UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22356
Archer Investment Series Trust
(Exact name of registrant as specified in charter)
c/o Archer Investment Corporation
9000 Keystone Crossing, Suite 630, Indianapolis, IN 46240
(Address of principal executive offices) (Zip code)
c/o Archer Investment Corporation
9000 Keystone Crossing, Suite 630, Indianapolis, IN 46240
(Name and address of agent for service)
With copies to:
C. Richard Ropka, Esq.
Law Office of C. Richard Ropka
215 Fries Mill Road
Turnersville, NJ 08012
Registrant's telephone number, including area code: (800)238-7701
Date of fiscal year end: August 31
Date of reporting period: February 28, 2013
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
SEMI-ANNUAL REPORT
THE ARCHER FUNDS
BALANCED FUND
INCOME FUND
STOCK FUND
FEBRUARY 28, 2013
(UNAUDITED)
Archer Balanced Fund
Graphical Illustration
February 28, 2013 (Unaudited)
The following chart gives a visual breakdown of the Fund by the industry sectors. The underlying securities represent a percentage of the portfolio of investments.
Archer Income Fund
Graphical Illustration
February 28, 2013 (Unaudited)
The following chart gives a visual breakdown of the Fund by the industry sectors. The underlying securities represent a percentage of the portfolio of investments.
Archer Stock Fund
Graphical Illustration
February 28, 2013 (Unaudited)
The following chart gives a visual breakdown of the Fund by the industry sectors. The underlying securities represent a percentage of the portfolio of investments.
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| Archer Balanced Fund |
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| Schedule of Investments |
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| February 28, 2013 (Unaudited) |
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Shares/Principal | Fair Value |
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COMMON STOCK - 59.99% |
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Agriculture Chemicals - 1.34% |
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1,000 |
| CF Industries Holdings, Inc. | $ 200,830 |
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Air Courier Services - 2.82% |
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4,000 |
| FedEx Corp. | 421,720 |
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Aircraft - 5.08% |
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4,000 |
| Boeing Co. | 307,600 |
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5,000 |
| United Technologies Corp. | 452,750 |
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| 760,350 |
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Beverages - 1.77% |
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3,500 |
| PepsiCo, Inc. | 265,195 |
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Cable & Other Pay Television Services - 2.56% |
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7,000 |
| Walt Disney Co. | 382,130 |
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Computer & Office Equipment - 2.28% |
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1,700 |
| International Business Machines Corp. | 341,411 |
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Computer Peripheral Equipment - 1.90% |
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35,000 |
| Xerox Corp. | 283,850 |
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Construction Machinery & Equipment - 2.16% |
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3,500 |
| Caterpillar Inc. | 323,295 |
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Electric & Other Services Combined - 0.83% |
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1,800 |
| Duke Energy Corp. | 124,650 |
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Electric Services - 0.87% |
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4,000 |
| Public Service Enterprises Group, Inc. | 130,360 |
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Electronic Computers - 1.77% |
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600 |
| Apple, Inc. | 264,840 |
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Food -Retail - 1.64% |
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3,500 |
| Nestle S.A. ADR * | 244,895 |
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Gold & Silver Ores - 1.21% |
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6,000 |
| Barrick Gold Corp. | 181,440 |
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National Commercial Banks - 4.33% |
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7,000 |
| JPMorgan Chase & Co. | 342,440 |
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9,000 |
| US Bancorp. | 305,820 |
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| 648,260 |
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Natural Gas Transmission - 2.48% |
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10,000 |
| Kinder Morgan, Inc. | 370,700 |
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Oil & Gas Filed Machinery & Equipment - 1.82% |
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4,000 |
| National Oilwell Varco, Inc. | 272,520 |
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Pharmaceutical Preparations - 5.42% |
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4,600 |
| Johnson & Johnson, Inc. | 350,106 |
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10,000 |
| Pfizer, Inc. | 273,700 |
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5,000 |
| Teva Pharmaceutical Industries, Ltd. ADR | 187,000 |
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| 810,806 |
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Petroleum Refining - 0.88% |
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2,000 |
| Royal Dutch Shell ADR | 131,300 |
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Plastics, Materials & Synthetic Resins/Rubber - 1.73% |
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5,400 |
| EI Dupont de Nemours & Co. | 258,660 |
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Retail - Drug Stores - 2.74% |
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8,000 |
| CVS Caremark Corp. | 408,960 |
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Retail - Eating Places - 3.43% |
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2,600 |
| McDonald's Corp. | 249,340 |
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4,800 |
| Starbucks Corp. | 263,280 |
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| 512,620 |
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Search, Detection, Navigation, Guidance - 1.46% |
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4,000 |
| Raytheon Co. | 218,280 |
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Services - Business Services, NEC - 2.20% |
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6,000 |
| eBay, Inc. * | 328,260 |
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Services - Computer Programming & Data - 1.88% |
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350 |
| Google, Inc. Class A * | 280,420 |
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Services - Prepackaged Software - 3.35% |
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18,000 |
| Microsoft Corp. | 500,400 |
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Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 2.04% |
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4,000 |
| Procter & Gamble Co. | 304,720 |
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TOTAL FOR COMMON STOCK (Cost $8,148,648) - 59.99% | 8,970,872 |
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CLOSED-END FUND - 1.40% |
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9,500 |
| Western Asset Emerging Markets Debt Fund, Inc. | 210,045 |
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TOTAL FOR CLOSED-END FUND (Cost $198,327) - 1.40% | 210,045 |
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CORPORATE BONDS - 16.79% |
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Beverages - 0.54% |
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75,000 |
| Beam, Inc., 6.375%, 6/15/14 | 80,267 |
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Cement, Hydraulic - 0.69% |
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100,000 |
| CRH America, Inc., 5.30%, 10/15/13 | 102,557 |
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Computer & Office Equipment - 1.03% |
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75,000 |
| Dell, Inc., 4.70%, 4/15/13 | 75,281 |
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75,000 |
| Hewlett-Packard Co., 4.75%, 6/2/14 | 78,306 |
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| 153,587 |
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Containers - Paper/Plastic - 0.71% |
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100,000 |
| Sealed Air Corp., 7.875%, 6/15/17 | 105,500 |
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Crude Petroleum & Natural Gas - 0.68% |
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100,000 |
| Chesapeake Energy Corp., 6.775%, 3/15/19 | 102,375 |
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Distribution/Wholesale - 0.35% |
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50,000 |
| Tech Data Corp., 3.75%, 09/21/17 | 52,441 |
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Diversified Banking Institution - 0.68% |
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100,000 |
| Ally Financial, Inc., 6.70%, 6/15/18 | 101,653 |
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Electric Services - 0.36% |
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50,000 |
| Appalachian Power Co., 4.95%, 2/1/15 | 53,479 |
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Finance Services - 2.72% |
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100,000 |
| Block Financial Corp., 5.125%, 10/30/14 | 104,510 |
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300,000 |
| Citigroup Funding, 10.00%, 5/28/25 | 302,400 |
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| 406,910 |
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Integrated Oils - 1.00% |
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150,000 |
| Murphy Oil Corp., 4.00%, 06/01/22 | 150,163 |
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National Commercial Banks - 2.67% |
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400,000 |
| Bank of America Corp., 7.768%, 5/13/30 ** | 400,000 |
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Property & Casualty Insurance - 0.73% |
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90,000 |
| Berkshire Hathaway, Inc., 7.125%, 10/15/23 | 108,675 |
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Retail - Grocery Stores - 0.35% |
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50,000 |
| Safeway, Inc., 4.75%, 12/1/21 | 52,995 |
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Retail - Consumer Electronics Stores - 0.48% |
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70,000 |
| Best Buy Company, Inc., 6.75%, 7/15/13 | 71,525 |
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Retail - Lumber & Other Building Material Dealers - 0.52% |
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75,000 |
| Home Depot, Inc., 5.25%, 12/16/13 | 77,784 |
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Retail - Variety Stores - 0.40% |
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60,000 |
| Wal-Mart Stores, Inc., 4.25%, 4/15/13 | 60,267 |
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Security Broker Dealers - 1.17% |
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50,000 |
| Morgan Stanley & Co., 3.00%, 08/31/15 ** | 50,248 |
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75,000 |
| Morgan Stanley & Co., 10.50% , 3/16/30 ** | 74,483 |
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50,000 |
| Morgan Stanley & Co., 10.00%, 3/31/30 ** | 50,363 |
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| 175,094 |
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Software & Services - 0.69% |
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100,000 |
| BMC Software, Inc., 4.50%, 12/01/22 | 103,607 |
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Sugar & Confectionery Products - 0.71% |
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100,000 |
| WM. Wrigley Jr. Co., 4.65%, 7/15/15 | 105,977 |
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Telephone Communications - 0.31% |
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45,000 |
| New York Telephone Co., 7.00%, 6/15/13 | 45,826 |
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TOTAL FOR CORPORATE BONDS (Cost $2,432,332) - 16.79% | 2,510,682 |
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EXCHANGE TRADED FUND - 5.29% |
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1,000 |
| iShares Barclays Intermediate Credit Bond Fund | 111,130 |
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1,900 |
| iShares JP Morgan Emerging Markets Bond Fund | 226,423 |
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2,000 |
| iShares MSCI Emerging Market Min Vol Index Fund | 122,060 |
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500 |
| iShares iBoxx $ High Yield Corporate Bond Fund | 47,020 |
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6,600 |
| JPMorgan Alerian MLP Index ETN | 283,800 |
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TOTAL FOR EXCHANGE TRADED FUND (Cost $759,183) - 5.29% | 790,433 |
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MUNICIPAL BONDS - 7.71% |
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40,000 |
| Akron, OH Economic Dev., 5.50%, 12/1/15 | 42,533 |
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25,000 |
| Belding, MI Area Schools, 6.15%, 05/01/2024 | 28,607 |
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75,000 |
| Bridgeview, IL Stadium & Redev. Projs., 4.76%, 12/1/13 | 77,370 |
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35,000 |
| Bryan County, OK Indpt School District, 6.554%, 12/01/29 | 38,819 |
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70,000 |
| Gary Community School Bldg., 7.50%, 02/01/29 | 80,273 |
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100,000 |
| Georgia Loc. Govt., 4.75%, 6/1/28 | 102,952 |
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30,000 |
| Illinois St., 5.877%, 3/1/19 | 34,456 |
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25,000 |
| Katy Texas Schools, 5.998%, 02/15/2030 | 28,286 |
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100,000 |
| Kern Cnty, CA Pension Oblg., 5.25%, 8/15/19 | 72,733 |
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55,000 |
| Moncks Build America Bonds, 6.299%, 12/01/2030 | 59,296 |
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25,000 |
| Napa, CA, Solid Waste, 5.06%, 8/1/13 | 25,455 |
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50,000 |
| Reeves Cnty, TX Cops, 5.00%, 12/1/16 | 50,591 |
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60,000 |
| Reeves Cnty, TX Cops, 6.375%, 12/21/21 | 60,948 |
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40,000 |
| Richland Bean Blossom Bldg. Corp., 5.75%, 01/15/24 | 44,812 |
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70,000 |
| Saint Clair Cnty, IL School District., 4.00%, 1/1/21 | 68,888 |
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25,000 |
| Sangamon Cnty, IL School District, 4.00%, 02/01/15 | 26,554 |
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25,000 |
| Scago Public Facs Corp., 6.75%, 12/01/2029 | 29,079 |
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25,000 |
| Sedona, AZ Wastewater, 0.00%, 07/01/2021 | 18,992 |
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207,000 |
| Tobacco Settlement Auth Iowa, 6.50%, 6/1/23 | 201,554 |
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60,000 |
| University Enterprises Inc. CA, 5.25%, 10/1/20 | 61,049 |
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TOTAL FOR MUNICIPAL BONDS (Cost $1,149,115) - 7.71% | 1,153,247 |
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SENIOR NOTE - 0.36% |
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Cellular Telecommunications - 0.36% |
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2,000 |
| US Cellular Corp., PFD 6.95%, 5/15/60 | 53,440 |
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TOTAL FOR SENIOR NOTE (Cost $49,920) - 0.36% | 53,440 |
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STRUCTURED NOTES - 2.56% |
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200,000 |
| Suntrust Bank, Atlanta, GA, 0.00%, 9/22/14 | 248,640 |
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100,000 |
| Suntrust Bank, Atlanta, GA, 0.00%, 3/27/14 | 133,830 |
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TOTAL FOR STRUCTURED NOTES (Cost $297,904) - 2.56% | 382,470 |
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REAL ESTATE INVESTMENT TRUSTS - 3.65% |
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12,000 |
| Government Properties Income Trust | 317,520 |
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10,000 |
| Duke Realty Corp. | 161,600 |
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500 |
| PS Business Parks Inc., PFD 6.00%, Series T | 12,805 |
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2,000 |
| Public Storage, PFD 6.50%, Series P | 53,880 |
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TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $480,824) - 3.65% | 545,805 |
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PREFERRED SECURITIES - 0.50% |
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3,000 |
| PNC Financial Services Group, Inc., 5.375%, 12/31/49 | 75,390 |
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TOTAL FOR PREFERRED SECURITIES (Cost $74,550) - 0.50% | 75,390 |
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SHORT TERM INVESTMENTS - 0.67% |
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100,121 |
| Fidelity Institutional Money Market Portfolio 0.16% ** (Cost $100,121) | 100,121 |
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TOTAL INVESTMENTS (Cost $13,690,924) - 98.92% | 14,792,505 |
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OTHER ASSETS LESS LIABILITIES - 1.08% | 162,201 |
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NET ASSETS - 100.00% | $14,954,706 |
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* Non-income producing |
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** Variable rate security; the coupon rate shown represents the yield at February 28, 2013. |
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ADR - American Depository Receipt |
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The accompanying notes are an integral part of these financial statements. |
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Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below: |
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Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
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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 active market, price for similar instruments, interest rates, |
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prepayment speeds, yield curves, default rates and similar data. |
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Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own | ||||||
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best |
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information available. |
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The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. |
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The following is a summary of inputs used as of February 28, 2013 in valuing the Fund’s investments carried at value: |
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| Investments in Securities | Level 1 | Level 2 | Level 3 + | Total |
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| Common Stocks | $ 8,970,872 | $ - | $ - | $ 8,970,872 |
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| Closed-End Funds | 210,045 | - | - | 210,045 |
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| Corporate Bonds | 2,510,682 | - | - | 2,510,682 |
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| Exchange Traded Funds | 790,433 | - | - | 790,433 |
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| Senior Note | 53,440 | - | - | 53,440 |
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| Structured Notes | 382,470 | - | - | 382,470 |
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| Real Estate Investment Trusts | 545,805 | - | - | 545,805 |
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| Preferred Securities | 75,390 | - | - | 75,390 |
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| Municipal Bonds | 1,153,247 | - | - | 1,153,247 |
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| Short-Term Investments: |
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| Fidelity Institutional Money Market | 100,121 | - | - | 100,121 |
|
|
|
|
|
|
|
|
|
| $14,792,505 | $ - | $ - | $ 14,792,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Fund did not hold any Level 3 assets during the six months ended February 28, 2013. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Fund’s policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period. |
| |||||
|
|
|
|
|
|
|
+ Please see footnote 3 in notes to financial statements or additional information on Level 3 securities. |
|
|
| |||
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
| Archer Income Fund |
|
|
|
|
|
| Schedule of Investments |
|
|
|
|
|
| February 28, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Shares/Principal | Fair Value |
|
|
| ||
|
|
|
|
|
|
|
CLOSED-END FUND - DEBT - 1.60% |
|
|
|
| ||
4,200 |
| Western Asset Emerging Market Debt Fund, Inc. | $ 92,862 |
|
|
|
TOTAL FOR CLOSED-END FUND (Cost $81,757) - 1.89% | 92,862 |
|
|
| ||
|
|
|
|
|
|
|
CORPORATE BONDS - 38.82% |
|
|
|
| ||
|
|
|
|
|
|
|
Aerospace/Defense - Major Diversified - 1.38% |
|
|
|
| ||
75,000 |
| Exelis, Inc. 5.55%, 10/01/21 | 79,875 |
|
|
|
|
|
|
|
|
|
|
Beverages - Non-Alcoholic - 0.94% |
|
|
|
| ||
50,000 |
| Cott Beverages, Inc., 8.375%, 11/15/17 | 54,312 |
|
|
|
|
|
|
|
|
|
|
Brewery - 2.50% |
|
|
|
| ||
250,000 |
| Ambev Intl. Finance Co., 9.50%, 7/24/17 ** | 144,812 |
|
|
|
|
|
|
|
|
|
|
Commercial Banks - Western US - 0.87% |
|
|
|
| ||
50,000 |
| Zions Bancorp, 5.50%, 5/10/16 | 50,387 |
|
|
|
|
|
|
|
|
|
|
Commercial Service - Finance - 1.23% |
|
|
|
| ||
800,000 |
| GE Capital Corp., 8.87%, 06/02/18 | 71,216 |
|
|
|
|
|
|
|
|
|
|
Computer & Office Equipment - 2.61% |
|
|
|
| ||
100,000 |
| Hewlett-Packard, 4.375%, 09/15/21 | 101,100 |
|
|
|
50,000 |
| Lexmark, Int'l, Inc., 5.125%, 03/15/20 | 50,065 |
|
|
|
|
|
| 151,165 |
|
|
|
Consumer Products - 0.93% |
|
|
|
| ||
50,000 |
| Avon Products, Inc., 5.75%, 03/01/18 | 54,035 |
|
|
|
|
|
|
|
|
|
|
Crude Petroleum & Natural Gas - 0.88% |
|
|
|
| ||
50,000 |
| Chesapeake Energy Corp., 6.775%, 3/15/19 | 51,188 |
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale - 2.69% |
|
|
|
| ||
100,000 |
| Ingram Micro, Inc., 5.00%, 08/10/22 | 103,500 |
|
|
|
50,000 |
| Tech Data Corp., 3.75%, 09/21/17 | 52,440 |
|
|
|
|
|
| 155,940 |
|
|
|
Diversified Banking Institution - 2.91% |
|
|
|
| ||
100,000 |
| Bank of America Corp., 6.75%, 9/9/13 (Australia) | 101,557 |
|
|
|
66,000 |
| Ally Financial, Inc., 6.70%, 6/15/18 | 67,091 |
|
|
|
|
|
| 168,648 |
|
|
|
Diversified Financial Services - 1.78% |
|
|
|
| ||
100,000 |
| GE Capital Australia, 6.75%, 2/18/14 (Australia) | 103,053 |
|
|
|
|
|
|
|
|
|
|
Electric & Other Services Combined - 1.02% |
|
|
|
| ||
50,000 |
| CMS Energy, Inc., 6.25%, 2/01/20 | 59,325 |
|
|
|
|
|
|
|
|
|
|
Enterprise Software/Services - 1.74% |
|
|
|
| ||
100,000 |
| BMC Software, Inc., 4.25%, 02/15/22 | 100,888 |
|
|
|
|
|
|
|
|
|
|
Finance Services - 0.90% |
|
|
|
| ||
50,000 |
| Morgan Stanley, 4.90%, 2/23/17 (Canada) | 52,038 |
|
|
|
|
|
|
|
|
|
|
Medical - Generic Drugs - 1.57% |
|
|
|
| ||
75,000 |
| Watson Pharmaceuticals, Inc. 6.125%, 8/15/19 | 91,173 |
|
|
|
|
|
|
|
|
|
|
Metal Mining - 1.77% |
|
|
|
| ||
100,000 |
| Cliffs Natural Resources, Inc., 4.875%, 4/01/21 | 102,329 |
|
|
|
|
|
|
|
|
|
|
Miscellaneous Business Credit Institution - 0.97% |
|
|
|
| ||
50,000 |
| Ford Credit Canada Ltd., 7.50%, 8/18/15 (Canada) | 55,950 |
|
|
|
|
|
|
|
|
|
|
Multimedia - 0.97% |
|
|
|
| ||
50,000 |
| Time Warner Inc., 4.75%, 3/29/21 | 56,189 |
|
|
|
|
|
|
|
|
|
|
National Commercial Banks - 1.77% |
|
|
|
| ||
100,000 |
| Citigroup, Inc., 6.50%, 8/19/13 | 102,681 |
|
|
|
|
|
|
|
| �� |
|
Oil Company - Exploration & Production - 3.01% |
|
|
|
| ||
50,000 |
| Whiting Petroleum Corp., 6.50%, 10/01/18 | 53,750 |
|
|
|
100,000 |
| Southwestern Energy Co., 7.125%, 10/10/17 | 120,509 |
|
|
|
|
|
| 174,259 |
|
|
|
Retail - Consumer Electronics Stores - 1.32% |
|
|
|
| ||
75,000 |
| Best Buy Company, Inc., 6.75%, 7/15/13 | 76,634 |
|
|
|
|
|
|
|
|
|
|
Retail - Discretionary - 1.73% |
|
|
|
| ||
100,000 |
| Staples, Inc., 4.375%, 1/12/23 | 100,460 |
|
|
|
|
|
|
|
|
|
|
Supranational Bank - 0.89% |
|
|
|
| ||
650,000 |
| International Bank Recon & Dev., 6.50%, 9/11/13 | 51,581 |
|
|
|
|
|
|
|
|
|
|
Steel Works, Blast Furnaces, Rolling Mills (Coke Ovens) - 1.33% |
|
|
|
| ||
75,000 |
| Arcelormittal, 3.75%, 3/1/16 | 77,279 |
|
|
|
|
|
|
|
|
|
|
Television Broadcasting Stations - 1.11% |
|
|
|
| ||
54,000 |
| CBS Broadcasting, Inc. 7.125%, 11/01/23 | 64,175 |
|
|
|
|
|
|
|
|
|
|
TOTAL FOR CORPORATE BONDS (Cost $2,184,608) - 38.82% | 2,249,592 |
|
|
| ||
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS - 10.92% |
|
|
|
| ||
800 |
| iShares Barclays Intermediate Credit Bond | 88,904 |
|
|
|
500 |
| iShares iBoxx High Yield Corp. Bond | 54,015 |
|
|
|
1,000 |
| iShares iBoxx $ Invest Grade Corp. Bond | 120,330 |
|
|
|
1,000 |
| iShares JP Morgan Emerging Markets Bond | 119,170 |
|
|
|
3,000 |
| PowerShares Build America Bond | 91,620 |
|
|
|
6,000 |
| PowerShares Preferred | 89,040 |
|
|
|
800 |
| Vanguard Intermediate-Term Corp. Bond Idx ETF | 69,816 |
|
|
|
TOTAL FOR EXCHANGE TRADED FUNDS (Cost $583,902) - 10.92% | 632,895 |
|
|
| ||
|
|
|
|
|
|
|
MUNICIPAL BONDS - 30.03% |
|
|
|
| ||
25,000 |
| Brier Creek School Bldg. Corp., 6.08%, 7/15/24 | 29,324 |
|
|
|
35,000 |
| Caddo County OK Gov't Bldg., 5.858%, 9/01/25 | 37,114 |
|
|
|
60,000 |
| City of Akron Ohio, 5.50%, 12/01/15 | 63,799 |
|
|
|
25,000 |
| City of Auburndale Florida, 4.30%, 12/01/26 | 26,168 |
|
|
|
50,000 |
| Commonwealth of Puerto Rico, 5.50%, 7/01/14 | 52,197 |
|
|
|
50,000 |
| County of Clark Nevada, 6.36%, 11/1/24 | 59,583 |
|
|
|
50,000 |
| County of Reeves Texas, 5.00%, 12/1/16 | 50,590 |
|
|
|
25,000 |
| County of Reeves Texas, 6.75%, 12/01/19 | 25,603 |
|
|
|
40,000 |
| County of Reeves Texas, 6.375%, 12/21/21 | 40,632 |
|
|
|
50,000 |
| Dickinson County Michigan, 4.80%, 11/01/18 | 52,317 |
|
|
|
100,000 |
| Erie County NY Tobacco Asset Corp, 6.00%, 6/1/28 | 99,103 |
|
|
|
35,000 |
| Evansville Redevelopment Authority, 6.15%, 2/01/24 | 38,986 |
|
|
|
40,000 |
| Evansville Redevelopment BAB, 6.86%, 2/01/29 | 44,910 |
|
|
|
50,000 |
| Georgia Local Government, 4.75%, 6/1/28 | 51,476 |
|
|
|
50,000 |
| Hoboken NJ Services, 5.33%, 2/01/18 | 51,421 |
|
|
|
65,000 |
| Hudson County, 6.89%, 03/01/26 | 72,847 |
|
|
|
93,000 |
| Iowa Tobacco Settlement Authority, 6.50%, 6/1/23 | 90,553 |
|
|
|
25,000 |
| Missouri State Health & Educational Fac., 5.80%, 10/01/23 | 27,803 |
|
|
|
50,000 |
| Nassau County, NY Series F, 6.80%, 10/01/27 | 58,483 |
|
|
|
20,000 |
| North Vernon, 5.125%, 2/01/24 | 20,172 |
|
|
|
75,000 |
| Public Finance Authority, 5.75%, 6/1/23 | 79,327 |
|
|
|
30,000 |
| Saint Clair County School District No. 189 East St. Louis, 4.00%, 1/1/21 | 29,524 |
|
|
|
50,000 |
| State of Illinois, 5.665%, 3/1/18 | 57,178 |
|
|
|
70,000 |
| State of Illinois, 5.877%, 3/1/19 | 80,398 |
|
|
|
50,000 |
| State of Illinois, 6.200%, 7/01/21 | 56,365 |
|
|
|
75,000 |
| State of Illinois, 4.95%, 6/1/23 | 78,561 |
|
|
|
125,000 |
| TSACS Inc., 4.75%, 6/1/22 | 125,886 |
|
|
|
100,000 |
| University of Central Florida, 5.125, 10/01/20 | 100,996 |
|
|
|
25,000 |
| Village of Bridgeview Illinois, 4.76%, 12/01/13 | 25,790 |
|
|
|
75,000 |
| Westfield County Indiana Option Income Tax Revenue 3.50%, 11/01/16 | 75,515 |
|
|
|
35,000 |
| Worcester County, 2.50%, 12/01/18 | 37,155 |
|
|
|
TOTAL FOR MUNICIPAL BONDS (Cost $1,708,325) - 30.03% | 1,739,776 |
|
|
| ||
|
|
|
|
|
|
|
PREFERRED SECURITIES - 3.20% |
|
|
|
| ||
50,000 |
| Edison International, PFD 6.25%, 8/01/49 Series E ** | 55,278 |
|
|
|
2,000 |
| First Republic Bank, PFD 6.70%, 12/31/49 | 54,840 |
|
|
|
3,000 |
| PNC Financial Services Group, Inc., 5.375%, 12/31/49 | 75,390 |
|
|
|
TOTAL FOR PREFERRED SECURITIES (Cost $176,186) - 3.20% | 185,508 |
|
|
| ||
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 5.53% |
|
|
|
| ||
|
|
|
|
|
|
|
REITS - Diversified - 5.53% |
|
|
|
| ||
2,000 |
| Digital Realty Trust, PFD 6.625%, Series F | 53,160 |
|
|
|
5,500 |
| Duke Realty Corp., PFD 6.50%, Series K | 139,220 |
|
|
|
3,000 |
| Public Storage, PFD 5.20%, 12/31/49 | 75,240 |
|
|
|
2,000 |
| Regency Centers Corp., PFD 6.625%, 12/03/49, Series 6 | 52,860 |
|
|
|
TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $309,906) - 5.53% | 320,480 |
|
|
| ||
|
|
|
|
|
|
|
SENIOR NOTE - 1.85% |
|
|
|
| ||
|
|
|
|
|
|
|
Cellular Telecommunications - 1.85% |
|
|
|
| ||
4,000 |
| US Cellular Corp., PFD 6.95%, 5/15/60 | 106,880 |
|
|
|
TOTAL FOR SENIOR NOTE (Cost $99,840) - 1.85% | 106,880 |
|
|
| ||
|
|
|
|
|
|
|
STRUCTURED NOTE - 2.63% |
|
|
|
| ||
|
|
|
|
|
|
|
Diversified Banking Institution - 2.63% |
|
|
|
| ||
100,000 |
| Morgan Stanley, 3.00%, 8/30/15 ** | 102,125 |
|
|
|
50,000 |
| Morgan Stanley & Co., 4.50%, 08/31/15 ** | 50,247 |
|
|
|
TOTAL FOR STRUCTURED NOTE (Cost $148,391) - 2.63% | 152,372 |
|
|
| ||
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 5.49% |
|
|
|
| ||
317,817 |
| Fidelity Institutional Money Market 0.16% ** (Cost $317,817) | 317,817 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $5,610,732) - 100.07% | 5,798,182 |
|
|
| ||
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.07)% | (3,986) |
|
|
| ||
|
|
|
|
|
|
|
NET ASSETS - 100.00% | $ 5,794,196 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Variable rate security; the coupon rate shown represents the yield at February 28, 2013. |
|
|
|
| ||
The accompanying notes are an integral part of these financial statements. |
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below: | ||||||
|
|
|
|
|
|
|
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund 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 active market, price for similar instruments, interest rates, |
| |||||
prepayment speeds, yield curves, default rates and similar data. |
|
|
|
| ||
|
|
|
|
|
|
|
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own | ||||||
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best |
| |||||
information available. |
|
|
|
| ||
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. |
| |||||
|
|
|
|
|
|
|
The following is a summary of inputs used as of February 28, 2013 in valuing the Fund’s investments carried at value: |
|
| ||||
|
|
|
|
|
|
|
|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
|
|
|
|
|
|
|
|
| Closed-End Fund - Debt | $ 92,862 | $ - | $ - | $ 92,862 |
|
| Corporate Bonds | 2,249,592 | - | - | 2,249,592 |
|
| Exchange Traded Funds | 632,895 | - | - | 632,895 |
|
| Municipal Bonds | 1,739,776 | - | - | 1,739,776 |
|
| Preferred Securities | 185,508 | - | - | 185,508 |
|
| Real Estate Investment Trusts | 320,480 | - | - | 320,480 |
|
| Senior Note | 106,880 | - | - | 106,880 |
|
| Structured Note | 152,372 | - | - | 152,372 |
|
| Short-Term Investments: |
|
|
|
|
|
| Fidelity Institutional Money Market | 317,817 | - | - | 317,817 |
|
|
|
|
|
|
|
|
|
| $ 5,798,182 | $ - | $ - | $ 5,798,182 |
|
|
|
|
|
|
|
The Fund did not hold any Level 3 assets during the six months ended February 28, 2013. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Fund’s policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period. |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
| Archer Stock Fund |
|
|
|
|
|
| Schedule of Investments |
|
|
|
|
|
| February 28, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Shares/Principal | Fair Value |
|
|
| ||
|
|
|
|
|
|
|
COMMON STOCK - 95.82% |
|
|
|
| ||
|
|
|
|
|
|
|
Accident & Health Insurance - 1.97% |
|
|
|
| ||
2,000 |
| Reinsurance Group of America, Inc. | $ 115,000 |
|
|
|
|
|
|
|
|
|
|
Agriculture Chemicals - 3.79% |
|
|
|
| ||
550 |
| CF Industries Holdings | 110,456 |
|
|
|
1,100 |
| Monsanto Co. | 111,133 |
|
|
|
|
|
| 221,589 |
|
|
|
Air Courier Services - 1.56% |
|
|
|
| ||
9,501 |
| Air T, Inc. * | 91,495 |
|
|
|
|
|
|
|
|
|
|
Application Software - 2.04% |
|
|
|
| ||
4,300 |
| Microsoft Corp. | 119,540 |
|
|
|
|
|
|
|
|
|
|
Asset Management - 4.08% |
|
|
|
| ||
1,550 |
| Cognizant Technology Solutions Corp. * | 118,994 |
|
|
|
500 |
| Blackrock, Inc. | 119,875 |
|
|
|
|
|
| 238,869 |
|
|
|
Biological Products (No Diagnostic Substances) - 2.19% |
|
|
|
| ||
1,400 |
| Amgen, Inc. | 128,170 |
|
|
|
|
|
|
|
|
|
|
Business Services - 2.17% |
|
|
|
| ||
800 |
| Visa, Inc. Class A | 126,912 |
|
|
|
|
|
|
|
|
|
|
Computer Storage Devices - 3.79% |
|
|
|
| ||
4,500 |
| EMC Corp. * | 103,545 |
|
|
|
2,500 |
| Western Digital Corp. | 117,900 |
|
|
|
|
|
| 221,445 |
|
|
|
Farm Machinery & Equipment - 3.71% |
|
|
|
| ||
2,000 |
| AGCO Corp. * | 102,960 |
|
|
|
1,300 |
| Deere & Co. | 114,179 |
|
|
|
|
|
| 217,139 |
|
|
|
Farm Products - 2.03% |
|
|
|
| ||
1,600 |
| Bunge Ltd. | 118,576 |
|
|
|
|
|
|
|
|
|
|
Grain Mill Products - 2.04% |
|
|
|
| ||
1,800 |
| Corn Products International, Inc. | 119,160 |
|
|
|
|
|
|
|
|
|
|
Heavy Construction Other Than Building Construction Contractors - 2.09% |
|
|
|
| ||
2,500 |
| Jacobs Engineering Group, Inc. * | 122,100 |
|
|
|
|
|
|
|
|
|
|
Household Appliances - 2.08% |
|
|
|
| ||
1,700 |
| AO Smith Corp. | 121,601 |
|
|
|
|
|
|
|
|
|
|
Industrial Trucks Tractors Trailers & Stackers - 1.79% |
|
|
|
| ||
3,200 |
| Terex Corp. * | 104,992 |
|
|
|
|
|
|
|
|
|
|
Life Insurance - 1.82% |
|
|
|
| ||
3,000 |
| MetLife, Inc. | 106,320 |
|
|
|
|
|
|
|
|
|
|
Measuring & Controlling Devices - 2.02% |
|
|
|
| ||
1,600 |
| Thermo Fisher Scientific, Inc. | 118,080 |
|
|
|
|
|
|
|
|
|
|
Mining Machinery & Equipment (No Oil & Gas Field) - 2.06% |
|
|
|
| ||
1,900 |
| Joy Global, Inc. | 120,346 |
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturing Industries - 2.02% |
|
|
|
| ||
7,400 |
| International Game Technology | 117,956 |
|
|
|
|
|
|
|
|
|
|
Miscellaneous Transportation Equipment - 1.94% |
|
|
|
| ||
1,300 |
| Polaris Industries, Inc. | 113,581 |
|
|
|
|
|
|
|
|
|
|
National Commercial Banks - 3.76% |
|
|
|
| ||
2,200 |
| JP Morgan Chase & Co. | 107,624 |
|
|
|
3,300 |
| US Bancorp. | 112,134 |
|
|
|
|
|
| 219,758 |
|
|
|
Oil & Gas Equipment & Services - 2.13% |
|
|
|
| ||
3,000 |
| Halliburton Co. | 124,530 |
|
|
|
|
|
|
|
|
|
|
Oil & Gas Filed Machinery & Equipment - 1.86% |
|
|
|
| ||
1,600 |
| National Oilwell Varco, Inc. | 109,008 |
|
|
|
|
|
|
|
|
|
|
Oil & Gas Field Services - 3.82% |
|
|
|
| ||
1,800 |
| Oceaneering International, Inc. | 114,462 |
|
|
|
1,400 |
| Schlumberger Ltd. N.V. | 108,990 |
|
|
|
|
|
| 223,452 |
|
|
|
Personal Computers - 1.89% |
|
|
|
| ||
250 |
| Apple, Inc. | 110,350 |
|
|
|
|
|
|
|
|
|
|
Petroleum Refining - 1.86% |
|
|
|
| ||
3,600 |
| Suncor Energy, Inc. | 108,900 |
|
|
|
|
|
|
|
|
|
|
Public Building & Related Furniture - 2.25% |
|
|
|
| ||
2,500 |
| BE Aerospace, Inc. * | 131,525 |
|
|
|
|
|
|
|
|
|
|
Radio & TV Broadcasting & Communications - 1.91% |
|
|
|
| ||
1,700 |
| Qualcomm, Inc. | 111,588 |
|
|
|
|
|
|
|
|
|
|
Retail-Grocery Stores - 1.95% |
|
|
|
| ||
5,500 |
| Natural Grocers by Vitamin Cottage, Inc. * | 113,850 |
|
|
|
|
|
|
|
|
|
|
Retail - Miscellaneous Shopping Goods Store - 1.90% |
|
|
|
| ||
2,100 |
| First Cash Financial Services, Inc. * | 111,111 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Related Devices - 1.93% |
|
|
|
| ||
5,400 |
| Intel Corp. | 112,752 |
|
|
|
|
|
|
|
|
|
|
Services - Auto Rental & Leasing (No Drivers) - 1.92% |
|
|
|
| ||
2,000 |
| Ryder System, Inc. | 112,400 |
|
|
|
|
|
|
|
|
|
|
Services - Business Services, NEC - 3.91% |
|
|
|
| ||
2,000 |
| eBay, Inc. * | 109,420 |
|
|
|
3,500 |
| Liquidity Services, Inc. * | 119,175 |
|
|
|
|
|
| 228,595 |
|
|
|
Services - Engineering Services - 1.97% |
|
|
|
| ||
4,000 |
| Tetra Tech, Inc. * | 115,440 |
|
|
|
|
|
|
|
|
|
|
Services - Help Supply Services - 1.92% |
|
|
|
| ||
6,000 |
| TeleTech Holdings Inc. * | 112,572 |
|
|
|
|
|
|
|
|
|
|
Services - Medical Laboratories - 1.99% |
|
|
|
| ||
4,400 |
| Bio-Reference Laboratories Inc. * | 116,512 |
|
|
|
|
|
|
|
|
|
|
Services - Prepackaged Software - 1.93% |
|
|
|
| ||
3,300 |
| Oracle Corp. | 112,992 |
|
|
|
|
|
|
|
|
|
|
State Commercial Banks - 1.95% |
|
|
|
| ||
2,700 |
| Texas Capital BancShares, Inc. * | 114,102 |
|
|
|
|
|
|
|
|
|
|
Surgical & Medical Instruments & Apparatus - 1.90% |
|
|
|
| ||
2,500 |
| ResMed, Inc. | 111,225 |
|
|
|
|
|
|
|
|
|
|
Wholesale - Drugs Proprietaries & Druggist - 2.11% |
|
|
|
| ||
3,000 |
| Nu Skin Enterprises, Inc., Class A | 123,600 |
|
|
|
|
|
|
|
|
|
|
Wholesale - Electrical Apparatus & Equipment, Wiring Supplies - 3.92% |
|
|
|
| ||
2,900 |
| Enersys, Inc. * | 118,552 |
|
|
|
1,500 |
| WESCO International, Inc. * | 110,850 |
|
|
|
|
|
| 229,402 |
|
|
|
Wholesale - Motor Vehicles & Motor Vehicle Parts & Supplies - 1.85% |
|
|
|
| ||
5,100 |
| LKQ Corp. * | 108,069 |
|
|
|
|
|
|
|
|
|
|
TOTAL FOR COMMON STOCK (Cost $5,143,760) - 95.82% | 5,604,604 |
|
|
| ||
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 4.37% |
|
|
|
| ||
255,911 |
| Fidelity Institutional Money Market Portfolio 0.16%** (Cost $255,911) | 255,911 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $5,399,671) - 100.19% | 5,860,515 |
|
|
| ||
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.19)% | (11,098) |
|
|
| ||
|
|
|
|
|
|
|
NET ASSETS - 100.00% | $ 5,849,417 |
|
|
| ||
|
|
|
|
|
|
|
* Non-income producing |
|
|
|
| ||
** Variable rate security; the coupon rate shown represents the yield at February 28, 2013. |
|
|
| |||
The accompanying notes are an integral part of these financial statements. |
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below: | ||||||
|
|
|
|
|
|
|
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund 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 active market, price for similar instruments, interest rates, | ||||||
prepayment speeds, yield curves, default rates and similar data. |
|
|
|
| ||
|
|
|
|
|
|
|
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own | ||||||
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best | ||||||
information available. |
|
|
|
| ||
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. | ||||||
|
|
|
|
|
|
|
The following is a summary of inputs used as of February 28, 2013 in valuing the Fund’s investments carried at value: |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
|
|
|
|
|
|
|
|
| Common Stocks | $ 5,604,604 | $ - | $ - | $ 5,604,604 |
|
| Short-Term Investments: |
|
|
|
|
|
| Fidelity Institutional Money Market Portfolio | 255,911 | - | - | 255,911 |
|
|
|
|
|
|
|
|
|
| $ 5,860,515 | $ - | $ - | $ 5,860,515 |
|
|
|
|
|
|
|
The Fund did not hold any Level 3 assets during the six months ended February 28, 2013. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Fund’s policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period. |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
|
The Archer Funds |
| ||||
Statement of Assets and Liabilities |
| ||||
February 28, 2013 (Unaudited) |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
| Balanced Fund | Income Fund | Stock Fund |
|
Investments in Securities, at Value (Cost $13,690,924, | $ 14,792,505 | $ 5,798,182 | $ 5,860,515 |
| |
$5,610,732, and $5,399,671, respectively) |
|
|
|
| |
Cash |
| 1,012 | 433 | 529 |
|
Receivables |
|
|
|
| |
Investments Sold | 288,565 | - | 104,949 |
| |
Receivable from Advisor | 213 | 1,150 | 130 |
| |
Interest | 37,312 | 54,823 | 28 |
| |
Dividend | 32,553 | 1,189 | 8,155 |
| |
Prepaid Expenses | 31,853 | 10,078 | 9,819 |
| |
Total Assets | 15,184,013 | 5,865,855 | 5,984,125 |
| |
Liabilities: |
|
|
|
|
|
Payables: |
|
|
|
|
|
Shareholder Redemptions | 7,960 | 3,354 | 3,111 |
| |
Investments Purchased | 188,468 | 50,438 | 112,977 |
| |
Due to Administrator | 5,854 | 2,333 | 2,333 |
| |
Due to Trustees | 2,153 | 754 | 694 |
| |
Accrued Expenses | 24,872 | 14,780 | 15,593 |
| |
Total Liabilities | 229,307 | 71,659 | 134,708 |
| |
Net Assets |
| $ 14,954,706 | $ 5,794,196 | $ 5,849,417 |
|
|
|
|
|
|
|
Net Assets Consist of: |
|
|
|
| |
Paid In Capital | $ 15,641,934 | $ 5,735,563 | $ 5,575,700 |
| |
Accumulated Undistributed Net Investment Income (Loss) | (5,949) | 26,629 | (128) |
| |
Accumulated Net Realized Loss on Investments | (1,782,860) | (155,446) | (186,999) |
| |
Net Unrealized Appreciation in Value of Investments | 1,101,581 | 187,450 | 460,844 |
| |
Net Assets (unlimited shares authorized; 1,626,800, 282,024, and |
|
|
|
| |
185,669 shares outstanding, respectively) | $ 14,954,706 | $ 5,794,196 | $ 5,849,417 |
| |
Net Asset Value and Offering Price Per Share | $ 9.19 | $ 20.55 | $ 31.50 |
| |
|
|
|
|
|
|
Redemption Price Per Share ($9.19 x 0.995), |
|
|
|
| |
($20.55 x 0.99), & ($31.50 x 0.99), respectively * | $ 9.14 | $ 20.34 | $ 31.19 |
| |
|
|
|
|
|
|
*The Balanced Fund will deduct a 0.50% redemption fee from redemption proceeds if purchased and redeemed within 30 days. | |||||
The Income and Stock Funds will deduct a 1.00% redemption fee from redemption proceeds if purchased and redeemed within 90 days. | |||||
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
The Archer Funds | ||||
Statements of Operations | ||||
For the six months ended February 28, 2013 (Unaudited) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Income: | Balanced Fund | Income Fund | Stock Fund | |
Dividends (net of foreign withholding taxes of $3,309, $0, and $324, respectively) | $ 174,720 | $ 30,847 | $ 37,012 | |
Interest |
| 121,856 | 84,740 | 112 |
Total Investment Income | 296,576 | 115,587 | 37,124 | |
|
|
|
|
|
Expenses: |
|
|
|
|
Advisory Fees (a) | 57,028 | 12,822 | 19,268 | |
Transfer Agent | 15,233 | 15,083 | 7,843 | |
Administrative (a) | 38,019 | 7,770 | 15,083 | |
Registration | 16,686 | 5,047 | 5,667 | |
Legal |
| 10,523 | 3,423 | 4,223 |
Audit |
| 6,346 | 3,272 | 3,330 |
Custody |
| 3,318 | 2,468 | 3,768 |
Trustee |
| 2,896 | 992 | 992 |
Miscellaneous | 1,295 | 748 | 747 | |
Insurance | 1,767 | 671 | 685 | |
Printing and Mailing | 1,104 | 300 | 200 | |
Total Expenses | 154,215 | 52,596 | 61,806 | |
Fees Waived and Reimbursed by the Advisor (a) | (62,970) | (21,823) | (24,554) | |
Net Expenses | 91,245 | 30,773 | 37,252 | |
|
|
|
|
|
Net Investment Income (Loss) | 205,331 | 84,814 | (128) | |
|
|
|
|
|
Realized and Unrealized Gain (Loss) on Investments: |
|
|
| |
Net Realized Gain (Loss) on Investments | (91,125) | (46,186) | 120,957 | |
Net Realized Gain on Written Options | - | - | - | |
Capital Gain Distributions from Portfolio Company | 228 | 467 | - | |
Net Change in Unrealized Appreciation on Investments | 565,439 | 23,307 | 215,745 | |
Net Realized and Unrealized Gain (Loss) on Investments | 474,542 | (22,412) | 336,702 | |
|
|
|
|
|
Net Increase in Net Assets Resulting from Operations | $ 679,873 | $ 62,402 | $ 336,574 | |
|
|
|
|
|
|
|
|
|
|
(a) See Note 5 in the Notes to the Financial Statements. |
|
|
| |
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
Archer Balanced Fund | |||
Statements of Changes in Net Assets | |||
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
| Six Months |
|
|
| Ended | Year Ended |
|
| 2/28/2013 | 8/31/2012 |
Increase (Decrease) in Net Assets From Operations: |
|
| |
Net Investment Income | $ 205,331 | $ 404,779 | |
Net Realized Gain (Loss) on Investments and Call Options Written | (91,125) | 33,518 | |
Capital Gain Distributions from Portfolio Company | 228 | 1,040 | |
Net Change in Unrealized Appreciation on Investments and Call Options Written | 565,439 | 535,775 | |
Net Increase in Net Assets Resulting from Operations | 679,873 | 975,112 | |
|
|
|
|
Distributions to Shareholders: |
|
| |
Net Investment Income | (416,235) | (349,094) | |
Total Distributions | (416,235) | (349,094) | |
|
|
|
|
Capital Share Transactions: |
|
| |
Proceeds from Sale of Shares | 975,597 | 3,220,546 | |
Shares Issued on Reinvestment of Dividends | 411,019 | 345,950 | |
Early Redemption Fees * | - | - | |
Cost of Shares Redeemed | (2,128,329) | (2,708,542) | |
Net Increase (Decrease) from Capital Share Transactions | (741,713) | 857,954 | |
|
|
|
|
Net Assets: |
|
|
|
Net Increase (Decrease) in Net Assets | (478,075) | 1,483,972 | |
Beginning of Year | 15,432,781 | 13,948,809 | |
End of Year (Including Accumulated Undistributed Net |
|
| |
Investment Income (Loss) of $(5,949) and $204,955, respectively) | $ 14,954,706 | $ 15,432,781 | |
|
|
|
|
Share Transactions: |
|
| |
Shares Sold | 107,287 | 368,469 | |
Shares Issued on Reinvestment of Dividends | 46,920 | 40,700 | |
Shares Redeemed | (234,386) | (309,141) | |
Net Increase (Decrease) in Shares | (80,179) | 100,028 | |
Outstanding at Beginning of Year | 1,706,979 | 1,606,951 | |
Outstanding at End of Year | 1,626,800 | 1,706,979 | |
|
|
|
|
* The Fund charges a 0.50% redemption fee on shares redeemed within 30 calendar days of purchase. |
| ||
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
Archer Income Fund | |||
Statement of Changes in Net Assets | |||
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
| Six Months |
|
|
| Ended | Year Ended |
|
| 2/28/2013 | 8/31/2012 |
Increase (Decrease) in Net Assets From Operations: |
|
| |
Net Investment Income | $ 84,814 | $ 186,018 | |
Net Realized Loss on Investments | (46,186) | (105,117) | |
Capital Gain Distributions from Portfolio Company | 467 | 1,157 | |
Net Change in Unrealized Appreciation on Investments | 23,307 | 151,382 | |
Net Increase in Net Assets Resulting from Operations | 62,402 | 233,440 | |
|
|
|
|
Distributions to Shareholders: |
|
| |
Net Investment Income | (73,715) | (235,954) | |
Realized Gains | - | (4,922) | |
Total Distributions | (73,715) | (240,876) | |
|
|
|
|
Capital Share Transactions: |
|
| |
Proceeds from Sale of Shares | 1,253,476 | 2,505,483 | |
Shares Issued on Reinvestment of Dividends | 70,888 | 228,132 | |
Early Redemption Fees * | - | - | |
Cost of Shares Redeemed | (299,903) | (564,488) | |
Net Increase from Capital Share Transactions | 1,024,461 | 2,169,127 | |
|
|
|
|
Net Assets: |
|
|
|
Net Increase in Net Assets | 1,013,148 | 2,161,691 | |
Beginning of Year | 4,781,048 | 2,619,357 | |
End of Year (Including Accumulated Undistributed Net |
|
| |
Investment Income of $26,629 and $15,530, respectively) | $ 5,794,196 | $ 4,781,048 | |
|
|
|
|
Share Transactions: |
|
| |
Shares Sold | 60,818 | 122,186 | |
Shares Issued on Reinvestment of Dividends | 3,450 | 11,431 | |
Shares Redeemed | (14,508) | (27,452) | |
Net Increase in Shares | 49,760 | 106,165 | |
Outstanding at Beginning of Year | 232,263 | 126,098 | |
Outstanding at End of Year | 282,023 | 232,263 | |
|
|
|
|
|
|
|
|
* The Fund charges a 1.00% redemption fee on shares redeemed within 90 calendar days of purchase. | |||
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
Archer Stock Fund | |||
Statement of Changes in Net Assets | |||
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
| Six Months |
|
|
| Ended | Year Ended |
|
| 2/28/2013 | 8/31/2012 |
Increase (Decrease) in Net Assets From Operations: |
|
| |
Net Investment Loss | $ (128) | $ (10,545) | |
Net Realized Gain (Loss) on Investments | 120,957 | (177,239) | |
Net Change in Unrealized Appreciation on Investments | 215,745 | 472,388 | |
Net Increase in Net Assets Resulting from Operations | 336,574 | 284,604 | |
|
|
|
|
Distributions to Shareholders: |
|
| |
Net Investment Income | - | - | |
Total Distributions | - | - | |
|
|
|
|
Capital Share Transactions: |
|
| |
Proceeds from Sale of Shares | 916,284 | 2,000,078 | |
Shares Issued on Reinvestment of Dividends | - | - | |
Early Redemption Fees * | - | - | |
Cost of Shares Redeemed | (321,163) | (267,557) | |
Net Increase from Capital Share Transactions | 595,121 | 1,732,521 | |
|
|
|
|
Net Assets: |
|
|
|
Net Increase in Net Assets | 931,695 | 2,017,125 | |
Beginning of Year | 4,917,722 | 2,900,597 | |
End of Year (Including Accumulated Undistributed Net |
|
| |
Investment Income (Loss) of $(128) and $0, respectively) | $ 5,849,417 | $ 4,917,722 | |
|
|
|
|
Share Transactions: |
|
| |
Shares Sold | 29,408 | 71,061 | |
Shares Issued on Reinvestment of Dividends | - | - | |
Shares Redeemed | (10,593) | (9,406) | |
Net Increase in Shares | 18,815 | 61,655 | |
Outstanding at Beginning of Year | 166,854 | 105,199 | |
Outstanding at End of Year | 185,669 | 166,854 | |
|
|
|
|
|
|
|
|
* The Fund charges a 1.00% redemption fee on shares redeemed within 90 calendar days of purchase. |
| ||
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
|
|
Archer Balanced Fund | ||||||||
Financial Highlights | ||||||||
Selected data for a share outstanding throughout the period. | ||||||||
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
| Ended |
|
|
| For the Years Ended |
|
|
|
| 2/28/2013 |
| 8/31/2012 | 8/31/2011 | 8/31/2010 | 8/31/2009 | 8/31/2008 |
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Period | $ 9.04 |
| $ 8.68 | $ 8.24 | $ 8.09 | $ 9.68 | $ 11.31 | |
|
|
|
|
|
|
|
|
|
Income (Loss) From Investment Operations: |
|
|
|
|
|
|
| |
Net Investment Income * | 0.12 |
| 0.24 | 0.19 | 0.16 | 0.17 | 0.33 | |
Net Gain (Loss) on Securities (Realized and Unrealized) | 0.28 |
| 0.33 | 0.43 | 0.19 | (1.48) | (1.46) | |
Total from Investment Operations | 0.40 |
| 0.57 | 0.62 | 0.35 | (1.31) | (1.13) | |
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Distributions: |
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Net Investment Income | (0.25) |
| (0.21) | (0.18) | (0.20) | (0.28) | (0.25) | |
Realized Gains |
| 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | (0.25) |
Total from Distributions | (0.25) |
| (0.21) | (0.18) | (0.20) | (0.28) | (0.50) | |
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Proceeds from Redemption Fees ** | - |
| - | - | - | - | - | |
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Net Asset Value, at End of Period | $ 9.19 |
| $ 9.04 | $ 8.68 | $ 8.24 | $ 8.09 | $ 9.68 | |
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Total Return *** | 4.55% |
| 6.76% | 7.54% | 4.23% | (13.28)% | (10.46)% | |
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Ratios/Supplemental Data: |
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| |
Net Assets at End of Period (Thousands) | $ 14,955 |
| $ 15,433 | $ 13,949 | $ 14,021 | $ 10,490 | $ 9,909 | |
Before Waivers and Reimbursements |
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| |
Ratio of Expenses to Average Net Assets | 2.03% | † | 2.16% | 2.00% | 2.01% | 2.93% | 2.30% | |
Ratio of Net Investment Income to Average Net Assets | 1.87% | † | 1.83% | 1.30% | 1.06% | 0.57% | 2.10% | |
After Waivers and Reimbursements |
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| |
Ratio of Expenses to Average Net Assets | 1.20% | † | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | |
Ratio of Net Investment Income to Average Net Assets | 2.70% | † | 2.79% | 2.10% | 1.87% | 2.29% | 3.20% | |
Portfolio Turnover | 53.33% |
| 76.14% | 69.95% | 77.73% | 79.42% | 115.68% | |
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† Annualized |
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* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |
| |||||||
** Amount less than $0.005 per share. |
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| |
*** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||
reinvestment of dividends. |
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The accompanying notes are an integral part of these financial statements. |
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Archer Income Fund |
| |||||
Financial Highlights |
| |||||
Selected data for a share outstanding throughout the period. |
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| (Unaudited) |
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| Six Months |
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| Ended |
| Year Ended | Period Ended (b) |
|
|
| 2/28/2013 |
| 8/31/2012 | 8/31/2011 |
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Net Asset Value, at Beginning of Period | $ 20.58 |
| $ 20.77 | $ 20.00 |
| |
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Income (Loss) From Investment Operations: |
|
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| |
Net Investment Income * | 0.34 |
| 1.03 | 0.73 |
| |
Net Gain on Securities (Realized and Unrealized) | (0.07) |
| 0.20 | 0.04 |
| |
Total from Investment Operations | 0.27 |
| 1.23 | 0.77 |
| |
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Distributions: |
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|
|
Net Investment Income | (0.30) |
| (1.39) | - |
| |
Realized Gains | - |
| (0.03) | - |
| |
Total from Distributions | (0.30) |
| (1.42) | - |
| |
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|
|
Proceeds from Redemption Fees ** | - |
| - | - |
| |
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|
|
Net Asset Value, at End of Period | $ 20.55 |
| $ 20.58 | $ 20.77 |
| |
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Total Return *** | 1.32% |
| 6.26% | 3.85% | (a) | |
|
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Ratios/Supplemental Data: |
|
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| |
Net Assets at End of Period (Thousands) | $ 5,794 |
| $ 4,781 | $ 2,619 |
| |
Before Waivers and Reimbursements |
|
|
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|
| |
Ratio of Expenses to Average Net Assets | 2.05% | † | 2.57% | 4.21% | † | |
Ratio of Net Investment Income to Average Net Assets | 2.45% | † | 3.67% | 4.43% | † | |
After Waivers and Reimbursements |
|
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|
| |
Ratio of Expenses to Average Net Assets | 1.20% | † | 1.20% | 1.20% | † | |
Ratio of Net Investment Income to Average Net Assets | 3.30% | † | 5.04% | 7.44% | † | |
Portfolio Turnover | 12.39% |
| 24.29% | 11.01% |
| |
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(a) Not Annualized |
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(b) The Fund commenced investment operations on March 11, 2011. |
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† Annualized |
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* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |
| |||||
** Amount less than $0.005 per share. |
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| |
*** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||
reinvestment of dividends. |
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| |
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The accompanying notes are an integral part of these financial statements. |
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Archer Stock Fund |
| |||||
Financial Highlights |
| |||||
Selected data for a share outstanding throughout the period. |
| |||||
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| (Unaudited) |
|
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|
| Six Months |
|
|
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| Ended |
| Year Ended | Period Ended (b) |
|
|
| 2/28/2013 |
| 8/31/2012 | 8/31/2011 |
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|
|
Net Asset Value, at Beginning of Period | $ 29.47 |
| $ 27.57 | $ 30.00 |
| |
|
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|
|
Income (Loss) From Investment Operations: |
|
|
|
|
| |
Net Investment Income (Loss) * | - |
| (0.07) | (0.03) |
| |
Net Gain (Loss) on Securities (Realized and Unrealized) | 2.03 |
| 1.97 | (2.40) |
| |
Total from Investment Operations | 2.03 |
| 1.90 | (2.43) |
| |
|
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|
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|
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Distributions: |
|
|
|
|
|
|
Net Investment Income | - |
| - | - |
| |
Realized Gains | - |
| - | - |
| |
Total from Distributions | - |
| - | - |
| |
|
|
|
|
|
|
|
Proceeds from Redemption Fees ** | - |
| - | - |
| |
|
|
|
|
|
|
|
Net Asset Value, at End of Period | $ 31.50 |
| $ 29.47 | $ 27.57 |
| |
|
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|
|
Total Return *** | 6.89% |
| 6.89% | (8.10)% | (a) | |
|
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|
|
Ratios/Supplemental Data: |
|
|
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|
| |
Net Assets at End of Period (Thousands) | $ 5,849 |
| $ 4,918 | $ 2,901 |
| |
Before Waivers and Reimbursements |
|
|
|
|
| |
Ratio of Expenses to Average Net Assets | 2.40% | † | 2.78% | 3.99% | † | |
Ratio of Net Investment Loss to Average Net Assets | (0.96)% | † | (1.59)% | (2.78)% | † | |
After Waivers and Reimbursements |
|
|
|
|
| |
Ratio of Expenses to Average Net Assets | 1.45% | † | 1.45% | 1.45% | † | |
Ratio of Net Investment Loss to Average Net Assets | (0.00)% | † | (0.26)% | (0.24)% | † | |
Portfolio Turnover | 165.51% |
| 399.91% | 163.69% |
| |
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(a) Not Annualized |
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| |
(b) The Fund commenced investment operations on March 11, 2011. |
|
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| ||
† Annualized |
|
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* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | ||||||
** Amount less than $0.005 per share. |
|
|
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|
| |
*** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||
reinvestment of dividends. |
|
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| |
|
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|
The accompanying notes are an integral part of these financial statements. |
|
|
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|
INVESTMENT ADVISOR
Archer Investment Corporation, Inc.
9000 Keystone Crossing, Suite 630
Indianapolis, IN 46240
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Sanville & Company
1514 Old York Road
Abington, PA 19001
LEGAL COUNSEL
Law Office of C. Richard Ropka, LLC
215 Fries Mill Road
Turnersville, NJ 08012
CUSTODIAN
Huntington National Bank
41 South Street
Columbus, OH 43125
TRANSFER AGENT AND FUND ACCOUNTANT
Mutual Shareholder Services
8000 Town Centre Drive, Suite 400
Broadview Heights, OH 44147
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 2. Code of Ethics Not applicable.
Item 3. Audit Committee Financial Expert Not applicable.
Item 4. Principal Accountant Fees and Services Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Included in Report to Shareholders.
Item 7. Disclosure of Closed End fund Proxy Voting Policies/Procedures. Not applicable.
Item 8. Portfolio Managers of Closed-End Funds. Not applicable.
Item 9. Purchases of Equity Securities by Closed End Funds. Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders. Not applicable.
Item 11. Controls and Procedures.
(a)
Disclosure Controls & Procedures. Principal executive and financial officers have concluded that Registrant’s disclosure controls & procedures are effective based on their evaluation as of a date within 90 days of the filing date of this report.
(b)
Internal Controls. There were no significant changes in Registrant’s internal controls of in other factors that could significantly effect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12. Exhibits.
(a)(1)
EX-99.CODE ETH. Not Applicable.
(a)(2)
EX-99.CERT. Filed herewith.
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b)
EX-99.906CERT. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Archer Investment Series Trust
By /s/Troy C. Patton
* Troy C. Patton
President and Trustee
Date May 8, 2013
* Print the name and title of each signing officer under his or her signature.