all personal securities transactions by Trust Personnel must be conducted in a manner consistent with this Code, the Code itself is based upon the premise that Trust Personnel owe a fiduciary duty to clients, and should therefore avoid any activity that creates an actual, potential or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Trust Personnel must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse or violation of an individual's fiduciary duties to clients.

**DEFINITIONS**

"Act" means the Investment Company Act of 1940, as amended.

"Advisers" means the Advisers listed on Schedule A to this Code, as such schedule may be amended from time to time.

"Affiliated Funds" means: (1) for Adviser Personnel who are affiliated with an Adviser, the Fund(s) for which such Adviser serves as investment adviser; (2) for Adviser Personnel who are in a control relationship with any Fund, that Fund; and (3) for Adviser Personnel who are employees of the Trust, all Funds.

"Adviser Personnel" means: (1) any employee of the Trust or an Adviser who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of Securities by any Fund, or whose functions relate to the making of any recommendations with respect to the purchase or sale of Securities by any Fund; (2) any officer, general partner or director of an Adviser; and (3) any natural person in a control relationship to any Fund or any Adviser who obtains information concerning recommendations made to a Fund with regard to the purchase or sale of a Security by a Fund. Any provisions of this Code that apply directly to Adviser Personnel equally apply to accounts in the names of other persons in which Adviser Personnel have Beneficial Ownership.

"Beneficial Ownership" means the opportunity, directly or indirectly, to profit or share in any profit derived from the purchase or sale of the subject Securities. Beneficial Ownership includes, but is not limited to, ownership of Securities held by members of the family. For these purposes, a person's family includes the spouse, minor children, any person living in the home and any relative to whose support the person directly or indirectly contributes.

"Control" means the power to exercise a controlling influence over the management or policies of the Trust, unless such power is solely the result of an official position with the Trust. Any person who beneficially owns, either directly or through one or more controlled companies, more than 25 percent of the voting securities of any present Fund of a Trust shall be presumed to control such Fund. Any such presumption may be rebutted by evidence, in accordance with Section 2(a)(9) of the Act.

"Compliance Officer" means, for Adviser Personnel, the person designated as the Compliance Officer by such Adviser; and for Adviser Personnel who are not affiliated with an Adviser and for Trust Personnel, the person or persons designated by the President of the Trust.

"Fund" means each series of the Trust.

"Portfolio Managers" means those Adviser Personnel entrusted with the direct responsibility and authority to make investment decisions affecting any Fund. Any provisions of this Code that apply directly to Personal Securities Transactions by a Fund Portfolio Manager equally apply to transactions in accounts in the names of other persons in which the Fund Portfolio Manager has Beneficial Ownership.

"Personal Securities Transaction(s)" means transactions in Securities for the account(s) in the names of Trust Personnel, or for accounts in which Trust Personnel have Beneficial Ownership.

"Trust" means Archer Investment Series Trust.

"Trust Personnel" means: (1) any officer or director of the Underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of securities by any Fund, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to any Fund regarding the purchase or sale of securities; or (2) any officer or Trustee of the Trust. Any provisions of this Code that apply directly to Trust Personnel equally apply to accounts in the names of other persons in which Trust Personnel have Beneficial Ownership.

"Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "Security" shall not include the following securities: (i) shares of registered open-end investment companies; (ii) securities issued by the United States government; (iii) short term debt securities which are government securities within the meaning of Section 2(a)(16) of the Act; (iv) bankers' acceptances; (v) bank certificates of deposit; (vi) commercial paper and (vii) such other money market instruments as may be designated by the Trust's Board of Trustees (collectively, the "Excluded Securities").

"Purchase or Sale of a Security" includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" by a Fund when a recommendation to purchase or sell has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. A Security shall not be deemed to be one which is "being considered for Purchase or Sale" by a Fund if such Security is reviewed as part of a general industrial survey or other broad monitoring of the securities market.

**PROHIBITED PURCHASES AND SALES OF SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a Personal Securities Transaction, Portfolio Managers may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchase or Sell a Security within three calendar days before, or on the same day as, the execution of a trade in the same Security or an equivalent Security by the Affiliated Fund (unless the Personal Securities Transaction is combined ("blocked") with the Affiliated Fund's transaction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser Personnel may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In any calendar year, receive a gift or anything else (for example, air fare, hotel accommodations, etc.) with a value of more than $100 from any single person or entity that does business with or on behalf of an Affiliated Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Serve on the board of directors of a publicly traded company without prior authorization from the Board of Trustees of the Trust based upon a determination that such service would be consistent with the interests of the Trust and its shareholders. Adviser Personnel that serve on such boards of directors are not permitted to participate in any investment decisions made by the Trust involving Securities of a company on whose board they serve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Execute a Personal Securities Transaction without the prior written authorization of the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Execute a Personal Securities Transaction on a day during which an Affiliated Fund has a pending "buy" or "sell" order in that Security or an equivalent Security, until the Affiliated Fund's order is executed or withdrawn (unless the Personal Securities Transaction is combined ("blocked") with the Affiliated Fund's transaction). In the case of "good until canceled" orders placed by a Fund, this provision applies only if the market price is within 2 points or 10% of the "good until canceled" price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Execute a Personal Securities Transaction in a Security or an equivalent Security that is being considered for Purchase or Sale by an Affiliated Fund (unless the Personal Securities Transaction is combined ("blocked") with the Affiliated Fund's transaction).

In a Personal Securities Transaction, Adviser Personnel may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Acquire any Security in an initial public offering or in a private placement without prior written authorization of the acquisition by the Compliance Officer. Any decision by a Fund to invest in or sell such Securities must be approved solely by Adviser Personnel with no investment in the issuer.

**EXEMPTED TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions described above under the heading Prohibited Purchases and Sales of Securities and the Pre-clearance procedures under the heading Pre-clearance of Personal Securities Transactions do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or Sales of Excluded Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or Sales of Securities involving less than 2,000 shares of any Security included in the Standard & Poor's 500 Index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or Sales of Securities involving less than 2,000 shares of a Security of a company with a market capitalization in excess of $200 million and average daily trading volume in excess of 50,000 shares for the past ten trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or Sales of options contracts on a broad-based market index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or Sales of Securities effected in any account in which the applicable Adviser Personnel has no Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or Sales of Securities which are non-volitional on the part of either Adviser Personnel or a Fund (for example, the receipt of stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases of Securities made as part of automatic dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases of Securities made as part of an employee benefit plan involving the periodic purchase of company stock or mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired; provided, however, that this section shall not exempt acquisitions of any Security in an initial public offering or in a private placement from the requirement that prior written authorization be obtained from the Compliance Officer.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Adviser Personnel wishing to engage in a Personal Securities Transaction must obtain prior written authorization of any such Personal Securities Transaction from the Compliance Officer or such person or persons that such Compliance Officer may from time to time designate to make such written authorizations. Personal Securities Transactions by a Compliance Officer (for Adviser Personnel) shall require prior written authorization of the President of the Adviser with whom the Compliance Officer is affiliated, or his designate, who shall perform the review and approval functions relating to reports and trading by the Compliance Officer. The Adviser shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the original order amends the order in any manner. Authorization for "good until canceled" orders are effective until the order conflicts with a Fund order. If a person is authorized to acquire a security in a private placement or initial public offering, the Compliance Officer must maintain a record of the decision and the reasons supporting the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a person wishing to effect a Personal Securities Transaction learns, while the order is pending that the same Security is being considered for purchase or Sale by the Fund, such person shall cancel the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notification of Fund Trading Activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to placing Purchase or Sale Orders for the Funds, the Portfolio Managers, or their designates, shall notify their respective Compliance Officers of daily purchases and sales and of Securities being considered for Purchase or Sale by the Affiliated Fund (other than anticipated transactions in Excluded Securities). In the alternative, a Compliance Officer must consult with the respective Portfolio Manager prior to authorizing a Personal Securities Transaction.

**TRANSACTION AND ACCOUNT POSITION REPORTING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following reporting requirements do not apply to any Trustee of the Trust who is not an "interested person" of the Trust within the meaning of section 2(a)(19) of the Act, and who would be required to make a report solely by reason of being a Trustee ("Disinterested Trustee"). If, however, a Disinterested Trustee knew or, in the ordinary course of fulfilling his or her duties as a Trustee of the Trust, should have known, that during the fifteen day period immediately preceding or after the date of a Personal Security Transaction in a Security by the Trustee such Security is or was purchased or sold by a Fund or such purchase or sale by a Fund is or was considered by a Fund or the Adviser, the Disinterested Trustee shall make the quarterly disclosures described below to the Board of Trustees, but only with respect to the applicable Personal Security Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Disclosure Of Personal Brokerage Accounts and Securities Holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ten (10) days of the commencement of employment with an Adviser, the Underwriter or the Trust, all Adviser Personnel and Trust Personnel shall submit to the Compliance Officer: a) the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their immediate families, and any brokerage accounts which they control or in which they or an immediate family member has Beneficial Ownership when the person became an employee; b) a list of all personal Securities holdings when the person became an employee; c) certification that they have read and understand this Code; and d) the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of these brokerage accounts shall furnish duplicate confirmations and statements to the Adviser with whom the person is affiliated or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Annual Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the beginning of the first quarter of each fiscal year, all Adviser Personnel and Trust Personnel shall submit to the Compliance Officer: a) the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their immediate families, and any brokerage accounts which they control or in which they or an immediate family member has Beneficial Ownership as of a date no more than 30 days before the report was submitted; b) a list of all personal Securities holdings as of a date no more than 30 days before the report was submitted; c) certification that they have read and understand this Code and whether they have complied with its requirements throughout the prior fiscal year; and d) the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Quarterly Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Adviser Personnel and Trust Personnel shall report to the Compliance Officer the following information with respect to transactions in any Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The date of the transaction, the title and the number of shares, and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The name of the broker, dealer or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Personnel and Adviser Personnel shall also identify any trading account established by the person during the previous quarter with a broker, dealer or bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports pursuant to this section of this Code shall be made no later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect Beneficial Ownership in the Security to which the report relates. Adviser Personnel and Trust Personnel need not make such a report with respect to transactions effected for any account in which they may have Beneficial Ownership, but over which they do not have any direct or indirect influence or control (for example, a blind trust).

ENFORCEMENT AND PENALTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Adviser Personnel affiliated with an Adviser, each Compliance Officer shall identify all Adviser Personnel, inform those persons of their reporting obligations, and maintain a record of all current and former Adviser Personnel. With respect to Trust Personnel and Adviser Personnel who are not affiliated with an Adviser, the Compliance Officer shall identify all such persons, inform those persons of their reporting obligations, and maintain a record of all current and former such persons. The Compliance Officer shall review the transaction information supplied by Adviser Personnel who are not affiliated with an Adviser, by Trust Personnel and by their affiliates. If a transaction appears to be in violation of this Code of Ethics, the transaction will be reported to the Adviser with whom the person is affiliated (if any) as well as the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon being informed of a violation of this Code of Ethics, an Adviser may impose such sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code of Ethics. The Adviser shall impose sanctions in accordance with the principle that no Trust Personnel may profit at the expense of the shareholders of the Trust. Any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Trust.

DUTIES AND POWERS OF THE BOARD OF TRUSTEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Underwriter, Advisers and an officer of the Trust shall submit to the Board of Trustees at each regular meeting of the Board, a report of Personal Securities Transactions by Trust Personnel. Such reports shall be reviewed by the Board of Trustees in order to determine whether any violation of this Code or any section of the Act or the regulations promulgated there under

has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annually, each of the Underwriter, Advisers and an officer of the Trust shall submit to the Board of Trustees a report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Summarizes existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Identifies any violations of this Code and any significant remedial action taken during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Identifies any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Certifies that the Adviser, the Trust and the Underwriter have each adopted procedures reasonably designed to prevent violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees of the Trust may, in its discretion, take any actions and impose any penalty it deems appropriate upon any person that has violated the Code of Ethics of the Trust or engaged in a course of conduct which, although in technical compliance with this Code, shows a pattern of abuse by that person of his or her fiduciary duties to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above actions of the Board of Trustees may be in addition to any action taken by the applicable Adviser against the person or persons involved.

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**Schedule A - Advisers**

**Archer Investment Series Trust**

**<u>Code of Ethics</u>**

Archer Investment Corporation

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